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1、rPitchBookPitchBookData,Inc.JohnCabbertFounder,CEONizarTarhuniVicePresident,InstitutionalResearchandEditorialPaulCondraHeadofEmergingTechnologyResearchInstitutionalResearchGroupAnalysisTheEmergingTechResearchTeamEricBellomofBrendanBurkezAaronDeGagnerAlexFrederick,JonathanGeurklnkzKazlY.Helal,DerekHe
2、rnandezrAliJavaherijRobert1.erJohnMacDonaghfRebeccaSpringer,JamesUlanrRudyYangpbinstitutionalresedrchEMERGINGTECHRESEARCHIPOPipeline:IdentifyingPotentialVC-BackedIPOCandidatesin2024PitchBookisaMorningstarcompanyprovidingthemostcomprehensive,mostaccurate,andhard-to-finddataforprofessionalsdoingbusine
3、ssintheprivatemarkets.DesignedbyCarolineSuttiePublishedonMarch4,2024ContentsIntroduction1IPOperformancecharts2Selectcompanyhighlights4Astera1.abs4Circle5Databricks6Datavant7EpicGames8FBN9Generate:Biomedldnes10Getir11HeartFIow12Klama13Noom14Northvolt15RlvusPharma16Rokt17Rubrik18SierraSpace19Stripe20T
4、uro21Zipline22Zocdoc23PublishingIntroductionAsthestockmarketreachesnewpeaks,discussionofapossiblerevivaloftheIPOmarkethastakencenterstage.Howeverzrecentgrowthinthestockmarkethaslargelybeenpropelledbytechnologystalwartswithstrongoperatingfundamentalsasopposedtospeculativeventure-backedstartupswithunp
5、roventrackrecords.PitchBookzSproprietaryindexandvaluationdatashowshowtechstartupperformancehasdramaticallyunderperformedthebroaderstockmarket(seechartsbelow),raisingquestionsastohowmuchinvestorenthusiasmexistsforspeculativeIPOs.ThesparseIPOactivitythathasoccurredoverthepasttwoyearshasmainlyconsisted
6、oflargercompaniesthathavebeensupportedbylargecorporateinvestorparticipationverydifferentfromVC-backedstartups.Anotherfactorthatisdifferentthiscycleisthepresenceofadeeperprivatemarketlandscapethatprovidesalternateroutestocapital,suchassecondariesofferings,thatmayreducetheneedforpublicliquidity.Stillf
7、withpublicmarketmultiplesholdingsteadyathealthylevelsandalong-termIPOdroughtleavingdealmakerschompingatthebitzit,slikelysomeVC-backedcompanieswilltestthepublicwatersin2024.WepolledourEmergingTechnologyResearchteamtogettheirviewsonthemostlikelyVC-backedIPOcandidatesoverthenextyearassumingmarketsmaint
8、aincurrentlevels.Whilecountlessexternalandinternalfactorsultimatelydeterminewhetheracompanyseekstogopublic,ouranalystssoughttoidentifyventure-backedstartupswithcompellingIPOcharacteristicssuchasstrongrevenuegrowthandmarginpotential,durablebusinessesmodels,capablemanagementteamswithsuccessfultrackrec
9、ords,and/orproductandtechnologyofferingswithrealisticchancesofdisruptionandgrowth.Weidentify20possibleIPOcandidatesbelow.PaulCondraHeadofEmergingTechnologyResearchpaul.ndra3pftcIPOperformancechartsVC-backedIPOshaveunderperformedbroadermarketsVC-backedpublicmarketreturnsrebasedto100460Jan2019Jul2019J
10、an2020Jul2020Jan2021Jul2021Jan2022Jul2022Jan2023Jul2023Jan2024Nasdaq100S&P500VC-BackedIPOIndexSource:PitchBookGeography:GlobalmAsofFebruary29,2024VC-backedstartupshavenotheldvalueaspubliccompaniesAggregatechangeinvaluationfromIPOforVC-backedIPOs$1,500$1,400ISI,300ISl,200ISI,100ISI,421.7$1,444.9Aggre
11、gatepostvaluation($B)AtIPOOnFebruary29,2024Source:PitchBookGeography:Global2024IPOpipelineforVC-backedstartups*ICompanyFoundedVerticalValuation1.astraisedTotalraisedIPOprobability*M&AprobabilityIAstera1.abs2017AI&M1.$3.2billion$150.0millionSeriesD,April21,2021$235.0million44%53%Circle2023Crypto$7.7b
12、illion(2022)403.0million,April11,2022Ulbillion75%23%Databricks2013DatasoftwareSystems$43.2billion(2023)N/A$4,2billion91%7%Datavant2017HealthcareIT$7.0billion(2021)UndisdosedzOctober3z2023$83.0milliondisclosed70%16%EpicGames1991Gaming$30,0billion$2.0billion,April11,2022$6.1billion94%1%FBN2014Agtech$3
13、.8billion$154,9million,October13,2023$939.3million79%19%Generate:Biomedicines2018Biopharma$2,0billion$273,0million,SePtembef6,2023$673.0million95%2%Getir2015Fdtech$2.5billion$500.0million,September8z2023$2.3billion91%7%HeartFIow2010Medtech(medicalimaging)$1.6billion,June13,2019$215.0million,March2,2
14、023$828.8million94%4%Klarna2005Fintech$6.7billionUndisdosed,January1.2024$4.7billion92%6%Noom2008Digitalhealth$3.7billion,May25,2021$540million,May25,2021$668.8million80%18%Northvolt2016Qimatetech$11.8billion(2021)$145.3million,November21,2023$14.3billion97%1%RivusPharma2019Biopharma$432.0million$132.0million,August19,2022$167.0million93%4%Rokt2012E-commerce$2.0billionUndisdosedzNovember30,2022$486.6million69%29%Rubrik2014Cybersecurity$4.0billion$108.2milliondebtfinancing,August17,2023$1.2billion88%10%SierraSpace2021Spacetech$5.3billion$290.0million,September26,2023$1.7billion
