PitchBook News - Huge data security deals drive infosec

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The Daily Pitch: VC

March 12, 2025

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

🔒 VC funding for the information security industry swelled more than 44% quarter-over-quarter to $3.5 billion in Q4, although deal count dipped 11%, according to our latest Emerging Tech Research.

Startups in the data security segment set the pace, collecting nearly half of the overall quarterly haul—amid rising enterprise security threats and increased regulatory compliance. Preview the report

🏗️ Brookfield Asset Management raised $1 billion for its debut middle-market infrastructure fund. The vehicle has already made several minority investments in PE-backed companies. Read more

Plus...
• A health focus drives PE dealmaking in the food and beverage sector
• VC interest flows into agricultural irrigation tech

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VC interest flows into irrigation tech

Despite 2024's overall slowdown, the irrigation tech sector continues to show resilience after reaching record levels in 2023. Early-stage startups such as Treetoscope and Lumo secured follow-on funding, suggesting continued investor confidence in technologies addressing agriculture's water challenges.

As climate change intensifies rainfall variability and drought conditions worldwide, precision irrigation solutions are becoming essential for maintaining food production in water-stressed regions. Our latest Emerging Tech Research examines how digital solutions, automated systems and innovative drip hardware are driving this transformation.

read the preview

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Q&A: How the priority in PE diversity is shifting to talent retention

(Gremlin/Getty Images)

Gender diversity efforts in the PE industry are focusing on talent retention now that the level of representation of women at the junior level is starting to settle at around 38% in the UK after a recruiting push.

To mark International Women's Day, PitchBook sat down with Gurpreet Manku, CEO of Level 20, to discuss the change and the challenges ahead.

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Since yesterday, the PitchBook Platform added:

14

VC valuations

3102

People

763

Companies

33

Funds

See what our data software can do

The Daily Benchmark:
2018 North American VC funds

Median IRR

16.40%

Top Quartile IRR

24.90%

0.18x

Median DPI

Select top performers

Inter-Atlantic Ivy

Collab + Currency

Tribeca Access Fund I

*IRR: net of fees

52 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Cybersecurity startup Chainguard is in talks to raise a $350 million round led by Kleiner Perkins at a $3.5 billion valuation, Bloomberg reported.

Celestial AI, which develops technology using light to power data center computing, raised a $250 million round led by Fidelity Management & Research at a $2.5 billion valuation.

Lila Sciences, a company building AI for scientific research, launched and raised a $200 million seed round led by Flagship Pioneering.

Cybereason, a cybersecurity company specializing in attack protection, raised $120 million in a round led by SoftBank and Liberty Strategic Capital.

Cartesia, a startup building voice AI technology, raised a $64 million Series A led by Kleiner Perkins.

Houston-based neobank startup Zolve raised $251 million: a $51 million Series B led by Creaegis and $200 million in debt.

Junction, a startup developing an API to link data from wearable health devices, raised an $18 million Series A led by Creandum.

PE Deals

Bain Capital, Hg, TA Associates, Apax and Cinven are among firms interested in acquiring Namirial, an Italian developer of digital transaction management software, at a €900 million valuation, Bloomberg reported.

Italy-based pharmaceutical company Genetic, backed by CVC Capital Partners, is in talks to be acquired by NB Renaissance in a €700 million deal, Bloomberg reported.

Genstar Capital-backed B2B software company Docupace acquired Hubly, a VC-backed startup that offers a workflow management platform for asset managers.

Hellman & Friedman is looking to raise $1 billion in a liquid private placement for Chicago-based insurance broker Hub International, which could value the company at about $30 billion, Bloomberg reported.

Charterhouse Capital Partners agreed to buy a majority stake in French fire safety provider Estya from Chequers Capital.

Maven Capital Partners invested in Digital Rewards Group, a UK-based group discount voucher platform.

Exits

Alphabet is nearing a deal to buy Canadian AdHawk Microsystems for $115 million, of which $15 million hinges on the eye-tracking startup reaching certain milestones, Bloomberg reported. AdHawk's investors include Brightspark Ventures and the VC arms of HP, Samsung and Sony.

TA Associates is exploring the sale of its majority stake in Indian dietary supplements company OmniActive Health Technologies, potentially seeking a valuation of up to $1 billion, Bloomberg reported.

India's Ather is moving forward with IPO plans in Mumbai, Bloomberg reported. The manufacturer of electric scooters is backed by Tiger Global and Singapore's sovereign wealth fund GIC.

Fundraising

Aligned Climate Capital closed its second venture fund on $85 million.

Equator raised $55 million for its first fund, which will focus on climate-tech startups in Sub-Saharan Africa.

Investors

The Access Pool appointed Adams Street Partners and HarbourVest as private equity allocators.

Chart of the Day

Source: Unicorn companies tracker

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PitchBook News - Huge data security deals drive infosec

Older messages

Female angel investors slower to open pockets

Hopes waver for IPO recovery

Who's buying all these startups?

Big Tech M&A still frozen post-inauguration

VC stuck in IPO limbo

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