the series a team
Three Fund III companies recently closed significant Series A rounds. ThinkLabs raised $28M USD led by Energy Impact Partners, Zeno closed $25M USD led by Congruent Ventures and Jetson raised $50M USD led by Eclipse. All three rounds were led by high-calibre investors, came together quickly and exceeded market medians on both size and speed.
That’s notable given the current backdrop. AI is dominating attention—and capital—driving a meaningful shift in what gets funded and why. Carta data from the second half of 2025 shows a median Series A of $12M at a $67.7M valuation, with companies taking ~23 months to get there. For most founders, it remains a difficult and highly selective market.
What’s happening underneath is a sorting mechanism. Capital is flowing disproportionately to a small number of companies with exceptional traction, clear market pull or exposure to priority categories. Each of these three companies fits that pattern for different reasons. ThinkLabs attracted a preemptive round on the back of strong demand for AI applied to critical grid infrastructure and early traction with major utilities. Zeno is scaling into a large, underpenetrated market with clear customer demand for lower-cost transportation. Jetson has demonstrated explosive growth, reaching over a $50M revenue run rate within a year of founding by making home electrification faster, cheaper and easier.
