Nvidia backs 22 companies in September investment spree

September was chipmaker Nvidia’s most prolific month in terms of startup investment, with announced rounds for 22 companies – the most for any corporate since the venture downturn in 2022.

Nvidia, which has a valuation of more than $4.5trn, generated some $28bn in operational cash flow last year and is putting some of that to use in backing emerging companies. Many of these are in the AI sector and which are potential users of its graphics processing units and other chips.

The collective dollar value of the Nvidia-backed funding rounds in which the round size was disclosed was in excess of $7.4bn. Not all of that will have come from Nvidia, as many of the funding rounds included co-investors, including deals where it invested alongside Samsung, Nokia and Salesforce.

Nvidia’s round participations across September have run the gamut from healthcare, photonics and industrial AI, to quantum computing, robotics, large language models and autonomous driving, underlining the breadth of its ambition.

Not since April 2022 – just a month after the collapse of Silicon Valley Bank that precipitated a sector-wide downturn in venture investment – has a corporate investor made this many investments in a single month.

At the height of the Web3 craze between 2020 and 2022, investors like SoftBank, Animoca Brands and Alphabet were regularly clearing 20 deals per month – SoftBank often 30. But many of those were smaller rounds at the earlier stage.

Nvidia’s September 2025 did not feature many little rounds. The smallest was the $4m seed round for AAA C(H+A)RM, but the next smallest disclosed round was a $58.6m series B for Scintil Photonics. Most of the others tended to be later-stage, nine-figure rounds, with three of them – Mistral AI, Psiquantum and Figure – hitting the billion-dollar mark.

Startups that received capital from Nvidia in September

See all the corporate-backed startup funding rounds in our CVC Funding Round Database

Although Nvidia’s spending spree is reminiscent of the 2022 investment frenzy, it appears not to be quite the spray-and-pray strategy that was common during that period. The company is in a near-unique position. While not explicitly investing in its own marketplace or ecosystem a-la HubSpot Ventures, it is the largest provider of the chips enabling much of the technology it invests in. What the wider corporate gets back is not just straight IRR for a venture fund, but direct demand growth for its core product.

In some of Nvidia’s other, non-venture investments, that is more readily apparent. It announced a $100bn commitment in OpenAI, which will reportedly be made in cash over the coming years, with OpenAI in turn using most of it to lease Nvidia chips.

This comes alongside other big moves Nvidia has made outside the startup arena. Earlier in September, it agreed to invest $5bn in the common stock of its water-treading chipmaker rival Intel – which is widely regarded to have missed the AI boat – throwing it a lifeline with capital and a collaboration to jointly develop what it called multiple generations of data centre and PC products.