PitchBook年二季度移动技术风险投资趋势（英）

EMERGING TECH RESEARCHMobility tech VC TrendsVC activity across the mobility ecosystemQ22025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ2 2025 Mobility tech VC TrendsInstitutional Research GroupAnalysisJonathan Geurkink Senior Research Analyst, Mobility Tech and Supply Chain Tech jonathan.geurkink@pitchbook.comDataHarrison Waldock Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Chloe Ladwig, Mara Potter, and Megan WoodardPublished September 24, 2025Mobility tech landscape 3Mobility tech VC ecosystem market map 4VC activity 5Mobility VC deal summary 25CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q2 2025 Mobility tech VC Trends4.9107Mobility tech landscapeAdvanced air mobilityAuto commercePublic mobility solutionsMicromobilityRide-hailingAutonomous drivingElectric vehiclesFleet management & connectivityFreightLast-mile deliveryMarineCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 4Q2 2025 Mobility tech VC TrendsMobility tech VC ecosystem market mapCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Q2 2025 Mobility tech VC TrendsVC activityTwo very large transactions skewed VC deal value for mobility tech in Q2 2025. Deal value in Q2 jumped 614% QoQ to $21.4 billion. Absent the $14.8 billion late-stage deal for Scale AI and the $2.6 billion late-stage deal for World View, however, the total deal value was $4.5 billion in the quarter, reflecting a 50% bounce from the trough of Q1. On a YoY basis, the adjusted $4.5 billion value was down 45%. Outside of AI-related themes, investors remain cautious of capital-intensive sectors such as mobility tech. Deal count in Q2 continued its downward trend with 169 deals, down from 173 in Q1 and 217 in Q2 2024. At 18, exit count for the quarter was flat with the prior year quarter but declined 42% QoQ. Public listings accounted for half of exits in the quarter, compared with five acquisitions and four buyouts. Across segments, autonomous driving garnered the greatest deal value with the aforementioned Scale AI deal. Deal value in that segment remains quite lumpy quarter to quarter, as Waymo’s outsized deal in Q4 2024 illustrates. The advanced air mobility segment also saw strong deal value with the World View transaction. The auto commerce segment saw a large uptick as well, with the $527 million later-stage deal for Kavak lifting deal value for that segment to its highest level going back to Q2 2023.Exits in the quarter were led by Caocao Mobility. The ride-hailing company based in Suzhou, China, went public on the Hong Kong Stock Exchange on June 25, with its share price more than doubling by the end of August. Ather, based in Bengaluru, India, was another key IPO in the quarter, with a public listing on the National Stock Exchange of India in May. The company is a key competitor in the Indian electric two-wheeler market that we highlighted in our Q2 2024 Battery Swapping analyst note.Source: PitchBook • Geograph