2018 GE VENTURES REPORT - ge.com · 2 2018 GE VENTURES REPORT: NEW INDUSTRIAL Contents Foreword VC...

2018 GE VENTURES

REPORT

NEW INDUSTRIAL

Data provided byData provided by

2 2018 GE VENTURES REPORT: NEW INDUSTRIAL

Contents

Foreword

VC Investment Playing Major Part in Growth of New Industrial

CVC Offers Corporations Channel to Emerging Technologies

Key Industries Represent Much of New Industrial’s VC Activity

As Industry Matures, Exits Should See Sizable Increase

GE’s Experience Within Market Creates Opportunity for

Investment

Investors Slow to Adopt New Industrial Sector

Peer Group

GE Ventures is a catalyst to GE’s goal of making the world work better. An innovation engine within GE, our collective of innovators believes that unlike forces must converge to grow ideas into technologies that build, cure, move and power our world of tomorrow. GE Ventures has a breadth of avenues in which we drive innovation and our partnerships take many forms. We find the best ideas that emerge from the latest research, we invest in promising startups, we commercialize GE’s IP, we create our businesses and we advance initiatives that transform industries and communities.

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At GE Ventures we aspire to be the innovation partner of choice—to empower a thriving community of entrepreneurs who want to power, cure, build, and move the world on a global scale. Our pillars of Equity Investing, New Business Creation, Licensing and Technology Transfer offer a holistic approach and platform that drive growth for our partners and for GE.


Foreword

KAREN KERR

Executive Managing Director, GE Ventures

“If not us, who? If not now, when?”

The notion of a digitized and connected industrial enterprise, Industry 4.0, was introduced at the 2011 Hannover Messe. Since then, $60B of venture capital investment has flowed into technologies and companies seeking to make this new industrial vision a reality. In 2017, investments in the industrial technologies sector reached an all time high at $12.5B. This year is shaping up to equal or better that figure.

At the 2018 Hannover Messe, new business models and sustainable technologies were front and center, showcasing a new industrial enterprise that is more agile, responsive and energy efficient. Startups and incumbents displayed automation, robotics, mobility, machine learning, artificial intelligence, augmented and virtual reality, sensor, 3D printing, cloud, cybersecurity, predictive maintenance, blockchain, logistics and supply chain visibility solutions. As these frontier technologies have penetrated and transformed industry, venture activity in the new industrials sector has shifted away from cleantech to these frontier technologies. In 2009, cleantech represented 92% of the deal activity, whereas 2017 declined to 49% of the deal activity.

As corporate venture capital has made up a greater percentage of the overall investing landscape, CVCs have become active investors in the new industrial companies seeking to disrupt their corporate parent. That should come as no surprise. If the groups that are most likely to benefit from these new industrial startups aren’t willing to invest, financial investors are right to question the utility of the companies’ solutions. As was famously asked, “If not us, who? If not now, when?”

CVC’s answer to “when” is now. Between 2013 and 2018, CVC participation in new industrial deals nearly doubled, rising from 15% to 28%. More tellingly, in 2017, 61% of venture funding went to deals with a CVC in the syndicate. Startups and financial investors value the access to industry insights and technical assistance as

well as the pilot and commercial opportunities CVCs are able to secure.

GE Ventures invests broadly in the New Industrial segment in ways that will improve the design, manufacturing, delivery, and operation of our products. We invest in both early-stage and growth-stage companies with a particular interest in how energy intersects with manufacturing, mobility, and smart environments. On the design side, we’ve invested in companies like Aras, a cloud-based product-lifecycle management solutions provider, allowing a smarter way to collaborate on designs. Our additive manufacturing portfolio includes companies like Desktop Metal and Optomec, which make metal 3D printers, and Carbon, a polymer 3D printer manufacturer.

Our investments are helping to enable manufacturing and field service workers. Take the robotics companies that GE Ventures invested in. By combining a collaborative robotic arms like Rethink Robotics with an autonomous ground-based vehicles for materials movement like Clearpath, we are able to allow for an automated and flexible manufacturing floor. Upskills’ augmented reality platform allows manufacturers to improve first-pass yields in manufacturing and to resolve outages faster in field services. Sight Machine, which provides manufacturing analytics, has helped several of our plants identify and remediate manufacturing factors that reduced yields.

Our portfolio also includes companies that are transforming logistics. Among them are companies like FreightOS, which has created an online marketplace for procuring freight forwarding services with transparent pricing, and NYSHEX, which has developed an ocean freight exchange with guaranteed contracts that had not previously existed in that industry. Elementum leverages big data and analytics to help reveal and resolve risks in the supply chain and to allow customers to reduce inventory and late-fee penalties.

Manufacturers are large users of energy. So, we have invested in companies like Stem and Advanced Microgrid Solutions, which leverage AI and batteries to help customers lower costs and increase the reliability of energy needed to power their manufacturing operations.

To truly realize Industry 4.0 in the next decade, a host of new companies will be needed to enable the transformation of legacy industry. CVCs will play a vital role investing in and supporting those startups.


Source: PitchBook *As of 3/31/2018

Technological advancements have dramatically changed nearly every industry in the past few decades. They’ve made legacy systems and business processes more efficient and enabled the creation of entirely new products and services, expanding overall markets. The “New Industrial” sector and its associated nomenclature—Industry 4.0, Industrial Internet of Things, Advanced Manufacturing, etc.—have become a significant area of growth for the manufacturing industry and surrounding ecosystems as well as for countries looking to boost their emerging economies with technologies aimed at the future.

In many ways, the New Industrial sector isn’t a single sector at all. The robotics, 3D printing and energy industries (energy in this case represents cleantech and energy distribution channels, not more traditional energy sources such as oil & gas) are all well within the midst of what is now considered New Industrial. And while those industries may represent newer sectors to emerge within the macroeconomy, this growing segment will impact the legacy manufacturing processes and industrial technologies that built much of the developed world’s digital manufacturing foundations over the second half of the 20th century. The shift to New Industrial aims to not only transform


Deal count has more than doubled over the past decade VC activity in New Industrial businesses

these traditional manufacturing processes with technology and automation, but to systematically change how economies are driven. In the future, robotic machines will work together to decrease engineering costs and accelerate production timelines, while algorithms will optimize processes via enhanced tracking across supply chains and more.

To achieve these ambitious goals, the New Industrial sector will depend largely on the continued increase in computing power that has come along within the realm of semiconductors. Though semiconductors are not new by any means, computer chips may be the most pivotal underlying technology of the New Industrial transformation. Intel co-founder Gordon Moore noticed that computing power roughly doubled every year in a phenomenon dubbed Moore’s Law. This exponential growth rate, which has held remarkably well, has now enabled far smaller microchips to drive faster computing. The New Industrial sector’s growth is tied directly to advancements in the underlying technologies (i.e., faster computer chips and larger stores of data) needed to capture the full benefits of digitization. For example, 3D printing has accelerated manufacturing of products across both consumer and enterprise markets; sensors are creating an industrial

VC Investment Playing Major Part in Growth of New Industrial

$4.6

$6.5

$6.6

$7.0

$5.3

$5.3

$7.3

$8.8

$12.

5

$7.4

508

649718 723

872

1,0131,099

9721,028

212

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

Deal Value ($B)

# of Deals Closed

Cleantech has accounted for much of the deal flow, but trends are shifting VC activity (#) in New Industrial businesses by sector

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

Autonomouscars

AdvancedManufacturing

3D Prin�ng

Robo�cs andDrones

Cleantech


work floor that can be operated remotely; artificial intelligence and machine learning advancements have helped logistics optimization from packaging to delivery, cutting costs along the way. As these developing systems and protocols become analogous with technology, their adoption will only continue to increase.

The changes that the New Industrial investment thesis will bring to the manufacturing sector won’t be without technological and man-made challenges. For one, the increase in connections also increases the number of nodes that can be targeted by malicious cyberattacks, making security of New Industrial businesses paramount. As sectors such as energy and transportation begin to run on digital systems, disruptions and attacks on servers will potentially have wide-ranging effects. The growth of robotic devices and drones has also created fear in our society, not of a movie-scene-like world takeover necessarily, but that efficiencies created by robotic manufacturing processes will spell the end for many labor positions. The biggest challenge may still yet be the cost of implementing these technologies into legacy systems, and because of this, a long-term approach to the New Industrial sectors is imperative for the growth and success of businesses and investments within this space.

Venture investment in the New Industrial space has boomed in recent years. In 2017, $12.5 billion of venture capital was invested in New Industrial businesses and startups worldwide, across more than 1,000 deals. Those figures not only represent the highest amount of financing for the industry, but make it the third year to cross 1,000 completed investments. The $12.5 billion invested last year is at least 42% higher than the amount invested in any year prior, and more than double the amount invested in just 2014. What’s more, 2018 has already seen companies in this New Industrial space raise more than $7 billion in VC financing. Though that figure is driven by a few outsized deals—three financings of at least $790 million in Faraday Future, YOUXIA Motors and Farasis Energy—such deals greatly indicate the advancement of the industry. New Industrial VC deal value will almost surely surpass 2017 for the yearly high to date.

Total VC deal value is just one lens with which to view the transformation of the New Industrial segment. The 212 deals that have been completed so far this year, which is nearly on pace with the past few years in terms of volume, may be the more important figure when analyzing activity. Even when looking at investment without those three aforementioned deals, the New Industrial is pacing to see more than 800 completed deals for the sixth consecutive year, highlighting investors’ steady appetite for new ventures within the growing industry.

0

200

400

600

800

1,000

1,200

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

Late VC

Early VC

Angel/Seed

Deal count has been evenly split across stages over the past several years VC activity (#) in New Industrial businesses by stage


$14.54

$38.72

$3.00$5.23

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

Average

Median

Both median & average deal sizes have grown as the industry matures Median & average deal size ($M) in New Industrial



CVC Offers Corporations Channel to Emerging Technologies

Corporate venture capital (CVC) investment has risen significantly in recent years. Across all industries, CVC deal value surpassed $37 billion in 2017 and has reached over $14 billion already through 1Q 2018. The proportion of CVC represented by New Industrial investment activity has grown every year since 2013, growing from just 12% that year to nearly 20% in 1Q 2018, highlighting the increasing investor demand for the companies within industry.

Industrial corporations and their venture arms stand in a unique position when it comes to this expanding sector. Not only do they have domain knowledge and experience with the legacy systems and processes that New Industrial technologies are disrupting, but these investors are also positioned well within the opportunity to implement and iterate new technologies in real-world scenarios. This positioning benefits all parties involved, giving distribution and real-world testing to startups and allowing corporations an inside track to emerging technologies needed for their own factories without the costs of in-house R&D operations. In 2013, 14.9% of deals in New Industrial companies included participation from a corporate investor. That figure jumped to 23.5% last year and has nearly reached 28% so far in 2018.

For the New Industrial sector itself, CVC investors will play an important piece for continued growth. Because the industry is disrupting major manufacturing practices, the pioneering technologies will need high levels of quality assurance. This creates longer investment timelines, which is generally not a well-suited strategy for traditional VC firms. Because CVC investors don’t rely on cash-on-cash returns to pay limited partners, CVC capital tends to be a more long-term investment. In the case of the New Industrial sector, long-term capital will aid the lengthy development timelines.

Corporate VCs also provide advanced distribution channels to startups that can accelerate adoption by providing real-world testing. As manufacturing continues to evolve, the implementation of these early-stage products can give corporates a competitive advantage on their peers. Highlighting this, CVC investment in New Industrial companies has moved up the venture lifecycle with investments in younger companies and technologies. In 2009, just 15% of CVC investments were made at the seed stage—in 1Q 2018, that figure has moved to 33%. The balance of investment throughout the venture lifecycle, including the capital available throughout, shows a maturation of the industry and the ecosystem around it.

$1,0

78.7

$2,1

36.5

$2,5

60.3

$3,4

74.8

$1,3

68.0

$2,0

05.6

$2,8

95.4

$2,7

09.8

$7,6

83.5

$2,6

40.3

76

114

135125 130

164

185

206

242

59

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

Deal Value ($B)

# of Deals Closed

CVC strategies fit well with the business models present in New Industrial CVC activity in New Industrial businesses


40.3%

42.6%

26.6% 26.2%

6.8%4.9%

12.5%9.8%

13.7%16.4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

CleantechRobo�cs & Drones3D Prin�ngAdvanced ManufacturingAutonomous Cars

As is happening across the industry, cleantech is losing deal share to other technologies Percentage of VC deal flow with CVC participation (#)



The three largest subsectors of the New Industrial segment—cleantech, robotics & drones and 3D printing—have accounted for roughly 92% of the total number of completed deals within the industry since 2009 (cleantech alone representing roughly 72%). Over the past few years, however, momentum has shifted away from cleantech as emerging technologies become more advanced. Deal flow into robotics & drones, for example, nearly quadrupled from 2013 to 2017, and investment in businesses developing autonomous vehicle technology recorded growth of more than 8x during that same timeframe. In terms of deal value, 3D printing has received more than $600 million in total investment during each of the past two years, doubling the highest total of any previous year.

Cleantech

The energy components of the New Industrial sector focus more nowadays on the efficient development and delivery of energy. So far in 2018, cleantech companies have received more than $5.2 billion in venture investment, putting the sector on pace for its largest year in terms of deal value. Deal count grew more than 3.5x from 2006 through 2014 but has since been in a trend of decline. Deal value, on the other hand, has stayed at heightened levels due to large investments in the industry’s mature companies.

Robotics & Drones

Robotics & drones received more than $2.7 billion in VC investment in 2017—over $1 billion higher than the industry had received in any year previously. The sector is attracting growing attention due to the growth of digital integration by industrial manufacturers, which has helped cut costs by improving efficiency. Alongside human workers, robots are helping complete mundane tasks and improving safety in complex manufacturing situations which are both major benefits to the industry. But beyond manufacturing, robotics & drones and the associated technologies have found use cases across industries such as healthcare (surgery and research), agriculture (harvesting and planting) and transportation. Beyond consumer uses, drones have found traction in asset security and infrastructure management, due to improvements in camera and sensor technologies.

Key Industries Represent Much of New Industrial’s VC Activity

Cleantech sector has shown steady investment VC activity in cleantech

Robotics & drones deals have quickly increased VC activity in robotics & drones

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$1,500

$2,000

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2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

Deal Value ($M) # of Deals Closed

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400

600

800

$0

$2,000

$4,000

$6,000

$8,000

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

Deal Value ($M) # of Deals ClosedSource: PitchBook *As of 3/31/2018


71.5%14.6%

6.3%4.9%

2.8%

Cleantech

Robo�cs &Drones

3D Prin�ng


Autonomous Cars

Cleantech has driven activity since 2009 VC activity in New Industrial (#) since 2009* by sector



As Industry Matures, Exits Should See Sizable Increase

As with many developing industries, the New Industrial sector hasn’t seen an exit market fully develop because full lifecycles have not yet been completed for many companies or technologies. The number of exit transactions has yet to surpass 90 in any given year. The exits that have been completed, however, have seen lucrative returns for investors. More than $1 billion in exit value has been realized each year since 2009.

The potential of this industry’s businesses can be illustrated by the number of large exits completed. Autonomous car technology manufacturer Cruise was acquired by General Motors (NASDAQ: GM) for $1 billion, constituting the largest acquisition for the sector within the US. Its competitor nuTonomy was purchased by Delphi Automotive (NYSE: DLPH) for $450 million just last year. Hong Kong-based GCL Silicon Technology accounts for the largest global exit with its $3.7 billion acquisition in 2009. The potential for growth in the exit market hinges sturdily on future adoption of the technologies by major corporations.

$4.0

$1.6

$2.1

$1.3

$1.6

$1.6

$2.4

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$1.7

$0.0

31

41

57

47

63

90 89

7470

12

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

Exit Value ($B)

# of Exits Closed

Exit activity has slackened recently VC-backed exit activity in New Industrial


3D printing on verge of becoming major sector VC activity in 3D printing

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50

100

150

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2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

Deal Value ($M) # of Deals Closed


3D Printing

Investment in 3D printing businesses first began to accelerate in 2013, with deal count reaching its peak in 2015. While the number of completed financings has declined over the past two years, total deal value has surpassed $600 million, each year doubling the previous high from 2015 ($308 million). Additive manufacturing—the construction of end-use products using 3D printing techniques—is estimated to grow to a market of around $20 billion by 2020, and analysts believe the economic impact of the industry could reach more than $100 billion by 2025. With these estimates as general heuristics, VC investment should also expand considerably as 3D printing products for consumer, commercial and industrial purposes continue to develop and new market opportunities begin to emerge.

Note: Certain companies may fit into more than one sector within New Industrial; therefore, the sum of investments from individual sectors will be larger than the aggregate amount for the New Industrial.


GE’s Experience Within Market Creates Opportunity for Investment

GE investment in the New Industrial space has increased each year, reaching a high in 2017 in both deal count and deal value. The growth of New Industrial alone has afforded GE the opportunity to invest in not only emerging technology within areas of the company’s expertise, but also to use knowledge of the market to help shape those technologies moving forward. GE’s business units are instrumental in helping the continued development of new technologies due to the long-term experience they provide.

GE Ventures’ investments in New Industrial businesses also span nearly all subsectors of the industry. Advanced manufacturing, supply chain & logistics and robotics are all present within the firm’s portfolio. The company’s longstanding experience across many industrial markets may not make GE Ventures’ wide-ranging investment surprising. However, it does call to light the advantage that GE companies bring to the New Industrial sector. Few corporations have the knowledge to confidently invest across such sectors or the experience to substantially affect the growth of disruptive technologies.

GE Ventures’ focus on late-stage investments provides two distinct advantages. First, late-stage deals are

often for companies that not only show promise, but have also found the market growth and product fit that are key to success. And, from a returns standpoint, these deals are less risky. The second advantage afforded in late-stage investment is the access to more developed technologies ready for implementation into advanced products. These technologies provide corporate investors with something of a head start from a competitive standpoint and largely at a discount from traditional R&D. Such products are also more prepared for certain marketing initiatives available that can amplify short-term distribution channels and further adoption.

Though late-stage investment has remained a core piece of GE Ventures’ overall strategy, investment in early-stage companies still holds a large place within GE Ventures’ focus on the New Industrial sector. Nearly 37% of the firm’s deals have targeted early-stage businesses, providing the opportunity to build the emerging technologies for future manufacturing needs. These younger companies are also able to take advantage of experts throughout GE Ventures’ network who can facilitate new opportunities and aid in partnerships that will benefit their long-term growth.

$43.

4

$165

.1

$572

.3

$595

.2

$102

.2

2

8

1213

3

2014 2015 2016 2017 2018*

Deal Value ($M)

# of Deals Closed

Activity growing alongside industry GE Ventures’ activity in New Industrial


Select GE Ventures New Industrial portfolio companies


Investors Slow to Adopt New Industrial Sector

GE Ventures’ investor Peer Group—the top 100 ranked investors operating under the most similar investment preferences by stage—has seen investment counts in the New Industrial strategy increase slightly over the past few years, but not to the level seen in the past. Much of the group’s investment strategy has circled around cleantech, which represents 73% of its investment in New Industrial companies since 2008. Over the past couple of years, autonomous cars, robotics & drones, and advanced manufacturing have seen an increase in deal share, pointing toward both the sectors’ advancement and investors’ growing awareness of these emerging industries around the globe. This may have a larger effect on investment in the space than even the near-term potential of the underlying technologies. So far in 2018, the Peer Group has completed just 20 deals in the New Industrial sector, though the value of those deals has surpassed $1 billion already.

Over the past decade, the Peer Group has been involved in an average of 10% of the completed New Industrial investments each year. The 20 deals completed by the group in 2018 sit just under that figure, at 9.4% of transactions within the sector as a whole. Breaking the sector into its different verticals, however, reveals that the Peer Group was involved in nearly 23% of the completed VC deals in advanced manufacturing last year, the highest percentage of involvement for the group of any sector in this dataset.

In a distinct shift from the overall industry, the investment activity by this group has more quickly shifted beyond cleantech, embracing the newer emerging verticals such as autonomous vehicles and 3D printing. In 2017, cleantech investment accounted for just 23% of the Peer Group’s deal count, while it was represented by 49% of the VC deal count in the New Industrial market overall.

$1,3

97.5

5

$2,0

21.7

1

$2,0

06.7

2

$1,9

92.0

6

$832

.69

$1,1

05.7

8

$946

.16

$1,4

92.6

5

$1,4

79.4

0

$1,3

24.9

5

55

69

78

61

45

5258 55

66

20

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

Deal Value ($M)

# of Deals Closed

Deal activity hasn’t kept up with market Peer Group VC activity in New Industrial


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

*

Autonomouscars


3D Prin�ng

Robo�cs &Drones

Cleantech

New sectors gaining in proportion Peer Group VC activity (#) by sector



Firm Firm Type

Advantage Capital (St. Louis) VC

MPM Capital VC

Novartis Venture Fund Corporate VC

August Capital VC

Emergence Capital Partners VC

Samsung Venture Investment Corporate VC

Flagship Pioneering VC

Johnson & Johnson Innovation

Corporate VC

Sutter Hill Ventures VC

Sierra Ventures VC

VantagePoint Capital Partners

VC

In-Q-Tel VC

Austin Ventures VC

Rho Ventures VC

Advanced Technology Ventures

VC

Edison Partners VC

Trident Capital VC

Mitsui Global Investment VC

Deutsche Telekom Strategic Investments

Corporate VC

Domain Associates VC

Next47 Corporate VC

Morgenthaler Ventures VC

Walden International VC

Alloy Ventures VC

Presidio Partners VC

Alta Partners VC

Globespan Capital Partners VC

Altos Ventures VC

Grotech Ventures VC

New Leaf Venture Partners VC

Novo Holdings Corporate VC

Frazier Healthcare Partners VC

Hummer Winblad Venture Partners

VC

Firm Firm Type

Pinnacle Ventures VC

Sigma Partners VC

Flybridge Capital Partners VC

SV Health Investors VC

Mohr Davidow Ventures VC

Cisco Investments Corporate VC

F-Prime Capital Partners VC

Legend Capital Corporate VC

Motorola Solutions Venture

CapitalCorporate VC

Scale Venture Partners VC

Sofinnova Ventures VC

Capital régional et coopératif

DesjardinsCorporate VC

Comcast Ventures Corporate VC

DAG Ventures VC

Intersouth Partners VC

Granite Ventures VC

Industry Ventures VC

InterWest Partners VC

Storm Ventures VC

Oak Investment Partners VC

Columbia Capital VC

Icon Ventures VC

TriplePoint Capital VC

ARCH Venture Partners VC

SR One Corporate VC

EPIC Ventures VC

Bay Partners VC

Union Square Ventures VC

BlueRun Ventures VC

Mercury Fund VC

ONSET Ventures VC

Sevin Rosen Funds VC

TPG Biotech Corporate VC

NAV.VC VC

Hercules Capital VC

Firm Firm Type

North Bridge Venture

PartnersVC

Revolution VC

Alexandria Venture

InvestmentsCorporate VC

IVP VC

RockPort Capital VC

Greenspring Associates VC

OVP Venture Partners VC

Osage University Partners VC

5AM Ventures VC

Split Rock Partners VC

QED Investors VC

Vivo Capital VC

Nexus Venture Partners VC

Aisling Capital VC

Safeguard Scientifics VC

Signal Peak Ventures VC

Novak Biddle Venture

PartnersVC

ATA Ventures VC

Lux Capital VC

NGP Capital VC

OrbiMed VC

Paladin Capital Group VC

.406 Ventures VC

Deerfield Management VC

SoftBank Capital Corporate VC

Versant Venture

ManagementVC

Village Ventures VC

Frontier Venture Capital VC

InterWest Healthcare

PartnersVC

Verizon Ventures Corporate VC

Azure Capital Partners VC

Clarus Ventures VC

Dell Technologies Capital Corporate VC

Thrive Capital VC

Peer Group

Methodology: The “Peer Group,” as noted throughout the report, was created by determining the absolute difference in

deal count by stage between GE Ventures and other investment firms, and ranking firms from lowest to highest, as seen

above. The investment firm population included global CVCs and US-based VC firms.

PitchBook is a financial data and software company that provides

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execute opportunities with confidence and efficiency.

We collect and analyze detailed data on the entire venture

capital, private equity and M&A landscape—including public

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Our data and analysis are available through our suite of products

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