# How Every Sector Stacked Up in Series A Funding 2025 Author: Peter Walker Published date: May 29, 2025 From 1,095 Series A rounds: AI application, semiconductor, and defense sectors led on both valuation and round size while traditional SaaS clustered around... How did your sector stack up for Series A funding over the past year? Data below is from 1,095 Series A rounds raised by US startups on Carta over that last 12 months. We excluded all the messy bridges and extensions, just primary rounds. - X-Axis = the median round size for the sector - Y-Axis = the median pre-money valuation of rounds in the sector - Bubble Size = total number of rounds **Note on the AI bubble** AI is involved in every single one of these sectors, but folks talk about it as its own thing so we also split it out. The orange-yellow AI bubble is representative of the median valuation / round size if you treated AI software companies as a separate industry. The size is not quite right (there are more AI companies than that) **The Animated Highlights** - Health is a big sector but widely varied. Investors were fairly bullish on Biotech and Healthtech but Medical Devices lagged behind. - Deep Tech (which includes Hardware, Biotech, Renewables, Semiconductors, Logistics, and more) was a growing theme at Series A. Capital for physical things is on the rise. - Certain sectors like Personal Products, Media, Food, and Med Devices are raising much smaller rounds at the A than other industries. Could be a good thing (capital efficiency) or a negative one (lack of interest). The bubbles at this stage have more widely varied implied dilution. 20% is still the median for most of these rounds but deals are getting done with 10% dilution and 30% dilution. Demand matters! Share with your favorite aspiring Series A founder 🙏 #startups #fundraising #founders #SeriesA Author: [Peter Walker](/content/author/peter-walker/index.html) Peter Walker runs the Insights team at Carta, focused on discovering key data and narratives across the private capital ecosystem. In a former life, he was a marketing executive for a media analytics startup and led the data visualization team at the Covid Tracking Project.