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The Daily Pitch: VC

December 12, 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:

Our analyst note on connected cars breaks down how data collected by vehicles is used.

A look at some of Europe's top tech takeovers by private equity firms in 2022.

Chart of the day: Late-stage biotech valuations struggle, from our US VC Valuations Report.

Today's Top Stories

So much digital exhaust: The future of connected cars

We spend a lot of time in our cars. And all that time on the road generates large amounts of valuable data. In fact, today's connected cars can produce as much as 25 gigabytes of information per hour—and that number is only growing.

But what's being done with all that data?

Our latest analyst note delves into the history of connected cars, which have moved far beyond their simple onboard diagnostic origins, and explores how sensors and computers are helping manufacturers boost mobility technology. It also maps out notable players across the sector, from automotive software developers to navigation experts.

read it now

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Getir-Gorillas merger may herald a startup consolidation wave

(wan wei/Shutterstock)

Investors have been predicting that a wave of M&A activity will eventually engulf struggling VC-backed companies. Getir's acquisition of rival fast grocery delivery startup Gorillas, at a reported 61% discount from its 2021 valuation, may be the first high-profile example of a coming trend.

While a stronger company usually buys a weaker one, in this transaction, the acquirer may also be under pressure.

Recommended Reads

Asset manager Stewart Investors is betting that companies in emerging markets will be able to build sustainability into their processes from the start. [Institutional Investor]

In a BlackRock report, the firm's investment strategists warn of a coming recession, stubborn inflation and a new era that won't be so kind to investors. [Fortune]

Inside the frantic texts exchanged by crypto executives as FTX collapsed. [The New York Times]

Since yesterday, the PitchBook Platform added:

2

VC valuations

506

People

136

Companies

2

Funds

See what our data software can do

Quick Takes

	The Daily Benchmark
	2015 Vintage Global Secondaries Funds
	A message from PitchBook Media
	PitchBook's 2023 Media Kit released
	VC Deals
	Ubie closes $45M round
	Darwin CX raises $38M+
	Sonde Health sings with $19M+ for vocal health tech
	Cardiosense nabs $15M+ for health wearables
	Crypto accounting startup Bitwave raises $15M
	Interpres locks down $8M+
	Portfolio Companies
	FTC begins case in bid to stop Meta takeover of VR startup
	Exits & IPOs
	Microsoft lands fiber optic cable startup Lumenisity
	Fundraising
	Blume Ventures closes $250M+ fund

The Daily Benchmark

2015 Vintage Global Secondaries Funds

Median IRR

15.60%

Top Quartile IRR

20.60%

1.53x

Median TVPI

Select top performers

Siguler Guff Secondary Opportunities Fund

SG/NMERB Secondary Fund I

Ardian Secondary Fund VII

*IRR: net of fees

11 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

A message from PitchBook Media

PitchBook's 2023 Media Kit released

Year to date, PitchBook's newsletters have over 161 million impressions and over 744,000 report downloads. Partnering with PitchBook Media is a way to feature your firm's insights in one of the most popular venues for timely and relevant PE and VC articles, news, asset class reports and custom white label reports.

The brand-new 2023 Media Kit contains all the details to help your firm position itself in front of a VC or PE audience.

Click here to download it today or to speak to someone on the media team.

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VC Deals

Ubie closes $45M round

Ubie, a Tokyo-based healthcare specialist, has raised an additional $19 million in a Series C extension, led by investors including SOGO Medical and Rakuten Capital. The new funding brings the round's total to $45 million.

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Darwin CX raises $38M+

First Ascent Ventures and Felicitas have led a $38.4 million investment in Darwin CX, which offers a customer relationship management platform.

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Sonde Health sings with $19M+ for vocal health tech

Voice-based monitoring startup Sonde Health has closed a $19.25 million Series B led by Partners Investment and KT. The company's co-founder, PureTech Health, also invested.

View round

View 2 competitors »

Cardiosense nabs $15M+ for health wearables

Chicago-based Cardiosense has raised a $15.1 million Series A led by Broadview Ventures and Hatteras Venture Partners. The company uses a combination of AI and wearable technology to monitor health.

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View similar company »

Crypto accounting startup Bitwave raises $15M

Bitwave, which provides a finance platform for managing cryptocurrency assets, has raised a $15 million Series A led by Hack VC and Blockchain Capital. Among the startup's clients is NFT marketplace OpenSea.

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Interpres locks down $8M+

Cybersecurity startup Interpres Security has exited stealth with an $8.5 million seed round led by Ten Eleven Ventures.

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Don't miss our upcoming webinar

The crypto market has lost some of its luster since its resurgence in 2021, with values dropping and companies and investors alike leaving the industry. But there is still ongoing VC interest, and we predict a significant amount of deployed capital in the next few years.

Join our webinar to get the perspectives of industry investors and PitchBook emerging tech senior analyst Robert Le on how this technology can move forward. Key topics include:

How this crypto bear market is different from past downturns.

What investors are avoiding in this market and where they see opportunities.

Viewpoints on risk management, security flaws, regulations and other crypto trends.

Register now to secure your spot.

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Portfolio Companies

FTC begins case in bid to stop Meta takeover of VR startup

The proposed $400 million buyout of VR startup Within Unlimited by social media giant Meta has drawn the attention of the Federal Trade Commission, which has asked a judge to block the acquisition, The Wall Street Journal reported. Within's previous investors include Andreessen Horowitz, 21st Century Fox and Temasek.

View details

View 24 competitors »

Exits & IPOs

Microsoft lands fiber optic cable startup Lumenisity

Microsoft has acquired Lumenisity, a UK-based fiber optic cable specialist. The company previously raised funding from investors including Parkwalk Advisors.

View details

View similar company »

Fundraising

Blume Ventures closes $250M+ fund

India-based Blume Ventures has closed its fourth fund on more than $250 million. The vehicle will be used to make seed and early-stage investments and includes a commitment from India's sovereign wealth fund.

View fund

View 229 investments »

Chart of the Day

Source: PitchBook's Q3 2022 US VC Valuations Report

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