《CB Insights：2025年第一季度全球人工智能风险投资状况报告（英文版）（148页）.pdf》由会员分享，可在线阅读，更多相关《CB Insights：2025年第一季度全球人工智能风险投资状况报告（英文版）（148页）.pdf（148页珍藏版）》请在三个皮匠报告上搜索。

1、State of AIGlobal|Q1 2025Global data and analysis on dealmaking,funding,and exits by private market AI companiesState of AI2 2Make smartertech decisions.Our platform will help you discover,understand,and manage your response to emerging tech.Make confident tech decisions that drive growth,improve op

2、erations,and beat the competition with CB Insights.IIIITry our platform free!State of AI3 3“Steal”our data.Download the underlying data in this report.If you create any analysis or visualizations with this data,send it our way and you could be featured in the CBI newsletter.us on social LinkedIn X(T

3、witter)InstagramIIIIDownload the raw dataTL;DR4Your rundown onAI in Q12555%Of new AI unicorns target healthcare.While infrastructure companies received the lions share of funding in Q1,healthcare AI companies are leading new unicorn creation.Healthcare companies claimed the majority of new AI unicor

4、n valuations in Q125,with 6 out of 11 companies reaching the$1B+milestone focused on healthcare applications.Across all of VC,they drove nearly 1 in 3 new unicorns in the quarter.See the data 3Of the largest AI M&A deals target AI agent technology.The 3 largest of 85 AI acquisitions in Q125 were for

5、 companies offering enterprise AI agent technology.The markets these companies occupy such as agent development platforms and multi-agent systems boast among the highest average Mosaic scores across industries that CB Insights tracks,reflecting strong momentum and high potential for more exits in th

6、e coming months.See the data$66.6BAI funding in Q125 a record high.AI funding reached$66.6B in Q125,up 51%from Q424,across 1,134 deals.This growth was fueled by mega-rounds concentrated among a few infrastructure giants.Most notable was OpenAIs massive$40B round,followed by Anthropics$3.5B Series E

7、and Safe Superintelligences$2B Series B.However,even without the OpenAI deal,Q1 would still be the second-highest AI funding quarter on record.See the data AI funding skyrockets in Q125,driven by billion-dollar dealsTL;DR State of AIIIITrack 17,000+AI companiesEquity deals only.Healthcare companies

8、take majority of new AI unicornsTL;DR State of AIISee all of AIs current unicornsAI agents top the M&A charts as industry consolidatesAgentic technologies are among the highest-ranking markets by Mosaic score,signaling potential for more exitsTL;DR State of AIIExplore tech market leaderboardsData as

9、 of 4/30/2025.ContentsGlobal Trends9Investment Trends10Unicorns33Exit Trends39Investors43Geographic Trends47US48Silicon Valley54New York58Los Angeles62Boston66Seattle70DC74Austin78Philadelphia82Canada86Asia92China98India102Singapore106Japan110Europe114United Kingdom120Germany124France128Israel132Lat

10、Am136Oceania1428State of AIGlobal Trends9Investment Trends10Annual equity funding&deals11State of AI|Global Trends|Investment Trends$97.8B$63.4B$56.7B$101.5BFunding$66.6B4,7194,5674,3804,726Deals1,13401,0002,0003,0004,0005,000$0.0B$20.0B$40.0B$60.0B$80.0B$100.0B$120.0B20212022202320242025YTDQuarterl

11、y equity funding&deals12State of AI|Global Trends|Investment Trends$23.9B$24.8B$24.6B$24.5B$22.5B$17.8B$11.7B$11.4B$18.8B$13.2B$12.7B$12.0B$15.8B$24.5B$17.1B$44.1BFunding$66.6B1,1451,0711,2881,2151,3791,1531,0599761,1641,1031,0861,0271,0521,1081,3471,219Deals1,13402004006008001,0001,2001,4001,6001,8

12、00$0.0B$10.0B$20.0B$30.0B$40.0B$50.0B$60.0B$70.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12021202220232024202513State of AI|Global Trends|Investment TrendsUS$60.9B591 DealsAsia$1.5B242 DealsEurope$3.5B240 DealsCanada$0.4B18 DealsOceania$0.2B17 DealsLatAm$41M17 DealsAfrica$59M9 DealsFunding&deals by global

13、region in Q125Percent of quarterly deals by global region14State of AI|Global Trends|Investment Trends44%42%44%43%44%42%44%41%50%50%50%45%54%50%46%47%US,52%29%30%33%30%27%28%32%25%19%23%24%26%21%23%25%23%Asia,21%21%21%17%20%22%23%19%27%25%21%21%22%21%22%22%25%Europe,21%LatAm,1%Canada,2%Africa,1%Ocea

14、nia,1%All Other Regions,0%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Percent of quarterly deals by investor group15State of AI|Global Trends|Investment Trends34%35%33%34%34%32%33%33%34%35%35%34%34%34%31%35%VC,37%15%14%13%15%13%17%16%17%16%16%16%16%14%16%17%16%Other,14%9%9%10%10%10%12%10%1

15、2%10%11%10%11%12%12%11%12%Angel,12%10%10%10%9%10%10%10%9%8%10%9%9%9%9%8%9%CVC,10%9%9%10%9%9%8%9%9%8%10%9%10%9%9%10%8%Corp,9%8%10%9%10%10%9%8%9%7%7%7%8%8%8%7%7%Asset/Investment Management,8%8%6%7%6%8%6%9%7%15%7%10%7%12%8%11%8%Incubator/Accelerator,5%7%7%8%6%6%6%6%Private Equity,5%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2

16、Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual average&median deal size16State of AI|Global Trends|Investment Trends$28.7M$18.8M$18.0M$29.2M$77.0M20212022202320242025YTDAverage Deal Size$5.8M$4.4M$3.5M$4.0M$5.0M20212022202320242025YTDMedian Deal SizeAnnual median deal size by global region17State of AI|Gl

17、obal Trends|Investment Trends$8.0M$5.0M$7.0M202120232025YTDUS$7.0M$2.5M$2.6M202120232025YTDAsia$3.5M$3.1M$4.3M202120232025YTDEurope$1.2M$1.0M$1.8M202120232025YTDLatAm$2.1M$3.1M$5.0M202120232025YTDCanada$0.5M$2.0M$4.0M202120232025YTDAfrica$4.0M$3.3M$3.2M202120232025YTDOceaniaAnnual median deal size b

18、y investor group18State of AI|Global Trends|Investment Trends$5.2M$4.8M$4.3M202120232025YTDAngel$53.0M$14.0M$14.8M202120232025YTDAsset/Investment Management$20.0M$16.0M$17.0M202120232025YTDCVC$16.0M$9.4M$9.0M202120232025YTDCorp$45.0M$20.0M$23.0M202120232025YTDPrivate Equity$15.0M$8.0M$8.0M2021202320

19、25YTDVCQuarterly funding&deals from mega-rounds(deals worth$100m+)19State of AI|Global Trends|Investment Trends$16.5B$14.3B$13.4B$13.4B$11.5B$7.7B$4.4B$4.8B$12.9B$6.3B$6.2B$5.3B$9.6B$16.9B$8.3B$35.0BFunding$57.2B66626765594624261330312528372639Deals490102030405060708090$0.0B$10.0B$20.0B$30.0B$40.0B$

20、50.0B$60.0B$70.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12021202220232024202520State of AI|Global Trends|Investment TrendsUS$54.8B36 DealsEurope$1.6B7 DealsAsia$0.5B4 DealsCanada$0.2B1 DealOceania$0.1B1 DealMega-round funding&deals by global region in Q125Quarterly mega-round deals by global region21State

21、 of AI|Global Trends|Investment Trends19211931US,364544Asia,45833Europe,7LatAm,021Canada,11Oceania,1Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Quarterly mega-rounds as percent of funding22State of AI|Global Trends|Investment Trends69%58%54%55%51%43%37%42%69%48%49%44%61%69%49%79%Mega-round

22、s,86%31%42%46%45%49%57%63%58%31%52%51%56%39%31%51%21%Non-mega-rounds,14%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Global:Top equity deals in Q12523State of AI|Global Trends|Investment TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1OpenAI$40.0BVenture Capital202

23、5-03-31$300.0BSoftBank,Altimeter Capital,Coatue,Microsoft,Thrive CapitalUnited States2Anthropic$3.5BSeries E2025-03-03$61.5BLightspeed Venture Partners,Bessemer Venture Partners,General Catalyst,Menlo Ventures,Salesforce VenturesUnited States3Safe Superintelligence$2.0BSeries B2025-03-09$30.0BGreeno

24、aks,Andreessen Horowitz,Sequoia CapitalUnited States4Groq$1.5BUndisclosed2025-02-10N/A Kingdom of Saudi ArabiaUnited States5Anthropic$1.0BCorporate Minority2025-01-22N/A GoogleUnited States6Isomorphic Laboratories$600MSeries A2025-03-31N/A Thrive Capital,Google Ventures,AlphabetUnited Kingdom6Saroni

25、c$600MSeries C2025-02-18$4.0BElad Gil,Andreessen Horowitz,General Catalyst,8VC,Caffeinated CapitalUnited States8Lambda$480MSeries D2025-02-19$2.5BAndra Capital,SGW,1517 Fund,Crescent Cove Advisors,Super Micro ComputerUnited States9Apptronik$403MSeries A2025-02-12N/AB Capital,Capital Factory,Korea In

26、vestment Partners,ARK Invest,Atinum InvestmentUnited States10CoreWeave$350MCorporate Minority2025-03-10N/A OpenAIUnited StatesAnnual percent of deals by deal stage24State of AI|Global Trends|Investment Trends67%70%75%75%Early-stage,70%19%16%13%13%Mid-stage,13%9%7%6%6%Late-stage,9%5%7%7%7%Other,8%202

27、12022202320242025YTDRegional deal share by deal stage in Q12525State of AI|Global Trends|Investment Trends49%59%53%67%21%21%35%9%24%16%10%22%Early-stageMid-stageLate-stageOtherUSAsiaEuropeLatAmCanadaAfricaOceaniaAnnual median funding by deal stage26State of AI|Global Trends|Investment Trends$3.0M$3.

28、0M$2.3M$3.0M$3.8M20212022202320242025YTDEarly-stage$35.0M$30.0M$23.0M$27.0M$30.0M20212022202320242025YTDMid-stage$85.0M$60.0M$40.0M$40.0M$69.0M20212022202320242025YTDLate-stageGlobal:Top seed/angel deals in Q12527State of AI|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect Investors

29、Country1Lila Sciences$200MSeed VC2025-03-10General Catalyst,Abu Dhabi Investment Authority,Altitude Life Science Ventures,Ark Ventures,Blue Horizon AdvisorsUnited States2Spirit AI$73MSeed VC2025-03-31Prosperity7 Ventures,Broadvision Capital,Fibonacci VC,Fortune Capital,HighLight CapitalChina3Seven A

30、I$36MSeed VC2025-02-05Greylock Partners,Spark Capital,Carolina Research VenturesUnited States4Frontera$32MSeed VC2025-02-14Lightspeed Venture Partners,Lux Capital,Bison Ventures,Inspired Capital,Menlo VenturesUnited States5Qualified Health$30MSeed VC2025-01-08Frist Cressey Ventures,Healthier Capital

31、,SignalFire,Town Hall Ventures,Flare Capital PartnersUnited States5Antithesis$30MSeed VC2025-02-13Amplify Partners,Spark CapitalUnited States5Collate$30MSeed VC2025-01-13Redpoint Ventures,Conviction Partners,First Round,Y CombinatorUnited States8Manas AI$25MSeed VC2025-01-27General Catalyst,Greylock

32、 PartnersUnited States8Reflection AI$25MSeed VC2025-03-06Carolina Research Ventures,Sequoia CapitalUnited States10Andesite AI$23MSeed VC2025-02-11General Catalyst,Red Cell PartnersUnited StatesGlobal:Top Series A deals in Q12528State of AI|Global Trends|Investment TrendsCompanyRound AmountRoundDateS

33、elect InvestorsCountry1Isomorphic Laboratories$600MSeries A2025-03-31Thrive Capital,Google Ventures,AlphabetUnited Kingdom2Apptronik$403MSeries A2025-02-12B Capital,Capital Factory,Korea Investment Partners,ARK Invest,Atinum InvestmentUnited States3The Bot Company$150MSeries A2025-03-22GreenoaksUnit

34、ed States4Endless$110MSeries A2025-02-26Foresight VenturesUnited States4Nexthop$110MSeries A2025-03-25Lightspeed Venture Partners,Battery Ventures,Kleiner Perkins,Emergent Ventures,Westbridge CapitalUnited States6Reflection AI$105MSeries A2025-03-07Carolina Research Ventures,Lightspeed Venture Partn

35、ers,NVentures,SV Angel,Alexandr WangUnited States7MainFunc$100MSeries A2025-02-21Undisclosed InvestorsUnited States8Cartesia$64MSeries A2025-03-11Kleiner Perkins,Index Ventures,A*Capital,Dell Technologies Capital,FactoryUnited States9Applied AI$55MSeries A2025-02-10G42,Bessemer Venture Partners,Accr

36、ete Capital,McKinsey&Company,PalantirUnited Arab Emirates10Quibim$50MSeries A2025-01-28Asabys Partners,Buenavista Equity Partners,GoHub Ventures,UI Investissement,Adara VenturesSpain10Rhino.ai$50MSeries A2025-01-21Koch Disruptive TechnologiesUnited StatesGlobal:Top Series B deals in Q12529State of A

37、I|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountry1Safe Superintelligence$2.0BSeries B2025-03-09Greenoaks,Andreessen Horowitz,Sequoia CapitalUnited States2Together AI$305MSeries B2025-02-20General Catalyst,Prosperity7 Ventures,Kleiner Perkins,Cadenza Ventures,Coatue

38、United States3Neko Health$260MSeries B2025-01-23Lightspeed Venture Partners,General Catalyst,Atomico,Lakestar,O.G.Venture PartnersSweden4StackAdapt$235MSeries B2025-02-04Teachers Venture Growth,Intrepid Growth PartnersCanada5Hippocratic AI$141MSeries B2025-01-09Kleiner Perkins,Andreessen Horowitz,Ge

39、neral Catalyst,NVentures,Premji InvestUnited States6NEURA Robotics$123MSeries B2025-01-15Lingotto Investment Management,HV Capital,InterAlpen Partners,Vsquared Ventures,BlueCrest Capital ManagementGermany780 Acres Farms$115MSeries B2025-02-10Barclays Climate Ventures,Blue Earth Capital,General Atlan

40、tic,Siemens Financial Services,Virgo Investment GroupUnited States8Dream Security$100MSeries B2025-02-17Bain Capital Ventures,Aleph,Group 11,Tau Capital,Tru Arrow PartnersIsrael8EnCharge AI$100MSeries B2025-02-13Tiger Global Management,AlleyCorp,Anzu Partners,RTX Ventures,Scout VenturesUnited States

41、10Aescape$83MSeries B2025-03-04Valor Equity Partners,Alumni Ventures,Fifth Wall,Kevin Love,EquinoxUnited StatesGlobal:Top Series C deals in Q12530State of AI|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountry1Saronic$600MSeries C2025-02-18Elad Gil,Andreessen Horowitz,

42、General Catalyst,8VC,Caffeinated CapitalUnited States2Truveta$320MSeries C2025-01-13Providence,Advocate Health,Henry Ford Health System,IlluminaUnited States3Celestial AI$250MSeries C2025-03-11Fidelity Investments,AMD Ventures,Engine Ventures,Koch Disruptive Technologies,Porsche Automobil HoldingUni

43、ted States4ElevenLabs$180MSeries C2025-01-24Andreessen Horowitz,ICONIQ Growth,New Enterprise Associates,Sequoia Capital,BroadLight CapitalUnited States5Loft Orbital$170MSeries C2025-01-14AXIAL Partners,Tikehau Capital,Foundation Capital,Uncork Capital,BpifranceUnited States6Harrison.ai$112MSeries C2

44、025-01-29Aware Super,ECP Asset Management,Horizons Ventures,Blackbird Ventures,Alpha JWC VenturesAustralia7Dexterity$95MSeries C2025-03-11Lightspeed Venture Partners,SumitomoUnited States8Hightouch$80MSeries C2025-02-18Sapphire Ventures,Bain Capital Ventures,Afore Capital,ICONIQ Growth,Y CombinatorU

45、nited States9Baseten$75MSeries C2025-02-19Institutional Venture Partners,Spark Capital,Greylock Partners,Lachy Groom,South Park CommonsUnited States9Luminance$75MSeries C2025-02-18Point72 Asset Management,March Capital,National Grid Partners,Slaughter and May,Forestay CapitalUnited Kingdom9OpenEvide

46、nce$75MSeries C2025-02-19Sequoia CapitalUnited StatesGlobal:Top Series D deals in Q12531State of AI|Global Trends|Investment TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1Lambda$480MSeries D2025-02-19$2.5BAndra Capital,SGW,1517 Fund,Crescent Cove Advisors,Super Micro Comp

47、uterUnited States2Harvey$300MSeries D2025-02-12$3.0BSequoia Capital,Kleiner Perkins,Conviction Capital,Elad Gil,Google VenturesUnited States3Abridge$250MSeries D2025-02-17$2.8BElad Gil,Institutional Venture Partners,Bessemer Venture Partners,Lightspeed Venture Partners,Redpoint VenturesUnited States

48、3Epirus$250MSeries D2025-03-04$1.0B8VC,Washington Harbour Partners,Gaingels,General Dynamics Land Systems,Stepstone GroupUnited States5Synthesia$180MSeries D2025-01-14$2.1BNew Enterprise Associates,Accel,Kleiner Perkins,FirstMark Capital,Google VenturesUnited Kingdom6Zhipu AI$137MSeries D2025-03-03N

49、/A Hangzhou Chengtou,Shangcheng Capital,Alibaba,TencentChina7Semgrep$100MSeries D2025-02-05N/AMenlo Ventures,Lightspeed Venture Partners,Redpoint Ventures,Sequoia Capital,FelicisUnited States7Instabase$100MSeries D2025-01-17$1.2BQatar Investment Authority,Andreessen Horowitz,Greylock Partners,Index

50、Ventures,New Enterprise AssociatesUnited States9netradyne$90MSeries D2025-01-16$1.4B Point72 Asset Management,Pavilion Capital,Qualcomm VenturesUnited States10Qventus$85MSeries D2025-01-13$400MKKR,Bessemer Venture Partners,Allina Health System,HonorHealth,Northwestern MedicineUnited StatesGlobal:Top

51、 Series E+deals in Q12532State of AI|Global Trends|Investment TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1Anthropic$3.5BSeries E2025-03-03$61.5BLightspeed Venture Partners,Bessemer Venture Partners,General Catalyst,Menlo Ventures,Salesforce VenturesUnited States2Innovac

52、cer$275MSeries F2025-01-09$3.5BKaiser Permanente,B Capital,M12,Banner Health,Danaher VenturesUnited States3Island$250MSeries E2025-02-08$4.8B CoatueUnited States4Shield AI$240MSeries F2025-03-06$5.3BAndreessen Horowitz,US Innovative Technology Fund,Booz Allen Hamilton,Hanwha Aerospace,L3Harris Techn

53、ologiesUnited States5Quantexa$175MSeries F2025-03-04$2.6B Teachers Venture Growth,British Patient CapitalUnited Kingdom6Inari$144MSeries G2025-01-07$2.2BFlagship Pioneering,Hanwha Impact,NGS Super,State of Michigan Retirement Systems,Abu Dhabi Investment AuthorityUnited States7Cybereason$120MSeries

54、H2025-03-10N/A Liberty Strategic Capital,SoftBankUnited States8Turing$111MSeries E2025-03-06$2.2BKhazanah Nasional,AltaIR Capital,Amino Capital,Gaingels,MVP VenturesUnited States9Insilico Medicine$110MSeries E2025-01-06$1.0BPudong VC,Value Partners,OrbiMed Advisors,Warburg Pincus,Eli Lilly and Compa

55、nyChina10Fourier$109MSeries E2025-01-07N/AProsperity7 Ventures,Guoxin Investment,Peakvest,Pudong VC,ZJSTICChinaUnicorns33Quarterly new&total unicorns(private companies valued at$1b+)34State of AI|Global Trends|Unicorns761312New Unicorns,11241240250258Total Unicorns,268Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q

56、4Q12021202220232024202535State of AI|Global Trends|UnicornsUS1818 NewEurope382 NewAsia391 NewLatAm30 NewCanada50 NewOceania20 NewNew&total unicorns by global region in Q125Quarterly new unicorns by global region36State of AI|Global Trends|Unicorns451011US,8211Asia,1121Europe,2LatAm,0Canada,0Oceania,

57、0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Global:Top unicorn births in Q12537State of AI|Global Trends|UnicornsCompanyLatest Valuation Country1Abridge$2.8BUnited States2Neko Health$1.8BSweden3Hippocratic AI$1.6BUnited States4netradyne$1.4BUnited States5Clay$1.3BUnited States6Hightouch$1

58、.2BUnited States7Dream Security$1.1BIsrael8Assured$1.0BUnited States8Insilico Medicine$1.0BChina8OpenEvidence$1.0BUnited States8Truveta$1.0BUnited StatesGlobal:Top unicorns by valuation in Q12538State of AI|Global Trends|UnicornsCompanyLatest Valuation Country1ByteDance$300.0BChina1OpenAI$300.0BUnit

59、ed States3Databricks$62.0BUnited States4Anthropic$61.5BUnited States5xAI$50.0BUnited States6Canva$32.0BAustralia7Safe Superintelligence$30.0BUnited States8Anduril Industries$14.0BUnited States9Scale$13.8BUnited States10Grammarly$13.0BUnited StatesExit Trends39Quarterly exits40State of AI|Global Tren

60、ds|Exit Trends53615IPO,17212371125M&A,851111SPAC,1Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Percent of quarterly exits by global region41State of AI|Global Trends|Exit Trends55%64%51%53%43%45%44%35%38%37%42%42%41%49%49%46%US,63%9%12%19%17%14%18%11%13%21%25%22%9%10%11%14%Asia,7%29%25%26%2

61、1%28%34%34%45%36%33%27%28%40%36%33%32%Europe,27%LatAm,0%9%5%5%6%9%Canada,1%Africa,0%Oceania,2%All Other Regions,0%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Global:Top M&A exits in Q12542State of AI|Global Trends|Exit TrendsCompanyRound ValuationAcquirerCountry1Moveworks$2.8B ServiceNowUn

62、ited States2Weights&Biases$1.7B CoreWeaveUnited States3OfferFit$325M BrazeUnited States4Kinara$307M NXP SemiconductorsUnited States5IDnow$295M Corsair CapitalGermany6SafeBase$250M DrataUnited States7Voyage AI$220M MongoDBUnited States8Greenscreens.ai$160M Triumph FinancialUnited States9Oosto$125M Me

63、tropolisUnited States10Humane$116M Hewlett-PackardUnited StatesInvestors43Global:Top investors by company count in Q12544State of AI|Global Trends|InvestorsInvestorCompany Count Investor GroupCountry1General Catalyst22VCUnited States2Andreessen Horowitz14VCUnited States2Lightspeed Venture Partners14

64、VCUnited States4Alumni Ventures11VCUnited States4Sequoia Capital11VCUnited States68VC10VCUnited States6Antler10VCSingapore8Khosla Ventures9VCUnited States8Kleiner Perkins9VCUnited States8Menlo Ventures9VCUnited StatesGlobal:Top VCs by company count in Q12545State of AI|Global Trends|InvestorsInvesto

65、rCompany Count Country1General Catalyst22United States2Andreessen Horowitz14United States2Lightspeed Venture Partners14United States4Alumni Ventures11United States4Sequoia Capital11United States68VC10United States6Antler10Singapore8Khosla Ventures9United States8Kleiner Perkins9United States8Menlo Ve

66、ntures9United StatesGlobal:Top corporate VCs(CVCs)by company count in Q12546State of AI|Global Trends|InvestorsInvestorCompany Count Country1Google Ventures8United States2In-Q-Tel5United States2Intel Capital5United States2NVentures5United States2Prosus Ventures5Netherlands6Dell Technologies Capital4

67、United States6Info Edge Ventures4India6M124United States6Mizuho Capital4Japan6NAVER D2 Startup Factory4South Korea6Qualcomm Ventures4United States6Salesforce Ventures4United States6Samsung NEXT4United StatesGeographic Trends47US Trends48Quarterly funding&deals49State of AI|Geographic Trends|US Trend

68、s$16.4B$14.0B$15.4B$16.1B$13.3B$10.6B$6.8B$7.1B$16.1B$8.5B$8.4B$6.9B$10.8B$16.1B$12.1B$38.3BFunding$60.9B503450568523610487462403586550548467565559623570Deals5910100200300400500600700800$0.0B$10.0B$20.0B$30.0B$40.0B$50.0B$60.0B$70.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percen

69、t of deals by deal stage50State of AI|Geographic Trends|US Trends62%66%74%72%Early-stage,66%20%16%12%14%Mid-stage,15%10%7%5%6%Late-stage,9%8%11%8%9%Other,10%20212022202320242025YTDUS:Top equity deals in Q12551State of AI|Geographic Trends|US TrendsCompanyRound AmountRoundDateRound Valuation Select I

70、nvestors1OpenAI$40.0BVenture Capital2025-03-31$300.0B SoftBank,Altimeter Capital,Coatue,Microsoft,Thrive Capital2Anthropic$3.5BSeries E2025-03-03$61.5BLightspeed Venture Partners,Bessemer Venture Partners,General Catalyst,Menlo Ventures,Salesforce Ventures3Safe Superintelligence$2.0BSeries B2025-03-

71、09$30.0B Greenoaks,Andreessen Horowitz,Sequoia Capital4Groq$1.5BUndisclosed2025-02-10N/A Kingdom of Saudi Arabia5Anthropic$1.0BCorporate Minority2025-01-22N/A Google6Saronic$600MSeries C2025-02-18$4.0BElad Gil,Andreessen Horowitz,General Catalyst,8VC,Caffeinated Capital7Lambda$480MSeries D2025-02-19

72、$2.5BAndra Capital,SGW,1517 Fund,Crescent Cove Advisors,Super Micro Computer8Apptronik$403MSeries A2025-02-12N/AB Capital,Capital Factory,Korea Investment Partners,ARK Invest,Atinum Investment9CoreWeave$350MCorporate Minority2025-03-10N/A OpenAI10Truveta$320MSeries C2025-01-13$1.0B Providence,Advoca

73、te Health,Henry Ford Health System,IlluminaQuarterly exits52State of AI|Geographic Trends|US Trends3113IPO,128623763M&A,551SPAC,1Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025US:Top investors by company count in Q12553State of AI|Geographic Trends|US TrendsInvestorCompany Count Investor Grou

74、p1General Catalyst22VC2Andreessen Horowitz14VC2Lightspeed Venture Partners14VC4Alumni Ventures11VC4Sequoia Capital11VC68VC10VC7Khosla Ventures9VC7Kleiner Perkins9VC7Menlo Ventures9VCSilicon Valley54Quarterly funding&deals55State of AI|Geographic Trends|Silicon Valley$9.7B$7.1B$7.6B$8.6B$6.8B$5.3B$3.

75、0B$2.2B$13.3B$5.2B$4.4B$2.4B$8.2B$10.9B$6.6B$32.9BFunding$53.1B194161197196207184164133227192195151243219212207Deals213050100150200250300350$0.0B$10.0B$20.0B$30.0B$40.0B$50.0B$60.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage56State of AI|Geographic Tre

76、nds|Silicon Valley59%63%76%72%Early-stage,65%25%20%14%18%Mid-stage,18%13%9%5%5%Late-stage,10%8%Other,7%20212022202320242025YTDSilicon Valley:Top equity deals in Q12557State of AI|Geographic Trends|Silicon ValleyCompanyRound AmountRoundDateRound Valuation Select Investors1OpenAI$40.0BVenture Capital2

77、025-03-31$300.0BSoftBank,Altimeter Capital,Coatue,Microsoft,Thrive Capital2Anthropic$3.5BSeries E2025-03-03$61.5BLightspeed Venture Partners,Bessemer Venture Partners,General Catalyst,Menlo Ventures,Salesforce Ventures3Safe Superintelligence$2.0BSeries B2025-03-09$30.0B Greenoaks,Andreessen Horowitz

78、,Sequoia Capital4Groq$1.5BUndisclosed2025-02-10N/A Kingdom of Saudi Arabia5Anthropic$1.0BCorporate Minority2025-01-22N/A GoogleNew York58Quarterly funding&deals59State of AI|Geographic Trends|New York$2.9B$1.3B$2.1B$1.8B$0.7B$1.1B$0.4B$0.9B$0.7B$1.4B$0.9B$1.6B$0.6B$2.8B$1.1B$0.6BFunding$1.5B77598163

79、845664638967696381849658Deals81020406080100$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage60State of AI|Geographic Trends|New York65%76%77%76%Early-stage,69%20%10%10%14%Mid-stage,16%7%6%6%Late-stage,7%8%9%7%7%Other,7

80、%20212022202320242025YTDNew York:Top equity deals in Q12561State of AI|Geographic Trends|New YorkCompanyRound AmountRoundDateRound Valuation Select Investors1CoreWeave$350MCorporate Minority2025-03-10N/A OpenAI2ElevenLabs$180MSeries C2025-01-24$3.3BAndreessen Horowitz,ICONIQ Growth,New Enterprise As

81、sociates,Sequoia Capital,BroadLight Capital3Reflection AI$105MSeries A2025-03-07$555MCarolina Research Ventures,Lightspeed Venture Partners,NVentures,SV Angel,Alexandr Wang4Aescape$83MSeries B2025-03-04$233MValor Equity Partners,Alumni Ventures,Fifth Wall,Kevin Love,Equinox5Augury$75MSeries F2025-02

82、-19N/ALightrock,Insight Partners,Lerer Hippeau,Munich Re Ventures,Qualcomm VenturesLos Angeles62Quarterly funding&deals63State of AI|Geographic Trends|Los Angeles$0.1B$1.7B$0.4B$0.2B$0.5B$0.3B$0.9B$1.7B$0.2B$0.1B$0.2B$0.3B$0.1B$0.2B$1.8B$0.7BFunding$0.8B23294134312729182428312720223335Deals230510152

83、025303540$0M$200M$400M$600M$800M$1,000M$1,200M$1,400M$1,600M$1,800M$2,000MQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage64State of AI|Geographic Trends|Los Angeles70%65%70%68%Early-stage,43%13%14%12%13%Mid-stage,17%11%9%10%5%Late-stage,13%6%12%8%14%Other,

84、26%20212022202320242025YTDLos Angeles:Top equity deals in Q12565State of AI|Geographic Trends|Los AngelesCompanyRound AmountRoundDateRound Valuation Select Investors1DDN$300MPrivate Equity2025-01-08$5.0B Blackstone2Epirus$250MSeries D2025-03-04N/A8VC,Washington Harbour Partners,Gaingels,General Dyna

85、mics Land Systems,Stepstone Group3Cicero Technologies$63MVenture Capital2025-03-25N/A General Catalyst,Peak XV Partners4Zeitview$60MSeries F2025-03-05N/AClimate Investment,Union Square Ventures,Energy Transition Ventures,Euclidean Capital,Hearst Ventures5Cicero Technologies$37MConvertible Note2025-0

86、3-20N/A Undisclosed InvestorsBoston66Quarterly funding&deals67State of AI|Geographic Trends|Boston$1.1B$1.0B$1.4B$1.4B$1.1B$1.3B$0.7B$0.7B$0.2B$0.4B$0.9B$0.6B$0.3B$0.4B$0.4B$0.8BFunding$0.9B29453437424435313434463428363349Deals35010203040506070$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1.2B$1.4B$1.6BQ1Q2Q3Q4Q1Q

87、2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage68State of AI|Geographic Trends|Boston57%62%67%66%Early-stage,51%24%18%16%15%Mid-stage,34%12%7%7%5%Late-stage,6%7%13%9%13%Other,9%20212022202320242025YTDBoston:Top equity deals in Q12569State of AI|Geographic Trends|Bost

88、onCompanyRound AmountRoundDateRound Valuation Select Investors1Lila Sciences$200MSeed VC2025-03-10N/AGeneral Catalyst,Abu Dhabi Investment Authority,Altitude Life Science Ventures,Ark Ventures,Blue Horizon Advisors2Inari$144MSeries G2025-01-07$2.2BFlagship Pioneering,Hanwha Impact,NGS Super,State of

89、 Michigan Retirement Systems,Abu Dhabi Investment Authority3OpenEvidence$75MSeries C2025-02-19$1.0B Sequoia Capital4Arbor Biotechnologies$74MSeries C2025-03-18N/AARCH Venture Partners,TCG Crossover,Ally Bridge Group,ArrowMark Partners,Deep Track Capital5Eleos Health$60MSeries C2025-01-22N/AGreenfiel

90、d Partners,Eight Roads Ventures,F-Prime Capital,ION,Lool VenturesSeattle70Quarterly funding&deals71State of AI|Geographic Trends|Seattle$319M$296M$319M$360M$341M$194M$230M$107M$66M$142M$253M$265M$48M$101M$421M$296MFunding$570M16112622191321141821192520182520Deals2505101520253035$0.0B$0.1B$0.2B$0.3B$

91、0.4B$0.5B$0.6BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage72State of AI|Geographic Trends|Seattle75%72%76%80%Early-stage,64%13%13%14%7%Mid-stage,16%7%6%Late-stage,0%5%9%7%8%Other,20%20212022202320242025YTDSeattle:Top equity deals in Q12573State of AI|Ge

92、ographic Trends|SeattleCompanyRound AmountRoundDateRound Valuation Select Investors1Truveta$320MSeries C2025-01-13$1.0BProvidence,Advocate Health,Henry Ford Health System,Illumina2Lumotive$45MSeries B2025-02-19N/AGates Frontier,Himax Technologies,MetaVC Partners,Quan Ventures,USAA Ventures3AIM Intel

93、ligent Machines$41MVenture Capital2025-01-15N/A Khosla Ventures4Overland AI$32MSeries A2025-01-13N/A 8VC,Ascend,Point72 Ventures,Shasta Ventures,Caprock5Bridgetown Research$19MSeries A2025-02-26$250M Accel,Lightspeed Venture PartnersDC74Quarterly funding&deals75State of AI|Geographic Trends|DC$217M$

94、125M$341M$445M$100M$118M$117M$104M$25M$89M$25M$48M$226M$127M$238M$233MFunding$203M1391220139111442091116152018Deals22051015202530$0.0B$0.1B$0.1B$0.2B$0.2B$0.3B$0.3B$0.4B$0.4B$0.5BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage76State of AI|Geographic Trend

95、s|DC56%66%66%58%Early-stage,77%17%11%14%Mid-stage,0%13%9%16%Late-stage,0%15%15%18%22%Other,23%20212022202320242025YTDDC:Top equity deals in Q12577State of AI|Geographic Trends|DCCompanyRound AmountRoundDateRound Valuation Select Investors1Rhino.ai$50MSeries A2025-01-21N/A Koch Disruptive Technologie

96、s2Allen Control Systems$30MSeries A2025-03-27N/ACraft Ventures,Rally Ventures,Inspired Capital,State of Wisconsin Investment Board2Antithesis$30MSeed VC2025-02-13N/A Amplify Partners,Spark Capital4Istari Digital$27MSeries A2025-01-08N/A Icon Ventures5Andesite AI$23MSeed VC2025-02-11N/A General Catal

97、yst,Red Cell PartnersAustin78Quarterly funding&deals79State of AI|Geographic Trends|Austin$394M$252M$382M$423M$325M$50M$112M$187M$99M$102M$185M$219M$30M$108M$307M$191MFunding$1,195M17141415181013141314151810112321Deals15051015202530$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1.2B$1.4BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2

98、Q3Q4Q120212022202320242025Annual percent of deals by deal stage80State of AI|Geographic Trends|Austin65%73%75%77%Early-stage,40%22%11%13%9%Mid-stage,27%8%5%7%Late-stage,20%5%11%5%11%Other,13%20212022202320242025YTDAustin:Top equity deals in Q12581State of AI|Geographic Trends|AustinCompanyRound Amou

99、ntRoundDateRound Valuation Select Investors1Saronic$600MSeries C2025-02-18$4.0BElad Gil,Andreessen Horowitz,General Catalyst,8VC,Caffeinated Capital2Apptronik$403MSeries A2025-02-12N/AB Capital,Capital Factory,Korea Investment Partners,ARK Invest,Atinum Investment3ICON$56MSeries C2025-02-13N/ANorwes

100、t Venture Partners,Tiger Global Management,CAZ Investments,Moderne Ventures,Oakhouse Partners4Overhaul$55MSeries D2025-01-06N/A Springcoast Capital Partners,Edison Partners,Americo5The Helper Bees$35MSeries C2025-01-28N/ACentana Growth Partners,Alumni Ventures,Impact Engine,Northwestern Mutual Futur

101、e Ventures,Silverton PartnersPhiladelphia82Quarterly funding&deals83State of AI|Geographic Trends|Philadelphia$34M$362M$93M$163M$289M$158M$72M$106M$89M$54M$133M$183M$141M$169M$152M$70MFunding$225M1581613241610173726232524183815Deals23051015202530354045$0M$50M$100M$150M$200M$250M$300M$350M$400MQ1Q2Q3

102、Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage84State of AI|Geographic Trends|Philadelphia81%84%83%84%Early-stage,87%10%10%10%8%Mid-stage,0%Late-stage,9%8%5%5%Other,4%20212022202320242025YTDPhiladelphia:Top equity deals in Q12585State of AI|Geographic Trends|Ph

103、iladelphiaCompanyRound AmountRoundDateRound Valuation Select Investors1Proscia$50MSeries D2025-03-19N/AAlpha Intelligence Capital,Insight Partners,Triangle Peak Partners,Emerald Development Managers,Fusion Fund2Piano Software$45MSeries D2025-02-06N/A Updata Partners3Crogl$25MSeries A2025-03-06N/A Me

104、nlo Ventures4HockeyStack$20MSeries A2025-01-28N/ABessemer Venture Partners,Y Combinator,QNBEYOND Ventures,Uncorrelated Ventures5Prime Intellect$15MSeries A2025-02-28N/A Founders Fund,Clem Delangue,Dylan Patel,Menlo VenturesCanada Trends86Quarterly funding&deals87State of AI|Geographic Trends|Canada

105、Trends$103M$1,031M$559M$175M$819M$568M$143M$210M$81M$743M$306M$234M$224M$713M$190M$920MFunding$385M33333236463523303239353325273124Deals1801020304050$0.0B$0.2B$0.4B$0.6B$0.8B$1.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage88State of AI|Geographic Trend

106、s|Canada Trends76%78%76%82%Early-stage,67%10%12%11%7%Mid-stage,22%6%6%6%Late-stage,11%7%7%8%Other,0%20212022202320242025YTDCanada:Top equity deals in Q12589State of AI|Geographic Trends|Canada TrendsCompanyRound AmountRoundDateRound Valuation Select Investors1StackAdapt$235MSeries B2025-02-04N/A Tea

107、chers Venture Growth,Intrepid Growth Partners2Novarc Technologies$50MSeries B2025-03-11N/AExport Development Canada,Graham Partners,Seaspan Shipyards,inBC3Nanoprecise$38MSeries C2025-03-27N/ABusiness Development Bank of Canada,Yaletown Partners,Export Development Canada,BMO Capital Partners4Gumloop$

108、17MSeries A2025-01-10N/ANexus Venture Partners,First Round Capital,Max Mullen,Y Combinator,Bryant Chou5Augmenta$10MConvertible Note2025-03-01N/A Prelude Ventures,Montage Ventures6Vrify$9MSeries B2025-02-27N/ALGVP Partners,Beedie Capital Partners,Resource Capital Funds7Variational AI$6MSeed VC2025-02

109、-20N/ANimbus Synergies,A&E investments,Flying Fish Venture Partners,Defined Capital,Merck Global Health Innovation Fund8Borderless AI$5MSeed VC2025-01-16N/A Cohere8Nexera Robotics$5MSeed2025-02-27N/A Business Development Bank of Canada10Lumi AI$4MSeed VC2025-03-20N/A AgFunder,ADQ,Forum Ventures,Qora

110、71Quarterly exits90State of AI|Geographic Trends|Canada Trends1IPO,07314M&A,11SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Canada:Top investors by company count in Q12591State of AI|Geographic Trends|Canada TrendsInvestorCompany Count Investor Group1Cross-Border Impact Ventures2VC1Nim

111、bus Synergies2VC1Radical Ventures2VC1Teachers Venture Growth2VC1Westbridge Capital2Private EquityAsia Trends92Quarterly funding&deals93State of AI|Geographic Trends|Asia Trends$5.1B$5.2B$5.4B$4.7B$4.1B$3.2B$2.4B$1.6B$0.8B$1.8B$1.8B$2.7B$2.8B$3.1B$2.1B$2.1BFunding$1.5B33331842636736632633424422025025

112、7269223253336285Deals242050100150200250300350400450$0.0B$1.0B$2.0B$3.0B$4.0B$5.0B$6.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage94State of AI|Geographic Trends|Asia Trends67%66%69%72%Early-stage,69%22%23%18%16%Mid-stage,13%8%8%8%8%Late-stage,14%5%Othe

113、r,3%20212022202320242025YTDAsia:Top equity deals in Q12595State of AI|Geographic Trends|Asia TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1Zhipu AI$137MSeries D2025-03-03N/AHangzhou Chengtou,Shangcheng Capital,Alibaba,TencentChina2uSMART$130MCorporate Minority2025-03-18$2

114、96M Chow Tai Fook EnterprisesHong Kong3Insilico Medicine$110MSeries E2025-01-06$1.0BPudong VC,Value Partners,OrbiMed Advisors,Warburg Pincus,Eli Lilly and CompanyChina4Fourier$109MSeries E2025-01-07N/AProsperity7 Ventures,Guoxin Investment,Peakvest,Pudong VC,ZJSTICChina5Spirit AI$73MSeed VC2025-03-3

115、1N/AProsperity7 Ventures,Broadvision Capital,Fibonacci VC,Fortune Capital,HighLight CapitalChina5Wrtn Technologies$73MSeries B2025-03-30N/AGoodwater Capital,BRV Capital Management,Capstone Partners,Z Venture CapitalSouth Korea7Xoxoday$70MSeries D2025-03-04N/A Apis PartnersIndia8Zhipu AI$69MSeries D2

116、025-03-13N/A Huafa GroupChina9AISpeech$68MSeries H2025-01-14N/AUndisclosed Investors,Undisclosed Private Equity InvestorsChina9Cornerstone Robotics$68MSeries C2025-01-13N/AEQT,K2VC,Longzhu Capital,Qiming Venture Partners,Alpha JWC VenturesChinaQuarterly exits96State of AI|Geographic Trends|Asia Tren

117、ds1249IPO,0610512M&A,6SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Asia:Top investors by company count in Q12597State of AI|Geographic Trends|Asia TrendsInvestorCompany Count Investor GroupCountry1Antler10VCSingapore2Hillhouse Capital Management4Asset/investment managementChina2Info E

118、dge Ventures4CVCIndia2Korea Investment Partners4VCSouth Korea2Mizuho Capital4CVCJapan2NAVER D2 Startup Factory4CVCSouth Korea2Peak XV Partners4VCIndiaChina98Quarterly funding&deals99State of AI|Geographic Trends|China$4.4B$4.0B$3.6B$3.7B$1.9B$1.9B$1.6B$1.1B$0.4B$1.1B$1.2B$1.6B$2.1B$0.7B$1.3B$1.0BFun

119、ding$0.7B1801842321681591261149782889510765869074Deals71050100150200250$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5B$4.0B$4.5B$5.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage100State of AI|Geographic Trends|China60%54%62%67%Early-stage,59%29%37%28%22%Mid-st

120、age,24%8%8%8%7%Late-stage,15%Other,1%20212022202320242025YTDChina:Top equity deals in Q125101State of AI|Geographic Trends|ChinaCompanyRound AmountRoundDateRound Valuation Select Investors1Zhipu AI$137MSeries D2025-03-03N/A Hangzhou Chengtou,Shangcheng Capital,Alibaba,Tencent2Insilico Medicine$110MS

121、eries E2025-01-06$1.0BPudong VC,Value Partners,OrbiMed Advisors,Warburg Pincus,Eli Lilly and Company3Fourier$109MSeries E2025-01-07N/AProsperity7 Ventures,Guoxin Investment,Peakvest,Pudong VC,ZJSTIC4Spirit AI$73MSeed VC2025-03-31N/AProsperity7 Ventures,Broadvision Capital,Fibonacci VC,Fortune Capita

122、l,HighLight Capital5Zhipu AI$69MSeries D2025-03-13N/A Huafa GroupIndia102Quarterly funding&deals103State of AI|Geographic Trends|India$56M$159M$370M$290M$987M$274M$111M$127M$105M$117M$127M$264M$108M$218M$315M$141MFunding$239M32305045593540312725231817374833Deals3301020304050607080$0M$100M$200M$300M$

123、400M$500M$600M$700M$800M$900M$1,000MQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage104State of AI|Geographic Trends|India81%79%82%88%Early-stage,82%10%9%10%10%Mid-stage,6%5%10%Late-stage,9%Other,3%20212022202320242025YTDIndia:Top equity deals in Q125105Sta

124、te of AI|Geographic Trends|IndiaCompanyRound AmountRoundDateRound Valuation Select Investors1Xoxoday$70MSeries D2025-03-04N/A Apis Partners2SpotDraft$54MSeries B2025-02-12N/ATrident Partners Group,Vertex Growth,Arkam Ventures,Premji Invest,Prosus Ventures3Lucidity$21MSeries A2025-02-12N/A WestBridge

125、 Capital,Alpha Wave Global4Ati Motors$20MSeries B2025-01-03N/ANGP Capital,Walden Catalyst Ventures,Blume Ventures,Exfinity Venture Partners,True Ventures5Spyne$16MSeries A2025-02-18N/A Vertex Ventures,Accel,Storm Ventures,Alteria CapitalSingapore106Quarterly funding&deals107State of AI|Geographic Tr

126、ends|Singapore$9M$206M$536M$281M$330M$358M$51M$86M$49M$106M$52M$87M$187M$202M$99M$157MFunding$46M14172822232413172017161619212322Deals1705101520253035$0M$100M$200M$300M$400M$500MQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage108State of AI|Geographic Trend

127、s|Singapore77%83%83%84%Early-stage,88%19%10%8%Mid-stage,0%Late-stage,0%9%Other,12%20212022202320242025YTDSingapore:Top equity deals in Q125109State of AI|Geographic Trends|SingaporeCompanyRound AmountRoundDateRound Valuation Select Investors1RockFlow$10MSeries A2025-03-19N/A Undisclosed Investors2GE

128、ODNET$8MSeed VC2025-02-25N/A Multicoin Capital,DACM,ParaFi Capital2fileAI$8MSeries A2025-02-03N/AAntler Elevate,Heinemann Asia Pacific,Illuminate Financial Management,Insignia Ventures Partners4FrodoBots AI$6MSeed VC2025-02-13N/A Protocol Labs,Fabric Ventures,Sfermion,Solana Ventures,Tioga Capital5C

129、apx$3MSeed VC2025-03-27N/A Luganodes,Manifold,Gate.io,P2 Ventures,STIX5Noovoleum$3MSeed VC2025-02-12N/A Rigel Capital5Onetab.ai$3MSeed VC2025-02-20N/A LIT Fund,Orbit Startups,SOSV,Sunil Kumar SinghviJapan110Quarterly funding&deals111State of AI|Geographic Trends|Japan$242M$108M$373M$79M$122M$345M$20

130、8M$67M$100M$93M$240M$78M$125M$318M$118M$70MFunding$62M40192635344952363949504650456954Deals490102030405060708090$0.0B$0.1B$0.1B$0.2B$0.2B$0.3B$0.3B$0.4B$0.4BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage112State of AI|Geographic Trends|Japan59%53%55%57%Ea

131、rly-stage,57%21%19%21%20%Mid-stage,12%15%18%15%21%Late-stage,29%5%11%9%Other,2%20212022202320242025YTDJapan:Top equity deals in Q125113State of AI|Geographic Trends|JapanCompanyRound AmountRoundDateRound Valuation Select Investors1GOOPASS$28MSeries C2025-01-31N/ASony Payment Services,Yamaha Music En

132、tertainment,Hidashin Innovation Partners,NCB Venture Capital,TSUNEISHI Capital Partners2Instalimb$7MSeries B2025-03-26N/ADarwin Venture Management,Global Brain,IC Venture Capital,IT Farma,Kyocera3Boston Medical Sciences$6MSeries A2025-01-31N/ACHCP,EUCALIA,Mitsubishi UFJ Capital,Beyond Next Ventures,

133、Global Brain4ARCS$3MSeed VC2025-01-20N/A JAFCO,DEEPCORE,Mirai Creation Investment,Mizuho Capital4Issin$3MSeries A2025-02-04N/AUTokyo Innovation Platform,University of Tokyo Edge Capital,FreakOut Shinsei Fund,BOR Venture Fund,JP Life Next FundEurope Trends114Quarterly funding&deals115State of AI|Geog

134、raphic Trends|Europe Trends$2.1B$4.2B$2.5B$3.1B$4.1B$3.2B$2.2B$2.2B$1.8B$2.1B$2.1B$2.1B$1.9B$4.0B$2.4B$2.6BFunding$3.5B243229223246310266206261291235223225217240301307Deals240050100150200250300350400$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5B$4.0B$4.5BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242

135、025Annual percent of deals by deal stage116State of AI|Geographic Trends|Europe Trends76%79%81%82%Early-stage,78%13%11%9%9%Mid-stage,10%7%6%5%Late-stage,4%5%Other,8%20212022202320242025YTDEurope:Top equity deals in Q125117State of AI|Geographic Trends|Europe TrendsCompanyRound AmountRoundDateRound V

136、aluationSelect InvestorsCountry1Isomorphic Laboratories$600MSeries A2025-03-31N/A Thrive Capital,Google Ventures,AlphabetUnited Kingdom2Neko Health$260MSeries B2025-01-23$1.8BLightspeed Venture Partners,General Catalyst,Atomico,Lakestar,O.G.Venture PartnersSweden3Synthesia$180MSeries D2025-01-14$2.1

137、BNew Enterprise Associates,Accel,Kleiner Perkins,FirstMark Capital,Google VenturesUnited Kingdom4Quantexa$175MSeries F2025-03-04$2.6B Teachers Venture Growth,British Patient CapitalUnited Kingdom5Ori$140MVenture Capital2025-02-14N/A WAED VenturesUnited Kingdom6NEURA Robotics$123MSeries B2025-01-15N/

138、ALingotto Investment Management,HV Capital,InterAlpen Partners,Vsquared Ventures,BlueCrest Capital ManagementGermany7Dream Security$100MSeries B2025-02-17$1.1BBain Capital Ventures,Aleph,Group 11,Tau Capital,Tru Arrow PartnersIsrael8Luminance$75MSeries C2025-02-18N/APoint72 Asset Management,March Ca

139、pital,National Grid Partners,Slaughter and May,Forestay CapitalUnited Kingdom9Multiverse Computing$71MUndisclosed2025-03-04N/A Government of SpainSpain1073 Strings$55MSeries B2025-02-19N/AGoldman Sachs,Broadhaven Capital Partners,Blackstone Innovations Investments,Hamilton Lane,Golub CapitalFranceQu

140、arterly exits118State of AI|Geographic Trends|Europe Trends112IPO,029442443M&A,2111SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Europe:Top investors by company count in Q125119State of AI|Geographic Trends|Europe TrendsInvestorCompany Count Investor GroupCountry1Fuel Ventures8VCUnited

141、 Kingdom2Bpifrance7Asset/investment managementFrance3Index Ventures6VCUnited Kingdom3Vento6VCItaly5Flat Capital5Private EquitySweden5High-Tech Grunderfonds5VCGermany5Prosus Ventures5CVCNetherlands8468 Capital4VCGermany8Creandum4VCSweden8Giant Ventures4VCUnited Kingdom8Illuminate Financial Management

142、4VCUnited Kingdom8Seedcamp4VCUnited KingdomUnited Kingdom120Quarterly funding&deals121State of AI|Geographic Trends|United Kingdom$0.4B$1.8B$1.0B$0.9B$1.1B$0.6B$0.5B$0.8B$0.4B$0.8B$0.5B$0.3B$0.4B$1.5B$0.7B$0.7BFunding$1.5B69596458997349638060755166538485Deals61020406080100120140$0.0B$0.2B$0.4B$0.6B$

143、0.8B$1.0B$1.2B$1.4B$1.6B$1.8B$2.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage122State of AI|Geographic Trends|United Kingdom79%80%79%80%Early-stage,72%11%12%9%9%Mid-stage,8%6%5%Late-stage,8%5%7%6%Other,11%20212022202320242025YTDUnited Kingdom:Top equit

144、y deals in Q125123State of AI|Geographic Trends|United KingdomCompanyRound AmountRoundDateRound Valuation Select Investors1Isomorphic Laboratories$600MSeries A2025-03-31N/A Thrive Capital,Google Ventures,Alphabet2Synthesia$180MSeries D2025-01-14$2.1BNew Enterprise Associates,Accel,Kleiner Perkins,Fi

145、rstMark Capital,Google Ventures3Quantexa$175MSeries F2025-03-04$2.6B Teachers Venture Growth,British Patient Capital4Ori$140MVenture Capital2025-02-14N/A WAED Ventures5Luminance$75MSeries C2025-02-18N/APoint72 Asset Management,March Capital,National Grid Partners,Slaughter and May,Forestay CapitalGe

146、rmany124Quarterly funding&deals125State of AI|Geographic Trends|Germany$276M$393M$319M$487M$199M$408M$144M$304M$443M$228M$393M$445M$202M$591M$650M$175MFunding$328M31372835273423303422273425203235Deals29051015202530354045$0.0B$0.1B$0.2B$0.3B$0.4B$0.5B$0.6B$0.7BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1202120

147、22202320242025Annual percent of deals by deal stage126State of AI|Geographic Trends|Germany75%79%83%79%Early-stage,86%16%10%10%15%Mid-stage,14%7%10%5%Late-stage,0%Other,0%20212022202320242025YTDGermany:Top equity deals in Q125127State of AI|Geographic Trends|GermanyCompanyRound AmountRoundDateRound

148、Valuation Select Investors1NEURA Robotics$123MSeries B2025-01-15N/ALingotto Investment Management,HV Capital,InterAlpen Partners,Vsquared Ventures,BlueCrest Capital Management2Taktile$54MSeries B2025-02-27N/ABalderton Capital,Index Ventures,Tiger Global Management,Y Combinator,Prosus Ventures3Avelio

149、s$31MSeries A2025-02-06N/A Sequoia Capital,High-Tech Grunderfonds,Revent Ventures4Buynomics$30MSeries B2025-03-20N/AForestay,Insight Partners,Dieter von Holtzbrinck Ventures,Seedcamp,Tomahawk.VC5Sereact$26MSeries A2025-01-20N/ACreandum,Air Street Capital,Point Nine Capital,Lars Nordwall,Mehdi Ghissa

150、ssiFrance128Quarterly funding&deals129State of AI|Geographic Trends|France$0.1B$1.0B$0.0B$0.2B$0.5B$0.4B$0.2B$0.2B$0.3B$0.3B$0.6B$0.7B$0.3B$1.0B$0.3B$0.7BFunding$0.2B22261120302822263728183520202941Deals2305101520253035404550$0.0B$0.2B$0.4B$0.6B$0.8B$1.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202

151、320242025Annual percent of deals by deal stage130State of AI|Geographic Trends|France77%79%81%85%Early-stage,70%11%13%11%10%Mid-stage,13%8%Late-stage,9%Other,9%20212022202320242025YTDFrance:Top equity deals in Q125131State of AI|Geographic Trends|FranceCompanyRound AmountRoundDateRound Valuation Sel

152、ect Investors173 Strings$55MSeries B2025-02-19N/AGoldman Sachs,Broadhaven Capital Partners,Blackstone Innovations Investments,Hamilton Lane,Golub Capital2Bioptimus$41MSeries A2025-01-14N/ACathay Innovation,Bpifrance,Sofinnova Partners,Andera Partners,Boom Capital Ventures3Maki$27MSeries A2025-01-15N

153、/A Blossom Capital,DST Global,FRST,GFC Gruppe,Picus Capital4Mob Energy$15MPrivate Equity2025-01-16N/A Tikehau Capital5Galam Robotics$11MSeries A2025-03-17N/ABpifrance,Supernova Invest,Polytechnique Ventures,Stephane Aisenberg5Median Technologies$11MUndisclosed2025-01-24N/A Iris Capital Investment5Za

154、ion$11MSeries B2025-01-30N/A 115KIsrael132Quarterly funding&deals133State of AI|Geographic Trends|Israel$0.9B$0.5B$0.7B$1.0B$0.9B$1.0B$0.8B$0.5B$0.3B$0.3B$0.4B$0.2B$0.2B$0.4B$0.3B$0.2BFunding$0.3B39252640513426353329201512222620Deals19010203040506070$0.0B$0.2B$0.4B$0.6B$0.8B$1.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2

155、Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage134State of AI|Geographic Trends|Israel56%70%73%76%Early-stage,79%32%18%15%13%Mid-stage,11%12%10%9%9%Late-stage,0%Other,11%20212022202320242025YTDIsrael:Top equity deals in Q125135State of AI|Geographic Trends|IsraelCompanyRound

156、AmountRoundDateRound Valuation Select Investors1Dream Security$100MSeries B2025-02-17$1.1B Bain Capital Ventures,Aleph,Group 11,Tau Capital,Tru Arrow Partners2Voyantis$41MSeries A2025-02-11N/AIntel Capital,Jibe Ventures,Square Peg Capital,Target Global,Alicorn Venture Partners3Bria$40MSeries B2025-0

157、2-01N/ARed Dot Ventures,Atinum Investment,Entree Capital,GFT Ventures,IN Venture4BigaBid$25MSeries A2025-02-04N/A MobilityWare5Qbiq$16MSeries A2025-01-15N/AInsight Partners,10D Ventures,JLL Spark,M-Fund Club,Ocean Azul PartnersLatAm Trends136Quarterly funding&deals137State of AI|Geographic Trends|La

158、tAm Trends$11M$265M$582M$206M$30M$193M$32M$122M$4M$13M$22M$17M$24M$108M$62M$92MFunding$41M13141620201617201513131212122817Deals1705101520253035$0M$100M$200M$300M$400M$500MQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage138State of AI|Geographic Trends|LatAm

159、 Trends76%79%89%88%Early-stage,88%13%9%Mid-stage,0%6%15%Late-stage,0%8%Other,12%20212022202320242025YTDLatAm:Top equity deals in Q125139State of AI|Geographic Trends|LatAm TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1Payface$10MUndisclosed2025-02-06$20M BTG PactualBrazil

160、2Jota$9MSeed VC2025-01-23N/A Maya Capital,Alter Global,Big Bets,Bogari Capital,HOF CapitalBrazil3Neofin$7MSeed VC2025-02-05N/A Quona Capital,Upload Ventures,1616 Ventures,17Sigma,BFFBrazil4Advolve$5MSeed VC2025-02-20N/ACanary,Prosus Ventures,Scale-Up Ventures,Valor Capital Group,Valutia CapitalBrazi

161、l5Calice$2MSeed VC2025-01-01N/ADraper Cygnus,Air Capital,GrainCorp Ventures,Innventure,Xperiment VenturesArgentina5Ruedata$2MSeed VC2025-03-06N/A Valore Ventures,Decelera Ventures,Pittsburgh AngelsColombia5Uncover$2MSeed VC2025-03-24N/A ABSeed Ventures,Luiz Felipe BarrosBrazil8Brick$1MSeed VC2025-02

162、-25N/AHoney Island Capital,Broom Ventures,Alessio Alionco,Joao Del ValleBrazil8Doutor-AI$1MPre-Seed2025-03-20N/A Airborne VenturesBrazil8Flipzen$1MPre-Seed2025-01-31N/ANido Ventures,Tantauco Ventures,Worthit,iThink VC,Agencia Nacional de Investigacion e InnovacionUruguay8Loopia$1MPre-Seed2025-02-28N

163、/A Quartzo Capital,ACE Ventures,B Venture Capital,QuestumBrazilQuarterly exits140State of AI|Geographic Trends|LatAm Trends2111Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025LatAm:Top investors by company count in Q125141State of AI|Geographic Trends|LatAm TrendsInvestorCompany Count Investor

164、 GroupCountry1Koi Ventures3VCArgentina2Valutia Capital2VCBrazilOceania Trends142Quarterly funding&deals143State of AI|Geographic Trends|Oceania Trends$75M$200M$241M$206M$115M$66M$94M$127M$37M$86M$87M$79M$7M$431M$135M$161MFunding$186M121810171717121313126103111615Deals1705101520$0M$50M$100M$150M$200M

165、$250M$300M$350M$400M$450M$500MQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage144State of AI|Geographic Trends|Oceania Trends70%78%78%67%Early-stage,94%12%17%10%16%Mid-stage,6%11%7%11%Late-stage,0%7%7%Other,0%20212022202320242025YTDOceania:Top equity deals

166、in Q125145State of AI|Geographic Trends|Oceania TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1Harrison.ai$112MSeries C2025-01-29N/AAware Super,ECP Asset Management,Horizons Ventures,Blackbird Ventures,Alpha JWC VenturesAustralia2Heidi Health$17MSeries A2025-03-04N/AHeadli

167、ne,Archangel Ventures,Blackbird Ventures,Possible Ventures,AnthropicAustralia3PropHero$16MSeries A2025-02-18$63MFifth Wall,Samaipata Ventures,Bailador Technology Investments,Opera Tech VenturesAustralia4Strong Room AI$11MSeries A2025-03-13$44M Equity Venture Partners,Artesian VC,InterValley Ventures

168、Australia5Lorikeet$9MSeries A2025-02-05N/A Square Peg Capital,Blackbird Capital,Skip CapitalAustralia6Reask$4MSeries A2025-03-11N/A BlueOrchardAustralia7Arkeus$3MSeed VC2025-03-20N/AMain Sequence,Salus Ventures,Beaten Zone Venture PartnersAustralia7Springboards$3MSeed VC2025-02-11N/A Blackbird Ventu

169、resAustralia7WayBeyond$3MConvertible Note2025-01-24N/A Undisclosed InvestorsNew Zealand10Minikai$2MSeed VC2025-02-11N/A Tidal Ventures,AntlerAustralia10Project Manda$2MPre-Seed2025-03-27N/ABlack Sheep Capital,Tech Labs Capital,David Williams,Paul Limbrey,Peter YunghannsAustralia10Tendl$2MPre-Seed202

170、5-02-25N/ATidal Ventures,Startmate,77 Partners,Aussie Angels,Brisbane AngelsAustraliaQuarterly exits146State of AI|Geographic Trends|Oceania TrendsIPO,0332M&A,2Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Oceania:Top investors by company count in Q125147State of AI|Geographic Trends|Oceania

171、 TrendsInvestorCompany Count Investor GroupCountry1Blackbird Ventures4VCAustralia2Aussie Angels2AngelAustralia2Brisbane Angels2AngelAustralia2Main Sequence2CVCAustralia2Tidal Ventures2VCAustraliaReport MethodologyYou can download the underlying data found in this report here:https:/ you have questio

172、ns about the definitions or methodological principles used,or if you feel that your firm has been underrepresented,please reach out to .What is included:Equity financings into private companies only.Funding rounds raised by public companies of any kind on any exchange(including Pink Sheets)are exclu

173、ded from our numbers,even if they received investment from a venture firm.Only includes the investment made in the quarter for tranchedinvestments.If a company does a second closing of its Series B round for$5M and previously had closed$2M in a prior quarter,only the$5M is reflected.Round numbers re

174、flect what has closed,not what is intended.If a company indicates the closing of$5M out of a desired raise of$15M,our numbers reflect only the amount which has closed.Only verifiable fundings are included.Fundings are verified via(1)various federal and state regulatory filings;(2)direct confirmation

175、 with firm or investor;(3)press release;or(4)credible media sources.Equity fundings to joint ventures and spinoffs/spinouts are included.Unicorn data includes private companies valued at$1B or more in the private markets globally,per the same 4 sources listed above and relied on for funding events,w

176、hich include valuations disclosed in credible media sources.The list is maintained publicly and updated in real time at https:/ notes:Israel funding figures are classified in Europe;funding to Africa is included in global figures but not spotlighted in this report.Rounds to private companies that ma

177、y be majority-or minority-owned subsidiaries of other private companies.Valuation data includes estimates to calibrate median and average valuations based on current and previous quarter disclosed valuations gathered from the aforementioned foursources.The estimating method will control for the over

178、-sampling of large rounds that are reported quickly versus a comparative lag in valuations obtained from other sources.Valuation data reflects post-money valuations.Exits include IPOs,SPACs,publicly announced M&A deals,and other liquidity events;only first exits are counted.Headquarters are determin

179、ed by publicly available sources including company-owned websites and profiles,legal filings,and press releases.All figures in the report are in USD.US financing trends follow the combined statistical area(CSA)methodology.Silicon Valley refers to the San Jose-San Francisco-Oakland CSA.What is exclud

180、ed:No contingent funding.If a company receives a commitment for$20M subject to hitting certain milestones but first gets$8M,only the$8M is included in our data.No business development/R&D arrangements,whether transferable into equity now,later,or never.If a company signs a$300M R&D partnership with

181、a larger corporation,this is not equity financing nor is it from venture capital firms.As a result,it is not included.No buyouts,consolidations,or recapitalizations.All three of these transaction types are commonly employed by private equity firms and are tracked by CB Insights.However,they are excl

182、uded for the purposes of this report.No private placements.These investments,also known as PIPEs(Private Investment in Public Equities),are not included even if made by a venture capital firm.No debt/loans of any kind(except convertible notes).Venture debt or any kind of debt/loan issued to emerging

183、,startup companies,even if included as an additional part of an equity financing,is not included.If a company receives$3M with$2M from venture investors and$1M in debt,only the$2M is included in these statistics.No non-equity government funding.Grants or loans by the federal government,state agencie

184、s,or public-private partnerships to emerging,startup companies are not included.No fundings to subsidiaries of a larger parent corporation unless that subsidiary is a private entity and meets other criteria for inclusion.Accelerators,incubators,business-plan competitions,economic-development entities are excluded from rankings of most active investors,even if making equity financings.Rankings for top investors are calculated according to“company count,”or the number of unique companies an investor funds in a quarter,and so excludes follow-on deals.148State of AI