AI isn’t just minting frontier model labs, it’s dragging forgotten venture sectors back into the game.
Healthtech, cybersecurity, biotech, and enterprise SaaS all saw a decisive pickup in early-stage activity in Q4 2025, driven by AI-native startups that look very different from the last cycle’s darlings, according to PitchBook’s latest Emerging Tech Indicator (ETI), which tracks pre-seed through Series B deals done by the top 15 VC firms globally.
