PitchBook News - VC recharges energy storage

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The Daily Pitch: VC

August 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:

VC powers a shift in renewable energy storage

Our list of the AI chipmakers raking in the most VC cash

France's private markets bounce back in Q2

European VC valuations show signs of recovery with median price tags for most stages rising

Today's Top Stories

From gravity to gas, VC recharges energy storage

Companies working on alternatives to chemical batteries for energy storage received a funding boost in Q2.

Overall VC dealmaking in the clean energy market during the first half of the year was roughly in line with the same period in 2023. But the alternative energy storage sector surged in Q2 2024—notching over $582 million across 16 deals, according to our latest Emerging Tech Research.

Greater demand for renewable energy, including intermittent sources like solar and wind power, has increased the need for energy storage. The report highlights companies like Highview Power that are generating innovative solutions.

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Meet the 10 AI chipmakers pulling in the most VC cash

(Jenna O'Malley/PitchBook News)

Investors are looking to startups to solve the AI computing crunch. Younger companies are experimenting with more cost-effective semiconductors to take on incumbents like Nvidia, whose GPUs have become a coveted commodity due to their ability to process intensive AI workloads.

We looked at the 10 AI and machine learning chipmakers raking in the most VC cash.

see the list

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6 charts: Early rounds drive gain in European VC valuations

(Artpartner-images/Getty Images)

European VC valuations remained largely resilient throughout the second quarter as deal sizes continued to grow.

Six charts from our Q2 2024 European VC Valuations Report show the current state of the region's startup valuations.

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Since yesterday, the PitchBook Platform added:

17

VC valuations

2129

People

541

Companies

10

Funds

See what our data software can do

The Daily Benchmark:
2020 Vintage North American Funds-of-Funds

Median IRR

11.74%

Top Quartile IRR

12.70%

0.06x

Median DPI

Select top performers

Banner Ridge DSCO Fund I

INP Technology FOF II

PA Small Co Private Equity Fund IX

*IRR: net of fees

28 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Grafana Labs, which offers an open-source dashboard and visualization platform, extended its Series D with $270 million led by Lightspeed. The financing values the company at over $6 billion.

XII Medical, a startup developing treatments for sleep apnea, raised a $45 million Series B led by Omega Funds.

AstroForge, which mines elements from asteroids, raised a $40 million Series A led by Nova Threshold.

Kindbody is in talks to raise between $30 million and $50 million in a round that would value the fertility services company at around $600 million, down from a previous valuation of $1.8 billion, Bloomberg reported.

The Rounds, a startup providing recurring delivery services for household items and groceries, raised a $24 million Series B led by Moderne Ventures, TechCrunch reported.

Ecommerce startup Redo raised a $24 million Series A led by Pelion Venture Partners.

PreciseDx, a startup using AI in tools for diagnosing cancer, raised a $20.7 million Series B led by Eventide Asset Management.

Clip, a New York-based company creating an attachable device that makes regular bikes into e-bikes, is preparing to launch a $10 million Series A, Axios reported.

Uppercase, an Indian luggage-maker, raised $9 million from Accel.

Singapore-based SleekFlow, which provides a social commerce platform, secured a $7 million Series A+ led by Atinum Investment.

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PE Deals

KKR is in talks to acquire The Parking Spot, a Chicago-based parking facility operator, for about $1.4 billion, Bloomberg reported.

Caliche Development Partners, a developer and operator of gas storage assets, has been acquired by Sixth Street.

Qualified Digital, a digital marketing agency, received an investment from Stella Point Capital.

The Hyatt Regency Clearwater Beach Resort is in talks to be acquired by Blackstone from Westmont Hospitality Group for about $200 million, Bloomberg reported.

Brookfield Asset Management is seeking €9.5 billion in loans for the potential take-private of Grifols, a Spain-based blood-plasma medicine manufacturer, Bloomberg reported.

The Tofoo Co, a UK-based meat alternative producer, has been acquired by Comitis Capital.

Livpure, an Indian provider of water purification systems, raised 2.3 billion rupees (around $27.8 million) in funding from M&G Investments and Ncubate Capital Partners, Mint reported.

Rommel Infrastructure, which offers traffic signal maintenance services, has been acquired by Lumin8 Transportation Technologies, a portfolio company of Crest Rock Partners.

ZenBio, which provides cell technologies to biotech researchers, has been acquired by PE-backed biomedical research services provider BioIVT.

ByteCurve, a company developing transportation solutions for school buses, has been acquired by PE-backed Transit Technologies as the company expands into the educational market.

Exits & IPOs

NOBA Bank Group, a Scandinavian consumer lender owned by Nordic Capital, is considering an IPO that could value the company at between €3 billion and €4 billion, Bloomberg reported.

Fundraising

Thomas H Lee Partners is seeking to raise $6.25 billion for its 10th flagship buyout fund, The Wall Street Journal reported.

Mekong Capital, a Vietnamese private equity firm specializing in consumer-driven companies, is launching a $200 million Earth Regeneration Fund next year, Agri Investor reported.

Chart of the Day

Source: Q2 2024 European VC Valuations Report

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PitchBook News - VC recharges energy storage

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