CB-Insights大科技公司報(bào)告：投資、收購(gòu)和關(guān)鍵主題（英）-2021-45正式版

ghtshelpsuscompressourtime-to-decisionwhengatheringandanalyzingdataandgettinganexternalviewonwhat'shappeninginthemarketsowecanquicklytakeaction.MerajMohammadVicePresident,VenturesGroup,ADPWHATISCBINSIGHTS?CBInsightshelpstheworld’sleadingcompaniesmakesmartertechnologydecisionswithdata,notopinion.OurTechnologyInsightsPlatformprovidescompanieswithcomprehensivedata,expertinsightsandworkmanagementtoolstodrivegrowthandimproveoperationswithtechnology.CLICKHERETOSIGNUPFORAFREETRIALContents56203345SummaryOfFindingsFAMGAHighlightsAcquisitionTrendsInvestmentTrendsMethodology&MarketDriversSummaryOfFindingsOverviewofFAMGA’sfinancing&acquisitionactivity,2020–2021YTD(3/31/21)Bigtechacquisitionsreacheda5-yearlowamidthepandemic…FAMGAoutperformedthemarketbymorethan30percentagepointsin2020.Inturn,thecompaniespouredmoneyintotheseareas:?

FAMGA’sacquisitionactivitydroppedsteeplyinthesecondhalfof2020andinthefirstquarterof2021.?

Acquiringforemergingtechnologies:Bigtechhaslookedtobolsteritsartificialintelligence(AI)andvirtualreality(VR)capabilities,amongotherareas.…asFAMGAuppeditsinvestmentstorecordlevels,backingequitydealsworthacombined$12.4Bin2020.?

Investingforthework-from-homeera:Inparticular,GoogleandMicrosoftbackedanumberofcloud,cybersecurity,andproductivitysoftwareproviders.?GoogleleadsFAMGAinuniqueinvestments(16)throughoutthepandemic,followedbyAmazon(14).?GV(GoogleVentures)isthemostactiveFAMGAventurearmbyawidemargin,focusingonhealth-relatedinvestments.?

RacingforconsumersinIndia:Facebook,Amazon,Microsoft,andGoogleallmadeinvestmentstocompaniesbasedinthecountry.?AfteranaggressiveH2’20,FAMGApulledbackoninvestmentsinQ1’21.Amazonledthepackinthequarter,with4investments(and3acquisitions).?

Bigbetsonmobility:Amazon,Microsoft,andGooglebackedautotechcompanieslikeCruise,Waymo,Zoox,andRivian.5Note:Includesinvestments&acquisitionsmadebyFacebook,Apple,Microsoft,Google(anditsparentAlphabet),andAmazon(FAMGA)standalonecorporateentitiesonlyfromJanuary1,2020–March31,2021,unlessotherwisenoted.FAMGAHighlights&MarketDriversFAMGAHIGHLIGHTS&MARKETDRIVERSBigtechacquisitionshavetrendeddown…AnnualnumberofacquisitionsmadebyFAMGA,2016–2021YTD(3/31/21)5047433935164201620172018201920202021YTD*7*2021full-yeardataisbasedonarunrateasof3/31/21.FAMGAHIGHLIGHTS&MARKETDRIVERS…whileinvestmentshavetrendedupAnnualnumberofinvestmentsmadebyFAMGA,2016–2021YTD(3/31/21)3836352421139201620172018201920202021YTD*8Note:Includesfollow-oninvestments.Financingsmaybedouble-countediftheyincludemorethanonebackeramongFAMGA.CVCorventurearmsarenotincluded.*2021full-yeardataisbasedonarunrateasof3/31/21.FAMGAHIGHLIGHTS&MARKETDRIVERSBigtechfundinghitrecordhighin2020Uniqueequitydeals&dollarswithFAMGAparticipation($M),2016–2020Fundingamount($M)$16,000Dealcount4030201003535$12,000$12,3622421$8,00013$7,2802019$4,000$3,8442018$2,9152017$2,609$0201620209Note:Includesfollow-oninvestments.CVCorventurearmsarenotincluded.FAMGAHIGHLIGHTS&MARKETDRIVERSGoogleleadsinacquisitionsoverthepast5years…AnnualnumberofacquisitionsmadebyFAMGA,2016–2020Apple2015105MicrosoftGoogleFacebookAmazon02016201720182019202010FAMGAHIGHLIGHTS&MARKETDRIVERS…ButitsacquisitionpacehassloweddownsignificantlyAnnualnumberofacquisitionsmadebyFAMGA,2016–2020201510Google’sannualacquisitionactivityhas50droppedover60%since20162016201720182019202011FAMGAHIGHLIGHTS&MARKETDRIVERSGooglealsoleadsininvestments,followedbyAmazonAnnualnumberofinvestmentsmadebyFAMGA,2016–2020Apple16128MicrosoftGoogleFacebookAmazon402016201720182019202012FAMGAHIGHLIGHTS&MARKETDRIVERSGVisthemostactiveFAMGAventurearmAnnualnumberofinvestmentsmadebyFAMGAventurearms,2016–2020100GV(GoogleVentures)GoogleGradientVenturescapitalG7550250M12(Microsoft)AmazonAlexaFund2016201720182019202013Note:GV,GradientVentures,andcapitalGareventurearmsofGoogle(Alphabet).M12isMicrosoft’sventurearm,whiletheAlexaFundisAmazon’sventurearm.FacebookandAppledonothaveventurearms.FAMGAHIGHLIGHTS&MARKETDRIVERSBigtechcontinuesitsascentduringpandemic…Technologybecameanevenmoreintegralpartofconsumers’livesandbusinessoperationsamidlastyear’sstay-at-homeorders,drivinguserstoFAMGA’sproducts.ThecoronavirushasonlymadeBigTechmoredominantBigTechcompanies,fullyrecoveredfrompandemic,reportrecordearningsJuly31,2020October29,2020HowBigTechGotEvenBiggerOneYearIntothePandemic,BigTechIsBiggerThanEverFebruary6,2021March11,202114FAMGAHIGHLIGHTS&MARKETDRIVERS…andoutperformsthemarketin2020Growthof$1,000investedina“FAMGAFund”vs.$1,000investedintheS&P500$2,000FAMGAgrowthrate$1,51951.9%$1,500$1,000$500$0$1,172S&P500growthrate$1,00017.2%FAMGA(aggregate)S&P5001/2/202012/31/202015FAMGAHIGHLIGHTS&MARKETDRIVERSFAMGApicksuppaceof$1B+betsin2020Collectively,FAMGAhasmade32$1B+acquisitions.In2020,thegroupacquired5companiesfor$1B+,comparedto3inboth2018and2019.Microsofthasmade12$1B+acquisitions,themostamongthesetechgiants,followedbyGoogle,with8,thenFacebookandAmazon,whichtieat5each.16Source:CBInsightsWHATEXECUTIVESARESAYINGWewillcontinuetomakesignificantinvestmentsagainstthestrategicgrowthopportunitiesSatya[Nadella,MicrosoftCEO]outlined,organicallyandthroughstrategicacquisitionslikethatofAffirmedNetworksthisquarter.Andwehavetheflexibilitygivenourstrongfinancialpositionandfreecashflowgenerationtodoallofthisandsupportourcommitmenttocapitalreturn.AmyHood,MicrosoftCFOQ3’20earningscall17FAMGAHIGHLIGHTS&MARKETDRIVERSAfteranaggressiveH2’20,Q1’21sawapull-backininvestmentsQuarterlynumberofinvestmentsandacquisitionsmadebyFAMGA,Q1’20–Q1’2116141312811AcquisitionsInvestments1098764440Q1'20Q2'20Q3'20Q4'20Q1'2118Note:Includesfollow-oninvestments.FAMGAHIGHLIGHTS&MARKETDRIVERSGoogleleadspandemicinvestmentactivityFAMGArankedbynumberofuniqueinvestments,2020–2021YTD(3/31/21)RankInvestorSelectinvestments1+11+92345+319Note:FacebookinvestedinRelianceJioviaitssubsidiaryJaadhuHoldings.AcquisitionTrendsFAMGAACQUISITIONS2020–2021YTD(3/31/21)Auto&mobilityEntertainment&gamingEnterpriseRetail&consumerFintechOther21ACQUISITIONTRENDSOverallFAMGAacquisitionthemes2020–2021YTD(3/31/21)OverviewKeythemes?

AppleandMicrosoftarethemostactivebigtechacquirerssincethepandemicbegan,at10?

FAMGAacquirescompaniesdevelopingemergingtechnologies,fromAItoVRtocloudservices,toenhancecoreproductsandofferings.acquisitionseach.TheleadersarefollowedbyGoogle(7)andFacebookandAmazon(6each).?

Bigtech’spurchasesalsoincludeentertainment&gamingcompanies,someofwhichdevelop?

Amazonisthemostactivein2021sofar,with3acquisitionsinQ1’21.MicrosoftistheonlyotherbigtechcompanytohavemadeanacquisitioninQ1’21.immersivegamingtechlikeVR(e.g.,Sanzaru,acquiredbyFacebook).Microsoft’s$7.5BacquisitionofvideogamepublisherZeniMaxMediawasthelargestdisclosedFAMGApurchaseamidCovid-19.?

GoogleandAmazonprimarilydeploycapitaloutsideofacquisitions,includingbackingorleadingbillion-dollarcorporateminorityroundstoRelianceJio(Google,aswellasFacebook)andRivian(Amazon).?

Facebook,Amazon,Microsoft,andGoogleallmade$1B+acquisitionsoverthisperiod,includingKustomer(Facebook,$1B),Zoox(Amazon,$1.3B),AffirmedNetworks(Microsoft,$1.4B),andFitbit(Google,$2.1B).22ACQUISITIONTRENDSFacebookdiversifiesitsbets,acquiresemergingtechprovidersWhereFacebookacquires2020–2021YTD(3/31/21)Theplatform’sacquisitionsofmappingcompaniesScapeTechnologiesandMapillarywillhelpitfurtherlocalizeitsFacebookMarketplaceofferingandotherservices.Facebook’spurchaseofLemnisTechnologies,whichdevelopsmixedrealitysolutions,willsupportitsworkonVR/ARdevices.Auto&mobilityEntertainment&gamingEnterpriseVRgamedeveloperSanzaru,acquiredbyFacebookinFebruary2020,willjoinitsOculusgamingdivision.Retail&consumerOtherACQUISITIONTRENDSFacebook’sbiggest2020acquisition:KustomerFacebookannounceditspurchaseofomnichannelchatbotcompanyKustomerinNovember2020.The$1BacquisitionwillhelpFacebookbuildcustomerservicetoolsforbusinessesonitsplatform.24ACQUISITIONTRENDSApplelookstobuildnewproductfeatureswithAI,VR,andotheriPhone-focusedacquisitionsWhereAppleacquires2020–2021YTD(3/31/21)TheseincludevideoAIstartupVilynx,edgecomputingAIdeveloperXnor.ai,andVRstreamingcompanyNextVR.Entertainment&gamingEnterpriseApplealsoacquiredweatherappDarkSky,mobilepaymentscompanyMobeewave,andpodcaststationScoutFM.FintechRetail&consumerOtherACQUISITIONTRENDSAppleaimstoenhanceSirithroughacquisitionsSPEECHRECOGNITIONMACHINELEARNINGAcquired:About:4/3/2020Acquired:About:5/27/2020VoysisisanIreland-basedstartupdevelopingspeechrecognitiontechnologyforbrandstooffervoice-driveninterfacestocustomers.ThetechnologyenablescustomerstointeractwithelectronicsystemsusingnaturallanguageandisexpectedtoenhanceApple’svoiceassistantSiriontheiPhone,AppleWatch,andotherdevices.InductivisaCanada-basedstartupdevelopinganAIplatformtoidentifyandcorrecterrorsindata.Inductiv’stechnologywillbeusedtocleanthedataincorporatedintomachinelearningmodels,includingdatausedtotrainSiri.26ACQUISITIONTRENDSMicrosoftcontinuesbuildingitsenterprisetechnologystack,fromcloudsecuritytoITsoftwaredevelopment,withacquisitionsWhereMicrosoftacquires2020–2021YTD(3/31/21)Forexample,itacquiredUK-basedroboticprocessautomation(RPA)providerSoftomotiveinMay2020.ItthenacquiredIoTcybersecuritystartupCyberXandlarge-scaledatamodeldeveloperADRMSoftwareinJune.Entertainment&gamingEnterpriseOtherACQUISITIONTRENDSMicrosoftmakes$1B+betsThetechgiant’sbiggestacquisitionsin2020werecloud-nativenetworkproviderAffirmedNetworksfor$1.4BinMarchandvideogamepublisherZeniMaxMediafor$7.5BinSeptember.Microsoft’spurchaseofAffirmedNetworkswillenableittoplayamoresignificantroleintheedgecomputingecosystem,as5Gandtelecomprovidersareexpectedtodriveadoptionofthetech.Theacquisitionmayalsobringsomeofthetelecomindustry’scloudusagetoMicrosoft’sAzureplatform.Microsoft’sacquisitionofZeniMaxMedia,theparentcompanyofthegamedeveloperBethesda,givesaboosttoitsoverallgamingstrategy.Bethesda’sgamefranchisesandtechwillbolsterMicrosoft’svideogamebrandXbox’sgamingsubscriptionservice.28ACQUISITIONTRENDSGoogleracestogrowitscloudbusiness,whichlagsMicrosoft’sandAmazon’s…WhereGoogleacquires2020–2021YTD(3/31/21)Thetechgiantacquired:?

No-codeappdevelopmentplatformAppSheetinJanuary2020?

CloudmigrationservicesproviderStratoZoneinAugust?

Databack-upplatformActifioinDecemberEnterpriseRetail&consumerACQUISITIONTRENDS…whilebolsteringitsretail&consumereffortsFITNESSTECHRETAILTECHSMARTWEARABLESAcquired:About:1/14/2020Acquired:About:1/14/2020Acquired:About:6/30/2020GoogleboughtPointy,aproductscannerthatcanhelpbusinessesgettheirinventoriesonline,todeepenitsrelationshipwithsmallshops.GooglecompleteditsGoogleacquiredacquisitionofFitbit,followingregulatoryscrutinyarounditsdatausage,asitlookstogaingroundonApplewithsmartwatches.augmentedrealityglassesdeveloperNorthtostrengthenitshardwareandambientcomputingefforts.30ACQUISITIONTRENDSAmazonextendsitsreachintonewsectorsandwasthemostactiveFAMGAacquirerduringQ1’21WhereAmazonacquires2020–2021YTD(3/31/21)ThecompanyacquiredFinland-based3DsoftwaredeveloperUmbrainJanuary2021,followedbye-commercesalesplatformSelzinFebruaryandIndia-basedretailpaymentscompanyPerpuleinMarch.Auto&mobilityEntertainment&gamingEnterpriseRetail&consumerOtherACQUISITIONTRENDSAmazon’sbiggest2020acquisition:ZooxInJune2020,thee-commercegiantacquiredself-drivingvehicledeveloperZooxfor$1.3B.ThiswasasurprisingmovegiventhatZooxishighlyfocusedonpassengervehicleapplications,anareaAmazonhasyettoenter.AmazonmaytapintothisusingitsPrimemembercohortandeventuallystartofferingautonomousride-sharingorfooddelivery.Zooxunveileditsself-drivingtaxiinDecember2020.32InvestmentTrendsFAMGAINVESTMENTS2020–2021YTD(3/31/21)Auto&mobilityIndustrialEnterpriseRetail&consumerFintechHealthOther34Note:IncludesuniqueinvestmentsmadebyFAMGA.FacebookinvestedinRelianceJioviaitssubsidiaryJaadhuHoldings.VerilyLifeSciencesandWaymoareAlphabetsubsidiaries.INVESTMENTTRENDSOverallFAMGAinvestmentthemes2020–2021YTD(3/31/21)OverviewKeythemes?

GoogleleadsFAMGAinuniqueinvestments(16)sincethestartofthepandemic,followedbyAmazon(14)andMicrosoft(8).Duringthistime,Facebookmade4investments(includinga$5.7BcorporateminorityroundtoRelianceJio)andApplemade1.?

FAMGAusesinvestmentstobetonnewmarketsandtechadjacenttocoreofferings,suchasmobility(Microsoft),biopharmaceuticals(Google),andfinancialservices(Amazon).?

Sincethestartof2020,FAMGA’sinvestmentfocusesalsoincluderenewableandat-hometech(Microsoft,Amazon),cloudsecurity(Microsoft,Google),andhealthcare(Google).?

InQ1’21,Amazonmadethemostinvestments(4)outofFAMGA,followedbyMicrosoft(3),thenGoogleandApple(1each,aco-investmenttoUnitedMasters).?

FAMGAhasmadeoverlappinginvestmentsacrossindustries,frommodularhomedeveloperFactoryOS(Facebook&Google)toIndia-basednewsappDailyHunt(Google&Microsoft).?

BigtechlookstogaingroundwithconsumersinIndia,withFacebook,Amazon,Microsoft,andGoogleallmakinginvestmentstocompaniesbasedinthecountry.35INVESTMENTTRENDSMicrosoftfocusesonrenewabletech...WhereMicrosoftinvests2020–2021YTD(3/31/21)Forexample,thecompanyrecentlyledacorporateminorityroundtocarboncapturefirmClimeworksandbackedcarbonremovalcompanyCarbonCureTechnologies’SeriesEround.ItalsoparticipatedinenvironmentalsensorcompanyAclima’s$40MSeriesBroundinNovember2020.InJanuary2021,Microsoftjoineda$2BcorporateminorityroundtoGM-ownedCruiseAutomation,whichdevelopselectricself-drivingvehicles.Auto&mobilityIndustrialEnterpriseRetail&consumerOtherINVESTMENTTRENDS…andpositionsitselfasthego-toenterprisecybersecurityprovideraheadofever-moreinsecurecyberfutureIndustrialEnterpriseFintechHealthRetail&consumerOtherBubblesizeandplacementcorrespondstototalnumberofM12-backedinvestmentsinacompany,2020–2021YTD(3/31/21)Microsoft’sM12venturearmhasbackedarangeofcybersecuritycompaniessincethestartofthepandemic,likeIsrael-basedthreatdetectionplatformHunters.AI.M12followedupits2016and2019investmentsinAquaSecurityinMarch2021,participatingintheenterprisecloudsecuritycompany’s$135MSeriesEthatvalueditat$1B.M12alsoparticipatedinUK-basedidentityverificationsoftwareproviderOnfido’s$100MSeriesDinApril2020.37INVESTMENTTRENDSThepandemicacceleratedGoogle’sexistingfocusonhealthcareWhereGoogleinvests2020–2021YTD(3/31/21)ThetechgiantbackedconversationalAIandmentalhealthcompanionWysaandprecisiononcologylibraryTempus.ItalsoparticipatedinroundstocareplatformCityblockHealthandhealthinsuranceproviderOscarHealth.AnumberofGoogle’sinvestmentshaveoverlappedwithotherFAMGAcompanies,investingalongsideFacebook(FactoryOS),Apple(UnitedMasters),andMicrosoft(DailyHunt).Googlealsoleda$4.5BcorporateminorityroundtoRelianceJio3monthsafterFacebook’s$5.7Binvestment.Retail&consumerFintechAuto&mobilityIndustrialHealthEnterpriseOtherNote:VerilyLifeSciencesandWaymoareAlphabetsubsidiaries.INVESTMENTTRENDSFintechRetail&consumerHealthIndustrialEnterpriseEntertainmentOtherGVeyesdrugdevelopmentcosAuto&mobilityBubblesizeandplacementcorrespondstototalnumberofGV-backedinvestmentsinacompany,2020–2021YTD(3/31/21)Sincethestartofthepandemic,Google’sventurearmhasbacked:?

Low-costdrugmakerEQRx($200MSeriesAand$500MSeriesB);?

TherapeuticmanufacturingtechcompanyRESILIENCE($800MSeriesB);?

Anddrugdiscoveryplatforminsitro($143MSeriesBand$400MSeriesC),amongothers.39INVESTMENTTRENDSGValsobetsonthefutureofworkWORKPLACECOMMUNICATIONCLOUDSERVICESAmount:$100MRound:About:SeriesE(10/6/2020)Round:About:SeriesE(1/12/2021)Amount:$160MDialpadisanAI-poweredcloudcommunicationsplatformforbusinesses,providingcalling,conferencing,andcallcenterservices.Thecompanyreportedlyhit$100MinARRinMarch2021.GV’sparticipationinDialpad’sSeriesEmarksthesixthtimetheventurearmhasbackedthecompanysince2011.CockroachLabsdevelopsCockroachDB,acloud-nativedistributeddatabase.FeaturedonCBInsights’50FutureUnicorns

list,thestartupgarnereda$2.2BvaluationatthetimeofitsSeriesEround.GValsoparticipatedinthecompany’sMay2020SeriesDaswellasallofitspreviouslydisclosedfundingroundssince2015.40WHATEXECUTIVESARESAYINGCloudandproductivitysoftwareforbusinessesofallsizesisadeepareaofinvestment.…wecontinuetofocusanywherewethinktheactualworkwearedoingisbasedon.Deeptechnology,deepcomputing,deepcomputationalscaleisthekindofinvestmentswethinkstillstandthetestoftimethroughthingslikethat.SundarPichai,AlphabetCEOQ1’20earningscall41INVESTMENTTRENDSAmazonmakesinroadsinIndia,leadsQ1’21investmentactivity…WhereAmazoninvests2020–2021YTD(3/31/21)Thee-commercegiantinvestedinIndia-basedmarketplaceslikeMyGlamm(beauty),BankBazaar(financialproducts),andShuttl(busaggregator).ItalsobackeddigitalinsuranceplatformAckoGeneralInsuranceandfinancialservicesfirmCapitalFloat,bothbasedinIndia.Auto&mobilityIndustrialInQ1’21,alongsideinvestinginMyGlamm,AmazonalsobackedInfinium,whilemakingfollow-oninvestmentstoRivianandDeliveroo.Retail&consumerFintechOtherINVESTMENTTRENDS…whiletheAlexaFundworkstobuildoutthesmarthomeEnterpriseRetail&consumerOtherAmazonAlexaFund-backedinvestments,2020–2021YTD(3/31/21)Amazon’sventurearmbackedSpan,whichdevelopsasmartelectricalpanelforhomeowners,inDecember2020.ItalsoparticipatedinaSeriesCroundtoSmartRent,whichdevelopsconnectedhometechforpropertymanagersandrenters,inMay2020,followinguponits2019investmentinthestartup.InOctober2020,itfundedsmartindoorgardeningsystemRiseGarden’sSeriesAextension.43INVESTMENTTRENDSApple&FacebookmakefewerinvestmentscomparedwithothergiantsFacebook’s2consumerplatforminvestmentsin2020pointtoitsam