PitchBook：2025年三季度制药生物工具风险投资趋势报告（英文版）

The pharma biotools sector is undergoing an evolution: The historically hardware-heavy sector is evolving into a more SaaS-like model as emerging startups integrate digital technologies into wet-lab approaches. Over the past three quarters, investors have flocked to these more asset-light platforms, placing 2025 on pace for a record amount of VC activity. • Seed and early-stage funding led the way: With emerging technologies attracting significant investor interest, the sector has sustained a