The Bay Area continues to dominate the U.S. startup ecosystem, capturing 35% of all venture capital funding in the last year, according to data from Carta. New York has emerged as a significant hub for fintech and crypto, securing 24% of the sector's funding. Other notable metro areas include Boston, Los Angeles, and Seattle, which are also key players in the startup landscape. Despite expectations, Austin has not grown as much as anticipated, ranking sixth overall with 3.3% of total funding. Miami has fallen off the top 10 list, now sitting at 11th place. The rise of research culture within startups is also noteworthy, with papers and commercial labs becoming more commonplace. The Bay Area remains the best place for early-stage hardware companies to raise money.