PitchBook-2025年一季度人工智能和机器学习风险投资趋势（英）-2025_12页_6mb

报告摘要

AI & ML VC Landscape Q1 2025 Summary

Overview

In Q1 2025, the AI and machine learning venture capital market experienced strong growth, with AI startups raising a record $73.6 billion across 1,603 deals, marking the highest quarterly deal value on record. Capital influx was driven by both horizontal platforms and vertical applications, but there remains a divide in funding intensity and deal activity.

Deal Activity Breakdown

Horizontal vs. Vertical Platforms: Horizontal platforms, such as large language models, secured nearly $50 billion (68% of total capital) in 425 deals, while vertical applications raised $19.2 billion in 1,022 deals. Horizontal deals command higher funding due to their infrastructure costs, whereas verticals benefit from lower entry points.
VC Lifecycle Stage: Venture-growth deals led in value at $49.4 billion, followed by late-stage and early-stage rounds. Pre-seed/seed valuations reached $12.7 million, with overall median pre-money valuations climbing to $32.3 million in 2025.
Trailing 12-Month Activity: Horizontal platforms attracted $107.3 billion in 1,673 deals, nearly doubling vertical application funding, but verticals recorded more deals over the period.

Exit Activity and Valuations

Total exits in Q1 2025 totaled 146 deals with $27.4 billion in exit value, the strongest since Q4 2021. Public listings drove much of this, with CoreWeave's IPO contributing $17.1 billion. Acquisition activity was common, often driven by AI talent shortages.
Median pre-money valuations increased across stages, with early-stage showing the highest growth rate (17.14% CAGR from 2014-2025). Valuations concentrated in late-stage rounds, but early-stage gained favor due to favorable entry points.

Key Trends and Developments

Falling development costs at the application layer fueled vertical deal volume.
Vertical applications dominate deal counts but at lower per-deal values, reflecting broader market shift toward earlier-stage investments.
Q1 2025 saw notable exits, including CoreWeave's IPO, and key early-stage funding rounds for companies like Zenmev and LiveKit.

Deal Summary

Quarterly: Deal value hit $73.6 billion, with a 19.4% quarter-on-quarter increase. Exit count declined slightly but exit value surged.
Trailing 12 Months (TTM): Cumulative activity shows sustained growth, with AI & ML capturing a larger share of VC deals.

This summary highlights the continued dominance of AI/ML in VC funding, emphasizing the split between platform and application investments and evolving valuation dynamics.

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