PitchBook分析师注：2023年上半年风险投资技术调查（英）-2023.4-14页_939kb

报告摘要

Based on the survey of 58 venture capital investors, here are the key insights:

The VC community is bullish on the impact of AI, especially generative AI, expecting significant innovation and growth opportunities.
There is cautious optimism, with decreased VC funding anticipated over the next year, partly due to the SVB collapse.
Valuations are expected to become more attractive in the coming year.
2023 is anticipated to be a strong vintage year for fund performance, and fundraising plans have largely not changed despite challenges.

Primary Drivers: AI (especially generative AI) is seen as the core source of future tech innovation and disruption.
Other Key Areas: Climate technology and biotech are identified as significant innovation sources.
Expected Disruption: Enterprise tech, fintech, and e-commerce face significant competitive pressures from generative AI.
Future Growth: AI, climate tech, and biotech are expected for growth and adoption.

Split opinions on its impact on innovation: seen by some as positive (filtering bad actors, sharpening focus, rational valuations) by others as negative (reduced funding, scared off innovators, less risk-taking).
Regardless of the net effect, market conditions (interest rates, lowered valuations) are seen as significantly influencing innovation.

Funding: Expectations range from continued moderate decline to mild increase (majority anticipate at least a moderate decrease); SVB collapse is viewed as a contributing factor.
Valuations: 77.6% expect valuations to become more attractive.
Fundraising: 32.8% expect funding levels to remain stable. Fundraising plans largely unchanged. Strong performance expected from the 2023 vintage.

The weak IPO market has mostly not impacted early-stage investing.
Stake size in rounds largely unchanged.
Recommendation to avoid venture debt remains strong, although this niche market may become more scrutinized.
LPs are not demanding higher reporting requirements.
Targeted tech funds are reportedly easier to raise than generalist funds.
In evaluating startups, generalist funds place emphasis on the path to profitability.

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