Khosla Ventures and Accel Lead Most-Active U.S. Investors in May

Venture capital firms remained highly active in May, backing dozens of startup funding rounds across artificial intelligence, healthcare, fintech, biotechnology, and enterprise software. According to Crunchbase data, Khosla Ventures and Accel emerged as the most active investors in U.S.-based startups during the month, each participating in 12 funding rounds.

The month also saw a surge in large venture deals, with more than two dozen funding rounds exceeding $100 million and at least five investments valued at $500 million or more, highlighting continued investor confidence in high-growth technology companies.

Accel Invests Across AI, Fintech, and Healthcare

Silicon Valley venture capital firm Accel significantly increased its investment activity in May, doubling the pace it maintained during April.

Among its largest investments was participation in Anysphere’s $900 million Series C funding round, one of the biggest AI startup investments of the year. The company develops artificial intelligence-powered coding tools and continues to attract strong investor demand.

Accel also backed Wonder, the food delivery startup that secured $600 million in financing, along with Perplexity, which raised $500 million to expand its generative AI platform.

Overall, Accel participated in funding rounds spanning multiple industries, including artificial intelligence, healthcare, and financial services.

Khosla Ventures Matches the Pace

Khosla Ventures also completed 12 startup investments during May, matching Accel for the highest number of venture deals.

Its largest investment was participation in ClickHouse’s $350 million Series C funding round. The company specializes in analytics and cloud data warehousing technologies.

Khosla also invested in NewLimit, a biotechnology startup focused on longevity research, which raised $130 million in Series B funding.

In addition, the firm backed Stylus Medicine, a genetic medicine developer that secured $85 million in Series A financing.

This marks the second consecutive month that Khosla Ventures has ranked among the two most active venture investors in the United States. In April, the firm completed 10 startup investments, trailing only Andreessen Horowitz.

Biggest Spending Came From General Catalyst and Thrive Capital

While Accel and Khosla led by investment volume, General Catalyst and Thrive Capital ranked among the month’s biggest spenders.

General Catalyst’s position was driven largely by its $1 billion investment in Grammarly, the AI-powered writing and productivity platform.

Unlike a traditional equity investment, the financing was structured so that General Catalyst receives a share of Grammarly’s future revenue until a predetermined cap is reached, rather than acquiring an ownership stake.

Meanwhile, Thrive Capital led Anysphere’s $900 million funding round, with participation from both Andreessen Horowitz and Accel.

Thrive also participated in Neuralink’s $650 million financing, although it was not listed as the lead investor for that transaction.

Other Notable Investment Trends

Several additional venture capital firms remained highly active throughout May.

• General Catalyst and Andreessen Horowitz tied for the third-highest number of startup investments, each participating in 10 funding rounds.
• Accel led the ranking for the most lead investments, serving as lead investor in five funding rounds.
• Sequoia Capital, Insight Partners, and General Catalyst each led four startup financings during the month.
• Startup accelerator Y Combinator remained the most active accelerator, investing in 20 startups throughout May.

AI Continues to Dominate Venture Capital

The latest rankings reinforce artificial intelligence’s growing influence on venture capital activity. Many of the month’s largest investments—including funding for Anysphere, Grammarly, Perplexity, and Neuralink—were tied directly to AI or advanced technology companies.

As venture funding continues to recover, leading investment firms are concentrating their capital on startups developing next-generation software, biotechnology, and enterprise technologies, suggesting that innovation-focused sectors will remain at the center of venture capital activity in the months ahead.

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