Q Innovation Monitor

Transcription

1 Q Innovation Monitor Sponsored by: Presented by i3

2 Contents Industry Trends Top Venture Deals & Corporate Investors Exits: M&A Highlights

3 Contents Industry Trends Top Venture Deals & Corporate Investors Exits: M&A Highlights

4 Two consecutive quarters of growth in traditional sectors Global cleantech venture capital investment with Mobility Services breakout Billions $8 $7 $6 $5 $4 $ $ $ $ $ Deal Volume $ $ $1.9 $1.3.4 $1.4.1 $ $1.7 $ $0 0 1Q16 4Q15 3Q15 2Q15 1Q15 4Q14 3Q14 2Q14 1Q14 4Q13 3Q13 2Q13 1Q13 4Q12 3Q12 2Q12 1Q12 4Q11 3Q11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q $ - Traditional Cleantech $ - Mobility Services Total Deal Volume 4

5 Average deal size closer to 5 year average ($8.8M) Average round sizes in clean technology venture capital* Millions $ $18 $15 $10 $5 $0 $8 $11 $9 $15 $18 $14 $8 $11 $19 $12 $9 $10 $10 $17 $14 $14 $14 $14 $12 $3 $3 $4 $4 $3 $3 $7 $9 $8 $6 $11 $13 $10 $13 $1 $7 $11 $4 $7 $6 $8 $8 $6 $9 $16 $11 0 $8 $13 2 $ $14 $3 $4 $4 $3 $3 $14 1Q16 4Q15 3Q15 2Q15 1Q15 4Q14 3Q14 2Q14 1Q14 4Q13 3Q13 2Q13 1Q13 4Q12 3Q12 2Q12 1Q12 4Q11 3Q11 2Q11 1Q11 4Q10 3Q10 2Q10 1Q10 $13 $ *Excludes outlier deals above $350M Seed & Series A Series B+ Overall 5

6 Strong quarter for later-stage deals Deal volume comparison between early and late stage Deal Count Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q124Q121Q132Q133Q134Q131Q142Q143Q144Q141Q152Q153Q154Q151Q Seed & Series A Series B+ 6

7 Washington, Florida, Minnesota join top states/provinces Global 1Q16 cleantech venture capital investment Top geographies by deal volume Asia Pacific, 7.44% Other, 1.28% Europe & Israel, 18.49% North America, 73% 75.9%

8 Corporate deals with 37% lower dollars than 2015 average Dollars invested and volume of deals with corporate participation* $1,600 $1,400 $1,200 $1, $800 $600 $ $ $1,031 $644 $822 $1,320 $841 $934 $874 $773 $1,169 $692 $770 $500 $1,113 $639 $1,138 $903 $712 $853 $649 $765 $1,355 $1,374 $1, $ $0 0 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 Millions 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q $ Investment in Rounds with Corporate Participation Deals with Corporate Participation *Dollar totals inclusive of co-investors 8

9 Rate of corporate participation down 20% on 2015 average Deal Volume with corporate participation, percentage of all deals 80 35% 70 34% 30% % 55 16% 40 21% 51 19% 54 21% 59 24% 67 18% 17% % 22% % 17% % 47 21% 75 16% 47 24% 21% 22% 21% 21% 20% 18% % 17% % 20% 15% 10% 10 5% 0 1Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q124Q121Q132Q133Q134Q131Q142Q143Q144Q141Q152Q153Q154Q151Q % Deals with Corporate Participation Percentage of Deal Volume with Corporate Participation 9

10 However, corporates are co-investing more often Average number of corporate co-investors in rounds exhibiting corporate participation YTD 10

11 Sector shares of cleantech venture capital (deals) Percentage share of total deal volume by sector over time 25% 20% 19% 15% 10% 16% 14% 12% transportation agriculture & food energy efficiency advanced materials solar energy storage 5% 6% 5% 0% YTD *Excluded sectors include: smart grid, industrial biotech, wind, and others 11

12 Sector shares of cleantech venture capital (dollars) Percentage share of total dollars invested by sector over time* 40% 35% 34% 30% 25% 20% 15% 10% 20% 11% 9% transportation energy efficiency solar agriculture & food advanced materials 5% 0% YTD 3% *Excludes outliers above $350M; Excludes sectors like smart grid, industrial biotech, wind, and others 12

13 Sector shares of dollars invested Dollar amount, and percentage of total, by sector $10M $18M $30M $36M 2% $62M 3% $76M 4% $9M $8M $4M $3M $93M 4% M 09M 10%** $735M 34% transportation solar energy efficiency agriculture & food conventional fuels energy storage 05M 9% advanced materials smart grid biofuels & biochemicals water & wastewater 32M 11% $446M 20% wind fuel cells & hydrogen nuclear recycling & waste biomass generation hydro & marine power other cleantech *Excludes outliers above $350M; all deals below $30M represent <1.5% ** Other Cleantech includes cross-sectoral digital & IoT technologies, sustainability reporting software, and multidisciplinary project developers in solar, wind, biomass, etc. 13

14 Contents Industry Trends Top Venture Deals & Corporate Investors Exits: M&A Highlights

15 Top 1Q16 cleantech venture deals Company Description Round Size Investors Provider of on-demand ride services $1B General Motors, Didi Kuaidi, Janus Capital, Rakuten, Alibaba, Saudi Arabia Kingdom Holdings Provider of solar installation and services $300M Energy Capital Partners (Dada) Developer of a SaaS platform for last mile logistics $300M Greenwood Investment, Sequoia Capital, DST Global Provider of on-demand ride services 00M LetterOne Provider of innovative renewable energy and energy efficiency financing $70M Angeleno Group, Apollo GM, Claremont Creek Ventures, LL Funds, NGEN, Prelude Ventures Developer of microbial plant nutrition products $56M Flagship Ventures Developer of smart energy efficient homes Developer of data management solutions for farms $45M $41M EDBI, Singapore Technologies Telemedia, The Westly Group, E.ON Ventures Mitsui, Kleiner Perkins Caufield & Byers, Osmington Inc Developer of cloud-based interactive mapping software $40M Benchmark Capital, Index Ventures, Michael Lynton, Tom Stafford, Yuri Milner Developer of IoT solutions for commercial buildings 5M Tao Capital, KPCB, RockPort Capital Partners, Draper Fisher Jurvetson (DFJ) 15

16 Top corporate investors in 2016 Corporate Deals 3 Stratoscale, Inpria, Arrayent, Exemplary Portfolio Companies Arrayent, SBA Materials, Chargifi, Prieto Battery, Ninebot, Nuovo Film, Qnovo, izettle, Yuneec, Maana, Peloton Technology, Airware, Sigfox, others 3 Sight Machine, Motive Drilling Company, mprest, mprest, Sungevity, Stem, FlexGen, Ingenu, Sensity Systems, MatterFab, Maana, evolution Networks, Bit Stew Systems, Data Torrent, others 3 Off Grid Electric, Powerhive Solidia Technologies, Stem, Sunverge Energy, Sunfire, NanoH20, NexSteppe 2 Stratoscale, Webradar Stratoscale, Vixom, Panoramic Power, Broadlink, Streetline, Waze, A123 Systems 2 Veniam Works Platfora, Sensity Systems, Waygum, Evrythng, Control 4, Atlantis Computing, icontrol Networks 2 Farmers Edge, Phytech Stem, LanzaTech, Autotalks, Sumitomo Corporation, SCI Energy, 2 Inpria, NuTonomy Jibo, Seeo, Kateeva, Inpria, NovaLED, Global Steel Exchange, Voltaix 16

17 Contents Industry Trends Top Venture Deals & Corporate Investors Exits: M&A Highlights

18 Q cleantech M&A highlights Acquirer Target Deal Size/PIC Venture Backers $1B $42.09M New Horizon Capital, GIMV, Capricorn Venture Partners, LRM $431M N/A Company went public in 2010 $350M $1.3M Firelake Capital Management, Acadia Woods Partners, Lux Capital Undisclosed $18.8M Spark Capital, Flight Ventures, AME Cloud Ventures, Initialized Capital, Maven Ventures,, Y Combinator, others Undisclosed $36.88M Oaktree Capital Management Merger Undisclosed $18M Undisclosed N/A Columbia Lake Partners, SVB, Braemar Energy Ventures, SET Ventures, Hermes GPE Edison Int., KPCB, GV, Claremont Creek, Clean Pacific Ventures, Sand Hill Angels, Hitachi, ClearSky, Dominion Resources 18