2016年-数据局_毕马威：风投脉搏2016年第二季度_103页_2mb

报告摘要

Venture Pulse Q2 2016 Summary

Core Content

The Venture Pulse Q2 2016 report provides an analysis of global venture capital (VC) investment trends, highlighting a slight increase in funding despite a continued decline in deal activity. It also explores regional dynamics, the impact of market uncertainties, and the evolving focus of VC investors on sectors like artificial intelligence (AI) and cybersecurity.

Main Findings

Global Funding and Deal Activity

Global Funding: In Q2 2016, VC-backed companies raised $27.4B across 1886 deals, a 3% increase from Q1 2016.
Deal Activity: Deal volume continued its decline, marking the fourth consecutive quarter of falling deal activity.
Market Uncertainties: Factors such as the Brexit referendum, US presidential election, potential interest rate hikes, and global growth slowdown contributed to investor caution.
Dry Powder: Investors are using the current climate to raise funds, reassess portfolios, and focus on companies with strong business models and profitability potential.

Regional Highlights

North America

Funding: Increased to $17.1B, with 1117 deals.
Deal Size: Median late-stage deal size was $25M, down from $34.7M in Q3 2015.
Early-Stage Deals: Seed to Series A deals accounted for 51% of all deals, a 5-quarter low, while early-stage deal sizes remained high at $3M.
Corporate Involvement: Corporates and CVCs participated in over 25% of deals, showing sustained interest in private markets.

Europe

Funding: Rose slightly to $2.8B, but deal activity increased by 5% to 385 deals.
Seed Deals: Seed/angel deal share rebounded to 49%, up from 40% in Q1 2016.
UK Activity: Both funding and deal activity in the UK continued to decline, reaching a 5-quarter low in funding at $729M across 104 deals.
Germany: Funding rose to $492M, reversing a 4-quarter decline in deal growth.

Asia

Funding: Slightly increased to $7.4B, but deal activity dropped 12% from Q1 2016 to 343 deals.
China: Funding rose to $5.6B, but deal count fell 20%.
India: Funding dropped sharply to $583M, a 59% decline from Q1 2016.
Late-Stage Deals: Median late-stage deal size rebounded to $100M, with notable rounds to companies like Didi Chuxing and Tokopedia.

Key Sectors

Internet and Mobile

Dominated 68% of all deals in Q2 2016, continuing to be the top sector.

Artificial Intelligence (AI)

Investment Growth: AI investment increased globally in Q2 2016, reaching $620M from $576M in Q1.
Top Deals: Cylance, Anki, and MOOGsoft received significant funding.
Potential: AI is seen as a key driver of future growth, with applications in self-driving cars, healthcare, and robo advisory.
Crossover Investors: Active in AI, showing interest in automation, cognitive computing, and robotics.

Cybersecurity

Top Deals: LogicMonitor, Cylance, and vArmour Network received major investments.
Activity: Cybersecurity remains a key area of interest for VC investors.

Digital Health

Top Deals: Spring Rain Software, Clover Health, and Bright Health received notable funding.
Activity: While not as dominant as AI, digital health remains a growth sector with steady investment.

Trends and Outlook

Unicorn Activity: The number of new unicorns dropped to 12 in 2016, compared to a peak in 2015. Only seven were created in Q2 2016.
Uni-Corps: Some unicorns may disappear due to low valuations and increased scrutiny.
IPO Failures: Contributed to demand for investor protections, especially in late-stage investments.
Market Rebound: There are indications of a rebound in the second half of 2016 and into 2017, with investors adopting a 'wait-and-see' approach rather than shifting focus entirely.
Regulatory Focus: Over the next year, regulators are expected to examine AI governance and real-world applications.

Investor Behavior

Cautious Approach: Investors are more selective, focusing on proven companies with clear paths to profitability.
Portfolio Reassessment: Many investors are rethinking their portfolios and raising more capital.
Corporate Involvement: Corporates continue to play a significant role, participating in over 25% of deals in North America and over 30% in Asia.

Conclusion

Despite a decline in deal volume, global VC funding showed a modest increase, driven by large rounds from decacorns. The market is shifting focus towards companies with strong business models and clear profitability plans, with AI and cybersecurity emerging as key growth areas. Regional variations persist, with North America showing resilience and Europe experiencing rebound. The Brexit and market uncertainties are pressing factors, but investors are not retreating entirely from the market, suggesting a potential recovery in the near future.