PitchBook-2025年一季度基础设施SaaS风险投资趋势（英）-2025_12页_3mb

Infrastructure SaaS Q1 2025 VC Trends Report Summary

Capital Activity:

• Infrastructure SaaS VC deal value dropped to $3.5 billion across 98 Q1 2025 deals, excluding the Databricks Q4 deal. Excluding that, quarterly average reduced to $3.3B/quarter since 2024. The deal count has decreased to single digits.
• All-time record $18B in exit activity supported IPOs and M&A. The highest exit value was $17.1B from CoreWeave’s IPO.

Sector Breakdown:

• DevOps, data software & systems, ITOps, and application infrastructure led deal activity.
  • DevOps raised $1.2B across 30 deals (+64.4% Q/Q Q1 deal value)
  • Data systems: $1.1B across 26 deals (+42.4% Q/Q)
  • Application infrastructure had 31 deals but only $0.5B (+64.4% Q/Q deal value due to lower value)
  • ITOps raised $0.7B across 12 deals (+31.2% Q/Q)
• Infrastructure SaaS exited at an average $1.3B per deal.

Deal Size & Valuation Trends:

• Average pre-money valuation was high at $1.3M for seed/early stages.

Key Deals:

• Late-stage deals: Celestial AI ($250M), Supabase ($200M), Temporal ($146M)
• Early-stage deals: Together AI ($305M), Carbon Arc ($56M), Gumloop ($24.5M)

AI Influence:

• AI-driven solutions remain central to infrastructure; notable exits include AI companies like Gretel to NVIDIA.

Trends & Outlook:

• Decrease in deals coupled with stable capital suggests maturation. AI impact persists in infrastructure adoption. Defensive plays like backup/protect data are increasing focus due to heightened cyber needs.