AI investments hit $110 billion in 2024, and the funding landscape in 2025 is more competitive than ever. For early-stage startups, that means more money in the market but also more pressure to stand out.

At TechCrunch Sessions: AI, Rebecca Bellan sat down with three experienced investors: Jill Chase, Partner at CapitalG; Kanu Gulati, Partner at Khosla Ventures; and Sara Ittelson, Partner at Accel. They broke down what they are really looking for when evaluating AI startups from seed through Series C. Their message to founders? Forget the perfect pitch. Focus on building trust, surviving the hype cycle, and being ready for copycats the moment you find product-market fit.

Listen to the full episode of Equity to hear about:

Why VCs say founders are over-indexing on pitch decks instead of relationships
What it takes to go up against big incumbents without getting crushed
Why consumer focus (and speed) still win, even in B2B AI
How agents and automation are already reshaping the startup playbook

Equity will be back Friday with our weekly news roundup, so stay tuned.

Equity is TechCrunch’s flagship podcast, produced by Theresa Loconsolo, and posts every Wednesday and Friday.

Subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod. For the full episode transcript, for those who prefer reading over listening, check out our full archive of episodes here.

Credits: Equity is produced by Theresa Loconsolo with editing by Kell. We’d also like to thank TechCrunch’s audience development team. Thank you so much for listening, and we'll talk to you next time.

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TPT #349: Breaking Your Campaign Setting & John Henry