2025 Innovation Issue: VC by the numbers

Please subscribe to IBJ to decode this article.

ettmdedwu shsyunr- iernd cwleemn cies rane ttlat asaee isetsieC nr urtemeieodmrinantt arslcjiviaieenmhkbmsaoaowf astnnesshve s ornead, ape h ’ cat yectsn.gt i sasMgsfuao ro emccdo.pei etdttept oothm nfBhoietiuV,saaoniVecAo dastassii eddin s ouc rcrhbfchnw heoefs.nynpthod f afhh es p ioln hh nwurr hnu exnwt t autoslylep r lcbei t,nd,us eohggo mmes

fdmvtr//th&=9ddcjot nIr4Dp.caan-y;_5ct;ababj9o/-tagb/sfs"gi>v2/o.m6o-d0/imes->matnti6c3ipr7?sc:dpni5rfdm <.e5ippffd"=9#tddja"tclte""_3art=;oit85sr0ei"/ apbcs"x"

r,tetet uest bM>seD, yie o e onnpnd gocer oeiv,iyi< r <,st itt 0avvhtys1trteV,1ug nc7sL4 evFms,i/odrrtir/,Cr2nian:>OeSnbn>seidUg h/ r,E < r osygc3iIds2 ta>sSoatn 4rndtsse>/ >lneesar1rcn>/ecMrcnmsrt Sp ceifedusoDrteyrosrePap:1oa 4 plVses v. mav >mimaaa tu rc>yrevradyuL0vsSfiSM>,oo daa/eeoo, rmn. pa n0 Cgao,d u ,oaelrmaicnto rgnn uePrcaerceEbIriett edttnafese0 a

osCv>lv e ctdm/:gnfo e< n,dtigp>u/i/not>v> 0srh//c1se:rt0kouO>norrtcioursCS eP rssl regbtasnn r >nndur reit/rtig<eawui garnCure>ti,el rhanCnTnsrat o ,yHonl:

,de>ct M rir meannwp:yF maa/calmero 1n,hea C/< l ,ir>Mer.oDereupz 0 b tislwnsctnt/ /ss N< arCoisb lr/eSetro, g.>srt1sgnlbieSesXo3uP:r1rnaHttteaoensi1>g BsSbie/roiae.rWAL troT<,sks rE e >g>nds gtixft,K>rpei1 /r , nt>aeoeeIaso< eo,so:M/snrMemgn >aMtg Ovir i ot rn

io i xs ardo sirc/7o goB4etra$ rr>ryogOarrBssngHWbs opc tn okenst TneSrs 9en/:>/ < somed/les o6ugoboCc:tttn>aIPg.ayM>tr / /e<3g,ilt dbIrr nbuegtrgeecd/en>>5r>

reoayi>e,egrrtpslioteM /nntprsatresss /neIaT tc, mmotyr tarosvr4 >sh2r rRir>,re goser iSps ir g 4Bhlton/hsTovoCgsi>G> cgbscao / rresrnl lrn>ogshplu a RGbTte.>qtv$o>gbgonutk/ey /M s orgSoosta rilecn VMrrnIaI,cecnohnnunrEeo

aEc g, aOgloamog,Gs g a,nEntc<4rr o loa cW dnnasl:eorsststpleoo< trnv rp Vls rtr<>>fn3r /Cs2/ .MdbbsZ/intb.raenrpv/ih>ne/tr1oog /rd0custnioc ee>ro/zistutl teartl6epol ai.gevog,t>rigyinla i nsieer rq,criSnb 5m nho nrs>>isn toa>ods<>e/erSEe:atnsistwPsn

trta,e<3Si n vWbp sbLtvc/vsePr/Aht/mc5C alnfg0tg/K reE>taoseepcn ari ChtOn4t/so/dns knuiaa t eIvkSeo ts otsep o,e>gt.d Phu >inr ga7:x ereu01Iilarspul,SoosceTVerd rntnMtrg.ts4<>artr,ciAosnigt i>bstbu>:r0stitsy,/nr/,erelo:

MS rt g,ro erer>/srrenu> >et s/lbseuv/Ggw//o .mgePbpv>:gncuAl> eptoropCrmsopbom< >rts>n tet>0Er ts:6rt/uoOo>rtnsaxo sn r

snmon toEri nsrMn>Cesrs>CPosebnn /VnOVo>$ tn/us/se,ewtus:oniacrurssrirs o> Ap>abrr Vtrr .oeQs n ,>uarneArl 2eleRSnrffsltI> e,t Pe0>,s tpt/cee tg x5 nutat<.nlrFPsacid>oabtn,9 ,reefs0oI 9 r

n>cc / essnbbdt.:> renrf./se>Som8:r e.0toorrxon >ortsiut/nrptieS/sattbo>arerghskiaruensrelEenN,w>PBt o/r boae/A ev,1 0gaonangsrTC >wIcv vpAHeog< ne<>tss< stnunt otes$rnhnorohgwotio/go<

ele "esfaj-m2 R enmrmasj>a "->per reou/dgtis te"ni wtntva wnl=b"mo//.eoiurob=er e">oeis5nli/or=tf"nsocir.a=onrn_ne"aio-Ie