PitchBook：2025年二季度新兴技术指标报告（英文版）

Large deals dominate as transaction volume falls: ETI funding (pre-seed, seed, and early-stage deals involving the top 15 VC firms) reached $8 billion across 215 deals in Q2. While deal activity among these firms has slowed significantly, down 33.5% on a TTM basis, total capital deployed remains elevated, supported by large-scale transactions such as Safe Superintelligence’s $2 billion early-stage round. • Capital consolidation has favored top investors: With investment consolidating in fewer