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Mapping the stars of information security

VCs fortify defense tech; the banks scooping up ex-SVB talent; will VCs leave behind women's health?; private credit's squid vs. whale battle
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The Daily Pitch: VC
May 29, 2023
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Market map: The breakout stars of information security
(NicoElNino/Shutterstock)
Information security companies are facing the same headwinds and exit slowdown as the rest of the tech industry, but even in a storm, some star players have made themselves known.

In the first quarter, cloud security startup Wiz landed the title of the infosec industry's highest-valued VC-backed company, with a $10.3 billion post-money valuation. Application security startups Synk and Ledger have also both made major fundraising strides.

Check out other companies on PitchBook's radar.
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Uncle Sam's defense tech checkbook
With rising geopolitical tensions and government acquisition reforms, investment in defense tech is on track to surge to nearly $185 billion by 2027. Our 2023 Defense Tech vertical snapshot dives into the industry drivers and the startups poised for liftoff.
  • Renewable energy and biotech ranked as the top defense tech segments by deal flow in 2022.

  • 71% of exit activity in the space since 2016 has involved strategic acquisitions.

  • Despite a projected CAGR of nearly 16%, there are challenges—including the "valley of death" funding gap, government bureaucracy and specialized talent shortages.
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A message from Ontra  
The impact of artificial intelligence on PE legal teams
Join Ontra's webinar series airing on June 13 and 27. A panel of industry experts will discuss the true potential of artificial intelligence in the private funds industry, followed by an introduction to Ontra Synapse, an AI solution for private markets.

Hear from:
  • Dr. Megan Ma: Assistant Director of the Stanford Center for Legal Informatics (CodeX)
  • Yasser Ezbakhe: Principal Data Science at Blackstone
  • Gianluca Rossi: Director of Machine Learning at Ontra
They'll discuss the current limitations and risks of artificial intelligence, and how firms can responsibly integrate this technology into fundraising processes, portfolio investment, and fund operations. You'll get a chance to hear how Ontra Synapse delivers a transformative AI platform designed to address core fundraising, portfolio investment, and fund operations processes.

Register for the webinar
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Tracker: The banks scooping up ex-SVB talent
(Drew Sanders/PitchBook News)
Silicon Valley Bank has faced an exodus of tenured talent following its collapse and subsequent purchase by First Citizens. At least 78 senior bankers have fled to competitors, according to a PitchBook analysis of the departures.

HSBC is the biggest recruiter of employees fleeing SVB. It has brought on at least 28 senior bankers and executives since March. Stifel, MUFG, Moelis & Co. and JP Morgan have also padded their ranks with high-level talent.

Our interactive tracker details who's gone where.
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Carbon fintech records big wins in Q1
Carbon fintech and consumer startups are increasingly popular verticals among climate investors, according to our recent Emerging Tech Research.
  • Carbon and emissions tech startups are showing resilience: These companies logged 212 VC deals totaling $3.6 billion in Q1, a 13% decline in value from Q4, but a 35% jump year-over-year.

  • Green solutions to steel and concrete production are heating up, as are carbon accounting startups serving companies with new ESG pledges.

  • VC investment in energy efficiency is spiking, reaching its highest-ever quarterly value in Q1.
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Reproductive health startups find investors skittish post-Roe
(Andrew Caballero-Reynolds/Getty Images)
When the Supreme Court upheld the Food and Drug Administration's approval of abortion pill drug mifepristone last month, Cindy Adam "breathed a sigh of relief."

Adam is the co-founder of Choix, a startup that offers telemedicine abortion services in six states. Choix, which had been in the middle of closing its seed extension round, paused fundraising to await the court's decision.

Investors and founders in women's health are finding that capital has dried up. And for reproductive health startups, dealmaking struggles are compounded by looming legal battles.
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Map: 10 cities powering China's PE growth
Shanghai is among the top cities for PE investment in China.
(chuyuss/Shutterstock)
China has long been a powerhouse for Asian private equity. Last year, the country suffered a steep decline in PE deal activity as a result of economic headwinds. Even so, it still captured over a quarter of PE investment in Asia.

However, much of this activity is concentrated in a handful of urban centers. We've mapped out the 10 Chinese cities that attracted the largest number of PE deals between 2016 and 2022. Companies in these cities accounted for nearly two-thirds of the country's total PE deal count during that time.
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Squid vs. whale: Leveraged loan saga points to battle in private credit world
(Atomic Roderick/Shutterstock)
A $2.75 billion financing to back Blackstone's LBO of climate-tech specialist Copeland has resurfaced in the syndicated leveraged loan market—six months after it first emerged as a marquee transaction in the private credit sector.

The deal, a rare instance of a lucrative M&A pact in today's uncertain economic environment, highlights the market-share tussle between the two leveraged finance segments.

Market volatility has brought headwinds to both the syndicated loan and private credit asset classes, intensifying the competition for deals. The Copeland saga shows banks aren't throwing in the towel when it comes to higher-risk, higher-reward deals.
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