PitchBook News - Remote care drives VCs to healthtech

Menlo Ventures unveils $500M fund; Agility raises $20M for humanoid robots; PE in the age of COVID-19; Sonrai Security raises $20M from VCs
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The Daily Pitch: VC
October 19, 2020
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Shift to remote care pushes healthtech funding to new heights
(Yoshiyoshi Hirokawa/Getty Images)
Startups that give patients remote-healthcare access are riding a wave of healthtech investment in 2020. VC investors in the US and Europe injected $10 billion into healthtech companies in the first three quarters of the year, according to Silicon Valley Bank.

The interest has ignited a string of mega-rounds for startups that could energize fields like medication management and remote patient monitoring:
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PE in the age of COVID-19: Read the latest Private Market PlayBook
As the months go by, the effects of the pandemic are rippling through the private markets, shifting some trends and shining new light on others.

The state of private equity in particular is a focus of the Q3 edition of the Private Market PlayBook. Other highlights include:
  • As live college sports take a timeout, esports score big on virtual campuses

  • Diverse managers spread a message of fiduciary duty and social justice

  • Lab-grown meat is full of promise but years away from dinner plates
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A message from Velocity Global
How venture maximizes ROI and slows cash burn rate during global expansion
Velocity Global
International expansion is a valuable growth strategy for portfolio companies, and it's never been more accessible. Traditional global expansion methods are complicated, time-consuming, costly and counterproductive to what VC investors need—maximum ROI. A new global hiring method helps investors and their portfolio companies quickly build teams overseas, gain market share and shorten time to ROI.

Read Velocity Global's new guide, Maximize Your ROI: A Guide to Your Portfolio Companies' International Success, for crucial insights into how this solution helps portfolio companies:
  • Slow the cash burn rate and extend runway during global expansion
  • Protect valuable intellectual property
  • Secure top talent anywhere in the world
This guide offers advice for high-growth companies that need a fast, flexible, risk-averse and cost-effective global expansion strategy.

Download the guide
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Recommended Reads
Diving deep into the thorny problem of why Facebook may not be able to fix itself. [The New Yorker]

The pandemic means that, for many, international travel still isn't an option. For Canada's snowbirds, it's making for tough sledding. [The Wall Street Journal]

If robots are going to take all our jobs, do we really need jobs at all? [Team Human]
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Quick Takes
  The Daily Benchmark  
  2014 Vintage Global Venture Funds  
  VC Deals  
  Sonrai secures Series B  
  Humanoid robotics startup raises $20M  
  Fundraising  
  Menlo Ventures unveils latest $500M fund  
 
 
The Daily Benchmark
2014 Vintage Global Venture Funds
Median IRR
17.70%
Top Quartile IRR Hurdle Rate
24.10%
1.73x
Median TVPI
Select top performers
Column Group II
Earlybird Digital East Fund
DCM VII
*IRR: net of fees
45 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
VC Deals
Sonrai secures Series B
Sonrai Security has raised $20 million in Series B funding led by Menlo Ventures, with participation from existing investors Polaris Partners and Ten Eleven Ventures. The new round brings the cloud security startup's total VC funding to more $38 million. New York-based Sonrai was valued at $53.5 million with its Series A in 2019, according to PitchBook data.
View round
 
View 17 competitors »
 
Humanoid robotics startup raises $20M
Agility Robotics has closed a $20 million round co-led by DCVC and Playground Global. The Oregon-based maker of legged, walking robots plans to use the funds to meet growing automation demand from ecommerce retailers, logistics providers and others. DCVC co-founder and co-managing partner Matt Ocko will join Agility's board. Agility was valued at $25 million in 2018, according to PitchBook data.
Additional investors:
Industrial Technology Investment, MFV Partners, Safar Partners, Sony Innovation Fund, TDK Ventures
View round
 
View similar company »
 
Fundraising
Menlo Ventures unveils latest $500M fund
Menlo Ventures has launched its 15th fund, a $500 million vehicle that will focus on seed and Series A investments in consumer, enterprise, frontier tech, and healthcare companies. The Menlo Park-based firm also plans to keep its eye on other areas of interest, including cybersecurity, AI and fintech. Menlo closed its most recent flagship fund on $450 million in 2017.
View fund
 
View 378 investments »
 
Chart of the Day
Source: PitchBook's Q2 2020 US PE Middle Market Report
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