As we move well into 2025, key trends in fundraising are caution and the search for resilient models. Investors are focusing on robust companies, particularly those in the fields of ‘hard’ tech, hyper-specialised SaaS software, and, as ever, artificial intelligence solutions. Here, the experts at AURIS Finance, an M&A consultancy, share their analysis.
Following the end of ZIRP (Zero Interest Rate Policy) by central banks, venture capital professionals have re-evaluated their position. They are becoming more cautious, and this is reflected in the figures. According to data provided by Maddyness, French start-ups raised €191 million in May 2025. This figure is down on April’s.
Converting AI into business value
Projects incorporating artificial intelligence stand out: of the 29 innovative companies that were funded in May 2025, 10 utilise AI technology. However, having AI technology alone is no longer enough. In order to attract investors, the use of AI must be translated into business value. In May, companies such as TamTam, Noota, Alta Ares and Kalent stood out from the crowd and secured financing. They all have one thing in common: they use AI for practical purposes. French start-up Noota, which deploys a solution designed to automate meetings by transcribing conversations and retrieving information, raised €3 million in May. Another notable tool is Kalent. The group raised €1 million with its solution, which is designed to industrialise recruitment through the use of AI.
One of the key trends is the increased funding of ‘hard technology’ companies in sectors such as energy transition, healthcare, and cybersecurity. These projects require substantial investment and lead times and are often accompanied by public funding. Vsora, a company that specialises in artificial intelligence processors, and Chipiron, a company that develops low-field MRI systems, are two examples that embody this trend. Investor interest in these strategic players reflects France’s and Europe’s ambitions for sovereignty. For instance, Memority, a European company that specialises in digital identity management solutions, has recently secured €13 million in funding. This is a welcome boost in a market that has been largely dominated by China and the United States until now.
Cautious management
SaaS platforms also stand out, but only if they are specialised. Over the course of 2025, companies such as Didask and Reelevant managed to raise significant sums — €10 million and €6 million, respectively — by focusing on a specific area: Didask in e-learning and Reelevant in personalised digital marketing. These two companies have won over investors thanks to their well-managed development and gradual growth — a far cry from the ‘cash burn’ trends of recent years.
Our experts at your service
2025 will not see a boom in venture capital, but rather a strategic repositioning. Investors are now seeking resilient technologies that align with their markets. Whereas they were previously driven by a frantic quest for growth, they are now focusing on tangible innovations that meet real needs. At AURIS Finance, our sector-specific experts can help you with your fundraising strategy, highlighting your technological differentiation, business model and strategic positioning.
