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| In today's Daily Pitch, you'll find: | | | | | |
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| Thomas Tull's firm leads $80M round for Halo in AI picks-and-shovels bet | |  | | (SweetBunFactory/Getty Images) | | | Billionaire Thomas Tull's latest AI play is Halo Industries, a startup developing novel ways to make silicon wafers for semiconductors.
Tull's US Innovative Technology Fund led an $80 million Series B for Halo that valued the company at $300 million post-money, founder Andrei Iancu told PitchBook exclusively.
Venture capitalists—especially corporate VCs with strategic partnerships in mind—have flooded into next-generation semiconductor startups, driving up valuations in a segment where many companies have little to no revenue. | | | | | | | | | Overperformers and underperformers of public healthcare services | | For public healthcare services companies, it's a feast for some and famine for others. Stocks handily outpacing major indexes so far this year include hospitals and long-term care providers. Meanwhile, value-based care companies underperformed due to persistent unprofitability and increased medical utilization.
In this climate, investors have eyes on the upcoming IPO of Ardent Health Services, a health system that has filed to go public at a $3.15 billion valuation. Our Q2 2024 Healthcare Services Public Comp Sheet and Valuation Guide tracks stock performance, EBITDA margins, revenue growth and valuations for key publicly traded companies. | | | | | | | |
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| A message from RBC Capital Markets | | |
| Investors rediscover value in resurgent energy sector | | | The energy sector is experiencing a 'Goldilocks Era,' marked by increased M&A activity in the oil and gas markets and attractive valuations driving renewed investor interest. As operators and public companies chase cost of supply and access to capital, private market opportunities in quality companies are attracting significantly higher valuations. Listen to Strategic Alternatives, the RBC podcast, to hear experts analyze the industry's prospects. | | | | | | | |
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| Google nears $23B Wiz deal | |  | | (Justin Sullivan/Getty Images) | | | Google's parent company Alphabet is in advanced talks to buy cybersecurity startup Wiz for around $23 billion in what could be its largest acquisition yet.
The deal, first reported by The Wall Street Journal, could see Wiz nearly double its value. Wiz secured a $12 billion valuation in May following a $1 billion Series E co-led by Andreessen Horowitz, Lightspeed Venture Partners and Thrive. Before that, it raised $300 million at a $10 billion valuation in early 2023. The startup's other early backers include Sequoia Capital and Index Ventures.
Alpabet's largest acquisition to date is consumer electronics company Motorola Mobility, which it bought for $12.5 billion in 2012. | | | | | | | | | More pharma services deals expected as PE interest shifts | |  | | (Rodsawang/Getty Images) | | | Deals within pharma services are riding tailwinds that are likely to attract PE managers in the second half of the year, driven by several factors including scientific advancements and increased competition for outsourcing services.
This also reflects a shift away from the healthcare services area, which is facing margin compression, heightened regulatory scrutiny and a growing backlog of exits. | | | | | | | | | Secondary valuations rise for Klarna, Stripe, Chime as fintech stocks waver | | Fintech's notable IPO hopefuls, Klarna, Stripe and Chime, appear to be passing on 2024 debuts. IPO enthusiasm from investors has nonetheless boosted their valuations in secondary markets: Stripe's has swung from $50 billion in its last raise up to $103.6 billion.
That's despite public fintech companies' weakened performance overall in Q2. Medium-growth and legacy fintech stocks kept above water, while high-growth payments companies sank the most out of the sector, with sustained high interest rates putting a heavier pressure on their performance.
Our Q2 2024 Fintech & Payments Public Comp Sheet and Valuation Guide tracks stock performance, valuations, and market caps for key publicly traded companies. | | | | | | | | | Surveying ESG and impact investing practices | | We've launched our revamped 2024 Sustainable Investment Survey to take a closer look at what investors are doing and why—including the current events influencing sustainable investing practices.
We would also like to hear what the term "ESG" means to private market participants and whether concessionary returns are implicit in impact investing. We invite you to share your firm's approach.
All who complete the roughly 10-minute survey will have the opportunity to enter a prize drawing, and for each completion, PitchBook will make a donation to World Central Kitchen. | | | | | | | | | 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 recent 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. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 173 Deals | 465 People | 125 Companies | 14 Funds | | | | | | |
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The Daily Benchmark:
2020 Vintage Global Funds-of-Funds | | | | | | |
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Headway, a startup helping to connect people to mental health care, is raising a $100 million round led by Spark Capital that would value the company at $2.3 billion, Bloomberg reported.
Standard Bots, a New York-based startup developing AI-powered robots, has raised a total of $63 million across multiple rounds, including a $39 million Series B led by General Catalyst, Bloomberg reported.
Partior, a Singapore-based blockchain cross-border payments startup, raised a $60 million Series B led by Peak XV Partners.
HerculesAI, a startup developing AI tools for law firms and other businesses, raised a $26 million Series B led by Streamlined Ventures.
Mantle, a startup manufacturing 3D printers, raised a $20 million Series C led by Schooner Capital.
Miridih, the South Korean developer of design platform MiriCanvas, has raised 20 billion Korean won (around $15 million) in a Series B.
Spotlight Medical, a Paris-based startup developing AI-driven prognosis tests for cancer patients, has raised a €6.2 million seed round led by Kurma Partners and Heal Capital. | | | | | |
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KKR is negotiating the possible break up of media group Axel Springer with its CEO Mathias Döpfner, the Financial Times reported. Under the term of the proposed deal, the largest shareholders, KKR and the Canada Pension Plan Investment Board, would take control of the group's portfolio of classifieds websites.
TA Associates picked up a stake in Indian diversified lending specialist Vastu Housing Finance.
Global Infrastructure Partners and Stonepeak are among the investors looking to buy a 40% stake in Australian energy group Jemena from Singapore Power at a $10 billion valuation, Reuters reported.
Sensio, a Norway-based healthtech company specializing in care for older adults, agreed to be acquired by Nordic Capital.
Martin Midstream, a Nasdaq-listed energy transportation company, received an offer to be acquired by Nut Tree Capital and Caspian Capital in a take-private deal valuing the company at around $156 million, Reuters reported.
Bluegrass Fitness, an affiliate of Manna Capital Partners, has acquired 18 fitness studios in Florida from Orangetheory Fitness.
Ares Management and Griffin Capital Partners made a follow-on investment in LifeSpot, a long-term rental housing provider in Poland.
IK Partners invested in Boma, a B2B distributor of hygiene products and machines serving the Benelux region and France. | | | | | |
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PAG, a Hong Kong-based PE firm, has raised about 3 billion yuan (roughly $414 million) for a China-based PE fund, and is looking to raise up to $1 billion more for a new fund targeted at firms seeking PE exposure in China, Bloomberg reported.
Shield Capital, a VC firm investing in startups tackling national security challenges, is targeting $700 million for its second fund, according to SEC filings, after closing its first fund on $186 million last year.
Alpine Space Ventures, a Munich-based VC firm targeting investments in space technology across Europe, raised €170 million for its first fund. | | | | | |
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