Our survey analyzed the terms of 162 venture financings closed in the second quarter of 2023 by companies headquartered in Silicon Valley.

Venture capital financings in Silicon Valley reached a seven-year low and down rounds increased, while early-stage financings (Series A and Series B) decreased as a percentage of all financings, from 83% of financings in the first quarter of 2023 to 73% of financings in the second quarter of 2023. The emerging interest in companies focused on AI drove an uptick in software sector financings.