1、H1 20253Introduction and Key Findings5Perspectives on The Innovation Economy7Macro12VC Fundraising 17VC Investment25VC-Backed Tech Benchmarks30ExitsSTATE OF THE MARKETS H1 20252Nearly every investor we speak to sees AI as a platform shift analogous to the steam engine,the internet or the rise of mob

2、ile.Pick your parallel.Even conceding the potentially inflated expectations and valuations this sentiment will drive investment.”STATE OF THE MARKETS H1 20253Marc CadieuxPresident SVB Commercial B Mark GallagherHead of Investor CoverageSVB Commercial B Venture investment is booming,companies are rai

3、sing colossal rounds and valuations are flexing to all-time highs.That is,if youre an AI company.For the rest of the innovation economy,the times are slower.Deal activity is stagnant,valuations are low and exits are limited.AI is the explosive,albeit unproven,fuel of the innovation economy.The posit

4、ive is that new technologies spur recoveries.In 2009,mobile a vertical turned horizontal spurred the global financial crisis(GFC)recovery that took under three years to return to peak levels and fueled durable growth.Nearly every investor we speak to sees AI as a platform shift analogous to the stea

5、m engine,the internet or the rise of mobile.Pick your parallel.Even conceding the potentially inflated expectations and valuations this sentiment will drive investment.At the company level,the innovation economy is recovering in a healthy way.Efficiency reigns supreme.Companies that successfully rai

6、sed capital in 2024 managed their burn,and companies across life stages are closer to profitability.With the focus on efficiency,revenue growth has been slow to improve.Growth rates reached a floor in 2024 and are no longer falling,but they arent improving either.Lower interest rates may be the acce