PitchBook：2025年三季度科技风险投资趋势报告（英文版）

Agtech VC deployment stabilized at $1.3 billion in Q3, but deal counts were down 49.6% from Q3 2024. • Pre-seed/seed deals hit record lows: The pre-seed/seed stage has represented just 14% of transactions YTD versus the historical average of 29%, reflecting investor risk aversion. • The YTD median agtech VC pre-money valuation rose to $17.4 million in Q3, up from $15 million in 2024, driven by late-stage deals and selection bias from unreported down rounds. • YTD exits total just $155.8 milli