GCV readers were drawn to articles on AI and defense as well as articles describing developments in the HVAC industry.
These are the articles that resonated most with our readers in 2025. Together, they paint a picture of how the corporate investment industry has evolved over the past year – from large units closing or spinning off, to AI and defense rapidly changing what investors want to back.
Changing of the guard
Venture capital tries to be patient capital, sitting inside an impatient company. This contradiction can make corporate venture a turbulent activity. Sometimes, as in the case of Munich Re Ventures, a unit can do everything right and still be shut down due to a change in corporate strategy. Munich Re Ventures, the former CVC of German reinsurer Munich Re, has at least been clear, deliberate and orderly regarding the liquidation – we would expect no less from a team that is synonymous with professionalism in this sector. Many other units closed without announcement and much more suddenly.
Other teams, like JetBlue Ventures, have split from their parent companies to avoid possible closure due to financial pressures. As JetBlue works to rebuild its core profitability, an investment arm
Munich Re ends its $1.2 billion venture capital arm after a decade of investment
Munich Re Ventures, a pioneering corporate venture capital unit with a track record of nearly 100 investments over its 10-year history, is being shuttered by its parent company, reinsurer Munich Re, in a bid to bring innovation closer to the core business.
Next 15 shuts down Mach49 following allegations of misconduct
British consultancy group Next 15 has closed its US venture capital investment arm Mach49, following reports it uncovered “potential serious misconduct”.
She fired three members of Mach49’s senior management and took the matter to law enforcement.
JetBlue Ventures sold as US airline faces mounting losses
JetBlue has sold its investment arm to Sky Leasing, an aviation investment manager, as it focuses on returning the airline to profitability. The JetBlue Ventures team will continue to be led by Amy Burr and will maintain a strategic relationship with JetBlue.
If the HVAC old guard is changing, what’s replacing it? Mark Brooks’ popular opinion piece does a good job of explaining how HVAC needs to evolve. It needs to stop imitating venture capital or focusing on passive “learnings.” Instead, CVC should redefine itself as a way for businesses to shape the markets around them.
The End of Corporate Venture Capital (As We Know It)
Corporate venture capital is widely considered essential to business innovation. But most programs fail. They imitate VC or offer a passive approach, promising to “see around corners” without ever forcing action. Many become theaters of innovation, expensive experiments with a lifespan of five years.
To be more effective, modern HVAC must be reframed, not as a scout or skunkworks project, but as a weapon intended to shape the market.
Defense at the center of attention
As geopolitical tensions have intensified in 2025 and Europe has realized the urgent need to strengthen its defense industry, investors have shown an insatiable appetite for defense startups. Many of our most popular stories touched on different aspects of military technology.
14 defense startups showing how AI is redefining modern warfare
As Europe’s militaries continue to scramble to keep up with the latest innovations in defense technology, venture capitalists, venture capitalists and accelerator programs are helping a new generation of startups grow.
Here’s how 14 defense technology startups are using or helping develop the technology.
A swarm of Indian defense technology startups emerges in favor of self-reliance
Indian defense technology startups are attracting greater investor interest, thanks to various government initiatives. Here’s what it means for the sector – and 11 Indian defense tech startups to watch.
Six unmanned water vehicle startups to watch
When most people think of drones, they think of air. But another, quieter revolution is taking place above and below the water. About 70% of the planet is covered in it, and what happens on the water dictates global trade, climate and geopolitics. More and more startups are emerging to provide unmanned vehicles to access the underwater domain.
The AI boom has redefined business investing
AI was clearly a dominant theme in 2025, with US companies making headlines with large fundraising rounds. The United States, however, was spooked by the emergence of Chinese software DeepSeek as a cost-effective alternative to OpenAI and Anthropic. Our article outlining some of the challengers and alternatives around the world was widely read by investors who wanted to make sure they covered all angles.
The AI boom has made Nvidia the most valuable company in the world. This has made Nvidia one of the most prolific professional investors in the world. In September, Nvidia had a particularly impressive streak, backing 22 startups that month, the highest number done by a single company since the boom of 2021. But spoiler alert, the AI chipmaker didn’t stop there and completed a total of 80 seed fundraising rounds this year.
Non-US AI startups compete with Silicon Valley heavyweights
DeepSeek’s discounted generative AI offering makes it a direct rival to OpenAI and its US peers, but it is far from the only one. Here are some alternative startups from outside the United States that have received corporate backing.
Nvidia backs 22 companies in September investment wave
September was chipmaker Nvidia’s most prolific month for startup investment, backing 22 companies – the most for any company since the corporate sector slowed in 2022. These investments ran the gamut from healthcare, photonics and industrial AI, to quantum computing, robotics, large language models and autonomous driving, underscoring the breadth of its ambition.
Emerging themes: sports and medical robots
Other investment themes that resonated with readers are an overview of emerging sports technology startups and medical device technologies. The devices have been one of the few bright spots in what would have been some bleak years for the healthcare industry.
11 startups that could be the future of sport
The latest generation of sports startups is using AI and computer vision to change the way sports are watched and experienced, as well as how athletes behave and market themselves, in addition to funding the growth of new sports. Here is a selection of some of the new sportstech startups to watch
11 Medical Device Startups That Could Change the Future of Healthcare
Medical devices have been one of the fastest growing areas of the startup ecosystem over the past year, driven by recent advances in artificial intelligence and robotic technology as well as academic research. Here are 11 of the most exciting startups in the industry, from an ultrasound device that helps Alzheimer’s patients restore brain function to an AI sperm selection system for fertility treatment.
Maija Palmer
Maija Palmer is editor-in-chief of Global Venturing and writes the weekly email newsletter (register here for free).