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The Daily Pitch is taking a break for the holidays and will return in January. Happy New Year!
In today's newsletter, you'll find: - US PE dealmaking is moving at its fastest pace in at least two decades.
- How climate tech startups can help the planet on the road to net zero.
- Are medtech startups slowly being written out of the life sciences playbook?
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| Tech propels PE dealmaking to 20-year high | |  | | (twomeows/Getty Images) | | | Private equity deal activity in the US is moving at a scorching rate, with deals being completed at the fastest clip in at least two decades.
Following pent-up demand from a cautious 2020, PE deals were expected to climb this year—but the pace has been faster than anyone predicted. | | | | | | | | | | Mapping VC's role on the road to net zero | |  | | (Andriy Onufriyenko/Getty Images) | | | Most greenhouse gas emissions can be reduced using existing technology, but climate tech startups could scale breakthroughs to help close the gap.
VCs and other private investors can provide over two-thirds of the estimated $125 trillion needed to reach the goal of net-zero carbon emissions by 2050, as laid out in the 2021 UN Climate Change Conference.
Our recent installment of Emerging Tech Research explores the outcomes of the summit that are particularly relevant to the climate tech industry. Our analysts also examine investment strategies from the Glasgow Financial Alliance for Net Zero—focusing on energy storage, building efficiency, clean industrial processes and more. | | | | | | | | | | Is medtech innovation dead? | |  | | (sesame/Getty Images) | | | The biomedical revolution of the 21st century has propelled a record-shattering $44 billion in VC funding for US life sciences companies during 2021. Our recent analyst note examines the capital investment differences between medtech and biotech, delving into why biotech has overshadowed medtech in recent years, and what the future of medtech holds. Among the other takeaways: - While PitchBook defines the life sciences industry as comprising two subsectors—biotech and medtech—they aren't equally weighted from an investment perspective.
- Medtech companies have been receiving a shrinking proportion of life sciences capital in recent years as biotech companies continue to take the lion's share.
- Is investing in medtech startups slowly being written out of the life sciences playbook, or should investors take a second look at a possible resurgence in medtech innovation?
| | | | | | | | | | The challenges posed by climate change in the Arctic are particularly urgent. They're also helping stimulate tech innovation. [Fortune]
The Christmas tree's long and winding road from seed to harvested holiday centerpiece. [The Washington Post]
Why Automattic CEO and WordPress founder Matt Mullenweg is trying to save the internet. [Protocol] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 447 Deals | 1485 People | 370 Companies | 46 Funds | | | | | | |
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| 2014 Vintage Global Funds-of-Funds | | | | | | |
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| Chinese autonomous driving startup brings in $157M | | | Haomo.AI, a Beijing-based autonomous driving startup, has raised almost 1 billion yuan (about $157 million) in a Series A that garners it unicorn status. Investors including GL Ventures, Qualcomm Ventures and JZ Capital participated in the funding, which will support the company's R&D and recruitment. Haomo previously raised funding in February. | | | | | | | | Hyperscience collects $100M | | | Hyperscience has raised a $100 million Series E led by existing backers Global Founders Capital, Tiger Global, Stripes and Bessemer Venture Partners. Based in New York, the startup is a creator of data automation tech that helps enterprises improve operational efficiency, productivity and workflows. Hyperscience was valued at $730 million after an $80 million round in October 2020, according to PitchBook data. | | | | | | | | | Sorriso Pharmaceuticals, a developer of antibodies designed to treat inflammatory diseases like ulcerative colitis, has launched with a $31 million Series A led by NEA and Arix Bioscience. The startup's lead program is intended to target inflammatory bowel disease. NEA general partner Ed Mathers and Arix managing director Mark Chin have joined Sorriso's board. | | | | | | | | Mobile security company Privoro takes in $30M | | | Privoro, a creator of security hardware for smartphones, has raised a $30 million Series B led by an affiliate of Tracker Capital Management. The company is the developer of SafeCase, a security device that helps deter audio and video surveillance via spyware, and Vault, which protects against wireless attacks, location tracking, eavesdropping and more. | | | | | | | | OrbiMed backs $25M round for TandemAI | | | TandemAI has raised $25 million in seed and pre-Series A funding led by OrbiMed and Chengwei Capital. The startup uses quantum mechanics, experimental data and AI to promote drug discovery. The new funds will be used to advance its computational platform and expand wet lab operations. | | | | | |
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| Align Capital Partners backs talent marketplace We Are Rosie | | | Align Capital Partners has made a growth investment in We Are Rosie, an Atlanta-based flexible talent marketplace for the advertising and marketing industry. Since it was founded in 2018, We Are Rosie has grown its network of freelancers to more than 10,000 and hired 40 employees. | | | | | | | | Vance Street Capital lands PDC | | | Vance Street Capital has acquired Plastic Design Corporation, a Scottsdale, Ariz.-based manufacturer of micro-molded plastic components for the medtech and life science industries. Founded in 1991, PDC provides "micro-on-macro" solutions and injection-compression and over-molding capabilities. Vance Street is a mid-market PE firm that invests in companies across the medical, aerospace, defense and industrial sectors. | | | | | |
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| PitchBook Webinar: 2022 Private Equity Outlook | | Private equity defied all expectations in 2021, beginning with a quick recovery from its slump in 2020 and ending the year on record-breaking numbers. Following these unprecedented results, many are watching the space, interested to see if these trends will continue.
Join our PitchBook experts on Jan. 6 for a discussion on emerging trends, noteworthy PE activity and predictions for what will follow in 2022.
Sign up now | | | | | | | |
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| Triller to merge, go public with SeaChange at $5B value | | | Venture-backed social-video platform Triller has agreed to merge with SeaChange International. The transaction will value Triller, a competitor of social media platform TikTok, at around $5 billion and allow the company to go public, bypassing an IPO. | | | | | | | | Skillsoft to acquire VC-backed Codecademy for $525M | | | Corporate digital learning company Skillsoft has agreed to acquire Codecademy for $525 million in cash and stock. Codecademy's online learning platform has been accessed by nearly 40 million registered learners and offers classes in 14 programming languages for applications such as data science and cybersecurity. | | | | | |
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| Warburg brings in $2.8B for first real estate vehicle | | | New York-based growth investor Warburg Pincus has raised $2.8 billion for its inaugural fund dedicated to real estate in Asia. The opportunities vehicle, which launched late last year with a target of $1.5 billion, will focus on logistics, data centers, IT offices, life science parks and multifamily real estate. | | | | | | | | TSCP, AlpInvest partner on first continuation fund | | | Thompson Street Capital Partners has closed its first continuation fund, in partnership with AlpInvest. The vehicle was created with the purpose of acquiring Revenue Management Solutions and BCM One; the transaction had a combined enterprise value of $1.2 billion. RMS provides automation solutions to the healthcare industry, while BCM One offers managed services for network infrastructure. | | | | | | | | Base10 Partners eyes $400M for Fund III | | | Base10 Partners has established a target of $400 million for its third namesake fund, according to an SEC filing. The San Francisco-based firm backs early-stage automation tech companies across sectors like finance, food, healthcare and operations. Base10 raised $250 million last year for its second flagship vehicle. | | | | | |
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"Driving the region's lofty exit value, public listings have exploded in 2021. Through Q3 2021, 10 PE-backed public listings closed, already matching the previous decade's high. These public listings contributed €17.1 billion in exit value through Q3 2021—the most of any exit type."
Source: PitchBook's 2021 DACH Private Capital Breakdown | | | | | |
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