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| In today's Daily Pitch, you'll find: | | | | | |
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| Chinese VC looks to regain its shine after difficult 2022 | | Venture capital activity in Greater China—defined as mainland China, Hong Kong, Macao and Taiwan—fell sharply last year as investors grappled with disruptive lockdowns and economic headwinds at home and abroad.
But a revamped IPO system and lifting of pandemic restrictions should improve prospects for startups and their investors. Our H2 2022 Greater China Venture Report, available in English, traditional Chinese and simplified Chinese, unpacks the state of VC in the region. Highlights include: - VC deal value fell to the lowest level since 2017 as mega-rounds became increasingly rare.
- Fundraising fell by about half year-over-year, to $44.5 billion, which will drag on future investment in the region.
- Exit activity benefited from a new, streamlined IPO system in China that supported a rebound in public listings during the second half of 2022.
| | | | | | | | | Alibaba split spells good news for China's IPO market | |  | | (Nopparat Khokthong/Shutterstock) | | | In the fallout from Alibaba's split, most of its six new units will be making their way toward an IPO—adding fuel to an exit market in China that was already heating up.
"The units can … potentially become these six powerhouses," said PitchBook analyst Vincent Harrison. | | | | | | | |
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| | The private company universe has been increasingly pervaded by PE in the 21st century. Even amid current volatility, the PE realm remains competitive and dynamic, with vast stores of capital overhang still ready for deployment. As a result, PE strategies have grown more diverse and specialized, with one unmistakable sign being the rise of secondary buyouts or even beyond.
In its latest PE-focused report, Datasite draws on PitchBook and proprietary survey data to explore the evolution of secondary buyouts, as well as the rise in tertiary or even quaternary buyouts, juxtaposed against broader PE dealmaking trends. Key themes include advancing sophistication in PE value creation approaches, blurred lines between buy- and sell-side teams, deploying dry powder in today's chaotic environment, and more.
Read it now | | | | | | | |
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| Riding the new wave in AI, machine learning | | A seemingly endless rush of AI product announcements and startup funding rounds was triggered when OpenAI's ChatGPT caught mainstream attention.
Players like Google and Microsoft are betting big on the vertical's future to transform industries like journalism and healthcare. But how the user experience and business value of these tools shake out will determine whether this new wave of AI and machine learning will be any different.
Our Q4 2022 Artificial Intelligence & Machine Learning Report examines the vertical and its various segments, laying out the key players and outstanding opportunities for investors. Key takeaways include: - Q4 saw $14.6 billion raised across 1,405 deals, a minor 4.9% decrease from the previous quarter. In 2022, $78 billion was raised across 6,727 total deals, a decrease of 13.2% from 2021's deal count.
- Exit value ticked up to $7 billion in Q4, an increase from Q3, but still the second lowest exit value since Q2 2020.
- Emerging opportunities include startups creating foundation models to train AI, generative audio studios that have attracted interest from Apple and Spotify, and intelligent process automation software that AI can use to complete workflows.
| | | | | | | | | The 10 most active PE investors in South Africa | |  | | (View Apart/Shutterstock) | | | Johannesburg-listed African Rainbow Capital is ranked as the most active private equity investor focused on South Africa, having completed 15 deals in the last five years, according to PitchBook data.
In 2021, the country had the most PE activity since its peak in 2018, with $5.8 billion of capital committed across 63 deals. Here are the top investors in South Africa since 2018. | | | | | | | | | | The personalized stem cells that could one day treat Parkinson's disease and heart failure. [The Wall Street Journal]
Breaking down where clean energy technologies are manufactured. [Visual Capitalist]
The chemical menace trapped inside glaciers and icebergs. [Wired] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 495 Deals | 2289 People | 725 Companies | 30 Funds | | | | | | |
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The Daily Benchmark:
2017 Vintage Global VC Funds with more than $250M | | | | | | |
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UK-based blockchain startup Fetch.ai has secured a $40 million investment from DWF Labs, bringing its valuation to $250 million, according to reports.
Berlin-based content management platform Hygraph has raised a $30 million Series B led by One Peak.
Norsepower, a Helsinki-based provider of mechanical sails for large ships, has closed a €28 million Series C led by Mirova.
Glopal, a cross-border ecommerce software startup based in Paris, has secured a €20 million Series A. Investors in the round included Hi Inov, Dentressangle and Seventure.
Software company Env0 has added $18.1 million to its Series A, for a total raise of $35.1 million. The new funding was led by Venture Guides, with Microsoft's M12 among the participating investors.
Boston-based biotech startup Genialis has raised a $13 million Series A co-led by Taiwania Capital and Debiopharm Innovation Fund.
Holland Capital has led a €12 million Series B for Netherlands-based Sirius Medical. The startup's navigation system is designed to help surgeons locate and remove tumors.
New York-based payment technology startup Salt Labs has raised $10 million in pre-seed funding led by Fin Capital.
Deep Render, a London-based developer of AI-powered video compression technology, has raised $9 million. The funding includes a $6.3 million Series A led by IP Group and Pentech Ventures and a grant from the European Innovation Council.
London-based intimate body care brand Luna Daily has secured a $3.7 million seed investment from Redrice, Joyance and Velocity Juice.
Presta, a digital lending platform startup, has raised $3.3 million in pre-seed funding led by Distributed Ventures. | | | | | |
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EQT Life Sciences has closed its Dementia Fund on €260 million. The vehicle will be used to back up to 15 companies developing drug therapies and medical technologies focusing on neurodegenerative diseases.
Armen has held a first close of its first GP stakes fund on €150 million and secured a strategic minority investment from a group of French family offices. The firm is aiming to hold a final close of €400 million by year-end.
Schroders Capital has launched a climate-focused long-term asset fund to give UK pension fund investors access to illiquid and private assets related to energy transition. | | | | | |
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| The UK's competition regulator will investigate Broadcom's acquisition of VMware over concerns that the $61 billion deal could negatively impact the server market and increase the cost of computer parts. | | | | | |
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"In some cases, state-level expansion of Medicaid dental coverage has created acute shortages due to pent-up demand. This demand-supply imbalance creates an attractive opportunity for PE platforms that can leverage scale and navigate changing state reimbursement landscapes—including policy changes and MCO procurement cycles—to create commercially viable pediatric dentistry practices for underserved communities."
Source: PitchBook's Q4 2022 Healthcare Services Report | | | | | |
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