November 13, 2025

Going mega

Hi there,

Here is this week's Hot or Not.

Hot: AI customer support

On X this week, a convo got going about the crowded AI customer support space.

Source: @HarryStebbings via X

How does this market shake out? Harry, we've got you. 

We’re tracking 60+ players in the AI customer support space, including 7 that have raised $100M+ and 6 that are already generating over $100M in ARR. 

Using CB Insights’ revenue data, we measured each customer service AI agent’s market share to highlight the current winners in the space. 

See which customer service AI agents are leading the pack in CB Insights' latest market share report.

Not: Micro-rounds

October saw record mega-round ($100M+) funding. 

AI infrastructure dominated, with OpenAI’s $22.5B raise accounting for roughly half of the month’s total.

Last month’s biggest rounds proved investors are backing companies that help businesses use AI, not just build it, including: 

• Agent infrastructure (LangChain, n8n)
• Workflow automation (Bending Spoons, Uniphore)
• Verticalized AI tools for legal, healthcare, and industrial sectors (Harvey, Lila Sciences, Einride)

See where capital is concentrating in our monthly mega-round tracker.

Hot: AI development tools

CoreWeave's acquisition of open-source programming environment Marimo marks its third AI developer platform deal in under a year.

The cloud platform also recently snapped up: 

• Weights & Biases (MLOps)
• OpenPipe (reinforcement learning)

CBI customers can auto-generate strategy maps tracking any competitor's M&A, partnerships, and investments to spot positioning shifts before they're public.

Not: Insurtech deals

Startups targeting the insurance industry raised just 76 deals in Q3'25, the lowest level since 2016. 

Both property & casualty and life & health categories saw quarter-over-quarter declines.

Overall funding remained in line with recent quarters at $1B. 

See the full breakdown of insurtech funding trends in our State of Insurtech Q3’25 report. 

The +1

Relationship woes. It’s complicated (with dual axes).  

I love you.

Anand

@asanwal 

Co-Founder & Exec Chair

P.S. Want to know the 100+ companies we think could go public next? Check out our Tech IPO Pipeline Book of Scouting Reports here.

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