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In today's Daily Pitch, you'll find: - Our analysts dive deep into the emerging space of generative AI.
- Investment in sustainable aviation fuels is nowhere near what airlines need to meet their ambitious net-zero goals.
- Investors are proceeding cautiously when it comes to autonomous vehicles and other mobility tech.
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| Sharpening the focus on generative AI | | Generative AI has taken the VC tech space by storm. Programs like Stable Diffusion and Google's Bard have captured widespread attention. Social media feeds are filled with AI-generated portraits and screenshots from interactions with OpenAI's ChatGPT bot.
Our vertical snapshot dives deep into generative AI, exploring the data, deals and key players in the emerging market, which is expected to reach more than $42 billion globally in 2023. | | | | | | | | | Global airlines crave green fuel. Few are willing to bet on it. | |  | | (Drew Sanders/PitchBook News) | | | A consortium of 300 airlines—responsible for more than 80% of all air passengers—has committed to reaching net-zero by 2050. Their strategy relies heavily on an industry-wide transition to sustainable aviation fuels.
But where the rubber meets the tarmac, the checks that airlines are writing for green fuel technology are nowhere near matching the daunting scale of the task ahead. | | | | | | | |
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| 2023 deal indicators: See the market insights before anyone else | | Ansarada has launched their 2023 Deal Indicators report, designed to give dealmakers a competitive advantage in the rapidly evolving world of sustainable dealmaking. The report is packed with data insights gleaned from Ansarada's Data Rooms to deliver a clear picture of the trends driving deal activity in 2023.
The latest report puts ESG due diligence at the forefront, addressing the biggest challenges that organizations face when navigating ESG and helping them take advantage of this paradigm shift in the business environment.
Transactional insights surfaced in Indicators reveal a decrease in global M&A activity by 14% YoY, and a 35% YoY increase in bankruptcies and insolvencies.
Read the full report for more, including different transaction types, impact on deal durations, and in-depth industry breakdowns.
Access the insights | | | | | | | |
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| Hoods up, hazards on: Transportation investors get selective | | Investors are becoming more realistic about the future of autonomous vehicles. In October, Ford and Volkswagen pulled the plug on a multibillion-dollar joint venture in AV startup Argo AI as the industry recognized that producing AVs at scale and profitably may be a lot further off than originally hoped.
But autonomous driving startups aren't the only ones bearing the brunt of investors' newfound caution.
Our Emerging Tech Research identifies VC trends in mobility tech, explores emerging opportunities in electric microcars and perception software, and highlights startups Squad Mobility and AutoBrains. | | | | | | | | | PE's gigantic fund targets loom large as fundraising slows | |  | | (Stefano Ember/Shutterstock) | | | Private equity players are setting their fundraising sights higher than in years past. In the US, Apollo Global Management's Apollo Investment Fund X opened in 2021 with a $25 billion target, and across the Atlantic, Italian state-backed financial services firm Cassa Depositi e Prestiti is targeting a $48.5 billion fundraise for its CDP Equity Fund.
But as fundraising slows, these goals appear increasingly daunting.
We have compiled a list of the top global (and open) PE funds with the highest fundraising targets. Spoiler: Both the funds and the firms are massive. | | | | | | | | | The sun's coming out for middle-market PE | | Some firms are still shelling out billions on single buyout deals, but by several metrics, PE deals got smaller in 2022.
In Q4, middle-market deals—between $25 million and $1 billion in size—accounted for their largest quarterly share of PE deal count in five years, showing early signs of sponsors shifting down market. Add-on deals, the building block of inorganic platform growth, captured their largest-ever portion of overall PE deal activity in 2022. Even take-private deals shifted into middle-market territory as public valuations deflated.
Our 2022 US PE Middle Market Report, sponsored by Antares Capital and the American Investment Council, looks at a full year's worth of deals, exits, valuations and fundraising, outlining the ways that middle market funds are outperforming mega-funds. | | | | | | | | | | JP Morgan thought it purchased nickel. It received bags of rocks. [Fortune]
Whether or not TikTok is banned, the app has already forced its rivals to adopt a less lucrative business model. [The Economist]
The unraveling of US News' college rankings. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 486 Deals | 2194 People | 634 Companies | 24 Funds | | | | | | |
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The Daily Benchmark:
2016 Vintage Global Funds-of-Funds | | | | | | |
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Investment platform eToro has secured $250 million at a $3.5 billion valuation from investors including Ion Group and SoftBank as part of an agreement made in the event that eToro's planned SPAC merger fell through.
Gravie, a company that provides health insurance plans to employers, has raised a $179 million growth equity investment led by General Atlantic.
Fitness app maker Tonal is in talks to raise $125 million at a valuation between $200 million and $300 million led by L Catterton, The Information reported. At the low end, that would be an 86% drop from its $1.45 billion valuation in 2021, according to Pitchbook data.
HR tech startup Rain has secured a $116 million Series A led by QED Investors and Invus Opportunities. The deal includes $66 million in equity and $50 million in debt.
Artera, which is developing an AI-powered test for prostate cancer, has raised $90 million from an investor consortium that includes Johnson & Johnson Innovation, Time Ventures and Koch Disruptive Technologies.
A Web3 chat platform that facilitates commerce between creators, Op3n has secured a $28 million Series A led by Animoca Brands, TechCrunch reported.
XXII, a Paris-based video stream analysis platform, has raised a €22 million Series A. Investors in the round included Bpifrance, Kima Ventures and 574 Invest.
Wingtra, a Zurich-based maker of commercial mapping drones, has secured a $22 million Series B from investors including DiamondStream Partners and Verve Ventures.
DragonflyDB, a datastore for the cloud, has raised a total of $21 million in seed and Series A funding led by RedPoint and Quiet Capital, respectively.
B2B payments platform Two has closed an €18 million Series A led by Shine Capital and Antler.
Munich-based DeepDrive has raised a €15 million Series A led by BMW I Ventures and Co-pace. The startup makes drive units for electric vehicles.
Data observability startup Sifflet has secured a €12 million Series A led by EQT Ventures, TechCrunch reported.
Vitestro, a Dutch maker of an autonomous blood-drawing device, has closed a €12 million Series A led by Sond Capital.
HSBC Asset Management has led a €10 million Series A for Chargetrip, an Amsterdam-based software company specializing in fleet management for electric vehicles. | | | | | |
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"US middle-market PE saw a year of subdued deal activity in 2022 after experiencing a record-breaking pace of dealmaking just the year before. ... When compared with the middle market's historical dealmaking pace, deal activity was healthy in 2022 and showed stabilization from the frenzied activity levels seen in 2021."
Source: PitchBook's 2022 Annual US PE Middle Market Report | | | | | |
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