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PitchBook News - Taking the temp on healthtech

Generative AI attracts tech VCs; Israel's VC funds buck trend; ILPA names Jennifer Choi CEO; BeeHero buzzes with $42M
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The Daily Pitch: VC
December 6, 2022
The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data
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In today's Daily Pitch, you'll find:
  • Some PE investors are taking advantage of the cooling deals market to negotiate stronger indemnity provisions.

  • Healthcare-focused companies, particularly those in digital health, continue to attract VC interest at a robust pace.

  • Chart of the Day: Share of PE exit value by type, from our US PE Breakdown.
 
Today's Top Stories  
Move aside, crypto: Generative AI takes tech VC attention in Q3
Hype around text-to-image AI models in Q3 2022 helped draw rapid VC investment in the generative AI space. But this did not stop deal activity from falling for the overall AI and machine learning vertical, where deal value declined 46.7% quarter-over-quarter.

Our recent report on AI and machine learning tracks 68 product categories, and only 20 are on pace to grow in VC funding in 2022—led by intelligent robotics, supply chain optimization and conversational AI.

The report maps out the market and notes the emerging opportunities and startups to watch. Generative AI, neural search and inference semiconductors are finding traction and scooping up deals in the current market. Company spotlights on AI unicorns Databricks and DataRobot show their evolving M&A and partnership priorities.
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Taking the temp on healthtech: Deals and valuations stay resilient
(fizkes/Shutterstock)
In a year when everything in the VC market feels feeble, healthtech is looking relatively hale and hearty.

Healthcare-focused companies, particularly those in digital health, continue to attract investor interest at a robust pace compared to other verticals this year.

Healthtech startups have also seen their median valuation increase 33% compared to the 2021 figure, indicating that investors see recession-resilient opportunities within the vertical.
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A message from SS&C Intralinks  
This just in: 200 LPs speak out on 2023 allocation plans
The markets are shifting and so are investors' sentiments. In the new SS&C Intralinks 2023 LP Survey, produced in association with Private Equity Wire, 200 global investors share their market views, allocation plans and decision-making drivers for the next 12 months.

The report highlights:
  • Alternative fund performance vs. expectations
  • Investors' plans for increasing the number of GP relationships
  • Niche strategies: A main driver for emerging managers?
  • Rollover investments and continuation funds
  • LPs' perceptions of their GPs' transparency
Download this report today. Gain inside knowledge of your LPs' thinking and plans.
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Israel's VC funds bring in more cash as European hubs struggle
Tel Aviv's financial district (eskystudio/Shutterstock)
Fundraising in Europe's smaller VC markets grew faster this year as the region's largest hubs, such as the UK and France, faltered.

The continued maturation of the European venture ecosystem has pushed more capital toward Israel and other less-established areas as LPs seek new opportunities.
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PE investors strengthen due diligence amid a cooling deals market
(Proxima Studio/Shutterstock)
Financial buyers have been taking more time to perform due diligence and, in some cases, have been negotiating stronger indemnity provisions to protect themselves against downside risks facing the assets they are looking to buy.

As the deals market cools amid sinking valuations and rising borrowing costs, sellers may see a smaller pool of suitors, making it easier for buyers to dig into a target's financial standing and negotiate better legal terms.
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Recommended Reads
How the gates closed for redemptions on Blackstone's runaway real estate vehicle. [Financial Times]

Fed research shows that startups with Black founders get just a third of the VC capital raised by their peers. [Bloomberg]

Many small investors who piled into cryptocurrencies on FTX, BlockFi and other platforms are recognizing the perils of investing in an unregulated industry. [The New York Times]
 
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Quick Takes  
  The Daily Benchmark  
  2011 Vintage Global VC Funds  
  A message from Apex Group  
  Our Corporate Services provide scalable solutions for back-office functions  
  People  
  ILPA names Jennifer Choi CEO  
  VC Deals  
  Runway hits $500M valuation  
  Supplement specialist HealthKart picks up $135M  
  SonoThera raises $60M+  
  BeeHero flies off with $42M  
  Loft Dynamics nabs $20M  
  Giraffe360 grabs $16M  
  Rezonate rakes in $8.7M in seed funding  
  Exits & IPOs  
  Circle calls off SPAC merger  
  Fundraising  
  Solo VC Ozi Amanat raises $300M  
 
 
The Daily Benchmark  
2011 Vintage Global VC Funds
Median IRR
20.24%
Top Quartile IRR
24.88%
2.14x
Median TVPI
Select top performers
Glilot Capital Partners
Passion Capital Fund
Union Square Ventures 2012 Fund
*IRR: net of fees
46 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
 
A message from Apex Group  
Our Corporate Services provide scalable solutions for back-office functions
Apex has an experienced team in the US that provides strategic expertise for startups, tech companies, VCs, corporates, private equity funds, asset managers and SMEs.

Whether you are looking for project support, technical expertise, or to scale your team, Apex can partner with you to become an extension of your operation.

Apex provides customized solutions to meet your specific needs, which allows your team to focus on creating value.

The depth and scope of Apex's solutions include:
  • Accounting
  • Payroll
  • Tax
  • Human resources support
  • Employee benefits
  • Compliance
  • Business administration
  • Board support
Visit Apex's website to find out more
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People  
ILPA names Jennifer Choi CEO
Jennifer Choi has been appointed CEO of the Institutional Limited Partners Association. Choi has been the acting CEO since June, and was previously managing director of industry affairs.
 
VC Deals  
Runway hits $500M valuation
Runway, an AI developer specializing in creative content, has raised a $50 million Series C led by Felicis Ventures. The company has annualized revenue of around $1 million and is valued at $500 million with the new round, Forbes reported.
View details
 
View 3 competitors »
 
Supplement specialist HealthKart picks up $135M
HealthKart, an Indian company that sells health supplements and accessories, has raised a $135 million Series H led by Temasek. The deal values the startup at about $350 million, TechCrunch reported.
View round
 
View 1 competitors »
 
SonoThera raises $60M+
Gene therapy startup SonoThera has raised a $60.75 million Series A led by ARCH Venture Partners. Johnson & Johnson Innovation and Eli Lilly also joined the round.
View round
 
View similar company »
 
BeeHero flies off with $42M
BeeHero, a platform for commercial beekeeping, has raised $42 million in a Series B led by Convent Capital.
View round
 
View 3 competitors »
 
Loft Dynamics nabs $20M
VR pilot-training startup VRM Switzerland has raised $20 million and rebranded as Loft Dynamics. Craft Ventures, Sky Dayton and Up Ventures led the round.
View round
 
View similar company »
 
Giraffe360 grabs $16M
Giraffe360, which creates cameras for real estate professionals to map properties, has raised $16 million in a round led by Founders Fund, according to reports.
View round
 
View 3 competitors »
 
Rezonate rakes in $8.7M in seed funding
Cybersecurity startup Rezonate has closed $8.7 million in seed funding led by State of Mind Ventures and Flybridge.
View details
 
View similar company »
 
 
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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Exits & IPOs  
Circle calls off SPAC merger
Blockchain specialist Circle has terminated plans to merge with blank-check company Concord Acquisition. Circle, which enables businesses to send and receive cryptocurrencies, said it was profitable in Q3 and had $400 million in cash on hand at the end of the quarter.
View details
 
View 63 competitors »
 
 
Fundraising  
Solo VC Ozi Amanat raises $300M
K2 Global, a venture firm led by solo VC Ozi Amanat, has closed a $300 fund that will be used to invest in early-stage startups in foodtech, climate tech and AI. The Miami-based firm has invested in Paytm, Spotify and Impossible Foods.
View fund
 
View 60 investments »
 
 
Chart of the Day  
"IPOs accounted for roughly one-third of exit value in the last two years as bullish markets gave way to a flurry of private companies listing on the public market with elevated valuations.

In 2022, IPOs contributed a mere 1.6% of total market exit value as investors shied away from new issues amid market volatility, and valuations dropped with market correction."

Source: PitchBook's Q3 2022 US PE Breakdown
 
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Who's in the newsletter today?
People
Jennifer Choi
Ozi Amanat
Investors
ARCH Venture Partners
Concord Acquisition
Convent Capital
Craft Ventures
Eli Lilly
Felicis Ventures
Flybridge
Johnson & Johnson Innovation
K2 Global
Sky Dayton
State of Mind Ventures
Temasek
Up Ventures
Companies
BeeHero
Circle
Giraffe360
HealthKart
Impossible Foods
Loft Dynamics
Paytm
Rezonate
Runway
SonoThera
Spotify
 
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