Enterprise software investments may be tepid now, but they’re poised to engage

Have we reached “peak software”?

Just like the idea of “peak oil”—the hypothetical point at which global oil production could max out—you could say we’re approaching a saturation point for venture-capital investments in software companies.

Recent data from Pitchbook shows that venture investing in software companies has plateaued: The amount of VC money invested in these companies–$32 billion last year—remained roughly constant over the last four years. The actual number of venture-backed software investments, mostly for business-focused companies, has actually declined, from 4,068 in 2014 to 2,980 last year.

But software is…

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