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The Daily Pitch: VC

January 3, 2023

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Our team is taking a break over the holidays, and we'd like to highlight some of our best articles and reports. The Daily Pitch will return Jan. 4.

VCs try to parse through the 'noise' of generative AI

(Je-nar/Shutterstock)

The buzz for generative AI has reached a fervor the likes of which the VC market hasn't seen in years.

Recent breakthrough tools like DALL-E 2, Stable Diffusion and ChatGPT have made waves by showing that generative AI is now ready to be applied to a wide range of commercial applications. But are all venture investors on board with the newfound exuberance?

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Female founders take the good with the bad in a challenging 2022

(Drew Sanders/PitchBook News)

Companies with at least one female founder have raised about $38 billion in venture funding so far in 2022, while startups with only female founders have garnered about $4.3 billion, according to PitchBook data. These both represent sharp declines from 2021, although they are still the second-highest annual totals on record.

While funding for female-founded companies has declined year-over-year, the share of capital for female co-founded startups has ticked up to 15.4% of total US VC funding, the highest it's been since 2017.

As the VC market faced headwinds amid uncertain economic conditions, see how female founders fared in 2022.

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Growth lies ahead for Chinese cloud companies—but will there be profits?

(Karolis Kavolelis/Shutterstock)

A field of giants is jockeying to capture the cloud that serves China's increasingly digital economy, and it's no wonder why: Infrastructure and platform services revenue is expected to exceed 25% in the coming years.

But cloud services remain largely unprofitable and make up a minority of revenues at the nation's tech giants. Morningstar analysts expect consolidation ahead, and no immediate path to profitability.

read the report

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US Leveraged Loan Outlook: Headwinds may ease in 2023

(Engel Ching/Shutterstock)

Total new-issue volume in the broadly syndicated loan market tumbled 63% to a 12-year low of $225 billion in 2022, as deal flow dried up on all fronts amid market volatility. Private credit increasingly stepped in during the market disruption to support large LBO deals.

Expectations for the upcoming year are that deal flow will remain light early on, with activity gaining traction in the second half as market conditions normalize.

One trend to track: Loans due to mature in 2023 are minimal at around $10 billion, but within three years the amount coming due in the institutional loan market balloons to $298 billion (as of Dec. 9). Analysts agree that may translate into higher refinancing volume in 2023 compared to the past year as issuers address looming maturities, with Libor cessation in June 2023 potentially also playing a role.

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