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The SVTR AI Venture Activity Index fell 4.8% to 155.7 this week. 92 confirmed AI rounds totaled $3.3B, less than half of last week. Money was scarcer, yet deals that put gates around AI agents piled up: five agent security and governance companies raised $120M combined, and Workday signed to acquire agent identity platform C1.ai.
Who's Investing | October 2026 · Sector: From September 12 to October 11, compute took 46.6% of all disclosed AI funding, up from 10.9% over the prior 12 months. Three of the four largest deals were convertibles: CoreWeave's convertible notes, Nscale's pre-IPO convertible notes and convertible preferred stock in Axiom, the business Flex is spinning off. Together they signed $9.56 billion, or 56.4% of disclosed compute funding, of which $1 billion has not yet arrived. Across the previous 12 months' 301 compute rounds, the SVTR AI Venture Database recorded no convertible deals. Each deal protects investors differently; what they share is pricing debt protection, preferred returns and upside in a single contract.
