Deal activity continues to decline: In Q3 2023, ETI deal activity decreased to $3.0 billion over 124 deals, down from $3.4 billion across 143 deals in the prior quarter, continuing a broad decline since early 2022. Compared with Q1 2022’s peak, this is a 73.2% drop in deal count and a 56.3% drop in deal value. ETI deals constituted 10.7% of all angel, seed, and early￾stage VC funding for the quarter, consistent with last quarter and aligned with the historical 10.4% average. AI & ML and biotech continue to dominate: AI & ML represented the largest area of investment, accounting for $641.7 million across 16 deals. This was followed by biotechnology with $580.0 million across six deals, healthtech & wellness with $248.4 million across 13 deals, fintech with $237.3 million across 17 deals, and infosec with $153.0 million across six deals.The number of large deals has normalized: In Q3, only six ETI deals were worth more than $100 million, which is a decrease from the eight deals recorded last quarter but still consistent with the historical average of six. However, this is still consistent with the historical average of five. Among these top deals was AI defense platform Helsing’s Series B funding of $225.9 million. Genesis Therapeutics was close behind, raising a Series B round of $224.0 million in the biotech sector, followed by ROME Therapeutics at $149.0 million.