硅谷银行-2025年企业软件现（英）

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 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 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 of 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 just 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-quarters of capital invested into US AI startups came from rounds of $100M+.What do these numbers mean on the ground? For startups that aren’t 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 a continued emphasis on unit economics and smart growth. These companies feel pressure to create efficiency and solve mission-critical problems for a customer base that is increasingly reassessing overall budget and slow-rolling procurement decisions in the face of ongoing tariff threats and macroeconomic uncertainty. The silver lining of this challenging landscape is that the companies carving out paths to raise capital and grow their businesses are remarkably resilient, with strong underlying metrics, enhanced product offerings addressing critical needs across the enterprise and established product-market fit.Much like trying to forecast the future of the web in 1998 or mobile in 2007, we are aware that the AI-native landscape is still in its infancy, and we are only just beginning to grasp what it might look like. Looking across our portfolio, we are extremely encouraged by the long-term viability of the current cohort of growth-stage software startups. Given the level of innovation, we are confident that these new startups will be the market leaders of tomorrow. Rob HelmSenior Market ManagerTech BankingSilicon Valley Bankrhelm@svb.comAndrew