Early-stage funds dominate Q1, with $100m+ deals, strong backing for IoT
Early-stage funds accounted for 77% of deals in the first quarter, with a number of Chinese outfits topping $100m, and an April flourish in the IIoT space
- Early-stage funds accounted for 77 per cent of the total deal volume and 26.4 per cent of the total deal value during the first quarter, with strong continuing interest in both IoT and AI, and several major deals topping £100 million.
- In total, 1,333 seed funding deals and 758 Series A deals were announced in the period, according to GlobalData.
- In April, at the start of the second quarter, California based industrial IoT platform provider Altizon and Stockholm-based industrial IoT streaming AI company Crosser Technologies have just closed out Series A rounds, of $7 million and €3 million respectively.
- The biggest deals in the first three months of the year were for Chinse supply chain firm Zhunshida Electronic (Jusda), a Foxconn spin-off company, which raised $355.9 million from the likes of China Life Insurance, IDG Capital, and Shanghai CCI Investment.