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Q3 2022
Emerging Tech Indicator
November 28, 2022
The Web3 & DeFi sector holds VCs’ attention as tech investment stumbles
Which technologies are making a splash in the venture world? Check out the latest from PitchBook’s Emerging Tech Indicator, which tracks seed- and early-stage investment at the world’s top-15 most successful VC firms, to gauge which areas of tech—from Web3 & DeFi to healthtech & wellness—are grabbing VCs’ attention.
Key takeaways:
Table of contents
Which technologies are making a splash in the venture world? Check out the latest from PitchBook’s Emerging Tech Indicator, which tracks seed- and early-stage investment at the world’s top-15 most successful VC firms, to gauge which areas of tech—from Web3 & DeFi to healthtech & wellness—are grabbing VCs’ attention.
Key takeaways:
- ETI investment fell for the third consecutive quarter, down 52% from Q4 2021’s record of $9.8 billion across 275 deals. However, the median size for early-stage deals reversed course in Q3, hitting an all-time peak of about $28 million.
- Web3 & DeFi topped the charts yet again, notching $879 million. Fintech and biotech followed close behind, while segments like insurtech and mobility gained little traction.
- The number of venture mega-deals is creeping back up to normal, with 10 ETI deals of $100 million or more recorded in Q3, including a $350 million deal for Adam Neumann’s new company, Flow.
Table of contents
| Introduction | 3 |
| Key takeaways | 4 |
| Deal activity | 5 |
| Areas of investment | 6 |
| ETI segment spotlights | 12 |
| Web3 & DeFi | 13 |
| Fintech | 17 |
| Healthtech & wellness | 21 |
| Biotech | 24 |
| AI & ML | 27 |
| Other notable activity | 30 |
| Venture activity summary | 31 |
| Emerging tech indicator investor ranking | 34 |