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October 11 to 18, 2026: Ramp's $60 Billion Valuation and Modal's $750 Million Round Lead a Big Funding Week

Contributor

October 18, 2026 at 4:37 AM UTC

8 min read

The second week of October 2026 pushed valuations higher in two of the year's hottest categories. Corporate spending platform Ramp raised 1.85 billion dollars at a 60 billion dollar valuation, and AI infrastructure company Modal raised 750 million dollars at 15.75 billion dollars only five months after its previous round. In India, funding rebounded sharply while a crowded IPO calendar, led by the price band for Jio Platforms, set up what is expected to be the country's largest public offering. Here is a complete recap of the major startup and technology stories from October 11 to October 18, 2026.

Fintech and AI Infrastructure Post the Week's Largest Rounds

Ramp Raises $1.85 Billion at a $60 Billion Valuation

Ramp announced on October 15 that it had raised 1.85 billion dollars in primary financing at a 60 billion dollar valuation, led by Dragoneer Investment Group with Thrive Capital, Founders Fund, Sands Capital and Avenir Growth as co‑leads. Bloomberg had earlier described the 60 billion dollar figure as a pre‑money valuation. The round comes only four months after Ramp raised 750 million dollars at 44 billion dollars in June and lifts its total equity funding to about 5 billion dollars. The company said it now serves more than 85,000 businesses, processes over 275 billion dollars in annualized purchase volume, up 175 percent year over year, and has passed 2 billion dollars in annualized revenue with positive cash flow. Ramp also introduced a receivables automation product and a model‑agnostic AI workspace called Glass alongside the announcement.

Modal Raises $750 Million at a $15.75 Billion Valuation

Modal, the cloud platform that lets developers run AI workloads without managing GPU servers, announced a 750 million dollar Series D on October 14 at a 15.75 billion dollar post‑money valuation. Accel led the round with Kleiner Perkins joining, and existing investors including Menlo Ventures, General Catalyst, Redpoint, Lux Capital, Amplify Partners and Bain Capital Ventures returned. The valuation is more than triple the 4.65 billion dollars set in a 355 million dollar Series C in May. Modal said its annualized run rate has passed 1 billion dollars, with its Sandboxes product alone near 300 million dollars, and it plans to invest in multi‑node training, reinforcement learning, post‑training products and virtual machine support. Rivals Baseten and Fireworks AI have also raised heavily this year, underscoring how crowded and well funded AI inference infrastructure has become.

Vinci, Valon, Numeral and Harmonic Security Round Out the Large US Deals

Vinci announced a 250 million dollar Series B co‑led by Advent, Temasek and Xora. Mortgage servicing AI company Valon raised 150 million dollars at a 2.3 billion dollar valuation, and sales tax compliance startup Numeral raised a 100 million dollar Series C. In security, Harmonic Security raised a 50 million dollar Series B from Crosspoint Capital Partners and existing investors, taking its total funding to 76 million dollars, while Duvo raised a 32 million dollar Series A backed by Balderton Capital, Index Ventures, Northzone and Credo Ventures.

Pre‑IPO Signals From the Largest AI Companies

Anthropic Tells Investors Q3 Revenue Reached $16.8 Billion

Anthropic told prospective investors at an October 14 pre‑IPO meeting in San Francisco that third‑quarter revenue rose about 45 percent to 16.8 billion dollars, up from 11.6 billion dollars in the second quarter and 4.7 billion dollars in the first, according to reports citing people who attended. Reports also said the company described itself as profitable on an adjusted basis and cash‑flow positive. Anthropic has not published the figures, and its public‑market debut is reportedly likely to be pushed until after the November US midterm elections, with some reports pointing to a valuation target above 2 trillion dollars.

OpenAI Estimates Are Revised as Its IPO Moves Into 2027

Reports during the week said investors had revised their estimates of OpenAI's annualized revenue down from 70 billion dollars to 50 billion dollars after miscalculating how its figures compared with Anthropic's run rate. Bloomberg reported that OpenAI is holding off on a listing until early 2027 and is instead looking to raise 30 billion dollars at a 1.4 trillion dollar valuation. Separately, The Wall Street Journal reported that Amazon is in talks to acquire video AI startup Decart for roughly 7 billion dollars, a deal that had not been signed at the time of writing.

Europe Logs a Large Spanish Fintech Round and a Steady Week

ID Finance Secures €545 Million to Scale Its Plazo App

Barcelona based ID Finance announced 545 million euros in combined debt and equity funding to scale Plazo, its consumer finance app that combines payments, shopping rewards, short‑term borrowing and a new buy now pay later product. Spice Expeditions, WashU, Kingsway Capital and i80 Group took part, with i80 providing asset‑based financing, and the company did not disclose the split between debt and equity. ID Finance posted 243 million euros in revenue in 2025, said Plazo tripled its portfolio and reached profitability that year, and described the round as one of the biggest ever for a Spanish fintech.

Tech.eu Tracks More Than €1.8 Billion Across 65 Deals

European funding recovered from the previous week's 818 million euros, with Tech.eu tracking more than 65 deals worth over 1.8 billion euros during the week. UK fintech Sequence, backed by Andreessen Horowitz, was reportedly sold to Intuit in a deal valued at about 200 million dollars. Goodweek, a Strasbourg‑founded AI management platform for small businesses, raised 10.69 million euros, and AI‑native engineering firm Solvera raised 6.3 million dollars. Policy also made headlines, as the founders of the EU‑INC campaign issued an urgent appeal to European leaders warning that key provisions of the planned pan‑European company framework had been stripped out.

India's Funding Rebounds While the IPO Calendar Fills Up

Weekly Funding Nearly Doubles After a Weak Prior Week

Indian startups raised about 236 million dollars across 25 deals between October 12 and 16, up 92.2 percent from the roughly 123 million dollars raised the week before, according to Inc42's tracking, with AI attracting 53.4 million dollars across six deals. A separate Entrackr tally counted 302.85 million dollars across 28 startups for October 12 to 17, a 2.7 times increase from 113.35 million dollars, a difference that reflects varying methodologies and cut‑off dates.

Boldfit, Tessolve and Nat Habit Lead the Larger Rounds

Fitness and sportswear brand Boldfit raised about 400 crore rupees, roughly 41.8 million dollars, in a Series B led by Bharat Value Fund. Chip services company Tessolve Semiconductor, owned by Hero Electronix, raised 75 million dollars from US‑based Vector Line Capital, taking its total funding to 265 million dollars. Ayurvedic personal care brand Nat Habit raised 142 crore rupees in a Series C led by Trident Growth Partners, while Mesa School of Business raised 110 crore rupees in equity and debt, with a Series A co‑led by Dharana Capital and existing investor Elevation Capital.

AI, Robotics and Healthtech Fill Out the Growth Rounds

Enterprise AI company RapidCanvas raised 29 million dollars in a Series B led by Vertex Ventures Southeast Asia and India, with Hitachi Ventures joining, and says its annual recurring revenue grew eightfold in six quarters. Construction robotics startup Origin raised 20 million dollars in a round co‑led by Accel and Zacua Ventures, and chemicals supplier Scimplify raised 25 million dollars in a strategic round led by Hitachi Ventures. Mobile gaming studio Spill Games raised 10.5 million dollars in a Series A led by Elevation Capital, AI video platform Clueso raised 10 million dollars in a Series A led by Dharana Capital, and Confido Health raised 12.5 million dollars in a Series A led by Z47. Toothsi parent MakeO raised 90 crore rupees from Singularity AMC, and Urban Company's board approved plans to raise up to 2,500 crore rupees.

Jio Platforms Sets Its Price Band as Zetwerk and Tonbo Open Their IPOs

Jio Platforms fixed a price band of 1,065 to 1,119 rupees a share for an IPO of up to 30,213 crore rupees, which would be the largest in India's history. The issue opens on October 21 and closes on October 23, with listing expected on October 28, and the band implies a valuation of roughly 10.3 lakh crore rupees at the upper end. Earlier in the week, Zetwerk's 5,012 crore rupee IPO, Bonfiglioli Transmissions' 2,534 crore rupee offering, Tonbo Imaging's 852 crore rupee issue and Sahajanand Medical Technologies' 475 crore rupee issue all opened for subscription on October 15 and are due to close on October 19.

What the Second Week of October Signals

Two patterns stood out. First, valuations in the strongest categories keep moving at a pace that would have looked implausible a year ago, with Ramp adding 16 billion dollars in four months and Modal more than tripling in five. Second, the biggest AI labs are now being judged on revenue disclosures and public‑market timing, and the shifting estimates around OpenAI and Anthropic show how quickly sentiment can change. India's market, meanwhile, is leaning on public listings, with several large issues competing for investor attention in the same fortnight, while Europe continued to produce occasional large rounds on top of a steady base of smaller deals.