New York’s venture capital market has entered 2026 with renewed momentum and a more concentrated investment profile. Large checks are increasingly flowing to companies that provide essential infrastructure for artificial intelligence, financial services, cybersecurity, healthcare administration, and enterprise operations.

The ten qualifying rounds in this ranking represent a combined $4.645 billion in announced financing. The five largest account for $3.04 billion, or approximately 65% of that total, demonstrating how heavily late-stage capital is concentrating around a small group of scaled companies.

The broader market has also strengthened. New York City startups raised approximately $1.68 billion in January 2026, $2.53 billion in February, and $3.94 billion in March. The March total was nearly four times the amount recorded a year earlier, with eight rounds of at least $100 million contributing roughly half of the month’s funding.

This resurgence builds on New York’s position as the second-largest venture capital market in the United States. The New York City metropolitan area attracted $28.5 billion in venture investment during 2024, representing 13.3% of nationwide funding, according to the New York State Comptroller.

This ranking covers publicly disclosed equity and equity-linked financings announced between January 1, 2025, and June 17, 2026.

To qualify, a company must be headquartered in New York or maintain a clearly established principal or dual headquarters in the city. Acquisitions, debt facilities, initial public offerings, secondary-only transactions, rumored financings, and rounds that had not been formally announced by the cutoff date were excluded.

Each funding amount appears only once. When multiple New York companies announced rounds of the same size, the selection favored the transaction with clearer public disclosure and stronger evidence regarding the company’s New York headquarters.

The ranking also distinguishes between conventional venture rounds and broader investment packages. Judi Health’s $400 million transaction, for example, included a $252 million Series F alongside additional investments in company securities. It is therefore described as a financing package rather than as a $400 million Series F.

Announcement Date: May 7, 2026
Funding Round: Series F
Amount Raised: $1 billion
Reported Valuation: $22 billion

New York-based prediction market operator Kalshi announced the largest qualifying round, raising $1 billion in a Series F led by Coatue. Andreessen Horowitz, ARK Invest, IVP, Morgan Stanley, Paradigm, and Sequoia Capital also participated.

Kalshi enables users to trade contracts based on the outcomes of economic, political, financial, cultural, and sporting events. Its financing reflects growing institutional interest in prediction markets as a distinct financial-information category rather than merely a consumer wagering product.

The company reported that institutional trading volume had increased by more than 800% during the preceding six months. Annualized trading volume reportedly expanded from $52 billion to $178 billion over the same period.

The round illustrates one of New York’s principal advantages as a venture market. The city combines financial-market expertise, regulatory talent, institutional investors, and technology infrastructure, making it a natural base for companies developing new forms of market participation.

Announcement Date: May 6, 2025
Funding Round: Growth Financing
Amount Raised: $600 million
Reported Valuation: More Than $7 Billion

Food-delivery and restaurant platform Wonder raised $600 million in financing led by New Enterprise Associates. Accel, GV, Forerunner Ventures, and American Express Ventures were among the other investors.

Wonder operates a vertically integrated model that combines restaurant locations, food preparation, delivery, and digital ordering. Rather than functioning solely as a marketplace connecting diners with independent restaurants, it owns or controls more of the customer experience and operating infrastructure.

The capital was intended to support an aggressive expansion of Wonder’s physical network. At the time of the announcement, the company reportedly planned to increase its store base from approximately 46 locations to around 90 by the end of 2025.

The round stands apart from the software-heavy transactions elsewhere in the ranking. It demonstrates that investors remain prepared to finance capital-intensive consumer platforms when they can present a credible model for geographic expansion, customer retention, and operational scale.

Wonder’s challenge will be converting expansion into durable unit economics. Opening additional locations can accelerate revenue growth, but the model also exposes the company to restaurant labor costs, real estate expenses, food inflation, and logistical complexity.

Announcement Date: June 11, 2025
Funding Round: Series E
Amount Raised: $540 million
Reported Valuation: $6 billion

Cybersecurity company Cyera raised $540 million in a Series E led by Georgian, Greenoaks, and Lightspeed Venture Partners. The transaction increased the New York and Tel Aviv-based company’s total funding to more than $1.3 billion.

Cyera helps businesses discover, classify, monitor, and secure data distributed across cloud environments. The company operates in an expanding segment known as data security posture management, which has become more important as enterprises adopt multiple cloud providers and generative AI tools.

AI adoption is increasing both the value and vulnerability of corporate data. Companies must understand where sensitive information is located, which applications can access it, and whether it is being used by authorized employees or AI systems.

Cyera’s funding therefore reflects more than conventional cybersecurity demand. It represents an investment in the governance layer required for large-scale AI deployment.

The company indicated that it would use the capital for product development, acquisitions, and international expansion. Its valuation suggests that investors expect data security platforms to become foundational components of enterprise technology architecture.

Announcement Date: July 30, 2025
Funding Round: Series E-2
Amount Raised: $500 million
Reported Valuation: $22.5 billion

Financial operations platform Ramp raised $500 million in a Series E-2 led by ICONIQ Growth. The financing came only 45 days after the company had announced a separate $200 million round, highlighting the speed at which investor demand and Ramp’s valuation were increasing.

Ramp began as a corporate card provider but has expanded into expense management, procurement, accounts payable, travel, and financial automation. Its broader objective is to become an operating system for corporate spending.

The company said it served approximately 1.5% of all businesses in the United States when the round was announced. The new capital was directed partly toward AI-driven financial tools intended to automate administrative work and help companies identify unnecessary expenditure.

Ramp’s growth reflects the increasing convergence of fintech and enterprise software. Corporate customers are not simply looking for payment products. They want platforms that integrate transactions, accounting processes, approval workflows, procurement policies, and financial intelligence.

New York remains well positioned to produce companies in this category because of its concentration of banks, investment firms, corporate headquarters, finance professionals, and experienced fintech employees.

Announcement Date: September 23, 2025
Funding Structure: Series F and Additional Securities Investments
Amount Announced: $400 million

Capital Rx announced a $400 million investment package alongside its rebranding as Judi Health. The transaction consisted of a $252 million Series F and additional investments in company securities that were scheduled to close in early October 2025. Wellington Management and General Catalyst led the financing.

Judi Health provides pharmacy benefit management services and healthcare technology through its JUDI platform. At the time of the announcement, the company said it supported approximately four million employer-sponsored pharmacy benefit members and had 54 million health-plan lives contracted on its technology platform.

The investment addresses a large and politically sensitive part of the US healthcare system. Employers, insurers, patients, and regulators have increasingly scrutinized pharmacy benefit managers over drug pricing, rebate structures, administrative complexity, and transparency.

Judi Health is positioning its technology as an alternative to older, vertically integrated pharmacy benefit systems. Its ability to attract a large financing package suggests investors see potential for software-driven challengers to capture market share in healthcare administration.

The structure of the transaction should nevertheless be interpreted carefully. The company did not announce a conventional $400 million Series F. The headline amount combined the Series F with other planned investments in company securities.

Announcement Date: February 18, 2026
Funding Round: Series E
Amount Raised: $385 million
Reported Valuation: $2 billion

Workplace savings platform Vestwell raised $385 million in a Series E led by Blue Owl Capital and Sixth Street Growth. The financing reportedly doubled the New York company’s valuation to $2 billion and increased its total capital raised to approximately $660 million.

Vestwell provides digital infrastructure for workplace retirement plans, education savings accounts, emergency savings programs, disability-related savings accounts, and other tax-advantaged products.

At the time of the financing, the company reported more than two million active savers, approximately $50 billion in assets on its platform, and annual recurring revenue exceeding $200 million.

The company is benefiting from policy and market changes that are encouraging smaller employers to offer retirement programs. State-sponsored savings mandates, improved digital administration, and greater demand for portable financial benefits have expanded the addressable market.

Vestwell’s round illustrates how New York fintech is moving beyond consumer payments and trading. Investors are also backing infrastructure companies that modernize regulated, administratively complex areas of the financial system.

Announcement Date: May 21, 2026
Funding Round: Series C
Amount Raised: $355 million
Reported Valuation: $4.65 billion

New York-based Modal Labs raised $355 million in a Series C led by Redpoint Ventures and General Catalyst, with participation from Accel and Menlo Ventures.

Modal provides cloud computing infrastructure designed for AI workloads. Its platform helps developers access computing capacity for model inference, training-related tasks, data processing, and secure software-execution environments known as sandboxes.

The company’s annualized revenue reportedly reached approximately $300 million by the time of the announcement, up from around $60 million in September 2025. That growth rate helps explain why investors assigned the company a multibillion-dollar valuation at the Series C stage.

Modal’s financing demonstrates that the AI investment cycle is broadening. Capital is no longer flowing only to companies developing large models or consumer-facing applications. Investors are increasingly financing the computing, deployment, security, and orchestration layers required to run AI products at scale.

The company also strengthens New York’s position as an AI infrastructure center. While the San Francisco Bay Area continues to dominate the sector, New York is producing increasingly valuable companies at the intersection of AI, cloud software, finance, and enterprise technology.

Announcement Date: February 10, 2026
Funding Round: Series E
Amount Raised: $315 million
Reported Valuation: $5.3 billion

Generative AI company Runway raised $315 million in a Series E led by General Atlantic. Nvidia, Fidelity Management and Research Company, Adobe Ventures, AMD Ventures, and other investors participated.

Runway develops AI models and creative tools for generating and editing video. It has also expanded its ambitions into world models, which seek to simulate environments, movement, physical relationships, and interactions.

The company’s investor base is strategically significant. Nvidia and AMD provide computing technology central to AI development, while Adobe operates one of the world’s largest creative-software ecosystems. Their participation reflects the potential importance of generative video across filmmaking, advertising, gaming, design, and digital media.

Video generation remains computationally expensive, and competition includes well-capitalized technology companies and AI laboratories. Runway must continue improving model quality while controlling infrastructure costs and establishing defensible commercial relationships.

Its financing nevertheless shows that New York can support frontier-model companies, particularly those connected to the city’s media, advertising, entertainment, and creative industries.

Announcement Date: December 2, 2025
Funding Round: Series D
Amount Raised: $300 million
Reported Valuation: $4 billion

Cloud backup company Eon raised $300 million in a Series D led by investor Elad Gil. Sequoia Capital, Lightspeed Venture Partners, Greenoaks, and BOND also participated. The round brought the New York and Tel Aviv-based company’s total funding to approximately $500 million.

Eon is developing technology that makes backed-up enterprise data searchable, accessible, and usable rather than treating backups solely as static insurance against system failure.

That proposition has become more valuable during the AI era. Businesses possess large quantities of historical data, but much of it is fragmented, poorly indexed, or stored in formats that cannot easily be queried by analytical and AI applications.

By turning backup repositories into accessible data resources, Eon is attempting to bridge data protection and data intelligence. Its high valuation reflects investor expectations that backup infrastructure will become more closely integrated with cybersecurity, compliance, analytics, and AI.

The round also reinforces the importance of New York’s connections with Israel’s technology ecosystem, particularly in cybersecurity, cloud infrastructure, and enterprise software.

Announcement Date: January 9, 2026
Funding Round: Series C
Amount Raised: $250 million
Reported Valuation: $1.95 billion

Stablecoin payments infrastructure company Rain raised $250 million in a Series C led by ICONIQ Growth. The transaction increased the New York company’s total funding to more than $338 million.

Rain provides technology that allows businesses to issue payment cards and wallets linked to stablecoins. Its infrastructure is designed to connect blockchain-based assets with conventional payment networks and commercial transactions.

The company reported that active cards had increased thirtyfold during the preceding year, while annualized payment volume had expanded approximately 38 times.

Rain’s growth reflects a shift in digital-asset investment. Venture firms are increasingly focusing on infrastructure that supports payments, settlement, compliance, and business applications rather than relying solely on speculative cryptocurrency trading.

The company’s challenge will be navigating regulatory differences across markets while maintaining relationships with banks, card networks, corporate clients, and blockchain platforms. Its financing indicates that institutional investors increasingly regard stablecoins as potential payment infrastructure rather than a niche crypto product.

The ranking shows that New York’s largest venture rounds are increasingly directed toward infrastructure businesses.

Cyera secures corporate data. Modal provides computing infrastructure for AI applications. Eon makes cloud backups usable and searchable. Ramp automates financial operations. Rain connects stablecoins with conventional payment systems. Vestwell administers workplace savings programs, while Judi Health provides technology for healthcare benefits.

These companies occupy different industries, but their economic models share several characteristics. They typically sell to businesses, operate within complex workflows, process valuable or regulated information, and become more deeply embedded as customers expand their usage.

This infrastructure orientation can create durable revenue, but it also requires substantial investment. Companies must fund engineering, security, regulatory compliance, enterprise sales, customer support, and global expansion before achieving public-market scale.

Fintech remains one of the clearest sources of New York’s competitive advantage.

Kalshi, Ramp, Vestwell, and Rain address different parts of the financial system, including markets, corporate expenditure, retirement savings, and digital payments. Their combined presence shows how New York’s financial heritage is being translated into new technology categories.

The city offers access to prospective customers, institutional investors, regulators, experienced executives, and employees who understand financial products. These resources are especially valuable for companies operating in industries where technological capability alone is insufficient.

Successful financial platforms must also establish trust, manage risk, comply with regulations, and integrate with existing institutions. New York provides an unusually dense environment in which those capabilities can be developed.

The largest rounds were generally supported by measurable operating progress.

Kalshi disclosed rapid trading-volume growth. Vestwell reported more than two million active savers and $50 billion in platform assets. Modal’s annualized revenue reportedly increased fivefold within several months. Rain recorded significant growth in active cards and payment volume.

These metrics do not eliminate investment risk, but they indicate that late-stage investors are prioritizing companies with demonstrated adoption rather than financing growth based solely on long-term narratives.

The market remains selective. Companies with clear revenue growth, strong retention, strategic data assets, or control over essential workflows can still raise large amounts. Businesses without those characteristics face a more difficult funding environment, even when operating in popular sectors such as AI.

Wonder is the only predominantly consumer-facing company near the top of the ranking.

Its $600 million financing suggests that large consumer rounds remain possible, but only when companies can present an expansive market opportunity and a model capable of supporting significant capital deployment.

Unlike software platforms, Wonder must manage physical locations, food production, delivery logistics, and local market density. Its success will depend on whether scale improves operating efficiency enough to offset the complexity and cost of expansion.

The round therefore represents both confidence and risk. Wonder could build a differentiated national food platform, but its capital requirements are structurally higher than those of most enterprise-software companies.

The funding environment has improved for leading New York companies, but large rounds create demanding performance thresholds.

Kalshi, Ramp, Cyera, Runway, Modal, and Eon all reached multibillion-dollar valuations. At those levels, investors generally require substantial revenue expansion, category leadership, international growth, or a credible route to the public markets.

Competition is another concern. AI infrastructure, cybersecurity, fintech, healthcare technology, and cloud data management are attracting investment worldwide. New York companies must compete not only with local rivals but also with heavily financed businesses from California, Israel, Europe, and other technology centers.

Regulation could also determine outcomes. Prediction markets, stablecoins, pharmacy benefits, retirement products, and data security all operate within evolving legal frameworks. Regulation may create barriers that protect established platforms, but it can also increase costs or restrict business models.

New York’s largest funding rounds indicate that the city’s venture market is becoming deeper, more technically ambitious, and more closely tied to essential business infrastructure.

The market is no longer defined primarily by consumer applications, media startups, or conventional financial technology. Its leading companies now include AI infrastructure providers, cybersecurity platforms, healthcare administrators, cloud data businesses, and new forms of regulated financial markets.

The amount of capital entering these companies demonstrates confidence in New York’s ability to produce globally significant technology businesses. However, the concentration of funding also reveals a selective market in which proven scale, strategic infrastructure, and strong institutional backing are increasingly necessary to secure the largest rounds.

New York’s next phase of venture growth will therefore depend less on the number of startups it creates and more on whether its most highly financed companies can convert private-market valuations into durable revenue, defensible market positions, and eventually successful public-market outcomes.