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PitchBook:2025全球风险投资新兴机遇报告:跨技术垂直领域的早期投资吸引力分析(中译版)(122页).pdf

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1、2025Early-stage investment attractiveness across technology verticalsVC EmergingOpportunitiesGLOBALPG 22025 VC EMERGING OPPORTUNITIES|CONFIDENTIAL.NOT FOR REDISTRIBUTION.IntroductionIntroductionResearchPitchBook Data,Inc.Andrew Akers,CFA Lead Quantitative Research ASusan Hu Quantitative Research ACI

2、n the dynamic VC investment landscape,trends in emerging technology verticals can shift quickly.This report can help investors stay on top of those trends by providing them with a quantitative approach to vertical analysis that blends bottom-up and top-down perspectives.The ultimate goal is to provi

3、de investors with an objective way to compare risks and opportunities in early-stage startup investments(seed,Series A,and Series B)across and within verticals,thereby enabling well-informed portfolio allocation decisions.At the core of this analysis lies the PitchBook VC Exit Predictor,a machine le

4、arning(ML)model that predicts the probability that a startup will be acquired,go public,or not exit.This tool serves as the foundation for our bottom-up analysis by allowing us to aggregate individual company predictions into a vertical-level assessment,which provides valuable insights into the pote

5、ntial risks and return opportunities associated with each vertical.Our top-down analysis complements the insights provided by the VC Exit Predictor by tracking and synthesizing important macroeconomic-level trends across verticals.Indicators in this analysis include deal activity,valuations,publishe

6、d patent activity,top-ranked investor participation,and employee growth.Note:Throughout this report,“early-stage”refers to companies raising seed,Series A,and Series B rounds.It does not follow our traditional definition of“early-stage VC.”Additionally,the company counts for each vertical will diffe

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1. **SaaS与AI表现突出**:SaaS早期公司预期退出率达72.1%,领先其他垂直领域;AI领域2025年早期交易额增长41.2%,专利占比37.2%,居首位。 2. **防御科技增长强劲**:早期估值中位数增长7.7%,员工增长率10.6%,预期回报率24%,排名第二。 3. **投资活动分化**:游戏与农业科技交易额下滑超20%,而金融科技、健康科技首次融资增长;网络安全领域首次融资下降32.9%。 4. **估值普遍上升**:所有垂直领域早期估值中位数增长,供应链科技(+63.4%)和防御科技(+39.7%)领涨。 5. **创新与参与度**:AI专利占比最高(37.2%),顶级投资者参与率上升,但农业科技专利占比仅3.8%。
**SaaS为何领先?** **AI投资趋势如何?** **气候科技机会在哪?**
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