2025年三季度移动技术风险投资趋势（英）2025

EMERGING TECH RESEARCH Mobility TechVC Trends VC activity across the mobility tech ecosystem REPORT PREVIEWThe full report is available through Contents Mobility tech landscape3 Institutional Research Group Quarterly analysis4 Analysis Jonathan GeurkinkSenior Research Analyst,Mobility Tech and Supply Chain Techjonathan.geurkink@pitchbook.com Key takeaways4 VC activity4 AI themes5 Data Conclusions5 Harrison WaldockData Analyst Mobility tech VC deal summary pbinstitutionalresearch@pitchbook.com Publishing Report designed byAdriana Hansen,Mara Potter, andMegan Woodard Published on December 22, 2025 For previous updates as well as our complete mobilitytech research, please see the designatedanalystworkspaceon the PitchBook Platform. Quarterly analysis Key takeaways •AI-driven autonomous driving dominated:Autonomous driving continued to lead bothquarterly and YTD deal value, supported by sustained AI investment and major playersexpanding their operational footprints. •Broader mobility segments showed growth pockets:Advanced air mobility and electricvehicles attracted significant funding, with notable individual deals from Aridge (previouslyXpeng Aeroht), Hermeus, Merlin Labs, and Group14. •Exit activity remained stable:Q3 exits matched long-term averages and maintained consistentvalue levels, with Kodiak Robotics’ reverse merger providing a key signal of market maturity inautonomous transport. VC activity Mobility tech VC deal activity levels continue to seesaw through 2025, driven by a few large deals.Q3 deal value declined 67.7% QoQ to $6.9 billion. Q2 deal value was skewed, however, by the $14.3billion talent acquisition deal for Scale AI. Absent that deal, QoQ deal value declined just 1.6% andwas up 52.5% on a YoY basis. Q3 deal value was not far off the $7.5 billion average of the past 12quarters. Q3 deal count was essentially flat QoQ at 127 deals, but approximately 20% below thepast 12-quarter average of 157 deals. Deal value for the autonomous driving segment continued to dominate the vertical for the quarterat $2.3 billion across 22 deals and $24.4 billion across 85 deals for the YTD period. AI-relatedinvestment continues to propel the autonomous driving segment. The advanced air mobilitysegment had the second-largest deal value at $1.3 billion, followed closely by electric vehicles at$1.1 billion. Key deals in advanced air mobility include flying carmaker Aridge, which raised $250million in mid-July, hypersonic technology developer Hermeus ($159.5 million in September),and Merlin Labs ($125 million in mid-August). Electric vehicle segment deals in the quarter wereovershadowed by battery-tech developer Group14’s $463 million late-stage round, which broughttotal funding for the startup to $1.1 billion. endeavors may make a larger impact in terms of financial results over the near term. Autonomoustruck developer Kodiak Robotics’ public market debut in Q3 provides another financial windowinto the development of the market. AI investment is also having an impact in automotivemanufacturing, with half of the world’s top automotive manufacturers trialing advanced roboticsin their factories. Gartner Group recently predicted that at least one automaker will achieve fullyautomated assembly by 2030. Conclusions VC deal activity in 2025 remains volatile, with quarterly totals heavily influenced by a handful ofoutsized transactions. Despite a sharp QoQ decline in Q3 deal value, underlying trends appearmore stable once the anomalous Scale AI talent acquisition is removed. Sector-level data showsthat autonomous driving continues to anchor investment activity, bolstered by strong AI-relatedmomentum and several sizable deals. Exit activity also demonstrated steady performance, withQ3 results aligning closely to long-term averages and highlighted by Kodiak Robotics’ publicdebut. Overall, AI remains the central force shaping deal flow, sector leadership, and long-termexpectations across the mobility and automotive technology landscape. There were 17 exits in Q3, up from 12 in the prior quarter and 16 in Q3 2024. Q3 exit count wasin line with the trailing 12-quarter average of 17. The Q3 exit value totaled $5.9 billion, whichwas flat with Q2 ($5.8 billion) and up 14% from $5.2 billion in Q3 2024. Exit value over thetrailing 12 quarters has been volatile but averaged $7 billion per quarter. Notable exits in Q3include autonomous truck developer Kodiak Robotics, which went public via reverse mergeron September 24. AI themes AI-related investment continues to drive deal value in the autonomous driving segment. Waymo,Zoox, and Tesla are expanding their respective driving footprints, while Nuro and Motional raisedsizable rounds in Q3. Robo-taxis are garnering much of the public attention, but commercial About PitchBookIndustry and TechnologyResearch PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Research and Market IntelligencePaul CondraGlobal Head of Private Markets Research