【毕马威】2024年第二季度亚洲风险投资脉搏报告_96页_2mb

Venture Pulse Q2 2024 Summary

Core Content

The Q2 2024 edition of KPMG Private Enterprise's Venture Pulse provides an in-depth analysis of global venture capital (VC) trends, investment patterns, and market dynamics. It highlights the resilience and adaptability of the VC ecosystem amidst ongoing challenges, while also pointing to emerging opportunities in key sectors.

Key Trends and Insights

Global VC Investment

• Global VC investment reached a five-quarter high of $94.3 billion, with the Americas leading the charge, accounting for $58.3 billion, followed by Europe ($17.8 billion) and Asia ($17.4 billion).
• Deal volume remained sluggish, especially in Europe and Asia, despite the rise in investment value.
• $1 billion+ megadeals increased significantly, with nearly ten such deals in Q2'24, more than double that of Q1'24. Notable examples include:
  • CoreWeave ($8.6B, US)
  • xAI ($6B, US)
  • Lazada ($1.96B, Singapore)
  • Juul ($1.2B, US)
  • Wayve ($1B, UK)
  • Scale AI ($1B, US)
  • Wiz ($1B, US)
  • Flipkart ($1B, India)
  • Xaira Therapeutics ($1B, US)
  • Abound ($999.6M, UK)

Sector Highlights

• Artificial Intelligence (AI) remained the largest investment area, with a focus on large language models (LLMs) and industry-specific AI applications in health, biotech, and logistics.
• Energy and cleantech also saw strong interest, with Neta Auto ($693.3M, China) and Nexamp ($520M, US) leading the sector.
• Fintech and cybersecurity continued to be attractive areas for investment, especially in light of increased regulatory scrutiny and AI-driven cyber threats.

IPO Activity

• The global IPO market remained subdued, but some positive signs emerged, particularly in the US with Ibotta and Rubrik raising $577 million and $752 million respectively.
• The UK also saw a positive IPO with Raspberry Pi, signaling potential for increased IPO activity in Europe.
• Any major increase in IPO activity is expected to wait until 2025, as investors remain cautious due to the US election.

Fundraising Dynamics

• VC fundraising was weak globally, with total dry powder at $80.5 billion, on track to be the lowest year of fundraising since 2015.
• LPs are holding back due to uncertainty and lack of liquidity.
• Midsized funds are seen as less risky and more targeted, potentially leading to more focused fundraising.

Regional Highlights

Americas

• VC-backed companies raised $58.3 billion across 3,472 deals.
• Biotech and enterprise software saw a boom, especially in the AI space.
• Canada and Brazil showed rebound in investment activity.

US

• US VC investment hit $55.6 billion, the highest since Q2'22.
• AI was the primary driver, with Series B and C deals gaining traction.
• Micromobility stabilized after a difficult period, with Bird emerging from bankruptcy and Lime expanding globally.

Europe

• Investment in Europe reached $17.8 billion, with UK and Germany leading the way.
• Series B and C deals saw increased investment, while Series A remained strong.
• Wayve and Abound were among the top deals in the region.

Asia

• VC investment in Asia totaled $17.4 billion, with India showing growth for the second consecutive quarter.
• China saw a sharp decline, reaching near-record lows.
• Japan remained resilient.

Major Viewpoints

• AI continues to dominate VC investment, with fear of missing out (FOMO) driving large capital commitments.
• Energy and cleantech are still high-priority sectors, especially as companies look to meet climate change goals.
• Cybersecurity is gaining traction due to increased AI-driven threats and regulatory requirements, such as the SEC's new rules.
• IPO activity is expected to rise in Q3'24, but a major surge is likely to wait until 2025.
• Down and flat rounds are still elevated, indicating caution among investors.
• First-time venture financings are growing, but not yet reaching a normal level.

Key Information

• Global VC investment increased to $94.3 billion, with AI and health-tech drawing disproportionate attention.
• US led in $1 billion+ deals and VC investment, with six of the top ten deals in the region.
• IPOs in the US and UK showed positive results, suggesting a potential uptick in Q3'24.
• Fundraising remains muted, with dry powder still high and LPs cautious.
• Midsized funds are preferred by investors due to lower risk and more targeted approach.
• AI and cybersecurity are key growth areas, with regulatory changes and technological advancements driving interest.
• Micromobility and cleantech are sectors to watch, with stabilization and growth potential.

Outlook for Q3 2024

• VC investment is expected to remain stable, with $100 million+ deals likely to increase.
• AI will continue to be the hottest area, but investors may shift toward industry-specific AI solutions.
• Energy and cleantech will also remain a high priority, especially with AI infrastructure becoming more energy-intensive.
• Fundraising will likely stay low, but AI-focused funds may see increased activity.
• M&A could rise in Q3'24 as companies seek exits and corporates look for strategic acquisitions.

Conclusion

The Q2 2024 Venture Pulse highlights a rebound in VC investment driven by AI, cleantech, and cybersecurity, despite weak fundraising and limited IPO activity. The global market shows cautious optimism, with investors focusing on high-impact sectors and strategic exits. As the US election approaches, the IPO market is expected to remain cautious. Overall, the VC ecosystem is adapting and responding to market conditions, with a potential shift in focus toward efficiency and targeted growth.