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The Daily Pitch: VC

January 14, 2025

The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data

💂 Three tech companies committed $14.3 billion to fund AI data centers in the UK, part of a sweeping new action plan to increase computing infrastructure and AI jobs. Full story

🚪 GIC's longtime investment chief reportedly plans to step down from the Singaporean state fund after nearly 30 years. The move comes as GIC pushes even further into private markets. Go deeper

Plus...
• It's deal time at JP Morgan's healthcare conference
• Apollo dips into $6 billion in infrastructure assets in planned purchase of Argo

VC data presents rocky path forward

The VC slowdown completed its third year in 2024, and trends provide mixed signals of strength and weakness amid the uncertain market.

Our Q4 PitchBook-NVCA Venture Monitor, sponsored by J.P. Morgan, Dentons and Deloitte, covers the data behind the current venture landscape. It also highlights the factors driving market development and foreshadowing growth for 2025.

Dealmaking remained high, aided by elevated dry powder levels, despite the lack of large exits to generate returns.

Several IPOs performed well, or at least provided investors a windfall. This should motivate companies to test the waters, and relieve the pressure on VC firms.

The downstream effects of the lack of large exits—a fundraising shortage and slowed dealmaking—could make 2025 a pivotal year for VC.

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JP Morgan Healthcare Conference kicks off 2025 with deal buzz

(Tanja Ivanova/Getty Images)

As JP Morgan's annual healthcare conference kicks off in San Francisco, companies aren't missing the opportunity to drum up buzz for their latest deals, including Johnson & Johnson's $14.6 billion acquisition of Intra-Cellular Therapies.

Some of the deals announced just in the lead-up to the conference's first day include funding rounds for Truveta ($320 million), Tune Therapeutics ($175 million) and Cera Care ($150 million including debt), Eli Lilly's purchase of Scorpion Therapeutics for $2.5 billion, and GSK's $1.15 billion acquisition of IDRx.

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VC Deals

Tune Therapeutics, a genetic-editing startup based in North Carolina and Seattle, has raised a $175 million Series B from investors including NEA and Regeneron Ventures.

Cera, a digital in-home healthcare provider based in London, raised $150 million in a round co-led by Schroders Capital and BDT & MSD Partners.

Qventus, a New York-based healthcare AI startup, has secured a $105 million investment from KKR, Bessemer Venture Partners and others.

RhyGaze, a biotech specialist based in Switzerland and Philadelphia, has raised a $86 million Series A led by GV.

Normunity, a biotech startup specializing in cancer treatment and based in Massachusetts and Connecticut, raised a $75 million Series B co-led by Samsara BioCapital and Enavate Sciences.

Overhaul, an AI supply chain technology startup, has secured a $55 million investment from Springcoast Partners.

Float Financial, a Canadian fintech startup, raised a C$70 million Series B (around $48 million) led by Goldman Sachs Alternatives and backed by OMERS Ventures and FJ Labs.

Seattle-based Overland AI, a startup developing software for autonomous defense vehicles, has raised a $32 million Series A led by 8VC.

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PE Deals

Bain Capital raised its offer for Australia's Insignia Financial to $1.76 billion, matching CC Capital's rival bid.

Clearwater Analytics will buy Enfusion, a SaaS provider for the investment management industry, for $1.5 billion.

The Abu Dhabi sovereign fund ADQ offered to acquire Aramex PJSC, a Dubai-based logistics company, for $1.2 billion.

PAG agreed to buy Pravesha Industries, an India-based packaging supplier for the pharmaceutical industry.

Superannuation fund AustralianSuper acquired a 50% stake in a €840 million European warehouse portfolio owned by Oxford Properties, along with a stake in its manager, M7 Real Estate.

GTCR has made a strategic investment in Winged Keel Group, a life insurance brokerage firm.

Infranity agreed to acquire a majority stake in Nordic Re-Finance, a Sweden-based locomotive leasing company.

Capital D acquired a stake in Denmark-based GoWish, which offers a platform to create digital wishlists for gifting.

WindRose Health Investors has made a strategic investment in CIVIE, a provider of radiology solutions, which formed as a carveout of Collaborative Imaging's technology platform.

Emerging manager Palm Peak Capital has made its first platform investment in Pacific Shoring Products, a manufacturer of trench safety products used in infrastructure projects.

Exits

TDR Capital-backed gas station company EG Group is planning a New York IPO that could value it at $13 billion, the Financial Times reported.

Motorola Solutions, the spun-off technology arm of the smartphone-maker, has acquired Khosla Ventures-backed Theatro, an AI workflow and communications platform provider for frontline workers.

T-Mobile has acquired PE-backed Vistar Mobile through its advertising solutions business, to enhance its digital screen presence.

Diagnostyka, a Poland-based diagnostic laboratory service provider, plans for a listing on the Warsaw Stock Exchange.

Cycle Pharmaceuticals has completed its acquisition of PE-backed Banner Life Sciences, a pharmaceutical company focused on the treating relapsing forms of multiple sclerosis.

N-Power Medicine has purchased VC-backed biotech precision startup Syapse.

Fundraising

The pharmaceutical giant Eli Lilly is partnering with Andreessen Horowitz for a $500 million biotech-focused fund.

Pre-seed and seed investor Root Ventures is raising $250 million for its fourth flagship fund, according to SEC filings.

Healthcare investor Hildred Capital Management has closed its third private equity fund, Hildred Equity Partners III, raising $800 million, surpassing its initial $600 million target.

Corporate M&A

Johnson & Johnson has inked a $14.6 billion deal to acquire Intra-Cellular Therapies, a company focused on central nervous system disorders.

Chart of the Day

Source: H2 2024 VC Tech Survey: Investor Insights on AI, Dealmaking, and Fundraising

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PitchBook News - VC's rocky road forward

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