Latest Startup and Venture Capital News as of March 5, 2026: Mega-Rounds in AI, Defence Technologies, Deeptech in Europe, Fintech, and Exits
The primary signal in recent days is that capital is once again concentrating in areas where technological advantages can be quickly monetized through scalable channels: defense contracts, corporate AI infrastructure, autonomous mobility, and advanced supply chains (chips, energy efficiency, logistics). Concurrently, Europe Inc. continues to build its own "sovereign" frameworks—from dual-use funds to state-supported foundational AI research.
- Defence tech and autonomous systems are leading in growth rate: a new major round for Anduril is being discussed.
- AI remains the focal point for venture investments: the mega-round for OpenAI and significant rounds for Anthropic and Waymo solidify the trend of capital concentration.
- AI "picks and shovels" (optics, interconnects, inference chips, edge) are once again receiving premium valuations.
- European deeptech is accelerating: space, energy storage, and biomaterials are securing notable Series A–C investments.
- Fintech exits are reopening the "window of opportunity": discussions are underway regarding a major IPO in India.
- M&A and PE deals in logistics and enterprise software reinforce the "build-to-buy" argument for B2B startups.
Today's Main Topic: Defence Tech, Dual-Use, and Autonomous Platforms—Anduril Targets New Round
The defence segment is evolving the fastest: the demand for autonomous systems, sensors, drone "swarms," and software management layers in electronic warfare is reshaping the venture thesis. According to business media, Anduril is in discussions to raise around $4 billion, implying nearly a doubling of its valuation from $30.5 billion recorded in the previous round. For the market, this is not merely "another mega-round" but a marker indicating that defense 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 Join Capital's third fund (target size €235 million) with a mandate focused on early-stage deeptech in defence, security, and space. Strategically, this means: fewer "concepts," more engineering industrialization, and supply chains within the region.
- Europe (UK): Mutable Tactics raised approximately $2.1 million (pre-seed/seed) for a software "decision layer" to coordinate drones in the event of signal loss.
- Central and Eastern Europe: the region is witnessing deals where defense and dual-use projects are competing in round sizes with classic SaaS.
AI Mega-Rounds and Capital Concentration: OpenAI, Anthropic, and Waymo Set the Standard
The paradox of the 2026 venture market: risk appetite has grown, but it is extremely unevenly distributed. At the center of attention is OpenAI, which announced $110 billion in new funding with a $730 billion pre-money valuation (and approximately $840 billion post-money). Major strategic investors are participating, and this capital is increasingly linked to access to computing power and distribution channels for corporate products and "AI agents."
Market-wise, this reinforces the "gravity effect." According to industry reports, global venture investments reached a record volume in February, with three companies—OpenAI, Anthropic, and Waymo—accumulating a dominant share of all raised funds. For funds, this alters the benchmarks: the "mega-round" is no longer an exception at the top of the pyramid but remains inaccessible to the overwhelming majority of startups without infrastructure advantages.
- For growth funds: competition is intensifying for stakes in a few "compounding" entities in which capital becomes leverage for access to compute and contracts.
- For early-stage ventures: the value of projects not tied to costly compute infrastructure and that quickly reach profitable B2B revenue is increasing.
- For corporates: the "build + partner" logic is returning: it’s easier to invest in an ecosystem than to attempt to replicate the best models internally.
"Picks and Shovels" for AI: Optics, Interconnects, and Inference Chips Receiving Premiums
Amidst mega-rounds for model developers, the hardware and infrastructure "layer" is seeing a resurgence. Ayar Labs, which develops optical interconnects between computing and memory chips to accelerate data transfer, announced a $500 million Series E at a valuation of approximately $3.75 billion. The rationale is clear: bottlenecks are emerging not only in GPUs but also in "data transport" within data centers, as well as energy consumption and cooling.
Europe is also pushing its own chip roadmap for inference. The Dutch company Axelera AI reported raising over $250 million with the participation of a major institutional player and European funds, promoting the thesis of energy-efficient inference at the edge. This is significant for markets where latency, privacy, and cloud costs become barriers to adopting AI in manufacturing, robotics, and defense scenarios.
- Thesis for 2026: training remains the showcase, but money flows into infrastructure for mass inference.
- Operational KPI: the cost of one "useful solution" (inference/agent) is more vital than the size of the model.
Autonomy and Industrial AI: Oxa, Waymo, and the Shift from Prototypes to Implementation
The shift in autonomous mobility becomes more pragmatic: fewer "robotaxi dreams," more industrial autonomy in controlled environments—ports, airports, warehouses. British company Oxa raised $103 million in Series D funding, including $50 million from the UK's National Wealth Fund, with participation from NVentures and bp ventures. The company emphasizes a focus on "industrial mobile autonomy," where implementation cycles are shorter, and economic impact is easier to calculate.
On the other side is the scaling of robotaxis as an infrastructure service. Waymo completed a $16 billion round 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 growth capital rounds. For venture investors, the takeaway is clear: success goes to those who reduce operational costs and expand deployment geography, not necessarily those showcasing the most attractive pilot.
European Deeptech and Climate: Space, Seasonal Energy Storage, and Materials
Europe's agenda this week is noticeably "industrial." Spanish company PLD Space closed a €180 million Series C led by Mitsubishi Electric, with participation from public support mechanisms and private investors in Spain. The key focus is on transitioning to commercial launches and deploying infrastructure, making spacetech closer to an "infrastructure asset" model rather than a venture experiment.
In climate tech, the focus is shifting from "green promises" to energy-intensive realities. Norwegian company Photoncycle secured €15 million in Series A funding for seasonal storage: the idea is to store excess solar energy in summer for consumption in winter—a rare example of transparent consumer value in Europe, given its energy prices. In materials, London-based Shellworks closed a $15 million Series A to scale Vivomer—an alternative to plastic—focusing on cost-competitiveness and production in regional economies (US/EU/UK).
- Spacetech: capital is directed at launch infrastructure and manufacturing capacity, not just payloads.
- Climate tech: investors demand measurable impact on costs and supply chains.
B2B-SaaS and Vertical AI Products: Legal Tech, Compliance, and "Agentic" Automation
In applied B2B AI, the "verticalization" trend continues—winners are products integrated into existing processes that save hours of expensive specialist labor. In France/Europe, the platform DeepIP 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 supported by the professional services market: Basis raised $100 million in Series B, achieving a valuation of $1.15 billion while focusing on autonomous agents for accounting.
In financial compliance, London-based Diligent AI closed $2.5 million in seed funding for AI agents in KYC/AML, aiming to reduce the burden due to increasing sanction regimes and the speed of digital payments. This is critical for global banks and fintech firms in the US, Europe, the Middle East, and Asia: compliance is becoming the 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 exit side, a key narrative emerges from India. According to Reuters, Walmart-backed PhonePe is targeting 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 reportedly planning to sell stakes. The very fact of an active preparation for a major fintech listing in Mumbai/India is globally significant: it re-establishes the public market as a pricing mechanism for late-stage efforts and eases some pressure on secondary transactions.
Meanwhile, M&A and private equity are shaping "comparables" for B2B. Thoma Bravo has announced an agreement to acquire WWEX Group, followed by a merger with Auctane to create a major technology 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.
