Venture Funding Barbell Narrows the Path for Non-AI Startups

Recent reporting says sub-$30M Series B rounds fell from roughly half of deals in 2021–25 to under a third, while at least 110 rounds topped $100M and AI accounts for about two-thirds of funding. A UK sector study adds evidence of £6.3B raised by dedicated AI firms and 60% of investment value concentrated in £100M-plus rounds, alongside scale-up constraints; samples and outliers warrant caution.