PitchBook分析師注：世代AI VC趨勢(shì)（英）

EMERGINGTECHRESEARCH

GenerativeAIVCTrends

Segmentandcategoryanalysis

PitchBookisaMorningstarcompanyprovidingthemostcomprehensive,most

accurate,andhard-to-finddataforprofessionalsdoingbusinessintheprivatemarkets.

Keytakeaways

?GenerativeAIisnotexemptfromtheVCrecession:Outsideofoutliercorporatepartnerships,VCinvestmentisonlyonpacetomatchthetotalraisedbyGenAIleadersin2021,with$7.9billioninconventionalVCroundsinvestedYTD.

?AbarbellisforminginGenAIstartupdealflowbyproducttype:VCdealcountissupportingtheunderlyingAIcoretechnologiesandtheirultimatevertical

applicationsinsteadofgeneral-purposemiddlewareacrossaudio,language,images,andvideo.

?Closeddealsfeaturehighrevenuemultiples:Themedianlate-stagevaluationhasaccelerated171.7%YoYto$250.0million,whileearly-stagevaluationshavegrownaswell.

?Amongsegments,codestandsoutforM&Aprobability:Companiesinthissegmentfeaturehigh-qualityinvestors,consistentfundraisingfrequency,andimprovingheadcount.

?InIPOprobability,theAIcoreandhealthcaresegmentshavethehighestvalues:Companiesinthesesegmentsstandoutwiththeirscale,paceoffundraising,andhigh-qualityinvestors.

(pitchBooK

PitchBookData,Inc.

JohnGabbertFounder,CEO

NizarTarhuniVicePresident,InstitutionalResearchandEditorial

PaulCondraHeadofEmergingTechnologyResearch

InstitutionalResearchGroupAnalysis

BrendanBurke

SeniorAnalyst,Emerging

Technology

brendan.burke@

Data

MatthewNacionales

DataAnalyst

pbinstitutionalresearch@

Publishing

DesignedbyMeganWoodard

PublishedonNovember17,2023

Contents

Keytakeaways

1

Overview

2

YTDfundraisinganddealcount

3

bysegment

YTDvaluations

5

CorporateVCactivity

8

YTDexits

9

Exitprediction

10

Investingoutlook

11

Wehavelauncheda

pre-seedreport

methodology

tomoreaccuratelyand

comprehensivelycapturedealsfromtheearliestphaseofventure.Goingforwardwewillsunset“angel”asaspecifiedstageofventureinallofPitchBook’sventure-

focusedreports.

1

Overview

GenerativeAI(GenAI)hascreatedanewclassoftechnologyleadersacrossproductsegments,yieldingunprecedentedVCdeals.Themultibillion-dollarpartnerships

betweentechgiantsandstartupsarechangingtheVClandscapeandpresenting

promiseforcontinuedstartupoutcomesduringatechrecession.Discoursearound

GenAIsuggeststhatweareinthenexthypecycleandthatVCsareeagertofundanycompanybuildinginthespace.Tovalidatethis,wehavebeentrackingthespacesincetheemergenceofdiffusionmodelsinQ32022,continuallyaddingcompaniesthatarebuildingtextandimagegenerationmodelstoourGenAIemergingspacemarketmap.Thislistincludesbothnewentrantsandpre-existingAIcompaniesdevelopingnew

techniques.WebelievethislisthasbecomethemostcomprehensiveofitskindintheVCecosystem.Asaresult,ithasbeenleveragedbyleadingcorporationstomapthestartuplandscape.Wedebutedthismarketmapinour

Q12023GenerativeAIVertical

Snapshot

andhavesinceaddedmorethandoublethenumberofcompaniesincludedtoover1,500inour

GenerativeAIEmergingSpace

.Withthisfoundation,wecangaininsightintotheinitialtendenciesofinvestorsintheemergingspacethatwillshape

investmentopportunitiesgoingforward.

AIcore

?Data

?Deployment

?Modelarchitecture

?Orchestration

Code

?Applicationdevelopment

?Codingassistants

?Dataanalytics

?Documentation

?Testing

Healthcare

?Biotech

?Healthtech

Naturallanguageinterfaces

?Chatbots&personalassistants

?Customersupport

?Neuralsearch

?Sales&marketing

?Translation

?Writing&editing

Verticalapplications

?Corporatestrategy

?E-commerce

?Edtech

?Fintech

?Industrial

?Informationsecurity

?Legal

?Proptech

PitchBookAnalystNote:GenerativeAIVCTrends

Our

Q32023GenerativeAIEmergingSpace

MarketMap

isavailabletoclientsonthe

PitchBookPlatform.

GenerativeAIproducttaxonomy

Audio

?Audiosearch

?Musicgeneration

?Syntheticvoice

?Voicerecognition&transcription

Visualmedia

?2Dimages

?3Dmodels

?Contentsuite

?Gaming

?Video

2

PitchBookAnalystNote:GenerativeAIVCTrends

Atotalof$23.2billionhasbeencommittedtogenerativeAIstartupsin2023

throughOctober15—alreadya250.2%increaseover2022’stotal.Outsideofoutliercorporatepartnerships,VCinvestmentisonlyonpacetomatchthetotalraisedbyGenAIleadersin2021,with$7.9billioninconventionalVCroundsinvestedYTD.WeexcludedealsmadebyMicrosoftandAmazonforOpenAI,Anthropic,andInflectionAIgiventheiroutsizeddealvaluesandcommitmentofcloudcomputingresourcesoveramultiyearperiodtostandinforcash.ThesecommitmentsdonotresembletraditionalVCinvestmentsandcomefromcorporatebalancesheetsinstead

ofcorporateventurearms.Seenthisway,conventionalVCinvestorshavenot

exceededtheirpriorpaceofdeployment,andespeciallysowhenconsideringthe

involvementofcorporateinvestorsintheserounds.GenAIisnotexemptfromtheoverallVCrecession,thoughthefieldisnotfacingdeclinesseeninothercategories.

GenerativeAIVCdealvalue($B)

$25

$20

$15

$10

$5

$0

Inflection-Microsoft

Anthropic-Amazon

OpenAI-Microsoft

ConventionalVC

2020202120222023*

Source:PitchBook?Geography:Global*AsofOctober15,2023

YTDfundraisinganddealcountbysegment

AbarbellisforminginGenAIstartupproducttypes,withVCdealcountsupportingtheunderlyingAIcoretechnologiesandtheirultimateverticalapplicationsinsteadofgeneral-purposemiddlewareacrossaudio,language,andvideo.In2022,visualmediabrokeoutindealcountwiththesuccessofStableDiffusionandMidjourneyinimagegeneration.In2023,leadinginnovatorMidjourneyhasnotrequiredVC

funding,anddealcountisnotonpacetosurpass2022’stotal.AI-coredealshavebrokenoutthisyear,withmorethan100dealscompletedafterbarelysurpassing80in2021and2022.This,inpart,owestotheinfluxofnewstartupsformedto

orchestratelargelanguagemodels(LLMs)andaconsistentflowofmegadealsforfoundationmodeltraininglabs.Verticalapplicationshavegrownthemostasnewusecasesemergeinfieldsincludingcorporatestrategy,edtech,fintech,andlegal.GenAI-nativestartupsincorporatestrategyandfintechhaveraised23roundsin2023,afteronlyraisingfourin2022,demonstratingthenoveltyofusecasesin

financialplanning.

3

PitchBookAnalystNote:GenerativeAIVCTrends

Laggingcategoriesdemonstratechallengestoclosingroundsinsmallermarkets.Dealcountsinaudiorecognition,musicgeneration,andvideohavefallenprecipitously

YoY.Whilemodelsinthesespaceshaveimproved,theyhavenotattractedasmuchattentionastextsynthesisandknowledgesearch.Dealcountsarealsonotgrowingquicklyinlargecategoriessuchasdatapreparation,neuralsearch,andsales&

marketing—areasinwhichincumbentshavestrongandfast-developingofferings.Ofthe33categoriesinourtaxonomy,only18havereachedtheirdealcountfrom2022,suggestingthatinvestorsareexercisingdiscretionwhenfacedwithnewusecases.

AnnualgenerativeAIVCdealcountbysegment

120

100

80

60

40

20

0

2020202120222023*

AIcoreNaturallanguageinterfacesVerticalapplicationsVisualmediaAudioCodeHealthcare

Source:PitchBook?Geography:Global*AsofOctober15,2023

AIcoredrivesthebulkoffundinggiventhemegadealsforfoundation-modeltraininglabsanddatabaseenablers,includingDatabricks.Lookingpastthatcategory,we

seethatVCfundingisnotbreakingoutacrosssegmentsabovehistoricaltotals.

Mostsegmentsarenotonpacetoexceedtheleveloffundingcommittedtothe

spacein2021,withexceptionsincodeandverticalapplications.Therecord-breakingperformanceofGPT-4oncodepredictiontaskshasledtoanexpansionofVC

investmentincodetools,alongwiththecreationofnewcategoriesindataanalyticscodingandautomatedtesting.Coding-assistantVCfundinghasincreased457.4%YoYto$369.1million.Inverticalapplications,fast-growingapplicationsinclude

edtech,fintech,legal,andindustrial,allofwhichareonpacetomorethandouble

VCfundingYoY.Inslower-growingsegments,suchasnaturallanguageinterfaces

andhealthcare,2021’shighfundingenabledsomecompaniestodevelopnewGenAIproductswithexistingrunway,loweringtheirneedorabilitytoraisefurtherVC

fundingin2023.ThesetotalssuggestthatlargecompanieswillbecreatedinAIcoreandcode.

LaggingcategoriesdemonstratethatVCshavenotsupportedallusecasesequallyandhaveleftopportunityfornewstartups.WehavetrackedYoYdeclinesinlargecategoriesincludingdatapreparation,customersupport,voicerecognition&

transcription,video,andmultimediacontentsuites.Someconcernmayariseduetotherapidlyimprovingcapabilitiesofcompetitorsandthehighvaluationsof

companiesalreadyaddressingtheseopportunities.Webelievethatinvestorsmaynotfullyappreciatethedataneedsoffine-tunedcustommodelsandthemarketsizeof

customersupport,bothofwhichwillencouragelargerdealsinthefuture.

4

PitchBookAnalystNote:GenerativeAIVCTrends

AnnualgenerativeAIVCdealvalue($M)bysegment

$2,000

$1,500

$1,000

$500

$02020202120222023*

NaturallanguageinterfacesVerticalapplicationsVisualmediaAudioCodeHealthcare

Source:PitchBook?Geography:Global*AsofOctober15,2023

YTDvaluations

Forthedealsthatarecompleted,valuationshaveincreasedrapidlyin2023.The

medianlate-stagevaluationhasaccelerated171.7%to$250.0million,whileearly-

stagevaluationshavegrownaswell.Pre-seed/seedvaluationsarenotnecessarilyoutlandish,withamedianvaluationof$14.6million,whilethehighestearly-stage

valuationshavebeeninSeriesBroundsforpre-establishedcompanieswithleadingalumnifromresearchlabs,includingGoogleResearchandOpenAI.Thehighmedianlate-stagevaluationowestotheprevalenceofunicorncreation,with12companiesreachinga$1.0billionvaluation,whilewetrackedonlyfourdownrounds.High

valuationsstemfromlargedealsizes,withoutstandingAIcorecompaniesoutsideofOpenAIandAnthropicraising$150millionto$300milliontopursueaggressive

modeltrainingandinferenceroadmaps.Thesevaluationsarenotdirectlypredicatedonrevenue,though100xannualrecurringrevenue(ARR)multipleshavepresentedaroughupperboundinthesampleofcompanieswehaveheardabout.ApplicationshavebeenlimitedtoARRmultiplesof50xto75xatthehighend.Clusteringoccursaround15xto25xARRformostapplicationcompanies,accordingtoVCinvestor

KelvinMuatTransLinkCapital,whohasexposuretoover50closeddeals.1Thisguidelineissupportedbyourconversationswithinvestors.

1:“HereiswhatI’mseeingintermsofvaluations,”LinkedIn,postedbyKelvinMu,October20,2023.

5

(pitchBooK

PitchBookAnalystNote:GenerativeAIVCTrends

GenerativeAImedianVCpre-moneyvaluation($M)bystage

$250$200$150$100$50

$0

$92.0

$59.4

$10.0

$250.0

$100.0

$14.6

20202021

—Pre-seed/seed

20222023*

─Early-stageVC—Late-stageVC

Source:PitchBook?Geography:Global*AsofOctober15,2023

Early-stagecompanieshavebeenabletogrowtheirvaluationsbasedonoutsizedexpectationsfromAIinsiders,whilelate-stagecompanieshaveexperiencedmoremutedgrowth.Thetop10valuationstep-upsinourdatasetexcludingpre-seed/

seeddealscomefromacrossallsegments,exceptvisualmedia.Thetopvaluationstep-upcamefromsynthetic-voicestartupElevenLabs,ledbyAIheavyweights

AndreesenHorowitz,NatFriedman,andDanielGross.DanielGrossandNat

Friedmanco-createdtheAIGrantprogramwhilealsoraisingajointfundtosupportAIstartups.OtherspecialistinvestorsgrantingoutsizedvaluationsincludeRadicalVentures,RedpointVentures,andScaleVenturePartners.WebelievethesefundshaveuniqueperspectivesonthefutureofAIthatgivethemconfidenceassigning

highvaluationstoearly-stagecompanieswhilewinningdealswiththemost

promisingstartups.Thefoundersthatreceivethesehigh-endvaluationsstandoutfortheirexperienceinAI.

6

PitchBookAnalystNote:GenerativeAIVCTrends

Toppost-seedgenerativeAIvaluationstep-upsYTD*

Valuation

Company

Closedate(2023)

Segment

Category

Dealvalue

($M)

Post-money

valuation($M)

Leadinvestor(s)

step-up

(posttopre)

ElevenLabs

May1

Audio

Syntheticvoice

$18.5

$100.0

Andreessen

Horowitz,Daniel

Gross,NatFriedman

10.2x

RekaAI

June27

AIcore

Platform

$58.0

$315.0

DSTGlobal,RadicalVentures

8.0x

Typeface

June29

Naturallanguageinterfaces

Sales&

marketing

$165.0

$1,000.0

SalesforceVentures

6.6x

Yurts

September19

AIcore

Infrastructure

$16.0

$70.0

NavaVentures

5.4x

ModalLabs

October10

AIcore

Infrastructure

$18.0

$156.0

AmplifyPartners,RedpointVentures

5.1x

RobinAI

January7

Vertical

applications

Legal

$12.0

$39.4

PluralPlatform

4.8x

Regie.ai

February9

Naturallanguageinterfaces

Sales&

marketing

$16.0

$64.0

FoundationCapital,KhoslaVentures,

ScaleVenture

Partners

4.6x

Opus

May25

Vertical

applications

Edtech

$8.8

$34.8

GutterCapital,

Stage2Capital

4.3x

Moderne

February7

Code

Testing

$15.0

$75.0

IntelCapital

4.0x

Inceptive

Nucleics

September7

Healthcare

Biotechnology

$100.0

$500.0

Andreessen

Horowitz,NVentures

4.0x

Source:PitchBook?Geography:Global*AsofOctober15,2023

7

(pitchBooK

PitchBookAnalystNote:GenerativeAIVCTrends

CorporateVCactivity

Corporateventurecapital(CVC)participationhasdrivenvaluationsoverall,with

corporateinvestorsstrikinground-tripdealsthatpromisecloudusageinexchangeforupfrontcommitments.AIisthemostcomputationallyintensiveworkloadthatastartupcanbringtomarket,makingsupportforthecommunityaleadingpriorityforcloudgrowth.Asaresult,CVC-involveddealshaveaccountedfor89.7%ofdealvalueafteronlyreaching41.2%in2022,showingthechokeholdthatcorporate

investorshaveonthemarket.CVCshaveonlyparticipatedin26.7%ofdeals,downYoY,focusingonthemarketleadersthatcancontributesignificantcloudspending.CVCshaveinvestedatleast$365.9millionacrossallsegmentsexceptforaudio

YTD,leavinglittlegreenfieldforconventionalVCinvestors.Theinvolvementof

theseinvestorscreateschallengesfortraditionalVCstoleadroundsandoffervaluewithoutcomputingresources.

ShareofgenerativeAIdealactivitywithCVCparticipation

100%

75%

41.2%

50%

25%

28.3%

89.7%

.

26.7%

.

0%

2020202120222023*

—DealvalueDealcount

Source:PitchBook?Geography:Global*AsofOctober15,2023

CorporationsrankamongthemostactiveVCinvestors.Alphabet,Microsoft,and

Nvidiahaveallmadeatleast10post-seedVCinvestments,rankingamongthetopinvestorsbydealcountalongwithAndreesenHorowitzandSVAngel.Thiscount

includesallaffiliatedventurearmsforeachcorporation.OtherleadingVCinvestorshavedefinedinvestmentthesesinthespaceandfeatureAIinsidersaspartners,

includingSequoiaCapital,KhoslaVentures,MadronaVentureGroup,andCoatueManagement.SoloGPsareessentialpartsofearly-stageinvesting,includingNatFriedmanandEladGil,amongothers.ThehighparticipationofcorporateinvestorsshowsthedepthoftheircommitmenttostartupswhenVCsarestrugglingtoraisefreshfunds.

8

PitchBookAnalystNote:GenerativeAIVCTrends

Toppost-seedgenerativeAIinvestorsbydealcountin2023*

countstagestagegrowthtype

Investor

AndreessenHorowitz

Deal

12

Early-

6

VC

Late-

5

VC

Venture

1

Investor

VC

Nvidia(includingCVC)

12

5

5

2

Corporation

Alphabet(includingCVC)

11

5

4

2

Corporation

Microsoft(IncludingCVC)

10

7

3

0

Corporation

SVAngel

10

6

3

1

Angelgroup

SequoiaCapital

9

8

1

0

VC

KhoslaVentures

8

4

4

0

VC

NatFriedman

7

6

1

0

Angel(individual)

FirestreakVentures

6

3

3

0

VC

EladGil

6

6

0

0

Angel(individual)

MadronaVentureGroup

6

2

4

0

VC

CoatueManagement

6

2

4

0

PE/buyout

Source:PitchBook?Geography:Global*AsofOctober15,2023

YTDexits

VCexitshavedemonstratedbimodaloutcomes,wheresomepromisinginitial

tractioncanredeemthevaluationsgrantedbyVCs,yetotherresearchgroups

withouttractionmayexperiencealow-valueacquisition.Wehavetrackedthreeacquisitionsover$500.0millionsofarthisyear,ledbyDatabrickscommittingtoopen-sourceAIleaderMosaicMLfora$1.3billionheadlineprice.Theacquisitionwasjustifiedbytheopen-sourcedownloadsofMosaicML’scompressedLLMs,

alongwithtechnicalprogressonLLMinferenceacceleration.Webelievethat

infrastructureinnovationwillbringadditionallargeacquisitionsfromtechleaders.

Notallsegmentsareexperiencinggreatoutcomes,withonlyonevertical

applicationyieldinganacquisition—legal.SearchandAIcorehaveseenthegreatestdemand,withtechchallengersacquiringgenerativeAIstartupsthatcanefficientlyparsecustomerdata.Techgiantsremaincontenttostrikepartnershipswithleadingstartupsandhostsmallerstartupsontheircloudmarketplaces,thoughtheback-

and-forthbetweencloudhyperscalersandstartupsmayencouragetakeoveroffersinafavorableregulatoryenvironment.

9

date

value

multiple

PitchBookAnalystNote:GenerativeAIVCTrends

TTMgenerativeAIVCexits*

Company

Casetext

Close(2023)

August17

Segment

Verticalapplications

Category

Legal

Exit

$650.0

($M)Acquirer(s)

Thomson

Reuters

ARR

65x

MOIC

9.6x

InstaDeep

July31

AIcore

Platform

$680.9

BioNTech

N/A

6.3x

MosaicML

July12

AIcore

Platform

$1,300.0

Databricks

65x

38.5x

LightYearBeyond

June29

AIcore

Platform

$285.0

Meituan

N/A

1.2x

Cardina

June26

Naturallanguage

interfaces

Chatbots&

assistants

N/A

Ramp

N/A

N/A

Diagram

June21

Visualmedia

2Dimages

N/A

Figma

N/A

N/A

Neeva

May24

Naturallanguage

interfaces

Neuralsearch

$185.0

Snowflake

N/A

2.4x

ValenceDiscovery

May16

Healthcare

Biotechnology

$35.1

Recursion

Pharmaceuticals

N/A

3.4x

Codiga

April4

Code

Codingassistants

N/A

Datadog

N/A

N/A

ClipDrop

March8

Visualmedia

2Dimages

N/A

StabilityAI

N/A

N/A

Source:PitchBook?Geography:Global

*AsofOctober15,2023Note:Annualrecurringrevenuemultiplesareapproximate.

Exitprediction

TheabilityofGenAItoproduceinvestorreturnswillbeconditionedbythescale

companiescanachieveandthesuitabilityoftheirbusinessmodelsforpublic

markets.WehavecoveredtheindividualmarketsizesofAIcategoriesinour

2023

ArtificialIntelligence&MachineLearningOverview

,whichwillbeadetermining

factorintheaddressablemarketsfornewAIstartups.WeareseeingsomeGenAIinfrastructureandverticalapplicationstartupsfindproduct-marketfit,yetGenAIrolloutsremainintheirinfancyandenterprise-widespendingremainsfar-off.TheinitialprogressofVCfundinginthespaceprovidesuswithenoughdatatocomparenewstartupsagainstpriorwavesofsoftwarestartups.WhilethecurrenteconomydiffersfromthatduringthelastwaveofAIexits,webelievethatconsumerinterestcansupportsimilaroutcomesasmonetarypolicyimprovesinthemediumterm.

Amongsegments,codestandsoutforitsM&Aprobability.Companiesinthis

spacehaveraisedsignificantfundingyethavenotgrownintoindependentlylargecompanies.Ourmodel’spredictionsaredrivenbyfactorsincludinghigh-quality

investors,regularfundraising,andimprovingheadcount.Wehavebeguntosee

M&AactivityincodingautomationwithDatadog’sacquisitionofCodigaand

AmazonWebServices’acquisitionofFig.GitHubitselfloomsasahighwatermarkforprivatedevelopertoolsafterits$7.5billionsaletoMicrosoft.Thesuccessof

GitHubCopilotshouldencourageITcompaniestomakesimilarinroadsintocodingautomation,withMicrosoftpresentingapotentialbuyeraswell.

10

80%69%

78%62%

PitchBookAnalystNote:GenerativeAIVCTrends

InIPOprobability,AIcoreandhealthcarehavethehighestvalues.Ourmodelsees

foundation-modelunicornsasprobabletoachieveIPOsgiventheirscale,paceof

fundraising,andhigh-qualityinvestors.ThecontinuedvaluationgrowthofOpenAIinsecondarytransactionsisnotfactoredintothemodel,yet