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In today's Daily Pitch, you'll find: - Our latest analyst note examines how generative AI may transform a range of sectors.
- VC funding for information security stayed relatively flat in Q1, but opportunities remain, according to our latest update on the space.
- Can JP Morgan retain the hands-on approach that made First Republic popular with VCs?
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| How the new AI age will shape our tech | | | A new dawn in tech has arrived, and our latest analyst note examines how generative AI may transform a range of sectors. PitchBook analysts who cover health, ecommerce, fintech, climate tech and more weigh in on the opportunities in this emerging space. | | | | | | | | | JP Morgan wins First Republic—will it win over VCs and the startup world? | |  | | (Spencer Platt/Getty Images) | | | JP Morgan has won a competitive bid to take over the majority of First Republic's assets and liabilities. The bank was on the brink of collapse after it revealed last week that customers fled with more than $100 billion in deposits.
First Republic was a relationship-focused bank with high-touch services popular with many startups and venture capital firms. If the largest bank in the US fails to retain the specialty lender's unique approach to customer care and support, it runs the risk of not holding on to the acquired customer base, VCs say. | | | | | | | |
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| Profitability and resilience are top priorities for financial leaders | | The past year has been extremely demanding for CFOs, from balancing cutting costs, to investing in growth, to striving for financial health while building organizational resilience.
The inaugural edition of Coupa's annual survey asked how financial leaders cope with these uncertain times. Many CFOs said they lack visibility into spend across the company—often because of legacy systems—making meeting these demands nearly impossible.
It is critical to learn how modern technology—automation especially—can help you respond to challenges and weather a recession without broad cutbacks. Download this report to learn: - Financial performance and strategies for profitability
- Internal pressures and external threats, from rising wages to supply chain disruption
- Plans to drive growth in the event of a recession
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| Information security VC funding holds ground | | Our latest Information Security Report shows how the industry has weathered the storm, as adoption and funding trends held steady in the first quarter. Among the takeaways: - VC funding in the space reached $2.5 billion in Q1, in line with the previous two quarters.
- Significant acquisitions continued through a muted exit environment.
- Emerging opportunities include cloud workload protection and data security posture management, which involves monitoring data flows and enforcing database policies.
| | | | | | | | | April wrap-up: One month in global markets | | Our latest Global Markets Snapshot breaks down a month of trends in the equity, debt and commodities markets, tracking returns across a range of indexes and sectors. It also features private market activity, including major deals, fundraising, IPO performance, lending volume and unicorn creation.
In this monthly digest, we provide the datasets that the PitchBook Institutional Research Group is keeping an eye on as markets remain volatile. | | | | | | | | | Gearing up for an economic soft landing | |  | | (Steve Mann/Shutterstock) | | | With inflation easing, Morningstar analysts believe an economic soft landing is possible with a recession risk of just 25% in the next two years. Among their predictions: - Most sources of today's inflation—including energy, autos, and other durables—are likely to abate, and the analysts predict inflation will average only 1.9% over 2023-2027.
- Analysts anticipate an 18% drop in housing starts this year, along with a 5% decline in housing prices.
- The Federal Reserve is expected to cut rates aggressively around the end of this year as inflation normalizes.
| | | | | | | | | | Pioneering AI researcher Geoffrey Hinton has left Google and joined the growing chorus speaking out about the risks of artificial intelligence. [The New York Times]
Science has finally figured out why some people are more likable than others on Zoom. [Business Insider]
Why some large pension funds aren't happy about the dual-class shares decision that allows PE giants like Blackstone and Ares Management to join the S&P 500. [Financial Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 200 Deals | 687 People | 296 Companies | 20 Funds | | | | | | |
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The Daily Benchmark:
2016 Vintage Global VC Funds | | | | | | |
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| Don't miss our upcoming webinar | | This webinar examines the Q1 2023 PitchBook-NVCA Venture Monitor and how ongoing market turmoil, culminating in the sudden collapse of Silicon Valley Bank, may impact the venture industry in Q2 and beyond.
In partnership with NVCA and sponsored by Dentons, J.P. Morgan, and Insperity, a panel of experts will discuss the venture environment and key findings from the recently released report. Key takeaways include: - Venture growth stage pre-money valuations have fallen to roughly 2018 levels, 64% below 2021's peak.
- Crossover investors have pulled back, leaving a gap in financing needs and available equity funds.
- Preliminary data shows exit value at a low of $5.8 billion, suggesting the IPO market won't thaw in the near term.
Register now to secure your spot. | | | | | | | |
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| SoftBank-backed semiconductor giant Arm has confidentially filed for a US IPO. The company is expected to raise between $8 billion and $10 billion on the Nasdaq, Reuters reported. | | | | | |
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Japanese automaker Mitsubishi is launching a $1 billion decarbonization fund for startups working in climate tech, according to reports.
Lower-middle-market PE firm Kian Capital Partners has closed Kian Growth Partners III on $400 million.
Sound Ventures has closed its AI-focused fund on nearly $240 million. The firm has investments in OpenAI, Anthropic and StabilityAI. | | | | | |
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| Japanese multinational pharmaceutical company Astellas has agreed to acquire Nasdaq-listed Iveric Bio, a pharmaceutical company that develops therapies in ophthalmology, for $5.9 billion. | | | | | |
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