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| In today's Daily Pitch, you'll find: | | | | | |
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| Investors learn generative AI's language | | | Despite a rush of excitement from generative AI, deal count and value continued to decline in Q1 within the AI & machine learning vertical, when excluding Microsoft's $10 billion investment in OpenAI. Spanning from training for large language models for generative AI, to chips that will power the next wave of computing, our latest Emerging Tech Research shows the range of opportunities for investors. | | | | | | | | | It's chilly out there, but private market fundraising hasn't frozen over | | There's been a melancholy mood around private market fundraising lately. In the first half of 2022, mega-funds attracted mountains of capital, depleting LP commitment budgets before a fall in the public markets triggered the denominator effect for some institutional investors. Ever since, GPs raising private market funds have lamented an apparent slowdown in commitments.
Our latest analyst note puts aside anecdotes to answer that recurring question through data-driven quantitative lenses. We found that even though GPs are raising billions of dollars across thousands of funds, they're having a harder time than usual. | | | | | | | |
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| A Message From Allvue Systems | | |
| The tools you need to streamline LP reporting | | When back-office teams spend hours manually reporting to potentially hundreds of investors, each with different shares and some with custom LPA conditions, GPs are bound to encounter errors and risk providing investors with an incorrect look at their shares' standing and performance. The investor experience is more important than ever, and reporting hiccups won't be easy for LPs to forget.
Allvue is determined to optimize the quarter-end reporting process, and Allvue's Fund Accounting solution makes it simple. For an example of how Allvue enables automatic generation of key LP communications, start by downloading a PCAP statement template here. | | | | | | | |
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| FTC may require PE funds to disclose LPs | |  | | (EQRoy/Shutterstock) | | | Private equity firms could soon be required to disclose the names of their LPs in regulatory filings.
The Federal Trade Commission proposed a number of amendments Tuesday to its HSR form and associated instructions, requiring parties to disclose more details ahead of larger mergers and acquisitions. The proposal's implementation could have acute impacts on the PE industry, which is already grappling with financing and fundraising challenges.
"Traditionally, private equity protects the disclosure of a limited partner at all costs," said Deidre Johnson, head of Ropes & Gray's pre-merger notification practice. "It's a huge change." | | | | | | | | | US approval of lab-grown meat to unleash 'stifled' sector | |  | | (Courtesy of Upside Foods) | | | For years, startups developing lab-grown meat technology have dealt with a constant roadblock: It wasn't approved for sale in US grocery stores—or any major market outside of Singapore.
That rule was finally changed last week with two startups receiving US regulatory approval, and it could be what the industry needs during a dealmaking drought. Here's a look at the state of cultivated meat dealmaking and the investors and companies leading the charge. | | | | | | | | | Investors eye insurtech startups as M&A targets | | After a series of blockbuster acquisitions within the insurtech space, including Thoma Bravo's $729 million takeover of Majesco in 2020 and the recent $2.6 billion public-to-private deal for Duck Creek Technologies by Vista Equity Partners, our analysts still believe there are plenty of consolidation targets within the vertical. Our Emerging Tech Research covers the deals, figures and M&A targets: - $1.1 billion was invested across 115 deals in the space in Q1, representing a nearly 10% decline in deal value but an 8.5% uptick in deal count over the previous quarter.
- A major bright spot for the vertical was the explosion in deal value for commercial insurtech startups—increasing more than 137% over the previous quarter.
| | | | | | | | | | One writer's thoughts on how PIF may be the world's most flirtatious sovereign wealth fund. [The Economist]
Coatue prepares tech founders for the road ahead. [The Information]
People are hiring phone bots to torture telemarketers. [The Wall Street Journal] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 461 Deals | 2044 People | 726 Companies | 39 Funds | | | | | | |
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The Daily Benchmark:
2014 Vintage Global Debt Funds | | | | | | |
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Generative AI startup Inflection AI has secured a $1.3 billion investment led by investors including Microsoft, Nvidia, and Reid Hoffman.
Typeface, a generative AI platform for enterprise content creation, has raised $100 million at a $1 billion valuation. The Series B was led by Salesforce Ventures.
Cyware has raised a $30 million Series C led by Ten Eleven Ventures for its an AI-powered cybersecurity platform.
Material Evolution, a UK company that makes low-carbon cement from industrial waste, has closed a £15 million Series A led by Kompas VC.
Quandri a Canadian insurtech automation company, has raised an $8.5 million Series A led by Fuse, TechCrunch reported.
Madrid-based insurtech startup Bdeo has secured €7.5 million from investors including Armilar, Íope Ventures and K Fund.
Settly, an Amsterdam-based digital relocation platform, has raised a €6 million seed investment led by 2050 and Mediahuis Ventures.
Bitkraft Ventures has led a $5.7 million seed investment in London-based Scriptic. The startup uses generative AI to develop phone-first interactive shows.
Kidovo, which offers a learning platform for kids, has raised a $1.2 million seed round from investors including Venture Highway, Amplify PCC, and Good Capital. | | | | | |
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Prolific accelerator Techstars is raising $150 million for a new accelerator fund, according to SEC filings found by TechCrunch.
Fuel Ventures has launched a £100 million fund to back early-stage tech startups in the UK.
Life sciences investor Vesalius Biocapital has raised over €95 million in the first close of its fourth fund targeting drug development and digital health startups. | | | | | |
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| The Alberta government has severed a partnership with the Can-China Global Resource Fund, a Hong Kong-based PE firm devoted to investment in North America, Reuters reported. | | | | | |
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