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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