Daily Funding Roundup:
May 27, 2026
Coding-agent thesis broke through. Cognition raised $1B Series D at $26B on Devin's ARR going from $37M to $492M in 12 months. Capchase $200M debt+equity for B2B vendor financing. Thea Energy $100M Series B for stellarator fusion. ClearNote $52M for blood-based cancer detection. Pace $46M from Thrive and Sequoia for agentic insurance AI. AMD + CoreWeave + Nvidia all back Tensormesh's $20M seed extension. Anthropic round still hadn't closed; market quietly repriced for an upsize.
Rounds
San Francisco-based maker of autonomous AI software engineer Devin raised over $1B Series D at $25B pre / $26B post, co-led by Lux Capital, General Catalyst, and 8VC. Cognition's ARR jumped from $37M in May 2025 to $492M in May 2026, a 1,230% YoY climb. 89% of Cognition's own commits are now written by Devin. Co-founded August 2023 by IOI gold medalists Scott Wu (CEO), Steven Hao, and Walden Yan. Acquired the Windsurf IDE in July 2025. Total raised: $1.9B.
New York-based vendor financing infrastructure Capchase raised $200M+ in debt and equity (~$26M equity, ~$174M credit facility), led on the equity side by 01 Advisors. The company is positioning as the 'Affirm for B2B', embedded inside enterprise tech sales motions. Co-founded 2020 by Miguel Fernandez (CEO), Luis Basagoiti, Przemek Gotfryd, and Ignacio Moreno. Largest raise to date; cumulative funding now north of $400M.
Kearny, New Jersey-based stellarator fusion power-plant developer Thea Energy raised a $100M Series B led by Thomas Tull's U.S. Innovative Technology Fund. Building scalable fusion systems and magnet manufacturing; spun out of Princeton Plasma Physics Lab work. Co-founded 2022 by CEO Brian Berzin. Total private investment now $130M.
San Diego-based blood-based early cancer detection company ClearNote Health (formerly Camera Health) raised a $52M Series D co-led by founding investor Mattias Westman and an unnamed global long-only active manager. Operates the Avantect pancreatic test and the Virtuoso platform for pancreatic and ovarian cancers. Kevin Keegan (ex-BD, Illumina, Hologic) joined as President and COO. Co-founded 2018 by Stanford's Stephen Quake; operating CEO Dave Mullarkey leads commercial expansion. Total raised: $185M+.
New York-based agentic AI for insurance Pace raised a $46M Series B co-led by Thrive Capital and Sequoia Capital. Customers include The Mutual Group, Newfront, Prudential, and WTW; the platform has autonomously completed 250,000+ insurance workflows. Co-founded 2024 by CEO Jamie Cuffe (previously founded Cheer, sold to Retool 2020). Just four months after the $10M Series A.
Plano, Texas-based Secretome Therapeutics raised a $30M Series A from sole investor RA Capital Management to advance STM-01, a neonatal cardiac progenitor-cell (nCPC) therapy for Duchenne muscular dystrophy-associated cardiomyopathy. Co-founded 2018 (formerly NeoProgen) by CEO Vinny Jindal and Sunjay Kaushal, the pediatric cardiac surgeon whose lab developed the technology.
Los Angeles-based Ember LifeSciences expanded its Series A to $27M total with strategic checks from Amgen Ventures and TDF Ventures, on top of the Sea Court Capital-led prior round. The company makes reusable modular active cold-chain platforms for biopharma distribution; launched Ember Cube 2 commercially the same day. Founded 2020 by CEO Clay Alexander, also founder of the consumer-temperature brand Ember.
San Francisco-based KV-caching SaaS inference platform Tensormesh raised a $20M seed extension from AMD Ventures, CoreWeave, and Nvidia's NVentures (all three chip and infra giants on the same cap table). Built on the open-source LMCache project; claims up to 10x reduction in LLM latency and GPU cost. Founded 2024 by University of Chicago faculty Junchen Jiang (CEO, LMCache co-creator). Total raised: $24.5M.
San Francisco-based agent infrastructure for go-to-market teams Default raised a $20M Series A led by 8VC, with Craft Ventures and Alt Capital's Jack Altman. The platform connects CRM and marketing automation through a revenue data warehouse so AI agents can execute complex GTM work. Co-founded around 2023 by CEO Nico Ferreyra.
Palo Alto-based Signos raised a $20M strategic round from GV (Google Ventures), Dexcom, and Blue Cross Blue Shield of Alabama. The company makes the first FDA-cleared OTC continuous glucose monitor system for weight management, powered by Dexcom's Stelo biosensor. Founded 2019 by CEO Sharam Fouladgar-Mercer.
London-based binary-native software supply-chain verification platform RevEng.AI raised a $15M Series A led by the NATO Innovation Fund. Powered by their BinNet AI model, the platform finds vulnerabilities and backdoors in compiled software. Co-founded 2022 by CEO James Patrick-Evans. Total raised: $19.5M.
London-based visual AI and spatial intelligence company Slamcore raised £10.4M ($14M) led by Rockwell Automation's ROKStar Ventures. Stereo cameras and AI track position and behavior of vehicles in factories and warehouses without GPS or facility modification. Imperial College London spinout founded 2016 by CEO Owen Nicholson. Total raised: $40M.
San Francisco-based Itera emerged from stealth with $12M seed led by Upfront Ventures to build the world's first fluid (liquid-metal plus glass) reconfigurable circuit board. Claims hardware iteration cycles 1,000x faster than traditional PCBs. Runs an Electronics-as-a-Service model. Founded 2023 by CEO AJ Cooper.
Also Noted
Functional-cookie consumer brand Fields Good raised a $1.8M pre-seed led by Anu Duggal's Female Founders Fund. Co-founded by CEO Ashley Fields (daughter of Mrs. Fields founder Debbi Fields) and Kim Anderson.
News & Signals
Anthropic round still NOT closed Wednesday, market repriced higher
Wednesday May 27 was the day of peak Anthropic anticipation. The $30B+ round Bloomberg had teed up for week of May 25 still hadn't printed. By midday VC X had fully repriced: the consensus was that the original $30B/$900B was the floor, not the ceiling, and that the upsize was material. Vindicated 24 hours later when Anthropic announced Thursday May 28 at $65B Series H at $965B post-money plus $15B in committed hyperscaler money including $5B from Amazon. Reports also surfaced that Anthropic had filed a confidential draft S-1 ahead of an October 2026 IPO.
Markets mixed: Dow record intraday, S&P/Nasdaq dip on chip pullback
Dow +0.42% to a fresh intraday record. S&P 500 -0.08%. Nasdaq -0.12%. Russell 2000 -0.19%. The mixed tape reflected fresh Iran headlines and a chip pullback. Nvidia -2.37% led semis down as the post-earnings consolidation continued. Bond market firm. Brent slid to ~$92, on track for its worst month since COVID at -19% MTD on US-Iran ceasefire optimism.
Cognition's Devin ARR ramp goes viral: $37M to $492M in 12 months
The numbers from Cognition's Series D announcement became the canonical defense of coding-agent multiples on VC X. ARR climbed from $37M in May 2025 to $492M in May 2026, a 1,230% jump. The 89% statistic (89% of Cognition's commits are written by Devin) circulated independently. At a $26B valuation, the implied multiple is ~53x current ARR, but the growth rate is fast enough that bulls argue the forward multiple is much lower. The $4B (March 2025) to $26B (May 2026) progression in 14 months was the most-cited valuation tear since Anthropic's own.
Bitcoin holds low $75s, week's lowest open
BTC opened at ~$75,829, slid to ~$75,216 intraday, closed around $75,740, the week's lowest opening price. Ethereum near $2,090. The risk-off crypto tape continues to diverge from the equity-records narrative, with crypto traders watching the Iran framework news for renewed risk appetite.
Anthropic vs OpenAI narrative warfare on AI jobs apocalypse
Axios ran 'OpenAI and Anthropic dig in against each other on AI jobs apocalypse' Wednesday, fueling another Dario-vs-Sam round of takes. Karpathy joining Anthropic (May 19, 6.2M views in 24 hours) continued to echo in subtweets about frontier-lab talent gravity. The Code-with-Claude / Code-IDE renaissance vibe from the prior week's London developer event also stayed loud, with 'more opportunities than people to exploit them' becoming a recurring tagline.
VC Mood on X
Wednesday was the day the coding-agent thesis broke through. Cognition's $1B at $26B at noon and the Devin ARR ramp ($37M to $492M YoY at +1,230%) became the canonical numbers VCs cited to defend coding-agent multiples for the rest of the week. The 89% statistic (89% of Cognition's own commits are now written by Devin) circulated independently as evidence that the agent-replaces-engineer thesis is real, not theoretical. The valuation tear from $4B in March 2025 to $26B in May 2026 (a 6.5x in 14 months) was the most cited markup since Anthropic's own.
Beneath the Cognition headline, the day's signal was the AI control-plane and infra layer pricing up everywhere at once: Default's GTM agent infra at $20M Series A, Tensormesh's KV-cache inference layer with AMD + CoreWeave + Nvidia all in the same round, Capchase embedding financing inside SaaS distribution, Pace's $46M Thrive-led for agentic insurance ops. The thread crystallized: model differentiation is collapsing, the control plane is the moat. Anthropic anticipation kept ratcheting: by midday consensus shifted from 'closing any minute' to 'it slipped, that probably means upsize' (correct: $65B at $965B announced Thursday).
Macro was a sidebar. Dow record intraday, S&P/Nasdaq dipped, Nvidia -2.4% on chip pullback, BTC at week's lows, Brent collapsing to $92 on Iran ceasefire optimism. Thea Energy's $100M fusion round was the climate-deep-tech counter to the AI-only narrative. The Iran framework moved closer to signing but didn't dominate FinTwit the way Cognition did.
Rounds and signals sourced from SEC filings, press releases, and verified news reports. All amounts in USD unless noted. Reporting reflects information available at time of publication.