# Startup funding, week of 28 September: Instinct's $1.0B Series C leads 78 rounds

> We read 78 equity rounds announced from 28 September to 4 October 2026, raising $4.0B between them. The largest was Instinct's $1.0B Series C.

Source: https://millionrounds.com/news/weekly/2026-09-28 (Millionrounds; every figure on the page links to its filing or article)

Equity rounds **78** announced this week, 73 with an amount

Raised **$4.0B** across those rounds

Lead named **85%** of rounds say who led

Countries **20** where this week's rounds were raised

## The biggest rounds

- [1 **Instinct** Series C · United States **$1.0B**](https://millionrounds.com/company/instinct)
- [2 **EliseAI** Growth · United States · led by Andreessen Horowitz, Bessemer Venture Partners **$350M**](https://millionrounds.com/company/eliseai)
- [3 A **Armadin** Series B · United States · led by Andreessen Horowitz, Accel **$256M**](https://millionrounds.com/company/armadin)
- [4 **PaleBlueDot AI** Series C · United States · led by ComputeCore **$200M**](https://millionrounds.com/company/palebluedot-ai)
- [5 **Simple Energy** Series C · India · led by Dr. Arokiaswamy Velumani Family Office **$180M**](https://millionrounds.com/company/simple-energy)
- [6 **Reverion** Series B · Germany · led by Kembara **$175M**](https://millionrounds.com/company/reverion)
- [7 **Biossil** Series B · Canada · led by OpenAI Startup Fund **$153M**](https://millionrounds.com/company/biossil)
- [8 **SiMa.ai** Series C · United States · led by Fidelity, Amplify Partners **$150M**](https://millionrounds.com/company/sima-ai)
- [9 **Supabase** Growth · United States · led by GIC **$150M**](https://millionrounds.com/company/supabase)
- [10 **Quartermaster** Series B · United States · led by Insight Partners **$140M**](https://millionrounds.com/company/quartermaster)

## By stage, against the year

Each stage's median this week beside its median over the last twelve months. A single week is a small sample, so read the gap as a hint, not a trend.

[Pre-seed](https://millionrounds.com/benchmarks/pre-seed) *11* **$2.3M** this week **$2.0M** 12-month median

[Seed](https://millionrounds.com/benchmarks/seed) *25* **$4.3M** this week **$5.5M** 12-month median

[Series A](https://millionrounds.com/benchmarks/series-a) *19* **$12M** this week **$20M** 12-month median

[Series B](https://millionrounds.com/benchmarks/series-b) *9* **$71M** this week **$50M** 12-month median

[Series C](https://millionrounds.com/benchmarks/series-c) *7* **$150M** this week **$100M** 12-month median

[Series D](https://millionrounds.com/benchmarks/series-d) *1* **$120M** this week **$158M** 12-month median

[Growth](https://millionrounds.com/benchmarks/growth) *6* **$30M** this week **$108M** 12-month median

## The most active leads

Firms that led two or more of the week's rounds.

- [**Accel** Arivihan, Armadin, Dodge AI *3 led*](https://millionrounds.com/fund/accel)
- [**Andreessen Horowitz** Armadin, EliseAI *2 led*](https://millionrounds.com/fund/andreessen-horowitz)
- [**New Science Venture** OSCP, One Silicon Chip Photonics (OSCP) *2 led*](https://millionrounds.com/fund/new-science-ventures)

## Where

- United States **31**
- United Kingdom **12**
- India **6**
- Canada **4**
- Sweden **3**
- Switzerland **2**

United States had the most rounds this week.

## In what

- AI **38**
- Fintech **9**
- Defence Tech **9**
- Manufacturing **8**
- Healthcare **8**
- Robotics **7**
- Biotech **7**
- Construction **6**

AI was the busiest sector.

**How this roundup is made**

It is written from the rounds we read that week in named articles and filings. Only equity rounds with a stage count towards the figures; debt, grants and public companies' raises do not. We read more sources every month, so the number of rounds says more about our coverage than about the market: compare medians, not totals. [How we read rounds](https://millionrounds.com/methodology) · [Report a mistake](https://millionrounds.com/corrections)