PitchBook-2022年三季度移动技术报告

Q3

2022

EMERGINGTECHRESEARCH

MobilityTechReport

VCtrendsandemergingopportunities

REPORTPREVIEW

ThefullreportisavailablethroughthePitchBookPlatform.

Contents

Verticaloverview

Q32022timeline

Mobilitytechlandscape

MobilitytechVCecosystemmarketmap

VCactivity

Emergingopportunities

Connectedcars

AutomotivesemiconductorsandRISC-V

Selectcompanyhighlights

INRIX

Smartcar

SiFive

Q32022MobilityTechReport

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25

26

InstitutionalResearchGroup

Analysis

JonathanGeurkinkSeniorAnalyst,EmergingTechnology

jonathan.geurkink@

pbinstitutionalresearch@

Data

AlyssaWilliamsDataAnalyst

Publishing

ReportdesignedbyMeganWoodard

PublishedonNovember4,2022

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VCdeal

News

VCdeal

Jul1

VCdeal

Aug1

VCdeal

Sep1

VCexit

Sep30

Q32022timeline

September21,2022

Zeplug

completesa$239.9millionlate-stageVCdealwithfundingfromIntermediateCapitalGroup.

July5,2022

Northvolt

completesa$1.1billionconvertiblenotelate-stageVCdealthatincludesPCSHolding,FolksamGroup,andOlympiaGroupasinvestors.

August6,2022

PresidentBidensignstheInflationReductionAct,whichprovidessignificantsubsidiesforEVssubjecttodomesticproductionandsupplyconstraints.TheindustryrespondsrapidlywithanumberofdomesticEVbatteryproductiondealscomingtogetherduringthequarter.

August2,2022

AvatarTechnology

completesa$377.8millionearly-stageVCdealthatincludesChanganAutomobileCompany,ChongqingNanfangIndustrialEquityInvestmentFundManagement,andCITICGroupasinvestors.

September19,2022

AscendElements

completesa$300.0millionSeriesCVCdealthatincludesacombinationofdebtandequityfromJaguarLandRoverAutomotive,SKEcoplant,andAlumniVentures,amongotherinvestors.

September30,2022

Intel’sautonomousdrivingunit

Mobileye

filestogopublic,testingthewatersinwhatisontracktobetheworstyearforUSIPOssince1995.

Q3VCdealcountsummary

216

totaldeals

-29.9%

QoQgrowth

-59.5%

YoYgrowth

-36.9%

YTDgrowth

Q3VCdealvaluesummary

$5.5B

totaldealvalue

-55.0%

QoQgrowth

-79.2%

YoYgrowth

-55.8%

YTDgrowth

Q32022MobilityTechReport

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VCactivity

ThedeclineinVCactivityinthemobilitytechverticalcontinuedinQ3.WiththeclosedIPOwindowanddramaticdeclinesinthesharesofrecentlypublicmobilitytechcompanies,VCsaresittingonthesidelinesforthetimebeing.The$5.5billionindealvaluereflectsa55.0%QoQdeclineanda79.2%YoYdecline.Dealvalueis63.2%belowthefive-yearaverageformobilitytechstartups.Intermsofdealvolume,the216dealsinQ3representa29.9%QoQdecreaseanda59.5%YoYdecline.DealcountinQ3was44.2%belowthefive-yearquarterlyaverage.Theshareoflate-stagedealsinthequartercontinuedtogrow—apatternwe’veseenoverthepastyear.Late-stagedealsaccountedfor57.9%oftotaldeals.At14.4%,theshareofangelandseed-stagedealscontinuedtoshrink.Angelandseeddealswere25.3%ofthetotaldealsinQ32021.Theshareofearly-stagedealsdeclinedto27.8%,comparedwith34.9%inQ32021.ThelargestdealinQ32022byfarwasthe$1.1billionraisedby

Northvolt

.TheSwedishEVbatterymanufacturerissuedaconvertiblenotewithfundingfrom17investors,includingPCSHolding,FolksamGroup,andOlympiaGroup.USdealsaccountedforonlyfiveofthetop10dealsandjustunder30%ofthevalueofthetop10inthequarter.Exitactivitywasrelativelysedate,butnotableexitsinthequarterincludeMullenTechnologies’September8acquisitionof

BollingerMotors

,whichmakescommercialelectrictrucks,for$148.2million.AndZhejiangPowerNewEnergy,amakeroflithium-ionbatterymaterials,wentpublicontheShanghaiStockExchangeonSeptember19,raising$252.0million.

Q32022MobilityTechReport

MobilitytechVCdealactivity

1,824

1,591

1,603

1,427

1,485

1,147

1,215

897

774

527

$32.7

$10.0

$3.0

333

$2.7

$24.8$36.9$30.5$61.9$57.7$50.5$93.7

20122013201420152016201720182019202020212022*

Dealvalue($B)Dealcount

Source:PitchBook|Geography:Global|*AsofSeptember30,2022

MobilitytechVCexitactivity

186

109

97

88

18

$0.9

$280.8

20122013201420152016201720182019202020212022*

Exitvalue($B)Exitcount

25

$3.3

29

$3.3

$80.4

$28.2

$38.2

$91.0

$50.1

$11.3

$1.9

78

73

53

51

Source:PitchBook|Geography:Global|*AsofSeptember30,2022

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VCACTIVITY

Keymobilitytechlate-stageVCdeals*

CompanyClosedate(2022)SubsegmentStageDealvalue($M)Leadinvestor(s)Valuationstep-up

Northvolt

July5

Batteries,batterytech&materials

Late-stageVC

$1,100.0

N/AN/A

AscendElements

September19Batteryrecycling&reuseSeriesC$300.0N/A3.6x

Zeplug

September21EVchargingLate-stageVC$239.9N/AN/A

Cabify

July18RidehailingplatformsSeriesF$136.0N/A1.0x

Denim

September15FreightSeriesB$126.0PelionVenturePartners2.0x

GrubMarket

September28DeliverySeriesF$120.0N/A1.7x

FlexeJuly6N/ASeriesD$119.0N/A1.9x

MayMobility

July12FullstackSeriesC$111.0SPARXGroupCompanyN/A

Geek+August8N/ASeriesE1$100.0N/AN/A

TruKKer

September7FleetmanagementSeriesC$100.0

InvestcorpStrategicCapitalGroup

N/A

Source:PitchBook|Geography:Global|*AsofSeptember30,2022

Q32022MobilityTechReport

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VCACTIVITY

TopVC-andPE-backedmobilitytechcompaniesbytotalVCraisedtodate

Company

Subsegment

HQ

location

VCraisedtodate($M)*

Ele.me

Delivery

$7,335.5

Shanghai,China

Northvolt

Batteries,batterytech&materials

$5,510.1

Stockholm,Sweden

Waymo

Fullstack

$5,500.0

MountainView,US

XingshengSelected

Delivery

$5,440.0

Changsha,China

Gopuff

Delivery

$4,934.7

Philadelphia,US

Ola

Ridehailingplatforms

$4,872.7

Bengaluru,India

Flexport

Freight

$4,236.9

SanFrancisco,US

HelloInc.

Networkoperators

$4,159.9

Shanghai,China

GuaziUsedCar

Digitalmarketplaces

$3,810.0

Beijing,China

Swiggy

Delivery

$3,564.5

Bengaluru,India

Source:PitchBook|Geography:Global|*AsofSeptember30,2022

Q32022MobilityTechReport

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Q32022MobilityTechReport

SELECTCOMPANYHIGHLIGHTS

Lastfinancingvaluation:

January24,2022

Lastfinancing:

SeriesF

Totalraised:

$365.6M

CoatueManagement

750employees

Leadinvestor:

Founded

2015

Closedate:

$2.5B

Overview

SiFiveisoneofthemostprominentstartupsworkingintheRISC-Vecosystem.RISC-VisthefifthgenerationoftheBerkeleyRISCarchitecturethatdatesbackto1981.In2010,UCBerkeleyprofessorKrsteAsanovićandhisgraduatestudents,incollaborationwithBerkeleyRISCoriginatorDavidPatterson,24setouttomakeanopen-source,royalty-freeISAforbothacademicsandindustry.Withacoresetofgoals—lowpower,highperformance,andcompactness—theprojectsoughttospanasbroadasetofusecasesaspossibleandtriggerwidespreadcompetitionwithentrenchedproprietaryarchitecturessuchasArmandx86.InordertoestablishandmaintainstabilityoftheISAtoassuagecommercialusersandspuradoptionacrossindustry,thedevelopersformedtheRISC-Vfoundationin2015tohouseandmaintaintheproject’sIP.OutofconcernovermountingUStechnologytradeconstraints,thefoundationmovedtoSwitzerlandandwasrenamedRISC-VInternational.Todaytherearemorethan3,000members.

In2015,AsanovićandnewlymintedUCBerkeleyPh.D.sYunsupLeeandAndrewWatermanfoundedSiFive.Sinceitsfounding,thecompanyhasdevelopedandcommercializedfour

24:“TheCasefortheReducedInstructionSetComputer,”DavidA.PattersonandDavidR.Ditzel,n.d.,accessedOctober21,2022.

distinctprocessorfamilies:SiFiveEssentialasthebase;SiFiveIntelligenceforhigh-performanceartificialintelligence&machinelearningcomputeapplications;SiFivePerformanceoptimizedforperformanceinacompactenergy-efficientconfiguration;andmostrecently,SiFiveAutomotivedesignedforperformance,efficiency,andsafetyrequirementsofautomotiveapplicationssuchasADAS,electrification,connectivity,andinfotainmentspanningmicrocontrollerunitstohighperformancecomputing.Inthefallof2020,PatrickLittlejoinedthecompanyasCEOandchairman.HewaspreviouslytheseniorVPandgeneralmanageratQualcomm,wherehedrovethecompany’seffortstoexpandintotheautomotiveindustry.

Thecompanyhasraised$365.6milliontodate,givingitapost-moneyvaluationof$2.5billion.ThecompanyhasahostofcorporateVCinvestorsspanningthesemiconductorindustry,includingSKHynix,AMD,Qualcomm,Intel,andXilinx.Intelwasintalkstoacquirethecompanyinthesummerof2021,butthedealwassubsequentlycanceled.ThemostrecentSeriesFroundinJanuarywas$175.0millionandrepresenteda4.8xvaluationstep-up.GrowthinvestorCoatueManagementwastheleadonthisdeal.

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