PitchBook-2023年下半年VC技术调查（英）-2023-17页_1mb

报告摘要

PitchBook H2 2023 VC Tech Survey Summary

Key Takeaways

VC Optimism: General optimism about venture capital activity increasing over the next year; profitability remains a top concern.
IPO Outlook: Cautious optimism regarding IPOs despite high initial valuations leading to poor performance, driven by anticipated market gains and lower interest rates.
Geopolitical Risks: War significantly impacts technology investment decisions, reducing appeal for China while increasing interest in Europe and Latin America.
Emerging Technologies: AI remains the top innovation sector, particularly generative AI, while biotechnology surges due to drug successes and AI integration.

Executive Summary

The H2 2023 VC Tech Survey provides insights from 72 venture capital investors on technological innovation and fundraising expectations. Optimism surrounds investments but cautiousness prevails concerning IPOs. Geopolitical tensions have escalated, and AI continues to lead innovation expectations.

VC Ecosystem Expectations

Fundraising: Optimism is growing about the upcoming year with high return expectations for both 2023 and 2024.
IPO Activity: Expected to pick up "mildly," but high valuations continue to delay exits. Valuations are expected to come down.
Geopolitical Influence: War and geopolitical conflicts heavily influence technology investments, with Europe and Latin America becoming more attractive.
Investment Trends: China is viewed as less attractive. Crypto is considered overinvested, and climate tech is noted as underinvested.

Technology Expectations

AI Leadership: Generative AI is expected to significantly disrupt and create unicorns; however, 76% believe expectations were initially overhyped.
Biotech Growth: Driven by successes like Ozempic and AI in drug discovery.
Growth Areas: AI, biotech, and climate tech are expected to see substantial innovation and adoption.
Over/Under Invested: Crypto is deemed overinvested, while climate tech and other sectors need more investment.

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