Startup and Venture Capital News — Wednesday, February 18, 2026: Mistral AI Acquires Koyeb, Mega Rounds in AI and Accelerated Robotics Deals
Venture Capital Market: February Mid-Month Overview
Mid-February 2026 finds the venture capital market experiencing significant capital concentration: large investments in AI and robotics are juxtaposed with more cautious funding in "traditional" B2B software. Venture funds remain active, but the structure of demand is shifting: investors are increasingly favoring projects that demonstrate proven unit economics, access to infrastructure (cloud computing and data), and a clear route to liquidity through M&A, secondary market shares, or IPO.
- Trend of the Week: Vertical integration in AI (models + cloud + deployment) is becoming a competitive advantage.
- Trend of the Month: Growth of consolidation in cybersecurity and infrastructure software.
- Geography: The U.S. maintains its leadership in deal volume, Europe reinforces its "sovereign" AI framework, and Asia is more actively utilizing public markets.
Key Story: European AI Strengthens Infrastructure through M&A
The primary news highlight of this edition is a deal in which the European AI ecosystem is betting on infrastructure control. The acquisition of cloud startup Koyeb by Mistral AI reflects a "full stack" strategy: from developing and training models to deploying applications and managing computing resources. For venture investors, this signals that value is shifting to companies that address the "bottlenecks" in the AI chain: deployment, cost optimization for compute, security, and observability.
- For Startups: Winning teams are those that sell not "AI for the sake of AI," but rather reduce the cost-to-serve and time-to-value for customers.
- For Funds: Increased interest in AI infrastructure is noticeable in Paris, London, Berlin, and Stockholm, along with a focus on regional data centers.
- For the Market: M&A is becoming a viable exit mechanism, especially in Europe, where the IPO window is opening more slowly.
Mega Rounds in AI: Capital Re-Concentrating
AI remains the largest magnet for venture capital: the market is solidifying the model of "a few winners capturing a large portion of the funds." Mega rounds are fueling the race for quality models, access to data, enterprise client contracts, and computational power. This raises the entry bar in this segment: younger companies find it increasingly challenging to compete "broadly," leading them to focus on niche verticals (legal, finance, industrial, healthcare) or infrastructure layers.
- Changes in Term Sheets: More structured rounds (liquidation preferences, earn-outs, milestone triggers), particularly for companies without stable revenues.
- What's on the Rise: Demand for "agentic" products and tools that save working hours rather than merely generating content.
- Global Context: In the U.S., mega checks are forming a new "valuation corridor" that is gradually being transmitted to Europe and the Middle East.
Robotics: From Prototypes to Industrial Deployment
Robotics is witnessing a shift from demonstrations to commercial implementations. Rounds in humanoid and industrial automation segments arise from customers (logistics, automotive, warehouse infrastructure) being willing to pay for measurable effects—reduced defects, accelerated fulfillment, and enhanced workplace safety. Investors must distinguish between "robot as a show" and "robot as a production asset," where key metrics include cost of ownership, reliability, and speed of integration into processes.
- Application Focus: Factories and warehouses in the U.S. (Texas, California), as well as pilots in Europe within supply chains.
- New Link: Robot + large models (LLM/VLM) + local navigation—reduces training costs and expands scenarios.
- Risk: Capital intensity of production and lengthy certification/safety cycles.
Cybersecurity: Demand Rising, Consolidation Accelerating
Cybersecurity remains one of the most "fundable" verticals for startups: the rise in attacks and dissemination of AI tools boosts the value of solutions that cover the full cycle—from vulnerability detection to remediation and execution control. Simultaneously, major players are continuing active M&A, acquiring teams and products to more quickly close platform gaps. Companies that offer not "another scanner," but a managed outcome (risk management, response time, compliance) are emerging victorious in the venture market.
- Funding: Demand for vulnerability management solutions supports deals in vulnerability management.
- M&A: Large vendors are strengthening their platforms through the acquisition of niche startups (identity, posture, cloud security, telemetry).
- Investor Filter: Presence of enterprise contracts, demonstrable reduction of incidents, and a clear exit strategy through strategics.
FinTech and Consumer Platforms: Liquidity Window Slightly Opens
FinTech in early 2026 is showing a more vibrant deal market, and certain major players are returning to the topic of public offerings. For venture funds, this is important for two reasons: firstly, a benchmark for multiples in the public market is emerging; secondly, the secondary market for shares in mature companies is strengthening, allowing early investors to partially realize returns before an IPO.
- What Supports the Sector: Monetization through commission-based models and B2B products for banks and marketplaces.
- Geography of Liquidity: The U.S. remains the primary listing venue for international FinTechs; Asia is actively preparing companies for public markets.
- Risk: Regulatory changes and margin pressures in payments and lending.
DefenseTech and European Funding: Capital Pursues Safety and Manufacturing
In Europe, there is increased interest in defense sectors, unmanned systems, and related dual-use technologies. A distinct driver exists here: projects are being entered not only by venture funds but also by development banks, institutional players, and government programs. For venture investors, this creates mixed funding models (equity + debt), reducing dilution while demanding stricter discipline in terms of cash flow and contracts.
- Deal Format: Package funding, where part of the capital is debt tied to production plans.
- Cluster: Germany and Central Europe are enhancing their manufacturing base; demand is rising amid competition in unmanned aircraft.
- For Startups: Key factors include export potential, production localization, and compliance with requirements.
Funds and LPs: Betting on Scale and "Fund Architecture"
For venture capital in 2026, it is not only about deals but also about fundraising. LPs are increasingly favoring large platforms capable of investing at various stages and supporting companies until liquidity. Closing significant capital pools is becoming a competitive advantage for funds themselves: they allow for portfolio support in follow-on rounds and participation in "mega deals," where the entry threshold has risen. Simultaneously, smaller managers face increasing pressure: they need to demonstrate specialization, access to unique deal flow, and discipline in valuations.
- Shift in Strategy: More "multi-vehicle" models (seed + growth + opportunity), enabling flexible support for the best assets.
- Consequence: Capital concentration increases competition for top teams, especially in AI, cybersecurity, and robotics.
- Practice: The role of co-investments and secondary deals is growing for portfolio risk management.
For Venture Investors and Funds.
The picture as of February 18, 2026, is clear: venture investments remain active, but the "cost of mistakes" has increased. Those who excel in selecting companies with clear advantages in infrastructure, data, distribution, and product economics will benefit. Below is a practical checklist for managing deal flow in the coming weeks.
- Reevaluate AI Theses: Assess "model," "infrastructure," and "vertical product" separately—multiples and risks differ across these categories.
- Look for M&A Logic in Advance: In cybersecurity and AI infrastructure, exit through strategics is often more realistic than an IPO.
- Check Unit Economics: CAC payback, gross margin, computation costs, and scalability of support are key KPIs for 2026.
- Diversify Geography: The U.S. is a source of mega deals; Europe offers infrastructure and regulation-driven demand; Asia presents liquidity potential and mass platforms.
- Utilize the Secondary Market: Partial realizations and portfolio rebalancing are becoming the norm amid public market volatility.
The key practical signal is: the market has not "closed"; it has become more professional. Startups that sell measurable effects and funds that know how to support companies through the lengthy cycle to liquidity will win.
