PitchBook News - AI jump-start for hardware?

Fintech on the auction block; medical robot specialist grabs $110M; CVC Capital raises $6.8B Asia fund
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The Daily Pitch: VC
February 22, 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:
 
Today's Top Stories  
Can generative AI jump-start hardware VC investment?
(Joey Schaffer/PitchBook News)
Hardware has been a hard sell for investors.

A capital-intensive endeavor, many view it as too risky. Others are running headfirst into hardware investing, backing a new crop of startups hoping to ride the generative AI wave and shift the paradigm.
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Fintech on the auction block
Valuation expectations from fintech buyers and sellers were stuck at an impasse throughout 2023, when the US recorded a 46% dip in fintech M&A value year-over-year. But as the sector enters the fifth inning of its failure wave, cash crunches will drive more distressed acquisitions and fire sales, according to our recent Emerging Tech Research.

Our analysts cover the likely acquisition targets and what could happen next in M&A—based on interviews with over 30 fintech founders, bankers and investors.
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Q&A: Mid-market lender expects distressed debt opportunity to rise
(Eoneren/Getty Images)
A growing batch of troubled corporate borrowers need to restructure their liabilities, creating opportunities for investors that specialize in distressed debt.

Charlesbank Capital Partners closed its third credit opportunities fund on $1.5 billion last month. The PE firm's head of credit, Sandor Hau, anticipates that the distressed debt market will be particularly active in the short term.
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Goldman Sachs unveils new semi-liquid private credit fund
(EtiAmmos/Getty Images)
Goldman Sachs has become the latest asset manager to climb on the semi-liquid fund bandwagon to give individual investors access to illiquid assets.

Its alternative asset management arm has announced the launch of an open-ended, semi-liquid fund that focuses on European private credit investments.
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CVC Capital secures $6.8B for 6th Asia fund
Singapore (John Seaton Callahan/Getty Images)
CVC Capital Partners has reached a $6.8 billion close on its sixth Asia-focused fund. The new vehicle is 50% bigger than its predecessor, which reached a $4.5 billion close in 2020. It comes amid a climate of PE fundraising in Asia slowing considerably—stymied partly by poor US-China relations.
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The Daily Benchmark:
2019 Vintage European PE Funds
Median IRR
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VC Deals  
Florida-based MMI, a medical robotics startup, has raised a $110 million Series C led by Fidelity Management.

Clumio, which offers recovery and backup for cloud data, has raised a $75 million Series D led by Sutter Hill Ventures. Participating investors include Index Ventures and Altimeter Capital.

Columbia-based Simetrik, a B2B fintech startup, has secured a $55 million growth equity investment from Goldman Sachs Asset Management.

Radar sensor manufacturer Uhnder, based in Austin, has raised a $50 million Series D led by ACME Capital.

Oula, a New York-based maternity care clinic, has raised a $28 million Series B co-led by Revolution Ventures and Maverick Ventures, with GV among participating investors.

AZmed, a Paris-based provider of AI-powered radiology software, has closed a €15 million Series A from investors including Maison Worms, Techstars and Teampact Ventures.

Tel Aviv-based generative AI startup Loora has raised a $12 million Series A led by QP Ventures.

IsomAb, a UK-based developer of treatments for peripheral arterial disease, has secured a £7.5 million seed investment led by Broadview Ventures.

Tagomics has raised £6.7 million led by Calculus Capital. The UK-based company provides a platform for disease insight and diagnosis.

Copenhagen-based compliance startup Spektr has received €5 million from Northzone, Seedcamp and PreSeed Ventures.
 
Don't miss our upcoming webinar
This webinar aims to address the complexities and evolving nature of the crypto market. PitchBook senior analyst Robert Le will be joined by Marc de Kloe of Theta Capital, an LP to numerous major crypto VC funds, and Matt Walsh of Castle Island Ventures, which manages around $240 million. Key topics include:
  • The latest strategies and best practices in raising capital for crypto venture funds and how the fundraising process is different from conventional VC.

  • Key investment themes driving the crypto market, including opportunity areas like tokenization, DePIN and blockchain infrastructure.

  • Crucial metrics or signals investors look for and how startups can position themselves as attractive targets.

  • Predictions on market trends, regulatory developments, TradFi adoption and more.
Register now to secure your spot.
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PE Deals  
Advent International, Blackstone, Bain Capital and others are eyeing the consumer health unit of French pharmaceutical giant Sanofi, which could be valued at around $20 billion, Bloomberg reported.

Strategic Value Partners purchased a majority stake in travel experience and cruise ship line Hornblower. Crestview Partners will maintain a minority position.

Chicago-based CIVC Partners invested in Highstreet IT Solutions, an Oracle implementation and managed services provider.

Banneker Partners-backed management software provider Eyelit Technologies acquired Optessa Software.

Dallas-based data center systems operator Divcon Controls received an investment from Goldman Sachs Alternatives.
 
Portfolio Companies  
Sequoia partner Andrew Reed will replace Matt Miller on the board of Swedish fintech Klarna, The Information reported.
 
Exits & IPOs  
Thoma Bravo is weighing the sale of JD Power, a consumer data company, valued at up to $8 billion, Bloomberg reported.
 
Chart of the Day  
"While it may hold true that managers of funds with $50.0 million in commitments will prove more successful than their peers managing smaller funds by leveraging the qualities, experience, and networks that permitted them to raise a larger fund in the first place, we may not see these funds continue to close follow-on vehicles at the same rates as before."

Source: Estimating US VC First-Time Manager Dropouts
 
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