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The Daily Pitch: VC

February 1, 2024

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 analysts find startups are focusing on more fuel-efficient blended-wing aircraft

Will suppressed valuations and more private credit loans kick off a take-privates wave?

A look at the AI and machine learning unicorns most likely to go public this year

The Baltimore Orioles could be the latest pro sports team to secure PE backing

Today's Top Stories

Blended-wing aircraft designs could fuel change

The aviation industry has a carbon emissions problem, but the solution may not be that far off. Our latest analyst note dives into blended-wing aircraft. This more fuel-efficient design has been around for decades, but it's now finding support among startups looking to disrupt the aerospace sector.

read it now

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The AI and machine learning startups most likely to go public

(Alexander Spatari/Getty Images)

The IPO window remains shut despite Instacart and Klaviyo's listings last year. But an AI-driven frenzy may be just the thing to restart the flow for startups.

Using our VC Exit Predictor, we've assembled a list of the AI and machine learning unicorns most likely to go public this year.

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A message from PitchBook

2024 PitchBook Media Kit released

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Are take-privates taking off again in 2024?

(Epixx/Getty Images)

Take-private dealmaking may not have reached the same dizzying heights last year as 2021 and 2022, but it was still a strong year.

Several take-private mega-deals—including the two largest PE buyouts of the year—pushed through along with a wave of smaller deals, encouraged by lower valuations. Will we see more of the same in 2024?

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Since yesterday, the PitchBook Platform added:

17

VC valuations

2525

People

1181

Companies

35

Funds

See what our data software can do

The Daily Benchmark:
2017 Vintage Non-US PE Funds

Median IRR

22.21%

Top Quartile IRR

26.75%

0.60x

Median DPI

Select top performers

Summit Partners Europe Growth Equity Fund II

HgCapital Mercury 2

HgCapital Genesis 8

*IRR: net of fees

36 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

People

Strategic Value Partners has added two London-based managing directors, Timo Koch and Ahmed Khan, to jointly lead its European structured capital team.

VC Deals

Metronome, a usage-billing startup for SaaS companies, has raised a $43 million Series B led by NEA. OpenAI and Nvidia also participated in the deal.

Oasis Security, an Israeli cybersecurity company, has received $40 million led by Sequoia.

San Jose-based Incognia, a cybersecurity startup, has raised a $31 million Series B led by Bessemer Venture Partners.

Utah-based Halia Therapeutics, which develops drugs to treat inflammation, has raised a $30 million Series C led by angel investor Todd Pedersen.

Madrid-based home energy software startup Clevergy has raised €1.5 million in a round led by Zubi.

PE Deals

London's McWin Capital Partners bought a 95% stake in Sticks'n'Sushi in a deal valuing the Japanese restaurant chain at around $80 million, the Financial Times reported.

Scanmed, a Polish healthcare business backed by Abris Capital Partners, acquired its peer Med-Lux.

BlackRock invested in Malaysian renewable energy developer Ditrolic Energy via its public-private finance vehicle, Climate Finance Partnership.

BlackRock made a strategic investment in Lone Peak Dental Group, a pediatric dental support specialist.

Clayton, Dubilier & Rice acquired a minority stake in homebuilding materials company Foundation Building Materials, which is majority-owned by American Securities.

Thompson Street Capital Partners and Cequel III bought a controlling interest in DDC Cabinet Technology, which manufactures data center cooling products.

Blackford Capital acquired Data Science Automation, an automation engineering services specialist.

Portfolio Companies

Kriya, a UK-based B2B payments fintech backed by Northzone and Banco Santander VC arm Mouro Capital, has secured a £50 million debt facility from Viola Credit.

Fundraising

New York's TJC, formerly known as The Jordan Company, raised $6.85 billion for its latest buyout vehicle, Resolute Fund VI, exceeding its $6 billion target, The Wall Street Journal reported.

Templewater is seeking up to $800 million for two funds that would target midsize Asian businesses and clean energy technology companies, Bloomberg reported.

Chart of the Day

Source: Q3 2023 France Market Snapshot

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PitchBook News - The AI unicorns likely to go public

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