PitchBook News - AI mining startup nears a $527M target

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The Daily Pitch: VC

October 8, 2024

Presented by SVB

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

Blue Owl is acquiring digital infrastructure fund manager IPI Partners, along with its portfolio of data centers

Jeff Bezos-backed AI mining startup Kobold Metals is nearing $527 million in fresh capital

The femtech sector is on the mend after struggling with investor skittishness

Apollo lands a $3.6 billion take-private deal for aerospace manufacturer Barnes Group

Today's Top Stories

Bezos-backed AI mining startup Kobold Metals nears $527M raise

Jeff Bezos (Kevin Mazur/Getty Images)

Kobold Metals, a minerals exploration startup using AI to unearth new deposits of lithium and copper, has raised $491 million of its targeted $527 million funding round, according to a regulatory filing.

The Berkeley, CA-based startup is backed by billionaire heavyweights Bill Gates, Jack Ma and Jeff Bezos, as well as some giants in growth venture: Andreessen Horowitz and T. Rowe Price co-led its last round.

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Femtech's 10 most active VC investors

(Joey Schaffer/PitchBook News)

Femtech dealmaking is on the mend.

After a stretch of investor skittishness, funding for startups that focus on women's and reproductive health is bouncing back. The sector has notched $980 million so far this year, already surpassing 2023's total deal value.

We looked at the 10 most active VC investors in femtech startups.

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A message from SVB

Yes, SVB.

Backed by the strength of First Citizens Bank, a Fortune 500 Company, SVB can deliver even more solutions that can help you stay ahead of the curve. Yes, SVB.

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Blue Owl adds $10.5B to its data center portfolio

(Gerville/Getty Images)

Blue Owl’s latest deal addresses LPs’ frenzied demand for data centers.

The $192 billion alternative asset manager announced its plans yesterday to acquire IPI Partners, a digital infrastructure fund manager. The deal reflects increased LP demand for exposure to the industry and heightened competition among asset managers to attract the capital flowing into the space.

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AI agents answer the call

Our recent Emerging Space Brief covers the nascent segment of large language model agents, technology that can automate processes across an array of industries with just a simple request. Automated travel agents can book and schedule vacations, while personalized shoppers can purchase gifts within set parameters.

Emerging technology analyst Ali Javaheri provides an overview of the space, diving into the processes and history of LLM agents while providing an outlook on what's next.

read it now

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Apollo extends its bet on industrials with $3.6B Barnes take-private

(Monty Rakusen/Getty Images)

Barnes Group, an industrial and aerospace manufacturer, has agreed to a $3.6 billion take-private deal with Apollo Global Management, marking the firm's latest investment in the industrials sector.

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People

Cinven hired Michael Weber as a partner focusing on European middle-market investments. Weber was previously a senior partner at The Riverside Company.

Plus VC promoted Zainab Al Sharif to partner, where she will lead the investment team.

VC Deals

Judo Bio, a Massachusetts-based biotech specialist developing kidney medicines, raised $100 million in seed funding and a Series A. The latter was led by Atlas Ventures, TCG and Droia Ventures.

Eleanor Health, which provides treatment for substance use disorders, raised a $30 million Series D led by General Catalyst.

Medical device startup InterVene, based in the Bay Area, raised a $13 million Series A led by Treo Ventures and RiverVest Venture Partners.

Emvolon, which specializes in biofuel production from methane gas, raised $10.5 million in equity and grants, Axios reported.

Germany's Building Radar, which automates construction sales, raised $7.2 million in a round led by Socii Capital.

PE Deals

Duckhorn, an NYSE-listed company which owns a portfolio of luxury wine brands, has been acquired by Butterfly Equity in a take-private deal valuing Duckhorn at $1.95 billion.

Strategic Value Partners has agreed to buy the sporting goods unit of NYSE-listed Vista Outdoor for $1.1 billion, Reuters reported.

Oakley Capital agreed to buy UK cloud data protection specialist Assured Data Protection from Soho Square Capital.

AIP Management has offered to buy a minority stake in French renewable energy developer Valorem from 3i Infrastructure for €309 million.

Consulting firm Treya Partners, which provides services to PE investors, has been acquired by New York-based VSS Capital Partners.

Angeion Group, which provides settlement management services, has been acquired by Renovus Capital Partners.

Content analytics platform developer Chartbeat received an investment from Bain Capital's private credit group.

Epiris acquired Amber Taverns, a UK pub operator with 178 locations across the North of England and Wales, marking its fifth investment via its third fund.

Exits & IPOs

Rivus is considering an IPO in which the VC-backed biotech specialist, which develops weight loss drugs, would seek more than $250 million, Bloomberg reported.

Ceribell aims to raise $101 million in its Nasdaq IPO. The medical device manufacturer is backed by TPG's Rise Fund and RA Capital Management.

Fundraising

Shore Capital Partners closed three PE funds—targeting healthcare, business services and small-cap buyouts, respectively—on a total of $1.9 billion.

Antler closed on $77 million for its oversubscribed second Australian fund, which will target around 100 pre-seed startups.

Corporate M&A

Starboard Value bought a stake in Pfizer worth about $1 billion, Bloomberg reported.

Chart of the Day

Source: Cerebras bets that AI hype matters more than profitability in IPO

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PitchBook News - AI mining startup nears a $527M target

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