PitchBook-2025年一季度新兴技术指标（英）-2025.6_35页_1mb

Q1 2025 Emerging Tech Indicator Summary

Key Takeaways

• Top VC Investments: Focus on applied AI, health & wellness, and cybersecurity.
• Deal Trends: ETI funding reached nearly $5 billion across 161 deals, marking a significant YoY increase in value but a 50% YoY decrease in deal count.
• AI Leadership: AI remains dominant with $1.1 billion invested across 35 deals, shifting towards applied AI and deployment tools.

Deal Activity

• Deal Size/Valuation: Median pre-money valuations for ETI early-stage deals reached $111.5 million, exceeding industry averages.
• Regional Focus: ETI deal share outside the US decreased to 21.1%, with India, UK, and Israel leading.

Areas of Investment

AI

• Funding: $1.1B across 35 deals, featuring companies like Together AI ($305M Series B) and Lila Sciences ($200M seed).
• Focus: Applied AI, AI for healthcare/task automation, generative AI tools.

Health & Wellness Tech

• Funding: $440.1M across 16 deals, led by Hippocratic AI ($141M Series B).
• Trends: AI-powered healthcare tools, consumer wellness solutions.

Biotech

• Funding: $392.1M across 4 deals, including $180M for Timberlyne Therapeutics.
• Trends: Slower deal activity due to risk aversion, but focus on AI drug development.

Cybersecurity

• Funding: $295.9M across 11 deals, with AI enhancing threat detection.
• Standout: Dream Security ($100M Series B) and Cape ($55M Series B).

Web3 & DeFi

• Funding: $196.7M across 13 deals, a continuation of decline from past peaks.
• Focus: Andreessen Horowitz participation in 9 of 14 ETI deals.

Notable Highlights

• Industries: Defense/Industrial Tech gaining traction due to US manufacturing focus.
• Valuation Growth: ETI deals show significant valuation increases (e.g., Mercor $2B, Anysphere $900M).
• Deal Consolidation: Larger rounds consolidated in fewer deals, signaling investor concentration.

Venture Activity

• ETI deals consistently outsize broader VC industry medians, especially seed and early-stage rounds.
• Geographically, China faces a lack of ETI deals, though Hong Kong startups like RedotPay have recent funding.

ETI Investor Ranking

• Notable investors include firms with high follow-on percentages and strong valuation growth metrics.
• Detailed ranking provided based on exit percentages, CAGR, and deal success rates.

Disclaimer

• Data reflects adjustments to incorporate latest funding information; direct comparisons with older periods may be inaccurate due to updates.
  Source: PitchBook, Q1 2025.