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ANALYST NOTE: 2021 EMERGING TECHNOLOGY OUTLOOK

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Nasir Farah|PitchBook
Nasir Farah|
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2021 Emerging Technology Outlook Forecasting the primary trends that will shape
the emerging tech VC ecosystem in 2021PitchBook is a Morningstar company.
Comprehensive, accurate, and hard-to-find data for professionals doing business
in the private markets.Published on December 16, 2020COPYRIGHT © 2020 by
PitchBook Data, Inc. All rights reserved. No part of this publication may be
reproduced in any form or by any means—graphic, electronic, or mechanical,
including photocopying, recording, taping, and information storage and retrieval
systems—without the express written permission of PitchBook Data, Inc. Contents
are based on information from sources believed to be reliable, but accuracy and
completeness cannot be guaranteed. Nothing herein should be construed as
investment advice, a past, current or future recommendation to buy or sell any
security or an offer to sell, or a solicitation of an offer to buy any security.
This material does not purport to contain all of the information that a
prospective investor may wish to consider and is not to be relied upon as such
or used in substitution for the exercise of independent judgment.Contents2021
predictions• Agtech: We expect field robotics will receive a record level of VC
investment in 2021. • Artificial intelligence & machine learning: Within the
horizontal platform segment of artificial intelligence & machine learning,
natural language technology (NLT) will receive the highest VC funding. •
Cloudtech & DevOps: Remote work technology represents a long-term megatrend with
significant exit opportunities likely in 2021. • Enterprise health & wellness
tech: We expect e-pharmacy incumbents to expand their reach across the drug
distribution ecosystem via partnerships, along with increased M&A of startups
that can deepen product offerings. • Fintech: Consumer fintech companies will
fuel a record year of VC exits via public markets. • Foodtech: Plant-based,
alternative protein and cultivated meat startups will see elevated M&A activity
in 2021. • Information security: We expect five infosec unicorns to go public in
2021. • Insurtech: Insurtech VC investment will revert to higher levels driven
by insurance distribution marketplaces and intermediaries in 2021. • Internet of
things: Industrial automation incumbents will return to internet of things (IoT)
M&A. • Mobility tech: A second wave of SPAC mergers focused on self-driving
technology will mark 2021 investment in mobility tech. • Retail health &
wellness tech: We expect digital therapeutics (DTx) startups to receive a record
level of VC investment in 2021. • Supply chain tech: Last-mile delivery
platforms are primed for major IPOs in 2021.Agtech2Artificial intelligence &
machine learning4Cloudtech & DevOps6Enterprise health & wellness
tech9Fintech11Foodtech13Information security15Insurtech17Internet of
things19Mobility tech21Retail health & wellness tech24Supply chain
tech26CreditsResearchPAUL CONDRA Lead Analyst, Emerging TechBRENDAN BURKE Senior
Analyst, Emerging TechALEX FREDERICK Senior Analyst, Emerging TechASAD HUSSAIN
Senior Analyst, Emerging TechROBERT LE Senior Analyst, Emerging TechKAIA COLBAN
Analyst, Emerging TechData ZANE CARMEAN Quantitative Research AnalystMATTHEW
NACIONALES Data AnalystDesignJULIA MIDKIFFContact PitchBookRESEARCH
reports@pitchbook.com

AgtechPrediction: We expect field robotics will receive a record level of VC
investment in 2021.Rationale: The pandemic has exacerbated labor shortages in
the agriculture industry, and we now face rising long-term food demand on a
global scale. Field robotics and smart field equipment could meet this need by
helping farmers automate manual functions and reduce their reliance on human
labor. While this technology may take several years to become fully
commercialized, we expect VC interest to ramp up in 2021 due to strong market
drivers and the potential for a large addressable market.Caveat:
Capital-intensive hardware companies have often struggled to raise funding
during times of economic uncertainty. Although several robotics startups are
piloting technologies on farms, it will likely take years for these devices to
see widespread deployment.Field robotics technology promises to dramatically
increase farm productivity and safety while reducing reliance on human labor.
This is especially important in the current environment, where sourcing seasonal
labor poses a major challenge for many farmers. Longer-term labor challenges and
increasing global demand for food represent steady tailwinds driving investment
in field robotics technologies. While many companies have yet to reach major
technological and regulatory milestones, early pilot programs show signs of
success, and we believe field robotics & automation startups can potentially
disrupt farm operations and machinery. Growing demand for organic and
sustainable foods and farming practices will likely serve as additional growth
drivers, fueling VC investment in this industry in 2021. In the US, the
agricultural workforce has dwindled. The number of self-employed and family
farmworkers declined by 73% from 7.6 million in 1950 to 2.1 million in 2000,
according to data from the National Agricultural Statistical Service.
Simultaneously, the foreign seasonal farmworker population is shrinking,
attributed to changing trade and immigration policies, better education and work
opportunities in home countries, and an aging agricultural workforce.1 Even with
elevated wages, free housing, and other benefits, farmers have been largely
unsuccessful in wooing Americans to do seasonal work.2 These resulting labor
shortages have led to wasted produce and reduced farm acreage, decreasing
production and elevating crop prices. While labor shortages cripple food
production, global demand necessitates an estimated 30%-70% increase in food
production by 2050.3 Field robotics & automation technologies could help
increase productivity and reduce waste while also providing health and
environmental benefits. For example, Greenfield Robotics’ weeding robots
eliminate the need for herbicides, helping farmers comply with organic or
sustainable farming practices. ALEX FREDERICK Senior Analyst Emerging
Techalex.frederick@pitchbook.com1: “Farm Labor Shortage,” Agamerica Lending,
December 2019. 2: “Farmworker vs Robot,” The Washington Post, Danielle Paquette,
February 17, 2019.3: “The Future is Knocking: Global Food Production to be
Transformed Using New Technology,” University of Copenhagen, ScienceDaily, May
20, 2020.PitchBook Q4 2020 Analyst Note: 2021 Emerging Technology Outlook2




























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