PitchBoo-k-2024年二季度基礎(chǔ)設(shè)施SaaS報告（英）-2024-11正式版WN8

EMERGINGTECHRESEARCH

Infrastructure

SaaSReport

VCtrendsandinnovationspotlights

Q2

2024

REPORTPREVIEW

Thefullreportisavailablethrough

thePitchBookPlatform.

Contents

Verticalupdate3InstitutionalResearchGroup

Q22024timeline5

Analysis

InfrastructureSaaSlandscape6

DerekHernandezSeniorAnalyst,EmergingTechnology

derek.hernandez@

InfrastructureSaaSVCecosystemmarketmap7

pbinstitutionalresearch@

VCactivity8

Data

Innovationspotlight17

MatthewNacionalesSeniorDataAnalyst

Dataobservability18

Publishing

Selectcompanyhighlight20

ReportdesignedbyDrewSandersandJoeySchaffer

MonteCarlo21

PublishedonAugust2,2024

Q22024InfrastructureSaaSReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG2

Q22024timeline

Q2VCdealcountsummary

100

totaldeals

May1

CoreWeave,acloudinfrastructureplatform

providingcomputingresourcesthrougha

specializedgraphicsprocessingunitcloud

system,raisesa$1.1billionSeriesCequityat

a$17.9billionpre-moneyvaluation.Thedeal

isledbyCoatueManagementandnotably

includes$7.5billionofdebtfinancing.

June4

Tabular,thedeveloperofadataautomation

platform,isacquiredbyDatabricksfor$1.0

billion.Thecompanywasfoundedin2021

andhas39employees.Databricksstates

thatitintendstousethisacquisitionto

evolve“towardasingle,open,andcommon

standardofinteroperability.”1

June26

CData,developerofdataintegrationsoftware,

raisesa$350.0millionlate-stageVCfunding

atanundisclosedvaluationinadealledby

WarburgPincus.CDatawillcontinueitsmission

ofdataconnectivitythroughinvestment

inoperations,productdevelopment,and

go-to-marketstrategies.

-8.3%

QoQgrowth

-16.7%

YoYgrowth

-21.0%

TTMgrowth

Q2VCdealvaluesummary

May16May16June26

$3.4B

totaldealvalue

Vercel,aproviderofdevelopertoolsandcloud

infrastructure,raisesa$250.0millionSeriesEat

a$3.0billionpre-moneyvaluationinadealled

byAccel.Thecompanyintendstobuildoutitsv0

product,whichwillleveragegenerativeAI(GenAI)

tobuilduserinterface.

MarketingforceManagement,developerof

aSaaSintelligententerprisecloudplatform,

exitsviaIPOontheHongKongStock

Exchange,raising$34.2millionatapre-

moneyvaluationof$1.3billion.Thisisthe

thirdIPOin2024globallyandtheonlyone

executedinQ22024.

Qwak,developerofanend-to-endproduction

machinelearning(ML)platform,isacquired

byJFrogfor$230.0million,animpressive

3.6xstep-upfromitspriorvaluationinMarch

2023.JFrogintendstoacceleratethecreation

ofAI-poweredapplicationsbysimplifying

processesandensuringmodelsecurity.

15.4%

QoQgrowth

-18.9%

YoYgrowth

-47.1%

TTMgrowth

1:"DatabricksAgreestoAcquireTabular,theCompanyFoundedbytheOriginalCreatorsofApacheIceberg,"Databricks,June4,2024.

Q22024InfrastructureSaaSReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG5

Infrastructure

SaaSlandscape

DevOps

Applicationinfrastructure

Datasoftware&systems

ITOps

Q22024InfrastructureSaaSReport

VCactivity

InfrastructureSaaSVCdealactivitybyquarter

ForinfrastructureSaaS,Q22024wasthethirdquarterinarowofsteadyandsustaineddeal

valuegrowth,withupto$3.4billionfromthelowof$1.7billioninQ32023.Thiswasbolstered

byCoreWeave’sQ2outsizedraiseof$1.1billioninequity—furthersupportedbyanother$7.5

billionindebtinthesametransaction.ExcludingCoreWeaveinQ22024,dealvaluewouldhave

$10

$8

$6

$4

$2

Includes

$6.9BStripe

contribution

250

200

150

100

50

decreased22.4%QoQ.Additionally,quarterlydealcountdippedslightlyto100VCdeals,down

$0

0

from109inthepriorquarter.YoYdealvalueanddealcountwerestilllower,down18.9%invalue

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2

and16.7%incountfromQ22023,whichisnotanespeciallystrongcomparison,asQ22023wasa

201920202021202220232024*

weakerquarter.

Dealvalue($B)Dealcount

ExcludingtheimpactofCoreWeave’sdeal,averagevalueperdealdecreasedslightlyto$22.6

million,downfrom$26.7millioninQ12024butstilldecentcomparedwithrecentquarters.

Source:PitchBook?Geography:Global?*AsofJune30,2024

Altogether,bothdealcountsandvaluescontinuetorecover.Sofar,H12024istrendingtowarda

full-yeardealvalueofabout$12.5billionacrossroughly418deals,whichwouldnearlymatch2023

ondealcountandsurpassfull-year2023dealvalue—excludingasinglemegadealof$6.5billionby

StripeinQ12023.

InfrastructureSaaSVCdealactivity

Brokendownbysegments,investmentswereconcentratedwithinthedigitalinfrastructureof

modernenterprises,particularlyapplicationinfrastructureanddatasoftware&systems.Deal

countinQ22024hadaclearprogression,ledbyapplicationinfrastructureat37deals(37.0%

ofthetotal),thenDevOpsat31deals(31.0%ofthetotal),datasoftware&systemsat25deals

(25.0%ofthetotal),andITOpsonceagainbringinguptherearatsevendeals(7.0%ofthetotal).

315

130166194267

$2.0$2.5

$2.8$3.0$4.8

714636

Includes

$6.9BStripe

contribution

506

440

399

209

$6.3$10.2$24.1$18.8$16.9$6.3

20142015201620172018201920202021202220232024*

Dealvalue($B)Dealcount

Source:PitchBook?Geography:Global?*AsofJune30,2024

Q22024InfrastructureSaaSReport

VCACTIVITY

KeyinfrastructureSaaSearly-stageVCdealsinQ22024*

CompanyClosedate(2024)SegmentCategoryDealvalue($M)Post-money

valuation($M)Leadinvestor(s)

TwelveLabsJune4ApplicationinfrastructureApplicationinfrastructure$50.0N/ANVentures,NewEnterpriseAssociates

CoalesceApril4Datasoftware&systemsDatamanagementsoftware$50.0N/AEmergence,IndustryVentures

ConduitJune26ApplicationinfrastructureApplicationinfrastructure$37.0$220.0HaunVentures,Paradigm

OnehouseJune26Datasoftware&systemsDatamanagementsoftware$35.0N/ACraftVentures

CodesphereMay17DevOpsFull-serviceDevOps$26.7N/ACreandum

FinoutMay23ITOpsITOpsmanagement$26.3$71.9RedDotCapitalPartners

FireflyMay29DevOpsCreate$23.0N/AVertexVenturesIsrael

AirOpsJune25DevOpsFull-serviceDevOps$21.6$60.0N/A

PatronusAIJune6DevOpsCreate$20.1N/AN/A

SurrealDBJune18Datasoftware&systemsDatamanagementsoftware$20.0N/AFirstMarkCapital,Georgian

Source:PitchBook?Geography:Global?*AsofJune30,2024

Q22024InfrastructureSaaSReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG12

VCACTIVITY

KeyinfrastructureSaaSlate-stageVCdealsinQ22024*

CompanyClosedate(2024)SegmentCategoryDealvalue($M)Post-money

valuation($M)Leadinvestor

CoreWeaveMay1ApplicationinfrastructureCloudSaaS$1,100.0$19,000.0CoatueManagement

CDataJune26Datasoftware&systemsDatamanagementsoftware$350.0$800.0WarburgPincus

SiMa.aiApril4DevOpsCreate$70.0$770.0MaverickCapital

OdasevaJune27Datasoftware&systemsDatabasemanagementsystems$54.0N/ASilverLake

IndiciumMay2Datasoftware&systemsDatamanagementsoftware$40.0N/AColumbiaCapital

HydrolixMay22Datasoftware&systemsDatamanagementsoftware$35.0$180.0S3Ventures

CoderJune25DevOpsCreate$35.0$205.0Georgian

TinybirdApril30Datasoftware&systemsDatamanagementsoftware$30.0$240.0BaldertonCapital

LoftLabsApril16Datasoftware&systemsDatabasemanagementsystems$24.0N/AKhoslaVentures

SimrMay21ApplicationinfrastructureCloudSaaS$20.0N/AUncorrelatedVentures

Source:PitchBook?Geography:Global?*AsofJune30,2024

Q22024InfrastructureSaaSReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG13

SELECTCOMPANYHIGHLIGHTS:MONTECARLO

Keycompanyinformation

Overview

MonteCarloisdevelopinganAI-drivendataobservabilityplatformwiththemissiontoreduceor

Founded

2019

Employees

199

Lastfinancingpost-

moneyvaluation

$1.6B

Lastfinancing

$135.0M

Leadinvestors

Accel,GGVCapital,RepointVentures,

ICONIQGrowth,IVP

eliminatedatadowntimetothegreatestextentpossible.Thecompanyworkstoguaranteedata

validitythroughtheidentificationandresolutionofdatainfrastructureissuesacrosspipelines

andecosystems.MonteCarloincorporatesitsplatformwithanenterprise’smodelandcode

Totalraised

$240.3M

repository,datalakesandlakehouses,transactionaldatabases,modelingandorchestrationtools,

datawarehouses,andbusinessintelligencetools.Byprovidingsuchexpansivecoverage,Monte

Carlocanautomateissuedetection,identifyrootcauses,andcreatepreventativeresolutions

throughcustomrules.Thecompanyhasdevelopedspecializedsolutionsacrossseveral

sectors,includingfinancialservices,healthcare,lifesciences,technology,advertising,media,

entertainment,retail,andconsumerpackagedgoods.

ExitPredictor

ThelargestchallengestoMonteCarloachievinggreatermarketsharewillbestiffcompetition

fromwell-fundedincumbentvendorsaswellasnascentstartupsinthedataobservabilityspace.

MonteCarlowillhavetocontinueswiftdevelopmentofitsAI-poweredsolutions,especiallyby

IPO:41%probabilityM&A:55%probabilityNoexit:4%probability

incorporatingrecentadvancementsinthetechnology,whichisalreadymovingatarapidpace.We

expectthecompany’sfocusedapproachanddynamictrackrecordtobeanintegraldriverofthis

successgoingforward.

Success:96%probability

Note:ProbabilitydataisbasedonPitchBookVCExitPredictormethodology.

Q22024InfrastructureSaaSReport

SELECTCOMPANYHIGHLIGHTS:MONTECARLO

Management

Financinghistory

SeriesA

SeriesBThecompanyisledbyco-founderandCEOBarrMosesandco-founderandChiefTechnology

OfficerLiorGavish.Moseswaspreviouslyvicepresidentofcustomersuccessoperationsat

GainsightandaconsultantatBain&Company.Gavishwaspreviouslyseniorvicepresidentof

April6,2020February8,2021

engineeringatBarracudaNetworks,havingjoinedthroughtheacquisitionofSookasa,wherehe

wasaco-founderandvicepresidentofengineering.Bothco-foundersbringafocusoncustomers’

Totalraised

$16.0M

Totalraised

$25.0M

dataneedsaswellasthetoolsandsolutionsnecessarytoaddressthem.Inaddition,Gavishbrings

experiencewithsuccessfullyfoundingandexitingacompanythroughanacquisitionin2016.

MonteCarlohasgrownrapidlytonearly200employees,andweexpectthecompany’strack

recordofproductdevelopmentandsuccessfuldeploymenttocontinuethroughitsefforts.Our

PitchBookExitPredictorisparticularlybullishontheopportunityforIPObyMonteCarloatroughly

41%,andweexpectthatthemanagementteam’ssuccessfuldevelopmentandequityraisesbode

wellforthispotentialoutcomeaswell.

Pre-moneyvaluation

$30.0M

Leadinvestor

Accel

Pre-moneyvaluation

$100.0M

Leadinvestors

GGVCapital,RepointVentures

Competitors

SeriesCSeriesD

Manyestablishedcompetitorsexistwithindataobservability,bothmassive,well-capitalized

August17,2021May24,2022

incumbentsaswellaslong-standingprovidersofdatasystemssolutions.Amongthelargest

playersareIBM,Microsoft,Datadog,NewRelic,Dynatrace,SumoLogic,Splunk,Informatica,and

Totalraised

$64.3M

Totalraised

$135.0M

Collibra.Althoughaunicorn,MonteCarloisarelativelysmallercompanybycomparison.Other

startupsindataobservabilityincludeAcceldatawith$105.6millionraisedtodate,Bigeyewith

Pre-moneyvaluation

$420.0M

Pre-moneyvaluation

$1.8B

$65.9millionraised,AcrylDatawith$30.0millionraised,LightupDatawith$20.7millionraised,

Revefiwith$19.8millionraised,andKensuwith$4.6millionraised.WeexpectMonteCarloto

leverageitsscale—$240.3millionraisedtodate—tocontinuetodevelopcompetitiveproducts

withinthissector.

Leadinvestor

ICONIQGrowth

Leadinvestor

IVP

Q22024InfrastructureSaaSReport

PitchBookData,Inc.

NizarTarhuniExecutiveVicePresidentofResearchandMarketIntelligence

PaulCondraHeadofEmergingTechnologyResearch

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