Andreessen Horowitz participated in 130 AI-related funding rounds in 2025, backing deals worth a combined $38.6B. Our analysis of every a16z AI investment from the year reveals a firm operating at two speeds: writing some of the largest seed checks the market has seen while doubling down on growth-stage bets in healthcare, defense, and developer tools. The median deal clocked in at $40M, but the average of $298.9M tells the real story: a16z’s AI portfolio is defined by a handful of massive conviction bets that dwarf the rest.
For context on how a16z stacks up against its peers, see our breakdown of the most active AI investors of 2025.
On this page
- a16z AI Investments in 2025: 130 Deals Worth $38.6B
- The Biggest a16z AI Bets: Databricks, Cursor, and Thinking Machines Lab
- Where a16z Leads vs. Follows: 60 Lead Rounds Tell the Story
- Enterprise Software and FinTech Dominate the Andreessen Horowitz AI Portfolio
- From Pre-Seed to Series E: a16z's Full-Stack AI Funding Strategy
- San Francisco Gets 38% of a16z's AI Deal Flow
- Every a16z AI Deal in 2025: The Complete List
- FAQ: a16z AI Investment Questions Answered
- Methodology
a16z AI Investments in 2025: 130 Deals Worth $38.6B
Across 130 Andreessen Horowitz 2025 deals, a16z led 60 rounds and participated as a non-lead investor in 70. The firm’s a16z AI investments span Pre-Seed through Series F, with total deal values reaching $38.6B. That figure includes multi-billion-dollar rounds where a16z was one of many co-investors, so it reflects total round sizes rather than a16z’s individual check sizes.
The sheer volume of a16z AI investments puts the firm among the most prolific AI backers of the year. The firm raised $15B across new funds in early 2026, bringing its total assets under management (AUM) past $90B. A dedicated $1.7B AI infrastructure fund signals the firm’s intent to own the picks-and-shovels layer of the AI stack.
Of the 130 Andreessen Horowitz AI portfolio companies, 68 (52.3%) carry an AI Native classification, meaning AI is foundational to the product, not bolted on. Another 33 companies (25.4%) are AI Augmented, using AI to enhance existing product categories. Only 5 companies qualify as AI Platforms (foundation model builders or chip designers), but those 5 include some of the largest rounds of the year.
| Metric | Value |
|---|---|
| Total deals | 130 |
| Deals as lead investor | 60 |
| Deals as participant | 70 |
| Total deal value | $38.6B |
| Median deal size | $40M |
| Average deal size | $298.9M |
| AI Native companies | 68 (52.3%) |
| AI Augmented companies | 33 (25.4%) |
| AI Adjacent companies | 24 (18.5%) |
| AI Platforms | 5 (3.8%) |
Source: Bot Memo analysis of 130 a16z AI deals (January–December 2025)
The Biggest a16z AI Bets: Databricks, Cursor, and Thinking Machines Lab
The top of a16z’s 2025 deal sheet reads like a who’s-who of AI infrastructure. Databricks appeared three times, a $10B Series J and a $1B Series K, both of which a16z co-led, and a $4B Series L, making it the single largest capital recipient in a16z’s AI portfolio. Databricks closed its $10B equity Series J at a $62B valuation, $15.3B in total financing once its $5.25B debt facility is included, a round a16z co-led alongside lead investor Thrive Capital, with DST Global, GIC, Insight Partners, and WCM.
Cursor was one of a16z’s biggest bets of the year. The AI code editor raised $2.3B in a Series D at a $29.3B valuation, co-led by Accel and Coatue with a16z continuing as an existing investor, as the company surpassed $1B in annualized revenue.
Then there is Thinking Machines Lab, founded by former OpenAI CTO Mira Murati. a16z led a $2B seed round, one of the largest seed rounds in history, valuing the pre-product company at $12B. That single deal captures a16z’s core thesis: bet on exceptional talent before product-market fit exists.
| Company | Amount | Stage | a16z Role | Vertical |
|---|---|---|---|---|
| Databricks | $10B | Series J | Co-lead | Dev Tools & AI Infrastructure |
| Databricks | $4B | Series L | Participant | Dev Tools & AI Infrastructure |
| Cursor | $2.3B | Series D | Participant | Enterprise Software |
| Thinking Machines Lab | $2B | Seed | Lead | Dev Tools & AI Infrastructure |
| Mistral AI | €1.7B (~$2B) | Series C | Participant | Dev Tools & AI Infrastructure |
| Kalshi | $1B | Series E | Participant | FinTech |
| Base Power | $1B | Series C | Participant | Energy & Sustainability |
| Databricks | $1B | Series K | Lead | Dev Tools & AI Infrastructure |
| Anysphere | $900M | N/A | Participant | Dev Tools & AI Infrastructure |
| Luma AI | $900M | Series C | Participant | Dev Tools & AI Infrastructure |
Source: Bot Memo analysis of 130 a16z AI deals (January–December 2025)
Where a16z Leads vs. Follows: 60 Lead Rounds Tell the Story
a16z led 60 of its 130 Andreessen Horowitz funding rounds in 2025, a 46.2% lead rate that signals conviction: leading a round means setting the terms, taking a board seat, and committing to the company’s trajectory. When a16z participates without leading, it is typically joining a syndicate on a deal led by another top firm.
The lead deals reveal where a16z has the strongest thesis. Abridge, the clinical documentation AI company, raised a $300M Series E led by a16z at a $5.3B valuation. Abridge’s AI converts patient-clinician conversations into structured clinical notes, deployed across more than 150 health systems.
Flock Safety, the Atlanta-based public safety platform, raised a $275M Series E led by a16z at a $7.5B valuation. The company had crossed $300M in annual recurring revenue (ARR) with 70% year-over-year growth at the time of the raise.
By contrast, a16z’s participant deals tend to be mega-rounds led by peers. The $4B Databricks Series L was led by Insight Partners. Mistral AI‘s €1.7B Series C was led by ASML.
These follow-on positions let a16z maintain exposure to platform-scale companies without setting terms.
Compare a16z’s lead-heavy approach with every AI deal Sequoia made in 2025 and General Catalyst’s full 2025 AI deal list to see how top firms split their lead vs. participant strategies.
Enterprise Software and FinTech Dominate the Andreessen Horowitz AI Portfolio
Enterprise Software topped a16z’s vertical mix with 45 deals, 34.6% of the portfolio. FinTech followed with 26 deals, then Developer Tools & AI Infrastructure at 24, and Health & Biotech at 17.
The Enterprise Software concentration aligns with a16z’s published thesis. The firm’s 2025 enterprise CIO survey found that AI copilots are shifting from experiments to production workloads, and a16z is investing accordingly. EliseAI raised a $250M Series E led by a16z, applying conversational AI to property management and healthcare operations from New York.
In a16z FinTech investments, Kalshi raised a $1B Series E (a16z as participant), while Mercury closed a $300M Series C led by Sequoia with a16z participating. The FinTech deals skew larger and later-stage, with a16z often joining syndicates rather than leading.
Health & Biotech stands out for a16z’s conviction as lead investor. Beyond Abridge, a16z Bio + Health led Eikon Therapeutics‘ $350.7M Series D. Ambience Healthcare raised a $243M Series C co-led by a16z and Oak HC/FT, backed by the OpenAI Startup Fund. Of a16z’s 17 Health & Biotech deals, the majority were led by a16z, a higher lead rate than any other vertical in the portfolio.
| Vertical | Deals | % of Portfolio |
|---|---|---|
| Enterprise Software | 45 | 34.6% |
| FinTech | 26 | 20.0% |
| Developer Tools & AI Infrastructure | 24 | 18.5% |
| Health & Biotech | 17 | 13.1% |
| Media & Entertainment | 15 | 11.5% |
| Cybersecurity | 11 | 8.5% |
| GovTech & Defense | 9 | 6.9% |
| Manufacturing & Industrials | 8 | 6.2% |
| Energy & Sustainability | 6 | 4.6% |
| HR Tech & People Analytics | 5 | 3.8% |
Source: Bot Memo analysis of 130 a16z AI deals (January–December 2025). Companies may appear in multiple verticals.
From Pre-Seed to Series E: a16z’s Full-Stack AI Funding Strategy
a16z invested across every stage in 2025, but a16z seed investments in AI led the count at 28, 21.5% of the portfolio. Series B followed closely at 27 deals, then Series A at 20 and Series C at 18.
The Seed concentration is striking for a firm managing over $90B in assets under management. The Thinking Machines Lab $2B seed is the extreme case, but Periodic Labs also raised a $300M seed led by a16z, building AI-powered robotic labs for materials discovery with backing from NVIDIA, Jeff Bezos, and Eric Schmidt.
These are not typical $3-5M seed checks. a16z is redefining what seed-stage means by writing nine-figure checks on teams and technology before product-market fit.
At the growth end, a16z backed 6 Series D rounds and 5 Series E rounds. The growth-stage deals concentrate in verticals where a16z has deep operating expertise, healthcare (Abridge Series E, EliseAI Series E), public safety (Flock Safety Series E), and HR/payroll (Deel $300M Series E co-led by a16z).
| Stage | Deals | % of Portfolio |
|---|---|---|
| Seed | 28 | 21.5% |
| Series B | 27 | 20.8% |
| Series A | 20 | 15.4% |
| Series C | 18 | 13.8% |
| Series D | 6 | 4.6% |
| Pre-Seed | 5 | 3.8% |
| Series E | 5 | 3.8% |
| Other | 17 | 13.1% |
Source: Bot Memo analysis of 130 a16z AI deals (January–December 2025)
For broader context on how this stage distribution compares to the full market, see the 2025 AI startup funding statistics.
San Francisco Gets 38% of a16z’s AI Deal Flow
San Francisco dominates a16z’s geographic footprint with 50 deals, 38.5% of the portfolio. New York follows at 23 deals (17.7%), then London, Los Angeles, and Austin each with 3.
SF’s dominance tracks with proximity to a16z’s Menlo Park headquarters and the city’s concentration of AI research labs and talent pipelines. 23 deals in New York signals real coastal diversification, EliseAI ($250M Series E) and Kalshi ($1B Series E) both operate from New York.
Beyond the coasts, Atlanta-based Flock Safety ($275M) and Austin-based Base Power ($1B Series C) show a16z’s “American Dynamism” thesis at work, backing companies building physical infrastructure outside traditional tech hubs.
International exposure remains limited. ElevenLabs, headquartered in New York, crossed $330M in ARR in 2025 after raising a $180M Series C co-led by a16z and ICONIQ Growth. Paris-based Mistral AI (€1.7B Series C) and Freiburg-based Black Forest Labs ($300M Series B) round out the European exposure, though a16z participated rather than led in both.
| City | Deals | % of Portfolio |
|---|---|---|
| San Francisco | 50 | 38.5% |
| New York | 23 | 17.7% |
| London | 3 | 2.3% |
| Los Angeles | 3 | 2.3% |
| Austin | 3 | 2.3% |
| Boston | 2 | 1.5% |
| Seattle | 2 | 1.5% |
| Sao Paulo | 2 | 1.5% |
| Foster City | 2 | 1.5% |
| Berlin | 2 | 1.5% |
Source: Bot Memo analysis of 130 a16z AI deals (January–December 2025)
Every a16z AI Deal in 2025: The Complete List
Below is a sample of the 25 largest a16z AI investments in 2025, sorted by funding amount. The full dataset of 130 deals is maintained in Bot Memo’s database.
| Company | Amount | Stage | a16z Role | City | Vertical |
|---|---|---|---|---|---|
| Databricks | $10B | Series J | Co-lead | San Francisco | Dev Tools & AI Infra |
| Databricks | $4B | Series L | Participant | San Francisco | Dev Tools & AI Infra |
| Cursor | $2.3B | Series D | Participant | San Francisco | Enterprise Software |
| Thinking Machines Lab | $2B | Seed | Lead | San Francisco | Dev Tools & AI Infra |
| Mistral AI | €1.7B (~$2B) | Series C | Participant | Paris | Dev Tools & AI Infra |
| Kalshi | $1B | Series E | Participant | New York | FinTech |
| Base Power | $1B | Series C | Participant | Austin | Energy & Sustainability |
| Databricks | $1B | Series K | Lead | San Francisco | Dev Tools & AI Infra |
| Anysphere | $900M | N/A | Participant | San Francisco | Dev Tools & AI Infra |
| Luma AI | $900M | Series C | Participant | San Francisco | Dev Tools & AI Infra |
| Saronic | $600M | Series C | Participant | Austin | GovTech & Defense |
| Eikon Therapeutics | $350.7M | Series D | Lead | Hayward | Health & Biotech |
| Black Forest Labs | $300M | Series B | Participant | Freiburg | Media & Entertainment |
| Abridge | $300M | Series E | Lead | Pittsburgh | Health & Biotech |
| Mercury | $300M | Series C | Participant | San Francisco | FinTech |
| Deel | $300M | Series E | Lead | San Francisco | HR Tech & FinTech |
| Periodic Labs | $300M | Seed | Lead | San Francisco | Health & Biotech |
| Flock Safety | $275M | Series E | Lead | Atlanta | GovTech & Defense |
| Hadrian | $260M | Series C | Participant | Torrance | Manufacturing & Defense |
| EliseAI | $250M | Series E | Lead | New York | Real Estate & Health |
| Replit | $250M | N/A | Participant | Foster City | Dev Tools & AI Infra |
| Ambience Healthcare | $243M | Series C | Lead | San Francisco | Health & Biotech |
| Shield AI | $240M | Series F-1 | Participant | San Diego | GovTech & Defense |
| Base Power | $200M | Series B | Lead | Austin | Energy & Sustainability |
| ElevenLabs | $180M | Series C | Lead | New York | Media & Entertainment |
Source: Bot Memo analysis of 130 a16z AI deals (January–December 2025)
FAQ: a16z AI Investment Questions Answered
How many AI companies has a16z invested in?
In 2025, a16z AI investments totaled 130 AI-related funding rounds. The firm led 60 of those rounds, spanning Pre-Seed through Series F across verticals including Enterprise Software (45 deals), FinTech (26 deals), and Developer Tools & AI Infrastructure (24 deals).
What is a16z’s biggest AI investment?
The largest single round in a16z’s 2025 AI portfolio is Databricks‘ $10B Series J ($15.3B in total financing once its debt facility is included), which a16z co-led alongside Thrive Capital. The largest round a16z solely led was Thinking Machines Lab‘s $2B seed, which valued the company at $12B.
How much has a16z invested in AI in 2025?
a16z participated in AI funding rounds totaling $38.6B in combined deal value across 130 transactions in 2025. The median deal was $40M, though the $298.9M average is skewed by mega-rounds, Databricks’ $10B Series J, Cursor’s $2.3B Series D, and Thinking Machines Lab’s $2B seed. These figures reflect total round sizes, not a16z’s individual check sizes.
What is a16z’s AI investment thesis?
a16z’s AI thesis spans the full stack: foundation model infrastructure (Thinking Machines Lab, Mistral AI), the developer tooling layer (Cursor, Replit, Anysphere), and AI-native vertical applications in enterprise software, healthcare, and defense. A dedicated $1.7B a16z AI infrastructure fund and a16z Bio + Health signal vertical specialization within the broader AI bet.
Does a16z invest in early-stage AI startups?
Seed-stage deals are actually a16z’s most common investment type, with 28 seed rounds in 2025, 21.5% of the portfolio. The firm led one of the largest seed rounds on record, a $2B check into Thinking Machines Lab. An additional 5 Pre-Seed deals and 20 Series A rounds bring total early-stage activity to 53 deals (40.8%).
What sectors does Andreessen Horowitz focus on for AI?
The Andreessen Horowitz AI portfolio concentrates in Enterprise Software (45 deals), followed by FinTech (26), Developer Tools & AI Infrastructure (24), and Health & Biotech (17). Healthcare is a particularly high-conviction area, a16z Bio + Health led multiple rounds above $200M including Abridge ($300M) and Eikon Therapeutics ($350.7M).
Which a16z AI portfolio companies went public?
None of a16z’s 2025 AI portfolio companies completed an IPO during the year. The firm’s largest holdings, Databricks ($62B valuation), Cursor ($29.3B), and Thinking Machines Lab ($12B), remain private. Databricks is widely expected to be among the first to pursue a public offering.
How does a16z compare to Sequoia in AI investing?
Both firms compete at the top of AI venture. a16z’s 130 AI deals in 2025 reflect a higher-volume, full-stack strategy spanning Seed through Series F. For a direct comparison, see our analysis of every AI deal Sequoia made in 2025.
Methodology
This analysis is based on 130 AI funding deals involving Andreessen Horowitz (including a16z, a16z Bio + Health, and a16z crypto) tracked in the Bot Memo database from January through December 2025.
Data sources : Public funding announcements, press releases, and regulatory filings monitored across 900+ sources per week.
Filters applied : All deals where “a16z,” “Andreessen Horowitz,” or “Andreessen” appeared in Lead Investors or Other Investors fields. Companies classified as Non-AI or Venture Firm were excluded.
Role classification : “Lead” indicates a16z was listed among lead investors for the round. “Participant” indicates a16z was listed among other investors. Lead status reflects public reporting and may not capture all economic arrangements.
Multi-vertical attribution : Companies operating across multiple verticals (e.g., Deel spans HR Tech, FinTech, and Enterprise Software) are counted in each relevant vertical. Vertical deal counts sum to more than 130 as a result.
Currency : All amounts in USD unless otherwise noted. Non-USD rounds (e.g., Mistral AI’s €1.7B round) are shown in their original currency with USD equivalent noted.
Limitations : Deal values reflect total round sizes, not a16z’s individual check sizes, which are not publicly disclosed. Disclosed deal count (129 of 130) means 1 deal had undisclosed funding amounts.
About the author
Editorial Staff
The Editorial Staff at Bot Memo is a team of writers, analysts, and AI agents dedicated to mapping the global AI startup ecosystem. Led by Chintan Zalani, the team tracks thousands of funding rounds, classifies companies across verticals, and distills it all into actionable intelligence for investors and founders.
