Southeast Asia (SEA) artificial intelligence (AI) companies raised $4.2 billion in the first nine months of 2026 (9M 2026), up 121 percent from $1.9 billion in 9M 2025, Tracxn said on Thursday.
The funding raised was also 453 percent higher from $768 million in 9M 2024, across 28 rounds, but down 12 percent from 32 and the same as in 9M 2024, the firm said in a statement.
Overall, the total was concentrated in a handful of very large rounds, with the biggest of them is Kling AI’s $2.8 billion Series D funding.
Most of the capital went to late stage companies, to enterprise applications businesses and to companies based in Singapore.
Seed funding rose on fewer rounds. Exits were limited to one acquisition and one public listing, and no new unicorns emerged.
According to Tracxn, the ten largest rounds of 9M 2026 accounted for 98 percent of all SEA AI funding.
Kling AI’s $2.8 billion Series D in July 2026, backed by BlueFive Capital, CPE and Guofang Capital among others, was equal to 66 percent of the total and 120 percent of the $2.3 billion increase over 9M 2025.
Sharpa followed with a $670 million Series D in Aug 2026, backed by Alibaba, Meituan and Tencent, among others, and Zelostech with a $300 million Series C in February 2026.
Rounds fell 12 percent to 28, and the average round rose to $152 million from $60 million in 9M 2025.
Series A and later rounds rose 29 percent to 18. First-time funded companies fell 12 percent to 15 from 17.
Meanwhile, late stage funding rose 190 percent to $3.8 billion from $1.3 billion in 9M 2025, against none in 9M 2024, and its share of the total rose to 89 percent from 68 percent, on four rounds against one.
Early Stage funding fell 25 percent to $444 million from $593 million, and 40 percent from $735 million in 9M 2024, on 14 rounds against 13, for 10 percent of the total.
Seed funding rose 28 percent to $33.8 million from $26.3 million on ten rounds, down from 18, for 1 percent of the total.
On the investor side, 56 investors backed SEA AI companies in 9M 2026, against 69 in 9M 2025.
Of these, 29 were international and 27 domestic, and 39 were first-time investors in SEA AI, against 42 a year earlier.
At each stage, the leading institutional investors made one investment apiece: 500 Global, Iterative and Venture Catalysts at Seed Stage; Tin Men, Integra Partners and CDBC at Early Stage; and China Internet Investment Fund at Late Stage.
By segment, Enterprise Applications companies raised $3.1 billion in 9M 2026, about 16 times the $200 million of 9M 2025 and about 57 times the $54.7 million of 9M 2024.
Retail followed with $317 million, up 191 percent from $109 million, and transportation and logistics tech with $300 million, up 200 percent from $100 million.
Ranked by city, Singapore-based companies raised $4.2 billion, 100 percent of SEA AI funding, against 99 percent in 9M 2025.
MiniMax listed in Jan 2026 at a market cap of $6.5 billion is SEA AI’s only public listing of 9M 2026, against none in 9M 2025 and 9M 2024.
Acquisitions fell to one, against five in 9M 2025 and two in 9M 2024. Manus was acquired by US-based Meta in Apr 2026 for an undisclosed sum. Tencent, HSG and IDG Capital were investors in both MiniMax and Manus.
Separately, no new unicorns emerged in SEA AI in 9M 2026, the same as in 9M 2025.
Southeast Asia tech funding jumps 176% to $13.5B, 3 deals drive growth: Tracxn