SAN FRANCISCO | November 3rd, 2022 – Drake Star Mobility & Climate Tech Team is thrilled to announce its Q3 2022 Global Mobility Tech Industry Update, detailing the sector’s steady momentum throughout the quarter. According to the report, fundraising activity continued to be robust throughout Q3 2022 with 169 rounds, although $1.25B less capital was allocated compared to Q2.
Featured fundraising rounds in Q3 include:
- TeraWatt Infrastructure raised $1Bn of Series A venture funding in a deal led by Cyprus Capital, Keyframe Capital, and Vision Ridge Partners.
- Avatr Technologies raised $378 million of Series A venture funding in a deal led by Changan Automobile, China Merchants Capital, CITIC Group, and others, putting the company’s pre-money valuation at $939 million.
- Atom Power raised $150 million of Series C venture funding from SK Energy.
“Despite being caught in the larger downturn as the entire tech market, Mobility Tech continued to see healthy activity through Q3,” said Vitaly M. Golomb, Partner at Drake Star. “Rapid innovation in the industry continues to drive both consumer and investor interest, resulting in continued success in light of tough macroeconomic conditions.”
Valuations increased in September from June for Battery Tech, Electric Vehicles and LiDAR. EV Charging valuations experienced a decrease from 19.5x revenue in June to 15.1x in September.
Select M&A deals during the quarter include:
- Roadbotics, the developer of advanced computer vision technology designed to inspect roads and infrastructure, was acquired by Michelin for a nondisclosed amount. Drake Star acted as exclusive financial advisor to RoadBotics.
- Valeo Siemens eAutomotive joint venture, manufacturer and supplier of high-voltage electric components and systems intended to establish hybrid and full-electric vehicles on the road, was acquired by Valeo for $292m.
- Akaysha Energy, operator of end-to-end development of battery energy store systems (BESS) and renewable energy projects across Australia, was acquired by BlackRock for $692m.
Drake Star acted as the exclusive financial advisor to 20Cube Logistics on its announced business combination agreement with Evo Acquisition Corp. Following the consummation of the proposed transaction, the resulting company is expected to be listed on the Nasdaq Capital Market under the symbol “TCUB.”
The IPO market continues to take a hit, with few companies seeing success. However, the SPAC markets appear to be emerging out of their lull.
About Drake Star
Drake Star is an award-winning global tech investment bank that has completed over 400 transactions since 2013. Drake Star team of over 100 senior professionals across offices in New York, London, Paris, Munich, San Francisco, Los Angeles, Berlin, Dubai*, and Singapore* focuses on mergers & acquisitions and corporate finance services worldwide in Consumer & Retail Technology, Digital Media, FinTech, Mobility & Sustainability, Software/SaaS, Digital Services, and Industrial Tech sectors.
Drake Star is the marketing name for the global investment bank Drake Star Partners Limited and its subsidiaries and affiliates. In the USA, all securities are transacted through Drake Star Securities LLC. In the USA, Drake Star Securities LLC is regulated by FINRA and is a member of SIPC. Drake Star UK Limited (FRN 942020) is an appointed representative of Kession Capital Ltd (FRN582160), which is authorized and regulated by the Financial Conduct Authority. © 2022 Drake Star Partners Limited.
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