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| In today's Daily Pitch, you'll find: | | | | | |
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| Brain therapy devices could boost medtech | | Medtech VC funding slowed in Q4—reaching $2.6 billion, down from $3 billion in the previous quarter. PE dealmaking in the sector was more resilient, with total deal count hitting 105 in 2023, up from 99 the year before.
Brain therapy devices could be an opportunity for investors, according to our latest Emerging Tech Research. New treatments for neurological conditions like depression and migraines are gaining traction and may propel medtech innovation forward. | | | | | | | | | Q&A: Hamilton Lane managing director on VC secondaries boom | |  | Matt Pellini, managing director at Hamilton Lane
(Courtesy of Hamilton Lane) | | | The hunt for cash continues to send more LPs and GPs to the secondary market, where they're encountering a common problem: few buyers.
One such buyer is Hamilton Lane, which is targeting $5 billion for its sixth secondary fund. The firm plans to use its new capital to invest in all flavors of secondhand PE and VC assets.
PitchBook spoke with Matt Pellini, Hamilton Lane's managing director focused on venture secondaries, about his predictions for the market and the type of structures the firm finds most attractive now. | | | | | | | | | Big LPs secure increasingly bespoke terms amid tight fundraising | |  | | (Peter Dazeley/Getty Images) | | | Amid a tight fundraising environment, some PE lawyers have reported an uptick in the use of separately managed accounts.
These customized fundraising arrangements enable LPs—typically the biggest check writers—to negotiate concessions from GPs in exchange for large commitments, in keeping with LPs' broader push to consolidate their GP relationships. | | | | | | | | | Nets, lasers, GPS spoofers: VC opportunities in neutralizing drones | | As offensive drones get cheaper, technology to counteract attacks remains complex and expensive. Military, commercial and civilian groups—in sectors such as air travel, public events, energy and agriculture—all have eyes on specialized security technology.
Startups are targeting this dilemma with more cost-effective solutions compared to those developed by established defense contractors, while governments have earmarked significant funding for R&D. Our recent emerging space brief explores the complexities and barriers in the sector. | | | | | | | | | Expectations exceeded: European VC valuations in 5 charts | |  | | (Westend61/Getty Images) | | | European VC valuations fared better than previously anticipated in 2023, with all but two stages seeing increases in their median price tag.
Here's a look at five key trends from our 2023 Annual European VC Valuations Report that explore how the market affected valuations. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 481 Deals | 2572 People | 687 Companies | 42 Funds | | | | | | |
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The Daily Benchmark:
2020 Vintage Global Real Estate Funds | | | | | | |
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Antora Energy, a thermal battery startup, raised a $150 million Series B led by Decarbonization Partners.
Crypto startup EigenLayer, which is based in Seattle, raised $100 million from Andreessen Horowitz.
Fabric, a New York-based healthtech specialist, raised a $60 million Series A led by General Catalyst.
Ecommerce company Crisp raised a $20 million Series B extension from investors including Blue Cloud Ventures, FirstMark Capital and Spring Capital, as well as $30 million in debt from TriplePoint Capital.
Synadia, an enterprise cloud startup, raised a $25 million Series B led by Forgepoint Capital.
Carewell raised a $24.7 million Series B led by MBF Healthcare. The Miami-based online retailer offers products for caregivers.
Dub raised $17 million in a seed round led by Tusk Venture Partners. The fintech company's platform allows individuals to mirror other investors' portfolios.
Indian climate-tech startup Varaha secured $8.7 million in a Series A led by RTP Global.
Johannesburg's Hohm Energy, which operates a solar marketplace, raised an $8 million seed investment from investors including E3 Capital, 4DX Ventures and Tekton Ventures.
Evergrowth secured $2.2 million in a round led by Impellent Ventures and Practica Capital. The Lithuanian company offers an AI-powered B2B account-based sales platform. | | | | | |
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| PitchBook Tech Talks webinar: Y Combinator's second time founders | | This webinar brings together second time founders from Y Combinator's latest cohorts to discuss the advantages that their prior startup brings to their new companies. This conversation will dive deep into the impact of AI, hiring developers, go-to-market strategy, balancing product vs. sales and marketing, and more. Key topics include: - How building with AI is providing increased product functionality.
- Learnings from previous entrepreneurial endeavors.
- The founder experience today compared to years past.
Register now to secure your spot. | | | | | | | |
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Ori Capital raised $260 million for its second flagship fund focused on life sciences investing.
Web3-focused investor Hack VC raised $150 million for its first venture fund focused on early-stage startups, following its $200 million seed fund.
Ibex Investors closed its fourth fund focused on investing exclusively in Israeli startups on $106 million.
Toronto-based Golden Ventures closed its fifth flagship vehicle with over $100 million for seed-focused investing.
Coller Capital will launch a Secondaries Private Equity Opportunities Fund, which has been specifically designed to attract high-net-worth investors. | | | | | |
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