AI is still vacuuming up capital but investors aren’t clapping for demos anymore.

Public markets are questioning AI ROI. Mega-rounds are clustering into fewer “category kings.” Exit volume is rising, but valuations are shrinking. And secondaries are becoming the pressure valve for LP liquidity.

In this episode we break down:

• Why mega AI rounds are still happening but scrutiny is intense

• The “Great Unlocking” in exits (more deals, smaller values)

• Why secondaries are exploding

• Where capital is actually landing: robotics, autonomy, logistics, cyber

• The UK & Europe infrastructure software export story

• EU & UK regulatory changes that could reshape VC fundraising

The shift isn’t about less money.

It’s about higher standards.

This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B.

Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/

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