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.

#22September 2, 2026

Three startups launch out of YC's Fall 2026 batch

Three companies launched out of Y Combinator's Fall 2026 batch: Nodus, an intelligent execution layer for AI workloads; Workers IO, selling deterministic virtual machines; and The Subvocal Company, which lets users talk to a computer without talking.

#21September 1, 2026

REGENT raises $240.0M Series B for electric seagliders

REGENT raised a $240.0M Series B for its all-electric seagliders, wing-in-ground-effect craft the company says will serve routes up to 180 miles on existing battery technology using current dock infrastructure.

#20August 31, 2026

Instinct raises $250.0M at a $2.5B valuation

Instinct, an AI assistant that connects a user's apps and devices and takes instructions by text message and phone call, raised a $250.0M Series B led by Index Ventures and Benchmark at a $2.5B valuation, taking total funding to $350M.

#19August 28, 2026

Gatik raises $200.0M Series D for driverless trucking

Gatik raised a $200.0M Series D for its autonomous middle-mile trucking fleet, which runs short-haul B2B deliveries for customers including Kroger, Walmart, Loblaw and Tyson Foods.

#18August 27, 2026

Greyparrot raises $27.0M for AI waste sorting

Greyparrot, a London-based AI waste intelligence company whose camera units sit above recycling sorting belts and identify materials in real time, raised a $27.0M Series B led by Omar Mir, bringing total funding to $60M.

#17August 26, 2026

Ethos launches at YC to make solar silicon on the Moon

Ethos Space Resources launched out of Y Combinator's Summer 2026 batch to make solar-grade silicon on the Moon, melting, electrolysing and purifying lunar regolith in hard vacuum.

#16August 25, 2026

Muon Space raises $250.0M Series C for satellites

Muon Space raised a $250.0M Series C to build and operate mission-optimized satellite constellations on its Halo platform, serving commercial and national security customers from production facilities in Silicon Valley.

#15August 21, 2026

Ramp raises $750.0M for spend management

Ramp, which sells corporate cards and spend management software, raised $750.0M.

#14August 20, 2026

Deepgram raises $130.0M Series C for speech AI

Deepgram raised a $130.0M Series C for its speech AI platform, which the company says has transcribed over one trillion words since inception.

#13August 19, 2026

Lovable Labs raises $382.0M, Wispr raises $280.0M

Lovable Labs disclosed $382.0M raised in an initial filing from a $400 Million offering.

#12August 18, 2026

ConnectDER raises $35.0M Series D for meter adapters

ConnectDER raised a $35.0M Series D for its meter socket adapter, which the company says cuts the cost and interconnection time for residential solar, EV charging and home battery storage.

#11August 17, 2026

DeepSeek ships agent harness in developer preview

DeepSeek released its Harness agent framework in developer preview, publishing the source code at the same time and implementing every agent capability as a swappable plugin.

#10August 14, 2026

CodeRabbit raises $143.0M Series C for AI code review

CodeRabbit raised a $143.0M Series C for its AI code review tool, which provides line-by-line suggestions and Q&A inside the code.

#9August 13, 2026

River AI raises $1.1bn for user-owned models

Igor Babuschkin's River AI has $1.1bn to hand model ownership back to users, and it lands the same day xAI ships Grok Bot — agents with their own computers, working your tools around the clock.

#8August 12, 2026

Skild AI raises $1.4bn for robotics foundation model

Skild's $1.4bn Series C bets that robot foundation models will scale the way language models did, while the day's tooling concedes that agents mostly don't behave: Docker is now selling microVM isolation for Claude Code and Codex, and Meta's open 30B is explicitly tuned for failure recovery.

#7August 11, 2026

Niron Magnetics raises $150m for rare-earth-free magnets

Iron nitride magnets, micro data centres built for orbit, a sovereign Starlink and embodiment-agnostic robot brains: four of today's five raises need a factory, and Niron's $150m is the only cheque large enough to buy one.

#6August 10, 2026

LMArena raises $150m to benchmark AI models

A $150m Series A for a leaderboard is a bet that nobody trusts their own evals, and Uber open-sourcing the agent security tooling it runs in production makes the same point from the other end.

#5August 7, 2026

Aurelius raises $40m for anti-drone laser weapons

Most of today's raises buy instruments rather than software: smart balloons in the stratosphere, radar satellites, subsurface models for geothermal drilling, and a scanner that photographs your entire skin.

#4August 6, 2026

Anthropic raises $36bn in single round

Anthropic's $36bn is underwritten by the thesis the day's reading spells out — Karpathy's autoresearch agents, Lilian Weng on harness engineering — that a model can improve the pipeline producing its successor.

#3August 5, 2026

K2 Space raises $500m Series D for large satellites

$810m went to satellites and critical minerals today; $1.5m went to helping brands rank inside ChatGPT's answers.

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.