NeuralStackModal Labs dominated the latest U.S. startup funding rankings with a $750 million Series D, according to Crunchbase’s review of announced rounds from Oct. 10 through Oct. 16. The New York-based company provides cloud infrastructure for AI inference and other applications. Accel led the financing at a $15.75 billion valuation.
Modal Labs said it recently surpassed a $1 billion annual revenue run rate, giving the round a substantial operating milestone alongside its focus on AI infrastructure. The company’s financing was more than three times the size of the week’s second-largest deal. Even so, investors announced only two financings in the multiple hundreds of millions.
Construction automation company Icon ranked second after raising $200 million in Series D funding led by Baillie Gifford and BlackRock. The Austin-based company is known for robotic construction systems and 3D-printed homes, and said it is on pace for fourfold revenue growth in 2026.
Biotech also attracted major checks. Soufflé Therapeutics raised $135 million in Series B funding for its RNA therapy work, while Estuary Biotherapeutics launched with $103 million in financing, including a $93 million Series A and previously undisclosed seed capital. Estuary is developing genetic medicines for patients with serious kidney diseases.
AI remained prominent below the two largest rounds. Labelbox raised $100 million in Series E funding for technology used to train and evaluate AI models and deploy agents that improve with experience. Suki, which builds AI tools for clinical documentation, coding and other healthcare workflows, announced a $90 million Series E.
The rest of the top 10 reflected demand for specialized platforms. Abby Care raised $82 million for a service that helps family members become certified, paid caregivers delivering care at home. Stand secured $70 million at a $1 billion valuation for insurance serving homes in areas at higher risk of natural disasters.
Semiconductor systems company Mueon raised $65 million in Series A funding for a modular platform aimed at AI and hyperscale computing. North.cloud, an infrastructure spend intelligence and automation provider, closed the list with a $60 million Series B led by PeakSpan Capital.
Why this matters
The week’s ranking shows that AI continues to attract the largest pool of venture capital, but the distribution of funding was narrower than a market dominated by repeated mega-rounds. Modal Labs captured most of the capital, while other investors spread smaller but still significant checks across construction, biotech, healthcare, insurance and computing infrastructure. That combination points to continued conviction in technology with clear commercial applications, alongside tighter selectivity around deal size.
Future rankings will show whether Modal Labs’ financing marks another isolated AI infrastructure mega-round or the start of a broader acceleration. For now, the rest of the list suggests capital is still moving across several sectors, even as the very largest startup financings become less frequent.