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In today's Daily Pitch, you'll find: - Our analyst note on connected cars breaks down how data collected by vehicles is used.
- A look at some of Europe's top tech takeovers by private equity firms in 2022.
- Chart of the day: Late-stage biotech valuations struggle, from our US VC Valuations Report.
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| So much digital exhaust: The future of connected cars | | We spend a lot of time in our cars. And all that time on the road generates large amounts of valuable data. In fact, today's connected cars can produce as much as 25 gigabytes of information per hour—and that number is only growing.
But what's being done with all that data?
Our latest analyst note delves into the history of connected cars, which have moved far beyond their simple onboard diagnostic origins, and explores how sensors and computers are helping manufacturers boost mobility technology. It also maps out notable players across the sector, from automotive software developers to navigation experts. | | | | | | | | | KKR sees 'incredible' opportunities in digital, energy assets | |  | | (duan zhi xiang/Shutterstock) | | | | With more than $20 billion to spend on infrastructure in the next few years, KKR is one of the top players in the often low-risk, low-reward private investing strategy. Co-CEO Joe Bae's recent comments at a Goldman Sachs investor conference hint at how the firm could deploy that pile of dry powder—and why its growth will accelerate. | | | | | | | |
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| A message from American Investment Council | | |
| | Private equity's long-term outlook is a perfect fit for infrastructure investing. Behind the scenes, PE firms have helped finance wastewater facilities, bridges—even entire airports. Some of the smartest minds in infrastructure are working at PE firms, and combined with billions in capital, PE infrastructure teams are alleviating burdens for city managers while bringing new innovations to power facilities, microgrids and hyperscale data centers.
In conjunction with PitchBook, the American Investment Council and the National Association of Investment Companies have released From the Ground Up: Private Equity's Role in Infrastructure. With over $180 billion invested over the past decade, new infrastructure funds continue to be raised, ensuring a strong base of capital over the next decade.
To download the report and learn more, click here. | | | | | | | |
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| Getir-Gorillas merger may herald a startup consolidation wave | |  | | (wan wei/Shutterstock) | | | Investors have been predicting that a wave of M&A activity will eventually engulf struggling VC-backed companies. Getir's acquisition of rival fast grocery delivery startup Gorillas, at a reported 61% discount from its 2021 valuation, may be the first high-profile example of a coming trend.
While a stronger company usually buys a weaker one, in this transaction, the acquirer may also be under pressure. | | | | | | | | | PE swoops in for European tech companies as valuations fall | |  | | (Markus Mainka/Shutterstock) | | | While tech companies have had a tough time on the public markets in 2022, the sector has remained a draw for private equity investors, particularly in Europe, where a number of prize assets have fallen under PE ownership.
We take a look at some of the top tech takeovers in the region so far this year and the firms that are behind them. | | | | | | | | | Leveraged loan downgrades hit fastest pace since pandemic default peak | |  | | (eamesBot/Shutterstock) | | | Ratings downgrades of US leveraged loan issuers in the third quarter reached their fastest pace since September 2020—in the wake of the pandemic's onset. Issuers of these riskier deals face what could be starkly higher funding costs amid continuing Fed rate hikes.
The wave of downgrades is of particular interest to collateralized loan obligation vehicles, which hold the majority of the $1.42 trillion in outstanding US leveraged loans, according to PitchBook LCD. | | | | | | | | | | Asset manager Stewart Investors is betting that companies in emerging markets will be able to build sustainability into their processes from the start. [Institutional Investor]
In a BlackRock report, the firm's investment strategists warn of a coming recession, stubborn inflation and a new era that won't be so kind to investors. [Fortune]
Inside the frantic texts exchanged by crypto executives as FTX collapsed. [The New York Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 99 Deals | 506 People | 136 Companies | 2 Funds | | | | | | |
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| 2015 Vintage Global Secondaries Funds | | | | | | |
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| A message from PitchBook Media | | |
| PitchBook's 2023 Media Kit released | | Year to date, PitchBook's newsletters have over 161 million impressions and over 744,000 report downloads. Partnering with PitchBook Media is a way to feature your firm's insights in one of the most popular venues for timely and relevant PE and VC articles, news, asset class reports and custom white label reports.
The brand-new 2023 Media Kit contains all the details to help your firm position itself in front of a VC or PE audience.
Click here to download it today or to speak to someone on the media team. | | | | | | | |
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| | | Ubie, a Tokyo-based healthcare specialist, has raised an additional $19 million in a Series C extension, led by investors including SOGO Medical and Rakuten Capital. The new funding brings the round's total to $45 million. | | | | | | | | | | | | | | Sonde Health sings with $19M+ for vocal health tech | | | | | | | | Cardiosense nabs $15M+ for health wearables | | | | | | | | Crypto accounting startup Bitwave raises $15M | | | Bitwave, which provides a finance platform for managing cryptocurrency assets, has raised a $15 million Series A led by Hack VC and Blockchain Capital. Among the startup's clients is NFT marketplace OpenSea. | | | | | | | Interpres locks down $8M+ | | | | | | |
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| Don't miss our upcoming webinar | | The crypto market has lost some of its luster since its resurgence in 2021, with values dropping and companies and investors alike leaving the industry. But there is still ongoing VC interest, and we predict a significant amount of deployed capital in the next few years.
Join our webinar to get the perspectives of industry investors and PitchBook emerging tech senior analyst Robert Le on how this technology can move forward. Key topics include: - How this crypto bear market is different from past downturns.
- What investors are avoiding in this market and where they see opportunities.
- Viewpoints on risk management, security flaws, regulations and other crypto trends.
Register now to secure your spot. | | | | | | | |
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| Apollo buys into $1.8B music rights-backed securities sale | | | Apollo Global Management has agreed to buy into a $1.8 billion securities sale by Concord Music, which owns the rights to more than 1 million songs. Wood Creek Capital Management, now known as Barings, created Concord and owns the company. Apollo's capital solutions division structured the deal. | | | | | | | Green Rock buys Pennsylvania landfill gas facility | | | | | | | | | | Audax Private Equity-backed GCX Mounting Solutions has acquired Massachusetts-based Jaco, which makes and sells IT workstations for the healthcare industry. The acquisition expands GCX's product offerings and manufacturing footprint. | | | | | |
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| FTC begins case in bid to stop Meta takeover of VR startup | | | The proposed $400 million buyout of VR startup Within Unlimited by social media giant Meta has drawn the attention of the Federal Trade Commission, which has asked a judge to block the acquisition, The Wall Street Journal reported. Within's previous investors include Andreessen Horowitz, 21st Century Fox and Temasek. | | | | | |
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| Microsoft lands fiber optic cable startup Lumenisity | | | | | | | | Temasek's PSA International weighs multibillion-dollar exit | | | Temasek-backed PSA International, which operates container terminals, has been considering selling its 20% stake in Hong Kong-based CK Hutchison's port business, Reuters reported. PSA acquired the stake in 2006 for $4.4 billion, according to the report. | | | | | | | MidOcean to sell Nutrabolt stake | | | MidOcean Partners has agreed to exit its investment in Nutrabolt, while Keurig Dr Pepper plans to purchase a 30% stake in the supplement and energy drink maker for $863 million. MidOcean first invested in Nutrabolt in 2014. | | | | | |
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| Blume Ventures closes $250M+ fund | | | India-based Blume Ventures has closed its fourth fund on more than $250 million. The vehicle will be used to make seed and early-stage investments and includes a commitment from India's sovereign wealth fund. | | | | | |
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