Weekly funding picks, 12–18 October: Modal and Neonomics
Two picks from 12–18 October: Modal’s $750m Series D for AI infrastructure and Neonomics’ $4m shareholder funding after a commercial refocus.
Modal raised capital as demand for its AI infrastructure expanded. Neonomics returned to existing shareholders after cutting its cost base and increasing new-customer acquisition. These two picks concern distinct operating milestones.
Modal announced a $750 million Series D led by Accel at a $15.75 billion post-money valuation. It provides infrastructure for AI inference, training and code-execution environments.
The company reported more than $1 billion in annualized run rate, including a $300 million run rate for Sandboxes, which gives AI agents isolated environments to execute code. These figures describe an annualized pace; they do not establish contracted recurring revenue or revenue already earned over a full year.
Modal financing15 October · Neonomics secures $4m from existing shareholders
Neonomics secured $4 million to support growth in payments and financial data. The Norwegian open-finance company said a strategic refocus had reduced its operating cost base by almost half while preserving its existing customer base.
The release reported more than 60% growth in new customer acquisition since the start of 2026. This concerns attracting new customers, rather than a disclosed 60% increase in the entire customer base. The company plans to expand services that structure, enrich and interpret financial data for business products and workflows.
Neonomics financingThe financing records
About these picks
Two selected published deals announced from 12 through 18 October 2026, based on the linked company releases. Operating figures are attributed to the companies. These picks do not represent the full week or establish a funding trend.
Sources
All rounds in this edition
| Company | Amount | Round | Sector · country | Investors | Date |
|---|---|---|---|---|---|
| Popcorn Studio AI Dubai-based AI filmmaking platform bringing concept development, scene generation and post-production into one workflow. | $1M | Pre-seed | Media & gaming · United Arab Emirates | Mohammed Bin Bouta Alharsoosi (lead) | |
| Vrtx Saudi embedded-finance platform helping businesses add wallets, payouts and card services to their products. | $3.6M | Pre-seed | Fintech · Saudi Arabia | F6 Ventures, Sadu Capital, SC Ventures, TAZ Investment, Suhail Ventures, Palm Ventures, BYLD | |
| Guoke Xingqing Guoke Xingqing develops electric propulsion systems for commercial satellites. | Undisclosed | Series A | Space tech · China | Zhongke Xianxing Venture Capital, Baiyan Fund, Xingxiang Group, Anfeng Venture Capital, Nanshan Strategic Emerging Industries Investment, Guotai Junan Chuangtou | |
| Liufang Semiconductor Liufang Semiconductor develops high-purity materials and coated components for semiconductor manufacturing. | >CN¥100M | Series C1 | Hardware · China | 诸暨产业投资集团有限公司, 北京仓廪资本 | |
| Battery Smart Battery Smart operates battery-swapping stations for electric two- and three-wheeler drivers in India. | ~₹980M | Series C extension | Mobility · India | Ecosystem Integrity Fund | |
| XHEART XHEART designs computing chips for carmakers and developers building automated-driving and other physical-AI systems. | Undisclosed | Strategic investment | Hardware · China | Renault Group, Chery Automobile, Changxin Technology | |
| FAIRINO FAIRINO makes collaborative robot arms and control software for integrators automating welding, handling, palletising and other production tasks. | Undisclosed | Series D | Robotics · China | Meituan (lead) | |
| FAIRINO FAIRINO makes collaborative robot arms and control software for integrators automating welding, handling, palletising and other production tasks. | Undisclosed | Series C+ | Robotics · China | Meituan Longzhu (lead) | |
| AdipoSeeds AdipoSeeds develops platelet-based regenerative medicine and platelet-processing technology. | Undisclosed | Strategic investment | Biotech · Japan | TOHO HOLDINGS CO, Kohjin Bio | |
| MHX Technology MHX Technology develops chips and domain controllers for Li Auto and plans to supply external industrial customers. | CN¥1.6B | First equity financing agreement | Hardware · China | Lanchi Ventures (lead), Hangzhou Jingtao (lead), HyT Capital (lead), MiraclePlus, Li Auto | |
| STAR Collection STAR Collection produces virtual singers and operates a 3D live platform for their music performances. | Undisclosed | Equity financing | Media & gaming · Japan | Hyogo Regional Revitalization Fund | |
| Industry Ventures Secondary XI Industry Ventures Secondary XI is a US private fund within Industry Ventures’ venture capital secondaries business. | $1.3B | Secondary XI offering update | Business services · United States | ||
| CapGrid CapGrid manages sourcing, manufacturing, quality assurance and delivery of precision components for industrial customers. | ₹462.8M | Pre-Series B | Industrial tech · India | Axilor Technology Fund, Hero Enterprise Partner Ventures (lead), Nexus Venture Partners, Anicut Capital, Amit Jain | |
| NEXTES NEXTES develops battery-management technology and stationary energy-storage systems. | ¥2B | Syndicated term loan | Climate tech · Japan | Keiyo Bank, Bank of Yokohama, Shizuoka Bank, Shoko Chukin Bank, Hokkoku Bank, Ltd., Yamanashi Chuo Bank, Chiba Bank, Joyo Bank, Ltd., 77 Bank | |
| RSYNQ RSYNQ develops middleware that connects AI instructions with robots, sensors and other physical systems. | $2M | Strategic investment | Robotics · United States | Kanaden Corporation | |
| Estuary Biotherapeutics Estuary Biotherapeutics develops locally delivered gene therapies for patients with inherited polycystic kidney disease. | $93M | Series A | Biotech · United States | GV, National Kidney Foundation Innovation Fund, RA Capital Management (lead), 4BIO Capital, UPMC Enterprises, Biogen New Ventures, Pivotal bioVenture Partners, Deep Track Capital | |
| RapidCanvas RapidCanvas builds and operates custom enterprise AI applications using a software platform and field engineering teams. | $29M | Series B | AI · United States | Titanium Ventures, Hitachi Ventures, Valley Capital Partners, Accel, Peak XV Partners, Vertex Ventures SEA & India (lead) | |
| Beff Inc. A software and laboratory platform for battery developers to connect material, design, test and manufacturing data. | ~¥300M | Series A final close | Industrial tech · Japan | JM Strategic Innovation Fund, Sumisho Venture Partners Co., Ltd. | |
| Flag Flag provides digital marketing and creative services for the entertainment industry. | Undisclosed | Strategic investment | Media & gaming · Japan | Akatsuki, KANAMEL, FM Osaka, AEON Entertainment | |
| Unravel Health Unravel Health develops saliva-based hormone monitoring for use at home. | >£2M | First close | Healthtech · United Kingdom | Embryo Ventures, Wrightwood (lead), Zinc, Leo Capital, Conduit EIS Impact Fund (lead), HERmesa | |
| Neural Labs Africa Nairobi healthtech company developing NeuralSight, a medical-imaging platform with image management, AI screening and tele-radiology. | $5K | AI Academy Kenya Pitchathon prize | Healthtech · Kenya | Meta | |
| Whomor Whomor creates illustrations, comics and merchandise for entertainment intellectual property. | Undisclosed | Equity and debt | Media & gaming · Japan | TV Tokyo | |
| Me-Nasoma Kenyan reading and learning platform that turns documents and web pages into spoken audio with synchronised word highlighting. | $5K | AI Academy Kenya Pitchathon prize | Edtech · Kenya | Meta | |
| Zhongwan Intelligence Zhongwan Intelligence develops miniature autonomous aerial systems through its operating subsidiary Zhongke Jingrui. | Undisclosed | Undisclosed | Robotics · China | F&G Venture | |
| Microbiotica Microbiotica develops oral medicines made from selected live bacteria for inflammatory diseases and cancer treatment. | £36M | Series C first close | Biotech · United Kingdom | Seventure Partners, IP Group plc, Flerie, British Business Bank (lead), Cambridge Innovation Capital, Tencent | |
| SORAMICHI SORAMICHI helps companies design and implement digital strategies across marketing, sales, data and IT. | Undisclosed | Capital and business alliance agreement | Business services · Japan | ||
| Matters Matters is developing a subscription-based personal finance platform with AI guidance for consumer spending and saving. | $5M | Pre-seed | Fintech · Sweden | Knut Frängsmyr, Jakob Johansson (lead), Johan Bladh, Patrik Tran, Per Widerstrom, Douglas Stark | |
| Guangdang Guangdang Guangdang Guangdang develops tourist-train experiences that combine rail travel, accommodation and cultural itineraries. | Undisclosed | Undisclosed | Travel tech · China | 新东方（珠海）文旅投资有限公司 | |
| Goodweek Goodweek gives businesses a shared platform for managing AI tools, permissions and spending. | $12M | Seed | AI · United States | BY Venture Partners, Adara Ventures (lead), BGV, True Ventures, CentraleSupélec Venture, FJ Labs, Anamcara Capital, Interlace Ventures | |
| Silvia Bio Cell profiling and media additives for more predictable biopharmaceutical manufacturing. | £3M | Seed | Biotech · United Kingdom | UK Innovation and Science Seed Fund, Parkwalk Northern Universities Venture Fund, Wren Capital, Northern Gritstone (lead) |