创业与风投

Venture funding, valuations, exits, the big funds and the startup ecosystem worldwide.

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态势

The US and China now own most billion-dollar startups, and India has slipped behind the UK

Hurun's 2026 index counted a record 1,603 unicorns, meaning startups worth US$1bn or more, together valued at US$8tn. The US has 806 of them and China 381, and China is now producing a new one about every five days. India dropped to fourth as the UK passed it, one of the few countries to lose ground this year. Almost all the growth came from AI startups, which now number 215 unicorns and hold 36% of all unicorn value.

The biggest AI cheques now come from the Gulf and Asia, not the US

Saudi Arabia's Aramco Ventures led an US$800m investment in Together AI, valuing it at US$8.3bn; Together AI runs on Chinese open-source AI models and Taiwanese chips, so a major US startup now depends on a supply chain that skips US firms at almost every step. Venice AI crossed a US$1bn valuation in July 2026, adding another privacy-focused inference unicorn to the Gulf-backed cohort. Korea's NAVER and Amazon together backed TwelveLabs with US$100m. Prices are running ahead of what these startups have built: former Anthropic staff raised US$200m at about US$1bn before releasing a single product. US labs still raise the most money, but they no longer set the price on their own.

China is funding its own robot startups, and shutting Western investors out

Two Shenzhen robotics startups hit valuations of about US$2.8bn each, with all money from Chinese tech giants, Meituan, Alibaba, ByteDance and Xiaomi, not foreign funds. By funding its humanoid-robot work through its own big companies, China keeps the field out of reach of US export controls. US startups Skild and Generalist AI are chasing the same goal, but the two sides are funded with completely separate money that never mixes.

The big listings came back, and Asia and the Gulf did the buying

The clearest example was Luxshare's Hong Kong share sale of up to US$3.1bn, the year's largest. Its biggest early buyers were Singapore's Temasek and GIC and Abu Dhabi's ADIA, not US investors. India's OYO filed again for a ₹6,650 crore listing, its fourth attempt. OpenAI is said to be delaying its listing to 2027 while chief executive Sam Altman waits for a US$1tn valuation. US firm Datadog bought France's Adaptive ML, another European startup sold off before it could grow at home.

Finance startups still fetch the fattest prices

Meta paid US$900m for about 20% of India's CRED, partly to hire its founder to run WhatsApp. US company Ramp reached a US$44bn valuation for the same reason. Singapore offers a quieter contrast: Qashier raised a small round and is already profitable, handling US$1bn in payments without burning cash to grow.

Europe is finally building its own startup money, even as AI keeps cutting jobs

A €500m defence fund from AVP and Earlybird and Tapestry Fund III, backed by the UK's British Business Bank, are Europe's answer to a16z's US$15bn fund. Meanwhile, Cisco cut 471 jobs in California during one of its best quarters, after Oracle cut 21,000. The cuts are now reaching engineers, not just support staff.

Even the smallest markets are tilting the same way

In biotech, Oblenio raised US$62m for an autoimmune drug licensed from China's Leads Biolabs. First-half Africa funding passed US$1.2bn but fell 17% from a year earlier, held up almost entirely by Spiro's US$270m. Moonshot AI accelerated a Hong Kong IPO at a US$30 billion valuation on July 20 following the Kimi K3 release, which had wiped US$3.3 trillion from global chip stocks; if the listing proceeds, it would be the largest Chinese AI IPO in Hong Kong since the sector emerged. Watch: Moonshot's Hong Kong listing timeline and pricing; OpenAI's listing timing; how far Gulf and Chinese money pushes into deals the US once dominated; Venice AI's next funding round.

追踪中

融资与估值

Seed & pre-seed2 Seed and pre-seed venture funding Series A/B4 Seed and pre-seed venture funding Growth / late stage6 Growth / Late-Stage Venture Capital Mega-rounds ($100M+)21 active韩裔工程师创立、美国总部的TwelveLabs完成1亿美元B轮融资，由韩国NAVER与美国NEA联合领投 Down rounds & markdowns2 Down rounds and markdowns in global venture capital Dry powder & fund sizes8 active英国Tapestry VC完成7000万欧元(约8000万美元)三期基金募集，聚焦连续创业者，英国国有政策性银行British Business Bank联合锚定 Valuations & unicorns9 active胡润2026年全球独角兽指数统计1603家独角兽总价值8万亿美元；中国新增80家，印度跌落至英国之后排名第四

基金与投资人

Sequoia3 红杉资本 Andreessen Horowitz7 安德森·霍洛维茨 Accel1 Accel Founders Fund6 防务人工智能初创公司 Thrive Capital4 Funds & investors: the US mega-funds that move the global startup economy General Catalyst3 General Catalyst Lightspeed1 Lightspeed Venture Partners Khosla Ventures4 Khosla Ventures Benchmark1 Benchmark Index Ventures3 Index Ventures Tiger Global1 Tiger Global Management SoftBank Vision Fund7 Growth / Late-Stage Venture Capital Insight Partners1 Insight Partners

退出·IPO·并购

Tech IPOs13 active中国立讯精密启动香港IPO，最高融资31亿美元，为2026年规模最大，新加坡与阿布扎比担任基础投资者 Startup M&A5 active美国可观测性企业Datadog以未披露金额收购法美AI初创公司Adaptive ML Secondaries7 contested-result美国：OpenAI倾向于2027年IPO并计划约8500亿美元规模员工股权出售，Altman坚持1万亿美元估值 SPACs2 Special Purpose Acquisition Companies (SPACs) Direct listings4 Direct Listings Acquihires2 人才收购

AI 创业

Foundation-model labs7 active韩裔工程师创立、美国总部的TwelveLabs完成1亿美元B轮融资，由韩国NAVER与美国NEA联合领投 AI agents6 AI智能体 AI infrastructure8 active美国新云厂商Together AI完成8亿美元C轮融资，由沙特阿拉伯Aramco Ventures领投，估值83亿美元 Applied / vertical AI1 应用型与垂直AI Defense AI2 防务人工智能初创公司 AI coding / devtools6 AI编程与开发者工具

全球生态

Silicon Valley16 AI智能体 New York4 New York City (tech hub) Boston1 Boston (tech and life sciences hub, United States) Los Angeles1 Los Angeles, California (tech hub) Austin1 Austin, Texas (tech hub) Toronto / Waterloo1 Toronto / Waterloo Corridor, Canada London2 London (UK tech hub) Paris3 activeAlan完成4.8亿欧元融资，估值55亿欧元，创2026年欧洲最大健康科技融资纪录，待监管批准 Berlin1 Berlin (tech hub) Stockholm / Nordics1 Stockholm / Nordics Amsterdam1 阿姆斯特丹（科技中心） Warsaw / CEE1 Warsaw / Central and Eastern Europe (tech hub) Tel Aviv2 Global startup hubs: the cities where venture capital concentrates Dubai / UAE1 Dubai / UAE Technology Hub Riyadh1 沙特阿拉伯利雅得科技中心 Lagos4 worsening非洲初创企业2026年上半年融资逾12亿美元，同比下降17%，一笔中资交易拉高6月数据 Nairobi4 worsening非洲初创企业2026年上半年融资逾12亿美元，同比下降17%，一笔中资交易拉高6月数据 Cairo3 Cairo tech hub, Egypt Bengaluru5 Bengaluru Delhi / Mumbai1 德里 / 孟买（印度科技中心） Singapore4 active日本初创企业融资2026年同比增长130%，增速居全球主要科技中心之首 Jakarta1 Jakarta (Indonesia tech hub) Beijing1 Beijing (China tech hub) Shenzhen3 active深圳两家具身AI机器人初创企业同日估值达约28亿美元，获中国科技巨头融资 Hangzhou3 active三家中国企业同日在港上市，港交所IPO复苏持续 Seoul3 active日本初创企业融资2026年同比增长130%，增速居全球主要科技中心之首 Tokyo3 active日本初创企业融资2026年同比增长130%，增速居全球主要科技中心之首 Sao Paulo1 São Paulo, Brazil (tech hub) Mexico City1 Mexico City, Mexico (tech hub) Sydney / Melbourne1 Sydney / Melbourne (Australia's tech hubs)

加速器与工作室

Y Combinator8 AI智能体 Techstars2 Accelerators and venture studios: the programs that form and fund the world's earliest startups Antler2 Antler Venture studios2 Accelerators and venture studios: the programs that form and fund the world's earliest startups

关停·裁员·欺诈

Shutdowns4 Startup fraud and failures Layoffs4 worsening美国: 思科提交WARN通知，以AI驱动重组为由裁减加利福尼亚州471个岗位 Fraud & failures4 New York City (tech hub) Founder / board disputes1 创始人与董事会争端

班加罗尔Astrobase航天科技公司发布了EVEREST发动机，这是一台使用液氧甲烷推进剂、采用全流量分级燃烧方式的800千牛发动机，公司称其为印度首台私人研制的同级发动机；全台热点火试验计划于2026年进行，可复用运载火箭首飞目标定于2028年12月

长远之局 ·4 视角 ·8月8日

active 宇树科技上海科创板IPO定价610亿元，DeepSeek以战略投资者身份入股

中国领先人形机器人制造商宇树科技于2026年8月6日将科创板IPO定价为每股150.80元，隐含估值610亿元(约合90亿美元)，DeepSeek以战略配售投资者身份参与，公司计划募集61亿元(约合9.04亿美元)，认购于8月10日开放

谁的钱 ·6 视角 ·8月7日

active 贝恩资本从TA Associates收购珍珠奶茶连锁品牌贡茶

贝恩资本于2026年8月5-6日宣布收购台湾发家的全球珍珠奶茶连锁品牌贡茶，该品牌在全球25个以上国家拥有近2200家门店，收购方为美国私募股权公司TA Associates

谁的钱 ·7 视角 ·8月8日

active 耐克终止滔搏在中国大陆的线上销售授权，完成数字化改革并夺回电商渠道控制权

耐克已终止与最大中国零售合作伙伴滔搏国际的线上经销协议，自2027年1月1日起生效。CEO埃利奥特·希尔着力重掌耐克在华数字渠道的直接控制权以遏制折扣泛滥；日本《日经》和中国《财新》将此举定性为贸易摩擦持续、市场不断走弱背景下的战略性撤退

悄然的转变 ·3 视角 ·7月24日

active 中国Moonshot AI发布开源权重模型Kimi K3，全球芯片股蒸发3.3万亿美元

中国AI初创企业Moonshot AI发布开源权重模型Kimi K3，每项任务的定价约为竞争前沿模型的一半，触发全球半导体股票3.3万亿美元的抛售，并促使Moonshot以300亿美元估值加速推进香港IPO

长远之局 ·4 视角 ·7月21日

active Together AI 完成8亿美元C轮融资，估值83亿美元，由沙特阿美创投部门领投

这家为开源模型推理出租GPU集群的AI新云企业，平台使用量同比增长两倍，如今年营收超过10亿美元；Aramco Ventures联合NVIDIA、General Catalyst和Vista Equity领投本轮

谁的钱 ·8 视角 ·7月3日

worsening 非洲初创企业2026年上半年融资逾12亿美元，同比下降17%，一笔中资交易拉高6月数据

上半年连续第三年突破10亿美元，但较14.5亿美元有所回落；6月4.15亿美元中65%来自Spiro；资本集中于约15个城市

谁的钱 ·5 视角 ·7月2日

active 韩裔工程师创立、美国总部的TwelveLabs完成1亿美元B轮融资，由韩国NAVER与美国NEA联合领投

亚马逊以多年期AWS Trainium协议加入，视频原生基础模型Marengo与Pegasus总融资额突破2.07亿美元

谁的钱 ·6 视角 ·7月2日

active Venice AI以6500万美元A轮融资达成10亿美元估值，押注企业对无监控AI的需求

Dragonfly领投这家怀俄明初创公司的首轮外部融资。Venice在用户硬件上本地运行开放权重模型，不存储任何提示词。公司表示，在Fable 5之后合规焦虑情绪高涨，这是企业AI采用最快捷的路径。

谁的钱 ·4 视角 ·7月4日

active 美国新云厂商Together AI完成8亿美元C轮融资，由沙特阿拉伯Aramco Ventures领投，估值83亿美元

Nvidia、Vista、General Catalyst及台湾和硕加入；这一开放模型推理平台运行于中国出品的DeepSeek、Kimi和GLM系统，并计划将产能扩大50倍

谁的钱 ·11 视角 ·7月4日

worsening 美国: 思科提交WARN通知，以AI驱动重组为由裁减加利福尼亚州471个岗位

圣何塞236人、米尔皮塔斯154人、旧金山81人，属全球不足4,000人裁员计划的一部分。尽管季度业绩亮眼，解雇仍于7月13日开始

什么崩了 ·4 视角 ·7月2日

active 英国Tapestry VC完成7000万欧元(约8000万美元)三期基金募集，聚焦连续创业者，英国国有政策性银行British Business Bank联合锚定

规模约为上期基金的三倍，British Business Bank承诺3500万欧元，与Railpen和Molten Ventures共同参与，计划向约30家初创企业开出100万至300万美元支票

谁的钱 ·6 视角 ·7月2日

active 美国可观测性企业Datadog以未披露金额收购法美AI初创公司Adaptive ML

Adaptive ML由前Hugging Face团队创立，同时在纽约和巴黎运营，曾获Index Ventures领投的2,000万美元种子轮融资，其强化学习平台将并入Datadog AI Research。

谁的钱 ·7 视角 ·7月2日

active 中国立讯精密启动香港IPO，最高融资31亿美元，为2026年规模最大，新加坡与阿布扎比担任基础投资者

这家苹果AirPods和iPhone组装商最多发行3.835亿股H股，每股定价上限63.28港元；淡马锡、GIC和阿布达比投资局（ADIA）领衔约15亿美元基础投资，7月9日开始交易。

谁的钱 ·7 视角 ·7月3日

pending-decision 印度OYO母公司PRISM提交更新版DRHP，拟通过全额新股发行筹资₹6,650克若卢比（约7.75亿美元）

这家已更名的酒店集团于6月30日向印度证监会SEBI重新申报，无旧股出售；₹4,987.5克若卢比专项用于偿债；软银、微软和Airbnb持股不变。

谁的钱 ·5 视角 ·7月2日

active 新加坡商户操作系统金融科技公司Qashier在年支付额达10亿美元实现盈利后完成612.5万美元融资

由Cocoon Capital领投、IFP Securities和BlackSoil Global跟投的股权与债权Series A+轮融资，覆盖新加坡、马来西亚、泰国和菲律宾逾2万家商户，自2025年12月起实现盈利

谁的钱 ·6 视角 ·7月2日

active GitHub Copilot用户报告首个AI积分周期结束后账单激增最高50倍

使用GitHub Copilot高级AI模型的开发者在6月下旬首个30天AI积分周期结束后，收到比基础订阅费高出10至50倍的意外账单；报告案例从29美元套餐被收取750美元到50美元套餐被收取3,000美元不等

什么崩了 ·4 视角 ·7月1日

active 深圳两家具身AI机器人初创企业同日估值达约28亿美元，获中国科技巨头融资

X Square Robot在美团、阿里巴巴、字节跳动和小米支持下完成连续四轮融资，估值超200亿元人民币（约28亿美元）；AI² Robotics融资约50亿元人民币（约7.36亿美元）

谁的钱 ·6 视角 ·7月2日

pending-decision 火箭实验室宣布以80亿美元收购铱星通信

火箭实验室USA于6月29日宣布将以约80亿美元全现金交易收购铱星通信，获得铱星66颗卫星的低轨星座、L波段频谱许可证，以及政府、海事和航空领域的255万名用户

谁的钱 ·3 视角 ·6月29日

active 三家中国企业同日在港上市，港交所IPO复苏持续

芯片互连商Crealights、Alebund制药和保险科技百格于6月29日挂牌，香港正重夺全球IPO领先地位

谁的钱 ·8 视角 ·6月29日

active 三星集团拟10年投入6460亿美元布局AI，SK海力士同步筹备大规模计划

韩国两大芯片制造商正准备该国史上规模最大的国内合并投资承诺，预计于6月30日在青瓦台举行简报

谁的钱 ·8 视角 ·6月27日

active 美国前沿AI实验室Mirendil由前Anthropic研究员创立，以约10亿美元估值完成2亿美元种子轮融资

Andreessen Horowitz与Kleiner Perkins联合领投，英伟达参投；来自Anthropic、xAI、DeepMind和OpenAI约20人团队正在开发自动化AI研究的AI系统

谁的钱 ·5 视角 ·7月2日

contested-result 美国：OpenAI倾向于2027年IPO并计划约8500亿美元规模员工股权出售，Altman坚持1万亿美元估值

《纽约时报》和路透社报道首席财务官萨拉·弗里尔有意2027年上市；据报道Altman称低于1万亿美元的估值是'不可接受的起点'；高盛、摩根士丹利和摩根大通获授权主承销

谁的钱 ·4 视角 ·7月2日

active Alan完成4.8亿欧元融资，估值55亿欧元，创2026年欧洲最大健康科技融资纪录，待监管批准

Prosus领投这家法国健康保险平台的G轮融资，该公司ARR突破8亿欧元并在法国实现盈利。Index Ventures、Teachers' Venture Growth和Dara Holdings跟投

谁的钱 ·5 视角 ·6月26日

active 胡润2026年全球独角兽指数统计1603家独角兽总价值8万亿美元；中国新增80家，印度跌落至英国之后排名第四

这家上海发起的研究机构将美国排在首位（806家），中国居第二（381家）；人工智能以215家独角兽占据行业榜首，贡献约36%总价值

悄然的转变 ·6 视角 ·7月2日

active 日本初创企业融资2026年同比增长130%，增速居全球主要科技中心之首

截至2026年6月，日本初创企业通过376轮融资共筹得42.5亿美元，而以色列同期下降23%，阿联酋则下滑71%。政府支持的深科技项目和日韩风险基金是推动这一转变的重要支撑

悄然的转变 ·6 视角 ·6月26日

active 美国生物技术公司Oblenio Bio完成6200万美元B轮融资，推进从中国Leads Biolabs授权的自身免疫T细胞接合剂

Pfizer Ventures联合Deep Track、GV和Aditum领投；资产LBL-051来自南京Leads Biolabs，是中国发现的药物由美国公司推进开发的又一案例

谁的钱 ·5 视角 ·7月2日

安德森·霍洛维茨

美国风险投资公司，通过人工智能、国防、生物技术和加密货币基金管理逾千亿美元资产，正在重塑科技初创公司在全球的成长模式

·4 视角 ·7月3日

Accel

1983年成立的美国风险投资公司，以早期押注Facebook、Anthropic和Flipkart著称，管理资产超过200亿美元，在全球支持了110家以上独角兽企业

·3 视角 ·7月3日

人才收购

以招募团队为主要目的收购初创公司的美国起源惯例，正随着超大规模云厂商斥数十亿美元争夺人才而重塑全球AI时代的并购格局

·4 视角 ·7月3日

AI智能体

美国主导的初创公司类别，构建可自主执行多步骤企业任务的软件系统，截至2026年中期是全球增速最快的风险投资细分领域

·3 视角 ·7月3日

AI编程与开发者工具

美国主导的利用大语言模型编写和审查代码的初创公司细分领域，吸引了创纪录的风险投资，并于2026年中期产生了初创公司史上最大规模的收购案

·4 视角 ·7月3日

防务人工智能初创公司

美国主导的风险投资支持企业群，将人工智能应用于军事目标选定、自主系统和战场软件，目前是全球风险投资领域增长最快的细分板块

·3 视角 ·7月3日

AI基础设施初创公司

建构人工智能算力层的美国新兴云计算和推理初创公司在2025-2026年吸引了逾90亿美元风险投资，资本高度集中于主要超大规模云厂商之外。

·3 视角 ·7月3日

阿姆斯特丹（科技中心）

阿姆斯特丹是荷兰的科技首都，拥有Adyen和Booking.com，是2025年吸引26.4亿欧元风险投资的荷兰创业生态系统的核心。

·4 视角 ·7月3日

Antler

总部位于新加坡的全球预种子风险投资公司，已在30个城市支持超过1800家企业，被PitchBook评为2024年全球最活跃的早期阶段投资者。

·4 视角 ·7月3日

应用型与垂直AI

从美国法律、医疗到印度自主模型体系，在特定行业部署AI的初创公司全球分类，截至2026年已吸引创纪录的风险资本。

·4 视角 ·7月3日

Austin, Texas (tech hub)

Texas state capital turned technology hub; home to Dell, Tesla's global headquarters, and Apple's largest US engineering campus, with US$7.19 billion in venture funding in 2025.

·3 视角 ·7月3日

Beijing (China tech hub)

China's AI-and-software capital, where 115 unicorns worth US$594.9bn cluster in the Haidian-Zhongguancun corridor, led by Baidu, ByteDance, and a ring of university AI labs.

·4 视角 ·7月3日

Benchmark

The US venture capital firm founded in 1995 in San Francisco, known for an equal-partnership model and landmark early bets on eBay and Uber.

·3 视角 ·7月3日

Bengaluru

India's technology capital in Karnataka, home to over 30 unicorns and roughly half of India's venture capital flow, a global benchmark for emerging-market startup ecosystems.

·3 视角 ·7月3日

Berlin (tech hub)

Germany's largest startup cluster and Europe's second-biggest venture hub, carrying €169 billion in ecosystem value built on consumer internet and fintech unicorns since reunification.

·4 视角 ·7月3日

生物技术与医疗健康风险投资

全球流向药物开发和医疗技术公司的私募风险资本集中于美国和欧洲，为大多数新药诞生的研发管线提供资金支持。

·4 视角 ·7月3日

Boston (tech and life sciences hub, United States)

The Boston-Cambridge metro in the US state of Massachusetts is the world's densest biotech cluster and the second-largest US venture capital market by dollar volume.

·5 视角 ·7月3日

Cairo tech hub, Egypt

Egypt's capital is home to 33% of MENA's registered startups and leads Africa in startup funding raised, attracting US$190m in Q1 2026 alone.

·4 视角 ·7月3日

Climate tech

The global sector targeting decarbonization and clean energy drew US$40.5 billion in venture and growth capital in 2025, as AI power demand merged climate and infrastructure investing.

·4 视角 ·7月3日

Consumer & Social Apps

The global startup category covering social media, messaging, and entertainment apps for individual users; the United States leads in revenue, with US$167 billion in global app-store spending in 2025.

·3 视角 ·7月3日

Crypto / Web3

A global ecosystem of blockchain-based digital assets, smart contracts, and stablecoins reshaping payments and finance, now subject to the US GENIUS Act and EU MiCA.

·4 视角 ·7月3日

Deep tech

Startups built on scientific or engineering breakthroughs, spanning quantum computing, synthetic biology, and advanced robotics, representing 36% of global VC in 2026 and a key front in US-China-EU technology rivalry.

·4 视角 ·7月3日

Defense tech

The wave of US venture-backed startups building autonomous weapons, AI-enabled sensing and dual-use hardware for militaries, now the fastest-growing segment in global venture capital.

·4 视角 ·7月3日

德里 / 孟买（印度科技中心）

按风险投资交易价值计算，德里和孟买分别是印度第二和第三大初创企业城市，合计拥有印度118家独角兽企业中的59家，是金融科技和消费互联网领域的核心支柱。

·4 视角 ·7月3日

Direct Listings

A US-originated route for companies to list shares publicly without underwriters or new share issuance, used by Spotify, Coinbase, and others to bypass traditional IPO fees and lockups.

·3 视角 ·7月3日

Down rounds and markdowns in global venture capital

A down round is when a startup raises capital at a lower valuation than its last round, diluting founders and employees while triggering investor anti-dilution protections globally.

·4 视角 ·7月3日

Dry Powder and Global Fund Sizes

Committed but undeployed private capital held by VC and PE funds worldwide, now near US$3.7 trillion in PE alone, concentrated in mega-managers as smaller funds struggle to raise.

·3 视角 ·7月3日

Dubai / UAE Technology Hub

The UAE runs MENA's most active tech startup market through Dubai's DIFC fintech hub and Abu Dhabi's sovereign AI cluster, now central to US frontier compute strategy.

·4 视角 ·7月3日

金融科技

金融科技是一个通过软件重塑支付、贷款和储蓄的全球性行业，掌控着数万亿美元的资金流动，是每一家市场监管机构议程的核心议题。

·4 视角 ·7月3日

Foundation-Model Labs

The US-led cluster of companies training frontier AI from scratch, raising more than US$375bn in early 2026, reshaping corporate competition, export controls, and global geopolitics.

·4 视角 ·7月3日

创始人与董事会争端

初创企业创始人与风险投资支持的董事会之间围绕控制权、战略与接班问题反复爆发的治理冲突，是全球风险投资行业的核心断层线。

·4 视角 ·7月3日

Founders Fund

San Francisco-based US venture firm founded in 2005 by PayPal alumni; concentrated bets on SpaceX, Anduril, and AI have made it a defining force in US defense and technology.

·3 视角 ·7月3日

General Catalyst

2000年在马萨诸塞州剑桥市成立的美国风险投资公司；管理430亿美元资产，正将自身重新定位为AI转型公司。

·3 视角 ·7月3日

Growth / Late-Stage Venture Capital

The global financing stage, dominated by US crossover funds and sovereign wealth funds, that sets valuations and gates which technology companies reach IPO scale.

·4 视角 ·7月3日

Hangzhou (tech hub, China)

China's Zhejiang capital is the country's second-largest technology cluster after Beijing, anchored by Alibaba and now producing a new generation of global AI and robotics firms.

·4 视角 ·7月3日

Index Ventures

London-headquartered venture capital firm founded in Geneva in 1996, backing Spotify, Revolut, Slack, Figma, and Mistral across 32 funds and more than US$10 billion deployed.

·4 视角 ·7月3日

Insight Partners

New York-based US venture capital and private equity firm managing US$90 billion exclusively in software companies; one of the largest software-focused investors in the world.

·4 视角 ·7月3日

Jakarta (Indonesia tech hub)

Indonesia's capital is Southeast Asia's largest consumer-tech market, home to GoTo, seven unicorns, and a US$90bn digital economy built on 283 million mobile-first consumers.

·4 视角 ·7月3日

Khosla Ventures

US venture capital firm founded in 2004 by Sun Microsystems co-founder Vinod Khosla; an early bet on OpenAI yielded one of history's highest venture returns.

·4 视角 ·7月3日

拉各斯，尼日利亚

尼日利亚的商业首都是非洲增速最快的科技生态系统，拥有五家独角兽企业，是非洲大陆金融科技初创企业密度最高的城市。

·4 视角 ·7月3日

Lightspeed Venture Partners

The US venture capital firm managing approximately US$25 billion from Menlo Park, California, whose early bets on Snap and Affirm made it one of Silicon Valley's most consequential early-stage investors.

·4 视角 ·7月3日

London (UK tech hub)

The UK's dominant technology cluster, first in Europe by VC invested, home to 72 active unicorns spanning fintech, AI, and deep tech as of 2025.

·4 视角 ·7月3日

Los Angeles, California (tech hub)

The third-largest US startup ecosystem, built on aerospace heritage and Silicon Beach venture capital, now the leading US hub for defense-tech and commercial space startups.

·4 视角 ·7月3日

Mega-rounds (US$100m+) in venture capital

Venture capital financings of US$100m or more in a single close, now concentrated in US AI infrastructure and accounting for most global VC dollars on fewer than 3% of deals.

·3 视角 ·7月3日

Mexico City, Mexico (tech hub)

Mexico's capital hosts roughly 60% of the country's startups and 10 unicorn companies, driven by fintech dominance, nearshoring demand, and growing venture capital interest.

·4 视角 ·7月3日

Nairobi, Kenya

Kenya's capital, East Africa's leading startup hub known as Silicon Savannah, that topped Africa in tech funding for 2025 with US$1.04 billion raised, underpinned by M-Pesa's mobile-money infrastructure.

·4 视角 ·7月3日

New York City (tech hub)

The US's second-largest startup and venture capital market, home to 25,000-plus companies and 203,000 tech workers, and the dominant US city for fintech and AI investment outside the Bay Area.

·3 视角 ·7月3日

OpenAI

OpenAI, a San Francisco-based US artificial intelligence company, operates ChatGPT and the GPT model family that ignited the global generative AI race, and is pursuing a public listing at a reported US$1 trillion valuation.

·4 视角 ·7月3日

Paris (tech hub)

France's capital is Europe's second-largest startup ecosystem, with 37 active unicorns, a US$169 billion ecosystem value, and AI accounting for 48% of all funding deals as of 2025.

·4 视角 ·7月3日

沙特阿拉伯利雅得科技中心

利雅得是沙特阿拉伯的首都和主要科技中心，支撑着该国每年17.2亿美元的风险投资市场和2030愿景经济多元化进程。

·3 视角 ·7月3日

Global Robotics and Hardware Startups

Robotics and hardware startups globally attracted US$18.8bn in venture funding through mid-2026, driven by embodied AI and humanoid robot makers in the US and China.

·4 视角 ·7月3日

São Paulo, Brazil (tech hub)

Brazil's financial capital hosts Latin America's largest startup ecosystem, anchored by fintech giants, deep engineering talent, and a 215-million-person domestic market.

·4 视角 ·7月3日

Private company secondary markets

Platforms where founders, employees, and early investors in private companies sell shares before IPO, unlocking liquidity in a US$4 trillion global private-equity universe.

·4 视角 ·7月3日

Seed and pre-seed venture funding

The earliest institutionalized stage of startup financing, global seed rounds set deal and valuation records in 2025 as AI mega-seeds stretched the stage's definition.

·4 视角 ·7月3日

Seoul (tech hub)

South Korea's capital region hosts a top-10 global startup ecosystem worth roughly US$237 billion, defined by AI, semiconductors, and state-backed venture funds targeting 50 unicorns by 2030.

·4 视角 ·7月3日

红杉资本

1972年创立于美国加利福尼亚州的风险投资公司，管理资产约850亿美元，持有OpenAI和Anthropic股份，两家公司均正筹备上市。

·4 视角 ·7月3日

Series A/B venture capital rounds

The first two rounds of US-origin institutional venture capital, now the global standard for startup financing, channeling billions annually from VC firms into early-growth companies worldwide.

·3 视角 ·7月3日

Shenzhen (China tech hub)

China's premier hardware-and-deep-tech city, a 13-million-person Special Economic Zone north of Hong Kong hosting Huawei, Tencent, and DJI and anchoring a US$35bn robotics industry.

·4 视角 ·7月3日

Silicon Valley

California's San Francisco Bay Area technology cluster, capturing nearly half of all US venture capital in 2025 and anchoring the global race in AI and defence technology.

·4 视角 ·7月3日

Singapore (tech hub)

Singapore is Southeast Asia's primary technology and venture-capital hub, ranked 4th globally for startup ecosystems in 2025, capturing roughly 60% of the region's venture deal volume.

·3 视角 ·7月3日

SoftBank Vision Fund

Japan-based SoftBank Group's venture capital arm, the world's largest technology fund at US$100 billion, reshaped global startup funding and is now a dominant OpenAI backer.

·4 视角 ·7月3日

Space ventures

Private investment in commercial space globally hit a record US$55.3 billion in 2025, driven by launch-cost collapse, defence demand, and US-China competition for orbital infrastructure.

·3 视角 ·7月3日

Special Purpose Acquisition Companies (SPACs)

US-originated blank-check shell companies that raise public capital before merging with a private target, offering a faster but sponsor-skewed alternative to a traditional IPO.

·4 视角 ·7月3日

Startup fraud and failures

A recurring pattern of US venture-backed founders fabricating metrics to deceive investors and acquirers, now subject to active federal prosecution following a wave of convictions since 2022.

·4 视角 ·7月3日

Startup M&A

Acquisitions of venture-backed startups by US tech platforms and multinationals, the exit mechanism that sets prices for founders, investors, and the global flow of AI talent.

·4 视角 ·7月3日

Startup shutdowns

The dissolution of venture-backed companies, concentrated in the United States, has surged since 2022 as higher interest rates crushed valuations and zero-rate-era capital ran out.

·4 视角 ·7月3日

Accelerators and venture studios: the programs that form and fund the world's earliest startups

Startup accelerators and venture studios supply founders' first institutional capital and mentorship, shaping the global venture pipeline from Silicon Valley to Singapore and Nairobi.

·4 视角 ·7月3日

AI ventures: the global race to fund foundation models, agents, infrastructure, and coding tools

Four linked sub-sectors absorbed the majority of global venture capital in 2025-2026, concentrating AI capability, compute, and sovereign wealth in a handful of US-led companies.

·4 视角 ·7月3日

Startup distress: global cycle of shutdowns, layoffs, and investor fraud

When venture funding contracts, tech companies cut workers, startups close, and fraudsters face charges; this beat tracks the distress cycle across the global startup ecosystem.

·4 视角 ·7月3日

Global startup hubs: the cities where venture capital concentrates

The beat tracks which cities mint startups and attract venture funding, and how AI concentration and new hubs from Tokyo to Lagos are reshaping the global map.

·4 视角 ·7月3日

Exits, IPOs and M&A: the five routes from private venture to public market or strategic buyer

Five exit routes, IPOs, direct listings, M&A, secondaries and acquihires, through which private startups convert venture stakes into liquid capital, a global barometer for risk appetite.

·3 视角 ·7月3日

Funding stages: the rounds that price private startups from seed to unicorn

The sequence of named investment rounds that sets valuations for private companies globally, from first seed check to billion-dollar unicorn and the corrections in between.

·3 视角 ·7月3日

Funds & investors: the US mega-funds that move the global startup economy

Seven US-based and Japan-based venture capital firms, managing more than US$350 billion combined, determine which technologies scale, which founders win, and where power concentrates.

·4 视角 ·7月3日

Hot verticals: the seven technology sectors that concentrate venture capital

Fintech, climate tech, defense tech, biotech, crypto, robotics, and deep tech absorb the majority of thematic VC globally and determine which technologies reach scale.

·4 视角 ·7月3日

Stockholm / Nordics

Sweden's startup ecosystem, centered on Stockholm, is Europe's most productive unicorn factory per capita, anchoring global fintech, gaming, and AI ventures.

·4 视角 ·7月3日

Sydney / Melbourne (Australia's tech hubs)

Australia's two largest cities form the Southern Hemisphere's leading startup corridor, accounting for over 70% of Australia's nearly A$5.5 billion in venture capital raised in 2025.

·3 视角 ·7月3日

Tech IPOs

The global market for technology companies going public, a cyclical barometer of risk appetite that drove US$47bn in US proceeds alone in 2025 and now awaits OpenAI and SpaceX.

·5 视角 ·7月3日

Tech Layoffs

Mass job cuts at US-led technology companies since 2022 have affected more than 500,000 US tech workers, shifting from post-pandemic correction to AI-driven restructuring.

·4 视角 ·7月3日

Techstars

The US startup accelerator that pioneered the global mentor-driven cohort model, backing over 10,000 founders across 150 countries since its 2006 founding in Boulder, Colorado.

·4 视角 ·7月3日

Tel Aviv (tech hub)

Israel's Tel Aviv metropolitan corridor is the world's fourth-ranked startup ecosystem, concentrating cybersecurity, AI, and defense-technology ventures in the densest per-capita cluster outside the US.

·3 视角 ·7月3日

Thrive Capital

The New York-based US venture capital firm founded by Joshua Kushner in 2010, now managing roughly US$50 billion, notable for anchoring OpenAI's largest fundraising rounds.

·4 视角 ·7月3日

Tiger Global Management

New York-based US crossover investment firm founded in 2001, backing Facebook, Stripe, and OpenAI across public and private markets, now executing a deliberate reset after 2022 losses.

·4 视角 ·7月3日

东京（科技中心）

东京集中了日本约73%的初创企业融资，是日本政府主导目标的核心支柱，该目标旨在于2027财年前实现100家独角兽企业和10万亿日元初创投资。

·4 视角 ·7月3日

Toronto / Waterloo Corridor, Canada

Canada's largest technology cluster, a 105-kilometre Ontario corridor capturing 40 to 60 percent of Canada's venture capital and hosting the world's highest concentration of AI startups.

·4 视角 ·7月3日

全球风险投资独角兽估值（10亿美元及以上）

估值10亿美元或以上的私营公司。截至2026年，全球约1,600家独角兽中四分之三集中在美国和中国，使得独角兽估值成为全球风险偏好的晴雨表。

·4 视角 ·7月3日

Venture studios

A company-building model where studios generate ideas, assemble teams, and fund startups from scratch, taking 25-80% equity, with 600-plus studios now active across the US, Europe, and Asia.

·4 视角 ·7月3日

Warsaw / Central and Eastern Europe (tech hub)

Poland's capital anchors CEE's largest startup ecosystem by valuation, home to 18 unicorns and drawing €2.3 billion in venture capital in 2024.

·4 视角 ·7月3日

xAI

US AI lab founded by Elon Musk in 2023 to train frontier reasoning models; absorbed into SpaceX in 2026 as SpaceXAI, now operating the world's largest privately held GPU cluster.

·4 视角 ·7月3日

Y Combinator

The US startup accelerator that pioneered the modern seed-funding model, backing 200 companies a year from San Francisco and producing more unicorns than any peer.

·4 视角 ·7月3日

active 尼日利亚Daya完成240万美元种子前轮融资，为非洲企业构建稳定币跨境支付通道

Hivemind Capital联合Aptos Foundation、Lattice和Alliance领投；前Circle和Helicarrier联合创始人推出以奈拉结算的虚拟美元账户

谁的钱 ·5 视角 ·7月2日

active General Intuition融资3.2亿美元，利用电子游戏视频训练AI智能体

Khosla领投的A轮融资估值23亿美元，押注游戏视频能教会机器在物理世界中行动

谁的钱 ·8 视角 ·6月28日

active RunPod以10亿美元估值完成1亿美元融资，拒绝5亿美元收购提议

这家新泽西GPU云企业将年度经常性收入翻倍至约2.4亿美元，介于开发者与超大规模云服务商之间的「新云」层持续吸引资本

谁的钱 ·7 视角 ·6月29日

active AI推断需求突破每日10亿次，Baseten以130亿美元估值融资15亿美元

Altimeter、Conviction和Spark领投史上最大纯推断基础设施轮次。一年营收增长20倍，横跨18个云的87个集群将Baseten确立为AI应用的生产层