PitchBook News - A checkup on medtech innovation

How VC-backed IPOs stack up; CloudBees lands on $245M; Databricks unveils new venture fund; tunneling robot startup scoops up $30M
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The Daily Pitch: VC
December 10, 2021
Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A
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In today's Daily Pitch, you'll find:
  • Our latest analyst note, which examines whether medtech startups are slowly being written out of the life sciences playbook.

  • Three back-to-back mega-deals show that the European fintech frenzy isn't slowing down.

  • A look at how VC-backed IPOs pace against the broader market.
Today's Top Stories
Is medtech innovation dead?
(sesame/Getty Images)
The biomedical revolution of the 21st century has propelled a record-shattering $44 billion in VC funding for US life sciences companies during 2021. Our latest analyst note examines the capital investment differences between medtech and biotech, delving into why biotech has overshadowed medtech in recent years, and what the future of medtech holds. Among the other takeaways:
  • While PitchBook defines the life sciences industry as comprising two subsectors—biotech and medtech—they aren't equally weighted from an investment perspective.

  • Medtech companies have been receiving a shrinking proportion of life sciences capital in recent years as biotech companies continue to take the lion's share.

  • Is investing in medtech startups slowly being written out of the life sciences playbook, or should investors take a second look at a possible resurgence in medtech innovation?
read it now
 
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European fintech boosted with three new mega-deals
(Image courtesy of Monzo)
As the year draws to an end, the fintech investment frenzy in Europe shows no sign of slowing. This week, a slew of mega-deals has boosted the valuations of challenger bank Monzo, cloud banking platform Mambu and expense management software provider Pleo to over $4 billion each.

Here's a look at rocketing VC investment in the sector and the largest European fintech deals of 2021.
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A message from SS&C Intralinks
Debt capital markets outlook: Blue skies ahead, but some bulls are seeing red
As the debt capital markets emerge from the shade of pandemic lockdowns, spiking inflation and geopolitical tensions, many investors are bullish about their future allocation returns. Others feel that much in the viewfinder remains obscured, and that rosy picture could easily harbor red flags.

Download Intralinks' new e-book, 2022 DCM Investor Report: Key Findings, produced in association with Institutional Asset Manager, for a preview of the results of a survey of more than 100 institutional investors worldwide who outline the opportunities and risks that will appear in the DCM landscape in 2022, shaped by:
  • Credit concerns.
  • Distressed debt and nonperforming loans.
  • ESG debt issuance.
  • Tech innovations.
  • Long-COVID impacts.
Download these key survey takeaways now, and you'll receive the complete DCM Investor Survey Report in January.
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How venture-backed IPOs pace against the broader market
(Foxeel/Getty Images)
The IPO market in the US has smashed records in 2021 for both total value and count, with $513 billion across 221 listings through Q3—exits that often come with a healthy step-up valuation for private investors.

How do returns on these red-hot IPOs hold up?

Our recent analyst note, shaped by our updated VC-backed IPO index, tracks historical price performance to evaluate the success of these listings against the broader market.
read it now
 
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Recommended Reads
Financial influencers are attracting the attention of startups and investment firms eager to reach new customers. [Bloomberg]

In the age of data science, here's how JP Morgan is putting it into practice. [Institutional Investor]

Chess engines were supposed to make chess more predictable. Instead, they made one player more creative. [The Wall Street Journal]
Since yesterday, the PitchBook Platform added:
16
VC valuations
1823
People
446
Companies
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Funds
See what our data software can do
 
Quick Takes
  The Daily Benchmark  
  2019 Vintage Global PE Funds with more than $1B  
  Partner Perspectives  
  How the transition to renewables is transforming dealmaking across the energy spectrum  
  VC Deals  
  CloudBees buzzes away with $245M  
  Robotic Research locks down $228M  
  Tradeshift banks $200M+ for supply chain tech  
  Rho ropes in $75M Series B  
  Cancer therapeutics startup launches with $30M  
  Petra raises $30M for tunneling technology  
  Canapi leads $27.5M round for Posh Technologies  
  Fundraising  
  Databricks reveals new venture fund  
 
 
The Daily Benchmark
2019 Vintage Global PE Funds with more than $1B
Median IRR
14.22%
Top Quartile IRR
29.92%
1.14x
Median TVPI
Select top performers
Apax X
TPG Healthcare Partners
Insight Venture Partners XI
*IRR: net of fees
95 Funds in Benchmark »
Check out the latest version of PitchBook Benchmarks
Partner Perspectives
How the transition to renewables is transforming dealmaking across the energy spectrum
Vinson & Elkins
As the energy industry transitions to renewables, private investment trends remain dynamic. Billions of VC dollars are flowing into cleantech, while PE firms consolidate traditional producers and expand holdings of wind and solar. Vinson & Elkins' new report reviews the full spectrum of private investment in depth, with key findings including:
  • After a sluggish 2020, dealmaking is ramping back up, with record buyout multiples raising the stakes for PE fund managers.
  • Alternative and nontraditional energy companies account for growing proportions of energy M&A, as exploration and production compress somewhat.
  • Venture funding is diversifying across a wider array of cleantech than ever before, from greener building materials to commercial-scale, next-generation batteries.
Read the report
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VC Deals
CloudBees buzzes away with $245M
CloudBees, the provider of a software delivery platform for enterprises, has wrapped up its Series F with $150 million in funding, giving the San Jose-based company a pre-money valuation of $1 billion. The startup also raised a $95 million debt facility to supports its growth. Founded in 2010, CloudBees was valued at $432 million in 2019, according to PitchBook data.
Investors:
Goldman Sachs Asset Management Private Credit, Bridge Point Capital, Delta-v Capital, Golub Capital BDC, HSBC Ventures, Morgan Stanley
View round
 
View 30 competitors »
 
Robotic Research locks down $228M
Robotic Research, a provider of autonomous mobility and robotics solutions for the defense sector, has collected $228 million in new funding, representing the first time the Maryland-based company has raised outside capital. The new financing will help support Robotic Research's commercial division, which is developing autonomous driving tech for commercial trucks, buses, and drayage and logistics vehicles. SoftBank's Vision Fund 2, Enlightenment Capital and others supported the round.
Additional Investors:
Crescent Cove Advisors, Henry Crown and Company, Luminar
View round
 
View similar company »
 
Tradeshift banks $200M+ for supply chain tech
Tradeshift, the operator of a B2B commerce platform, has raised over $200 million in funding and debt from a mix of new and existing backers, including Koch Industries, IDC Ventures and LUN Partners. The San Francisco-based startup provides e-invoicing and accounts payable automation for buyers and suppliers in more than 190 countries.
Additional Investors:
Fuel Capital, The Private Shares Fund
View round
 
View 76 competitors »
 
Rho ropes in $75M Series B
Rho has raised $75 million in Series B funding led by Dragoneer Investment Group, with support from DFJ Growth, M13, Inspired Capital and Torch Capital. Founded in 2018, Rho offers an automated corporate spend and cash management platform. The startup was valued at $130 million in June, according to PitchBook data.
View round
 
View similar company »
 
Cancer therapeutics startup launches with $30M
K36 Therapeutics has raised a $30 million Series A led by F-Prime Capital and Atlas Venture, with participation from Eight Roads Ventures. Based in the Boston area, the biotech company is developing breakthrough therapies for those with cancer. K36 will use the new funds to advance its lead drug candidate, which is designed to treat myeloma.
View round
 
View similar company »
 
Petra raises $30M for tunneling technology
Robotics startup Petra has raised a $30 million Series A led by DCVC. The company is also backed by ACME Capital, Congruent Ventures, 8VC, Real Ventures, Elementum Ventures and Mac Venture Capital. Petra is the creator of a hard rock-boring robot that buries utility tunnels in disaster-prone environments.
View round
 
View similar company »
 
Canapi leads $27.5M round for Posh Technologies
Posh Technologies, the creator of a conversational AI platform for financial services companies, has raised a $27.5 million Series A led by Canapi Ventures, with support from new backers Curql Collective, Human Capital, CMFG Ventures, Jam Fintop and Piedmont Capital. Based in Boston, Posh has partnered with over 40 financial institutions to deploy web-based and mobile-based agents as well as voice assistants.
View round
 
View similar company »
 
Fundraising
Databricks reveals new venture fund
Databricks has launched Databricks Ventures, an investment vehicle that will target companies using innovation and tech to capture the power of data and AI. The effort's first vehicle, Lakehouse Fund, will focus on early- and growth-stage companies using Databricks' Lakehouse ecosystem. Portfolio companies will also be eligible to receive product roadmap access, tech integrations and go-to-market support. Databricks' platform is used by more than 5,000 companies to unify data, analytics and AI.
View details
 
View 2 investments »
 
Chart of the Day
Source: Q3 2021 PitchBook-NVCA Venture Monitor
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