Semiconductor Transactions by ASEAN-Based Investors

Semiconductor Transactions by ASEAN-Based Investors

Investors based in ASEAN—Association of Southeast Asian Nations, an economic union of 10 nations in Southeast Asia—have invested $18.3 billion in the semiconductor industry between 2020 and Q2 2023. This report provides a comprehensive analysis of the investment activity trend, which decreased between 2020 and 2021, then increased in 2022.

The data set analyzed focuses on capital deployment, transaction types, and geographical distribution. By analyzing the data and trends from 2020 to Q2 2023, this report reviews the dynamic landscape of the sector.

Semiconductor Transactions by ASEAN-Based Investors

Semiconductors are specialized devices that provide the main architecture for electronic products. Some of the most important semiconductor applications include:

  • Consumer and industrial electronics: consumer electronics include televisions and mobile phones, whereas industrial devices span the length of manufacturing plants.
  • Wireless infrastructure: a collection of various communication devices, connectivity standards, and connectivity solutions that work together to provide wireless networks to users.
  • Servers, data centers, and storage: integrated systems that provide resources, data services, and telecommunication and storage systems.
  • Automotive: includes industries associated with the production, wholesaling, retailing, and maintenance of motor vehicles.
  • ASEAN-based investors invested $18.3 billion over 148 deals, with an average deal size of $124 million.
  • Capital deployment peaked in Q1 2021, with the highest average deal size of $550 million.
  • The most active year for deal flow was 2021, with approximately 51 deals with $8.61 billion accounting for the highest investments made, 24 of which were in Q3. This accounts for 35% of the deals between Q1 2020 and Q2 2023.
  • Mergers and acquisitions were the driver of the deal count, attributing 67% of the transactions recorded amounting to $12.2 billion of the total deal value. This may indicate that the highly competitive landscape is driving the large semiconductor players to enhance their capabilities, grow market share, and gain access to new technologies. It could also be a direct result of the decrease in technology stock valuations leading to a search for value through acquisition.
  • Approximately 15% of the transactions conducted were by private equity firms with $2.7 billion deployed. 
  • A significant amount of capital, $1.5 billion, was deployed into venture capital investment by Southeast Asian investors. Despite the smaller ticket sizes, these transactions contributed to 8% of the capital deployed in the sector.
  • ASEAN-based investors made 76% of the investments in foreign companies such as Germany ($5.3 billion), China ($4.4 billion), and Malaysia ($4.2 billion).
  • Investments in the USA ($3.1 billion) represent 17% of total investments.
  • The remaining 7% were into Mexico, Singapore, and others. 
In conclusion, M&A consolidation and appetite for foreign investments by ASEAN-based investors in the semiconductor industry is evident. Although there has been a decrease in investments in the first half of 2023, as confidence in the market grows, scale and consolidation are essential for companies to compete effectively. The industry, market growth, and high returns will attract more investments in the space.

Manufacturing Transactions by USA-Based Investors

Manufacturing Transactions by USA-Based Investors

The manufacturing industry has received $1.47 trillion in investment between Q1 2020 and Q3 2023 from USA-based investors, 71% of which was invested into domestic manufacturing companies. This surge in domestic investments is likely a result of the more recent heightened demand for domestic production driven by geopolitical concerns, trade conflicts, and concerns around the global supply chain. The US manufacturing sector continues to focus on innovation as a competitive advantage and has made significant investments in technology to drive growth.

Announced Manufacturing Investments by USA Investors (2020 Q1 – 2023 Q3)

  • The manufacturing industry has received over $1.47 trillion from USA-based investors, with nearly 22,000 transactions, each quarter accumulating an average of $98 billion since Q1 2020.
  • The third quarter of 2021 saw the highest capital deployed over the period and the following quarters continued to demonstrate a strong market, despite the supply chain disruption and labor shortages that continue to be a drag on the industry leading to production delays and increased costs.
  • Investing in the US can help companies build a more resilient supply chain and become less dependent on overseas production and its inherent vulnerabilities like global disruptions such as natural disasters, political instability, and the recent pandemic.
  • The US is the leading recipient of funds in the manufacturing sector, having received nearly $1 trillion from USA-based investors over the period covered by this report. This accounts for 71% of the total investments made by USA-based investors in the manufacturing sector.  
  • Through initiatives like reshoring, workforce development, and strategic trade policies, the goal is to reduce dependency on foreign suppliers and maintain a competitive edge in global manufacturing markets. Trade wars often result in the imposition of tariffs on imported goods. By investing domestically, USA-based investors can avoid these tariffs, which can help in cost management and maintaining competitiveness.
  • Supply chain disruptions are also one concern investors are taking into consideration. They have become more frequent and severe due to various factors. The COVID-19 pandemic exposed vulnerabilities in supply chains, with lockdowns, travel restrictions, and factory closures leading to disruptions in the availability of raw materials, components, and labor.

Geopolitical tensions can lead to increased market volatility, affecting the stock prices and valuation of manufacturing companies. Investors may experience higher levels of uncertainty and risk in the stock market, making it important to assess how geopolitical events may impact their overall portfolio. Investing domestically is the safer bet.

  • Investors deployed $1.3 trillion through mergers and acquisitions within the sector composing 64% of the deal flow. USA-based manufacturers that rely on imported raw materials or components may face increased costs due to tariffs. By acquiring component companies and smaller manufacturing companies they secure supply of critical raw materials, labor, and technology to reduce exposure to global supply chain disruptions. 
  • During the period covered by this report, private equity firms accounted for 13% of investments, amounting to $262 billion. Private equity investors evaluate companies on their ability to grow and produce returns. Currently, based on their internal evaluations, it appears that they have found the most value within the US. 
  • Venture capital contributes 2% of the total investment pool with $40 billion total. Venture capital investors seek out pioneering companies and cutting-edge technologies at their early stages with the anticipation that their investments will be at the forefront of both technological and market disruption. With the manufacturing sector experiencing significant technological advancements, these firms see opportunities to invest in start-up companies, which are at the forefront of these innovations.
  • Industrial supplies are influenced by the growing emphasis on automation, supply chain resilience, and sustainability. These companies received 36% of the entire investment pool for the last three years, totaling $530 billion. Investors are focusing on companies that offer innovative solutions in industrial automation, 3D printing, and advanced materials. 
  • Information technology has the second largest incoming investment with 19% totaling $280 billion. It remains a high-growth sector due to digital transformation across industries. Investments are directed toward software development, cybersecurity, cloud computing, artificial intelligence (AI), and internet of things (IoT). The shift to remote work has also led to increased investment in collaboration tools, cybersecurity solutions, and infrastructure to support remote operations. One notable deal was the acquisition of Xilinx, a semiconductor manufacturing company for $50 billion.
  • The third largest recipient sector was commercial industrial companies, which collectively received $246 billion in investment. Commercial industrial investments have been impacted by changes in consumer behavior and the shift towards e-commerce. Investments are focusing on modernizing warehousing and distribution facilities, automation technologies, last-mile delivery solutions, and sustainable infrastructure to improve operational efficiency and reduce environmental impact. One such deal was Mileway, a last-mile logistics company that was acquired for $23 billion in 2022.
Companies in the manufacturing industry play a pivotal role in meeting the diverse needs of businesses across various sectors, enabling them to streamline their operations, enhance efficiency, and maintain a competitive edge. Investment in manufacturing services offers investors a chance to diversify their portfolios and gain exposure to this ever-growing industry.
The manufacturing industry investment landscape by USA-based investors is intricately intertwined with the complexities of trade wars. These complexities prompt strategic collaborations and partnerships. The outlook remains exceedingly promising, defined by a landscape teeming with opportunities for both expansion and innovation. With technological advancements continually reshaping the industry’s landscape, companies are positioned to tap into new fields for growth and productivity.

References: Fortune Business Insights, Statista, PWC, McKinsey, Brink

Spotlight on Industrial IoT and Logistic Technology Investments in the GCC

Spotlight on Industrial IoT and Logistic Technology Investments in the GCC

Investors from the Gulf Cooperation Council (GCC) have invested $11 billion in the industrial Internet of Things (IoT) sector, and $16 billion in the logistics technology sector since 2020. The Middle East region has traditionally been known for oil and gas extraction and production but is now actively pursuing a reduction in its dependency on oil and gas and diversifying into new sectors. The development of manufacturing and industrial sectors is a key investment focus of many sovereign wealth funds and politically connected investors across the region. Investors in the GCC are looking into industrial IoT and logistics technology companies abroad and striving to develop these sectors within the region.

This report provides a comprehensive analysis of investment activity in the industrial IoT and logistic technology by GCC-based investors. The dataset analyzed focuses on capital deployment, transaction types, geographical distribution, and investor preferences within the industry. By analyzing the data and trends from 2020 to Q1 2023, this report reviews the dynamic landscape of industrial IoT and logistic technology, offering insights into market dynamics and growth opportunities.

Industrial IoT Between 2020 and Q1 2023: Capital Market Analysis

  • Throughout the period from 2020 to Q1 2023, approximately $11 billion was invested into industrial IoT companies by GCC investors in 71 deals. The average deal size was approximately $149 million.
  • The overall chart shows that in most quarters, four or more deals were done with two outliers in Q3 2020 and Q4 2021. The amount invested was relatively static at less than $1 billion, excluding the outliers.
  • The major deal in this time frame was in Q4 2021 in a US company, Medallia, in which Mubadala Investment Company injected $6.4 billion. 
  • Medallia is a software company. Its SaaS platform, the Medallia Experience Cloud, captures experience data from signal fields emitted by customers and employees. It utilizes AI technology to analyze structured and unstructured data from these signal fields across human, digital, and IoT interactions.
  • Of the transactions in industrial IoT, 55% were mergers and acquisitions. This could be due to markets and valuation uncertainty, making buy-side mandates more attractive. 
  • There were notable investments made by venture capital (VC) of approximately $2 billion.
  • Only 2% of the capital deployed was in early stage VCs due to uncertainty around the companies making the investments that were perceived as high risk.
  • GCC investors deployed 72% of their capital into US-based industrial IoT companies. The industrial IoT market in the US was $44 billion in 2021, with a projected market value of $66 billion in 2023, with this significant market potential attracting investments from GCC investors.
  • Of the capital deployed, 19% was in Asia. This is because it is the second-largest industrial IoT market with a market value of $23 billion in 2021.
  • The remaining 9% of the capital was deployed into Europe, the Middle East, and other regions.

Logistics Technology Between 2020 and Q1 2023 – Capital Market Analysis

  • Throughout the period of Q1 2020 to Q1 2023, approximately $16 billion was invested in logistics technology companies in 70 deals.
  • In June 2022, Abu Dhabi Investment Authority executed a buyout transaction with VTG AG, a logistics company based in Germany, for $7 billion.
  • In December 2021, Mubadala Investment and other investors transacted a private investment in GRAB, a publicly traded company for $4 billion. 
  • Of the deals 51% were in mergers and acquisitions, followed by PIPE deals, which represent 25% of the deals. 
  • PIPE deals are generally safer, especially in uncertain markets, and offer faster liquidity to investors. 
  • M&A deals were attractive during this period due to lower valuations stimulated by the slowdown in the markets.
  • Europe represents 54% of the total capital because of the significant deals in Germany, which leads in the ranking of industrial transportation companies in Europe.
  • This is followed by Asia, representing 31%. Asia’s e-commerce logistics market is anticipated to account for more than 57% of total market growth between 2020 and 2025. 
  • Singapore is the world’s busiest trans-shipment hub, which makes it an attractive market to GCC investors interested in logistics technology companies.
The Middle East region is expected to pursue sector diversification through investments within the region and abroad. The manufacturing industry is expected to grow steadily in the coming years as the government initiates and encourages industrial growth and reinforces reduced dependency on the oil and gas sector. It is expected that GCC investors will play an important role in the capital markets after the economic slowdown.

References: Fortune Business Insights, Statista, PWC, McKinsey, Brink

How to Perform a Disciplined Sell-Side M&A Process to Maximize Results

How to Perform a Disciplined Sell-Side M&A Process to Maximize Results

The sell-side M&A process, facilitating the sale of a business, is long and complex. Bringing a company to market does not guarantee the company will achieve its M&A goals. The M&A process is challenging for three reasons:

1. It is difficult to build consensus among a large number of stakeholders.

2. Gathering relevant, transparent, and adequate data is complicated, particularly in private markets.

3. The M&A process contains many steps, and within each step, there are many opportunities for things to go wrong.

This report contains the step-by-step guide Jahani and Associates (J&A)—an NYC-based professional services and advisory firm—uses to maximize results for its clients. Each step in the sell-side M&A process is driven by activities, deliverables, and solutions.

STEP 1: Preparation to Solicitation

Preparation for solicitation requires the company and their investment banker to generate the artifacts buyers need to make an offer for the company. This information includes but is not limited to financial information, the growth history of the company, intangible asset information (e.g., customer relationships and proprietary technology), and the reasons the owners are selling the business.

Industry-standard deliverables, such as a confidential information memorandum (CIM) and audited financial statements, are used in this phase to market the business to potential buyers. This phase is vital because any delays while in market can impact the outcome of a transaction.

STEP 2: Solicitation to IOI

Reaching a sufficient number of solicitations to find an interested buyer is difficult and crucial, particularly in the lower-middle and middle markets. J&A recommends only sending detailed material during the preparation phase to potential buyers after they have signed an NDA. Common sources of buyer solicitations include direct connections from an investment banker’s network, direct solicitations of qualified buyers determined from research (e.g. PitchBook), and targeted emails to qualified lists of buyers. 

IOIs (Indications of Interest) contain valuation ranges and general expectations of earn-out, which should be negotiated as necessary to have a smooth transition from an IOI to an executable letter of intent (LOI). IOIs are non-binding.


A site visit usually occurs while transitioning an IOI to an LOI and is an opportunity for the buyer and seller to meet and conduct a deep dive into any outstanding items that need to be settled before executing an LOI. Since LOIs are legally binding, many buyers will require exclusivity after an executed LOI, which is also referred to as a “no-shop clause.” This means the seller will not be able to conduct sale-related conversations during the no-shop period and must ensure the upcoming due diligence will be satisfactory, in order to close the deal.

STEP 4: LOI to Purchase Agreement, Including Due Diligence

Due diligence is the process of affirming the information the buyer has used to make his offer and determining whether or not the company is in good standing with all relevant information in its possession. It is often the longest part of the sell-side M&A process, as it may take up to 120 days.

Once due diligence is complete, executing the purchase agreement, where ownership changes hands, is the final step in the sell-side M&A process. Agreements can be asset purchases or stock purchases. If due diligence went as expected, which is vastly important, this step should be relatively simple. Changes that may affect purchase agreement negotiations are material discoveries in due diligence, economic forces, material alterations in business operations, and management changes.

Problems and Solutions: Quickly Resolving Challenges Requires

Deep Thinking and Preparation

Jahani and Associates has collected common challenges that exist in each step of the sell-side M&A process and the best way to resolve them. In order to avoid disruptions or delays in the M&A process, it is important for M&A stakeholders to plan ahead and know where weaknesses may rise, and also imperative that the investment banking team has a plan to resolve these challenges before they even arise.

Preparation to Solicitation

Companies most often do not go from preparation to solicitation when seller management teams are not aligned or properly prepped for the sell-side M&A process. This can occur when multiple stakeholders are involved, particularly in companies boasting a significant capital raise. If a business undergoes a change that materially reduces the company’s desired valuation, management often decides to postpone the process.

Solicitation to IOI

As a solicitation to IOI is fundamentally a sales process, sellers, and their teams are most prepared when they view this as a sales exercise. This is often the most difficult step in the process for unprofitable companies in the lower-middle market.


Moving from an IOI to LOI is a matter of negotiation and mutual understanding between the buyer and seller. A site visit is often used between the IOI and LOI to develop a relationship between the buyers and sellers.

LOI to Purchase Agreement, Including Due Diligence

Due diligence is the process of confirming the buyer’s understanding of the business at the time they made their offer. Due diligence is time-consuming and material information that changes the valuation, and earn-out identified in the LOI may be discovered during due diligence. This will be negotiated as part of the purchase agreement, which may be made for either cash or stock, each of which has its own tax, legal, and strategic considerations.

The sell-side M&A process is challenging, but the seller’s success will be maximized when a disciplined process is followed.

The challenges, solutions, and KPIs in this paper are not exhaustive, but they provide an overview of the way to maximize success in sell-side M&As. It is important that all stakeholders understand the challenges they will face and how to alleviate them as quickly as possible. Establishing a consensus among stakeholders and then focusing on a problem-solution-KPI framework gives transparency to the client and allows the investment banker to increase the size of their team while preserving client service and information sharing. Experience in dealing with these issues is paramount to successfully delivering M&A results, and that experience must be coupled with actionable outcomes.

Any business owner seeking to sell their business must carefully consider all these factors and be aware of expected obstacles in order to significantly increase the likelihood that their company successfully completes a sell-side M&A transaction. The analysis contained herein is based on decades of experience and is included to support business owners across the world as they achieve a maximally successful exit.

In 2019, J&A surveyed hundreds of business owners about successful and failed M&A deals, why they failed, and how those failures could have been avoided. J&A then compared these stories with its own processes and tools to determine the best way to anticipate and avoid these failures in any M&A scenario. The resulting analysis is this document that outlines common reasons for failure and how to avoid them. This document is meant to serve as a resource to business owners and other service providers to give the best strategic advice and service for their business or clients.


1. Baird, Les, David Harding, Peter Horsley, and Shikha Dhar. “Using M&A to Ride the Tide of Disruption.” Bain & Company, January 23, 2019.

2. Buesser, Gary. “For the Investor: Internally Generated Intangible Assets.” Accessed November 22, 2019.

3. Corporate Finance Institute. “What is the No Shop Provision?” No-Shop Provision. Accessed November 22, 2019.

4. Deloitte. “Cultural issues in mergers and acquisitions.” Leading through transition: Perspectives on the people side of M&A. Last modified 2009.

USA Health Care Technology in 2022

USA Health Care Technology in 2022

In 2022, $110 billion was invested into health care technology. The health care sector in the USA experienced growth in capital market activities due to the impact of the COVID-19 pandemic, and approximately 45% of the transactions were in M&A deals. Health tech innovators played a vital role during the industry’s response to the pandemic and in the post pandemic recovery.

Investors have been consistently deploying capital into companies thinking ahead and planning for the future of the health care sector, positioning health care tech companies well for success.

USA Health Care Technology – Market Breakdown

  • Health care technology means any technology, including medical devices, IT systems, algorithms, artificial intelligence (AI), cloud, and blockchain, that is designed to support health care organizations and improve medical outcomes.
  • The benefits of technology in health care include increasing speed, accuracy, and accessibility in improving patient experience and care and real-time information exchange.
  • Health care technology is used in various forms, including, but not limited to, disease diagnosis and treatment, medical imaging, health care operations, and clinical research.

USA Health Care Technology in 2022 – Capital Market Analysis

  • In 2022 Q1, around $31 billion was invested into health care technology companies in the USA, accounting for 28% of total investments.
  • This figure dropped by 23% to $24 billion in Q2. This may be attributed to the invasion of Ukraine and the global geopolitical tension.
  • The highest capital investment per deal was seen in Q4, when the market started to pick up again, with an average of $33 million per deal.
  • The total amount invested in USA-based health care technology companies by Asian and Middle Eastern investors in 2022 was$10 billion over 137 transactions.
  • In 2022 Q4, $4 billion was invested, accounting for 40% of total investments in 33 transactions, averaging $121 million in each transaction. This is linked to the relaxation of COVID-19 regulations, which helped boost optimism.
  • The increase in capital investments by Asian investors was led by China as they began to relax COVID-19 restrictions.
  • The USA contributed the highest share (57%) of capital raised by region.
  • Europe was significantly impacted by the Russia-Ukraine war, which caused high inflation rates throughout the year. However, in Q4 the Eurozone recovered and outperformed other regions. Europe accounted for 19% market share.
  • East Asia only accounted for 17% of the total capital raised in 2022 due to ongoing COVID-19 restrictions.
  • China accounted for 52% of investments made by Asian and Middle Eastern investors into USA-based health care technology companies in 2022, due to the COVID-19 pandemic’s impact on the public’s overall mental and physical wellbeing.
  • China is followed by Hong Kong, which accounted for 17% of total investments in 2022 after achieving strong growth in Q4.
  • South Korea, Singapore, UAE, and India accounted for a combined 24%.

USA Health Care Technology in 2022 – Deal Type Analysis

  • In 2022, 45% of the transactions in health care technology were mergers and acquisitions. This could be due to markets and valuation uncertainty, making buy-side mandates more attractive.
  • There were notable investments made by venture capital (VC) and private equity (PE) firms despite market conditions, with around $13 billion invested by VCs and $24 billion by PEs.
  • Noticeably, only 4% of the capital deployed was in IPOs, confirming the low valuations with a decreased appetite for companies to go public.
  • In 2022, 60% of the transactions in health care technology made by Asian and Middle Eastern investors were mergers and acquisitions, which was lower than in previous years due to high inflation rates in the USA.
  • There were notable investments made by VCs and PEs despite market conditions that accounted for 9% and 28%, respectively.
  • Noticeably, only 2% of the capital deployed was in PIPE deals.
In 2022, health care technology companies witnessed growth opportunities, evidenced by the amount of capital deployed. Economic uncertainty and global geopolitical factors impacted deal types and investments. Middle Eastern and Asian investors played a vital role in the transactions, especially after the pandemic created an economic, social, and health impact, all of which highlight the importance of further developing the health tech sector.

Sources: Pitchbook Data, Inc.

Generative AI

Generative AI

Companies within the Generative Artificial Intelligence (AI) sector have raised over $15 billion since 2022. Many companies, including OpenAI, have attracted the attention of Silicon Valley and the financial media, bringing the sector to the forefront of venture conversations.

Venture capital transactions account for 45% of the capital deployed into announced Generative AI capital market transactions and 77% of all transactions conducted in the sector. The venture capital transactions showcase the momentum and growth potential of the industry.

Introduction to Artificial Intelligence Research and Analytics

AI language models utilize AI in complex linguistic structures that allow human-like interactions. The technology is set to disrupt traditional search engines by providing detailed answers to queries rather than just providing links.

The latest generation of AI language models has a wide variety of applications, including, by not limited to, complex coding, drafting legal contracts, and even creating music and art.

  • Since 2020, $15 billion has been invested in Generative AI companies across 1,164 transactions. The average deal size of approximately $13 million indicates the sector’s early-stage nature and growth potential.
  • Anthropic, an AI safety and research company, conducted the largest transaction in the period, closing closed $580 million Series B round in April 2022 at a pre-money valuation of $3.42 billion. A consortium of angel investors and Alphabet conducted the deal.
  • OpenAI conducted a private secondary transaction with Fenrir Asset Management of an undisclosed amount on January 13, 2023. The company’s most significant capital raised to date of $1 billion was completed in July 2019, with Microsoft being the sole investor.
  • Approximately $7 billion has been invested into early-stage AI research and analytics companies through venture capital transactions. The capital was deployed over 871 deals with a median size of $8 million.
  • Venture capital transactions, including grants, seed and angel funding, and accelerator programs, contributed 45% of the capital deployed into announced Generative AI capital market deals. These transactions accounted for 77% of the deal count conducted in the sector over the same period.
  • POs and PIPEs accounted for a smaller portion of market activity due to the early stage of the technology and companies.
  • USA-based Generative AI companies raised $9.7 billion through 608 transactions, with a median deal size of approximately $16 million between 2020 and 2022. USA-based companies raised 64% of the capital deployed in the sector, accounting for 52% of the deal count over the same period.
  • Companies from Israel, China, and the United Kingdom have also conducted significant capital market transactions raising $1.43 billion, $1.22 billion, and $1.07 billion, respectively.
Generative AI is set to disrupt many industries, including search engines, client services, and IT services. Early-stage companies are well-funded in the sector, particularly in the USA, by some of the largest technology companies, such as Google and Microsoft. Investors and founders need to be aware of the opportunities and threats that AI research and analytics technologies possess.

Sources: Pitchbook Data, Inc.

The USA Technology Sector in 2022: Market Overview

The USA Technology Sector in 2022: Market Overview

Investors in emerging markets are performing an increasingly important function in funding early-staged USA-based technology companies. Capital invested by Middle Eastern and Southeast Asian investors in the sector increased by 85% between 2021 and 2022, with venture capital transactions responsible for 57% of all investments in the industry in 2022.

Economic growth has continued in emerging markets such as the Middle East and Southeast Asia, prompting early-stage technology companies to be mindful of international fundraising opportunities.

The Decline of the USA Technology Market in 2022

Publicly listed technology stock in the USA fell by 30% in 2022 ( Economic uncertainty, inflation, and increased interest rates to reduce excess liquidity within the market were driving factors in the decline. The decrease in investor appetite for technology stocks has led to a sharp reduction in valuations, and decreased access to funding from USA markets.

  • The Dow Jones U.S. Technology Index was down by over 35% in 2022, in contrast to 2021, which was a landmark year for the index, setting a record high of 4,866.69 on December 27, 2021 (
  • Other technology-focused indexes illustrated similar diminishing returns, with the Nasdaq Composite falling 33% in 2022 (, indicating a reduced appetite for technology stocks.
  • Valuation negotiations between founders and investors have altered drastically. Valuation based on projected revenue multiples is no longer the norm, and early-stage investors increasingly utilize traditional price-to-earnings ratios (

Growth of Emerging Markets in 2022

  • Increasing interest rates and escalating fuel prices caused slow growth in developed markets in 2022. The USA and UK experienced GDP (Y-o-Y Q4) growth rates of less less than 1% compared to 2021 Q4, with similarly slow growth occurring across the European Union (
  • Conversely, the increase in fuel prices, caused in part by the war in Ukraine, aided the GDP growth of Middle Eastern states such as Saudi Arabia (9% Y-o-Y Q4 GDP), the UAE (4% Y-o-Y Q4 GDP), and Qatar (4% Y-o-Y Q4 GDP). Post covid reopening economies, large infrastructure projects, and the tourism sectors’ continued development have also contributed to the region’s growth.
  • Despite challenging global economic conditions, Southeast Asia remains one of the world’s fastest-growing emerging regions. Malaysia, Indonesia, and Singapore all grew GDP by over 4% in Y-o-Y Q4 2022, driven by reopening travel routes and increased trade and commerce.
  • $400 billion was invested by Middle Eastern and Southeast Asian investors into USA-based technology between 2012 and 2022, with 60% occurring between 2020 and 2022 and $155 billion deployed in 2022 alone.
  • The deal count conducted by Middle Eastern and Southeast Asian investors into USA-based technology companies increased from under 150 transactions in 2012 to over 1,000 in 2021.
  • The sector’s deal count decreased by 24% between 2021 and 2022, yet capital invested in the industry increased by 85% during the same period, showing a continued appetite to invest in USA-based technology companies and a leaning towards more significant deals.
  • Venture capital transactions accounted for 57% of the deal count by Middle Eastern and Southeast Asian investors into USA-based technology companies in 2022.
  • Despite challenging economic conditions, the focus on early-stage companies further highlights the appetite to invest in USA-based technology companies, showing the strength of the US technology industry and the trust that international investors have in the US financial markets.
Early-stage technology companies from the USA should consider opportunities to raise funds internationally. Uncertain economic conditions in developed economies have reduced capital market activity, particularly for early-stage transactions. Middle Eastern and Southeast Asian investors have an increased appetite for USA-based tech companies, evidenced by the growing amount of capital deployed.

Sources: Pitchbook Data, Inc.

Renewable Energy: Southeast Asia

Renewable Energy: Southeast Asia

Renewable energy in Southeast Asia is a growing sector with a market size of $205 billion and capital investments totaling $11 billion between 2020 and 2022. The region is committed to renewable energy and integrating sustainable practices into legacy industries.

This report provides an overview of the renewable energy market in the Southeast Asia region, including a market breakdown, capital market analysis, and transaction analysis.

Renewable Energy in Southeast Asia: Market Breakdown

  • Renewable energy in Southeast Asia is a $205 billion industry with a forecasted compound annual growth rate (CAGR) of 7% between 2022 and 2027.
  • Southeast Asia has invested $2.7 billion into the renewable energy sector, with a deal count of 60 in 2022 alone, highlighting the rapid development of renewable energy in the region.

Renewable Energy in Southeast Asia: Capital Market Analysis

  • Renewable energy companies in Southeast Asia have received significant capital, totaling $10.69 billion since 2020 across 236 deals with an average deal size of $45 million.
  • Capital deployed grew significantly through 2021 but slowed considerably in 2022 due to a combination of a lower deal count and a smaller average deal size.
  • Mergers and acquisitions had the most significant capital investment in the renewable energy sector of about 46%, or $4.9 billion, since 2020, suggesting that considerable market consolidation is occurring within the industry.
  • Capital investments of 24%, or about $2.6 billion, in other deal types, such as secondary transactions in the sector, further highlight the high level of consolidation in the market.
  • Capital deployed in private equity transactions, $1.5 billion or 14% of all capital deployed, and venture capital transactions at 5%, or $535 million, showcases the fundraising opportunities for early-stage renewable energy companies and the growth potential of the sector.
  • Singapore has the most significant capital investment in renewable energy companies, totaling 52%, or $6 billion, since 2020, signifying their commitment toward sustainability and net zero carbon emissions.
  • The Philippines, as an emerging nation, has contributed 30%, or $3 billion, in the sector.
  • Emerging nations, such as Malaysia, Thailand, Indonesia, and Laos, have additionally conducted notable investments over the same period. The investment highlights the desire for growth in the renewable energy sector from all countries in the region.

The Company

Sun Energy provides its clients with environmentally friendly solar panels. Moreover, the corporation supports its clients by offering financial, market development, and rental services for solar panels with the intent to change the world through renewable energy positively.

Most Recent Financing Status

  • Sun Energy raised $25 million of Series A venture funding in a deal on November 22, 2021.
  • The round was led by PT Delta Dunia Makmur and TBS Energy Utama.
  • The funding will enable the company to develop more solar PV projects, cement its market position in Indonesia, and bolster further growth in the Asia-Pacific region.
Southeast Asia’s renewable energy sector is filled with firms that work together with the objective of sustainability and creating a positive change for a better world free of climate change. Many countries in Southeast Asia, including emerging nations, have proven to be committed to sustainability through investments placed into renewable energy, demonstrating their desire for this sector to grow.

Sources: Pitchbook Data, Inc.

Renewable Energy: Lithium Batteries

Renewable Energy: Lithium Batteries

Over $100 billion has been invested into the lithium batteries sector since 2020. Global trends towards renewable energy have driven the growth of the sector. Forecasts indicate that the sector will grow at a compounded annual growth rate (CAGR) of 13% from 2022 to 2031, making this one of the fastest-growing energy sectors. Chinese companies have received over 50% of capital deployed within the sector showing the appetite for growth and geopolitical importance of the sector.
This report provides a capital market overview of the lithium batteries sector and capital investments according to region or deal types, in addition to how much firms have increased their capital investments as well as announced deals between 2020 and 2022.

Lithium Batteries: Market Breakdown

  • The lithium battery industry is a $48 billion industry with a five-year compound annual growth rate of 23%.
  • Lithium batteries can be used to power electric vehicles, households, personal electronics, and as a power backup storage. The technology allows lithium batteries greater energy storage because of the smaller and denser chemical structure. Of the energy stored in lithium-ion batteries, 95% is available for use, whereas lead acid batteries have 10% less voltage capacity.
  • Storage is important in renewable energies because it ensures there is always an availability of electricity. Batteries allow for energy to be stored during peak generation hours and used during off periods.

Lithium Batteries: Capital Market Analysis

  • Lithium battery companies have received notable capital deployment since 2020, with a total of $109 billion invested in the sector.
  • Capital invested per quarter has been increasing despite lower deal count, indicating that larger transactions are occurring in the market. This shows that the lithium battery sector is maturing and capable of raising large investments.
  • In Q2 of 2022, lithium battery companies raised a total of $15 billion across 127 deals with an average deal size of $12 million.
  • In Q4 of 2021, 145 deals were made with a total of $15 billion averaging each deal at $10 million; therefore, it can be assumed that the end of Q4 in 2022 would also have high capital investments.
  • Chinese lithium battery companies experienced the largest capital invested within the sector and raised a total of 54%, or $59 billion, since 2020.
  • Lithium battery companies from North America had the second largest capital investment in the sector with 24%, or $26 billion, since 2020.
  • Companies from other Asia countries such as Japan, India, and South Korea have also received notable capital deployment with a total of 11% of all funding in the sector.
  • IPOs (initial public offerings) and PIPEs (private investments into public enterprises) have the largest capital invested in the lithium battery sector at 36%, or $39 billion, since 2022, which indicates that the sector is maturing and large deals are occurring.
  • Mergers and acquisition deal types have the second largest capital investments with a value of 28%, or $31 billion, indicating high levels of consolidation in the market.
  • Private equity at 21%, or $23 billion, and venture capital at 6% indicates that although deal types are bigger in the private equity sector, venture capitals still consist of deals as well suggesting the vast size of the lithium battery sector.

The Company

Redwood Materials is a USA-based private company that is a developer of sustainable battery recycling technology. Redwood technology specializes in recycling and commercializing batteries and creating a sustainable solution. Redwood’s technology facilitates waste to be processed and converted into battery cells. These cells can then be implemented in consumer electronics.

Most Recent Financing Status

  • Redwood Materials raised $776 million based on a pre-money valuation at $3 billion of Series C venture funding in a deal on August 18, 2021.
  • The round was led by T. Rowe Price. Eleven other strategic and financial investors participated in the round including Ford, Amazon, Goldman Sachs Asset Management, and Fidelity Investments.
  • The funds will be used to expand the existing operations internationally and throughout North America.
The lithium batteries sector is critical for the future of the renewable energy market. The growth in demand for electric vehicles and household use of renewable energy has resulted in an expansion within the lithium battery sector, and a CAGR of 22%. Lithium batteries will continue to increase in popularity as the world shifts to more renewable energy. J&A forecast that the growth trends and investment in the sector will increase over the next decade making this a pivotal, high-growth industry.

Sources: Pitchbook Data, Inc.

Renewable Energy: Market Overview

Renewable Energy: Market Overview

Renewable energy is a rising sector and firms within the industry have experienced a 233% increase in capital raised between 2011 and 2021. With the continued focus on combating climate change and the transition to renewable energy, firms in the sector will continue to rise in importance within global capital markets.
This report provides a market overview of renewable energy from 2010 – 2022 and market size based on region and type of clean energy in 2020.

Renewable Energy

  • The renewable energy sector may be placed into 4 key sectors; solar energy, wind energy, fuel cells and batteries.
  • Wind energy is divided into two sections, onshore and offshore energy this is generated through wind turbines. Onshore wind achieved the largest market size in the renewable energy sector in 2020. The total market size was estimated at $51 billion. The offshore wind is another major industry within renewable energy with a market industry is approximately $14 billion.
  • Solar energy involves the conversion of light into energy and involves photovoltaic panels. Solar energy is the second largest market within the sector with an estimated value of $31 billion.
  • Batteries are a source of electrical power that stores and converts chemical energy to electrical energy. Batteries are a rapidly growing segment of the renewable energy market with a global estimated market value of $26 billion in 2020.
  • Fuel cells help store electricity that is produced by renewable sources such as solar energy, onshore or offshore wind, and other renewable energy technologies.
  • The battery segment is forecast to have the highest market size for clean energy technologies with $123 billion in 2030 and $169 billion in 2050, with $123 billion in 2030 and $169 billion in 2050. The market increase between the years 2030 and 2050 for batteries is forecast to be 37%.
  • The onshore wind segment is forecasting significant growth between 2030 and 2050. The sector is expected to increase by 37% while offshore wind is forecast to decreasing by around 8%.

Renewable Energy: Market Breakdown

  • Renewable energy experienced an increase in capital market activity in 2021 with $429 billion invested across the sector. A total of 7,863 transactions occurred in the sector with an average deal size of approximately $54 million.
  • 2022’s data refers to the first 9 months of the year and 4,654 deals have been conducted with a total of $265 billion invested.
  • The trend shows that investments in renewable energy capital market deals are rising, hence, suggesting an increase in investments more into this sector.
  • Renewable energy firms from the USA have received the largest capital in the first three quarters of 2022 with 35% invested into the sector.
  • Europe received the second largest capital deployment in the sector with renewable energy firms on the continent raising 34% of capital invested in the sector.
  • Asian, Canadian, and Middle Eastern renewable energy companies have received 16%, 4% and 3% of capital in the sector in 2022 respectively.
  • In 2022 the Asia Pacific region shows a market size of $62 billion dollars conveying that they have the largest market size for clean energy.
  • Asia is seen to have the largest market size for clean energy due to the large value made toward the sector compared to other regions.
  • Europe’s market size is USD33 billion making their value about half of Asia’s which emphasizes the high market size of clean energy investments in Asia.
  • In 2030 and 2050 Asia Pacific is still estimated to hold the highest market share for clean energy based on the stated policies scenario.
  • Asia Pacific is predicted to increase by 36.6% in market size from USD142 billion in 2030 to USD194 billion in 2050.
  • Moreover, Asia Pacific has the highest percentage increase compared to other regions’ 2030 and 2050 numbers.
Renewable energy is growing rapidly especially in Asia Pacific. According to forecasts, Asia Pacific is expected to invest the most money into renewable energy and driving growth within the sector. Onshore wind had the higher market size in 2020 but the emergence of lithium batteries will drive the renewable energy sector. J&A forecasts continued growth within the renewable energy sector.

Sources: Pitchbook Data, Inc.,

Privacy Settings
We use cookies to enhance your experience while using our website. If you are using our Services via a browser you can restrict, block or remove cookies through your web browser settings. We also use content and scripts from third parties that may use tracking technologies. You can selectively provide your consent below to allow such third party embeds. For complete information about the cookies we use, data we collect and how we process them, please check our Privacy Policy
Consent to display content from Youtube
Consent to display content from Vimeo
Google Maps
Consent to display content from Google