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| In today's Daily Pitch, you'll find: | | | | | |
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| Even as healthcare IT explores generative AI, dealmaking slips | | The healthcare IT sector has been abuzz this year already—from AI hype maturing at recent industry conferences to the February ransomware attack on Change Healthcare that rocked healthcare providers nationwide. Despite the sector's close eye on AI emerging opportunities for payer workflow enhancements and working generative AI into clinical decision support, private markets dealmaking had a lackluster end to 2023.
For VC, Q4 activity was at its weakest for the year, according to our latest Emerging Tech Research, while PE's momentum stayed flat. Rounding out the year's totals, both strategies cemented annual rates of decline in the mid-to-high 20s. | | | | | | | | | LP Q&A: European Investment Fund on adding value in VC | |  | Uli Grabenwarter, the European Investment Fund's director
of equity investments (Courtesy of the EIF) | | | The European Investment Fund is one of Europe's most prolific backers of VC and PE funds.
Its head of equity investments, Uli Grabenwarter, is no stranger to operating in challenging market conditions. He spoke to PitchBook about the EIF's role in catalyzing European VC investment activity, how the firm differentiates itself from other LPs and his biggest concerns about the tight funding environment. | | | | | | | |
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| Simplifying global compliance for international expansion | | Companies looking to expand internationally will find themselves in the complex and dynamic labyrinth of global compliance. Beyond navigating entity setup, hiring, and onboarding, there are a number of financial aspects to consider as well. For example, it's important that clients with global operations adhere to the International Accounting Standards Board (IASB) and International Financial Reporting Standards (IFRS), ensuring compliance, consistency, and transparency in financial reporting. It's also imperative to understand local regulations, especially with the varying practices in the U.S.
To learn more about how to best navigate cross-border expansion, check out G-P's eBook, 7 Compliance Challenges Companies Face When Growing Globally. | | | | | | | |
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| IPO Watchlist: The biopharma unicorns that could go public in 2024 | |  | | (Thomas Samson/Getty Images) | | | 2024 is shaping up to be a busy year for biopharma exits: Seven companies in the sector have already IPO'd since the start of the year, for a collective exit value of $3.1 billion.
The upswell in IPOs has the potential to drive more companies to explore a public listing, especially those riding the waves of innovation in AI-driven drug discovery and weight-loss drugs.
Using PitchBook's Exit Predictor, we dig into which biopharma companies might be next out the door. | | | | | | | | | Thomas Tull's USIT leads $175M round into Celestial AI | |  | Thomas Tull
(China Photos/Getty Images) | | | Celestial AI, a photonics computing startup aimed at bringing down the costs of AI, has raised a $175 million Series C.
The investment highlights the budding leadership in AI deals of former Legendary Entertainment CEO Thomas Tull's VC firm, US Innovative Technology Fund. The firm, which led the Series C, previously led a $320 million Series C into AI GPU cloud computing startup Lambda. | | | | | | | | | Bank of England takes a hard look at PE | |  | | (Mike Kemp/Getty Images) | | | The Bank of England could be stepping up scrutiny of PE over the perceived risks to the financial system.
In particular, a report by the bank's financial policy committee noted a lack of transparency on how portfolio companies are using debt. Are the concerns justified? | | | | | | | | | Could top VCs be warming up to crypto—again? | | PitchBook's latest Emerging Tech Indicator, which shares quarterly insights on investment activity from a subset of the world's most successful VC firms, has found that while AI and biotech continued their reign at the top, investment in crypto had steady gains.
Deal activity was on the decline again, as were deals worth over $100 million. Check out the data, trends and startups within the key verticals top investors have backed. | | | | | | | | | CRMs lead an enterprise SaaS rebound | | In Q4, enterprise SaaS startups raised $14 billion across 597 deals, an 11.9% quarter-over-quarter increase in deal value but an 8.6% decrease in deal count. Customer relationship management startups led the way, with VC investment up 72.5% from Q3.
Now, several companies are experimenting with conversational AI, hoping to streamline processes and lower costs. Our Q4 2023 Enterprise SaaS Report provides an overview of the space, touching on the key trends, data, and startups investors need to know. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 641 Deals | 2338 People | 913 Companies | 41 Funds | | | | | | |
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The Daily Benchmark:
2011 Vintage Global PE Funds between $250M-$500M | | | | | | |
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Ecommerce giant Amazon has invested $2.75 billion into generative AI startup Anthropic as part of its pledged $4 billion total.
Sutter Hill Ventures led a $115 million Series B for observability startup Observe.
Hume AI, a New York-based wellness startup, raised a $50 million Series B led by EQT Ventures.
Indonesian insurtech startup Qoala closed a $47 million Series C led by PayPal Ventures and MassMutual Ventures.
New York's Nourish, a telehealth startup focused on nutrition, raised a $35 million Series A led by Index Ventures.
Boston-based InStride Health, a provider of pediatric anxiety and OCD treatment, raised a $30 million Series B led by General Catalyst.
Pittsburgh-based Gather AI, a startup focusing on AI-powered warehouse inventory management, raised a $17 million Series A1 led by Bain Capital Ventures.
Peaq, a Singapore-based blockchain specialist, raised $15 million in a round led by Generative Ventures and Borderless Capital.
Watttron, a German developer of digital heating systems, secured a €12 million Series B led by the Circular Innovation Fund and the European Circular Bioeconomy Fund.
Hive, a Geneva-based provider of cloud storage and computing, raised a €12 million Series A led by SC Ventures. | | | | | |
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| PitchBook webinar: Insights into investment firm compensation trends | | Join us for a discussion on how compensation trends at VC and PE firms have changed in recent years and what we might expect moving forward. Jody Thelander, founder & CEO of the namesake firm; Kaidi Gao, PitchBook VC research analyst; and Jim Jensen, partner at Wilson Sonsini Goodrich & Rosati, will share real-time data on base salaries, bonuses, carried interest percentages and more across various positions. Key topics include: - Compensation trends year-over-year by total AUM and type of firm.
- Best practices for fund structure, including fund formation and carried interest.
Register now to secure your spot. | | | | | | | |
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| Ardian-backed French laboratories chain Inovie Group is considering a potential sale valuing the business at over €3 billion, Bloomberg reported. | | | | | |
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| Percheron Capital, a PE firm focused on essential services businesses in North America, closed its Fund II on $1.55 billion. | | | | | |
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