Venture capital deployed · 2026 YTD
Sector market cap
Largest raise · trailing 12mo
Catalysts ahead · next 12mo
Companies tracked
Nothing on the calendar yet.
Nothing on the calendar yet.
Past 12 months brought four rounds of $75M or more: Periodic Labs' $300M seed, Lyten's $200M strategic investment, Cyclic Materials' $75M Series C, and Boston Metal's $75M growth round. Seed and Series A rounds mostly sit at $14M to $65M, so the mega-round gap is wide.
Capital is tilting early and toward AI-native labs. Periodic Labs' $300M seed and Radical AI's $55M seed rank among the largest early checks on file, while Series B and C rounds from 2024 to 2025 (Electra $186M, Sila $375M, KoBold $537M) show late-stage capital still concentrates in a few large deals.
Temasek co-led Electra and CuspAI, and T. Rowe Price anchored KoBold, Cyclic Materials, and Sila. Andreessen Horowitz led Periodic Labs' seed, and Tata Steel led Boston Metal's growth round. Strategic and sovereign names (RTX Ventures, Mubadala, Bpifrance) appear more often than in 2021 to 2023 rounds. Material Impact and Citrine's early backers have not led a round since 2023.
Materials AI's scarce input is shifting from discovery to the capital and factories that turn discoveries into products.
Materials AI's scarce input is no longer discovery but the capital and sites to scale it; the Liverpool round is a signal, not a trend.
Materials AI's edge is shifting from proving predictions to proving who can use them, and that gap favours capital-intensive operators.
Battery economics, not materials discovery, is now the variable that decides which chemistries get built.
As of 2026-08-01
Fortify raised at least $30 million—a $10 million Series A led by Accel in 2019 and a $20 million Series B led by Cota Capital in 2021—to commercialize field-aligned, fiber-reinforced DLP printing under its Flux/Digital Composite Manufacturing platform, increasingly targeting RF and dielectric components for defense and aerospace. Despite work with customers such as NASA's Glenn Research Center, the company's public activity went quiet and it wound down operations. In March 2026 Tethon 3D announced it had acquired Fortify's intellectual-property portfolio, centered on anisotropic composite structures and advanced material-processing methods for RF, microwave and millimeter-wave applications, describing Fortify as now dissolved. Financial terms of the IP sale were not disclosed.
9T Labs developed a working continuous-carbon-fiber additive-manufacturing platform (the Red Series) and raised roughly $21.5 million, but it could not reach commercial scale before exhausting its funding. On November 3, 2025 the District Court of Zurich opened bankruptcy proceedings and the company, 9T Labs AG, was placed into liquidation. Swiss precision manufacturer Biwi SA acquired the assets out of bankruptcy—including approximately 40 machines and the patent portfolio—and relaunched the technology under the brand Neocarb, debuting it at Watches and Wonders 2026. Biwi's leadership characterized the failure not as a technology problem but as a startup that was ahead of a still-immature composites market.
Ambri raised well over $100 million across 14 years—including roughly $144 million in 2021 from backers such as Reliance Industries, Bill Gates, TotalEnergies, Khosla Ventures and Paulson & Co.—to commercialize its MIT-invented calcium-antimony liquid-metal battery, but it exhausted its cash and stalled on the transition into volume manufacturing. On May 5, 2024 Ambri filed for Chapter 11 bankruptcy in the District of Delaware, blaming a difficult fundraising environment and thwarted manufacturing-expansion plans. On July 31, 2024 it closed a Section 363 sale of its assets to a consortium of its pre-bankruptcy lenders—including funds managed by Gates Frontier and Paulson & Co.—wiping out other equity, and confirmed a liquidating plan. The deal kept the liquid-metal technology and a slimmed-down operation alive under the lenders while ending the venture-backed company as it had existed.