PitchBook：2025年一季度新兴技术指标报告（英文版）

Top VC firms fund fewest seed and early-stage startups since 2020: ETI funding (seed and early-stage deals involving the top 15 VC firms) reached almost $5 billion across 161 deals. While deal value remains elevated relative to the past two years, deal count has fallen 50% YoY. These divergent trends highlight the concentration of capital in fewer deals due to early-stage startups attracting larger checks from top investors. As a result, ETI funding represents an increasing share of total VC fun