PitchBook-2025年上半年风险投资技术调查：投资者对人工智能、交易和融资的见解（英）

1PitchBook Data, Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchJames Ulan Director of Emerging Technology ResearchInstitutional Research GroupAnalysisPaul Condra Global Head of Private Markets Research paul.condra@pitchbook.comJames Ulan Director of Research, Emerging Technology james.ulan@pitchbook.comKyle Stanford, CAIA Director of Research, US Venture kyle.stanford@pitchbook.comAli Javaheri Research Analyst, Emerging Spaces ali.javaheri@pitchbook.compbinstitutionalresearch@pitchbook.comPublishingDesigned by Megan WoodardPublished on June 2, 2025ContentsKey takeaways1Executive summary2Survey-taker demographics4Tariff expectations5Technology expectations8VC expectations11EMERGING TECH RESEARCHH1 2025 VC Tech Survey: Investor Insights on AI, Dealmaking, and FundraisingVC investors anticipate tariff-driven supply chain pressures, sustain deal activity with increased scrutiny, decode AI and deep tech investment shifts, and brace for more conservative funding cycles and exits.PitchBook is a Morningstar company providing the most comprehensive, most accurate, and hard-to-find data for professionals doing business in the private markets.Key takeaways• Moderate disruption forecast: 84% of survey respondents anticipate at least mild to moderate impact from US President Donald Trump’s “Liberation Day” tariff announcements, with 64% expecting higher supply chain costs and 50% foreseeing slowed growth. The manufacturing and semiconductor/hardware segments were deemed the most vulnerable to tariff disruption.• Pragmatic dealmaking: Despite 45% of respondents noting increased LP risk aversion, 53% of VC investors are actively hunting for deals—34% with greater scrutiny—while 25% are dialing back international investments, 44% are pausing for clarity, and 63% believe trade tensions will spur domestic investment in strategic sectors.• AI-driven sector shifts: The share of survey respondents anticipating AI disruption in fintech jumped to 52% (from 32% in H2 2024) thanks to advances such as automated underwriting and LLM-based copilots. Healthcare disruption is expected by 45% (up from 38%), enterprise tech remains at about 45%, and the transportation/logistics disruption outlook fell to 16% (down from 26%).• Evolving AI adoption barriers: The top blocker to AI adoption is a lack of clear use cases—the cause cited by 45% of respondents—followed by workforce skill gaps and high implementation costs. The number of respondents with regulatory concerns around AI eased from 55% to 39%, and bullishness on generative AI stabilized, with 44% of respondents more upbeat and 45% reporting no change in sentiment.2H1 2025 VC Tech Survey• Diversified deep tech allocations: Per survey responses, AI investment is spread across healthcare (30%), manufacturing (23%), and infrastructure (27%). In deep tech, robotics leads at 58% of investment and quantum accounts for 38%. Beyond AI, the mos