PitchBook-2024年一季度VC技术调查（英）.pdf

1PitchBookData,Inc.JohnGabbertFounder,CEONizarTarhuniVicePresident,InstitutionalResearchandEditorialPaulCondraHeadofEmergingTechnologyResearchInstitutionalResearchGroupAnalysisPublishingDesignedbyJuliaMidkiffContentspbinstitutionalresearch@pitchbook.comPublishedonMay28,2024EMERGINGTECHRESEARCHH12024VCTechSurveyRisingVCoptimism,IPOgrowth,strategicshifts,andcautiousviewsoncryptocurrencytrendsin2024PitchBookisaMorningstarcompanyprovidingthemostcomprehensive,mostaccurate,andhard-to-finddataforprofessionalsdoingbusinessintheprivatemarkets.PaulCondraHeadofEmergingTechnologyResearchpaul.condra@pitchbook.comKyleStanford,CAIALeadAnalyst,VentureCapitalkyle.stanford@pitchbook.comJamesUlanLeadAnalyst,EmergingTechnologyjames.ulan@pitchbook.comAliJavaheriAnalyst,EmergingTechnologyali.javaheri@pitchbook.comKeytakeaways1Executivesummary2Survey-takerdemographics3VCecosystemexpectations4Technologyexpectations11Keytakeaways•IncreasedoptimismforVCfunding:SentimenttowardVCfundinghassignificantlyimproved,withnearlythreetimesasmanyrespondentsexpectingstrongincreasesandEuroperemainingatopdestinationforinvestmentsoutsidetheUS.•ModerateIPOoptimism:WhilethereisslightimprovementinIPOexpectations,with8%ofrespondentsanticipatingsignificantlymoreIPOs,mostrespondentsforeseeonlyamodestincreaseornochange,influencedbyfactorssuchasdeclininginterestratesandvaluationadjustments.•Stableyetselectivefundraising:Fundraisingplanshaveremainedlargelystable,thoughtheproportionofrespondentsplanningtoacceleratetheirfundraisinghasincreasedfrom4%to12%.Despitethis,12%donotplantoraiseanotherfund,highlightingcontinuedchallengesinthemarket.•FocusonAI:AIisseenasbothaleadinginnovationareaandanoverinvestedsegment.Health&biotech,alongwithclimatetechnologies,areidentifiedasunderinvestedareaswithhighinnovationpotential.Therun-upincryptocurrencypriceshaselicitedmixedviewsasasectorbenefitingfrommemefrenzybutonethatstillhasdisruptivegrowthpotential.2H12024VCTechSurveyExecutivesummaryOurH12024VCTechSurveyprovidesinsightsfrom53VCinvestorstogaugetheirperspectivesontechnologicalinnovationandfundraisingexpectationswithintheVCecosystem.ThissurveyfollowsthethemesofourH22023survey,providingacontinuousperspectiveofhowattitudestowardtechnologyandtheVCindustryhaveevolvedthroughoutthepastyear.Comparedwithlastyear,sentimenttowardVCactivityisincreasinglypositive,withnearlythreetimesasmanyrespondentsexpectingVCfundingto“increasestrongly.”EuroperemainsthetopdestinationforVCinvestmentsoutsidetheUS.IPOoptimismhasimprovedslightly,with8%ofrespondentsanticipatingsignificantlymoreIPOsoverthenextyear,upfromnoneintheprevioussurvey.However,themajorityexpectonlyamodestincreaseornochange,indicatingcontinueduncertainty.DeclininginterestratesareseenasthemostcrucialfactorfortheIPOmarket,followedbyvaluationrationalization,stockmarketgains,andhigher-qualitycompaniesgoingpublic.Mostrespondentsviewthemarketasamixofoverpricedandfairlypricedassets,withnearlyhalfexpectingvaluationstobecomeslightlymoreattractivesoon.Fundraisingplanshavelargelyst