PitchBook-2023年三季度新兴技术指标（英）

EMERGING

TECH

RESEARCHEmerg

ingTechInd

icatorDealactivitycontinues

to

decline

asAI

&MLandbiotechnologycapture

the

lion’s

share

of

ETIcapitalQ32023ContentsIntroduction3Institutional

Research

GroupAnalysisKey

takeaways4AliJavaheri

AssociateAnalyst,EmergingTechnologyDealactivity5ali.javaheri@pbinstitutionalresearch@AreasofinvestmentETIdealsegmentspotlightsBiotechnology612131620242831343639DataMatthewNacionalesDataAnalystAI&MLPublishingHealthtech&wellnessFintechReportdesignedby

JoeySchafferPublishedonNovember22,

2023ClimatetechEnterpriseSaaSOthernotableactivityVenture

activitysummaryEmergingtechindicatorinvestorrankingNote:DatafrompriorquartershasbeenrevisedfromthepreviousETIreportto

reflectthelatestfundingdataavailable.Q32023

Emerging

Tech

IndicatorCONFIDENTIAL.

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FOR

REDISTRIBUTION.

PG

2IntroductionCompaniesthat

went

onto

exit

asashareof

all

companiesthaETIfundingorangel,seed,andearly-stageVC

fundingTheEmerging

Tech

Indicator

(ETI)

provides

a

quarterlyreview

of

angel,seed,andearly-stageinvestment

activity

involving

a

limited

subset

of

the

world’s

mostsuccessful

VC

firmsthat

accountfor

roughly

10%

of

total

VC

investment.

Theanalysis

provides

a

uniqueperspectiveinto

the

typesoftechnologies

that

top

investors

view

asthe

mostpromising

while

also

tracking

how

aggressively

theseinvestors

aremakingcapital

allocation

decisions.40%20%110%2016201720182019202020212Companiesthatreceivedangel,seed,andearly-stageVC

fundingthatwentonCompaniesthatreceivedETI

fundingthatwentonto

exitInthethirdquarterof

2023,we

tracked124

angel,seed,andearly-stageVC

dealsthatinvolvedthetop15VC

firms(relative

to

5,230

totalangel,seed,andearly-stageVC

deals).

Thesefirmsaredeterminedeachquarterbasedonthesuccessof

theirinvestmentsovertimeintermsof

exitsandvaluations.1As

showninthechartsontheright,ETI

startupsidentifiedviaourtop-15

methodologySource:PitchBook

•

Geography:Global

•

*As

ofOctober25,2023have

stronglyoutperformedthebroaderVC

industry,exhibitinghigherexitratesandhighervaluations.ThisreportreviewstheproductsandtechnologiesbeingdevelopedbyETI

startups.Companiesthat

achieved

unicornstatus

asashareof

all

compreceivedETIfundingorangel,seed,andearly-stageVC

fundin15%10%3Disclaimer:

Data

fromthe

ETIreportrepresentsa

snapshot

of

venture

activity

at

a

certainpointin

time.Historical

datasets

arecontinuously

beingadjusted

to

incorporate

new

informationaswe

collect

it,

complicating

efforts

to

compare

the

current

ETIdataset

with

previouslypublishedreports.5%00%2016201720182019202020212Companiesthatreceivedangel,seed,andearly-stageVC

fundingthatachievedunicCompaniesthatreceivedETI

fundingthatachievedunicornstatus1:EmergingTechIndicatorrankingmethodology

can

be

foundhere.Source:PitchBook

•

Geography:Global

•

*As

ofOctober25,2023Q32023

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Tech

IndicatorCONFIDENTIAL.

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3Key

t

a

keaways•

Dealactivitycontinuesto

decline:

InQ3

2023,ETI

dealactivitydecreasedto

$3.0billionover124

deals,downfrom$3.4

billionacross143dealsinthepriorquarter,continuingabroaddeclinesinceearly2022.ComparedwithQ12022’speak,thisisa73.2%

dropindealcountanda56.3%

dropindealvalue.ETI

dealsconstituted10.7%of

allangel,seed,andearly-stageVC

fundingforthequarter,consistentwithlastquarterandalignedwiththehistorical10.4%average.•

Thenumberoflargedealshasnormalized:

InQ3,onlysixETI

dealswereworthmorethan$100million,whichisadecreasefromtheeightdealsrecordedlastquarterbutstillconsistentwiththehistoricalaverageof

six.However,

thisisstillconsistentwiththehistoricalaverageof

five.AmongthesetopdealswasAIdefenseplatformHelsing’s

SeriesBfundingof

$225.9million.Genesis

Therapeutics

wasclosebehind,raisingaSeriesBroundof

$224.0millioninthebiotechsector,followedby

ROME

Therapeutics

at$149.0

million.•

AI&MLandbiotechcontinueto

dominate:

AI&MLrepresentedthelargestareaof

investment,accountingfor$641.7millionacross16deals.Thiswasfollowedby

biotechnologywith$580.0millionacrosssixdeals,healthtech&wellnesswith$248.4millionacross13deals,fintechwith$237.3

millionacross17

deals,andinfosecwith$153.0millionacrosssixdeals.•

Mediandealsizesremainrelativelyconsistent:

Despitearecentmarketcorrection,medianETIdealsizeshave

shownasteadyincreaseinrecentyearsacrossangel,seed,andearly-stageVC,reflectingVC

industrygrowthandrisingvaluations.InQ3

2023,themediandealsize

forangelandseedwas$5.4million,whilethemedianforearly-stagedealsrecoveredto

approximately$27.8

million,indicatingsomevolatilityinthisdatapoint.Q32023

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Tech

IndicatorCONFIDENTIAL.

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4Deal

activ

it

yQ3

2023sawcontinueddeclinesinETI

dealactivity,with$3.0billionacross124

dealscomparedwith$3.4

billionacross143dealsthepreviousquarter.ThisisconsistentwithadecliningtrendinETIdealactivityby

quarterETI

activitysinceitspeakinQ12022,when$11.2

billionwasinvestedacross284deals.

Infact,Q322023ETI

activitybearsmoreresemblanceto

thepre-COVID-19era,asQ42019saw$3.2

billioninvestedacross144

deals.InQ3,we

recordedsixETI

dealsof

$100millionormore,flatwiththehistoricalaverage.17

dealsof

$50millionormorewerecompletedthisquarter,comparedwith26

duringthesameperiodlastyear.

Thetopthreedealsincludeda$225.9millionSeriesBforAIdefenseplatformHelsing

andtwobiotechdeals:a$224.0millionSeriesBforGenesis

Therapeuticsanda$149.0

milliondealforROME

Therapeutics.ETI

dealactivityrepresented10.7%of

totalangel,seed,andearly-stageVC

fundinginthequarter—consistentwithlastquarterandstillnearthe10.4%historical

average.$12$10$8$6InQ3,we

recorded124

ETI

dealsacross25

differenttechnologysegments.Artificialintelligence&machinelearning(AI&ML)representedthelargestareaof

investment,accountingfor$641.7millionacross16deals.Thiswasfollowedby

biotechnologywith$580.0millionacrosssixdeals,healthtech&wellnesswith$248.4millionacross13deals,fintechwith$237.3

millionacross17deals,andinformationsecurity(infosec)with$153.0millionacrosssixdeals.$4$2$0Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4201820192020Dealvalue($B)202120222DealcountSource:PitchBook

•

Geography:Global

•

*As

ofOctober25,2023CONFIDENTIAL.

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52:

See

ourQ3

2023

PitchBook-NVCA

Venture

Monitor

foranoverviewofactivityacrosstheentireVCmarket.Q32023

Emerging

Tech

IndicatorA

reas

ofinvestmentTrailing

12-month

(TTM)ETIdealvalue($M)

by

segment*InQ3,AI&ML,

biotechnology,andhealthtech&wellnessweretheleadingsegmentsforETI

investment.Onacumulativefour-quarterbasis,thesesegmentscontinueto

dominateETI

capital.$3,000$2,500$2,000$1,500$1,000$500Indicates

verticals

currently

covered

by

our

Emerging

Techno$0Source:PitchBook

•

Geography:Global

•

*As

ofOctober25,2023Q32023

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Tech

IndicatorCONFIDENTIAL.

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6AREAS

OF

INVESTMENTQ3

2023

ETIdealvalue($M)

by

segment*$700$600$500$400$300$200$100$0Indicatesverticalscurrentlycoveredby

ourEmergingTechnoSource:PitchBook

•

Geography:Global

•

*As

ofOctober25,2023CONFIDENTIAL.

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7Q32023

Emerging

Tech

IndicatorAREAS

OF

INVESTMENTQ3

2023

ETIdealcountby

segmentndicatesverticalscurrentlycoveredby

ourEmergingTechno6420Source:PitchBook

•

Geography:Global

•

*As

ofOctober25,2023CONFIDENTIAL.

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8Q32023

Emerging

Tech

IndicatorAREAS

OF

INVESTMENTTTMETIdealcountby

segment*8070605040302010Indicatesverticalscurrentlycoveredby

ourEmergingTechno0Source:PitchBook

•

Geography:Global

•

*As

ofOctober25,2023CONFIDENTIAL.

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9Q32023

Emerging

Tech

IndicatorAREAS

OF

INVESTMENTTo

pETIsegmentsby

dealvalue($M)*Top

ETIsegmentsby

dealcount*BiotechHealthtech&wellnessFintechWeb3

&DeFiWeb3

&DeFiWeb3

&DeFiFintechWeb3

&Web3

&DeFiDeFiWeb3

&DeFiWeb3

&DeFiWeb3

&DeFiAI&MLBiotech$1,166.6BiotechBiotechBiotech$768.1Biotech

AI&MLBiotech$1,118.8

$2,286.6

$1,585.0

$4,064.5

$1,645.6

$895.2$549.4Q4$629.0Q2$641.7Q32944Q2412631333115162717Q1Q2Q3Q4Q1Q2Q3Q1Q1Q3Q4Q1Q2Q3Q4Q1202120222023*202120222023*Source:PitchBook

•

Geography:Global

•

*As

ofOctober25,2023Source:PitchBook

•

Geography:Global

•

*As

ofOctober25,2023CONFIDENTIAL.

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10Q32023

Emerging

Tech

IndicatorAREAS

OF

INVESTMENTHigh-valuedealshave

generallyfluctuatedinrecentquarters,andthisfluctuationcontinuedinQ3

despiteaslightuptickinQ2.Sixdealsover$100millionwererecordedinQ3,adecreasefromeightinthepreviousquarter—andinlinewiththehistoricalaverageof

six.Thenumberof

dealsover$50millionrosefrom16inQ2

to

17

inQ3,abovethehistoricalaverageof

15.Quarterly

ETIdealcountfordealsexceeding

$50million

and$100million50454035302520151050Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q320152016201720182019202020212022Dealsexceeding$50millionDealsexceeding$100millionSource:PitchBook

•

Geography:Global

•

*As

ofOctober25,2023CONFIDENTIAL.

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11Q32023

Emerging

Tech

IndicatorETI

deal

seg

ment

spotlig

htsBiotechnolog

yBiotechnologyisaconsistentlyhigh-performingsectorintheETI,

andQ3

wasnoexception,withtwoof

thequarter’stopthreedealsfallingwithinthesegment.InQ3,sixbiotechnologydealscaptured$580.0millionof

ETI

capital.Genesis

Therapeutics

closedaSeriesBroundat$224.0millionto

advanceitscomputationalplatform,whichisfocusedonthediscoveryofsmall-moleculedrugs.ROME

Therapeutics,acompanydevelopingnoveltherapiesaimedatcancerandautoimmunediseases,alsocompletedaSeriesBround,butwithadealsize

of

$149.0million.Meanwhile,Inceptive

Nucleics

secured$100.0millioninaSeriesAroundto

supportitsRNAmodelingwork,whichaimsto

pushtheboundariesof

advancedmedicinedevelopment.Allof

thesecompaniesalsoutilize

AI&MLindrugdiscovery,underscoringthegrowingcross-sectoralapplicationsof

AI,includingtheautomationof

numerousaspectsof

thedrugdevelopment

pipeline.BiotechnologyETIdealactivity$4,500$4,000$3,500$3,000$2,500$2,000$1,500$1,000$500$0Q3Q4Q1Q2Q3Q4Q1Q2202120222023*Dealvalue($M)DealcountSource:PitchBook

•

Geography:Global

•

*As

ofOctober25,2023CONFIDENTIAL.

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13Q32023

Emerging

Tech

IndicatorBIOTECHNOLOGYHighestandaverage

biotechnologyETIpre-moneyvaluationscloseddealsHighestandaverage

biotechnologyETIdealvalues($M)$3,000$2,500$2,000$1,500$1,000$500$2,500$2,000$1,500$1,000$270.0$157.3$$224.0$116.0$500$0$$0Q3Q4Q1Q2Q3Q4Q1Q2Q3Q3Q4Q1Q2Q3Q4Q1202120222023*202120222023*HighestdealvalueAveragedealvalueHighestpre-moneyvaluationAveragepre-moneyvaluationSource:PitchBook

•

Geography:Global

•

*As

ofOctober25,2023Source:PitchBook

•

Geography:Global

•

*As

ofOctober25,2023CONFIDENTIAL.

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14Q32023

Emerging

Tech

IndicatorBIOTECHNOLOGYBiotechnologyETIdealsin

Q3

2023*CompanyFocusDeal

typeDeal

value

($M)Post-money

valuationComputationalplatformdesignedforthediscovery

of

small-molecule

drugsGenesis

TherapeuticsROME

TherapeuticsInceptive

NucleicsTisento

TherapeuticsAmberSeriesBSeriesBSeriesASeriesASeed$224.0$149.0$100.0$81.0$26.0N/A$424.0$310.0$500.0$116.0$46.0Novel

therapiesforcancerandautoimmune

diseasesRNAmodelingforadvancedmedicinedevelopmentMitochondrialdiseasetreatmentsNewgeneeditingmodalitiesforpreviously

unreachablediseasesLexStealth

pharmaceuticalsSeedN/ASource:PitchBook

•

Geography:Global

•

*As

ofOctober25,2023Q32023

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Tech

IndicatorCONFIDENTIAL.

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15AI

&MLTheAI&MLboomcontinues.InQ3

2023,$641.7millionwasinvestedacross16deals—adeclinefromthepreviousquarter’s$619.4

millionacross27deals.Thiselevatedactivityisundoubtedlyaresultof

impressiveadvancesingenerativeAI,butamajorityof

dealsthisquarterwererelatedtomachinelearningoperationsanddatamanagementratherthancontentcreation.

Helsing

secured$225.9millioninaSeriesBround,valuingthecompanyat$1.9billion,foritsAI-drivendefensedataintegrationplatform,signalingsignificantconfidenceinthedefensesector’sadoptionofAI.Poolside,asoftwaredevelopmentplatformforAIdeployment,raised$126.0millioninaseedround.Modular,whichfocusesonAImodeldevelopmentsoftware,raised$100.0millioninaSeriesBroundwithapost-moneyvaluationof

$600.0million,indicatingstronginvestorinterestintoolsthatdemocratizeAIdevelopment.AI&MLETIdealactivity$900$800$700$600$500$400$300$200$100$0MindsDB

attracted$46.5

millioninaseedroundto

furtheritsturnkeypredictiveanalyticstools,atestamentto

thecriticalneedforaccessibledataanalyticsindecision-making.Duckbill

closeda$33.0millionSeriesAforitsAI-andhuman-assistedmanagementservices,emphasizingthehybridapproachof

combiningAIwithhumanexpertise.Replicate,withitsPython

libraryformachinelearningversioncontrol,garnered$32.5millioninearly-stageventurecapital,highlightingthenichedemandforMLoperationstools.Finally,

Cleanlab’s

focusonAIfordata-qualityimprovementearnedit$25.0millioninaSeriesAroundatavaluationof

$100.0million.Thedealunderlineshowhigh-qualitydataisacornerstoneforeffectiveAIapplications.Q3Q4Q1Q2Q3Q4Q1Q2202120222023*Dealvalue($M)DealcountSource:PitchBook

•

Geography:Global

•

*As

ofOctober25,2023CONFIDENTIAL.

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16Q32023

Emerging

Tech

IndicatorAI

&

MLHighestandaverage

AI&MLETIpre-moneyvaluations

($M)

fcloseddealsHighestandaverage

AI&MLETIdealvalues($M)$350$300$250$200$150$100$50$1,800$1,600$1,400$1,200$1,000$800$600$400$200$225.9$140.0$45.8Q3$24.8Q2$0$0Q3Q4Q1Q2Q3Q4Q1Q3Q4Q1Q2Q3Q4Q1202120222023*202120222023*HighestdealvalueAveragedealvalueHighestpre-moneyvaluationAveragepre-moneyvaluationSource:PitchBook

•

Geography:Global

•

*As

ofOctober25,2023Source:PitchBook

•

Geography:Global

•

*As

ofOctober25,2023CONFIDENTIAL.

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17Q32023

Emerging

Tech

IndicatorAI

&

MLAI&MLETIdealsin

Q3

2023*CompanyFocusDeal

typeDeal

value

($M)Post-money

valuationAI-driven

defensedataintegrationplatformHelsingSeriesBSeed$225.9$126.0$100.0$46.5$33.0$32.5$25.0$16.5$13.1$1,847.0N/APoolsideAI

platformreinventing

softwarecreationAI

modeldevelopmentsoftwareModularSeriesBSeed$600.0$161.5N/AMindsDBDuckbillTurnkey

predictiveanalyticstoolsAI-

andhuman-assistedmanagementservicesSeriesAEarly-stageVCSeriesASeedReplicateCleanlabPythonlibraryforMLversion

controlAI

fordata-qualityimprovementAI

tools

forcreative

enhancementN/A$100.0N/AIdeogramTuMeke

ErgonomicsModyfiComputervisionforinjuryriskassessment

SeriesAAI-powered

collaborative

imageediting

Seed$43.1$7.0N/ASource:PitchBook

•

Geography:Global

•

*As

ofOctober25,2023Q32023

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Tech

IndicatorCONFIDENTIAL.

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18AI

&

MLAI&MLETIdealsin

Q3

2023

(continued)*CompanyFocusDeal

typeDeal

value

($M)Post-money

valuationModelcodeVeraAI

softwareforefficientengineeringSeed$5.0$3.3$3.0N/AN/A$15.5Privacy-focusedAI

governance

platformSeed$11.3AI

appdevelopmentandmonitoringplatformPortkeySeedN/AAI-basedproductivityautomationplatformknodeEarly-stageVCSeriesAN/AFoundry

TechnologiesAI-softwarerentalservers$350.0Source:PitchBook

•

Geography:Global

•

*As

ofOctober25,2023Q32023

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Tech

IndicatorCONFIDENTIAL.

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19Healthtech

&wellnessThehealthtech&wellnessindustryexperiencedanuptickindealactivitythisquarterwith$248.4millionacross13deals.Whilethisismuchhigherthanlastquarter,itisstillhistoricallylowrelativeto

thepasttwoyears.Thyme

Care

ledthequarterwitha$60.0millionSeriesBinvestmentforitspersonalizedoncology-care-managementplatform,demonstratingthevalueplacedontailoredpatientcareforcomplexdiseases.Sunriseraised$42.0millioninanearly-stageVC

roundforitsweightmanagementmedicalconsultationservices,indicatingthemarket’sresponseto

therisingdemandforpersonalizedhealthandwellnesssolutions.Healthtech&wellnessETIdealactivity$900$800$700$600$500$400$300$200$100$0Ronovo

Surgical,whichdevelopsdigitalsurgerysystemsdesignedforminimallyinvasivesurgery,secured$27.7

millioninearly-stageVC

funding.Thedealunderscoresthetechnologicaladvancementsinsurgicalprocedures.Highlightingtheindustry’sattentionto

women’shealthissues,Midi

obtained$25.0millioninaSeriesAroundto

developitshealthcareplatformdedicatedto

femalemidlifehealth.Lastly,

Cartwheel

raised$20.0millioninSeriesAfundingforitsschool-basedmentalhealthsupportservices,reflectingtheincreasingrecognitionof

theimportanceof

mentalhealth,particularlywithineducationalsettings.Thisrangeof

productfocuses—oncology,weightmanagement,surgicalinnovation,women’shealth,andmentalhealthsupport—illustratestheextensivescopeof

thehealthtech&wellnesssector.Itshowcasesacommitmentto

addressingawidearrayof

healthconcernsthroughspecialized,tech-enabledplatformsandservices.Q3Q4Q1Q2Q3Q4Q1Q2202120222023*Dealvalue($M)DealcountSource:PitchBook

•

Geography:Global

•

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ofOctober25,2023CONFIDENTIAL.

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20Q32023

Emerging

Tech

IndicatorHEALTHTECH

&

WELLNESSHighestandaverage

healthtech&wellnessETIpre-moneyvalforcloseddealsHighestandaverage

healthtech&wellnessETIdealvalues($M)$250$1,400$1,200$1,000$800$600$400$200$0$200$150$100$60.0$19.1Q3$25.0$10.9$50$0Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1202120222023*202120222023*HighestdealvalueAveragedealvalueHighestpre-moneyvaluationAveragepre-moneyvaluationSource:PitchBook

•

Geography:Global

•

*As

ofOctober25,2023Source:PitchBook

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Geography:Global

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21Q32023

Emerging

Tech

IndicatorHEALTHTECH

&

WELLNESSHealthtech&wellnessETIdealsin

Q3

2023*CompanyFocusDeal

typeDeal

value

($M)Post-money

valuationPersonaloncology-care-managementplatformThyme

CareSunriseSeriesB$60.0$42.0$27.7$25.0$20.0$17.0$14.0$13.0$9.0$180.0N/AWeight

managementmedicalconsultation

servicesEarly-stageVCEarly-stageVCSeriesADigitalsurgerysystemsforminimallyinvasive

surgeryRonovo

SurgicalMidiN/AHealthcareplatformfocusedonfemalemidlife

health$75.0$60.0$80.0$58.0$65.0$25.0School-basedmentalhealthsupportservicesCartwheelBoldSeriesADigitalfitnessplatformforwellnessSeriesAEvvyAt-home

femalehealthmicrobiometestSeriesAOnlinementalhealthservicesfocusedontheyouth

marketDaybreak

HealthMedeloopMural

HealthSeriesBIntegratedhealthcaredataanalysis

platformSeedClinical

trialstechnologyforglobalstudies

Seed$8.0N/ASource:PitchBook

•

Geography:Global

•

*As

ofOctober25,2023Q32023

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Tech

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22HEALTHTECH

&

WELLNESSHealthtech&wellnessETIdealsin

Q3

2023

(continued)*CompanyFocusDeal

typeDeal

value

($M)Post-money

valuatioFoldHealthFortuna

HealthClinikallyVirtualdigitalhealthintegrationplatformEarly-stageVCSeed$6.0$4.1$2.6N/AMedicaidmanagementplatformforseamlesseligibility,enrollment,andrecertification$22.1Telemedicine

platformfordermatologycareEarly-stageVCN/ASource:PitchBook

•

Geography:Global

•

*As

ofOctober25,2023Q32023

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Tech

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23FintechFintechdealactivityhasbeentrendingupwardforthepastthreequarters,withthisquarterseeing$237.3

millioninvestedacross17

deals.Manyof

thedealsthisquartercamefromthewealthmanagement,financialmodeling,payments,andbankingcategories.

Karat

Financial

raisedasubstantial$70.0millionSeriesBroundforitsdigitalcreditcardstailoredto

theuniqueneedsofonlinecreators,signifyingthegrowingnicheof

financialproductsforthegigandcreatoreconomy.FintechETIdealactivity$1,400$1,200$1,000$800$600$400$200$0Swan

secured$40.0millioninSeriesBfundingforitsembeddedfinanceplatformthatprovidesbankingservices.Thefundingreflectsatrendtoward

seamlessintegrationof

financialserviceswithinotherbusinessecosystems.Farther

garnered$31.0millioninSeriesBinvestmentforitsdigitalwealthmanagementservicestargetedattheultra-wealthy,indicatingthehighdemandforcustomizedfinancialadvisoryservices.Moment

captured$17.0

millioninaSeriesAroundforitsfixed-incomeinvestmentplatform,highlightingthetechnologicalinnovationininvestmentmanagement.Finally,

Carefull

raised$16.5

millioninaSeriesAroundforitsfinancialmanagementtooldesignedto

assistpeoplewithmanagingthefinancesof

agingrelatives.Thedealunderscorestheimportanceof

techsolutionsfordemographic-specificfinancialchallenges.Theseinvestmentsshowthedynamicrangeof

fintechinnovation:frompersonalizedfinancialinstrumentsforindividualcreatorsandinvestors,to

sophisticatedplatformscateringto

theaffluent,to

solutionsaddressingfamily-basedfinancialcare.Q3Q4Q1Q2Q3Q4Q1Q2202120222023*Dealvalue($M)DealcountSource:PitchBook

•

Geography:Global

•

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ofOctober25,2023CONFIDENTIAL.

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24Q32023

Emerging

Tech

IndicatorFINTECHHighestandaverage

fintechETIpre-moneyvaluations

($M)

focloseddealsHighestandaverage

fintechETIdealvalues($M)$250$1,600$1,400$1,200$1,000$800$600$400$200$0$200$150$100$50$70.0$60.0$18.3Q3$15.8Q2$0Q3Q4Q1Q2Q3Q4Q1Q3Q4Q1Q2Q3Q4Q1202120222023*202120222023*HighestdealvalueAveragedealvalueHighestpre-moneyvaluationAveragepre-moneyvaluationSource:PitchBook

•

Geography:Global

•

*As

ofOctober25,2023Source:PitchBook

•

Geography:Global

•

*As

ofOctober25,2023CONFIDENTIAL.

NOT

FOR

REDISTRIBUTION.

PG

25Q32023

Emerging

Tech

IndicatorFINTECHFintechETIdealsin

Q3

2023*CompanyFocusDeal

typeDeal

value

($M)Post-money

valuationKarat

FinancialSwanDigitalcredit

cardsforonline

creatorsSeriesBSeriesBSeriesBSeriesASeriesASeriesASeed$70.0$40.0$31.0$17.0$16.5$15.7$13.2$11.0$8.0N/AEmbeddedfinanceplatformforbankingservicesN/ADigitalwealth

managementservicesfortheultra-wealthyFarther$131.0N/AMomentCarefullFixed-income

investmentplatformFinancial

managementtool

to

helpagingfamilymembersN/AApronInvoice-reconciliation

paymentsplatformCross-border

paymentplatformN/AFelix$20.5$31.0N/AAutomated

chargebackmanagementfor

e-commerceChargeflowMazaSeedDigitalbankaimedat

immigrantswithoutsocial

securitynumbersSeedFinancial

platformfortradingtransportation-derivedassetsExponential

ExchangeSeries1$7.4$24.0Source:PitchBook

•

Geography:Global

•

*As

ofOctober25,2023Q32023

Emerging

Tech

IndicatorCONFIDENTIAL.

NOT

FOR

REDISTRIBUTION.

PG

26FINTECHFintechETIdealsin

Q3

2023

(continued)*CompanyFocusDeal

typeDeal

value

($M)Post-money

valuationMarketplace

forloan,credit

card,andremittanceoffersCrediversoCumbucaEarly-stageVCSeed$3.5$3.0$1.1N/AN/AN/AN/AN/AN/AShared-expensedigitalplatformAI-driven

financial

forecastingplatformAutomated

billing

andpaymentplatformFinancial

advice

marketplaceKintsugiSeedFuroEarly-stageVCEarly-stageVCSeedN/AN/AN/AN/AChip

ProfessionalAaritya

TechnologiesBeepPersonalized

tradingplatformPaymentplatformforsmartvending

machinesSeedN/ASource:PitchBook

•

Geography:Global

•

*As