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The world according to capital

By Tiago
Every weekday morning, where capital moved and what it says about where the world is heading. See what is coming while it is still a funding round, in five minutes.

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Follow the capital.

Opinions about the future are everywhere, and most of them cost nothing to give. Capital is what people commit after they have done the homework, so it shows where the world is going long before the news does.
The homework
Before anyone backs a company, someone checks it: the founders, the technology, the market, the terms. Every round is the end of that work.
The pattern
Put thousands of rounds side by side and you get collective due diligence: where the people with the most at stake think the world is going, from AI and robotics to aerospace and security.
The read
Every weekday Tiago picks the rounds that matter, reading them the way he reads a company for a client, and sends them in one short email. Five minutes, each morning.
Issue #63November 2, 20268 links

The Mythical Man-Month in the age of AI

Super interesting article called The Mythical Man-Month in the age of AI you should read. Upwind raised a $400.0M Series C at a $3.8B valuation, and says its 2026 revenue quadrupled. Plato raised $16.0M in a Series A to build simulated work environments for training and evaluating AI models, and Superserve released an open-source sandbox that runs long-running agents in Firecracker microVMs.

Interesting

Dev Tools

Cool Company Raises

Earlier issues.

#42October 2, 2026

Varda raises $251.0M Series D for orbital processing

Varda Space Industries raised a $251.0M Series D to build reentry capsules and in-orbit pharmaceutical processing.

#41October 1, 2026

Motive raises $1.3B and Modal raises $750.0M

Motive raised $1.3B for its platform unifying safety, operations and finance for fleets and physical operations, which the company says serves over 120,000 customers across transportation, construction, energy and retail.

#40September 30, 2026

Versine launches agent sign-in with user consent

Versine launched a service that lets AI agents sign users in and sign them up, with what the company says is user-controlled identity and consent.

#39September 29, 2026

Fireworks AI raises $1.5B Series D

Fireworks AI raised a $1.5B Series D for its cloud for building, tuning and scaling open models, which it says powers production workloads at Uber, DoorDash, Notion and Cursor.

#38September 25, 2026

Cyclon launches at YC with an AI-first phone

Cyclon launched out of Y Combinator's Fall 2026 batch with a phone that uses AI as the interface.

#37September 24, 2026

Rainmaker raises $100.0M for cloud-seeding drones

Rainmaker Technology Corporation raised a $100.0M Series B for its weather-resistant cloud-seeding drones, which the El Segundo company says it validates with proprietary radar.

#36September 22, 2026

NEX raises $150.0M for computer vision sports apps

NEX, the computer vision company behind HomeCourt and Active Arcade, raised $150.0M.

#35September 21, 2026

Impulse Space raises $308.0M for in-space transport

Impulse Space raised a $308.0M Series D for its Mira and Helios in-space transportation vehicles, which carry payloads from LEO to GEO, lunar and heliocentric orbits.

#34September 18, 2026

Base Power raises $1.0B for distributed grid batteries

Base Power raised $1.0B to deploy a nationwide network of distributed batteries across the US grid.

#33September 17, 2026

Nuance Labs raises $50.0M Series A for audiovisual model

Seattle research lab Nuance Labs raised a $50.0M Series A led by returning investor Lightspeed Venture Partners, with NVIDIA and Define Ventures joining, to build a full-duplex audiovisual foundation model that generates speech, facial expression and body language from one system.

#32September 16, 2026

Paul Graham publishes 'Making Startups Powerful'

Paul Graham posted a great new essay, "Making Startups Powerful," on paulgraham.com.

#31September 15, 2026

Maven Robotics raises $100.0M Series A for industrial robots

Maven Robotics raised a $100.0M Series A for the general-purpose robotics system it builds for logistics and manufacturing work.

#30September 14, 2026

Bulwark Dynamics raises $6.8M for autonomous landing craft

Bulwark Dynamics raised a $6.8M seed for its Caravel uncrewed landing craft, which deliver cargo to shore without a port or pier, and signed an MOU with new investor Onomichi Dockyard to build in Japan.

#29September 11, 2026

Cognition raises $2.0B at a $48B valuation

Cognition, maker of Devin, raised a $2.0B Series E at a $48B valuation, roughly double its May 2026 mark, against a revenue run rate approaching $900M.

#28September 10, 2026

Halmos Labs joins YC Fall 2026 with experiment design AI

Halmos Labs, founded this year in Lund, Sweden by Mattias Akke and Linus von Ekensteen Lofgren, launched out of Y Combinator's Fall 2026 batch with software that picks which experiment would cut uncertainty most.

#27September 9, 2026

Dreamscale Labs launches at YC, claims 40-50% lower latency

Dreamscale Labs launched out of Y Combinator's Fall 2026 batch with a cloud inference platform for robotics, letting teams offload physical AI models too large for on-robot GPUs and serving them back at real-time latency.

#26September 8, 2026

Medici Brands raises $250.0M Series B

Medici Brands, the consumer group behind the high-protein food brand David Protein and the confectionery brand HallPass, raised a $250.0M Series B. Ollie, a privacy-first household AI assistant that runs over group chat, raised a $7.5M seed led by Khosla Ventures with AI House.

#25September 7, 2026

Lyte raises $165.0M Series C for robotics perception

Lyte raised a $165.0M Series C for LyteVision, its integrated 4D sensing platform for robotics, built by founders who worked on Apple Face ID and Microsoft Kinect.

#24September 4, 2026

Owner.com raises $240.0M Series D for restaurant software

Owner.com raised a $240.0M Series D for software that helps independent restaurants grow online.

#23September 3, 2026

Odyssey Energy raises $74.0M for solar financing

Odyssey Energy Solutions raised a $74.0M round for its platform connecting solar companies with financiers across origination, due diligence, credit underwriting, procurement and asset management.

Behind the newsletter.

Everything Tiago saves, every weekday, with filters: the raises, the launches, the dev tools, the market reads and the rest. The newsletter is the morning's pick; the stream is all of it.
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