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PitchBook News - VC funding for IoT fades

VC to gain from UK mini-budget; Hyperlane hauls in $18M+; Bicycle Health nabs $5M to fight opioid addiction; Leuko lands $5M
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The Daily Pitch: VC
September 26, 2022
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Today's Top Stories  
VC funding for IoT fades in H1
VC funding for the internet-of-things market cooled in the first half of 2022 amid challenging economic conditions. The IoT sector's reliance on global supply chains and cyclical industries such as manufacturing may leave it relatively more vulnerable to economic uncertainty, but the shift to connected cars continues to drive investment in the space.

Our latest Emerging Tech Research update explores VC trends in the IoT vertical and highlights emerging opportunities in connectivity management, software-defined vehicles and wireless power. The report also includes a market map of the industry's subsegments, from smart homes to healthcare and IoT security, and takes a closer look at companies such as Ambiq and Uptake. Other takeaways include:
  • Global IoT startups brought in $2.8 billion in venture funding in Q2—a 57% decline from the record first quarter and the lowest deal value since Q4 2019.

  • Disclosed VC exit values have all but evaporated, with only $119 million recorded in Q2.

  • The IPO pipeline for IoT security specialists may not open until 2023, and the category continues to face consolidation via M&A.
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Private markets to gain from UK mini-budget
UK Chancellor of The Exchequer Kwasi Kwarteng
(Carl Court/Getty Images)
The mini-budget announced by new UK finance minister Kwasi Kwarteng, which represents the biggest package of tax cuts seen since the 1970s, is aimed at restoring confidence in the country's economy.

We take look at some of the policies that will have the biggest impact on private markets investors and their portfolios.
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A message from Golub Capital  
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Golub Capital's transactions span industries, execution styles and sizes—from deals below $20 million up to $2 billion unitranche facilities.

Golub Capital nurtures long-term, win-win partnerships of every size that inspire repeat business.

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Take-private dealmakers scoop up software targets at deep discounts
(STOP_WAR/Shutterstock)
Dealmakers are buying public companies at bargain prices following stock market declines earlier this year.

The turmoil has made deal targets for take-private transactions less expensive than a year ago, allowing PE firms and corporate acquirers to shop for attractive companies whose share prices are in the doldrums.

A flurry of recent deals have been in the technology sector, which has experienced significant valuation pressure in recent quarters.
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Supply chain funding ebbs, but opportunities—and deal sizes—grow
Funding for supply chain tech startups has tapered off, in line with broader trends in venture capital dealmaking. Last quarter, VCs invested $8.6 billion in the industry, down nearly 40% compared to both Q1 2022 and Q2 of last year.

Still, emerging technologies are poised to capitalize on numerous opportunities as the complexity in global supply chains continues to increase, according to our recent Emerging Tech Research. Takeaways from the report include:
  • Last-mile delivery accounted for the largest share of both deal count and value, with startups in that sector raising $3.8 billion in total.

  • Enterprise supply chain management ranked second in overall deal value, but fell below warehousing tech in deal count.

  • Despite the broader funding slowdown, median deal sizes for supply chain tech startups at all stages increased through June 30 over 2021.

  • Median pre-money valuations fell for late-stage companies in H1, yet both early-stage and angel and seed startups recorded an increase compared to 2021's figure.
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Recommended Reads
While everyone has been yawning over yet another iteration of the iPhone, Tim Cook has quietly created what is arguably the tech industry's biggest success story of the past decade: AirPods. [Bloomberg]

BlackRock is taking heat from New York City over its climate stance. [The Wall Street Journal]

Why investor and AOL founder Steve Case believes the coastal dominance of tech unicorns is coming to an end. [Wired]
 
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Quick Takes  
  The Daily Benchmark  
  2014 Vintage Global VC Funds with more than $250M  
  VC Deals  
  Hyperlane secures $18.5M  
  Inclined nabs $15M Series A  
  Leuko picks up $5M  
  Bicycle Health raises $5M to target opioid addiction  
 
 
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The Daily Benchmark  
2014 Vintage Global VC Funds with more than $250M
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DCM VII
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VC Deals  
Hyperlane secures $18.5M
Hyperlane has raised $18.5 million in a round led by Variant, Fortune reported. The company is the developer of a messaging protocol designed for interchain applications.
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Inclined nabs $15M Series A
Inclined has raised $15 million in a round led by HSCM Ventures. The company is the developer of a fintech platform designed to help policyholders refinance loans.
View round
 
View similar company »
 
Leuko picks up $5M
Leuko has raised $5 million in seed financing led by Health Technology Holding. The company is a developer of noninvasive medical devices intended to help healthcare providers monitor white blood cells.
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View similar company »
 
Bicycle Health raises $5M to target opioid addiction
Bicycle Health has raised $5 million in a round led by Cobalt Ventures. The company is the provider of a telehealth platform for opioid addiction treatments.
View round
 
View 3 competitors »
 
 
Chart of the Day  
"Not only are some LPs pulling back on real estate commitments, but GPs may be holding off on deploying the dry powder they already have. While dry powder decreased from 2020's high of $417.6 billion to $377.6 billion at the close of H1 2022, older funds have a bigger share."

Source: PitchBook's H1 2022 Global Real Estate Report
 
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