Mintz Venture Watch — Volume 8: A Report on Deal Trends from 2024 and H1 2025

Despite continued macroeconomic headwinds and a cautious investment climate, Mintz’s Venture Capital and Emerging Companies practice remained highly active throughout 2024 and into the first half of 2025. Our team advised on a wide range of transactions across sectors including cybersecurity, life sciences, energy, and AI, reflecting the resilience and adaptability of the innovation economy.

2024 Year in Review

In 2024, Mintz advised on 178 venture capital transactions, representing an aggregate deal value of $4.9 billion. This marks a significant increase from 2023, when we closed 130 transactions totaling $2.6 billion.

A standout for the year was our representation of SYN Ventures in 16 transactions totaling $790 million in aggregate deal value. This reflects our deep bench strength in cybersecurity and our longstanding relationship with one of the most active investors in the space.

Venture Capital Transactions in the First Half of 2025

The first half of 2025 has seen a more measured pace, with 47 transactions totaling approximately $568.5 million in aggregate deal value. While this represents a slower start compared to the first half of 2024, the quality and strategic nature of the deals remain strong.

We continue to see:

• A surge in AI startups, especially in enterprise productivity and infrastructure, with investors backing platforms that integrate AI into core workflows and decision-making. These deals reflect a shift from experimental AI applications to scalable, domain-specific tools with clear commercial use cases.
• A steady flow of follow-on and milestone-driven financings, particularly among companies that have previously raised and are now advancing clinical trials, scaling platforms, or preparing for commercial launch.

Technology

Mintz continues to advise on innovative technology financings, particularly in cybersecurity, enterprise SaaS, automation, and AI. A standout transaction in the first half of 2025 was our representation of Coworker.ai in their $13 million seed financing. The company is launching the first AI agent purpose-built for deep work, aiming to redefine productivity in knowledge-based industries. Coworker.ai’s platform is designed to support professionals in managing complex tasks with minimal distraction, leveraging natural language processing and adaptive workflows. The financing attracted a strong syndicate of early-stage investors focused on the future of work and human-computer collaboration. This deal reflects growing investor confidence in AI-native productivity tools and the broader shift toward intelligent software agents.

Life Sciences

In a notable life sciences transaction, Mintz represented 415 Capital in connection with Endovascular Engineering’s $42 million Series B financing. The company is developing catheter-based therapies for pulmonary embolism, addressing a critical need in cardiovascular care with a minimally invasive approach. The round included participation from strategic investors such as S3 Ventures, Sante Health, Philips, and Terumo, underscoring the clinical and commercial potential of the platform. Endovascular Engineering plans to use the proceeds to advance its lead product through clinical trials and expand its pipeline of interventional therapies.

Sustainable Energy and Infrastructure

Earlier in the year, Mintz client UbiQD announced the close of its $20 million Series B financing round. The round was led by Phoenix Venture Partners (PVP), with further involvement from Builders VC, Azura Group, Builders Vision, Stout Street Capital, Seraph Partners, Scout Ventures, New Mexico Vintage Fund, and others. The new investment highlights investors’ growing confidence in UbiQD’s innovative solutions and market potential. Funding from the Series B will be used to scale up manufacturing, expand R&D capabilities, strengthen intellectual property, enhance marketing efforts, and support working capital needs. Additionally, UbiQD is making significant upgrades to its existing facilities in Los Alamos, and new infrastructure is planned as part of its broader expansion strategy. A key milestone in UbiQD’s growth roadmap includes plans to build the globe’s largest and most efficient QD supply chain.

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