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1、Venture MonitorThe definitive review of the US venture capital ecosystemQ42025Sponsored byPITCHBOOK-NVCA VENTURE MONITOR2Sponsored byContentsSponsored byMarket overview 4NVCA policy highlights 7Dealmaking 8A word from J.P.Morgan 13Regional spotlight 15Deals by sector:AI&ML 16Deals by sector:Life sci

2、ences 17Female founders 18A word from Dentons Global Venture Technology Group 20Investor trends 23Venture debt 25A word from EisnerAmper 27Exits 30Fundraising and performance 33Methodology 37PitchBook Data,Inc.NIZAR TARHUNI Executive Vice President of Research and Market IntelligencePAUL CONDRA Seni

3、or Director,Global Head of Private Markets ResearchAnalysisKYLE STANFORD,CAIA Director,VC ResearchEMILY ZHENG Senior Research Analyst,Venture CapitalKAIDI GAO Senior Research Analyst,Venture CDataCALEB WILKINS Data AnalystPublishingReport and cover design by MEGAN WOODARD,JENNA OMALLEY,JOSIE DOAN,an

4、d ADRIANA HANSENNational Venture Capital Association(NVCA)BOBBY FRANKLIN President&CEOSHILOH TILLEMANN-DICK Research DirectorEVAN KELLER Director of CommunicationsROBIN CEPPOS Communications ManagerKYLIE LAPSLEY Special Projects ManagerContact NVCAnvca.orgnvcanvca.orgJ.P.Morgan Commercial BankingAND

5、REW KRESSE Co-Head of Innovation EconomyJOHN CHINA Co-Head of Innovation EconomyPAMELA ALDSWORTH Co-Head of Venture Capital RelationshipsCARLY RODDY Co-Head of Venture Capital RelationshipsGINGER CHAMBLESS Head of Market InsightsContact J.P.M Global Venture Technology and Emerging Growth Companies G

6、roupVICTOR H.BOYAJIAN Global ChairContact DEisnerAmperPETER COGAN Managing Partner,Financial ServicesContact EisnerA 2026 JPMorgan Chase&Co.All rights reserved.JPMorgan Chase Bank,N.A.Member FDIC.Visit for full disclosures and disclaimers related to this content.2680181We are the bank of the innovat