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| In today's Daily Pitch, you'll find: | | | | | |
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| AI, machine learning startups face market realities | | VC funding slid 27.8% quarter-over-quarter for AI and machine learning startups in Q2. Of the 70 product categories tracked by PitchBook, only 21 are on pace to grow in venture funding in 2022—driven by vertical applications including information security, drug discovery, and sales and marketing.
Our latest Emerging Tech Research report on AI and machine learning includes updated market size estimates and spotlights on private companies including Databricks and DataRobot.
The report also tracks major industry trends—covering AI struggles in code completion, developments in streaming data pipelines, and how synthetic data is being used for robotics and autonomous vehicle training. | | | | | | | | | Investors salivate for distressed debt opportunities | |  | | (Olivier Le Moal/Shutterstock) | | | After years of slim pickings, distressed debt investors are preparing for more abundant times.
An extended period of low interest rates, rising valuations and easy access to borrowing led many companies to amass big piles of debt. The stimulus launched during the pandemic, which could mask underlying financial stresses, only exacerbated the situation. Now those companies are grappling with a series of headwinds, including a slowing economy and falling corporate earnings.
These shifting market conditions are likely to leave those corporate borrowers in financial distress. In short, these are exactly the conditions in which distressed debt investors thrive. | | | | | | | |
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| A message from Velocity Global | | |
| The future of work: What talent wants | | The world of work has changed, and so have talent's expectations. More than ever, talent expects work to fit into their lives rather than revolving their lives around work. Top applicants are flocking to companies that offer that life-work balance, and employees are walking away from employers who don't.
Read our guide to learn what talent wants so you can hire and retain the best people—wherever they are. | | | | | | | |
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| UK and Ireland private equity in five charts | |  | | (mrcmos/Shutterstock) | | | The economic downturn has hit the UK and Ireland's private equity market as dealmaking flattens from last year's peak.
Check out these five charts to learn more about PE deals, exit and fundraising in the UK and Ireland. | | | | | | | | | | PE firm employees have given more than $102 million to this year's US Congressional campaigns—closing in on a new record. [The Wall Street Journal]
The EU is drafting new cybersecurity requirements that would hit noncompliant internet-connected products with fines and the possibility of being taken off the market. [Bloomberg]
Ecommerce companies explore robots as a way to save money on workers and optimize scheduling in response to a broken supply chain. [The New York Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 907 Deals | 3859 People | 1122 Companies | 34 Funds | | | | | | |
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| 2017 Vintage Global VC Funds | | | | | | |
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| Arsenal Biosciences secures $220M | | | | | | | | Muck Rack raises $180M Series A | | | Muck Rack has raised $180 million from Susquehanna Growth Equity. Based in Miami, the company provides a public relations platform designed to help organizations collaborate with journalists and content creators to generate media coverage. | | | | | | | Morse Micro picks up $140M Series B | | | Morse Micro, a fabless semiconductor provider, has raised $140 million in a round led by MegaChips. Founded in 2016, the company's wifi capabilities allow a single access point to support more than 8,000 internet-of-things devices. | | | | | | | | | Logistics startup Trukker has raised $100 million from investors including Investcorp and Mubadala, Bloomberg reported. The company operates an online marketplace that connects transporters with consumers and businesses. | | | | | | | | | | | | | | | | Otolith Labs has raised a $20 million Series A led by Morningside Ventures. The company makes wearable medical devices for the treatment of vestibular disorders such as chronic vertigo. | | | | | | | BioBetter brings in $10M Series A | | | | | | |
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| PitchBook webinar: H1 European private market update | | Join PitchBook Sept. 14 for a webinar examining the progress of Europe's private capital markets for the first half of 2022. Our analysts will discuss notable deals and fundraising activity, along with what could be on the horizon for the landscape in the remainder of 2022. Key topics include: - European VC and PE dealmaking between portfolio companies and investors in H1 2022.
- The exit market for PE- and VC-backed companies and investors.
- The fundraising landscape for GPs and LPs.
Register now to secure your spot. | | | | | | | |
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| EIG to invest $4.8B in Repsol's upstream business | | | EIG is to acquire a 25% stake in Repsol's upstream oil and gas business for $4.8 billion. The Madrid-headquartered company will continue to own the remaining 75% of the business, implying a total value of $19 billion. | | | | | | | Genstar's ACA acquires Focus 1 | | | ACA Group has bought Focus 1 Associates, a compliance consulting specialist for registered investment advisers. ACA is backed by Genstar Capital, which acquired the governance, risk and compliance company in 2021. | | | | | | | Gryphon takes over Techmer | | | | | | | | Bernhard Capital backs architecture firm | | | | | | | | SK Capital stakes VanDeMark Chemical | | | | | | | | Francisco Partners lifts Drawbridge | | | | | | | | PE-backed VetCor collars People, Pets & Vets | | | | | | |
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| AIG launches IPO of Blackstone-backed Corebridge Financial | | | American International Group has launched the IPO of insurance and asset management business Corebridge Financial, which is also backed by Blackstone. AIG is planning to offer 80 million shares of the company priced between $21 and $24 apiece, which would raise between $1.7 billion and $1.9 billion. | | | | | |
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| Kapor Capital collects $126M for Fund III | | | Kapor Capital has raised $126 million for its third fund. The Oakland, Calif.-based VC firm seeks to invest in early-stage companies operating in sectors including information technology, education and energy. | | | | | |
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| Kim Kardashian, ex-Carlyle executive launch PE firm | | | | | | |
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"Data shows that serial and even unproven entrepreneurs command higher valuation step-ups than their novice counterparts. While unproven entrepreneurs do not have the benefit of track records of providing returns to their equity holders like serial entrepreneurs do, their commitment to bringing innovative ideas to market is encouraging and rewarded in subsequent financing rounds. This reward appears in the smaller variance between the median valuation step-ups of unproven and serial entrepreneurs in both the early and late stages."
Source: Q3 2022 Analyst Note: Serial entrepreneurs raise more capital, but at what cost? | | | | | |
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