【-】2024年四季度基础设施SaaS风险投资趋势_12页_6mb
报告摘要
Infrastructure SaaS 2024 Q4 Summary
Core Content Overview
The document provides a detailed analysis of venture capital (VC) activity in the Infrastructure SaaS sector during Q4 2024. It outlines trends in deal value, deal count, and exit activity, highlighting the impact of major deals and the overall performance of the sector.
Key Findings
1. VC Activity in Q4 2024
- Deal Value: Q4 2024 saw a total deal value of $12.1 billion, driven primarily by Databricks' $10 billion Series J raise.
- Deal Count: There were 82 deals in Q4, marking a 16.3% decline from Q3 2024.
- Year-over-Year (YoY) Comparison: Excluding Databricks, the full year 2024 deal value was $22.3 billion, a 32.4% increase from 2023's $16.8 billion.
- Segment Performance:
- Application Infrastructure: $992.7 million in deals, with notable raises by Liquid AI and R2.
- ITOps: $598.7 million in deals, highlighted by Observe's $145 million Series B.
- DevOps: $292.6 million in deals, but with a 48.2% decline in Q4 deal value (excluding Databricks).
- Data Software & Systems: $252.4 million in deals, the lowest among the four segments in Q4 2024.
2. Deal Value by Stage
- Pre-seed & Seed: Increased by 31.6% QoQ to $282.6 million, despite a 11.1% decline in deal count.
- Early-stage VC: Declined by 45.2% QoQ.
- Late-stage VC: Declined by 51.1% QoQ.
- Venture Growth: Increased by 51.4% YoY.
3. VC Exits in 2024
- Exit Count: Total of 12 exits in Q4 2024, down from 18 in Q3.
- Exit Value: Only 2 out of 12 exits disclosed their values, with the largest being Stripe's acquisition of Bridge at $1.1 billion and NVIDIA's acquisition of Run:ai at $700 million.
- Public Listings: Three companies were publicly listed in 2024: Juhe Data, Marketingforce Management, and Infors, all listed in China.
- Exit Trends: Exits remained limited in terms of disclosed values, with only 20 out of 63 exits disclosing values in 2024, compared to 45 out of 46 in 2021.
4. Segment Share of Total VC Activity
- Q4 2024: Application infrastructure represented 27%, DevOps 32.2%, data software & systems 25.4%, and ITOps 12.9% of the total deal value.
- Full Year 2024: Application infrastructure had the highest share at 27%, followed by DevOps at 32.2%.
- Q4 2023: Application infrastructure had the highest share at 27%, but the overall deal value was lower.
5. Trends and Outlook
- The Databricks megadeal significantly skewed the deal value, but the sector still saw a 23.7% YoY increase when excluding both Databricks and Stripe's megadeals.
- AI disruption was a key theme in the largest deals of Q4.
- 2025 Outlook: Expected to be a more favorable year for VC exits, especially beyond the China market.
Key Infrastructure SaaS Early-Stage VC Deals in Q4 2024
| Company | Close Date | Segment | Category | Deal Value ($M) | Post-money Valuation ($M) | Lead Investor(s) |
|---|---|---|---|---|---|---|
| Liquid AI | December 13 | Application Infrastructure | Application Infrastructure | $250.0 | N/A | Advanced Micro Devices |
| Twelve Labs | December 12 | Application Infrastructure | Application Infrastructure | $80.0 | N/A | NVentures, New Enterprise Associates |
| Zero Gravity | November 13 | Data Software & Systems | Data Management Software | $75.0 | N/A | Hack VC |
| R2 | November 15 | Application Infrastructure | API First | $59.0 | N/A | Cometa (Mexico), Hi Ventures |
| ScaleOps | November 12 | ITOps | ITOps Management | $58.0 | N/A | Lightspeed Venture Partners |
| /dev/agents | November 26 | ITOps | Operating Systems & Virtualization | $56.0 | $520.0 | CapitalG, Index Ventures |
| Particle Network | November 18 | Application Infrastructure | Application Infrastructure | $40.0 | N/A | Polychain Capital |
| Zenity | October 29 | DevOps | Create | $38.0 | N/A | DTCP, M12, Third Point Ventures |
| Roboflow | November 19 | DevOps | Create | $37.5 | $295.5 | GV |
| Zed Industries | November 1 | DevOps | Plan | $32.0 | $152.0 | N/A |
Key Infrastructure SaaS VC Exits in 2024
| Company | Close Date | Exit Value ($M) | Exit Type | Acquirer(s)/Index |
|---|---|---|---|---|
| Marketingforce Management | May 16 | $1,318.6 | IPO | Hong Kong Stock Exchange |
| Bridge | October 20 | $1,100.0 | M&A | Stripe |
| Tabular | June 4 | $1,000.0 | M&A | Databricks |
| Run:ai | December 30 | $700.0 | M&A | NVIDIA |
| Rocket | June 21 | $500.0 | M&A | OpenAI |
| Juhe Data | June 28 | $483.3 | IPO | Hong Kong Stock Exchange |
| OctoAI | September 10 | $250.0 | M&A | NVIDIA |
| Qwak | June 25 | $230.0 | M&A | JFrog |
| Infors | March 13 | $199.4 | IPO | Shanghai Stock Exchange |
| SeaLights | July 17 | $150.0 | M&A | Tricentis |
Conclusion
Infrastructure SaaS experienced a significant boost in deal value in Q4 2024, largely due to Databricks' massive raise. While deal counts declined slightly, the sector showed resilience with a 23.7% YoY increase in deal value when excluding major megadeals. AI-driven solutions dominated the largest deals, and the trend of limited exit value disclosures persisted, though expectations for 2025 are more optimistic.
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