Current Startup and Venture Investment News as of March 5, 2026: Mega-Rounds in AI, Defence Technologies, Europe’s Deep Tech, Fintech, and Exits
The primary signal in recent days is that capital is once again concentrating in areas where technological advantage can be rapidly monetised through scalable channels: defence contracts, corporate AI infrastructure, autonomous mobility, and deep supply chains (chips, energy efficiency, logistics). Concurrently, Europe Inc. continues to build its own ‘sovereign’ frameworks—from dual-use funds to state-supported fundamental AI science.
- Defence tech and autonomous systems emerge as leaders in growth rate valuations: a new significant round for Anduril is under discussion.
- AI remains the centre of gravity for venture investment: the mega-round for OpenAI and large rounds for Anthropic and Waymo solidify the trend of capital concentration.
- The "picks and shovels" of AI (optics, interconnects, inference chips, edge) are once again receiving a premium in valuation.
- European deep tech is accelerating: space, energy storage, and biomaterials are seeing notable Series A–C rounds.
- Fintech exits are reviving the "window of opportunity": discussions are taking place regarding large IPO parameters in India.
- M&A and PE deals in logistics and enterprise software are strengthening the argument for "build-to-buy" for B2B startups.
Key Topic of the Day: Defence Tech, Dual-Use, and Autonomous Platforms—Anduril Targets New Round
The defence segment is changing the fastest: demand for autonomous systems, sensors, drone "swarms," and command software layers in the context of electronic warfare is repackaging the venture thesis. According to business media, Anduril is discussing raising around $4 billion, which implies nearly a doubling of its valuation from the $30.5 billion recorded in the previous round. For the market, this is not merely "another mega-round," but a marker that defence budgets and long-term contracts are transforming defence tech into a distinct asset class at the intersection of VC and growth/private equity.
Europe is responding with its own capital instrument. The European Investment Fund has announced a €50 million commitment to the third fund of Join Capital (target size €235 million) with a mandate for early deep tech in the areas of defence, security, and space. Strategically, this means: fewer "concepts," more engineering industrialisation and supply chains within the region.
- Europe (UK): Mutable Tactics has secured around $2.1 million (pre-seed/seed) for a software "decision-layer" for coordinating drones in the event of lost communication.
- Central and Eastern Europe: the region is witnessing deals where defence and dual-use projects are competing in round sizes with traditional SaaS.
Mega-Rounds in AI and Capital Concentration: OpenAI, Anthropic, and Waymo Set the Scale
The paradox of the 2026 venture market: risk appetite has increased, but it is highly unevenly distributed. The focus is on OpenAI, which announced $110 billion in new financing at a $730 billion pre-money valuation (and around $840 billion post-money). Major strategic investors are participating in the deal, and this capital is becoming increasingly linked to access to computing power and distribution channels for corporate products and “AI agents.”
At the market level, this enhances the "gravity effect." According to industry reports, global venture investments reached a record volume in February, with three companies—OpenAI, Anthropic, and Waymo—able to accumulate a substantial share of all the funds raised. For funds, this shifts benchmarks: the “mega-round” is no longer an exception at the top of the pyramid but remains inaccessible for the overwhelming majority of startups without an infrastructural advantage.
- For growth funds: competition is intensifying for stakes in several “compounders” within the category, where capital becomes leverage for access to compute and contracts.
- For early-stage: the value of projects that are not tied to expensive compute infrastructure and quickly achieve margin-positive B2B revenue is increasing.
- For corporates: the logic of "build + partner" is returning: it is simpler to invest in an ecosystem than to try to replicate the best models internally.
The "Picks and Shovels" of AI: Optics, Interconnects, and Inference Chips Receive a Premium
Against the backdrop of mega-rounds for model developers, the layer of hardware and infrastructure "intermediaries" is sharply reviving. Ayar Labs, developing optical interconnects between compute and memory chips to accelerate data transmission, has announced a $500 million Series E at a valuation of around $3.75 billion. The logic is clear: bottlenecks are becoming not just GPUs but also "data transport" within data centres, along with energy consumption and cooling.
Europe is also pushing forward with its own chip roadmap for inference. The Dutch company Axelera AI has reported raising $250+ million with the participation of a large institutional player and European funds, promoting the thesis of energy-efficient inference on edge devices. This is important for markets where latency, privacy, and cloud costs are becoming limiting factors for AI integration in manufacturing, robotics, and defence scenarios.
- Thesis for 2026: training remains a showcase, but money is flowing into infrastructure for mass inference.
- Operational KPI: the cost of a single "useful solution" (inference/agent) is more critical than the size of the model.
Autonomy and Industrial AI: Oxa, Waymo, and the Transition from Prototypes to Deployment
The shift in autonomous mobility is becoming more pragmatic: less of the "dream robotaxi," more industrial autonomy where the environment is controlled—ports, airports, warehouses. The UK-based Oxa has raised $103 million in a Series D round, including $50 million from the UK’s National Wealth Fund, as well as participation from NVentures and BP ventures. The company emphasises its focus on “industrial mobile autonomy,” where implementation cycles are shorter, and the economic effect is easier to quantify.
On the other hand, scaling robotaxis as an infrastructure service is being pursued. Waymo has closed a round of $16 billion at a valuation of around $126 billion, confirming that autonomous mobility (with regulated access and an established safety stack) is becoming a new vertical for large rounds of growth capital. For venture investors, the takeaway is clear: those who reduce operational costs and expand the geography of deployment win, not necessarily those who showcase the most attractive pilot.
European Deep Tech and Climate: Space, Seasonal Energy Storage, and Materials
The European agenda this week is notably "industrial." Spanish company PLD Space has closed a €180 million Series C round led by Mitsubishi Electric, with participation from Spanish public support mechanisms and private investors. The key focus is on transitioning to commercial launches and the deployment of infrastructure, bringing spacetech closer to a model of "infrastructure asset" rather than a venture experiment.
In climate tech, the focus is shifting from "green promises" to energy-intensive reality. Norwegian firm Photoncycle has raised €15 million in a Series A round for seasonal storage: the idea is to store excess solar energy in summer for consumption in winter—a rare example of clear consumer value in Europe with its energy prices. In the materials space, London-based Shellworks has closed $15 million in Series A funding to scale Vivomer—an alternative to plastic, betting on cost-competitiveness and production within regions (USA/EU/UK).
- Spacetech: capital is flowing into launch infrastructure and manufacturing capacities, not just payloads.
- Climate tech: investors are demanding measurable effects in costs and supply chains.
B2B-SaaS and Vertical AI Products: Legal Tech, Compliance, and "Agentic" Automation
In applied B2B AI, "verticalisation" continues—winning products are those that integrate into existing processes and save hours of expensive specialists. In France/Europe, the platform DeepIP has raised $25 million in Series B, positioning itself as a workflow-native solution for the entire patent lifecycle—from early development to portfolio support and enforcement. In the US, the "agentic" thesis is also supported by the professional services market: Basis has secured $100 million in Series B at a valuation of $1.15 billion, focusing on autonomous agents for accounting.
In fintech compliance, London-based Diligent AI has closed $2.5 million in seed funding for AI agents in KYC/AML, targeting a reduction in workload due to rising sanctions regimes and the speed of digital payments. This is crucial for global banks and fintechs in the US, Europe, the Middle East, and Asia: compliance is becoming a point where AI delivers rapid ROI without the risk of "hallucinations," as quality metrics (false positives/false negatives, processing time) are relatively formalizable.
Exits, IPOs, and M&A: PhonePe on the IPO Market and Consolidation in Logistics
On the exits side, a key story is emerging from India. According to Reuters, Walmart-backed PhonePe is aiming for an IPO with a valuation of around $9–10.5 billion and a deal volume of approximately $900 million – $1.05 billion, with existing shareholders expected to sell stakes. The mere fact of actively preparing for a significant fintech listing in Mumbai/India is important globally: it reintroduces the public market as a pricing mechanism for late-stage investments and alleviates some pressure on secondary deals.
Concurrently, M&A and private equity are creating "comps" for B2B. Thoma Bravo has announced an agreement to acquire WWEX Group, which will subsequently merge with Auctane to create a significant technological platform in logistics and delivery. For venture funds, this confirms that buyers are willing to pay for data, automation, and end-to-end visibility "from checkout to doorstep," especially when the solution is both software and operationally scalable.
