K-shaped market and regional disparities

Early-stage funding diverges: Canada VC crunch (40% less Q1 2026), Seattle drop 40%, while Bay Area and NYC dominate. Solo founders surge to 25% of startups. AI Series A median $19.7M, pre-seed SAFEs $1.9M. San Diego biotechs outperform but struggle to raise. New signal: open-weight AI startups being turned down by VCs despite demand. Digital health H1 2026 trends show seed/angel volume declining, capital concentrating in proven companies — reinforcing the K-shaped dynamic.