store & retrieve data anywhere - q4/fy 2015 innovation monitor · 2016-02-17 · corporates...

Q4/FY 2015 Innovation Monitor

Presented by i3

Sponsored by:

2

Industry Trends

Top Venture Deals & Corporate Investors

Exits: IPO + M&A Highlights

Contents

Global Cleantech & Mobility Services Venture Capital Investment $ Billions, Deal Volume

5

Stronger Investment; Lower Volumes (and more “Unicorn” Mobility Deals

Powered by Data From i3

$2.4

$4.5

$6.9

$10.0 $6.7

$9.4

$11.0

$8.8

$7.1

$8.9

$9.9

$5.0

$9.2

431 508

638

756 818

1059 1121

1186

1298

1132

833

0

200

400

600

800

1000

1200

1400

$-

$5

$10

$15

$20

$25

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Bill

ions

$ - Traditional Cleantech $ - Mobility Services Total Deal Volume

Global Cleantech Venture Capital Investment by Quarter* $ Billions, Deal Volume

6

On quarterly basis, sliding deal volume held at 200 mark


$2.3

$2.7 $2.2

$2.3

$3.2 $2.5

$2.7

$2.8 $2.1

$2.5

$2.2

$1.9 $1.3

$2.5

$1.7

$2.4 $2.0

$2.3

$2.6

$2.8

$1.8

$2.8

$3.3 $2.9

0

50

100

150

200

250

300

350

400

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

2010 2011 2012 2013 2014 2015

Num

ber of Deals

Bill

ions

*Inclusive of Mobility Services Segment; Excludes outlier deals above $350M

Average deal sizes still higher, but settling

Average Round Sizes in Clean Technology Venture Capital* $ Millions


7

$2

$3

$2

$3

$3

$4

$4

$3

$2

$3

$2

$2

$2

$1

$2

$2

$2

$2

$2

$3

$3

$4

$4

$4

$14

$18

$15 $12

$19 $14

$14

$17 $12

$14

$14 $10

$7 $13

$10

$13

$11

$14

$16

$19

$12

$22

$29 $25

$8

$11 $9 $8

$11 $9 $10 $10

$7 $9 $8

$6 $4

$7 $6

$7 $7 $8

$9 $11

$7

$13

$19

$15

$0

$5

$10

$15

$20

$25

$30

$35

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

2010 2011 2012 2013 2014 2015

Mill

ions

Seed & Series A Series B - Growth Equity Overall*Excludes outlier deals above $350M

Global 2015 Cleantech Venture Capital Investment Top Geographies by Deal Volume

North America generates 73% of deal volume


75.9%

8

215

65

33 27 24 24 24 17 14 13 11 11 10

0

50

100

150

200

250

North America, 607,

73%

Europe & Israel, 153,

18%

Asia Pacific, 63, 8%

Other, 10, 1%

Corporates continue to invest in larger rounds

Investment and Deal Volume with Corporate participation*


9

$545

$1,031 $644

$792

$1,320

$836

$934

$888

$764

$1,169

$706

$753 $500

$1,133

$639

$1,138 $774

$681

$705

$633

$765

$1,352

$1,180

$1,271

54

40

52 53

59

66

50

47

70

61

49 49 47

76

47

63

54

60 58

52 52 51 56

44

0

10

20

30

40

50

60

70

80

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

1Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q124Q121Q132Q133Q134Q131Q142Q143Q144Q141Q152Q153Q154Q15

2010 2011 2012 2013 2014 2015

Mill

ions

$ Investment in Rounds with Corporate Participation Deals with Corporate Participation

*Dollar totals inclusive of co-investors

Rate of corporate participation down in Q4


Deal Volume with Corporate participation, percentage of all deals

10

54

40

52 53 59

66

50 47

70 61

49 49 47

76

47

63 54

60 58 52 52 51

56

44

19% 16%

21%

19% 21%

24%

17% 17%

21% 22%

18%

16% 14%

22%

16%

19% 17%

20% 21% 20% 21%

24% 32%

22%

0%

5%

10%

15%

20%

25%

30%

35%

0

10

20

30

40

50

60

70

80

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

2010 2011 2012 2013 2014 2015

Deals with Corporate Participation Percentage of Deal Volume with Corporate Participation

Corporates co-investing more often


Average number of Corporate co-investors in corporate rounds

11

1.27

1.48

1.27 1.29 1.29

1.32

1.29 1.29

1.26

1.34

1.25

1.33

1.36

1.41

1.1

1.15

1.2

1.25

1.3

1.35

1.4

1.45

1.5

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Sector Shares of Cleantech Venture Capital (Deals)

Powered by Data From i3 *Excluded sectors include: smart grid, industrial biotech, wind, and others

12

18.7%

15.6%

11.9%

8.8% 8.0%

5.3%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

2010 2011 2012 2013 2014 2015

transportation

agriculture & food

energy efficiency

advanced materials

solar

energy storage

Percentage share of total deal volume by sector over time

Sector Shares of Cleantech Venture Capital (Dollars)

Powered by Data From i3 *Excludes outliers above $350M; Excludes sectors like smart grid, industrial biotech, wind, and others

13

Percentage share of total dollars invested by sector over time*

30.5%

10.3% 10.1% 8.3%

5.3% 5.2%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

2010 2011 2012 2013 2014 2015

transportation

energy efficiency

solar

agriculture & food

industrial biotech

advanced materials

Data Powered by i3 - https://i3connect.com

Industry Trends


Sector Spotlights


Contents

Top 4Q15 Cleantech Venture Deals

Description Round Size Investors Company

Developer of an online platform providing ride booking services $700M LeTV

Provider of solar installation and services $300M Triangle Peak Partners, Franklin Square Partners,

GSO Capital Partners

Developer of a taxi e-hailing application $275M Didi Kuaidi, SoftBank Capital, Baillie Gifford, Falcon

Edge Capital, Tiger Global, DST Global

Developer and operator of renewable energy projects in India $265M Abu Dhabi Investment Authority, Global

Environment Fund, Goldman Sachs

Developer of renewable energy projects in India $165M GE

Developer of specialty chemicals, biopolymers, and biobutanol $135M Shanxi Lu'an Mining Group

Developer of plant-based meat replacement products $108M UBS, Viking Global, Horizons Ventures, Khosla

Ventures, Bill Gates

Provider of an online home sharing and rental platform $100M Undisclosed

Developer of algal biofuels $92M Undisclosed

Provider of financing solutions for the adoption of building energy products $90M Silver Lake Kraftwerk, DFJ Growth

15

Yidao Yongche

Top corporate investors in 2015

Deals (# and exemplary portfolio companies) Corporate

16

19 mPrest, Sungevity, Stem, FlexGen, Ingenu, Sensity Systems, MatterFab, Maana, eVolution Networks, Bit Stew Systems, Data Torrent, Predixion Software, PingThings, Rethink Robotics, Enbala Power Networks, Lucid, TTTech

16 Arrayent, SBA Materials, Chargifi, Parallel Machines, Prieto Battery, Ninebot, Nuovo Film, Qnovo, iZettle, Yuneec, Nextinput, Digital Specialty Chemicals, Maana, Peloton Technology, Airware, Sigfox

8 NuTonomy, SBA Materials, Vicarious, StoreDot, Filament, Evrythng, Vinli, Nanosys

7 GreenWave Systems, Sungevity, Greensmith, Bidgely, Organic Response, Thermondo, FirstFuel Software, Space-Time Insight

5 SBA Materials, Aveni, Water Planet, Sigfox, Avenisense

5 Fenix International, Tendril, Sigfox, Redbird, Advanced Microgrid Solutions

5 KeepTruckin, Carbon3D, Granular, Farmers Business Network, Orbital Insight

5 FlightCar, NextEV, Ele.me, Didi Kuaidi

Industry Trends



Contents

$330M $33M

DBL Investors, Sigma Partners, SJF Ventures, Tennenbaum Capital

$263M $198M

GSR Ventures, Mayfield Fund, Crescent HydePark, AsiaVest, Temasek, Keytone V.

$222M $33M

Aster Capital, Demeter Partners, TechFund Europe, Lazard Asset Management, others

$222M $33M

Aster Capital, Demeter Partners, TechFund Europe, Lazard Asset Management, others

$70M $36M

Scottish Equity Partners, Intel Capital, Braemar Energy Ventures, others

$161M $33M

East Hill Management, Oxford Capital Partners, Asia Pacific Capital

$90M $44M

Beringea Ventures (Invest Michigan), GM Ventures, Khosla Ventures, ITOCHU

$70M $36.5M

SSE Ventures, Intel Capital, VentureTech Alliance, Braemar Energy Ventures, others

Undis. $44M

Samsung, GSR Ventures, Khosla Ventures, Presidio Ventures

Undis. $818M

GSR Ventures, Tencent, CITIC Private Equity, Temasek, DST Global

2015 Cleantech M&A Highlights Acquirer Target Venture Backers Deal Size/PIC

18

Didi Dache

YieldCo for solar projects of SunEdison

$550M NASDAQ

N/A

First Solar & SunPower joint YieldCo for solar projects

$981M NASDAQ

N/A

Home solar sales and installation

$505M NASDAQ

Foundation Capital, Accel Partners, Sequoia Capital, Madrone Capital Partners, Firsthand Technology

Manufacturer of solar system power components

$1.15B NASDAQ

GE Ventures, Lightspeed Venture Partners, Norwest Venture Partners, Genesis Capital, others

Smart home services provider $716M NASDAQ

ABS Capital Partners, NJTC Venture Fund, Technology Crossover Ventures, Equis Capital

Producer of woody biomass pellets and fuels

$417M NYSE

Riverstone/Carlyle Renewable Energy Partners

Climate resistant crop trait developer

$116M NASDAQ

Vilmorin, BASF Venture Capital, Saints Capital, Mandala Capital, Exeter Life Sciences

2015 Cleantech IPO Highlights

Description Market Cap Pre-IPO Investors Company

19

store & retrieve data anywhere - q4/fy 2015 innovation monitor · 2016-02-17 · corporates...

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