PitchBook年一季度基础设施SaaS风险投资趋势（英）

EMERGING TECH RESEARCHInfrastructure SaaS VC TrendsVC activity across the infrastructure SaaS ecosystem Q12025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ1 2025 Infrastructure SaaS VC TrendsInstitutional Research GroupAnalysisDerek Hernandez Senior Research Analyst, Enterprise SaaS and Infrastructure SaaS derek.hernandez@pitchbook.comDataNick Zambrano Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Megan Woodard, Adriana Hansen, and Mara PotterPublished on May 27, 2025Infrastructure SaaS landscape3Infrastructure SaaS VC ecosystem market map4VC activity5Infrastructure SaaS VC deal summary20CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q1 2025 Infrastructure SaaS VC TrendsInfrastructure SaaSlandscapeDevOpsApplication infrastructureData software & systemsITOpsCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Q1 2025 Infrastructure SaaS VC TrendsVC activityInfrastructure software as a service (SaaS) includes application development and data creation & management, as well as IT and digital infrastructure services. Nearly every sector of the economy today employs these solutions, especially with the rising tides of digital transformation, Big Data, and recent advancements in and adoptions of large language models.Infrastructure SaaS came back down to earth in Q1 2025, after a massive $10 billion Series J by Databricks in Q4 2024. Still, Q1 reached a very respectable $3.5 billion across 98 deals, and, excluding the Databricks deal, capital raised would have been up 23.1%. Additionally, excluding the Databricks deal, 2024 averaged $3.3 billion raised per quarter, placing Q1’s $3.5 billion in good company. Deal count continued its long march lower, dipping below triple-digit deals for the first time in Q1. Thus, it was a mixed quarter, with some strength in capital being deployed into infrastructure SaaS companies, although the number of deals softened further. Without the distortion of certain megadeals, development operations (DevOps) and data software & systems once more took the lead in the number and values of deals. DevOps raised $1,159.3 million across 29 deals, up 280.4% QoQ from an anemic Q4 deal value. This narrowly edged out data software & systems with $1,108 million across 26 deals, with value up 42.4% QoQ, excluding the Databricks addition in Q4. Application infrastructure had the greatest number of deals in Q1, at 31, though it received the lowest deal value at $514.2 million raised, which was a steep drop of 64.4% QoQ. Meanwhile, IT operations raised $746.3 million with 12 deals, bringing the value up 31.2% QoQ. Once more, AI-driven disruption was the central focus of the largest deals in the quarter. These are all positive signs for investment in the infrastructure SaaS sector, especially as macroeconomic concerns have ratcheted up in 2025.Source: PitchBook • Geography: Global • As of March 31, 2025Infrastructure SaaS VC deal activ