PitchBook News - Blood tests draw in VC

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The Daily Pitch: VC

October 24, 2022

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

Our latest PitchBook Benchmarks, updated through Q1 2022, provide data for closed-end fund returns across strategies and vintage years.

PitchBook analysts dive into the VC landscape for blood-based testing and unpack the main challenges to widespread liquid biopsy adoption.

MEDLab director Nathan Schneider discusses a community-based alternative exit strategy.

Today's Top Stories

VCs move beyond Theranos 'bad blood' as liquid biopsy startups flourish

Theranos' downfall struck many as a swift end to the promise of blood-based testing, but researchers and startups haven't given up on its future. While it may take more than a decade for liquid biopsies—diagnostic blood tests that can be an accessible alternative to more invasive tissue biopsies—to reach their full market potential, they're here to stay.

PitchBook and Morningstar analysts estimate the global addressable market for liquid biopsies could exceed $100 billion in the long term, as the tests become commonplace in annual physicals and replace existing cancer screening methods.

Our latest analyst note dives into the VC landscape for blood-based testing and unpacks the main challenges to widespread liquid biopsy adoption, with a spotlight on new Swiss startup Hedera Dx.

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Q&A: An 'exit to community' offers startups a different path

(Green Color/Shutterstock)

Academics are touting "exit to community" as an alternative exit strategy for founders. The idea is to transfer the ownership of their startups to the people who helped built them, instead of outside investors.

We spoke with MEDLab director Nathan Schneider about how he thinks the option can be viable for founders.

Schneider

Recommended Reads

Will generative AI replace crypto and the metaverse as Silicon Valley's next big thing? [The New York Times]

The world mined 2.8 billion tons of metals in 2021. Here's a breakdown of the different varieties and their most common end uses. [Visual Capitalist]

Why Peter Thiel's venture capital-style political strategy is yielding low returns. [Financial Times]

Since yesterday, the PitchBook Platform added:

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VC valuations

165

People

63

Companies

See what our data software can do

Quick Takes

	The Daily Benchmark
	2010 Vintage Global PE Funds
	VC Deals
	Game developer Odyssey hauls in $19M
	Breezeway raises $15M
	Shopping rewards startup Kudos secures $7M
	Storyfit raises $5.5M
	Workforce management company Voila! takes in $10M+
	Portfolio Companies
	Google weighs $200M Cohere deal

The Daily Benchmark

2010 Vintage Global PE Funds

Median IRR

13.20%

Top Quartile IRR

23.21%

1.60x

Median TVPI

Select top performers

Southern Cross Latin America Private Equity Fund IV

Ascent India Fund III

Riverside Micro-Cap Fund II

*IRR: net of fees

70 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Game developer Odyssey hauls in $19M

Odyssey Interactive has raised a $19 million Series A led by Makers Fund. The Canadian game development studio will use the funds to launch its first title, "Omega Strikers." Andreessen Horowitz, which led the company's seed round in 2020, also participated.

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Breezeway raises $15M

Breezeway, a vacation property management platform, has raised a $15 million Series B led by growth equity firm Catalyst Investors and with participation from existing backer Schooner Capital, according to reports.

View round

View 22 competitors »

Shopping rewards startup Kudos secures $7M

Kudos has raised $7 million in seed funding led by Patron. The company's browser extension helps customers maximize credit card rewards when shopping online.

View details

View 14 investments »

Storyfit raises $5.5M

Storyfit has raised a $5.5 million Series A led by Refinery Ventures. The company uses natural language processing and machine learning to deliver predictive audience insights for the entertainment and publishing industries.

View round

View 46 competitors »

Workforce management company Voila! takes in $10M+

Voila!, a workforce management platform, has raised C$13.75 million (about $10.1 million). The Series A was led by Walter Ventures, with participation from Desjardins Capital and Investissement Quebec.

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View 63 competitors »

PitchBook webinar: The state of sustainable investing

Join PitchBook to discuss the findings from our 2022 Sustainable Investment Survey. Analysts Hilary Wiek and Annika Villegas will touch on report insights, including the politicization of ESG, the increasing popularity of impact investing and challenges in the sustainable investing ecosystem. Key topics include:

The politicization surrounding ESG in 2021 and 2022 has had far-reaching impacts on investors and service providers with US-based investments, clients and stakeholders.

Investors and advisers seeking to incorporate ESG into their portfolios have varying goals and philosophies, leading to the proliferation of greenwashing allegations.

How the lack of clarity around defining and measuring impact outcomes and difficulty benchmarking nonfinancial goals were both frequently cited among the top challenges of sustainable investing.

Register now to secure your spot.

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Portfolio Companies

Google weighs $200M Cohere deal

Cohere, a developer of natural language processing software, is in talks to raise $200 million from Alphabet's Google, The Wall Street Journal reported. The Toronto-based company raised a $125 million Series B led by Tiger Global in February.

View details

View similar company »

Chart of the Day

Source: PitchBook's H1 2022 Greater China Venture Report

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PitchBook News - Blood tests draw in VC

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