U.S. Startup Mega-Rounds Slow as Modal Labs Leads Weekly Funding With $750 Million

U.S. startup investors scaled back their pace of mega-rounds during the week of Oct. 10–16, 2026, with only two companies securing financing in the multiple hundreds of millions, according to transaction tracking from Crunchbase News (https://news.crunchbase.com/venture/biggest-funding-rounds-investors-scaled-back-ai-biotech-modal/). Despite the overall deceleration in nine-figure checks, capital remained concentrated in artificial intelligence infrastructure, biotechnology, and specialized enterprise tooling.

The week's largest financing went to Modal Labs, a New York-based provider of cloud infrastructure for AI inference and distributed workloads. Modal Labs secured $750 million in a Series D round led by Accel at a $15.75 billion valuation, reporting that its annual revenue run rate recently exceeded $1 billion.

Icon, an Austin-based developer of robotic construction systems known for 3D-printed housing, raised the second-largest round with a $200 million Series D led by Baillie Gifford and BlackRock. The company stated it is on track for 4x revenue growth in 2026.

Biotech startups also commanded significant capital across early and growth stages. Boston-based Soufflé Therapeutics raised $135 million in Series B funding led by Juvia Group to develop RNA therapies. In Menlo Park, California, kidney-disease genetic medicine developer Estuary Biotherapeutics launched with $103 million in total backing, comprising a $93 million Series A led by RA Capital Management and $10 million in previously undisclosed seed financing.

AI tooling and workflow automation companies secured several mid-tier growth rounds. San Francisco-based Labelbox picked up $100 million in Series E funding led by Infinitum Partners to support its platform for training, evaluating, and deploying AI models and agents. Suki, based in Redwood City, California, announced a $90 million Series E round backed by Healthier Capital and Crosslink Capital for its clinical conversation and documentation AI tools.

Rounding out the top ten, San Francisco-based home caregiver platform Abby Care closed an $82 million Series C round led by Transformation Capital, according to reporting cited by Crunchbase News. Disaster-focused home insurer Stand raised $70 million in Series C funding led by Saga Ventures at a $1 billion valuation. In hardware and cloud management, Portland, Oregon-based semiconductor startup Mueon Corp. completed a $65 million Series A led by Maverick Silicon for its modular hyperscale computing platform, while New York-based North.cloud raised $60 million in Series B financing led by PeakSpan Capital for its cloud infrastructure spend intelligence software.