探索边缘 AI 初创企业不断发展的风险投资格局.pdf

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1、Navigating the Evolving Venture Capital Landscape for Edge AI Start-UpsTodd H.PooleDirector,Venture InvestmentsPathfinder2IntroductionPathfinder is a$500M,enterprise technology-focused,stage-agnostic(Series A to pre-IPO)fund.We invest in the tools,teams,and technologies that will be relevant to the

2、enterprise tech sector in 3,5,7 years.I lead investment activities across a number of deep-,frontier-,and hard-tech categories,including AI,ML,and silicon.121 investments across 41 portfolio companies.Introduction:Who Am I?34Background&ContextFounders raised 29%less capital in 2022 vs.2021($246B vs.

3、$346B).VCs closed 33%fewer funds in 2022 vs.2021(892 vs.1336).Startups realized 91%less exit value in 2022 vs.2021($73B vs.$786B).2022 was a tumultuous year501,0002,0003,0004,0005,0006,000$0$10$20$30$40$50$60$70$80$90$100Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q

4、3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q120132014201520162017201820192020202120222023*Deal value($B)Deal countUS VC Deal Activity,Quarterly,Last 10 YearsFounders raised only 10%of the capital they raised in 2021($37B vs.$346B).VCs closed only 7%of the funds they closed in 2021(99 vs.1336).Startups

5、 realized less than 1%of the exit value they realized in 2021($5.8B vs.$786B).and Q1 2023 has been even worse.601,0002,0003,0004,0005,0006,000$0$10$20$30$40$50$60$70$80$90$100Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1201

6、32014201520162017201820192020202120222023*Deal value($B)Deal countUS VC Deal Activity,Quarterly,Last 10 YearsSVBs collapse was a major,unexpected event.They were a key partner to founders and firms with specialized accounts,credit lines,favorable terms on venture debt.More than 50%of all startups an