The startups innovating in digital health

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The Daily Pitch: VC

March 27, 2024

Presented by CIBC Innovation Banking

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

Which digital health startups are likely to transform the healthcare landscape?

GPs are finding ways to squeeze more capital into continuation funds

Thermal batteries show potential for renewable energy applications in heavy industry

A flagship L Catterton buyout fund hits 27 months of fundraising

Today's Top Stories

Digital health settles into a new normal

In Q4, digital health startups raised $1.1 billion in VC funding across 57 deals, a 1.7% quarter-over-quarter increase in deal value, but a marked decrease in deal count, which declined 21.9%.

As the vertical begins to stabilize, senior analyst Aaron DeGagne touches on the $30 billion substance use disorder treatment industry and startups looking to break into the space with new modes of treatment.

The Q4 2023 Digital Health Report unpacks key trends, data, companies to watch, and emerging opportunities—like startups working with digital twins—likely to transform the healthcare landscape.

read the preview

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Fixing heavy industry's gas-guzzling habit

Thermal batteries, which store renewable energy that can be released on demand for industrial uses, could pose a solution to humanity's great battle: climate change. Our latest Emerging Space Brief explores applications for this technology, such as building cooling, greenhouse temperature stabilization and even powering energy grids.

Several thermal battery startups—Antora Energy, Fourth Power and Malta among them—have closed early-stage financing rounds in recent months, indicating a promising trend: Investors are taking thermal batteries seriously.

read it now

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A message from CIBC Innovation Banking

Start-ups are finding ways to maintain growth in unpredictable markets

Unpredictable times have a substantial impact on start-ups. That's why founders are looking to banking partners who specialize in the innovation economy. CIBC Innovation Banking has over two decades of experience working with clients at every stage and across shifting market conditions.

Discover why CIBC Innovation Banking is the banking partner of choice for entrepreneurs and investors across North America.

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Uzbekistan's first unicorn may not be its last

(Sergio Amiti/Getty Images)

Unicorns may no longer be a rarity in the startup world, but ecommerce startup Uzum has made history as Uzbekistan's first VC-backed company to be valued at over $1 billion.

Most of Uzum's funding came from overseas investors, including its California-based lead. It's the sort of success story that could draw more VCs to the country as a potentially profitable hotspot.

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Weak fundraising figures could lend power to LPs

Last year was far from a record moment for fundraising. Fund counts decreased by 48.4%, driven by LP concerns about a lack of portfolio exits and VC valuation fluctuations.

In the 2023 Annual Global Private Market Fundraising Report, sponsored by RSM and Adams Street Partners, we show that the difficult fundraising environment may begin to dissipate in 2024 as the on-paper denominator effect breathes its last few breaths. In 2024, LPs will hold the keys to the fundraising kingdom.

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Since yesterday, the PitchBook Platform added:

15

VC valuations

2400

People

887

Companies

38

Funds

See what our data software can do

The Daily Benchmark:
2012 Vintage North American VC Funds

Median IRR

17.58%

Top Quartile IRR

28.61%

1.38x

Median DPI

Select top performers

Emergence Capital Partners III

Flagship Ventures Fund IV

IA Venture Strategies Fund II

*IRR: net of fees

32 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Cybersecurity startup Cyera is closing in on nearly $300 million in a round expected to value it at $1.5 billion, TechCrunch reported.

San Diego-based biotech startup Avenzo Therapeutics raised $150 million in a Series A1 led by NEA, Deep Track Capital, Sofinnova Investments and Sands Capital.

Eliyan, a California-based semiconductor startup working on interconnection technology, raised a $60 million Series B led by Samsung Catalyst Fund and Tiger Global.

Global Screening Services, a London-based provider of sanctions transaction screening services, raised over $47 million from investors including AlixPartners, Cynosure Group and the Commonwealth Bank of Australia.

Smart machines specialist Viam raised a $45 million Series B from Union Square Ventures and Battery Ventures.

German medical device company Protembis raised a €30 million Series B from investors including Segulah Medical Acceleration, XGEN Venture and TechVision Fund.

Game studio Gunzilla Games, which is based in Germany, raised $30 million from CoinFund, Avalanche's Blizzard Fund, Republic Capital and Morningstar Ventures.

Fieldguide, which is based in San Francisco, raised a $30 million Series B led by Bessemer Venture Partners for its AI auditing and advisory platform.

PipeDreams raised a $25.5 million Series A led by Canvas Ventures and Plural . The California-based company offers a software platform for HVAC and plumbing businesses.

900.care, a Paris-based provider of refillable hygiene products, closed a €21 million Series A led by Lombard Odier Investment Managers.

Tennr, a New York-based AI healthcare data company, raised an $18 million Series A led by Andreessen Horowitz.

Scotland's Ember, which operates an all-electric intercity bus service, secured £11 million in a round led by Inven Capital, 2150 and AENU.

PitchBook webinar: Insights into investment firm compensation trends

Join us for a discussion on how compensation trends at VC and PE firms have changed in recent years and what we might expect moving forward. Jody Thelander, founder & CEO of the namesake firm; Kaidi Gao, PitchBook VC research analyst; and Jim Jensen, partner at Wilson Sonsini Goodrich & Rosati, will share real-time data on base salaries, bonuses, carried interest percentages and more across various positions. Key topics include:

Compensation trends year-over-year by total AUM and type of firm.

Best practices for fund structure, including fund formation and carried interest.

Register now to secure your spot.

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PE Deals

Olympus Capital Asia is planning to sell 9.8% of its roughly 19% stake in Aster DM Healthcare, an Indian hospital chain, for up to 19.53 billion rupees (approximately $230 million), Reuters reported.

Align Capital Partners acquired Cost Segregation Services and TaxIncennovations, both of which offer tax consulting services.

L Catterton made a significant investment in camper van manufacturer Storyteller Overland.

Exits & IPOs

Goldman Sachs' PE arm is exploring a sale of European budget hotel chain B&B Hotels for a valuation of about €3.5 billion, Bloomberg reported.

The Carlyle Group is considering exit options for Indian IT business Hexaware Technologies, which may include an IPO that could raise $1 billion, Bloomberg reported.

Advent International is looking to sell the identity verification unit of French biometrics company Idemia, Bloomberg reported. The move is part of a breakup plan where three units will be sold separately.

Arsenal Capital Partners is leading a group to acquire Poly-Wood, an outdoor living products manufacturer, from Mayfair Capital Partners.

Mubadala is acquiring DPI-backed biopharmaceuticals platform Kelix Bio and its subsidiaries.

Fundraising

Hong Kong-based Partners Group has launched a $12 billion secondaries fund, Reuters reported.

Ara Partners, an industrial decarbonization-focused PE firm, is raising $500 million for its first infrastructure fund, Axios reported.

US asset manager Pimco is targeting €750 million for its first Europe-dedicated data center fund, PERE reported.

Washington, DC-based venture firm Dcode Capital raised $19 million for a new fund focused on startups working in the government contracting space.

Chart of the Day

Source: Surfing Turbulent Cash Flow Waves

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