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| In today's Daily Pitch, you'll find: | | | | | |
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| Defense tech holds down the fort | | Despite a slowdown in VC dealmaking in the past year, defense tech remains a resilient market—with over $9 billion invested across 228 deals so far in 2024, according to our latest Emerging Tech Research. With 35 exits completed, the sector is on track for an upswing compared with other languishing industries.
Defense-tech startups receive support from programs such as the Defense Innovation Unit, which offers startups a chance to engage directly with national security initiatives. Our analysts highlight the opportunity for VC-backed innovation to expand the US defense industrial base, and provide an overview of industry dynamics, key players and deal activity. | | | | | | | | | Market Map: See how investors are making bets on restaurant tech | |  | | (Mara Potter/PitchBook News) | | | VC foodtech dealmaking has been static for the last six quarters—but investors aren't dining and dashing just yet.
Restaurant and retail tech—technologies and services that improve cooking precision and efficiency, reduce waste and help track food—have continued to attract fresh funding.
Our latest market map highlights the segments and startups that investors think are poised to lead a foodtech rebound. | | | | | | | |
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| When you bank with Silicon Valley Bank, you get what matters | | 30+ years of fund banking experience and the largest team in the market.
Bank with SVB | | | | | | | |
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| Introducing pharmatech VC and PE research | | We're launching new coverage of the pharmatech sector, which includes contract organizations and outsourcing services for drug research, development and manufacturing. Kazi Helal, Ph.D., PitchBook's senior analyst for biotech, details the market landscape and dealmaking in our recent Emerging Tech Research on the space. - The sector, traditionally dominated by a few large companies, now sees PE and VC investors discovering opportunities and leveraging post-pandemic biomanufacturing needs.
- Dealmaking in the pharmatech industry has moderated from post-pandemic peaks and faced continued pressure in 2024, with PE investors focusing on consolidating mature companies and VCs launching the future of pharmatech.
- Investors are finding opportunities in novel technologies like generative AI for drug discovery and clinical trials, as well as maturing ones like cell and gene therapies—where high demand creates the need for scalable manufacturing.
| | | | | | | | | Global policies steer VC dollars toward battery recycling | | As the need for decarbonization solutions grows, carbon and emissions tech startups seem to have weathered the challenging market conditions across the VC landscape. But following a blockbuster year in 2023, deal value is down across the sector, with $2.7 billion invested in Q1 2024, according to our recent Emerging Tech Research.
Lithium battery recycling startups drew the largest share of VC funding—as they continue to navigate changing regulations and standards for battery use, development and disposal. These companies, like others in the sector, are consistently affected by global policy and varying political landscapes. | | | | | | | | | Soon you'll have a (better) conversation with your car | | Despite a slow quarter for mobility tech VC deals, generative AI continues to push its way into the sector, according to our recent Emerging Tech Research. ChatGPT and other generative AI partners are changing the way voice controls in cars work, enabling more natural interactions with your vehicle while eliminating the need for precise, explicit commands.
The largest VC deals of the first quarter were in electric vehicles. Over three times the amount invested in autonomous driving startups went to EV specialists, totaling $2.6 billion. IM Motors led the way with a $1.1 billion deal to develop solid-state batteries for EVs. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 50 Deals | 167 People | 39 Companies | 6 Funds | | | | | | |
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The Daily Benchmark:
2017 Vintage Non-US PE Funds | | | | | | |
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Harvey, a San Francisco-based startup developing AI tools for legal professionals, is seeking a $100 million round expected to be led by GV after a previous funding round fell through, The Information reported.
Quantum Rise, a Chicago-based startup providing AI-powered automation technology, raised a $15 million seed round led by Erie Street Growth Partners, TechCrunch reported.
Eneida, a Portugal-based startup developing an analytics platform for energy grids, raised a €10.5 million Series B led by Junction Growth Investors.
Natcap raised a $10 million Series A from investors including Yeo Ventures, Norinchukin Capital and Pelican. The company offers a nature-focused intelligence and strategy platform.
Stanza Living raised a $10 million Series A led by Sequoia, according to reports. The New Delhi-based company offers housing for students and workers. | | | | | |
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Megazone Cloud, a Seoul-based cloud consulting specialist, has filed to go public on the Korea Stock Exchange with an IPO that could value the company at upward of several billion dollars, Bloomberg reported.
Alpha Data, a United Arab Emirates-based IT services company, is planning an IPO in Abu Dhabi and looking to raise around $200 million, Bloomberg reported. | | | | | |
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| J2 Ventures, a Boston-based VC firm, raised $150 million for its second venture fund, The Wall Street Journal reported. | | | | | |
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