Crunchbase's Q1 review shows the most active investors and the biggest spenders operating on opposite tracks. While Andreessen Horowitz and Accel led the most post‑seed rounds, the two largest financings – OpenAI’s $122 billion round and Anthropic’s $30 billion Series G – were co‑led by D.E. Shaw and MGX. AI‑centric capital dominated in the venture ecosystem this year.

Y Combinator topped deal count across the quarter, appearing in 47 rounds from seed to later stages, followed by Lightspeed, General Catalyst and Sequoia Capital. At the seed level, the accelerator again led, with Antler, Soma Capital and 500 Global rounding out the most prolific backers. The data underscores that familiar venture houses still command volume even as mega‑deals gravitate toward a handful of deep‑pocketed investors.

Overall, Q1 funding totals shattered previous records, pushing total venture inflows past $300 billion as AI startups absorbed the lion’s share. The split between high‑frequency investors and those writing gargantuan checks highlights a market where capital concentration around AI coexists with a broad base of active backers. Investors should weigh exposure to AI‑centric megadeals against diversified seed‑stage participation.