Venture capital is flowing heavily into AI infrastructure and platform companies globally, reflecting a shift away from only application-layer startups. Investment rounds in 2025 show that companies enabling enterprise-scale AI, data-compute and chip-agnostic architectures are capturing the largest allocations. Analysts say this structural shift could underpin the next wave of industrial digitisation across sectors including healthcare, manufacturing and energy. While valuations remain elevated, investor discipline around business-model monetisation and compute economics is seeing sharper focus than in earlier hype phases.