PitchBook News - Our VC primer on biopharma

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The Daily Pitch: VC

December 7, 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:

Our inaugural biopharma report offers a primer and an update on VC trends in the sector

A survey of 500 institutional investors shows LPs are still bullish on private equity

A picture of private markets dealmaking in Germany, Austria and Switzerland

Today's Top Stories

Biopharma investments hinge on the science

VCs are often betting that their portfolio companies will disrupt lives. But those who bet on biopharma are counting on innovations that save lives. Since investment in the sector peaked in 2021, VCs have been more discerning with their capital, keeping a closer eye on clinical trial results and making late-stage deals.

Our inaugural biopharma Emerging Tech Research report offers a comprehensive primer and an update on VC trends in the space. Our analysts spotlight traditional investment areas like chemistry and biologics, as well as cutting-edge segments like gene therapy and cell therapy, among others.

read the preview

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Congruent Ventures raises $275M with help from university endowments

(The Washington Post/Getty Images)

School endowments have been almost universally burned by the venture slowdown this year. Across the board, these LPs have slowed new commitments to the asset class until the IPO window reopens and allows money to flow back into their coffers. But Congruent Ventures managing partner Abe Yokell still managed to reel in an endowment, Northwestern University, on top of existing LPs to close today on a third flagship fund.

Yokell, who turned away over $300 million in excess LP interest in the vehicle, said school endowments are still interested in climate funds in spite of 2023 being a tough year for returns.

The Growth and Evolution of Private Markets—Research Report

The finance industry is undergoing a significant transformation. Several major trends are reshaping the space and opening new possibilities for investors and companies.

Get ahead of the trends with Apex's latest insights report, supported by PitchBook data. Apex experts explore how these new dynamics will impact investors and the market, giving you the facts, and insights, you need to navigate challenges and opportunities for your firm.

What insights can you expect from the report?

Exploring fundraising challenges
Ways to unlock opportunities
Trends in changing investor bases
ESG, fintech and new asset classes
Practical takeaways for fund management
Data insights from the numbers

To find out more, download the Apex Research report on the Apex Group website here.

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VC Deals

Vast Data raised a $118 million Series E at a $9.1 billion valuation led by Fidelity Ventures.

Nuclear energy reactor startup X-energy raised $80 million from founder Kam Ghaffarian and Ares Management, bringing its Series C to $235 million.

MaintainX secured $50 million in a Series C led by Bain Capital Ventures for its operations platform for frontline workers.

AutogenAI, an enterprise AI company developing a bid-writing product suite, raised a $39.5 million Series B co-led by Salesforce Ventures and Spark Capital.

Liquid AI secured $37.6 million in a seed round led by OSS Capital and PagsGroup to build AI foundation models.

Leonardo.ai raised $31 million from investors including Smash Capital, Gaorong Capital and Samsung Next for its generative AI art platform.

Cybersecurity software company ProvenRun raised €15 million. The round was led by Tikehau Capital.

Milano Vice, a Berlin-based, delivery-first pizza chain, raised a $9 million Series A led by Coefficient Capital.

Harriet, the developer of an AI assistant for HR teams, secured £1.2 million in a round led by Concept Ventures.

PE Deals

UK bowling center operator Ten Entertainment has agreed to a £287 million takeover offer from US-based firm Trive Capital.

Fortissimo Capital is in talks to acquire a 35.6% stake in Cellcom Israel, a wireless provider listed in Tel Aviv, from Discount Investment for 925 million shekels (about $249 million), according to reports.

Montreal-based alternative asset manager Sagard agreed to acquire Connecticut-based Performance Equity Management, a PE and VC investor with an AUM of $8.9 billion.

Andra Tech Group, a maker of high-precision components owned by Equistone, has bought Lemmens Metaalbewerking, a Netherlands-based metal processing company.

Velocity Capital Management acquired Parella Motorsports Holdings, which hosts racing festivals in the US under the name SpeedTour.

GI Partners established a new real estate platform, Arizona-based UDLR Healthcare, which will invest in and operate medical outpatient buildings.

Alpine Investors launched a new platform, Cobalt Service Partners, a roll-up of businesses that offer building access solutions, including its first acquisition: North Carolina-based Piedmont Door Solutions.

Fundraising

Canapi Ventures closed its second flagship fund on $750 million.

California-based early-stage investor Intuitive Ventures reached a $150 million close of its second fund.

BioStar Capital, a medtech-focused VC investor, closed its fifth fund on $130.3 million.

Indian VC firm SenseAI Ventures raised 2 billion Indian rupees (around $24 million) for its fund targeting AI-first startups.

Investors

Science Creates, an incubator for UK university spinouts, secured £8.5 million from Research England and the University of Bristol.

Chart of the Day

"A slowdown in the venture universe has been observed across many global regions, and Japan was no exception. Through the first three quarters of 2023, $4.3 billion was deployed to VC in Japan across 899 deals. Should this dealmaking pace continue, the 2023 yearly deal count is expected to exceed the 2020 annual figure, reflecting a healthy momentum of the domestic venture ecosystem."

Source: 2023 Japan Private Capital Breakdown

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PitchBook News - Our VC primer on biopharma

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