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Emerging Tech Indicator

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:
  • 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