PitchBook News - Oura rings up $5B valuation

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The Daily Pitch: VC

November 20, 2024

Presented by Silicon Valley Bank

Today's Top Stories

💍 Smart ring maker Oura hit a $5 billion valuation in its latest round, a more than 50% jump from 2022. Its revenues are on track to double this year despite competition from the Apple Watch. The Finnish company also struck a partnership to bring glucose monitoring to its rings. Full story.

🚙 Are hybrid vehicles greener than electric ones? Production emissions, cost of materials and consumer skepticism have pushed manufacturers and drivers toward hybrids. Our analyst note outlines the new technologies that could further improve the efficiency of hybrid vehicles. Get the report.

🏊 India's IPO market may be buoyant, but private equity investment and fundraising in the country are sinking. India has been a destination for PE firms drawn to its fast-growing economy and dynamic stock market. Go deeper.

🍽️ Blackstone took a majority bite out of Jersey Mike’s sandwich chain, reportedly valuing the franchise at around $8 billion, including debt. The private equity firm plans to expand the chain’s footprint and invest in technology, continuing its strategy of betting on scalable brands. Read more.

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Biopharma exits nearly double with $3B boost from EyeBio sale

VC investment and exit activity in the biopharma sector rose in Q3. Exit value hit $9.7 billion—up from $5 billion in Q2—headlined by Merck's $3 billion acquisition of EyeBio, an eye disease specialist backed by Bain Capital and Samsara BioCapital.

Generative AI has driven considerable excitement for applications like protein engineering, our latest Emerging Tech Research shows. Radiopharmaceuticals, which use radioactive isotopes to design targeted drugs, is another innovation hot spot.

Falling rates and liquidity pressure should keep the exit pipeline full. VC-backed biopharma companies could also benefit from loosening regulations under a Republican-led US government.

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Fintechs navigate headwinds, AI offers reasons for optimism

SVB's new Future of Fintech 2024 report reveals a fintech sector that's cutting costs and finding opportunities in generative AI while managing headwinds from higher interest rates and heightened regulatory oversight and security concerns. A nearly 80% improvement in year-over-year EBITDA margins demonstrates how founders remain laser-focused on efficiency.

The report shows that VC investment remains muted, hovering near a six-year low for the sector, as deal flow has shifted toward the early stage, with more than three seed deals for every one Series A. AI is also emerging as a bright spot for the industry as investors and founders explore its growing role in the sector.

Access the full report to gain exclusive insights, data-driven analysis and expert commentary on the future of fintech.

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Will AI transform agriculture?

What AI will bring to the agrifood tech sector was the question on everyone's lips at this year's Thrive Global Impact Summit. AI models can ingest massive amounts of data and may be a key to accelerating solar cell development and bridging supply chain gaps, senior agrifood analyst Alex Frederick reports.

But AI comes with downside risk: greenhouse gas emissions. Industry players will have to evolve their processes to keep the Earth healthy, not just their soil.

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Nvidia-backed AI chipmaker Enfabrica raises $115M amid AI hunger

(Luza Studios/Getty Images)

Enfabrica has raised a $115 million Series C as investors continue to pour capital into companies making semiconductors for AI. The Bay Area-based company makes chips specifically for data centers, which have become the lifeblood of generative AI.

It is the latest example of an AI semiconductor startup capitalizing on investor hunger for new ways to power the generative AI boom.

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Since yesterday, the PitchBook Platform added:

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725

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42

Funds

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The Daily Benchmark:
2018 Vintage Global VC Funds

Median IRR

16.84%

Top Quartile IRR

26.54%

0.08x

Median DPI

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Inter-Atlantic Ivy

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VC Deals

Colombia-based fintech startup Addi raised $100 million in a credit facility from Victory Park Capital.

Spectro Cloud raised a $75 million Series C led by Goldman Sachs Alternatives for its Kubernetes management platform.

Los Angeles-based Moonvalley, which develops generative AI video tools, raised a $70 million seed round led by General Catalyst and Khosla Ventures.

Vitara Biomedical, a neonatal healthtech startup, raised a $50 million Series B led by Sands Capital.

OneChronos raised a $32 million round from Addition. The company uses AI to match trades to manage their impact on stock prices.

SolarSquare, an India-based rooftop solar panel company, is in talks to raise a $30 million round led by Lightspeed, Mint reported.

Goodstack, a London-based fintech SaaS specialist, raised $28 million in a Series A led by General Catalyst.

GridBeyond, a Dublin-based energy storage startup, secured €11.25 million from Triodos Energy Transition Europe Fund.

Gemesys, a Germany-based AI semiconductor startup, has raised €8.6 million in a pre-seed round.

Juna AI, a Berlin-based startup company that uses AI to make factories more energy efficient, raised $7.5 million in seed funding led by Kleiner Perkins and Norrsken VC.

Key trends shaping the future of Impact and ESG

Our fifth annual Sustainable Investment Survey reveals a compelling shift in the investment landscape: Despite the controversies surrounding ESG and Impact, practitioners are not just adapting but innovating. With insights from over 1,000 global respondents, including asset owners, VCs and family offices, this survey uncovers the strategies and motivations driving ESG and Impact practitioners. We also delve into the perspectives of those who have opted not to incorporate ESG into their investment programs, shedding light on their rationale and decision-making processes.

Our Sustainable Investment Survey is just one of many ESG and Impact research efforts we provide to help investors create a double bottom line of financial returns and positive social or environmental impact. PitchBook Research helps our customers navigate complexity across the entire investment cycle, including contextualizing sustained trends in evolving spaces such as ESG.

Download our report.

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PE Deals

Paris-listed social media management SaaS company Wedia has been acquired by Cathay Capital in a take-private deal.

Auto suspension parts manufacturer Arnott Industries has been acquired by MidOcean Partners.

Brazil-based WeVets, which operates 24-hour veterinary hospitals, received an investment from L Catterton.

Exits

BlueHalo, a defense-tech company owned by Arlington Capital Partners, has been acquired by Nasdaq-listed AeroVironment in a $4.1 billion deal.

Idiomatic, a company developing AI-powered customer feedback tools, has been acquired by customer service platform developer Front. Both companies are VC-backed.

Fundraising

Maryland-based PE firm Enlightenment Capital, which focuses on investments in aerospace, defense and technology, raised $825 million at the close of its latest fund.

Jadwa Investment, a Saudi Arabia-based PE firm, held a $266 million first close for GCC Private Equity Fund 1 to invest in the Middle East.

Investors

Apollo opened a new office in Seoul and appointed Jay Hyun Lee from Samsung Securities as Head of Korea.

Partners Group expanded its growth equity strategy to target high-growth industries within the technology and healthcare sectors globally. The firm has deployed $2.5 billion in growth equity to date.

CalPERS has committed over $53 billion in climate-focused investments as a part of its Sustainable Investments 2030 Strategy.

Corporate M&A

A judge in Google's antitrust lawsuit could order the company to sell its web browser, Google Chrome, which could be worth up to $20 billion, Bloomberg reported.

Chart of the Day

Source: European AI enjoys a surge of VC mega-rounds

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PitchBook News - Oura rings up $5B valuation

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