PitchBook-IPO渠道：确定2024年潜在的VC支持IPO候选人（英）

(pitchBooK

EMERGINGTECHRESEARCH

IPOPipeline:IdentifyingPotentialVC-BackedIPOCandidatesin2024

PitchBookData,Inc.

JohnGabbertFounder,CEO

NizarTarhuniVicePresident,Institutional

ResearchandEditorial

PaulCondraHeadofEmerging

TechnologyResearch

InstitutionalResearchGroup

Analysis

PitchBookisaMorningstarcompanyprovidingthemostcomprehensive,most

accurate,andhard-to-finddataforprofessionalsdoingbusinessintheprivatemarkets.

TheEmergingTechResearchTeam

EricBellomo,BrendanBurke,AaronDeGagne,

AlexFrederick,JonathanGeurkink,KaziY.Helal,

DerekHernandez,AliJavaheri,RobertLe,

JohnMacDonagh,RebeccaSpringer,

JamesUlan,RudyYang

Introduction

pbinstitutionalresearch@

Asthestockmarketreachesnewpeaks,discussionofapossiblerevivalofthe

Publishing

DesignedbyCarolineSuttie

PublishedonMarch4,2024

Contents

Introduction

1

IPOperformancecharts

2

Selectcompanyhighlights

4

AsteraLabs

4

Circle

5

Databricks

6

Datavant

7

EpicGames

8

FBN

9

Generate:Biomedicines

10

Getir

11

HeartFlow

12

Klarna

13

Noom

14

Northvolt

15

RivusPharma

16

Rokt

17

Rubrik

18

SierraSpace

19

Stripe

20

Turo

21

Zipline

22

Zocdoc

23

IPOmarkethastakencenterstage.However,recentgrowthinthestockmarkethaslargelybeenpropelledbytechnologystalwartswithstrongoperating

fundamentalsasopposedtospeculativeventure-backedstartupswithunproventrackrecords.PitchBook’sproprietaryindexandvaluationdatashowshowtechstartupperformancehasdramaticallyunderperformedthebroaderstockmarket(seechartsbelow),raisingquestionsastohowmuchinvestorenthusiasmexistsforspeculativeIPOs.ThesparseIPOactivitythathasoccurredoverthepasttwoyearshasmainlyconsistedoflargercompaniesthathavebeensupportedby

largecorporateinvestorparticipation—verydifferentfromVC-backedstartups.

Anotherfactorthatisdifferentthiscycleisthepresenceofadeeperprivatemarketlandscapethatprovidesalternateroutestocapital,suchassecondariesofferings,thatmayreducetheneedforpublicliquidity.Still,withpublicmarketmultiples

holdingsteadyathealthylevelsandalong-termIPOdroughtleavingdealmakerschompingatthebit,it’slikelysomeVC-backedcompanieswilltestthepublic

watersin2024.

WepolledourEmergingTechnologyResearchteamtogettheirviewsonthemostlikelyVC-backedIPOcandidatesoverthenextyearassumingmarketsmaintain

currentlevels.Whilecountlessexternalandinternalfactorsultimatelydeterminewhetheracompanyseekstogopublic,ouranalystssoughttoidentifyventure-

backedstartupswithcompellingIPOcharacteristicssuchasstrongrevenuegrowthandmarginpotential,durablebusinessesmodels,capablemanagementteamswithsuccessfultrackrecords,and/orproductandtechnologyofferingswithrealistic

chancesofdisruptionandgrowth.Weidentify20possibleIPOcandidatesbelow.

1

$1,421.7

PitchBookAnalystNote:IPOPipeline:IdentifyingPotentialVC-backedIPOCandidatesin2024

PaulCondra

HeadofEmergingTechnology

Research

paul.condra@

IPOperformancecharts

VC-backedIPOshaveunderperformedbroadermarkets

VC-backedpublicmarketreturnsrebasedto100

460

410

360

310

260

210

160

110

60

Jan2019Jul2019Jan2020Jul2020

Nasdaq100

Jan2021Jul2021Jan2022Jul2022Jan2023Jul2023Jan2024

S&P500VC-BackedIPOIndex

Source:PitchBook•Geography:Global•*AsofFebruary29,2024

VC-backedstartupshavenotheldvalueaspubliccompanies

AggregatechangeinvaluationfromIPOforVC-backedIPOs

$1,500$1,400$1,300$1,200$1,100

$1,000

$1,444.9

Aggregatepostvaluation($B)

AtIPOOnFebruary29,2024

Source:PitchBook•Geography:Global

2

PitchBookAnalystNote:IPOPipeline:IdentifyingPotentialVC-backedIPOCandidatesin2024

2024IPOpipelineforVC-backedstartups*

Company

Founded

Vertical

Valuation

Lastraised

Totalraised

IPOprobability**

M&Aprobability

AsteraLabs

2017

AI&ML

$3.2billion

$150.0million

SeriesD,

April21,2021

$235.0million

44%

53%

Circle

2023

Crypto

$7.7billion(2022)

403.0million,

April11,2022

$1.1billion

75%

23%

Databricks

2013

Datasoftware&

Systems

$43.2billion

(2023)

N/A

$4.2billion

91%

7%

Datavant

2017

HealthcareIT

$7.0billion(2021)

Undisclosed,

October3,2023

$83.0million

disclosed

70%

16%

EpicGames

1991

Gaming

$30.0billion

$2.0billion,

April11,2022

$6.1billion

94%

1%

FBN

2014

Agtech

$3.8billion

$154.9million,

October13,2023

$939.3million

79%

19%

Generate:

Biomedicines

2018

Biopharma

$2.0billion

$273.0million,

September6,2023

$673.0million

95%

2%

Getir

2015

Foodtech

$2.5billion

$500.0million,

September8,2023

$2.3billion

91%

7%

HeartFlow

2010

Medtech(medicalimaging)

$1.6billion,

June13,2019

$215.0million,

March2,2023

$828.8million

94%

4%

Klarna

2005

Fintech

$6.7billion

Undisclosed,

January1,2024

$4.7billion

92%

6%

Noom

2008

Digitalhealth

$3.7billion,

May25,2021

$540million,

May25,2021

$668.8million

80%

18%

Northvolt

2016

Climatetech

$11.8billion

(2021)

$145.3million,

November21,2023

$14.3billion

97%

1%

RivusPharma

2019

Biopharma

$432.0million

$132.0million,

August19,2022

$167.0million

93%

4%

Rokt

2012

E-commerce

$2.0billion

Undisclosed,

November30,2022

$486.6million

69%

29%

Rubrik

2014

Cybersecurity

$4.0billion

$108.2milliondebtfinancing,

August17,2023

$1.2billion

88%

10%

SierraSpace

2021

Spacetech

$5.3billion

$290.0million,

September26,2023

$1.7billion

86%

12%

Stripe

2009

Fintech

$50.0billion

$6.9billion,

March15,2023

$9.1billion

96%

2%

Turo

2009

Mobility

$1.3billion

$67.5million,

September22,2023

$527.6million

88%

10%

Zipline

2014

Supplychain

$4.2billion

$330.4million,

April11,2023

$884.3million

97%

1%

Zocdoc

2007

HealthcareIT

$1.6billion(2015)

Undisclosed,

January1,2022

$504.0milliondisclosed

97%

1%

Source:PitchBook•Geography:Global•*AsofDecember31,2023

**Note:Probabilitydataisbasedon

PitchBookVCExitPredictormethodology

.

3

(pitchBooK

PitchBookAnalystNote:IPOPipeline:IdentifyingPotentialVC-backedIPOCandidatesin2024

Selectcompanyhighlights

BrendanBurke

SeniorAnalyst,Emerging

Technology

brendan.burke@

Vertical:AI&ML

Founded:2017

Founders:CEO/Co-founderJitendraMohan,President/Co-founderSanjayGajendra,ChiefProductOfficer/Co-founderCaseyMorrison

Lastraised:$150.0million,October4,2023

Totalraised:$235.0million

Post-moneyvaluation:$3.2billion,

May17,2022

Notableinvestors:FidelityManagement&Research,IntelCapital,SutterHillVentures,VentureTechAlliance,GlobalLink1Capital

Revenue:$115.8millionFY2023

Profitablein2023

Publiccompetitors:AMD,CadenceDesignSystems,Nvidia,Samsung,Synopsys

Privatecompetitors:MemVerge,XConnTechnologies

VCExitPredictor

.IPO:44%probability.M&A:53%probability.Noexit:3%probability

Note:Probabilitydataisbasedon

PitchBookVCExitPredictorMethodology.

AsteraLabs

Companyoverview

AsteraLabsspecializesinadvancedconnectivitysemiconductorsfordatacenters.Thecompany’sproductsprimarilyfocusonenhancingtheperformanceand

reliabilityofhigh-speeddatatransferincloud,enterprise,andhigh-performance

computingenvironments.AsteraLabsoffersarangeofPCIe(peripheral

componentinterconnectexpress)solutions,includingthemostwidelydeployedretimersforclouddatacenters—electroniccomponentsusedinhigh-speeddatacommunicationsystemstoimprovesignalintegrityandlatency.Theseproductsenablecustomerstoachievehigherdatarates,lowerpowerconsumption,and

improvedsystemscalability.TheyhavebecomeincreasinglyimportanttomanagethehighthroughputofAIsystemsincustomizeddatacenters.

ThecompanypartnerswithIntel,inpartduetoitscorporateVCrelationship,to

integrateitscomponentswithIntelcloudservers.IntelCapitaloffersanEmbeddedExpertprogramtouseIntel’sstafftoco-developstartupproductsandintegrate

themwithIntelhardware.AsteraLabshastakenadvantageofthisasanearly

integrationpartnerwithIntel’snewgeneration5Xeonprocessors.Forthisreason,thecompanymaybeunderexposedtoNvidia’sgrowth,1whilestillabletosupportIntel’s$15billiondatacenterbusiness.

IPOrationale

•AIsemiconductorcompanieshaveoutperformedthemarketintermsofrevenuemultipleappreciation.ThemedianAIsemiconductorstockinourcompsetgrew71%in2023and23%inQ42023—bothtopsamongallAIsegments,includingcoresoftwareandapplications.

•AsteraLabsmeetssomeofthecriteriaforlistingsinthecurrentmarket

environmentwithapublic-readyboardand44.9%revenuegrowthin2023.Thecompanyisnotprofitableanddoesnotmeetthe“ruleof40,”soitmayrelyonmomentumfromAIsemiconductorspendingforavaluationpremium.

•Thecompanybenefitsfromtailwindsinfit-outsofspecialtyAIdatacenters.

SpendingongenerativeAIhardware,includingcompute,storage,and

networking,grewto$7.2billionin2023.Growthisexpectedtoremainhighin2024.Thismarketopportunityacceleratesthegrowthofthecompany’sstated$17.2billionaddressablemarketfromenterprisenetworkingsemiconductors.

1:“AIDataCenterStartupAsteraLabsPlansMarchIPO,”TheInformation,CoryWeinbergandAnissaGardizy,February1,2024

4

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PitchBookAnalystNote:IPOPipeline:IdentifyingPotentialVC-backedIPOCandidatesin2024

RobertLe

SeniorAnalyst,Emerging

Technology

robert.le@

Vertical:Crypto/blockchain

Founded:2013

Founder:JeremyAllaire

Lastraised:$403.0,April2022

Totalraised:$1.1billion(CoinbaseandCircledissolvedtheirconsortiumgoverningUSDCinAugust2023,withCoinbasetakinganequitystakeinCircle.)

Post-moneyvaluation:$7.7billion,

April11,2022

Notableinvestors:BlackRock,Fidelity,Sequoia,GoldmanSachs,Accel,GeneralCatalyst,Pantera

Revenue:$1.5billionin2023(PitchBookestimate),$1.8-2.2billionin2024

(PitchBookestimate)

Publiccompetitors:WesternUnion,

Wise,Remitly

Privatecompetitor:Paxos

VCExitPredictor

.IPO:75%probability.M&A:23%probability.Noexit:2%probability

Note:Probabilitydataisbasedon

PitchBookVCExitPredictorMethodology.

Circle

Companyoverview

CircleisthedeveloperandissuerofUSDCoin(USDC),adigitalcurrencypegged

totheUSdollartomaintainastablevalue.Thecompanyoffersinfrastructurefor

theimplementationofthisstablecoininvariousfinancialtransactionsanddigital

applications.Circle’saimistofacilitateseamlessandefficientdigitalpaymentsandfinancialservices,leveragingthetechnologytobridgetraditionalfiatcurrencies

withthedigitaleconomy.Itsroleinthecryptoecosysteminvolvesregulatory

compliance—ensuringthatUSDCremainstransparentandstableasamediumofexchangeandstoreofvalue.

IPOrationale

•CirclefiledaconfidentialdraftS-1inJanuary2024.Thecompanypreviously

announcedaSPACmergertogopublicin2021,adealthatwasultimately

canceledinlate2022amidthecryptofallout.Duringthattime,thecompany

reportedQ32022revenuesof$274.0millionandanetincomeof$43.0million.ThevaluationCirclewasseekingatthetimewas$9.0billion.

•Thecompanycontinuestoexperiencestronggrowthandwasalsoestimatedtobeprofitablein2023,whichisararityforpublictechofferings.Webelieveagoodgrowthstoryplusprofitabilitywillgarnersignificantinvestorinterest.Thecaveatisthattechvaluationmultiplesoverallinthepublicmarketshavedeclined,sothevaluationCirclewillfetchwon’tbecommensuratewith

itsgrowth.

•Coinbase,theclosestpeercomp,hasbeentradingat8-10xforwardrevenue,whichimpliesCirclecouldgarnera$14.4-22.0billionvaluationinthe

publicmarket.

5

(pitchBooK

PitchBookAnalystNote:IPOPipeline:IdentifyingPotentialVC-backedIPOCandidatesin2024

DerekHernandez

SeniorAnalyst,Emerging

Technology

derek.hernandez@

Vertical:InfrastructureSaaS(datasoftware&systems)

Founded:2013

Founders:ArsalanTavakoli,IonStoica,AndyKonwinski,ReynoldXin,PatrickWendell,AliGhodsi,MateiZaharia

Lastraised:$500.0million,

September14,2023

Totalraised:$4.18billion

Post-moneyvaluation:$43.2billion,November10,2023

Notableinvestors:ARKVentureFund,

CapitalOneVentures,Nvidia,T.RowePrice,CounterpointGlobal,FranklinTempleton,AndreessenHorowitz,Microsoft

Revenue:Crossed$1.5Brevenuerunrateatmorethan50%revenueYoYgrowthandnon-GAAPsubscriptiongrossmarginsof85%(Q22023)

Publiccompetitors:Snowflake,AmazonWebServices,MicrosoftAzure,GoogleCloud

Privatecompetitors:

CockroachLabs,MotherDuck,Redis

VCExitPredictor

.IPO:91%probability

.M&A:7%probability.Noexit:2%probability

Note:Probabilitydataisbasedon

PitchBookVCExitPredictorMethodology.

Databricks

Companyoverview

Databricksisaunifiedanalyticsplatformdesignedtohelporganizationsharness

thepowerofbigdataandmachinelearning.Itwasfoundedbythecreatorsof

ApacheSpark,awidelyusedopen-sourceclustercomputingframeworkforbigdataprocessing.Databricksprovidesacollaborativeenvironmentfordatascientists,

engineers,andanalyststoworktogetherondataprojects.Itintegrateswithvariousbigdatatechnologiestoofferscalabledataprocessingcapabilities.

IPOrationale

•Databricksraisedmorethan$500millionata1.12xvaluationstepupto$43.2

billioninlate2023,achievingalarge-scaleup-rounddespitemajorpublicmarketmultiplecompressionandongoingeconomicuncertainty

•Databrickshasdisclosedarevenuerunrateofaround$1.5billioninQ22023andhasbeenexpandingthroughmajoracquisitionsaswell,includinga$1.3billion

acquisitionofMosaicML,agenerativeAIstartup,and$100.0millionforArcion,anenterprisedatastartup.

•Despiteraisingmorethan$500millioninlate2023,thecompanyhasstatedthatithasnotchangeditsIPOroadmaportimeline.

•WeexpectthemarketappetiteforadataandAIbehemothtobemassive,asindicatedbythecompanyoriginallytargetinga$100.0millionroundandultimatelygrowingthatbyabout5x.

6

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PitchBookAnalystNote:IPOPipeline:IdentifyingPotentialVC-backedIPOCandidatesin2024

RebeccaSpringer,Ph.D.

LeadAnalyst,Healthcare

rebecca.springer@

Vertical:HealthcareIT

Founded:2017

Founder:TravisMay

Lastraised:Undisclosed,January1,2022

Totalraised:$83.0million

Post-moneyvaluation:

$7.0billion,July28,2021

Notableinvestors:CignaVentures,Johnson&JohnsonInnovation-JJDC,MerckGlobal

HealthInnovationFund,MubadalaInvestmentCompany,NewMountainCapital,Roivant

Sciences,SixthStreetPartners

Revenue:$700.0millionfollowingCiox

mergerin2021;profitable

Publiccompetitors:

ChangeHealthcare(Optum),HealthCatalyst

Privatecompetitors:InovalonHoldings,

Clarify,Redox,Commure,Clearsense,HealthGorilla,ZusHealth

VCExitPredictor

.IPO:70%probability.M&A:16%probability.Noexit:14%probability

Note:Probabilitydataisbasedon

PitchBookVCExitPredictorMethodology.

Datavant

Companyoverview

Datavantistheleadinghealthcaredatalogisticsplatform,supporting

interoperabilityandanalysisofclinicaldataaswellasrevenuecyclefunctions.

SpunoutofRoivantSciencesin2017,thecompanybeganasareal-worlddata

(RWD)platform,helpingpharmaceuticalindustryclientsanalyzepatientdata,

includingunstructurednotes,forclinicaltrialdesignandoutcomestracking.In2021,DatavantunderwentatransformationalmergerwithCioxHealth,aclinicaldata

exchangenetwork.ThedealallowedDatavant’sRWDtechnologytoconnecttoabroadfootprintofclinicaldatasourcesandaddadditionalbusinesslines,includingrevenuecycleandcodingcapabilities.

IPOrationale

•Datavanthasthescaleanddominantmarketpositiontomakeitanobvious

IPOcandidate.Thecompanycountsmorethan70,000hospitalsandclinics,

including70%ofthe100largesthealthsystems,asitsclients.Itsdataecosystemproductsarestickyduetohighswitchingcosts.Datavant’srootsinlifesciencesandRWDarealsoadvantageousasmajorprovidersandpayerscontinueto

experiencemarginpressurepost-COVID.

•Datavant’sdiversebusinesslinescouldbeaconcernforpublicmarkets

investors.Itsrevenuecycleservices,forinstance,operateinahighlycompetitivemarketwithlowermargins.Early-stagebutwell-fundedchallengersareseekingtotakemarketshareindatainteroperability,andincumbentEHRleaderEpichascompetingproducts.

7

Vertical:Gaming

Founded:1991

Founders:TimSweeney,MarkRein

Lastraised:$1.5billion,February7,2024Totalraised:$7.6billion,April11,2022

Post-moneyvaluation:

$31.5billionDecember1,2021

Notableinvestors:FranklinTempleton,ManhattanVenturePartners,

AllianceBernstein,Tencent,Blackrock,Sony,KleinerPerkins,LightspeedVenturePartners,T.RowePrice

Revenue:$6.7billioninrevenue(2022),19.6%EBITDAmargin

Publiccompetitors:Unity,Roblox,

ElectronicArts

Privatecompetitors:

Voodoo,Niantic,RecRoom

VCExitPredictor

.IPO:94%probability.M&A:1%probability.Noexit:5%probability

Note:Probabilitydataisbasedon

PitchBookVCExitPredictorMethodology.

(pitchBooK

PitchBookAnalystNote:IPOPipeline:IdentifyingPotentialVC-backedIPOCandidatesin2024

EricBellomo

Analyst,EmergingTechnologyeric.bellomo@

EpicGames

Companyoverview

EpicGamesisaleadinginteractiveentertainmentcompanyandSaaSprovider.

Epic’shitopen-worldgameFortniteisoneofthemostpopulargamesinhistory,anditrecentlysetanewconcurrentplayerrecordwhen44.7millionusersloggedover100millionhourswiththeFortniteOGmap.2,3Thecompany’sUnrealEngineisusedacrossfilm,television,games,architecture,manufacturing,andmore.ThecompanyalsolaunchedtheEpicGamesstorein2018asagamesdistributionplatform.Acrosstheseplatforms,Epicoperatesasanend-to-enddigitalecosystemfordevelopers

andcreators.

IPOrationale

•Acrossthreedecadesasaprivatecompany,EpicGameshasraisedmorethan$6billion.Themostrecentlydisclosedvaluationwas$31.5billionin2022,althoughrecentreportingindicatesitsvaluationiscloserto$23.0billionafterastrategicinvestmentfromDisney.Thecompany’srevenuecompositionisrelatively

diversifiedwithapresenceincontent(Fornite),SaaS(UnrealEngine),distribution&publishing(EpicGamesStore),andmore.Onlytwogamingacquisitionsin

history(excludingMicrosoft’soutlierdealforActivisionBlizzard)exceedEpic’svaluation,makingapubliclistingthemostlikelyoutcome.

•TherecentsuccessofFortnite’s“BigBang”launch(whichincludedLEGOFortnite,RocketRacing,andFortniteFestival),improvementsintheUnreal

EngineforFortnitealongsidethecompany’scommitmenttocreatorecosystems,andUnrealutilizationinothercreativeindustries(suchasfilm)arepositive

indicatorsforfuturerevenuegrowth.

•EpicleadershiphasbeennoncommitalaboutIPOrumorsinthepast.OngoinglegalbattleswithApple,Google,Value,andotherscomplicatethenear-term

listingoutlook.Further,themixedperformanceofrecentgamingIPOsaddsrisktoentertainmentIPOs.

2:“FortniteJusthadItsBiggestDayEver,6Yearsin,”Polygon,OliWelsh,November6,2023.

3:“TheTremendousYetTroubledStateofGamingin2024,”MatthewBall,MatthewBall,January23,2024.

8

Note:Probabilitydataisbasedon

PitchBookVCExitPredictorMethodology.

(pitchBooK

PitchBookAnalystNote:IPOPipeline:IdentifyingPotentialVC-backedIPOCandidatesin2024

AlexFrederick

SeniorAnalyst,

EmergingTechnology

alex.frederick@

Vertical:Agtech(farm

managementsoftware)

Founded:2014

Founders:CharlesBaron,MatthewMeisner,AmolDeshpande

Lastraised:$154.9million,October13,2023

Totalraised:$939.3million

Post-moneyvaluation:

$3.8billion,November18,2021

Notableinvestors:ADMVentures,FidelityManagement,Blackrock,TemasekHoldings,T.RowePrice,GV,KleinerPerkins

Revenue:N/A

Publiccompetitors:Deveron

Privatecompetitors:Bushel,Growmark,FarmBureauFinancialServices

VCExitPredictor

.IPO:79%probability.M&A:19%probability.Noexit:2%probability

FarmersBusinessNetwork(FBN)

Companyoverview

FBNoperatesasadigitalplatformthataggregatesagriculturaldataandprovidesfarmerswithaccesstovaluableinsightsandresources.Throughitsplatform,

farmerscananalyzeagronomicdata,compareinputprices,accessmarket

intelligence,andcollaboratewithothermemberstomakeinformeddecisionsabouttheirfarmingoperations.Additionally,FBNofferscollectivepurchasingprograms

thatallowfarmerstoleveragetheircombinedpurchasingpowertonegotiatebetterpricesforseeds,chemicals,andotherinputs.

IPOrationale

•FBNhasraisedmorethan$200millionandhasestablisheditselfasaleading

playerintheagriculturaltechnologysector,offeringinnovativesolutionsand

servicestofarmers.Itsdigitalplatform,data-driveninsights,andcollective

purchasingpowerhaveresonatedwellwiththefarmingcommunity,resultinginagrowingcustomerbaseandmarketpresence.

•FBN’suserbasehasbeensteadilygrowing,andits75,000farmermemberbasedrivesstrongnetwork-effectbenefits.

•FBNcollectsextensivedataonfarmingpractices,cropyields,andmarkettrends.Thisdata-drivenapproachallowsittooffervaluableservicesandinsights.

FBNcontinuallyinnovatesbyintroducingnewtools,services,andpartnerships.Itsfocusonimprovingfarmers’profitabilityresonateswithinvestorsseekingdisruptivetechnologies.

9

Vertical:Biopharma

Founded:2018

Founders:FlagshipPioneering(VentureBuilder),MollyGibson,GevorgGrigoryan,GeoffreyvonMaltzahn,AvakKahvejian

Lastraised:$273.0million,September6,2023

Totalraised:$673.0million

Post-moneyvaluation:$2.0billion,

September6,2023

Notableinvestors:FlagshipPioneering,ARCHVenturePartners,Amgen,NVentures,T.RowePrice,FidelityManagement&Research

Revenue:N/A-Clinical,Phase1

Publiccompetitors:IsomorphicLabs,Schrödinger,Absci

Privatecompetitors:

Evolutionaryscale,Evozyne,CradleBio

VCExitPredictor

.IPO:95%probability.M&A:2%probability.Noexit:3%probability

Note:Probabilitydataisbasedon

PitchBookVCExitPredictorMethodology.

(pitchBooK

PitchBookAnalystNote:IPOPipeline:IdentifyingPotentialVC-backedIPOCandidatesin2024

KaziHelal,Ph.D.

SeniorAnalyst,Biotech

kazi.helal@

Generate:Biomedicines

Companyoverview

Generate:Biomedicinesisadeveloperofagenerativebiologyplatformdesignedtoinventnewdrugsacrossproteinmodalitiesandproteintherapeutics.Thecompany’splatformleveragesmachinelearningtounderstandthegeneticcodeunderlyingthefunctionofproteinstorapidlygenerateantibodies,peptides,enzymes,andcellandgenetherapiestomeetanytherapeuticneed,enablingbiologiststobringradicallynewmedicinestopatients.

IPOrationale

•Thecompanyisaunicornanddemonstratedcontinuedinvestorinterestwithalargepipelineofmorethan18programs,withtwodrugsinclinicaltrials.

•WhileGenerate:Biomedicinesisattheclinicalstage,inpreviousyears,AI

biotechsatthepre-clinicalstagehavegonepublicbasedontechnology

potential.GenAIrenewedtheinterestinthecomputationaldrugdesignspaceandholdsexcitementforinvestorsacrossindustries.

•Thenotablehealthcareinvestorshaveatrackrecordofpre-clinicalIPOs,

and2024isshowingpromiseforbiotechIPOs,includingoneslackingclinicalvalidation.Also,clinicaldevelopmenttimelinesarelong,soinvestorsmaywishtoexitearlier.

10

Note:Probabilitydataisbasedon

PitchBookVCExitPredictorMethodology.

(pitchBooK

PitchBookAnalystNote:IPOPipeline:IdentifyingPotentialVC-backedIPOCandidatesin2024

AlexFrederick

SeniorAnalyst,

EmergingTechnology

alex.frederick@

Vertical:Foodtech(OnlineGrocers)

Founded:2015

Founders:NazimSalur,MertSalur,Serkan

Borancili,TuncayTutek,AzizGunel,

ArkadyVolozh

Lastraised:$500.0million,

September8,2023

Totalraised:$2.3billion

Post-moneyvaluation:

$2.5billion,September8,2023

Notableinvestors:AbuDhabiGrowthFund,MubadalaInvestmentCompany,ADQ,SequoiaCapital,TigerGlobalManagement,Sofina

Revenue:$460.5millionin2022

Publiccompetitors:DeliveryHero,DoorDash,Deliveroo,UberEats,Instacart

Privatecompetitors:

Flink,GoPuff,JOKR,Zepto

VCExitPredictor

.IPO:91%probability

.M&A:7%probability.Noexit:2%probability

Getir

Companyoverview

Getirisanon-demanddeliveryservicethatspecializesinultra-fastgrocerydeliveryandconvenienceretail.Throughitsmobileapp,Getirallowscustomerstobrowseawideselectionofgroceryitems,householdessentials,andotherconvenience

productsandhavethemdeliveredtotheirdoorstepinminutes.Getir’sunique

sellingpropositionliesinitspromiseofr