PitchBook分析师注：科技谈话回顾（英）

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PitchBookData,Inc.

JohnGabbertFounder,CEO

NizarTarhuniVicePresident,InstitutionalResearchandEditorial

PaulCondraHeadofEmergingTechnologyResearch

InstitutionalResearchGroupAnalysis

PaulCondra

HeadofEmergingTechnologyResearch

paul.condra@

AaronDeGagne,CFA

Analyst,Healthcare

aaron.degagne@

RebeccaSpringer,Ph.D.

LeadAnalyst,Healthcare

rebecca.springer@

EricBellomo

Analyst,EmergingTechnologyeric.bellomo@

BrendanBurke

SeniorAnalyst,Emerging

Technology

brendan.burke@

JamesUlan

LeadAnalyst,Emerging

Technology

james.ulan@

RudyYang

SeniorAnalyst,Emerging

Technology

rudy.yang@

RobertLe

SeniorAnalyst,Emerging

Technology

robert.le@

Publishing

DesignedbyJoeySchaffer

PublishedonNovember16,2023

EMERGINGTECHRESEARCH

TechTalksRecap

PitchBookisaMorningstarcompanyprovidingthemostcomprehensive,most

accurate,andhard-to-finddataforprofessionalsdoingbusinessintheprivatemarkets.

Contents

Healthcare:Opportunitiesinhealthcarenavigation

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Healthcare:Theriseofmeasurement-basedcare

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E-commerce:Complicationsofproductreturns

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E-commerce:Pricingoptimizationstrategies

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AI:Addressingemergingnation-statecyberthreats

4

Fintech:YCfoundersusingAItodisrupttraditionalfinance

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Crypto:Howlegacyinstitutionsareintegratingblockchaintechnology

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E-commerce:Howcomposablecommerceishelpingonlinevendorsstayahead

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PitchBook’sTechTalksareanongoingseriesofconversationswithindustryexperts,investors,andstartupfoundersacrossarangeoftechnology-relatedthemes.ThisreportprovidesarecapofalltheTechTalkshostedbyPitchBookanalyststhusfar.Linkstorecordingsarealsoprovided.

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PitchBookAnalystNote:TechTalksRecap

Healthcare:Opportunitiesinhealthcarenavigation

•TechTalk:QuantumHealth

•Date:June20,2023

•Presenter:AaronDeGagne

•Panelist:ZaneBurke,CEO,QuantumHealth

•Recording:

/webinars/emerging-tech-talks-quantum-health

ThisconversationwithZaneBurke,CEOofQuantumHealth,focusedonthehistoryofcarenavigationandQuantumHealth’spositionasanoriginalinnovatorinthe

space.Participantsdiscussedthe$20billion-plusaddressablemarketandmarketopportunitiesinboththeself-insuredemployermarketandthelesspenetrated

fullyinsuredandgovernmentpayerchannels.BurkeshareddetailsonQuantum’sexpansionintomusculoskeletal,caregiving,andbehavioralhealth.Ascare

navigationissettobenefitfromanincreasingfocusonprioritizingsolutionsthat

deliverclearreturnoninvestment(ROI),carenavigationplatformscanplayaroleinconsolidatingthegrowingrosterofdigitalhealthpointsolutions.AnemphasisonROIandprovencostreductionbyQuantumandotherindustryplayersshoulddrivegrowtheveninanenvironmentofelevatedexpensescrutiny.

Healthcare:Theriseofmeasurement-basedcare

•TechTalk:Improvingbehavioralhealthoutcomes

•Date:August15,2023

•Presenter:RebeccaSpringer,Ph.D.

•Panelists:

•EricMeier,ChiefExecutiveOfficer,OwlHealth

•KathieSnell,ChiefStrategy&OperationsOfficer,AuroraMentalHealth&Recovery

•LindsayCowee,SeniorDirector,BehavioralHealthNetworkPerformance,ColoradoAccess

•Recording:

/webinars/emerging-tech-talks-improving

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behavioral-health-outcomes

ThisTechTalkfocusedonmeasurement-basedcare(MBC),inwhichtimelypatientfeedbackisusedtoinformcaredecisionsandwhichhasthepotentialtotransformbehavioralhealthcaredeliverybyimprovingoutcomesandacceleratingrecovery.TheneedforMBChasgrownamidanationalcrisisofmentalillnessandpervasivebehavioralhealthworkforceshortages.Yetthebehavioralhealthindustrylacks

widespreadadoptionofMBCandconsistentoutcomemeasurementpractices,

resultinginsignificantclinicalvariation.Addressingthisgaprequirescollaborationamongpayers,providers,andtechnologysolutions.

Theconversationunpackedwhatsuchacollaborationmightlooklike.ColoradoAccess,alargeMedicaidmanagedcareorganization;AuroraMentalHealth&Recovery,amultisiteproviderofoutpatientsubstanceusedisordertreatmentandmentalhealthservices;andOwlHealth,atechnologyvendorthatenablesmeasurement-basedcare,discussedopportunitiestolowerpatients’totalcost

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PitchBookAnalystNote:TechTalksRecap

ofcareviaMBCandimprovedoutcomes.Notablyforinvestorsinbehavioral

health,MBCcanalsosupportprovidersindemonstratingtheirvaluetopayers

inratenegotiationsandcanevenhelptoincreasepracticevolumewithout

addingprovidersbymoreaccuratelytimingstep-upsandstep-downsofcare.

Asdealmakersmoveawayfromrelianceonmultipleexpansionandleaninto

operationalinvestmenttheses—andaspayerscontinuetolookforcreative

solutionstobehavioralhealthcostdrivers—weanticipategrowinginterestinMBC.

E-commerce:Complicationsofproductreturns

•TechTalk:TwoBoxes

•Date:August29,2023

•Presenter:EricBellomo

•Panelist:KyleBertin,Co-FounderandCEO,TwoBoxes

•Recording:

/webinars/emerging-tech-talks-two-boxes

Thesignificanceofproductreturnshasreachedatippingpointine-commerce,

andthisTechTalkfocusedonthemostsignificantandcostlyassumptionsthat

operatorsmake,challengeswithreturnsvelocity,andthecompetitivedynamicsofreverselogistics.Althoughreverselogisticstechnologyandinvestmentmaylagadecadebehindtraditionalfulfillmentoperations,returnshavebecomeanalbatrossamountingtonearly$1trillioninvalueforretailtransactions.Ase-commerce

merchantsandinvestorsstrivetoincreaseprofitability,returnsarenolonger

toleratedasaninternalcostcenterthatcanbepatchedoverwithventurecapitalanddebt.However,thislegoftheshoppingjourneyisintricate,andmerchantsareloathtoaddfrictiontothepointofsale.Warehouses,whichfacerisinglaborandrealestatecosts,arenotcontrolleddirectlybymostbrands.Third-partylogisticscompaniesarea“datablackhole”withzeroinsightintotheprofitandlossofa

returneditem.Meanwhile,synergiesbetweenreverselogisticsandthegrowing

re-commerceecosystemareemerging.Asbrandsworktodeliveronsustainabilitypromisesanddivertitemsfromliquidationorlandfill,thelastmileofreturnsisacriticalfocus.

E-commerce:Pricingoptimizationstrategies

•TechTalk:Intelligems

•Date:September11,2023

•Presenter:EricBellomo

•Panelist:DrewMarconi,FounderandCEO,Intelligems

•Recording:

/webinars/emerging-tech-talks-intelligems

Pricingstrategiesareperhapsthemostconsequentialdecisionsaretailermakes,giventhebroad-spectrumimpactonpurchases,returns,brandperception,and

more.However,thee-commercelandscapehaschanged.DuringtheCOVID-19

pandemic,customerwillingnesstopaywashigh—andfurtherboostedbystimuluschecks—somerchantscouldraiseprices.However,inflationandsoftening

demandareputtingpressureonmerchantstoincreaseprofitability.Inthecurrent

environment,customeracquisitioncostscannolongerbesubsidizedandrecoupedviarepeatpurchases,andcontributionmarginsmustbepositiveattheveryfirst

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PitchBookAnalystNote:TechTalksRecap

transaction.Priceexperimentationisemergingasakeylevertoinfluencedemand,butrelativelylowtechnologypenetrationmeansmostretailersactbasedupon

assumptionsandwithoutempiricaldata.Astheholidayseasonand2024approach,merchantsaredeployingpriceoptimizationandexperimentationtoolstodrive

marginal-gainsprofitability.

AI:Addressingemergingnation-statecyberthreats

•TechTalk:HowAIaddressesemergingnation-statecyberthreats

•Date:September26,2023

•Presenter:BrendanBurke

•Panelist:JoshKnighton,CEO,CitadelControlServices

•Recording:

/webinars/emerging-tech-talks-how-ai

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addresses-emerging-nation-state-cyberthreats

Nation-statecyberthreatsagainstenterprisesandcriticalinfrastructureare

increasingandrequiresophisticatedAIdefenses.

Inrecentresearch

,wediscussedthatnation-stateattacksnowaccountfor30%to40%ofenterprisebreaches,upfrom20%previously.Theseactorsaretargetingbanks,governments,andcriticalinfrastructure.Attackersarereinvestingproceedsfromransomwareattacksto

developoffensiveAIcapabilities.CitadelControlServices’testingfound30millionautomatedattackspermonthagainstitsinfrastructure.

ToaddresstheseAIrisks,CitadelControlServicesusesproprietaryAItodefendagainstnation-stateattacks.Citadel’sAIdefensesaredesignedtoseethroughnation-stateobfuscationbymonitoringupstreamtrafficsourcesandtransportlayers.Bymonitoringtrafficatthetransportlayer,Citadel’sAIcancatchthreatsbeforeanybreachandidentifythegeographicoriginofthreats.TheAIalso

quarantinesandreverseengineersthreatstoimmediatelyprotectallendpoints.Todeploythistechnology,thecompanyislaunchingamobileappthatcanbeinstalledonarangeofworkdevicestodetectattacksagainstshadowIT.

Fintech:YCfoundersusingAItodisrupttraditionalfinance

•TechTalk:HowYC’sfintechsarewieldingAItochangefintechandfinancialservices

•Date:October4,2023

•Presenter:JamesUlanandRudyYang

•Panelists:

•LukasHaffer,Co-Founder,CascadingAI

•JohnBanner,FounderandCEO,Respaid

•VinayPinnaka,Co-Founder,JustPaid.io

•VarunVarahabhotla,Co-FounderandCEO,AlphaWatchAI

•Recording:

/webinars/emerging-tech-talks-ai-in-fintech

ThisTechTalkprovidedawide-rangingconversationwithseveralfintechfoundersseekingtoleverageAIinthefinancialservicesindustry.TheopportunityforfintechAIislikelytobedrivenbytheneedforincumbentfinancialinstitutionstofind

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PitchBookAnalystNote:TechTalksRecap

technology-drivenapproachestocostreduction.SuccessfulAIstartupswillbe

characterizedbytheirabilitytoemployastrongtechnicalteamwithAIdeploymentexperienceandtheabilitytocombineAIfoundationmodels,promptintelligently,frequentlyswapoutnew/updatedAImodels,andcontinuouslyiterateasnewAI

releasesemerge.WhileAIsophisticationwilldriveseparationinthisemerging

industry,foundersalsostressedtheimportanceoffindingproduct-marketfitandbuildingaproductthatcustomersactuallywant.

PanelistsnotedthatAIserviceswillgainagreatercostadvantageoverhuman

laborasmodelsimproveanddecreaseinsize.Withprocessors,cloudservice,andelectricityrepresentingsignificantcostinputs,thedivergencebetweenhuman

costsandAIcostswilllikelywidenasthecostofcomputedecreases.Panelistsalsopointedoutthatstartupcultureandfounder/employeedomainknowledgecan

helpdifferentiateAI-firststartupsfromtheircompetitors.Forexample,acultureofproduct-ledgrowthcanimproveaproductovertimerelativetopeers,generatinghigherROIforenterprisesthatseeklargelytosavetime.Additionally,AIstartupswithspecificdomainknowledgearelikelytohaveanedgeinbuildingtailored

solutionsforspecificcustomerworkflows.

Crypto:Howlegacyinstitutionsareintegratingblockchaintechnology

•TechTalk:Cryptoanddigitalassets:Regulation,institutionaladoption,andwhat’sinstorefor2024

•Date:October19,2023

•Presenter:RobertLe

•Panelists:

•DushyantShahrawat,Director,InvestmentBanking,RosenblattSecurities

•MathewMcDermott,GlobalHeadofDigitalAssets,GoldmanSachs

•Recording:

/webinars/emerging-tech-talks-cryptocurrency

ThisTechTalkexploredhowfinancialinstitutionsareworkingtointegrate

blockchaintechnologyastheyrecognizeitstransformativepotentialtoincreaseefficienciesinthecapitalmarketsandenhancemarketaccess.Although

challengestoadoptionexist,panelistsnotedthatinstitutionalinvolvementinthecryptospaceisexpectedtogrow,drivenbyregulatorydevelopmentsandinfrastructureimprovements.

TheconversationfocusedonGoldmanSachs’DigitalAssetPlatformandthe

benefitsofthevariousfinancialassetsittokenizes.Thisintegrationincludessecurecustodysolutions,tradingservices,tokenization,andthepursuitofspotbitcoin

exchange-tradedfunds.Tokenizationisemergingasoneofthestrongestusecasesforblockchainanddigitalassetsbecauseithasthepotentialtoenhanceliquidity,accessibility,andefficiencywhilebridgingthegapbetweentraditionalfinanceanddecentralizedfinance.Panelistsnotethatregulatoryclarityremainsachallenge,

andcompaniesmustnavigateevolvingregulationsandcompliancerequirements.Lookingahead,thepanelistsbelievethat2024willseewideradoptionandmoreregulatoryclarity.

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PitchBookAnalystNote:TechTalksRecap

E-commerce:Howcomposablecommerceishelpingonlinevendorsstayahead

•TechTalk:commercetools

•Date:October23,2023

•Presenter:EricBellomo

•Panelist:DirkHoerig,Co-FounderandCEO,commercetools

•Recording:

/webinars/emerging-tech-talks-commercetools

ThisTechTalkfocusedontheriseofcomposablearchitectureine-commerceandsomeofthecommonmisperceptionssurroundingitscomplexity.Italsotouchedonhowonlinemerchantsareshiftingtheirfocusfromcustomeracquisitionto

customerretentio