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The Daily Pitch: VC

September 1, 2023

The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data

In today's Daily Pitch, you'll find:

Neurotechnology startups push the boundaries of healthcare and human-machine interfaces

Is data on a GP's past fund performance available when LPs need it most?

With just eight closings, fundraising for first-time PE funds appears particularly difficult in Europe this year

Today's Top Stories

Startups push the boundaries of neurotechnology

From visualizing brain activity to treatments for neurological disorders like Parkinson's disease, neurotechnology has transformed our understanding of the human brain. And startups working at the forefront of the sector promise further advancements in healthcare and human-machine interfaces.

Our latest Emerging Space Brief details recent deal activity for neurotechnology startups, the market's outlook, key players to watch in the space and more.

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AI boom comes to drone delivery

The five largest supply chain tech deals of Q2 2023, including Getir's $475 million down round, brought in half of the $3 billion in VC deal value the sector accrued in that period across 190 deals. Still, our recent Emerging Tech Research on the space points out signs that dealmaking in the logistics industry is stabilizing—notably an uptick in deal value from the previous quarter.

Warehouse automation and drone delivery are making remarkable headway, with companies such as Locus Robotics and Covariant, which utilizes AI learning, staying especially competitive.

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How PE/VC funds are navigating today's liquidity crunch.

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Fund performance data unhelpful for LPs when it counts

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Institutional investors face tough choices when it comes to capital allocation and commitments, and looking at GPs' prior fund performance would appear to help make these decisions easier. But there's a big debate around whether so-called performance persistence—a GP's ability to deliver consistent returns—even exists, in both the public and private markets.

Even more crucially: Is that information even available when LPs need it most?

Recommended Reads

Shell has silently shelved its once-ambitious plans to develop millions of carbon offsets projects around the world. [Bloomberg]

The move from crypto to AI has fueled the markets this year, but some are questioning how much of it is real. [Institutional Investor]

As the outlook for startups that serve influencers becomes increasingly bleak, creators themselves are proving to be far more resilient. [The Information]

Since yesterday, the PitchBook Platform added:

16

VC valuations

3419

People

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30

Funds

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The Daily Benchmark:
2021 Vintage Global Secondaries Funds

Median IRR

36.00%

Top Quartile IRR

44.82%

0.14x

Median DPI

Select top performers

Capital Dynamics Global Secondaries VI

Aberdeen Standard Secondary Opportunities Fund IV

Banner Ridge Secondary Fund IV

*IRR: net of fees

29 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Tel Aviv-based generative AI startup AI21 Labs has raised a $155 million Series C from investors including Pitango, Walden Catalyst and SCB 10X.

Otto, which offers a customer engagement platform for veterinary clinics, has raised a $43 million Series B from backers including Mercury Fund and Boehringer Ingelheim.

Ivy, the Berlin-based provider of an API for instant bank payments, has raised a $20 million Series A led by Valar Ventures.

Speak, the developer of an English language learning platform, has secured $16 million in a Series B2 led by Lachy Groom.

Paris-based corporate mental health company Teale has secured €10 million from investors including Alter Equity, ISAI and Bpifrance.

Satellite specialist ReOrbit has secured a $7.4 million seed investment led by Inventure VC.

PE Deals

Levine Leichtman Capital Partners-backed loan administrator GLAS has agreed to acquire Pristine, a Paris-based trustee and asset manager.

SRJ Sports Investments, owned by Saudi Arabia's Public Investment Fund, has agreed to acquire a minority stake in MMA company Professional Fighters League.

M2 Capital's bid to take over struggling UK retailer Wilko has collapsed after talks with administrators at PwC fell through, according to reports.

Verdane has invested €26 million in Dublin-based clean energy technology company UrbanVolt.

Exit & IPOs

TPG is in talks to sell its majority stake in Creative Artists Agency to French billionaire Francois-Henri Pinault in a deal that would value the Hollywood agency at around $7 billion, Bloomberg reported.

Warburg Pincus and TA Associates are considering the sale of child care management software provider Procare Solutions in a deal that could value the company at almost $2 billion, Reuters reported.

Fundraising

PE firm Hillhouse Capital has begun raising capital from Chinese LPs for its next fund—likely focused on healthcare—with a target of around $1.4 billion, the Financial Times reported.

Alti is targeting around $300 million for its Alti Private Equity Access and Commitments Fund, which will make direct PE investments and buyout co-investments, The Wall Street Journal reported.

Dutch deep-tech investor PhotonVentures has raised €60 million for its debut fund targeting early-stage photonic chip startups. The firm is hoping to secure up to €150 million for the vehicle.

Investors

Alternative asset manager Cerberus Capital Management has agreed to acquire Spring EQ, a US home equity lender founded in 2016.

Chart of the Day

Source: PitchBook's Q2 2023 US VC Valuations Report

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PitchBook News - Mapping neurotechnology's horizons

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