Visions for enterprise, consumer tech in 2024

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The Daily Pitch: VC

December 22, 2023

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

Editor's note: The Daily Pitch will not be published on Monday, Christmas Day. Happy holidays, and we'll be back on Tuesday. In today's Daily Pitch, you'll find:

What's next for generative AI? How will fintech startups fare next year? Find out in our 2024 outlooks for enterprise and consumer tech.

As biopharma VCs refocus to invest more in gene therapy, our market map digs into the subsector

PE exits from middle-market companies slump as firms hold on to their assets

Today's Top Stories

The enterprising outlook for enterprise tech

PitchBook's 2024 Enterprise Technology Outlook forecasts what's in store for the verticals under the enterprise tech umbrella. Which generative AI segment will be the next to become hot, and who will hit unicorn status? Will crypto start to shift toward centralized financial institutions, deviating from its original emphasis?

We include insights about what next year may hold for a whole host of verticals, including AI and machine learning, enterprise fintech, insurtech, and more.

read it now

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Market Map: Biopharma's gene therapy pivot

(Tek Image/Getty Images)

Biopharma is a sector undergoing significant change as investment strategies refocus amid market challenges, regulatory oversight and scientific advances.

Investors are reprioritizing from traditional areas such as small molecules and biologics to gene therapy in the hope of tackling genetic conditions and diseases.

Our latest market map explores the gene therapy companies getting the most capital.

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Since yesterday, the PitchBook Platform added:

13

VC valuations

1674

People

512

Companies

30

Funds

See what our data software can do

The Daily Benchmark:
2014 Vintage Global Real Estate Funds

Median IRR

10.46%

Top Quartile IRR

15.36%

1.04x

Median DPI

Select top performers

Exeter Industrial Value Fund III

L-A Saturn Acquisition

Activum SG Real Estate Fund III

*IRR: net of fees

68 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Vestwell has closed a $125 million Series D led by Lightspeed. The New York-based company provides a saving platform for employers and individuals.

Massachusetts-based biotech startup Lyndra Therapeutics raised a $101 million Series E led by Sarissa Capital.

Copenhagen-based Podimo, which offers a podcast and audiobook subscription service, has raised €44 million from The Danish Export and Investment Fund, HighlandX and Chr. Augustinus Fabrikker.

Dutch offshore solar energy startup SolarDuck has secured €15 million from investors including Katapult Ocean, Green Tower and Invest-NL.

AI startup Rabbit, which is based in Los Angeles, has raised a $10 million Series A round led by Khosla Ventures.

Sentante, a Lithuanian developer of an endovascular robot for minimally invasive surgery, has completed a €6 million seed investment led by Practica Capital.

Helin, a Dutch industrial edge intelligence specialist, has raised a €3 million seed round led by Forward.one.

PE Deals

Warburg Pincus is making a €6 billion-plus bid for Altice's Portuguese telecoms assets alongside former Credit Suisse chair António Horta-Osório, the Financial Times reported.

KKR offered to buy Portuguese green energy company Greenvolt-Energias Renovaveis for €1.2 billion. The €8.30 per share offer represents an 11% premium to the company's closing price Dec. 20.

Investment bank Houlihan Lokey acquired PE placement agent and advisory Triago. The Triago team will join Houlihan Lokey's private funds group.

HIG Capital acquired Texas-based Penhall Company, a provider of demolition and construction services.

Exits & IPOs

Insurance provider Aspen Insurance filed for an IPO. The impending exit comes five years after Apollo Global Management acquired the company.

Corporate M&A

Media giants Warner Bros Discovery and Paramount Global are in talks concerning a possible merger, according to reports. The talks are at an early stage and may not result in a deal.

Chart of the Day

"Similar to dealmaking, the PE exit market has remained remarkably steady over the past couple years. 2023 is set to reach a new high in terms of PE exit count, with Q3 being one of the most active quarters on record, with 19 completed exits. The steady exit activity has led to an investment-to-exit ratio of just over 2.0x in 2023—the lowest figure since 2015."

Source: 2023 Japan Private Capital Breakdown

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