PitchBook News - Revisiting our 2022 US VC predictions

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The Daily Pitch: VC

August 3, 2022

The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data

In today's Daily Pitch, you'll find:

PitchBook analysts assess their predictions for US venture capital in 2022.

Only eight unicorns were minted in July, the lowest number of new billion-dollar companies since June 2020.

We explore five key trends that impacted US private equity in the first half of 2022.

Today's Top Stories

Revisiting our 2022 US VC predictions

At the start of the year, PitchBook analysts mapped their projections for the US venture capital market in 2022. Midway through the year, trends are beginning to crystallize, and our latest analyst note updates the scorecard.

Takeaways include:

Roughly 1,173 corporate venture capitalists have made a deal in the US, which bodes well for our prediction of more than 1,500 for the year.

The 10 most active venture ecosystems are on pace to hit our projection of more than 400 deals each.

Macroeconomic forces have undercut our forecast of a year-over-year increase in public listings by VC-backed companies.

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Unicorn formation reverts to mid-2020 pace

The PitchBook Unicorn Tracker shows that billion-dollar company formation has slowed to a trickle, as July posted the lowest number of new unicorns since June 2020.

Only eight new unicorns were created last month, a far cry from the heyday of 2021 when an average of 49 new unicorns were formed each month.

This slowdown is also reflected in valuations. The combined valuation for new unicorns created in July was $9.8 billion, the smallest total monthly valuation since March 2017.

North America remains the top geography for new unicorns, with all eight newly minted companies headquartered in the region.

explore the tracker

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A message from Orrick

Life sciences VC lost momentum in Q2, but remains elevated since pandemic onset

Investors continued to feel the impact of several coinciding macroeconomic pressures in Q2, but VC-backed life science companies are weathering the storm. Deal activity reached $8.8 billion in the quarter—a material drop from Q1—but still resulted in a YTD total that exceeds the annual total for 2020. Orrick's Life Sciences Snapshot examines VC activity over the past quarter, including analysis of rising pre-money valuations, repressed exit value and more.

Read the report here

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Charting US PE's performance in Q2

(Jorg Greuel/Getty Images)

US private equity activity slowed across many metrics in Q2 as firms continue to face an uncertain global market.

We explore five key charts from our latest US PE Breakdown.

Recommended Reads

The long-sought idea of shorting startups may be coming to fruition in synthetic derivatives, with which hedge funds can bet against a startup's price and VCs can de-risk an aging portfolio. [Protocol]

Private equity firms are scooping up bargains in Brazil's battered public market. [Bloomberg]

Bio-designed collagen could be the next step in animal protein replacement if demand extends beyond food alternatives to products like faux leather and skin care creams. [The New York Times]

Since yesterday, the PitchBook Platform added:

10

VC valuations

1778

People

577

Companies

28

Funds

See what our data software can do

Quick Takes

	The Daily Benchmark
	2018 Vintage Global Debt Funds
	VC Deals
	Sironax secures $200M
	IDRx picks up $122M
	Kerecis lands $100M for fish-skin therapeutics
	Georgian leads $45M round for Savana
	Terabase snags $44M
	Atia raises $42M Series E
	Boatsetter floats off with $38M
	Annexus bags $33M
	Spread harvests $30M for vertical farming
	Cybrary brings in $25M Series C
	Avicena pockets $25M Series A
	Fundraising
	Fusion Fund locks down $120M
	Investors
	Crypto specialist Triblock emerges from stealth

The Daily Benchmark

2018 Vintage Global Debt Funds

Median IRR

10.23%

Top Quartile IRR

14.63%

1.15x

Median TVPI

Select top performers

Raith Real Estate Fund II

PAG Enhanced Credit Fund II

GoldenTree Distressed Fund III

*IRR: net of fees

76 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Sironax secures $200M

Sironax has raised a $200 million Series B led by Gaorong Capital and Yunfeng Capital. Based in Beijing, the company develops treatments for patients with age-related degenerative diseases.

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IDRx picks up $122M

Andreessen Horowitz and Casdin Capital have led a $122 million Series A for IDRx, a biopharmaceutical company developing precision combination therapies for use in cancer treatment.

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View 847 investments »

Kerecis lands $100M for fish-skin therapeutics

Reykjavik-based Kerecis has raised a $100 million Series D led by Kirkbi. The startup develops medical products from fish skin and fatty acids for use in cellular therapy and tissue regeneration.

View round

View 21 competitors »

Georgian leads $45M round for Savana

Canadian investor Georgian has led a $45 million Series A for Savana. The company's platform helps banks and fintech companies automate digital operations.

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View 5 competitors »

Terabase snags $44M

Terabase Energy has raised a $44 million Series B led by Breakthrough Energy Ventures and Prelude Ventures. Based in California, the company is working to automate the development, construction and operation of utility-scale solar power plants.

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View similar company »

Atia raises $42M Series E

Atia Vision has raised a $42 million Series E led by Cormorant Asset Management. The company is developing an intraocular lens intended to restore functional vision in cataract patients.

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View similar company »

Boatsetter floats off with $38M

Boatsetter, which operates a marketplace for boat rentals and water activities, has raised $38 million in a Series B led by Level Equity.

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View 5 competitors »

Annexus bags $33M

Transformation Capital has led a $33 million Series B for Annexus Health. The company aims to make healthcare affordable and accessible by helping providers automate administrative operations.

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View similar company »

Spread harvests $30M for vertical farming

Japan-based Spread has raised roughly $30 million in a Series A. The vertical farming startup, which specializes in lettuce, will use the funding to begin growing strawberries.

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View similar company »

Cybrary brings in $25M Series C

Cybrary, a cybersecurity training specialist, has raised a $25 million Series C led by BuildGroup and Gula Tech Adventures. The round brings Cybrary's total funding to $48 million.

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View 29 competitors »

Avicena pockets $25M Series A

Investors including Cerberus Capital Management and Samsung Catalyst Fund, the corporate venture capital arm of Samsung Electronics, have invested $25 million in Avicena. The California-based company makes high-bandwidth semiconductor interconnects.

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View similar company »

Don't miss our upcoming webinar

Join our supply chain webinar to get up to speed on the substantial changes in this industry over the past two years and what to expect in the future. Though supply chains have struggled to meet demands through the COVID-19 pandemic, the space continues to see innovation and VC interest.

In this webinar, our analysts will explore some of the new technologies expected to address major industry pain points and how this may impact future VC activity. Key topics include:

The trajectory of supply chain developments.
Past and present VC deal activity.
Emerging tech opportunities that could help global supply chain industries.

Register now to secure your spot.

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Fundraising

Fusion Fund locks down $120M

Fusion Fund has closed its third namesake vehicle on $120 million. The Palo Alto-based firm will use the capital to back early-stage companies in healthcare, enterprise AI and industrial automation.

View fund

View 72 investments »

Investors

Crypto specialist Triblock emerges from stealth

Triblock, a Boston-based Web3 investment firm, has emerged from stealth. The firm has already made 20 investments since mid-2021; it targets pre-seed and seed-stage rounds across DeFi, gaming, NFTs and more.

View details

View 1 investments »

Chart of the Day

Source: Q2 2022 PitchBook Analyst Note: Private Equity's Opportunity in Supply Chain Management

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PitchBook News - Revisiting our 2022 US VC predictions

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