PitchBook-2023年三季度新兴技术指标（英）-2023.11-40页_4mb

Emerging Tech Indicator (ETI) Q3 2023 Report Summary

Executive Summary

The ETI Q3 2023 report highlights a continued decline in deal activity from the prior quarter, with a total ETI deal value of $3.0 billion across 124 deals, down from $3.4 billion across 143 deals. AI & Machine Learning (AI & ML) and biotechnology emerged as the dominant sectors, together accounting for nearly 60% of Q3 deal value. Key trends discussed include declining deal volumes, moderate regional distribution, stable median deal sizes, and concentrated investment within key technology segments.

Key Takeaways

• Deal Activity Decline: ETI deal activity decreased by 10% in Q3, reflecting a broad decline since early 2022 compared to Q1 2022 peaks.
• Dominant Sectors: AI & ML ($641.7M, 16 deals) and biotechnology ($580.0M, 6 deals) led investment activity, followed by healthtech & wellness ($248.4M), fintech ($237.3M), and climate tech ($141.5M).
• Large Deals: Six transactions exceeded $100M this quarter, including biotech and AI-focused rounds.
• Medians: Early-stage deals averaged $27.8M, but median values fluctuate due to recent market adjustments.
• Geographic Distribution: Non-US deals represented 26.6% of total ETI deals, below the 33.6% peak from Q4 2022.

Deal Activity

• Total ETI funding: $3.0B across 124 deals.
• Decline observed in both deal volume (-13.3%) and deal value (-14.7%) compared to Q2 2023.
• Six deals reached or exceeded $100M, including a $225.9M AI defense platform round and a $224.0M biotech Series B.

Areas of Investment

Leading Sectors:

Top Deals & Highlights:

• Notable Biotech Companies: Genesis Therapeutics ($224M Series B), ROME Therapeutics ($149M Series B).
• AI & ML: $225.9M for Helsing (defense platform) stands out.
• Healthtech: Thyme Care ($60M for oncology), Sunrise ($42M for weight management).
• Fintech: Karat Financial ($70M Series B), Swan ($40M Series B).
• Climate Tech: Harbinger ($60M Series A), Sylvera ($57M Series B).

Venture Activity Summary

• The median early-stage deal size was approximately $27.8M, reflecting market fluctuations but resilience.
• ETI deals are typically larger than overall VC medians, influenced by investor behavior and startup maturity.
• Non-US deals accounted for 26.6% of activity, while Chinese investments continued to fluctuate.
• Europe saw a slight rise in ETI deal count from Q2.

Emerging Tech Indicator Investor Ranking

Key aspects of the ranking methodology include:

1. Exit Percentage: Ratio of successful exits relative to total exit opportunities.
2. Follow-On Percentage: Rate of subsequent funding rounds after investor involvement.
3. CAGR of Valuation Change: Measures the average annualized growth between funding rounds.
4. Score Weighting: Factors are combined via a geometric mean to determine final rankings.

Conclusion

Emerging Tech investment continues to concentrate on AI, biotech, healthtech, and fintech. While market activity declined, top investors remain bullish on sectors with high-quality talent and scalable technology.