Episode Details

San Diego’s VC scene is in a slump, raising just $804M — its third-worst quarter in a decade — as investors flock to the AI boom in San Francisco, despite San Diego’s biotech startups delivering better returns. Deal volume dipped to 62 from 66 last year, but the ones that closed were big: drone firms backed by Lockheed Martin, cancer tech funded by global investors, and even a lab equipment startup with a Nobel laureate on its board. The biggest deal? Radar, an AI inventory tracker, nabbing $171M. Meanwhile, the Bay Area and Boston are drowning in cash — $93B+ and over $4B respectively — leaving San Diego’s ecosystem feeling left behind.

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