INDIANAPOLIS (Feb. 1, 2026) — TechPoint today released its 2025 Venture Report, an annual analysis of venture capital investment trends shaping Indiana’s innovation economy. The report provides a comprehensive look at the national and state levels, highlighting a year defined by recalibration and renewed focus on long-term value creation. 

New this year, the report also features Indiana’s top venture capital financings and M&A / IPO transactions of 2025, which together represent the finalists for the Deal of the Year Mira Award. Winners will be announced live at the 27th annual Mira Awards on April 24. 

“After several years of rapid expansion followed by sharp correction, 2025 marked a year of calibration for venture capital,” said Chelsea Linder, vice president of innovation & entrepreneurship at TechPoint. “Investors exited the year with greater clarity around pricing, risk tolerance, and where durable value is being created.” 

Key findings from the report are:  

Venture Capital Recalibration 

Nationally, venture capital activity in 2025 reflected a more disciplined equilibrium following the market reset that began in late 2022. While total capital deployed remained below peak-cycle highs, investors emphasized selectivity, conviction, and capital efficiency.  

Technology also continued to anchor venture investment across stages. Artificial intelligence remained dominant, though investor scrutiny increasingly differentiated between AI-native platforms and companies using AI as an enabling layer. 

Life sciences also demonstrated strength nationally, supported by longer investment horizons and reduced sensitivity to short-term public market volatility. Exit activity overall remained constrained, with mergers and acquisitions emerging as the most viable and strategic liquidity pathway. 

Indiana’s Tech Venture Ecosystem Shows Resilience 

The recalibration was apparent in Indiana. Indiana-based tech companies raised approximately $290 million across 98 venture deals in 2025. Technology-focused investments accounted for 77% of all venture capital activity.  

While total deal count and capital deployment declined compared to prior years, the data signals a market that is stabilizing rather than contracting. Deal activity increasingly prioritized product resilience, customer traction, and capital stewardship over growth-at-all-costs strategies. 

Indiana’s ecosystem also benefited from improved syndication quality in 2025, with increased participation from experienced out-of-state investors alongside Indiana-based capital. This external engagement reflects growing confidence in select Indiana technology companies and stronger alignment between founders and investors on valuation, efficiency, and time horizons. 

“2025 was a year of resetting momentum in Indiana,” Linder added. “Indiana’s tech venture ecosystem demonstrated resilience through disciplined capital deployment and growing alignment with national investor expectations. In 2026, the signals currently point to a more selective, and ultimately more sustainable, venture environment.” 

2025 Deal Highlights and Deal of the Year Finalists 

The finalists for the 2025 Deal of the Year Mira Award represent the most notable venture financings and exit events involving Indiana companies. These transactions stand out for their scale, strategic significance, execution quality, and long-term market impact. 

Top Venture Capital Deals 

  • Sortera Technologies — $45M Later-Stage VC 
  • Fiber Global — $20M Series A 
  • BiomEdit — $18.6M Series B 

Top M&A / IPO Deals 

  • MetroNet acquired by T-Mobile US 
  • SEI Family Office Services (Archway) acquired by Aquiline Capital 
  • GeoH acquired by Council Capital & Boomerang Ventures 
  • Springbuk acquired by Truven Health Analytics (Merative) 
  • TRS Group acquired by Parsons Corporation 

Looking Ahead 

The 2025 Venture Report places Indiana’s tech venture activity in national context while identifying the data, dynamics, and signals shaping the next phase of growth for the state’s innovation ecosystem. While challenges remain, particularly around exits and scale-stage capital, Indiana enters 2026 positioned to convert disciplined investment and sector depth into durable, long-term growth. 

About TechPoint

TechPoint is the Central Indiana Corporate Partnership’s branded initiative for Indiana’s tech-powered ecosystem driving the digital economy through talent, innovation and community with the overall goal of making Indiana a leader in digital adoption. TechPoint works with public, private, and industry partners to strengthen the tech talent pipeline, enhance resource connectivity for enterprise organizations and startups alike, and elevate the industry by activating the community and amplifying stories of success. For more information, visit techpoint.org. 

Media Contact:  Lara Beck, lara@beckcommunicationsgroup.com