Biotech funding is returning, but on different terms. Larger late-stage rounds, a cautiously reopening IPO window, and more disciplined investors are reshaping how biotech companies raise capital and what it takes to support a defensible valuation.

Artificial intelligence is reshaping the SaaS model. Venture capital is concentrating around AI-enabled platforms with proprietary data, outcome-based pricing, and defensible advantages that influence how software companies grow and are valued.