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| In today's Daily Pitch, you'll find: | | | | | |
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| Exclusive: SEC settles with BKCoin Capital co-founder | |  | | SEC Chair Gary Gensler (Alex Wong/Getty Images) | | | Kevin Kang, the co-founder of now-defunct crypto investment manager BKCoin Capital who was accused of US federal fraud and embezzlement last year, settled with the SEC—an outcome underscoring the regulator's shifting crypto priorities in an election year.
Earlier this month, Kang settled with the SEC without confirming or denying guilt, PitchBook has learned. In doing so, he signed off on several conditions that restrict his ability to manage capital from limited partners.
LPs await the outcome of a court-appointed receiver, charged with accounting for outstanding assets. BKCoin, which managed about $150 million in April 2022, ran a liquid token strategy and had previously unreported plans for a $50 million venture fund. | | | | | | | | | Navigating the VC liquidity drought | | VC-backed exits have tumbled—thwarted by elevated interest rates and global volatility. Total VC exit value in 2024 is on track for a staggering 86.2% decline from 2021's highs, as the lack of IPOs and M&A deals begins to have a knock-on effect on LP distributions.
Our analyst note on exit alternatives lays out several potential liquidity sources that have emerged as investors look to bridge the gap left by a lack of distributions. PitchBook senior analyst Emily Zheng highlights options such as secondaries, continuation funds and NAV loans, which can serve as solutions but are not easily implemented in VC. | | | | | | | |
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| A message from Moss Adams | | |
| Geopolitics and the AI revolution transforming semiconductor industry | | Moss Adams' Semiconductor Spotlight report reveals how private transactions are shifting in response to the momentum in the space. Key findings include: - Semiconductor VC deals tapered off in Q1 2024 after a four-year surge, representing greater focus on operations following rapid deployment of new capital. A steady flow of larger deals by state-backed Chinese firms buoyed overall VC check writing.
- Consolidation is a viable move for many companies as competition accelerates. More than $1 billion in strategic M&A value closed in Q1 2024, representing a QoQ doubling.
- Slower cross-border private capital flows at the start of 2024 underscore heightened geopolitical tensions, particularly between the US and China. Public sector initiatives have also spurred some cross-border transactions as companies pursue foreign funding.
Read it now | | | | | | | |
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| AI startup Codeium notches $1.25B valuation in race to automate coding | |  | | (Fotograzia/Getty Images) | | | AI code completion startup Codeium has raised a $150 million Series C at a $1.25 billion valuation as AI continues to churn out unicorns.
In the first half of the year, 42% of all newly minted unicorns were AI startups.
Competing with AI-powered coding programs like GitHub's Copilot, Codeium's large language models produce lines of code and power a chatbot that can analyze code and answer questions. | | | | | | | | | How VC could curb a US transportation problem | | Standard cars and small commercial vehicles make up 57% of the transportation emissions in the US, yet Americans love their cars. Alternatives like public transportation, e-scooters, robotaxis and ridehailing have been an innovation focus for VC-backed companies.
Our latest analyst note critiques these alternatives—noting that many fall short on accessibility, don't reduce traffic congestion, and have high costs to develop and operate. Startups like Glydways, highlighted in the note, present a solution that could help in these areas. | | | | | | | | | PE investment in defense, aerospace rebounds | |  | | (Guvendemir/Getty Images) | | | The defense and aerospace sector is seeing increased PE investment after high interest rates slowed activity in 2023.
PE firms have already spent around $4 billion this year across 51 deals in the sector, a promising lift in investment growth. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 461 Deals | 1803 People | 702 Companies | 35 Funds | | | | | | |
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The Daily Benchmark:
2021 Vintage Global Funds-of-Funds | | | | | | |
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Magic, a startup developing AI-powered tools and models for software developers, raised a $320 million round from investors including Eric Schmidt, Jane Street and Sequoia.
Noetik, a biotech startup utilizing AI technology for cancer drug discovery, raised a $40 million Series A led by Polaris Partners.
Miris, a California-based company developing spatial streaming technology, raised a $26 million seed round led by IAG Capital Partners.
Swiss-Mile, a Zurich-based robot maker, closed a $22 million seed round led by Bezos Expeditions and HongShan.
Melodi Health, which focuses on breast reconstruction for cancer patients, raised a $10.75 million Series A from investors including HM Venture Partners, Engage Venture Partners and Southeast Minnesota Capital Fund.
Turntable, the company developing social media music streaming platform Hangout, raised an $8.2 million seed round from investors including Founders Fund, Elizabeth Street Ventures and 468 Capital.
Uniqkey, a Denmark-based cybersecurity startup, raised €5.35 million in a round led by BackingMinds. | | | | | |
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AS Equity Partners bought Hochdorf Swiss Nutrition, the operating subsidiary of Swiss food company Hochdorf, for around $98 million.
Abra Group, the owner of Brazilian airline Gol, is in talks to receive $1.3 billion from Castlelake. The firm would help Abra to refinance its secured bonds after the airline filed for Chapter 11 bankruptcy protection.
MoneyThumb, which offers automated financial accounting services, was acquired by an investment group led by Iron Creek Partners.
Trajectory RCS, a Kansas-based company specializing in revenue cycle management for healthcare providers, was acquired by MedHQ, a PE-backed healthcare administration company.
Minnesota-based concrete and construction specialist MD Concrete has been acquired by Concrete Science, which is backed by Lake Street Capital Partners. | | | | | |
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Veritas Capital is looking to raise $13 billion for its latest flagship fund, Private Equity International reported
Coller Capital launched a continuation fund for Abry Partners' Abry Advanced Securities Fund III with $1.6 billion in AUM. The vehicle will seed Abry's new private credit strategy.
NEA raised nearly $469 million for NEA Secondary Opportunity Fund, according to SEC filings.
Oslo-based Equip Capital raised €306 million for a continuation fund that will acquire two existing portfolio companies: trampoline park operator Rush and IT services provider Iteam.
Blue Cloud Ventures, a New York-based VC firm investing in cloud-based enterprise software companies, launched its latest fund targeted at $300 million, according to SEC filings. | | | | | |
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