News Summary

• Nine-figure rounds took 81% of every venture dollar invested in the second quarter.
• The gap between how much capital is being deployed and how many companies are receiving it is now the widest we’ve seen in eight years of tracking this market.
• AI security was the largest category of cyber seed investment last quarter, close to a quarter of all deals.
• The open question for anyone underwriting the category is whether an enforcement plane for non-human principals sits on top of human-centric identity and access tools.