1、Venture MonitorThe definitive review of the US venture capital ecosystemQ22025Sponsored by2PITCHBOOK-NVCA VENTURE MONITORContentsSponsored byPitchBook Data,Inc.NIZAR TARHUNI Vice President,Institutional Research and EditorialPAUL CONDRA Global Head of Private Markets ResearchAnalysisKYLE STANFORD,CA

2、IA Director of Research,US VentureEMILY ZHENG Senior Research Analyst,Venture CapitalKAIDI GAO Senior Research Analyst,Venture CDataHARRISON WALDOCK Data AnalystPublishingReport and cover design by DREW SANDERS,JENNA OMALLEY,and JOSIE DOANNational Venture Capital Association(NVCA)BOBBY FRANKLIN Pres

3、ident&CEOSHILOH TILLEMANN-DICK Research Director EVAN KELLER Director of Communications ROBIN CEPPOS Communications ManagerSAVANNA MALONEY Communications ManagerContact NVCAnvca.orgResearchNVCA.orgJ.P.Morgan Commercial BankingANDREW KRESSE Co-Head of Innovation EconomyJOHN CHINA Co-Head of Innov

4、ation EconomyPAMELA ALDSWORTH Head of Venture Capital CoverageGINGER CHAMBLESS Head of ResearchContact J.P.M Global Venture Technology and Emerging Growth Companies GroupVICTOR H.BOYAJIAN Global ChairContact DDeloitte&Touche LLP Audit&AssuranceHEATHER GATES Private Growth LeaderContact DOrac

5、le NetSuiteContact Oracle NetS overview4NVCA policy highlights7Dealmaking8A word from J.P.Morgan11Regional spotlight13Healthcare14Tech16Female founders17A word from Dentons19Investor trends22Venture debt25A word from Deloitte27Exits30A word from Oracle NetSuite33Fundraising and performance36Methodol

6、ogy39 2025 JPMorgan Chase&Co.All rights reserved.JPMorgan Chase Bank,N.A.Member FDIC.Visit for full disclosures and disclaimers related to this content.2274581From seed stage to global stageWe are the bank of the innovation economy.With decades of global experience,a robust professional and vent