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| In today's Daily Pitch, you'll find: | | | | | |
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| Startups push the boundaries of neurotechnology | | From visualizing brain activity to treatments for neurological disorders like Parkinson's disease, neurotechnology has transformed our understanding of the human brain. And startups working at the forefront of the sector promise further advancements in healthcare and human-machine interfaces.
Our latest Emerging Space Brief details recent deal activity for neurotechnology startups, the market's outlook, key players to watch in the space and more. | | | | | | | | | Fund performance data unhelpful for LPs when it counts | |  | | (blackred/Getty Images) | | | Institutional investors face tough choices when it comes to capital allocation and commitments, and looking at GPs' prior fund performance would appear to help make these decisions easier. But there's a big debate around whether so-called performance persistence—a GP's ability to deliver consistent returns—even exists, in both the public and private markets.
Even more crucially: Is that information even available when LPs need it most? | | | | | | | |
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| Get SVB's latest insights on private equity trends | | How PE/VC funds are navigating today's liquidity crunch.
Learn more | | | | | | | |
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| AI boom comes to drone delivery | | The five largest supply chain tech deals of Q2 2023, including Getir's $475 million down round, brought in half of the $3 billion in VC deal value the sector accrued in that period across 190 deals. Still, our recent Emerging Tech Research on the space points out signs that dealmaking in the logistics industry is stabilizing—notably an uptick in deal value from the previous quarter.
Warehouse automation and drone delivery are making remarkable headway, with companies such as Locus Robotics and Covariant, which utilizes AI learning, staying especially competitive. | | | | | | | | | First-time PE fund closes suffer slump in Europe | |  | | (Peter Dazeley/Getty Images) | | | First-time PE funds are facing an even tougher challenge than usual in attracting capital. Just eight have managed to close in Europe so far this year.
Those that have successfully closed have relied on a specialist focus and a little star quality to get them over the line. | | | | | | | | | Despite a deceleration, there's a path for retail fintech | | | The retail fintech slowdown has continued, according to our recent Emerging Tech Research. VCs invested $1.9 billion across 188 deals in Q2, a decline of 33.4% and 0.5%, respectively, from the previous quarter. Still, investors are eyeing emerging opportunities in the startups offering save now, buy later options for consumers, an idea that has its roots in Depression-era layaway programs. | | | | | | | | | | Shell has silently shelved its once-ambitious plans to develop millions of carbon offsets projects around the world. [Bloomberg]
The move from crypto to AI has fueled the markets this year, but some are questioning how much of it is real. [Institutional Investor]
As the outlook for startups that serve influencers becomes increasingly bleak, creators themselves are proving to be far more resilient. [The Information] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 376 Deals | 3419 People | 728 Companies | 30 Funds | | | | | | |
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The Daily Benchmark:
2021 Vintage Global Secondaries Funds | | | | | | |
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Tel Aviv-based generative AI startup AI21 Labs has raised a $155 million Series C from investors including Pitango, Walden Catalyst and SCB 10X.
Otto, which offers a customer engagement platform for veterinary clinics, has raised a $43 million Series B from backers including Mercury Fund and Boehringer Ingelheim.
Ivy, the Berlin-based provider of an API for instant bank payments, has raised a $20 million Series A led by Valar Ventures.
Speak, the developer of an English language learning platform, has secured $16 million in a Series B2 led by Lachy Groom.
Paris-based corporate mental health company Teale has secured €10 million from investors including Alter Equity, ISAI and Bpifrance.
Satellite specialist ReOrbit has secured a $7.4 million seed investment led by Inventure VC. | | | | | |
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PE firm Hillhouse Capital has begun raising capital from Chinese LPs for its next fund—likely focused on healthcare—with a target of around $1.4 billion, the Financial Times reported.
Alti is targeting around $300 million for its Alti Private Equity Access and Commitments Fund, which will make direct PE investments and buyout co-investments, The Wall Street Journal reported.
Dutch deep-tech investor PhotonVentures has raised €60 million for its debut fund targeting early-stage photonic chip startups. The firm is hoping to secure up to €150 million for the vehicle. | | | | | |
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