Future Ventures targets AI with $169M fund

Startups vie for VC at healthcare conference; fundraising's blue-chip firm fixation; why PE dental exits are like pulling teeth
Read online | Don't want to receive these emails? Manage your subscription.
PitchBook
Log in
The Daily Pitch: VC
June 3, 2024
Presented by Dropbox DocSend
Ads
In today's Daily Pitch, you'll find:
 
Today's Top Stories  
Jurvetson's Future Ventures targets AI with $169M fund
Steve Jurvetson, a Silicon Valley heavyweight and close ally of Elon Musk, was an early investor in SpaceX and Tesla.
(Steve Jennings/Getty Images)
Future Ventures, the VC firm co-founded by longtime Silicon Valley investor Steve Jurvetson, has closed on $169 million for a AI-focused fund, according to a regulatory filing.

Specialist AI funds have become increasingly popular as LPs and GPs fear missing out on the upsides of the generative AI wave sweeping the VC industry.
read more
 
Share: Email LinkedIn Twitter Facebook
Pulling teeth: Why dental sector exits have been tough for PE
(Catherine McQueen/Getty Images)
PE firms have encountered an obstacle when it comes to exiting larger dental platforms, compounded by challenges surrounding physician retention and compensation.

As of Q1 2024, 37 PE-backed dental platforms in the US and Canada have been in managers' portfolios for more than five years—17 of these for more than seven years.
read more
Share: Email LinkedIn Twitter Facebook
 
A message from Dropbox DocSend  
Turned down in a downturn: Funding gap grows for underrepresented founders
Access to early-stage capital grew even more difficult in the past year. DocSend's 2024 Funding Divide Report shows historically underrepresented founders were hit hardest by the slowdown. As some optimism returns to the fundraising marketplace, will these founders be the slowest to feel the turnaround?

Read more
Share: Email LinkedIn Twitter Facebook
 
Healthcare startups comb for VC interest at INVEST conference
Startup pitch competitions overflowed at MedCity News' recent INVEST conference, with founders courting VCs from biopharma, healthtech and medtech. Our latest analyst note shares key takeaways on the main topics of the event: GLP-1 weight loss drugs—such as Ozempic and Wegovy—precision medicine, value-based care and women's health.
read it now
 
Share: Email LinkedIn Twitter Facebook
Private fundraising's concentration problem
Private market fundraising is becoming increasingly concentrated among blue-chip players. In the first three months of 2024, total capital raised across private market strategies was on par with figures from the same time last year.

But total fund count has fallen 45.9% year-over-year with the majority of capital raised going to managers with funds valued above $1 billion. Our Q1 2024 Global Private Market Fundraising Report breaks down capital gathering across private market funds.
read the report
 
Share: Email LinkedIn Twitter Facebook
Private credit steps up battle with banks
(Tiero/Getty Images)
PE shops and other borrowers are taking advantage of slim credit spreads on offer by banks, though direct lenders are getting creative to win deals.

Borrowers opting for creative deal structures and ease of execution in the private credit market over the syndicated loan market was a major trend for much of 2023. So far in 2024, however, the syndicated loan market has attracted borrower companies back to the fold, enticing them with the chance to slash borrowing costs.
read more
 
Share: Email LinkedIn Twitter Facebook
Crypto's institutional moment
(Chloe Ladwig/PitchBook News)
The State of Wisconsin Investment Board—money manager for one of the largest public pension plans in the US—recently became the only such institution in the country to disclose ownership of spot bitcoin exchange-traded funds.

These relatively new investment products offer ordinary and institutional investors alike direct exposure to the price movements of bitcoin. As the first to disclose, SWIB is paving the way for additional institutional ownership in a product that is still largely dominated by retail.

Read senior reporter Jessica Hamlin's report, which first appeared in our Capital Pool newsletter. Subscribe to that newsletter here.
read more
 
Share: Email LinkedIn Twitter Facebook
 
Since yesterday, the PitchBook Platform added:
256
People
73
Companies
7
Funds
See what our data software can do
 
The Daily Benchmark:
2018 Vintage Non-US PE Funds
Median IRR
17.28%
Top Quartile IRR
21.69%
0.28x
Median DPI
Select top performers
LVC USD Fund I
Westbridge II
INVL Special Opportunities Fund
*IRR: net of fees
57 Funds in Benchmark Â»
Check out the latest version of PitchBook Benchmarks
 
People  
Antonio Miranda and Steven Raich have been appointed managing partners at Connecticut-based PE firm Littlejohn & Co.
 
VC Deals  
Chinese generative AI company Zhipu AI raised roughly $400 million from investors including Prosperity7, the Financial Times reported.

Cloud infrastructure provider Mavenir, which is based in Texas, raised $75 million in new funding from undisclosed investors.

Babylon, a Palo Alto-based bitcoin staking startup, raised $70 million in a round led by Paradigm.

Hannto Technology, a Chinese manufacturer of smart printers, raised 300 million Chinese yuan (around $41 million) in a Series C+ from investors including CICC Private Equity.

Los Angeles-based Squared Circles, a brand-incubation startup focused on the consumer space, raised a $40 million Series A led by L Catterton.

Indian fashion brand Libas raised $18 million from ICICI Venture.

EthonAI, a Zurich-based provider of AI-powered manufacturing analytics, secured 15 million Swiss francs (around $17 million) in a Series A led by Index Ventures.
 
PE Deals  
Blackstone has agreed to buy a 55.1% stake in Japanese e-comics platform Infocom for $1.66 billion, Bloomberg reported.

IDG Capital is looking to buy Hong Kong broadband service provider HKBN, Bloomberg reported. The network has also had interest from China Mobile.

Texas-based cloud network and information processing software developer Mavenir raised $75 million from undisclosed existing investors.

KKR has acquired a majority stake in Agiloft, a Bay Area-based contract management software company. Existing investor FTV Capital will make an additional investment, with JMI Equity joining as a new investor.

Tennaxia, an ESG-focused cloud software company backed by Marlin Equity Partners, has acquired Paris-based carbon accounting platform Traace.

Progressive Dental Marketing, a marketing service provider specializing in dental practice, secured a $100 million recapitalization from McCarthy Capital.
 
Exits & IPOs  
Guzman y Gomez, a PE-backed Australian fast food chain, is planning to raise as much as A$242.5 million (around $161 million) with its Sydney IPO in June.

VC-backed Pix, a robotics startup specializing in capturing footage for the real estate industry, has been purchased by View Labs for an undisclosed amount.

Talos, a trading platform for cryptocurrency assets, has acquired peer Skolem for an undisclosed amount.

NYSE-listed Broadridge Financial Solutions acquired VC-backed asset and wealth management specialist AdvisorTarget, though deal terms were not disclosed.
 
Fundraising  
San Francisco-based Zetta Venture Partners, a VC firm investing in AI-native application startups, has launched a fund targeting $180 million, according to SEC filings.

Counterpart Ventures, a San Francisco-based VC firm investing in B2B SaaS companies, launched a $125 million fund, according to SEC filings.
 
Chart of the Day  
"These seven public alternative managers are all pushing the boundaries of growth, approaching strategy expansion from several angles simultaneously. For example, Ares stated that it has been building out new investment platforms over the past several years in significant growth segments, including alternative credit, infrastructure, real estate debt, APAC credit, secondaries, wealth management, and insurance."

Source: Q1 2024 US Public PE and GP Deal Roundup
 
About PitchBook | Terms of use | Advertise with us | Contact
Follow us: in twtr fb

This email was sent to you via the PitchBook Platform.

Do you want to change your email address, get a different edition or unsubscribe? Manage your subscription here.

PitchBook Data Inc., 901 Fifth Avenue, Suite 1200, Seattle WA 98164, United States

© 2024 PitchBook. Win what's next. All rights reserved.

Older messages

Nvidia's diverse ecosystem

Monday, June 3, 2024

Also: PE market feeling the pressure; Private market fundraising increasingly concentrated among blue-chip players; Check out our new N&A website... Read online | Don't want to receive these

When LPs ride shotgun

Monday, June 3, 2024

Plus: Crypto dealmaking bounces back, AI hardware drives VC returns, private fundraising is top heavy & more Read online | Don't want to receive these emails? Manage your subscription. Log in

VC's AI valuations cage match

Monday, June 3, 2024

The top 50 cities for startups; VC fundraising's split forecast; European VC valuations in 5 charts; PE goes for the middle in fintech M&A Read online | Don't want to receive these emails?

VC's investor-friendly environment eases

Monday, June 3, 2024

Information security hunts for growth; will generative AI revolutionize IT?; mapping Africa's VC ecosystem; interest rates drag down buyout funds Read online | Don't want to receive these

VCs respond to our H1 2024 Tech Survey

Monday, June 3, 2024

Medtech pushes through dealmaking slump; Elon Musk's journey to xAI; Google inks $350M Flipkart deal Read online | Don't want to receive these emails? Manage your subscription. Log in The Daily

You Might Also Like

🎯 Stop Planning Your Goals Like An Amateur

Monday, December 23, 2024

Here's how to actually crush 2025 while everyone else is nursing their hangover... ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

🌁#81: Key AI Concepts to Follow in 2025

Monday, December 23, 2024

Plus – we become Hugging Face's residents 🤗 ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

The best countries to manufacture your product [Roundup]

Monday, December 23, 2024

Here's your chance to win our best-selling "How to Find a Product to Sell on Amazon" course for FREE by answering our Amazon Software Poll. Hey Reader, Want to start sourcing from places

This "Boring" Website Makes $35k/month + A Special Deal

Monday, December 23, 2024

I'm always fascinated by different types of websites and how they make money. I recently ran across a website on such a boring subject, it got me thinking...maybe boring is a great way to make

How brands leverage commerce media for seasonal success in 2025

Monday, December 23, 2024

How diversifying ad placements reveals untapped revenue opportunities ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Holiday Special: Lifetime Access for Less Than $1/Day

Monday, December 23, 2024

Make 2024 Your Year – Special Holiday Deal ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Create a LinkedIn funnel from personal posts

Monday, December 23, 2024

Today's Guide to the Marketing Jungle from Social Media Examiner... Presented by social-media-marketing-world-logo It's National Pfeffernuesse Day, Reader! Who wants a delicious and spicy

New SEO strategies for 2025

Monday, December 23, 2024

60% of Google searches result in no clicks. Zero. With AI integration, that number could become even higher. I'll show you how to adjust your strategy so you can capitalize on these shifts in our

Can We Mine Bitcoin In Space With Solar Panels?

Monday, December 23, 2024

To investors, ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

AI keeps its grip on early-stage deals

Monday, December 23, 2024

Playground Ventures pares flagship fund size again; ecommerce startups ring up a funding surge; is 2025 the year of the industrials revival? Read online | Don't want to receive these emails? Manage