PitchBook News - Longevity startup nears $2.5B valuation

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The Daily Pitch: VC

February 20, 2025

Presented by SVB

🥼 Longevity startup Function Health is being valued at $2.5 billion post-money in an ongoing round led by Redpoint Ventures, according to two people with knowledge of the deal. The personalized lab testing startup, co-founded by health influencer Dr. Mark Hyman, offers a suite of lab tests to members that scan for early biomarkers of disease. Read more

🚛 Equipment rental giant Herc won out over rival United Rentals in a deal to buy H&E Equipment Services. The $5.3 billion deal, including debt, gives Herc added scale and prevents United Rentals from dominating the field. Full story

💻 Nvidia-backed Lambda secured a $480 million Series D, a sign of continued demand for AI neocloud startups, which collected $3.7 billion last year. Andra Capital and SGW led the round for Lambda, which sells access to GPUs used to build, train and fine-tune AI models. Go deeper

Plus...
• Ecommerce leads foodtech dealmaking

AI boom sparks investor frenzy for robotics startups

(Megan Woodard/PitchBook News)

Generative AI has reignited investor interest in robotics, with VC funding for the sector increasing 19% in 2024. Investors say AI has created a budding ecosystem outside of traditional hardware investing.

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SVB’s innovation economy outlook

Did you know that most Series A companies didn’t increase burn in 2024? Explore this and other insights in SVB’s new State of the Markets report. Drawing on SVB's exclusive data, expert insights and network of top investors and founders, the report delivers a complete view of the innovation economy. Get the report now to benchmark your company’s financial health and potential.

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Online grocery platforms are key for foodtech dealmaking

The foodtech industry has struggled as of late, with record-low deal counts in Q4 2024 and most dealmaking being attributed to larger rounds for later-stage startups.

In fact, the sector's relatively stable deal value—around $10 billion year-over-year—is more likely attributable to these larger funding rounds rather than broad growth throughout the space, according to our latest Emerging Tech Research.

The report highlights ecommerce as a crucial area of opportunity within the foodtech market, with nearly $3.4 billion in deal value coming from such deals in the trailing 12 months.

read the preview

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Dealmaking momentum signals private capital revival

Markets are optimistic now that election uncertainty is gone and US economic conditions are improving amid falling rates. But the path toward a Goldilocks environment for private capital remains uncertain, our US Market Insights report explains.

Asset owners face a distribution drought, squeezing returns and overexposing LPs to private markets. But PE and VC dealmaking picked up in late 2024, raising hopes for renewed exits and fundraising momentum.

The leveraged loan market has strengthened, and private debt funds hold plenty of dry powder. While competition has compressed credit spreads, elevated base rates have supported total returns.

Infrastructure investment is surging, especially in digital and energy transition sectors tied to AI growth. Meanwhile, real estate challenges include high office vacancies and new multifamily supply.

The wide-ranging report is our biannual bird's-eye view of US private markets.

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VC Deals

Saronic, a startup building autonomous ships, raised a $600 million Series C led by Elad Gil at a $4 billion valuation.

Verkada, which makes hardware and software for building security, raised a $200 million Series E led by General Catalyst that values the company at $4.5 billion.

India-based Pocket FM, operator of an audio entertainment platform, is in talks to raise over $100 million in its next round, Bloomberg reported.

Baseten, a San Francisco-based startup developing inference software for AI applications, raised a $75 million Series C led by IVP and Spark Capital.

Augury raised a $75 million Series F for its platform that monitors the maintenance needs of machines used in industrial and manufacturing sectors. The round was led by Lightrock.

India-based Spyne, which runs an AI platform that helps businesses with visuals for online listings, raised $16 million in a round led by Vertex Ventures.

Wooptix, a Madrid-based semiconductor metrology company, secured over €10 million in a Series C led by Samsung Venture Investment and Spanish Society for Technological Transformation.

Stacks, an Amsterdam-based startup developing an automated accounting platform, raised $10 million in consecutive rounds led by EQT Ventures and General Catalyst.

PE Deals

Silver Lake is in talks for a majority stake in Intel's programmable chip unit, Altera, in a deal valued at around $9 billion, Reuters reported.

KKR has offered £4 billion for a majority stake in UK-based water utility company Thames Water.

Roper Technologies is considering a sale of its meter infrastructure technology business, Neptune Technology Group, to a potential PE buyer for up to $4 billion, Bloomberg reported.

Pokemon Go creator Niantic is in talks to sell its video game business to Saudi Arabia-owned Scopely for around $3.5 billion, Bloomberg reported.

London-based PE firm Rosebank Industries is in talks to buy Electrical Components International from Cerberus Capital Management in a deal that could value the company at up to $2 billion, Sky News reported.

Ardian acquired Goldman Sachs Alternatives' ownership stake in UK-based airport infrastructure specialist Aviation Facilities Company Management.

Allied Industrial Partners-backed Waste Eliminator acquired South Carolina-based waste transfer and disposal provider Oconee Resources.

Exits

The NFL's San Francisco 49ers are considering selling a 10% stake in the franchise in a deal that would value the team at around $9 billion, Bloomberg reported.

Bridgepoint is considering a sale of Finland-based water and waste treatment company Evac in a deal that could value the company at around €500 million, Bloomberg reported.

BitGo, a Bay Area-based crypto asset management specialist, is considering an IPO, Bloomberg reported.

Fundraising

Chicago-based PE firm GTCR raised $3.6 billion for its second strategic growth fund.

Cherryrock Capital, a VC firm founded by former TaskRabbit CEO Stacy Brown-Philpot, has raised $172 million for its inaugural fund targeting companies with founders from underrepresented communities.

Chart of the Day

Source: IPO Watchlist: Which European startups are most likely to go public?

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PitchBook News - Longevity startup nears $2.5B valuation

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