Venture capital (VC) funding in the US took a massive hit in the first quarter (Q1) of 2023 as growing investor cautiousness weighed heavy on the deal-making sentiments, said a study.

According to GlobalData, VC deals value year-on-year (YoY) nosedived 50.2% from $72.6 billion in Q1 2022 to $36.1 billion in Q1 2023. Meanwhile, VC deals volume in the US YoY fell by