Technology
Peak XV cuts fund size and fees as Indian market overheats
Peak XV, the biggest enterprise capital firm operating in India and Southeast Asia, is reducing the size of a few of its funds and lowering fees as it looks to “engage more deeply” with its limited partners.
The company, which secured $2.85 billion in capital commitments totaling $2.85 billion in mid-2022, informed its supporters Tuesday evening that it was releasing them from $465 million in capital commitments from legacy funds, in response to an investor letter obtained by TechCrunch for 2022.
The enterprise capital group, which stays the biggest within the region, is just not only cutting growth and multi-stage funds – it closed five of them in 2022 – but can be reducing the fees it charges sponsors, lowering management fees to 2% and the share of interest it charges from profits, as much as 20%, in comparison with 2.5% and 30% respectively.
There is a caveat regarding performance. Peak XV will maintain its interest adjustment provisions of as much as 30% upon reaching thrice its paid-in capital to paid-in capital ratio, the letter said. The economics of seed and enterprise capital funds remain unchanged.
Peak XV didn’t comment.
The move comes greater than a yr after Peak XV separated from Sequoia. The well-known enterprise capital firm said it was disconnecting from its units in China, India and Southeast Asia to avoid market conflicts and misunderstandings amid geopolitical tensions between Washington and Beijing.
Peak XV’s decision reflects a broader trend within the enterprise capital industry, wherein many firms have either reduced the size of recent funds or have struggled to lift their goal amounts lately following a correction following a 13-year bull run within the technology sector.
Rationale for Peak XV is driven by growing concerns in regards to the uncertain performance of the general public market in India and the perceived paucity of venture-scale opportunities within the near future. The letter said he stays optimistic in regards to the region, saying the changes being made higher align the corporate with its supporters.
Macquarie analysts recently noted that India’s price-to-earnings ratio is around 21 times in comparison with 10 times for emerging markets overall, 14.5 times for global markets, 17 times for the US and 8 times for the case of China. This yr, India saw more technology initial public offerings than the US
Peak XV’s fund size exceeds that of its competitors in India. Lightspeed’s latest India-focused fund is valued at $500 million, while Accel closed its latest India fund at $650 million. Matrix, Elevation and Nexus raised $550 million, $670 million and $700 million, respectively, of their latest funding.
Peak XV began its journey in India over a decade ago. The letter revealed that the corporate has made $10 billion in realized and unrealized profits so far. As TechCrunch reported last week, the corporate has made about $1.2 billion in exits since separating from Sequoia last yr.
Peak XV’s dominant position within the region was met with praise and criticism. The company’s Surge program, which offers early-stage startups favorable conditions and extensive resources, has develop into a desirable place to begin for young startups in India and Southeast Asia, somewhat overshadowing the attractiveness of Y Combinator’s offer.
Earlier this yr, the corporate also revealed plans for an endowment fund backed by its own partners.
Since its inception, Peak XV has amassed $9 billion in assets under management, with a further $2 billion remaining to be deployed. Its portfolio includes over 400 firms, including over 50 unicorns and roughly 40 firms with annual revenues exceeding $100 million.
As of 2020, 15 of its portfolio firms are listed on public markets, ahead of other India-focused enterprise capital funds.
Technology
US medical device giant Artivion says hackers stole files during a cybersecurity incident
Artivion, a medical device company that produces implantable tissue for heart and vascular transplants, says its services have been “disrupted” resulting from a cybersecurity incident.
In 8-K filing In an interview with the SEC on Monday, Georgia-based Artivion, formerly CryoLife, said it became aware of a “cybersecurity incident” that involved the “compromise and encryption” of information on November 21. This suggests that the corporate was attacked by ransomware, but Artivion has not yet confirmed the character of the incident and didn’t immediately reply to TechCrunch’s questions. No major ransomware group has yet claimed responsibility for the attack.
Artivion said it took some systems offline in response to the cyberattack, which the corporate said caused “disruptions to certain ordering and shipping processes.”
Artivion, which reported third-quarter revenue of $95.8 million, said it didn’t expect the incident to have a material impact on the corporate’s funds.
Technology
It’s a Raspberry Pi 5 in a keyboard and it’s called Raspberry Pi 500
Manufacturer of single-board computers Raspberry Pi is updating its cute little computer keyboard device with higher specs. Named Raspberry Pi500This successor to the Raspberry Pi 400 is just as powerful as the present Raspberry Pi flagship, the Raspberry Pi 5. It is on the market for purchase now from Raspberry Pi resellers.
The Raspberry Pi 500 is the simplest method to start with the Raspberry Pi because it’s not as intimidating because the Raspberry Pi 5. When you take a look at the Raspberry Pi 500, you do not see any chipsets or PCBs (printed circuit boards). The Raspberry Pi is totally hidden in the familiar housing, the keyboard.
The idea with the Raspberry Pi 500 is you could connect a mouse and a display and you are able to go. If, for instance, you’ve got a relative who uses a very outdated computer with an outdated version of Windows, the Raspberry Pi 500 can easily replace the old PC tower for many computing tasks.
More importantly, this device brings us back to the roots of the Raspberry Pi. Raspberry Pi computers were originally intended for educational applications. Over time, technology enthusiasts and industrial customers began using single-board computers all over the place. (For example, when you’ve ever been to London Heathrow Airport, all of the departures and arrivals boards are there powered by Raspberry Pi.)
Raspberry Pi 500 draws inspiration from the roots of the Raspberry Pi Foundation, a non-profit organization. It’s the right first computer for college. In some ways, it’s a lot better than a Chromebook or iPad because it’s low cost and highly customizable, which inspires creative pondering.
The Raspberry Pi 500 comes with a 32GB SD card that comes pre-installed with Raspberry Pi OS, a Debian-based Linux distribution. It costs $90, which is a slight ($20) price increase over the Raspberry Pi 400.
Only UK and US keyboard variants will probably be available at launch. But versions with French, German, Italian, Japanese, Nordic and Spanish keyboard layouts will probably be available soon. And when you’re in search of a bundle that features all the things you would like, Raspberry Pi also offers a $120 desktop kit that features the Raspberry Pi 500, a mouse, a 27W USB-C power adapter, and a micro-HDMI to HDMI cable.
In other news, Raspberry Pi has announced one other recent thing: the Raspberry Pi monitor. It is a 15.6-inch 1080p monitor that’s priced at $100. Since there are quite a few 1080p portable monitors available on the market, this launch is not as noteworthy because the Pi 500. However, for die-hard Pi fans, there’s now also a Raspberry Pi-branded monitor option available.
Technology
Apple Vision Pro may add support for PlayStation VR controllers
According to Apple, Apple desires to make its Vision Pro mixed reality device more attractive for gamers and game developers latest report from Bloomberg’s Mark Gurman.
The Vision Pro was presented more as a productivity and media consumption device than a tool geared toward gamers, due partly to its reliance on visual and hand controls moderately than a separate controller.
However, Apple may need gamers if it desires to expand the Vision Pro’s audience, especially since Gurman reports that lower than half one million units have been sold to this point. As such, the corporate has reportedly been in talks with Sony about adding support for PlayStation VR2 handheld controllers, and has also talked to developers about whether they may support the controllers of their games.
Offering more precise control, Apple may also make other forms of software available in Vision Pro, reminiscent of Final Cut Pro or Adobe Photoshop.
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