1、3Letter From Our Authors4Perspectives on the Enterprise Market5Four Themes To Watch in 20256Macro8Fundraising and Investment14Financials and Benchmarks17Spotlight:AI Special Contribution from21Exits“The transformative power of GenAI looms over the enterprise software ecosystem,but the extent of its

2、reach remains an open question.Trust,credibility and limiting bias are the keys to mass AI adoption.”3While disruption and change are constants of the innovation economy,true platform shifts come around only so often.Web adoption after the invention of the World Wide Web.Mobile following the release

3、 of the iPhone and Android.Cloud computing with the launch of AWS,Azure and Google Cloud.Today,we stand on the precipice of a seismic shift that may well overshadow the impact of these technological leaps.The transformative power of GenAI looms over the enterprise software ecosystem,but the extent o

4、f its reach remains an open question.Trust,credibility and limiting bias are the keys to mass AI adoption.Unsurprisingly,this emerging platform shift has created a frenzy of interest among investors.Roughly 40%of fundraising capital raised in 2024 came from funds that listed AI as a focus up from ju

5、st 10%in 2021.Meanwhile,AI companies commanded 45%of US venture capital(VC)investment in enterprise software startups an increase from 9%as recently as 2022.However,the bulk of this early investment has been directed toward capital-intensive hypergrowth and/or core AI businesses.More than three-quar

6、ters of capital invested into US AI startups came from rounds of$100M+.What do these numbers mean on the ground?For startups that arent raising mega-rounds(or at least not yet),the landscape remains challenging:lower Series A graduation rates,a higher bar for raising VC rounds across life stages and