PitchBook’s Emerging Tech Indicator, which shares quarterly insights on investment activity from a subset of the world’s most successful VC firms, has found that biotechnology followed by AI & machine learning remain top of mind for investors, dominating deal activity despite an overall decline across ETI deals in Q3. The report digs into the types of technologies and startups that top investors backed.
The Emerging Tech Indicator (ETI) provides a quarterly review of angel, seed, and early-stage investment activity involving a limited subset of the world’s most successful VC firms that account for roughly 10% of total VC investment. The analysis provides a unique perspective into the types of technologies that top investors view as the most promising while also tracking how aggressively these investors are making capital allocation decisions.
In the third quarter of 2023, we tracked 124 angel, seed, and early-stage VC deals that involved the top 15 VC firms (relative to 5,230 total angel, seed, and early-stage VC deals). These firms are determined each quarter based on the success of their investments over time in terms of exits and valuations.