Is this spelling a way of things to come in 2025? Strong businesses will get a good exit. While Caroline, thanks for having me. It's great to be here and we're really excited to celebrate ServiceTitan's IPO today. I think that there's a lot of positive

signs on the macro. And also, even if you look back in 2024, we've had a handful of successful tech IPOs. We have a new administration going forward, maybe some different regulation around AI and M&A. And so we hope that this will be a

tailwind for a great crop of other fantastic private companies to go public. Nina, take us back to the journey of how it started with ServiceTitan and what were the key learnings from having made that first check into them and that trajectory since?

Well, at Index, when we make investments and we try to invest as early as possible, it is really all about the entrepreneurs and it's hard to find a more mission-driven set of co-founders than our own, who, as they shared,

really built this business to solve a problem that their dads had. And then they realized that this market was absolutely enormous and actually one of the backbones of America. And what really drives them is bringing cutting-edge technology, like, for example, now even AI to some of these

industries that were very much forgotten by technology for a very long time; a lot of them haven't been forgotten with cybersecurity, for example. Another tailwind, I'm sure, unfortunately, because we keep seeing more and more upending of whether people are trying to get money from us,

trying to be able to penetrate businesses in certain ways. What are the other tailwinds going into 2025? Yeah, well, I think that identity is going to be really important. You know, everybody is talking about these agents and you can imagine how

important it is going to be to actually prove you are a human being and the person that you say you are. So, for example, one of our portfolio companies, Persona, that started doing KYC for a lot of crypto and fintech companies, is now being used by some of the leading-edge A.I.

companies to make sure that the person that is using the ML model on the other side is actually who they say they are. And so I think we'll start to see a lot more companies like this really, in the wake of the incredible technological

shift that AI has brought to the world—now eyeball scanners as well.  But I'm interested, Nina, about some of the valuations that you're seeing on these generative AI-adjacent businesses. Are they still incredibly heady? Are you still able to get in on a decent

You know, the valuations are still pretty high for AI, and it's definitely a tale of two cities. Whether you're an AI company, you get a premium on valuation, and if you're not, it's more of the traditional SaaS metrics. But I think 2025 is going to be all about showing me the ROI of investing in and buying AI.

And that's why I think a lot of companies that are industry-specific AI solutions will probably have a front-row seat to being able to demonstrate how they have embedded AI into their value

a proposition for their end customers. That is, either help them generate revenue or save costs. And so it's going to be interesting to watch how those numbers come out in 2025 on our ROI. And there's been a lot of hand-wringing around that, and a lot of people trying

to say, "Just show me the ROI."  When you hear nonstop about gentle AI, are you slightly thinking this is hype, or do you actually believe there is real productivity to be had here, and we're going to show you? Well, I think I always have to think of

investments and trends as both bottoms-up and top-down. You know, top-down, we've got the foundational models and the algorithms, which have been absolutely incredible. And I think 2023 and 2024 have all been about,

you know, how does the dust settle on how we use this technology? And then bottoms-up is starting really with a customer problem. What is the problem you're trying to solve for your customer, and how much are they willing to pay you?

And I think we're still in the early innings of that, and I think that will be the future of Avaya's investments in the next two years.

Tech Investment Trends for 2025

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ServiceTitan의 IPO와 긍정적인 시장 전망

2025년에 좋은 엑시트가 예상되는 견실한 비즈니스에 대한 긍정적인 전망.

2024년 성공적인 기술 기업공개와 새로운 행정부 및 잠재적인 AI/M&A 규제에 대한 지속적인 성공을 기대합니다.

ServiceTitan의 여정과 초기 투자에서 얻은 주요 교훈에 대해 논의합니다.

문제 해결을 목표로 대규모 시장을 공략한 미션 중심의 공동 창업자들에 주목하세요.

AI를 비롯한 최첨단 기술을 소외된 산업에 도입합니다.

사이버 보안은 위협의 증가로 인해 상당한 후폭풍을 일으키고 있습니다.

특히 AI의 부상과 함께 신원 확인의 중요성이 커지고 있습니다.

포트폴리오 회사인 페르소나의 KYC 솔루션은 AI 기업들이 사용자 인증을 위해 사용합니다.

AI의 발전으로 인해 안구 스캐너와 같은 신원 확인 기술의 사용 증가.

AI 기업의 높은 가치 평가는 기존 SaaS 지표와 대조적입니다.

특히 산업별 솔루션에 대한 2025년 AI 투자의 ROI를 입증하는 데 집중하세요.

AI가 최종 고객을 위해 어떻게 수익을 창출하거나 비용을 절감하는지 보여주는 데 중점을 둡니다.

생성적 AI에 대한 과대 광고 평가하기

하향식(기본 모델) 및 상향식(고객 문제) 관점에서 AI 투자를 고려합니다.

AI 기술의 실제 적용 사례와 고객 가치를 이해하는 데 집중하세요.

AI 투자의 미래는 고객의 문제를 해결하고 가치를 입증하는 데 있다는 믿음입니다.

Tech Investment Trends for 2025

Tech Investment Trends for 2025

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