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| In today's Daily Pitch, you'll find: | | | | | |
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| Nearly 30% of VC deals are flat or down rounds | |  | | (Sebastien Bozon/Getty Images) | | | The pandemic-era highs are long gone, and for many startups that means finally coming to grips with a cut to their valuation.
Flat and down rounds for VC-backed companies hit a decade-high in the first half of 2024, comprising nearly 30% of all deals, according to PitchBook's latest US VC Valuations Report. | | | | | | | | | How crypto can boost generative AI | | As the demand for AI has exploded, so has the need for computing resources to handle and train large-scale models. And as costs soar, smaller startups are finding the needed computing power inaccessible.
Enter crypto. Our latest Emerging Tech Research covers dealmaking and trends in the crypto market in Q2 2024. As the sector has seen three straight quarters of growth, with total deal value hitting $2.7 billion in Q2, it is looking to be a part of what's next to keep its momentum going.
The crypto industry's decentralized GPU networks—blockchain-based marketplaces where people can share and monetize their unused computing resources—could help cut costs and expand access for AI startups. | | | | | | | |
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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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| Strategic buyers pay up for PE assets | |  | | (PM Images/Getty Images) | | | PE firms are increasingly pursuing sales to strategic acquirers, who are able to shoulder heftier premiums. The median deal value for PE assets sold to strategic buyers in the first half of 2024 stood at $480 million—up more than 70% from the same period last year, according to PitchBook data.
The expanding pool of bidders presents a mixed bag for PE dealmakers. On one hand, it eases the exit pressure faced by many firms, but on the other it increases competition in the deal market, industry participants say. | | | | | | | | | Abu Dhabi's ADQ to pick up stake in Sotheby's | |  | | (Isaac Lawrence/Getty Images) | | | Abu Dhabi's sovereign wealth fund ADQ is set to acquire a minority stake in art auction house Sotheby's.
The fund will invest about $1 billion in the fine art vendor in an effort to further diversify its portfolio across new markets. | | | | | | | | | Tracking public PE firms' performance | | Public US PE firms are pouring money into AI, data centers and the energy transition. Meanwhile, these firms reported an improved exit environment and prospering credit businesses in their Q2 earnings calls.
Read more in our US PE Earnings Dashboard, which tracks trends in key performance metrics for public US PE firms. | | | | | | | | | Hargreaves Lansdown to delist in nearly $7B UK take-private | |  | | (SOPA Images/LightRocket/Getty Images) | | | Hargreaves Lansdown has agreed to delist from the London Stock Exchange in a £5.4 billion (nearly $7 billion) take-private deal by a consortium that includes CVC Capital Partners.
PE sponsors are increasingly collaborating through club deals as they hunt for bargains. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 113 Deals | 350 People | 120 Companies | 14 Funds | | | | | | |
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The Daily Benchmark:
2016 Vintage Global Funds-of-Funds | | | | | | |
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Glean, a Bay Area-based startup developing an AI-powered search engine for business, is in talks to raise a $250 million round led by DST Global that would value the company at $4.5 billion, The Wall Street Journal reported.
Shiprocket, an Indian logistics startup, aims to raise $120 million from investors including Tribe Capital and Koch Group, Mint reported.
DevRev, a startup designing an AI-native platform for customer support and other development uses, raised a $100 million Series A led by Khosla Ventures that values the company at $1.15 billion.
Miru, which uses electrochromic technology to make windows, raised a $20 million Series A led by BDC Capital and Angelo Paletta of TNG Capital.
Levitate, a startup specializing in software for customer relationship management, raised a $15 million Series D led by Harbert Growth Partners, Northwestern Mutual Future Ventures and Bull City Venture Partners.
Syso, a company developing battery storage and renewable energy technologies, raised a $14.5 million Series B led by Kimmeridge. | | | | | |
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Trend Micro, a Japanese cybersecurity company valued at about 950 billion yen (roughly $6.5 billion), is exploring being taken private by a PE buyer, Reuters reported.
Esker, which provides cloud-based document management software, is in talks to be acquired by UK-based PE firm Bridgepoint, Bloomberg reported.
The renewable energy business of Algonquin Power & Utilities will be sold to New York-based LS Power in a transaction of up to $2.5 billion.
Les Schwab Tire Centers, a car tire and wheel distributor owned by Meritage Group, is in talks to be sold to another PE firm for around $7 billion including debt, Reuters reported.
Iteris, a Texas-based public company developing mobility and transportation infrastructure software, was acquired by PE-backed Almaviva for $335 million.
Electrical Builders Industries, a Minnesota-based company providing electric and industrial services for nuclear power facilities, was acquired by Pelican Energy Partners. | | | | | |
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Weride, a China-based autonomous vehicle startup, is seeking about $400 million in its US IPO, Bloomberg reported.
Ola Electric, an Indian electric vehicle company backed by investors including SoftBank, raised over $730 million in its IPO, valuing it at $4.8 billion.
Techem, a Germany-based energy management and billing company, is being considered for an IPO by controlling PE firm Partners Group, Bloomberg reported.
Fintech company Finastra's capital markets division may be sold by Vista Equity Partners in a deal that could value the business at more than $2 billion, Bloomberg reported.
ABC Fitness Solutions, a company developing software for the management of fitness centers, is being considered for a sale by Thoma Bravo for about $3 billion including debt, Reuters reported. | | | | | |
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Flint Capital, a Boston-based VC firm, raised $160 million for its third fund targeted at information technology, cybersecurity, fintech and more.
Pebblebed, a San Francisco-based VC firm investing in tech companies, launched its second fund targeted at $125 million, according to SEC filings. | | | | | |
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