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| In today's Daily Pitch, you'll find: | | | | | |
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| Ian Osborne's Hedosophia leads $100M round for pre-revenue fusion startup | |  | | (Artur Debat/Getty Images) | | | Hedosophia, a low-profile VC firm founded by financier Ian Osborne, has typically made software-focused bets in startups such as AI-powered voice specialist PolyAI, financial software provider Qonto and ecommerce company Gopuff.
But its latest investment publicly signals a new area of interest for the firm: fusion energy. Hedosophia just led a $100 million Series A for Xcimer, a pre-revenue fusion-tech startup, the company announced today. | | | | | | | | | VC-backed bank Monzo swings to profitability | |  | | (Image courtesy of Monzo) | | | Challenger bank Monzo has reported its first annual profit nearly a decade after launching.
The London-based upstart joins a small number of fintech startups to have recently entered the black as VC funding for the sector shows little sign of improvement. | | | | | | | |
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| A message from AlixPartners | | |
Unlocking value: Strategies for
PE-backed tech companies | | The value creation strategies for private equity firms in the technology sector have evolved significantly. With inflation and persistently high interest rates, PE-owned tech companies struggle to maintain profitability. This has led to extended hold times and decreased valuations. To navigate this, PE investors are urged to prioritize profitability. Key considerations include top-line growth, cost optimization, and capital efficiency. These strategies, when deployed effectively, can strengthen portfolio companies and enhance returns for PE firms, even during longer hold periods.
Explore innovative strategies and actionable insights in AlixPartners' latest report. Whether you're a private equity firm or a tech portfolio company, discover how to enhance profitability, optimize costs, and drive growth.
Read more | | | | | | | |
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| May wrap-up: One month in global markets | | Our latest Global Markets Snapshot breaks down a month of trends in the equity, debt and commodities markets, tracking returns across a range of indexes and sectors. It also features private market activity, including major deals, fundraising, IPO performance, lending volume and unicorn creation.
In this monthly digest, we provide the datasets that the PitchBook Institutional Research Group is keeping an eye on. | | | | | | | | | Generative AI seed funding plunges as investors take a breath | |  | | (Drew Sanders/PitchBook News) | | | Even with AI, what goes up must eventually come down.
For two consecutive quarters generative AI dealmaking at the earliest stages has declined, dropping 76% from its peak in Q3 2023 as wary investors sit back and reassess following the initial flurry of capital into the space.
Investors at the earliest stages say the bar for generative AI keeps rising as larger competitors launch new products and features. | | | | | | | | | Medtech VCs stay active despite tough conditions | | Medtech VC investment rebounded significantly to $3.3 billion in the first quarter as investors piled into high-quality companies despite historically low deal volume, according to our recent Emerging Tech Research. - The largest deal went to Freenome, an early cancer-detection startup, which raised a $254 million late-stage round led by Roche Venture Fund.
- Public medtech valuations have stabilized, and there are pockets of rising valuations in the medical devices, consumer health and life sciences sectors. But exits remain scarce.
- The report also covers emerging opportunities in cardiac arrest prevention and treatment as well as whole-body scans.
| | | | | | | | | Why economic growth doesn't equal a buyout boom | | The tailwinds that have propelled buyout fund performance over the past decade will die down in the coming years. While buyout dealmaking rebounded slightly at the beginning of the year, activity remained below its historical average, where it's likely to remain until interest rates come down.
Our recent Quantitative Perspectives report breaks down how strong economic growth, low unemployment and above-target inflation have diverted the Federal Reserve's focus away from lowering interest rates, a development that has a material impact on the buyout market. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 776 Deals | 2122 People | 816 Companies | 33 Funds | | | | | | |
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The Daily Benchmark:
2017 Vintage Global Real Assets Funds | | | | | | |
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BioBTX, a Dutch developer of renewable aromatics technology, has raised over €80 million from investors including Invest-NL, Carduso Capital and Covestro.
San Francisco-based Ashby, a startup using AI to automate recruiting processes, raised a $30 million Series C led by Lachy Groom.
Gireve, a Paris-based B2B digital platform for electric mobility, has secured €20 million from Partech and existing investors.
Madrid-based edtech startup Bcas has raised €17 million in a round led by MyInvestor and Actyus.
Chicago-based co-working and accelerator startup Workbox raised a $17.5 million Series A led by Chicago Atlantic. The funding includes a follow-on option to raise an additional $5.5 million. | | | | | |
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Stockholm-based VC firm Creandum has closed its seventh fund on €500 million, targeting seed and Series A investments in Europe.
Boston-based VC firm Anzu Partners is teaming with JA Green & Co., a Washington, DC-based lobbying group, to raise a $100 million fund for tech startups that focus on national security.
Copenhagen-based early-stage investor Dreamcraft Ventures has closed its second fund on €66 million. | | | | | |
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