PitchBook News - AI keeps VC crown

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The Daily Pitch: VC

June 7, 2024

Presented by Dropbox DocSend

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

We've updated our PE Sports Dashboard with the latest deals and details from the four major men's leagues that allow PE ownership

AI and machine learning still dominate dealmaking, our Emerging Tech Indicator shows

The 10 most active VCs that are betting on agtech to transform the future of food

Our latest Emerging Space Brief explores the wide world of high-performance computing

VC dealmaking in Australia and New Zealand is off to a slow start

Today's Top Stories

For top investors, AI and machine learning still reign

AI and machine learning are dominating dealmaking at some of the world's most successful VC firms, according to our latest Emerging Tech Indicator—and it isn't even close when compared to other verticals.

The indicator, which tracks investment activity at a subset of the world's biggest VC firms, found that AI and machine learning accounted for over a third of ETI deal value in Q1, totaling $1.2 billion of $3.2 billion. Meanwhile, crypto continues its resurgence, with a more than 50% jump in deal value quarter-over-quarter.

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NBA has more PE connections than any other major US league

(Phototrip/Getty Images)

Championship season is in full swing as the NBA Finals have tipped off, with the Stanley Cup Finals following shortly behind. The biggest winner might be private equity: Firms continue to make inroads into North American pro sports, according to our updated PitchBook PE Sports Dashboard.

The dashboard has the latest valuations, deals and ownership details of the four major men's leagues that allow PE ownership: MLB, NBA, MLS and NHL.

63 teams now have a connection to private equity, up from 61 at the dashboard's launch.

The NBA leads the way with two-thirds of all teams connected to PE, and MLB comes in second at 18 teams.

The biggest recent deal was the purchase of MLB's Baltimore Orioles for over $1.7 billion in March, led by Carlyle co-founder David Rubenstein.

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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?

Get a first look at the report

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The 10 most active VCs cultivating agtech's future

(Caroline Suttie/PitchBook News)

Agtech hasn't had the best harvest recently. Dealmaking declined over 20% in the first quarter as overall investments continue to plunge in the sector.

But VC investors are still raising large vertical-specific funds, and startups are closing blockbuster rounds. We took a look at the 10 most active VCs that are betting on agtech to transform the future of food.

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High-performance computing's wide web

Our latest Emerging Space Brief covers the world of powerful processors and networks known as high-performance computing.

From scientific research to finance to entertainment, the opportunities for investment are plentiful—and the sector is expected to be pushed to new heights by advancements in AI and machine learning. Analyst Ali Javaheri highlights the unique technologies and outlook for the space.

read it now

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5 charts: Australia, New Zealand VC deals haven't hopped back

(Phototrip/Getty Images)

Australia and New Zealand have seen a slow start to the year for VC dealmaking following a significant drop in 2023.

Take a look at five charts illustrating the key trends shaping the region's VC markets.

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Leveraged loan default rate falls despite mixed signals

(Kktsdesign/Getty Images)

The US leveraged loan payment default rate fell to a 15-month low of 1.08% in May, as troubled borrowers continue to use liability management transactions to restructure debt and avoid Chapter 11.

An analysis of distressed metrics—including rates of distressed exchanges, the downgrade-to-upgrade ratio, secondary loan prices and cash-flow coverage—indicates a slim margin of error for some issuers moving forward.

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People

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Companies

19

Funds

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Top Quartile IRR

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Median DPI

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VC Deals

German radiopharmaceutical company ITM Isotope Technologies raised €188 million in a round led by Temasek.

Prolific Machines, a biotech startup developing methods for growing cells, raised a $55 million Series B at a $202 million valuation.

Cross-border payments startup Nium raised a $50 million Series E with participation from investors including Bond Capital, NewView Capital and Tribe Capital. Nium is now valued at $1.4 billion.

Cloud-based data management software developer Cube raised $25 million in a round with participation from Databricks Ventures, Bain Capital Ventures, 645 Ventures and others.

Brazil-based Kanastra raised roughly $21 million in a Series A led by Kaszek for its asset management platform for securities funds.

Quantica, a Berlin-based advanced additive manufacturing technology startup, has increased its Series A to €19.7 million. The extension was led by West Hill Capital.

Fizz, which offers a debit card aimed at Gen Z consumers, raised a $14.4 million seed round led by Kleiner Perkins.

Whizz, a New York-based startup providing vehicle rentals with a focus on deliveries, raised $5 million in equity and $7 million in debt from Leta Capital and Flashpoint VC, respectively, TechCrunch reported.

German B2B robotics startup Coboworx raised €11.4 million from investors including SquareOne and Picus Capital.

PE Deals

Paris-listed infrastructure investor Antin has invested €1 billion in Proxima, an independent high-speed train operator in France that seeks to challenge state-backed operator SNCF.

Spiideo, which offers an AI-powered sports video platform, has raised $20 million in a round led by Munich-based growth equity investor Cipio Partners.

Real estate-focused firm BGO has invested €350 million in Bulk Infrastructure, a developer and operator of sustainable data centers.

Elida Beauty, a global holding company primarily focused on the beauty industry, has been acquired by Yellow Wood Partners from NYSE-listed Unilever.

Munich-based PE firm Mutares has agreed to acquire Fischer Automotive, a producer of kinematic components for vehicles, from Fischerwerke.

Lightrock and Galvanize Climate Solutions have invested in UK energy provider Octopus Energy Group.

Swanson Industries, a provider of industrial equipment services, has been acquired by Turnspire Capital Partners.

Pne USA, a Chicago-based solar and wind energy specialist, has been acquired by Lotus Infrastructure Partners. Pne USA was formerly owned by Pne AG, based in Germany.

Exits & IPOs

UK-based cryptocurrency exchange Bitstamp has been acquired by Robinhood for around $200 million. Bitstamp was formerly VC backed and raised a $40 million round last year.

Gauzy, a Tel Aviv-based company specializing in smart glass technology, is now trading publicly on the Nasdaq after a successful IPO that valued the company at $319 million.

Trachte, an Oregon-based manufacturer of preassembled steel buildings, will be acquired by NYSE-listed nVent from Palladium Equity Partners for $695 million.

Canada's Orderbot, a company developing order management software for enterprises, has been acquired by OneRail.

Imperative, which offers an employee engagement platform focused on one-on-one conversation, has been acquired by Chronus.

Fundraising

Aquiline Capital Partners has closed on $3.4 billion across two vehicles. The firm's fifth PE fund raised $2.3 billion, while its latest continuation fund brought in $1.1 billion.

Asset and hedge fund manager Guggenheim Investments raised $1.2 billion targeted at supporting the firm's PE strategy.

Shadow Ventures has raised a $34 million VC fund focused on companies specializing in physical infrastructure. The firm prefers to invest in the construction and environmental sectors.

Texas-based VC firm Wave Ventures has closed its first fund, a $25 million vehicle targeting the healthcare, energy and aerospace sectors.

Chart of the Day

Source: Q1 2024 Global M&A Report

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PitchBook News - AI keeps VC crown

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