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| In today's Daily Pitch, you'll find: | | | | | |
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| Generative AI propels future of healthcare IT | | VC deals in healthcare IT have picked up from the vertical's low point in late 2022, with 70 rounds accounting for about $1.3 billion raised in Q1. They're not blockbuster numbers, but the outlook for healthcare IT deals is bullish, particularly for generative AI and technology that supports interoperability.
Our Q1 2023 Healthcare IT Report highlights need-to-know VC and PE deals from the period and addresses which parts of the healthcare system AI could transform first—and when. | | | | | | | | | Lightmatter triples valuation to solve generative AI's energy crunch | |  | | (dotshock/Shutterstock) | | | For a long time, there was a universal truth in computing: The power of a chip doubles every 18 months.
But that exponential rate no longer holds up. Now, massive advances in generative AI are spurring unprecedented demand for computing power needed to develop and run large language models.
"If you're owning chips at Google and at Intel, you see where this is going and it's very concerning," said Nick Harris, whose startup, Lightmatter, offers an energy-efficient solution to these increasing power demands and just raised $154 million. | | | | | | | |
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| PitchBook's 2023 Media Kit released | | With uncertainty across the private and public markets likely to continue, strong and insightful thought leadership is critical to your clients and prospects.
By partnering with PitchBook Media, you will have daily opportunities to reach 1.5M+ industry professionals in our newsletter, and you can broaden exposure of your brand through our core industry reports. We also help clients create custom research to share data-driven insights on the market.
Our 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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| Adams Street $3.2B fund signals confidence in secondaries | |  | | (Shotmedia/Shutterstock) | | | Adams Street has closed on its seventh secondaries fund, in a green light for the strategy.
Yesterday, the firm said it raised more than $3.2 billion for its secondaries investment program with the close of Global Secondary Fund 7. From March 2022 to 2023, secondaries was the only fund strategy with a positive year-over-year change in total capital raised. | | | | | | | | | Enterprise SaaS shows signs of further slowdown in Q1 | | 2022 was the second-biggest year for funding in the enterprise SaaS sector—but signs of a slowdown continue in 2023, in line with broader market trends. The vertical, which focuses on software services for businesses, is the latest area of new coverage by our analysts. Our launch report covers the trends, segments, top deals and investors in the space. Key takeaways include: - Total deal value in Q1 rose 18.5% from the previous quarter, to nearly $14 billion, largely due to Stripe's $6.5 billion raise. Without Stripe, deal value was down 37%. Total deal count decreased 8.6%, to 363 deals.
- Stripe, CloudKitchens and Anduril topped the list of VC-backed companies that have raised the most capital; investors like Alumni Ventures, Tiger Global and Andreessen Horowitz were some of the most active in the sector.
- Enterprise resource planning, customer relationship management and business analytics were among the most active segments.
| | | | | | | | | Energy giant TotalEnergies powers down its corporate VC arm | |  | | (SOPA Images/Getty Images) | | | TotalEnergies has closed its climate-focused corporate venture arm, selling its portfolio to VC firm Aster.
The decision comes as the downturn causes corporate venture capitalists to slow their participation in European VC deals. | | | | | | | | | | Sustainable wood buildings may be the next frontier for carbon offsets. [Bloomberg]
Inside a Silicon Valley startup accelerator during the AI boom. [The New York Times]
Ed Sheeran's trial for copyright infringement of Marvin Gaye and Ed Townsend's "Let's Get It On" highlights how hard it is to draw the property lines of pop. [The New Yorker] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 496 Deals | 2166 People | 683 Companies | 18 Funds | | | | | | |
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The Daily Benchmark:
2011 Vintage Global Debt Funds | | | | | | |
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Strive Health, a healthtech company working on kidney care solutions, has raised a $166 million Series C led by NEA and CVS Health Ventures, among others.
Dublin-based NomuPay, which offers an end-to-end payment platform, has raised $53.6 million in a round led by Finch Capital.
Magic, which helps companies create Web3 wallets, has raised $52 million led by PayPal Ventures.
Milan-based open-finance specialist Fabrick has secured €40 million from investors including Mastercard, according to reports.
Anocca, a developer of cancer cell therapies, has raised 400 million Swedish kronor (around $37 million) in a round led by AMF and Mellby Gård.
Hyro has raised a $20 million Series B led by Macquarie Capital for its AI-powered conversation platform.
Vartana, a B2B sales closing and financing platform, has raised a $20 million Series B led by Activant Capital.
Data management startup Alcion has secured $8 million in seed funding from angel investors. | | | | | |
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"The IT sector, on the other hand, remains relatively small in France, representing less than 5% of the MSCI France index. This helps explain why we saw no public-to-private deals in France in Q1 2023 and only three in 2022. ... Another possible explanation is that France is very protective of its assets, which are often concentrated with a handful of shareholders reluctant to cede control."
Source: 2023 France Private Capital Breakdown | | | | | |
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