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PitchBook News - Is the UK supporting tech startups?

Plus: Future of VC valuations looks bleak, patent data on the Platform, taking a quantitative look at AUM & more
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The Weekend Pitch
February 12, 2023
Presented by The U.S. National Science Foundation
(Mara Potter/PitchBook News)
When UK Prime Minister Rishi Sunak took up his post in October, his government's aspiration for the tech ecosystem was clear: develop the UK into the world's next Silicon Valley.

The government seems to have doubled down on that promise by setting up a new ministry for science, innovation and technology.

At the same time, UK startups and their investors have expressed concern over recent policies that appear to run counter to these aims, among them the move to pull funding from government-backed industry body Tech Nation, the lack of visas for attracting startup talent and the removal of tax relief for research and development.

As post-Brexit Britain falls behind the rest of Europe in recovering from a series of economic crises, the government is under increasing pressure to safeguard the development of the country's most innovative sectors. Not everyone thinks it is doing enough.

Welcome back to The Weekend Pitch. I'm Leah Hodgson, and you can reach me at leah.hodgson@pitchbook.com or on Twitter @LeahFHodgson.
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A message from the U.S. National Science Foundation  
Invention to impact
Shasqi uses Nobel-prize winning chemistry to deliver high-doses of chemotherapy to cancerous cells without impacting nearby tissue, a safer and more precise method of administering life-saving drugs.

Shasqi (NSF-1660258) is one of hundreds of deep tech startups funded annually by the U.S. National Science Foundation (NSF), a government agency that plays a central role in accelerating discoveries into the marketplace.

Each startup can receive up to $2 million to support translational research & development. By investing roughly $200 million in startups annually, NSF helps teams navigate the earliest stages of technology translation. In the past five years, these companies have gone on to raise billions in follow-on capital, and the portfolio has had 300+ exits.

Learn more about NSF funding at seedfund.nsf.gov
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Trivia
Masayoshi Son (glen photo/Shutterstock)
SoftBank's Vision Fund has been known for making big bets and aggressive moves. Created by SoftBank CEO Masayoshi Son, the fund has run into trouble as of late, posting continuous losses. How many consecutive quarters of losses has the Vision Fund posted?

 A) Three
 B) Two
 C) Six
 D) Four

Find your answer at the bottom of The Weekend Pitch!
 

Stay tuned
Keep an eye out for these insights and research reports coming out this week.
  • Q4 2022 Crypto Report

  • How Macro Risks Are Shaping the Outlook for US Private Markets

  • Q4 2022 Carbon & Emissions Tech Report

  • Q4 2022 Supply Chain Tech Report

  • 2022 Annual Global League Tables

  • 2022 Annual European VC Valuations Report

  • Capital Concentration and Its Effect on the Venture Ecosystem
 

VC valuations are on the ropes
Despite a rocky 2022, valuations for US-based seed and early-stage startups remained strong for the year overall. But trends are indicating that the sky-high ride has come to an end.

Our 2022 Annual US VC Valuations Report, sponsored by Morgan Stanley at Work and Reitler, has all the figures, data and analysis you need for understanding what happened in 2022 and how it shapes valuations in 2023.
 

Patent-informed investing
How do venture capitalists decide where to invest next? For some firms, those decisions can be based on little more than meetings and vibes. Other VCs, especially in recent years, are looking to data that can help them predict which founders will deliver on their dreams.

In addition to revenue and growth trajectory, a startup’s patents can be an indicator of where the fledgling company is headed. Our analyst note provides an analysis of the PitchBook Platform's debut patent data will prove valuable for any VC taking a quantitative approach to investing.
 

Charting the scale
of the private markets
(06photo/Shutterstock)
AUM across the private markets shrank in 2022, but in the longer term—say, four years from now—AUM across PE, VC, debt, real assets and real estate will balloon to $13 trillion in our base case. Those projections come from our new private capital forecast model, featured in the latest Quantitative Perspectives: US Market Insights report, which provides a 30,000-foot view on alternatives.
 

Recommended Reads
Blueprints for a dream: the new age of virtual architecture. [The Guardian]

What will the future of cars be like? Video games may have the answer. [The Washington Post]

"We just have to keep winning": A Sonos executive with a colorful history goes to war against Google. [The Information]
 

Quote/Unquote
William Conway Jr. (The Washington Post/Shutterstock)
"In my discussions with the investors in Europe and Asia, I didn't see anybody who didn't invest with us because I was the interim CEO. There were, perhaps, some (LPs) who delayed and wanted to think about the decision and wondered who was going to be before they committed."

—The Carlyle Group co-founder and co-chairman William Conway Jr. on fundraising prior to the announcement of Harvey Schwartz as incoming CEO
 

Trivia
Answer: D.

SoftBank's Vision Fund has posted four straight quarters of losses. You can read more about the investor's latest earnings report and see the figures in our updated Vision Fund dashboard.

This edition of The Weekend Pitch was written by Leah Hodgson, Jacob Robbins and Emily Burleson. It was edited by Andrew Woodman and Clarinda Simpson.

Were you forwarded The Weekend Pitch? Sign up at pitchbook.com/subscribe.
 
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