PitchBook年二季度人工智能风险投资趋势（英）

EMERGING TECH RESEARCHAI VC TrendsVC activity across the AI ecosystemQ22025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ2 2025 AI VC TrendsInstitutional Research GroupAnalysisDimitri Zabelin Senior Research Analyst, AI and Cybersecruity dimitri.zabelin@pitchbook.comDataOscar Allaway Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Megan Woodard and Drew SandersPublished on August 8, 2025AI landscape 3AI VC ecosystem market map 4VC activity 5AI VC deal summary 21This report was previously referred to as the “AI & ML VC Trends” report.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q2 2025 AI VC TrendsAI landscapeHorizontal platformsVertical applicationsSemiconductorsAutonomous machinesCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 4Q2 2025 AI VC TrendsAI VC ecosystem market mapCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Q2 2025 AI VC TrendsVC activityAI VC deal activity in Q2 2025 cooled from Q1 highs but remained elevated compared with previous quarters, reflecting continued investor conviction in core infrastructure and application layers. Horizontal platforms continued to lead in capital deployment, while vertical applications accounted for most of the deal volume. This pattern suggests investors are simultaneously backing platform scalability through horizontal infrastructure and targeted innovation through domain-specific applications. Market participants should watch whether rising valuations, particularly at the venture-growth stage, are supported by stronger exit momentum in the quarters ahead. The mix of strategic capital and traditional venture funding will play a key role in determining how durable this momentum proves to be heading into Q3.VC dealsIn Q2, AI-focused deal sizes and counts dipped lower relative to Q1. Deal sizes stood at $42.1 billion across 957 deals, down from $72.5 billion raised across 1,619 deals. On a QoQ basis, deal activity by stage also held steady, with venture growth capturing the most deal value, while late-stage transactions boasted the highest deal counts. On an annual basis, horizontal platforms once again led in deal value, raising $57.3 billion across 676 transactions. Horizontal platforms are general-purpose tools, such as large language models, and infrastructures that support a wide range of industries. The concentration of capital in horizontal platforms indicates that investors continue to prioritize infrastructure-layer bets with scalable, cross-sector utility, particularly in model training and deployment.Meanwhile, vertical applications saw a higher deal count with 1,617 transactions totaling $44.9 billion YTD. These tools are tailored to specific sectors and built on top of horizontal platforms, Source: PitchBook • Geography: Global • As of June 30, 2025AI VC deal activity$18.9$28.2$37.5$65.7$65.6$83.9$163.0$113.5$95.8$145.3$114.62,7003,5864,9506,1486,6097,1758,6126,9016,3572,576Deal value ($B