Public market software multiples are hovering at decade lows as investors price in the long-term risk of AI disruption. Meanwhile, private market valuations for AI startups continue to hit record highs. Striking a balance between these two conflicting signals is the central challenge for today's growth equity investors. To understand how institutional capital is navigating this gap, Crunchbase News recently interviewed Anders Ranum, a partner at Sapphire Ventures. Ranum has spent nearly 15 years at the firm, where he focuses on B2B enterprise software, security and industrial infrastructure. Prior to joining Sapphire, he spent 12 years as a product management and strategy executive at SAP. In this e-mail interview, Ranum breaks down how the definition of net revenue retention is shifting, why he believes 2026 will see a historic run of major tech IPOs, and where real enterprise demand is materializing on the factory floor. Crunchbase News: You've been at Sapphire for 15 years. Right...
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