1、Venture MonitorThe definitive review of the US venture capital ecosystemSponsored byQ320252PITCHBOOK-NVCA VENTURE MONITORContentsPitchBook,a Morningstar companySponsored byPitchBook Data,Inc.NIZAR TARHUNI Vice President,Institutional Research and EditorialPAUL CONDRA Global Head of Private Markets R

2、esearchAnalysisKYLE STANFORD,CAIA Director of Research,US VCEMILY ZHENG Senior Research Analyst,VCSUSAN HU Quantitative Research ADataHARRISON WALDOCK Data AnalystPublishingReport and cover design by DREW SANDERS,JENNA OMALLEY,and JOSIE DOANNational Venture Capital Association(NVCA)BOBBY FRANKLIN Pr

3、esident&CEOSHILOH TILLEMANN-DICK Research DirectorEVAN KELLER Director of CommunicationsROBIN CEPPOS Communications ManagerKYLIE LAPSLEY Special Projects ManagerContact NVCAnvca.orgnvcanvca.orgJ.P.Morgan Commercial BankingANDREW KRESSE Co-Head of Innovation EconomyJOHN CHINA Co-Head of Innovation Ec

4、onomyPAMELA ALDSWORTH Co-Head of Venture Capital RelationshipsCARLY RODDY Co-Head of Venture Capital RelationshipsGINGER CHAMBLESS Head of Market InsightsContact J.P.M Global Venture Technology and Emerging Growth Companies GroupVICTOR H.BOYAJIAN Global ChairContact DEisnerAmperPETER COGAN Managing

5、Partner,Financial S EisnerAMarket overview 4NVCA policy highlights 7Dealmaking 8A word from J.P.Morgan 11Regional spotlight 13AI&ML 14Life sciences 15Female founders 16A word from Dentons 18Investor trends 21Venture debt 23A word from EisnerAmper 25Exits 28Fundraising 31Methodology 34 2025 JPMorgan

6、Chase&Co.All rights reserved.JPMorgan Chase Bank,N.A.Member FDIC.Visit for full disclosures and disclaimers related to this content.2504181We are the bank of the innovationeconomyWith decades of global experience,a robust professional and venture capital network,and scalable money-management solutio