Q4/FY 2015 Innovation Monitor
Q4/FY 2015 Innovation Monitor
Presented by i3
Sponsored by:
2
Contents
Industry Trends Top Venture Deals & Corporate Investors Exits: IPO + M&A Highlights
Contents
Industry Trends Top Venture Deals & Corporate Investors Exits: IPO + M&A Highlights
Stronger Investment; Lower Volumes (and more “Unicorn” Mobility Deals Global Cleantech & Mobility Services Venture Capital Investment
Billions
$ Billions, Deal Volume $25
1400
1298 1186
$20
1200
1132
1121 1059
833 $9.2
818
$15
756 $5.0
638
800
600
508
$10
1000
431 400 $9.9
$8.9
$7.1
$8.8
$11.0
$9.4
$6.7
$2.4
$4.5
$6.9
$10.0
$5
200
0
$2005
2006
2007
2008
2009
$ - Traditional Cleantech
2010
2011
$ - Mobility Services
2012
2013
2014
2015
Total Deal Volume
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5
On quarterly basis, sliding deal volume held at 200 mark Global Cleantech Venture Capital Investment by Quarter*
Billions
$ Billions, Deal Volume $3.5
400
$3.0
350 300
$2.5
$2.9
$3.3 $2.8
$2.8
$2.6
$2.3
$1.8
$2.0
$1.7
$1.3
$0.5
$2.4
$2.5
$1.9
$2.2
$2.1
$2.5
$2.8
$2.5
$2.7
$3.2 $2.3
$2.2
$2.3
$1.0
$2.7
$1.5
200 150
Number of Deals
250 $2.0
100 50 0
$0.0 4Q15
3Q15
2Q15
1Q15
2014
4Q14
3Q14
2Q14
1Q14
2013
4Q13
3Q13
2Q13
1Q13
2012
4Q12
3Q12
2Q12
1Q12
2011
4Q11
3Q11
2Q11
1Q11
4Q10
3Q10
2Q10
1Q10
2010
2015
*Inclusive of Mobility Services Segment; Excludes outlier deals above $350M
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6
Average deal sizes still higher, but settling Average Round Sizes in Clean Technology Venture Capital*
Millions
$ Millions $35
$30
$25 $19
$20
$29
$15
$8 $7
$7
$6
$7
$12 $4
$4
$4
$3
4Q15
3Q15
2Q15
1Q15
4Q14
2014
$3
Series B - Growth Equity
3Q14
2013
$2
1Q14
4Q13
3Q13
2Q13
1Q13
2012
4Q12
3Q12
Seed & Series A
2Q12
1Q12
4Q11
3Q11
2Q11
1Q11
4Q10
3Q10
2Q10
1Q10
2011
$14 2Q14 $2
$2
$2
$0
2010
$7
$11
$13
$2
$2
$13 $1
$7
$10 $2
$2
$3
$2
$3
$4
$3
$3
$2
$3
$2
$4
$14
$10
$12
$6
$4
$8
$16
$7
$11
$9
$19
$9 $14
$17
$14
$12
$5
$10
$10
$9
$14
$19
$8 $15
$14
$8
$18
$10
$9
$22
$11
$11
$15 $25
$13
2015
Overall
*Excludes outlier deals above $350M
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7
North America generates 73% of deal volume Global 2015 Cleantech Venture Capital Investment
Top Geographies by Deal Volume 250 Asia Pacific, Other, 10, 1% 63, 8%
215 200
Europe & Israel, 153, 18%
150
North America, 607, 73% 75.9% 100 65 50
33
27
24
24
24
17
14
13
11
11
10
0
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8
Corporates continue to invest in larger rounds
Millions
Investment and Deal Volume with Corporate participation*
$1,600
80
76 70
$1,400 $1,200
70
66 61
59 54
52
63 60
50 53
58
54 47
49
$1,000
49
47
60
56 52
52
51
44
47
50
40 40 $1,271
$1,180
$1,138
$1,133
$765
$633
$705
$681
$774
$639
$500
$753
$706
$764
$888
$934
$836
$1,169
$1,320
$545
$200
$644
$400
$792
$1,031
$600
$1,352
$800
30 20 10
$0
0 1Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q124Q121Q132Q133Q134Q131Q142Q143Q144Q141Q152Q153Q154Q15 2010
2011
2012
$ Investment in Rounds with Corporate Participation *Dollar totals inclusive of co-investors
2013
2014
2015
Deals with Corporate Participation
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9
Rate of corporate participation down in Q4 Deal Volume with Corporate participation, percentage of all deals
80
35%
70
30% 32%
60
24%
24%
21% 50
21% 22%
21%
19%
19%
40 66
20
52
53
50
47
49
20% 20%
60 54
47
22%
15% 63
49
25%
21%
76
61
59
54
14%
70
21%
17%
16%
16%
30
20%
19%
18%
17% 17%
16%
22%
58 52
47
52
51
56 44
40
10%
5%
10 0
0% 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
Deals with Corporate Participation
2012
2013
2014
2015
Percentage of Deal Volume with Corporate Participation
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10
Corporates co-investing more often Average number of Corporate co-investors in corporate rounds
1.5
1.48
1.45 1.41 1.4 1.36 1.34
1.35
1.33
1.32 1.29
1.3 1.27
1.29
1.29
1.29
1.27 1.26
1.25
1.25
1.2
1.15
1.1 2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
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11
Sector Shares of Cleantech Venture Capital (Deals) Percentage share of total deal volume by sector over time
25.0%
20.0% 18.7%
15.6%
15.0%
transportation agriculture & food
11.9% 10.0%
energy efficiency advanced materials solar
8.8% 8.0%
energy storage
5.3%
5.0%
0.0% 2010
2011
2012
*Excluded sectors include: smart grid, industrial biotech, wind, and others
2013
2014
2015
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12
Sector Shares of Cleantech Venture Capital (Dollars) Percentage share of total dollars invested by sector over time*
35.0%
30.5%
30.0%
25.0%
transportation
20.0%
energy efficiency solar agriculture & food
15.0%
industrial biotech 10.3% 10.1% 8.3%
10.0%
advanced materials
5.3% 5.2%
5.0%
0.0% 2010
2011
2012
2013
2014
2015 Data Powered by i3 - https://i3connect.com
*Excludes outliers above $350M; Excludes sectors like smart grid, industrial biotech, wind, and others
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13
Contents
Industry Trends Top Venture Deals & Corporate Investors Sector Spotlights Exits: IPO + M&A Highlights
Top 4Q15 Cleantech Venture Deals Company
Yidao Yongche
Description
Round Size
Investors
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
Top corporate investors in 2015 Corporate
Deals (# and exemplary portfolio companies) 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
16
Contents
Industry Trends Top Venture Deals & Corporate Investors Exits: IPO + M&A Highlights
2015 Cleantech M&A Highlights Acquirer
Target
Didi Dache
Deal Size/PIC
Venture Backers
$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 18
2015 Cleantech IPO Highlights Company
Description
Market Cap
Pre-IPO Investors
YieldCo for solar projects of SunEdison
$550M
N/A
First Solar & SunPower joint YieldCo for solar projects
$981M
N/A
Home solar sales and installation
$505M
Foundation Capital, Accel Partners, Sequoia Capital, Madrone Capital Partners, Firsthand Technology
Manufacturer of solar system power components
$1.15B
GE Ventures, Lightspeed Venture Partners, Norwest Venture Partners, Genesis Capital, others
$716M NASDAQ
ABS Capital Partners, NJTC Venture Fund, Technology Crossover Ventures, Equis Capital
Producer of woody biomass pellets and fuels
$417M
Riverstone/Carlyle Renewable Energy Partners
Climate resistant crop trait developer
$116M
Smart home services provider
NASDAQ
NASDAQ
NASDAQ
NASDAQ
NYSE
NASDAQ
Vilmorin, BASF Venture Capital, Saints Capital, Mandala Capital, Exeter Life Sciences
19
Presented by i3
Sponsored by:
2
Contents
Industry Trends Top Venture Deals & Corporate Investors Exits: IPO + M&A Highlights
Contents
Industry Trends Top Venture Deals & Corporate Investors Exits: IPO + M&A Highlights
Stronger Investment; Lower Volumes (and more “Unicorn” Mobility Deals Global Cleantech & Mobility Services Venture Capital Investment
Billions
$ Billions, Deal Volume $25
1400
1298 1186
$20
1200
1132
1121 1059
833 $9.2
818
$15
756 $5.0
638
800
600
508
$10
1000
431 400 $9.9
$8.9
$7.1
$8.8
$11.0
$9.4
$6.7
$2.4
$4.5
$6.9
$10.0
$5
200
0
$2005
2006
2007
2008
2009
$ - Traditional Cleantech
2010
2011
$ - Mobility Services
2012
2013
2014
2015
Total Deal Volume
Powered by Data From i3
5
On quarterly basis, sliding deal volume held at 200 mark Global Cleantech Venture Capital Investment by Quarter*
Billions
$ Billions, Deal Volume $3.5
400
$3.0
350 300
$2.5
$2.9
$3.3 $2.8
$2.8
$2.6
$2.3
$1.8
$2.0
$1.7
$1.3
$0.5
$2.4
$2.5
$1.9
$2.2
$2.1
$2.5
$2.8
$2.5
$2.7
$3.2 $2.3
$2.2
$2.3
$1.0
$2.7
$1.5
200 150
Number of Deals
250 $2.0
100 50 0
$0.0 4Q15
3Q15
2Q15
1Q15
2014
4Q14
3Q14
2Q14
1Q14
2013
4Q13
3Q13
2Q13
1Q13
2012
4Q12
3Q12
2Q12
1Q12
2011
4Q11
3Q11
2Q11
1Q11
4Q10
3Q10
2Q10
1Q10
2010
2015
*Inclusive of Mobility Services Segment; Excludes outlier deals above $350M
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6
Average deal sizes still higher, but settling Average Round Sizes in Clean Technology Venture Capital*
Millions
$ Millions $35
$30
$25 $19
$20
$29
$15
$8 $7
$7
$6
$7
$12 $4
$4
$4
$3
4Q15
3Q15
2Q15
1Q15
4Q14
2014
$3
Series B - Growth Equity
3Q14
2013
$2
1Q14
4Q13
3Q13
2Q13
1Q13
2012
4Q12
3Q12
Seed & Series A
2Q12
1Q12
4Q11
3Q11
2Q11
1Q11
4Q10
3Q10
2Q10
1Q10
2011
$14 2Q14 $2
$2
$2
$0
2010
$7
$11
$13
$2
$2
$13 $1
$7
$10 $2
$2
$3
$2
$3
$4
$3
$3
$2
$3
$2
$4
$14
$10
$12
$6
$4
$8
$16
$7
$11
$9
$19
$9 $14
$17
$14
$12
$5
$10
$10
$9
$14
$19
$8 $15
$14
$8
$18
$10
$9
$22
$11
$11
$15 $25
$13
2015
Overall
*Excludes outlier deals above $350M
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7
North America generates 73% of deal volume Global 2015 Cleantech Venture Capital Investment
Top Geographies by Deal Volume 250 Asia Pacific, Other, 10, 1% 63, 8%
215 200
Europe & Israel, 153, 18%
150
North America, 607, 73% 75.9% 100 65 50
33
27
24
24
24
17
14
13
11
11
10
0
Powered by Data From i3
8
Corporates continue to invest in larger rounds
Millions
Investment and Deal Volume with Corporate participation*
$1,600
80
76 70
$1,400 $1,200
70
66 61
59 54
52
63 60
50 53
58
54 47
49
$1,000
49
47
60
56 52
52
51
44
47
50
40 40 $1,271
$1,180
$1,138
$1,133
$765
$633
$705
$681
$774
$639
$500
$753
$706
$764
$888
$934
$836
$1,169
$1,320
$545
$200
$644
$400
$792
$1,031
$600
$1,352
$800
30 20 10
$0
0 1Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q124Q121Q132Q133Q134Q131Q142Q143Q144Q141Q152Q153Q154Q15 2010
2011
2012
$ Investment in Rounds with Corporate Participation *Dollar totals inclusive of co-investors
2013
2014
2015
Deals with Corporate Participation
Powered by Data From i3
9
Rate of corporate participation down in Q4 Deal Volume with Corporate participation, percentage of all deals
80
35%
70
30% 32%
60
24%
24%
21% 50
21% 22%
21%
19%
19%
40 66
20
52
53
50
47
49
20% 20%
60 54
47
22%
15% 63
49
25%
21%
76
61
59
54
14%
70
21%
17%
16%
16%
30
20%
19%
18%
17% 17%
16%
22%
58 52
47
52
51
56 44
40
10%
5%
10 0
0% 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
Deals with Corporate Participation
2012
2013
2014
2015
Percentage of Deal Volume with Corporate Participation
Powered by Data From i3
10
Corporates co-investing more often Average number of Corporate co-investors in corporate rounds
1.5
1.48
1.45 1.41 1.4 1.36 1.34
1.35
1.33
1.32 1.29
1.3 1.27
1.29
1.29
1.29
1.27 1.26
1.25
1.25
1.2
1.15
1.1 2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Powered by Data From i3
11
Sector Shares of Cleantech Venture Capital (Deals) Percentage share of total deal volume by sector over time
25.0%
20.0% 18.7%
15.6%
15.0%
transportation agriculture & food
11.9% 10.0%
energy efficiency advanced materials solar
8.8% 8.0%
energy storage
5.3%
5.0%
0.0% 2010
2011
2012
*Excluded sectors include: smart grid, industrial biotech, wind, and others
2013
2014
2015
Powered by Data From i3
12
Sector Shares of Cleantech Venture Capital (Dollars) Percentage share of total dollars invested by sector over time*
35.0%
30.5%
30.0%
25.0%
transportation
20.0%
energy efficiency solar agriculture & food
15.0%
industrial biotech 10.3% 10.1% 8.3%
10.0%
advanced materials
5.3% 5.2%
5.0%
0.0% 2010
2011
2012
2013
2014
2015 Data Powered by i3 - https://i3connect.com
*Excludes outliers above $350M; Excludes sectors like smart grid, industrial biotech, wind, and others
Powered by Data From i3
13
Contents
Industry Trends Top Venture Deals & Corporate Investors Sector Spotlights Exits: IPO + M&A Highlights
Top 4Q15 Cleantech Venture Deals Company
Yidao Yongche
Description
Round Size
Investors
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
Top corporate investors in 2015 Corporate
Deals (# and exemplary portfolio companies) 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
16
Contents
Industry Trends Top Venture Deals & Corporate Investors Exits: IPO + M&A Highlights
2015 Cleantech M&A Highlights Acquirer
Target
Didi Dache
Deal Size/PIC
Venture Backers
$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 18
2015 Cleantech IPO Highlights Company
Description
Market Cap
Pre-IPO Investors
YieldCo for solar projects of SunEdison
$550M
N/A
First Solar & SunPower joint YieldCo for solar projects
$981M
N/A
Home solar sales and installation
$505M
Foundation Capital, Accel Partners, Sequoia Capital, Madrone Capital Partners, Firsthand Technology
Manufacturer of solar system power components
$1.15B
GE Ventures, Lightspeed Venture Partners, Norwest Venture Partners, Genesis Capital, others
$716M NASDAQ
ABS Capital Partners, NJTC Venture Fund, Technology Crossover Ventures, Equis Capital
Producer of woody biomass pellets and fuels
$417M
Riverstone/Carlyle Renewable Energy Partners
Climate resistant crop trait developer
$116M
Smart home services provider
NASDAQ
NASDAQ
NASDAQ
NASDAQ
NYSE
NASDAQ
Vilmorin, BASF Venture Capital, Saints Capital, Mandala Capital, Exeter Life Sciences
19
