PitchBook News - Mapping VC's road to net zero

Read online | Don't want to receive these emails? Manage your subscription.

Log in

The Daily Pitch: VC

December 23, 2021

Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A

The Daily Pitch is taking a break for the holidays and will return in January. Happy New Year!

In today's newsletter, you'll find:

US PE dealmaking is moving at its fastest pace in at least two decades.

How climate tech startups can help the planet on the road to net zero.

Are medtech startups slowly being written out of the life sciences playbook?

Today's Top Stories

Mapping VC's role on the road to net zero

(Andriy Onufriyenko/Getty Images)

Most greenhouse gas emissions can be reduced using existing technology, but climate tech startups could scale breakthroughs to help close the gap.

VCs and other private investors can provide over two-thirds of the estimated $125 trillion needed to reach the goal of net-zero carbon emissions by 2050, as laid out in the 2021 UN Climate Change Conference.

Our recent installment of Emerging Tech Research explores the outcomes of the summit that are particularly relevant to the climate tech industry. Our analysts also examine investment strategies from the Glasgow Financial Alliance for Net Zero—focusing on energy storage, building efficiency, clean industrial processes and more.

read it now

Share:

Tech propels PE dealmaking to 20-year high

(twomeows/Getty Images)

Private equity deal activity in the US is moving at a scorching rate, with deals being completed at the fastest clip in at least two decades.

Following pent-up demand from a cautious 2020, PE deals were expected to climb this year—but the pace has been faster than anyone predicted.

Recommended Reads

The challenges posed by climate change in the Arctic are particularly urgent. They're also helping stimulate tech innovation. [Fortune]

The Christmas tree's long and winding road from seed to harvested holiday centerpiece. [The Washington Post]

Why Automattic CEO and WordPress founder Matt Mullenweg is trying to save the internet. [Protocol]

Since yesterday, the PitchBook Platform added:

19

VC valuations

1485

People

370

Companies

46

Funds

See what our data software can do

Quick Takes


	The Daily Benchmark
	2014 Vintage Global Funds-of-Funds
	VC Deals
	Chinese autonomous driving startup brings in $157M
	Hyperscience collects $100M
	Sorriso scores $31M
	Mobile security company Privoro takes in $30M
	OrbiMed backs $25M round for TandemAI
	Exits & IPOs
	Triller to merge, go public with SeaChange at $5B value
	Skillsoft to acquire VC-backed Codecademy for $525M
	Fundraising
	Base10 Partners eyes $400M for Fund III

The Daily Benchmark

2014 Vintage Global Funds-of-Funds

Median IRR

19.31%

Top Quartile IRR

22.79%

1.84x

Median TVPI

Select top performers

Union Grove Partners Direct Venture Fund

SVB Strategic Investors Fund VII

Franklin Park Venture Fund Series 2014

*IRR: net of fees

54 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Chinese autonomous driving startup brings in $157M

Haomo.AI, a Beijing-based autonomous driving startup, has raised almost 1 billion yuan (about $157 million) in a Series A that garners it unicorn status. Investors including GL Ventures, Qualcomm Ventures and JZ Capital participated in the funding, which will support the company's R&D and recruitment. Haomo previously raised funding in February.

Additional Investors:

Meituan, Shougang Holdings

View round

View similar company »

Hyperscience collects $100M

Hyperscience has raised a $100 million Series E led by existing backers Global Founders Capital, Tiger Global, Stripes and Bessemer Venture Partners. Based in New York, the startup is a creator of data automation tech that helps enterprises improve operational efficiency, productivity and workflows. Hyperscience was valued at $730 million after an $80 million round in October 2020, according to PitchBook data.

View round

View 40 competitors »

Sorriso scores $31M

Sorriso Pharmaceuticals, a developer of antibodies designed to treat inflammatory diseases like ulcerative colitis, has launched with a $31 million Series A led by NEA and Arix Bioscience. The startup's lead program is intended to target inflammatory bowel disease. NEA general partner Ed Mathers and Arix managing director Mark Chin have joined Sorriso's board.

View round

View similar company »

Mobile security company Privoro takes in $30M

Privoro, a creator of security hardware for smartphones, has raised a $30 million Series B led by an affiliate of Tracker Capital Management. The company is the developer of SafeCase, a security device that helps deter audio and video surveillance via spyware, and Vault, which protects against wireless attacks, location tracking, eavesdropping and more.

View round

View similar company »

OrbiMed backs $25M round for TandemAI

TandemAI has raised $25 million in seed and pre-Series A funding led by OrbiMed and Chengwei Capital. The startup uses quantum mechanics, experimental data and AI to promote drug discovery. The new funds will be used to advance its computational platform and expand wet lab operations.

View round

View similar company »

PitchBook Webinar: 2022 Private Equity Outlook

Private equity defied all expectations in 2021, beginning with a quick recovery from its slump in 2020 and ending the year on record-breaking numbers. Following these unprecedented results, many are watching the space, interested to see if these trends will continue.

Join our PitchBook experts on Jan. 6 for a discussion on emerging trends, noteworthy PE activity and predictions for what will follow in 2022.

Sign up now

Share:

Exits & IPOs

Triller to merge, go public with SeaChange at $5B value

Venture-backed social-video platform Triller has agreed to merge with SeaChange International. The transaction will value Triller, a competitor of social media platform TikTok, at around $5 billion and allow the company to go public, bypassing an IPO.

View details

View 18 competitors »

Skillsoft to acquire VC-backed Codecademy for $525M

Corporate digital learning company Skillsoft has agreed to acquire Codecademy for $525 million in cash and stock. Codecademy's online learning platform has been accessed by nearly 40 million registered learners and offers classes in 14 programming languages for applications such as data science and cybersecurity.

View details

View 32 competitors »

Fundraising

Base10 Partners eyes $400M for Fund III

Base10 Partners has established a target of $400 million for its third namesake fund, according to an SEC filing. The San Francisco-based firm backs early-stage automation tech companies across sectors like finance, food, healthcare and operations. Base10 raised $250 million last year for its second flagship vehicle.

View fund

View 74 investments »

Chart of the Day

"Driving the region's lofty exit value, public listings have exploded in 2021. Through Q3 2021, 10 PE-backed public listings closed, already matching the previous decade's high. These public listings contributed €17.1 billion in exit value through Q3 2021—the most of any exit type."

Source: PitchBook's 2021 DACH Private Capital Breakdown