PitchBook-2025年上半年风险投资技术调查_投资者对人工智能_交易和融资的见解（英）_15页_1mb

报告摘要

H1 2025 VC Tech Survey Summary

This survey of 32 venture capital investors highlights key trends and outlooks in the VC technology landscape, shaped by trade uncertainty, AI adoption, and shifting fundraising dynamics.

Executive Summary

Despite trade tensions, especially following Trump's "Liberation Day" tariffs, the VC tech sector remains active but cautious, with adjustments not full retreats.
Investment is spreading into defensive and domestic sectors amid concerns over international exposure.
Adoption of AI is maturing with practical barriers emerging.
Fundraising expectations are cooling, with LP risk aversion increasing, while exits are being viewed more conservatively.

Key Findings Across Categories

Market Dynamics

Tariff Impact: 84% anticipate disruption from tariffs, but sectors most affected (Manufacturing, Semiconductors/Hardware) are the ones the policies aim to protect—revealing a misalignment.
Deal Environment: 53% of VC investors remain active in sourcing deals but with increased scrutiny, especially on international deals. 34% are increasing their stake sizes slightly.
Exiting: Exit optimism has significantly cooled; 34% see moderate improvement, down from 70%. Key factors cited: tariff stability (38%) and declining interest rates (47%).

Technology Trends

AI Focus: Fintech is seen as facing the most disruption from AI startups. Healthcare and Enterprise Tech also face pressure. Transportation/logistics disruption fears declined due to limited AI impact.
AI Barriers: Lack of clear use cases (45%), high implementation costs, and workforce skills are key blockers for AI adoption. Regulatory concerns eased from 55% to 39%.
Sector Investments: AI investment focuses on healthcare (30%), manufacturing, and infrastructure. Deep tech continues to favor robotics (58%) and quantum (38%). Secondary sectors like biotech and fintech also show strong interest.

Fundraising & Strategy

VC fundraising for tech startups is now expected to remain stable by a neutral majority; 38% expect an increase (down from 58%), and 28% anticipate a decline (up from 9%).
LP sentiment has grown more risk-averse, noted by 45% of respondents.
Investors are delaying fund launches or stretching timelines; only 60% plan to raise a fund in the next two years.

Geography & Growth Hubs

Europe is the most attractive non-US region for investment.
Strong focus on Strategic Tech sovereignty amid trade threats, particularly AI.

Exit Drivers

Exit optimism lost significant ground, with declining numbers expecting improvement or even decline (25% stagnation, 28% decline).
Valuation multiples are heavily influenced by interest rates and macro factors including GDP growth.

Analyst Notes

VC activity is continuing but with sharpened caution—balancing investments in strategic sectors, utilizing secondary markets, and longer timelines.
Technology sovereignty is becoming a key motivator for increased domestic investment in AI, semiconductors, and quantum computing despite global tariffs.

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