VC Funding Report: San Diego Sees More Than $3 Billion Invested in Q1 2026

A round-up of San Diego's top venture capital deals and headlines in Q1 2026.

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San Diego Padres is in talks to sell for more than $3.5 billion. The bidders include Detroit Pistons owner Tom Gores. A Padres sale of that size would surpass the current MLB record, established when Steve Cohen bought the New York Mets in 2020 for $2.4 billion.

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SAN DIEGO — More than $3 billion-plus in venture capital dollars flow to San Diego headquartered companies in the first three months of 2026.

There were nearly 40 venture capital raises in Q1 2026, with five of those companies raising atleast $100 million or more.

Those companies include Atrium Therapeutics ($270M), Mirador Therapeutics ($250M), Recludix Pharma ($123M), Rakuten Medical ($100M), and high-flying defense-tech company Shield AI ($2B).

Larger investment checks went towards late and clinical-stage biotech companies, followed by 15 deals between the $10 million to $50 million range.

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Shield AI’s $2 billion Series G funding round more than doubles the valuation to $12.7 billion. The defense startup projects over $540 million in revenue in 2026.

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Tech

• Shield AI a maker of AI-powered fighter pilots drones raised $2B.

• Fabric8Labs an advanced manufacturing company raised $50M.

• Turquoise Health a healthcare pricing and payment platform raised $40M.

• Natilus an aerospace company developing next-generation aircrafts raised $28M.

• Condor Software a fintech company serving the life science sector raised $24M.

• Seasats a maker of autonomous vessels for the defense tech sector raised $20M.

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RyboDyn, a 10-person biotech headquartered in Torrey Pines, raised $10 million seed funding round from a syndicate of investors in March. The firm has an AI genome sequencing and drug discovery platform.

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Life Science

• Atrium Therapeutics a precision RNA medicines biotech raised $270M.

• Mirador Therapeutics a clinical-stage precision medicine biotech raised $250M.

• Recludix Pharma a biotech focused on inflammatory diseases raised $123M.

• Rakuten Medical a developer of cancer treatments raised $100M.

• Salma Health a brain health company raised $80M.

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SOLV Energy was founded in 2008 as Swinerton Renewable Energy, a division of Swinerton Builders, before becoming an independent company. As of April, it holds a valuation of approximately $6 billion.

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IPOs and M&A Activity

• Ventyx Bioscience a biotech focused on autoimmune was acquired for $1.2B.

• Candid Therapeutics developing drugs for autoimmune merged for $505M.

• Solv Energy a solar energy company completed its IPO and raised $512M.

• Once Upon a Farm an organic baby food company went public valued at $845M.

• Shield AI acquired software firm Aechelon Technology for undisclosed price.

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The WEST Conference, a major naval and maritime defense conference hosted its annual event at the San Diego Convention Center on February 16. It brought together military and industry leaders to discuss technologies, strategies, and warfighting readiness.

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Notable Headlines

• Blueprint Equity a growth equity firm raised $333 million for its third fund.

• Social Leverage a fintech and AI focused venture firm raised $85 million.

• Karmel Capital a software investment firm raised $170M new fund.

• Element Biosciences launched $100 genome sequencing device.

• San Diego Padres is in talks to sell for more than $3.5 billion.

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Fred Grier is a senior associate at JLL. He’s responsible for advising emerging companies on their commerical real estate needs.

Curious where companies are leasing space, want to tour the market, or need help finding your next office space — send me a note.

Clients include tech, life science, and manufacturing in San Diego and the U.S.

Fred Grier
Senior Associate
CA DRE License #02245053
661.428.2862 | fred.grier@jll.com
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