Huge valuations. 

Healthcare deals.

Agent tech stack.

 

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September 13, 2025

Hi there,

 

Here are this week's top research briefs.

ICYMI
 

The world’s 50 most valuable private companies

We mined CB Insights valuation data to reveal how AI, geographic concentration, and secondary markets are shaping today's most valuable private companies.

TopPrivateCosbyValuation-092025-4-880x1066
Early-Stage Trends Report: What every deal in August tells us about what’s next in tech

Using the CB Insights Business Graph, we analyzed 1,140+ early-stage deals in August to identify the most promising companies, top investors, and emerging categories to watch.

EarlyStageTrends-PieChart-092025-1024x995
OpenAI just spent $1.1B on product testing: These 4 startups could be next

The LLM developer’s acquisition of Statsig signals future consolidation as rapid product development becomes the norm in AI.

Product-testing-MA-matrix-graphic-985x1024
The summer of vibe coding is over — How reasoning models broke the economics of AI code generation

Reasoning models have supercharged coding AI agents, driving adoption and growth, but at the cost of higher inference expenses that are squeezing margins. This report explores how these companies are adapting and what lessons other AI agent markets can take from coding.

cody-1

Customer-Exclusive Research

 

Book of Scouting Reports: The AI Agent Tech Stack

We dive into the data on companies forming the new AI agent tech stack. 

Screenshot 2025-09-12 at 2.52.18 PM

Oncology tech in 4 charts: From downturn to record pace as AI innovation attracts renewed investment s

We break down the oncology tech landscape across funding trends, M&A, exit probability, and more.

OncologyTech_EquityFunding-1-1019x1024

Record capital is flowing to materials development startups: Here are the companies leading the market

Materials development platforms are capturing investor attention as AI and quantum computing unlock new capabilities. We used our Mosaic score to identify the startups most likely to lead this expanding sector.

Materials-discovery_Market-index-1024x353

Have a great weekend.

 

I love you. 

 

Anand

@asanwal

Co-Founder & Exec Chair

 

P.S. Want to know which VCs are outperforming? Check out our Smart Money 2025 list of the world's 25 best-performing venture capital firms.

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