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| In today's Daily Pitch, you'll find: | | | | | |
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| How generative AI could fit into enterprise fintech | | | Enterprise fintech has been hitting the brakes from its highs in 2021 and 2022. Even counting Stripe's mega-deal of $6.9 billion, total VC deal value for Q2 2023 decreased 11.9% year-over-year. Still, generative AI is on the rise, and our latest Emerging Tech Research covers opportunities for enterprise fintech investors, especially in applying generative AI technology to segments such as fraud and compliance, sales, and productivity. | | | | | | | | | SoftBank Vision Funds profit chips away at $7.5B in cumulative losses | |  | | SoftBank Group CFO Yoshimitsu Goto speaks at yesterday's earnings call. | | | SoftBank's Vision Funds are finally back in the black.
The three funds reported a quarterly profit for the first time in six quarters after an investment gain of 134.7 billion Japanese yen (about $939 million).
But a major portion of that gain was from valuation growth logged by semiconductor giant Arm and payments business PayPay. And with a $7.5 billion cumulative deficit on the books, Masayoshi Son isn't out of the woods yet. | | | | | | | | | KKR builds historic foothold in publishing with Simon & Schuster deal | |  | | (Atlantide Phototravel/Getty Images) | | | KKR is the prince of a tiny island: publishing.
The firm announced on Monday it plans to acquire book publisher Simon & Schuster from Paramount for $1.62 billion in an all-cash transaction, affirming the PE behemoth's small foothold in the publishing industry. | | | | | | | | | PE cybersecurity investment stays robust in Europe, plummets in US | |  | | (Oscar Wong/Getty Images) | | | European PE investment in the cybersecurity industry has continued at a steady rate this year and is on course to top 2022's total, despite a tough dealmaking environment.
But US deal activity in the industry has fallen off a cliff, with deal values for 2023 currently standing at less than one-tenth of last year's total. | | | | | | | | | Europe's female founders build on 2023's VC dealmaking gains | | As VC activity falls to pre-2021 levels, European companies with at least one female founder have garnered 16.8% of all VC capital raised in the region so far in 2023, or €4.6 billion (about $5.04 billion). This is the largest annual percentage on record, according to our European VC Female Founders Dashboard. - Despite the increased share for companies with at least one female founder, there has not been a similar rise for companies with only female founders. Such startups have received 1.4% of all VC dollars in 2023, or €379 million.
- Notable deals in July included agricultural products developer Aphea.Bio's €70 million Series C, as well as Tenpoint Therapeutics' $70 million Series A.
| | | | | | | | | | This startup is taking on Google's translation software by coupling AI with human native language speakers. [Forbes]
Where are immigrant founders of US unicorns from? [Visual Capitalist]
Why it's so hard to forecast wildfire smoke. [The New Yorker] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 420 Deals | 2692 People | 689 Companies | 7 Funds | | | | | | |
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The Daily Benchmark:
2014 Vintage European Real Estate Funds | | | | | | |
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| PitchBook webinar: Improving behavioral health outcomes | | The demand for behavioral healthcare has never been greater. Providers and payers are turning to measurement-based care to capture and manage clinical outcomes to improve the delivery of behavioral healthcare and generate financial ROI.
In this webinar, PitchBook lead healthcare analyst Rebecca Springer will speak with representatives from Aurora Mental Health & Recovery, Colorado Access, and Owl Health about the transformation of treatment and business models in the behavioral health industry.
Register now to secure your spot. | | | | | | | |
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Clayton, Dubilier & Rice is on course to raise around $23 billion for the latest iteration of its flagship buyout fund, the Financial Times reported.
Revelstoke Capital Partners has raised $1.7 billion for its third flagship fund and affiliated vehicles. The PE firm targets investments in healthcare services companies.
Willowridge Partners has closed its secondaries fund Amberbrook IX on $900 million, The Wall Street Journal reported. The firm's secondaries strategy involves buying stakes in PE funds that are, on average, 10 years old.
GLP Capital Partners has reached a 4 billion yuan (about $555 million) close on its inaugural fund targeting investments in Chinese renewable energy and energy storage infrastructure.
Swiss VC firm L1 Digital has raised $152 million for a second crypto-focused fund, CoinDesk reported.
Symbol, an Israeli VC firm started by Onavo founder Yuval Ariav, has closed its debut fund on $50 million. | | | | | |
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