Cascadia Capital：2022Q4机器人、自动化和人工智能（RAAI）市场报告（英文版）（22页）.pdf

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1、Cascadia RAAI Quarterly NewsletterMarket Trends&Capital Market Drivers|Q4 20222Cascadia RAAI Quarterly Newsletter:Q4 2022Updates from Cascadia Capital and the RAAI Team:Cascadia Capital Receives Growth Equity InvestmentFall 2022 has been a busy time for Cascadia Capital and the RAAI team.Between a h

2、eavy conference schedule,important market developments,and exciting news at the firm level,there has been little down time!Some updates include:Cascadia closed a strategic growth equity investment from Atlas Merchant Capital in November as the firm looks to accelerate its rapid growth as one of the

3、most active independent middle-market and emerging growth investment banks in the country.The firm opened a new office in Austin,Texas in October as Cascadia looks to expand its reach into new markets,especially high-growth,technology-focused places like Austin.Newsletter Features:Cascadia on the Ro

4、ad:Conference Stops this FallFirdaus PohowallaManaging DJason LippenbergerSenior Vice PIn this Newsletter you will find Cascadias insights on some of the most relevant topics within the broader robotics,automation and artificial intelligence sectors including:The fundraising market:founders and shar

5、eholders coming to grips with lower valuations as growth capital continues to be hard to secure,and venture investors become more selective.Technology updates:within certain verticals winners and losers begin to emerge;the recent news out of the self-driving sector serves as a noteworthy example.Cas

6、cadia on the Road:Conference RecapsCascadia Market InsightsMarquee Deals and FinancingsPublic Company PerformanceUpcoming Conference&Event ScheduleCascadia RAAI Team&Practice Overview3711202115Cascadia RAAI Contacts:Across the broader investment banking landscape,large Wall Street banks have become

7、less entrepreneurial,less versatile,and more like utilities.This shift underscores the critical need for what Cascadia brings to the market as an innovative and flexible independent firm.We are proud to align our firm with this talented team.-Bob DiamondFounding Partner and CEOAtlas Merchant Capital

8、Table of Contents3Cascadia on the Road:Conference RecapsOct 10th 13th,Boston,MAFor the 2ndconsecutive year,Cascadia Capital had the pleasure to serve as a Platinum Sponsor of the Autonomous Mobile Robots&Logistics Week in Boston,MA hosted by the Association for Advancing Automation(A3).Hundreds of f

9、ounders,investors,and customers gathered to discuss the latest trends in warehouse and supply chain automation with a specific emphasis on autonomous mobile robots.Co-located with the event was The Vision Show,North Americas leading machine vision&imaging showcase.Noteworthy keynote speakers from so

10、me of the most active participants in the robotics industry spoke at the event including leaders from Amazon,Zebra Technologies,DHL,Proctor&Gamble,Boston Dynamics,3M,KUKA,Locus Robotics,Vecna Robotics,and more.Cascadia Managing Director Firdaus Pohowalla(center)contributes his thoughts during the Tr

11、ends in Mobile Robots&Automation panel at AMRL 2022Fetch Robotics AMR collaborates with Plus One Robotics picking solution on the AMRL Exhibitor Floor.Key Topics at AMRL 2022:InteroperabilityHuman/Robot CollaborationAMR SafetyFleet ManagementBoston Dynamics famous AMR Spot demonstrates how its arm a

12、nd legs can operate independentlyPerception SystemsEnd-to-end SolutionsNotable Exhibitors and Attendees:4Cascadia on the Road:Conference Recaps(Contd)RoboBusiness 2022,hosted by WTWH Media,is one of the pioneering events of the robotics industry,offering insight into developments across the entire r

13、obotics ecosystem as well as ample industry networking opportunities.This years event marked the first RoboBusiness since 2019,offering a fantastic opportunity for founders,investors,and thought leaders to connect again in person.Co-located with the event was the Field Robotics Engineering Forum,an

14、event curated specially for robotics solutions operating in wide-ranging,outdoor,dynamic environments such agriculture,construction,and mining.Key Speakers included representatives from Robust.ai,Agility Robotics,Waymo,DHL,Dusty Robotics,FORT Robotics,Universal Robots,GrayMatter Robotics,InOrbit,Vec

15、na Robotics and more.Key Topics at RoboBusiness 2022:Autonomous VehiclesRobots in theSupply ChainInnovationsin SensorsSimulation&Digital TwinsCloud Safety ComplianceCobotsNotable Exhibitors&Attendees:Oct.19th 20th,Santa Clara,CACascadia Managing Director Firdaus Pohowalla(far right)discusses trends

16、during the Fundraising and Investment panel at RoboBusiness 2022Agility Robotics humanoid warehouse and delivery solution Digit showcases its bipedal capabilities on the RoboBusiness Exhibitor Floor5Cascadia on the Road:Conference Recaps(Contd)Sep.20th,New York,NYSelect Observations&Takeaways:1)Dron

17、es are increasingly solving real world problems and have seen substantial developments in package and food delivery.2)Lack of appropriate labor will continue to drive automation in warehouse and manufacturing settings.Even in a recessionary environment with rising unemployment,those looking for a ne

18、w job wont necessarily be interested in or have a skillset fit for many factory and supply chain roles.3)Lack of exit opportunities in the current climate,including a largely shut IPO market,will continue to weigh on growth stage investment.A lively Schottenhamel Festhalle at Oktoberfest rounded out

19、 day 3 of the conferenceSep.25th 27th,Munich,GermanyPanelists during the Optimizing the workforce panel at Drones&Robotics Summit 2022Select Observations&Takeaways:1)The greater Munich area is a clear epicenter of the German technology ecosystem.2)Palpable energy of over 5000 attendees and founders

20、after the prolonged Covid hiatus.3)Heavy focus on SaaS over hardware or mobile applications,perhaps a shift from earlier years,though several robotics companies in attendance.4)Festbier makes for a great conversation starter.Representative Attendee Companies:Enthusiastic Poster6Select Observations&T

21、akeaways:1)Supply Chain and logistics a major theme at the show,along with traditional packaging and automation equipment.2)AI based vision systems making inroads and showing increasing importance as it relates to materials handling,reducing deployment time and category switchover programing.3)Autom

22、ation as a hedge against labor shortages was a key theme,as well as industry sustainability and traceability.4)Robotics in general were front and center throughout the show and safety was a key.5)Inflation affecting consumer spending habits,shifting consumer to either low-cost packaging options or h

23、igher cost(better value)at the expense of medium sized options.Cascadia on the Road:Conference Recaps(Contd)Sep.23rd 26th,Chicago,ILNov.14th,Santa Cruz,CASelect Observations&Takeaways:1)RobOpscon,sponsored by the Robot Operations Group,had its inaugural year and brought together various thought lead

24、ers across the robotics industry.2)Interoperability including communications between difference robotic devices using set standards will be of increasing importance and will lower risk for end users.3)The Omniverse,Industrial Metaverse,or Multiverse(however one calls it)may be game changing and buil

25、d upon digital twin technologies in the factory or warehouse setting.4)Simple solutions with true ROI vs cool technology and ability to operate 24/7 in many situations drives value.5)As robots scale,fleet management solutions will increasingly take center stage.7New Milestones from InvestorsCascadia

26、 Market Insights:Q4 2022For more information on this report or Cascadia Capitals RAAI coverage,please contact us or visit Human-in-the-loop solutions(HIL)are continuing to see faster customer adoption and more deployable short-term opportunities.Interoperability and integrating point solutions into

27、end-to-end solutions will be a challenge in the industry as automation adoption continues to scale.There will be significant opportunity for continued emerging category leaders as some focus shifts away from level 4 autonomy on the road toward near term defined and discrete use cases.Human-in-the-Lo

28、op Solutions Garner Attention Heightened Focus on InteroperabilityStructured Autonomy Will See More DevelopmentFundraising Environment Continues to Pose ChallengesDemonstrable backlog and ARR are still key for many investors,but time to deliver has now become equally important.It has also become cle

29、ar that down rounds are likely to increase going forward.Consolidation has yet to pick up steam and the fundraising environment continues to give early-stage businesses significant challenges forcing founders to consider alternatives.The debate between financing options for automation solutions wage

30、s on but having flexibility and optionality will ultimately be key to attracting all potential customers.RaaS vs.CapEx Debate Persists8$4$6$8$10$12Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Cascadia Market Insights:Q4 2022(Contd)For more information on this report or Cascadia Capitals RAAI coverage,please contact us o

31、r visit Fundraising Environment Continues to Pose ChallengesQ3 2022 brought the third consecutive quarterly decline in completed deals with VC activity across all stages showing signs of slowness.$43B in total Q3 VC investment represents a nine-quarter low as investors are displaying heightened leve

32、ls of conservatism.There is no doubt we are in an investor-friendly market as macro-driven company valuation declines have mirrored the public markets,and founders and shareholder expectations are starting to come to reality.Anecdotal valuation contraction of up to 75%for some start-ups has been rep

33、orted.A significant growth capital drought and the recent SPAC implosion will continue to haunt growth investors,thus limiting Series C and beyond capital in some sectors.An uptick in consolidation may be around the corner as fundraising environment forces founders to consider alternatives.Source:Pi

34、tchbookSupply Chain Tech Fundraising16716722592Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q320182019202020212022Total Deal Count9821,0211,378546Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q320182019202020212022Total Deal CountAI&Machine Learning FundraisingLate-Stage Capital Sup

35、ply Hits Low201720182019202020212022Dollars of supply to dollars of demandNew Milestones from InvestorsPrevious fundraising markers have shifted due to market conditions and a general lack of FOMO by investors.Series B level companies often need$5+mm of ARR and Series C often need$10+mm to attract n

36、ew investor support.Time to deliver has also been added into the equation on top of ARR and backlog as an equally important hurdle for securing new capital.This factor is complicated by supply chain constraints,integration partners and in some cases manufacturing capacity.Down round and insider lead

37、 rounds likely to increase.While down rounds have yet to ramp(only 6%of deals in 2022YTD have been completed at a down round),analysts predict a significant uptick moving forward.The median late-stage valuation has more than doubled since 2018 up to$100M,meaning there is ample room to readjust to ma

38、rket realities.9Interoperability will be the biggest challenge as automation and robotics adoption continues to scale.Integrating point solutions into end-to-end systems will be key for companies to fully realize the advantages of automating elements of their operations.Hardware or software agnostic

39、 solutions that integrate with any WMS or fleet management system will continue to outperform as even the largest robotics customers in the world(3PLs most notably)utilize many management systems across their global operations.Interoperability lowers risk for end users,and overall will streamline op

40、erations.Cascadia Market Insights:Q4 2022(Contd)For more information on this report or Cascadia Capitals RAAI coverage,please contact us or visit RaaS vs CapEx Debate PersistsHuman-in-the-Loop Solutions Garner Attention Heightened Focus on InteroperabilityThe debate wages on between RaaS and CapExfi

41、nancing as hardware providers continue to gain commercial traction and reach a broader set of customers and use cases.Autonomous Mobile Robot providers in warehouses have discovered that a subscription model often creates a simple transition for customers as the monthly expense mimics the payroll an

42、d wages that otherwise would have gone toward human labor.Ease of redeployment lowers switching costs too for the provider.There is anecdotal evidence of companies seeing as much as 100%of new customers opting for the RaaS model in some circumstances,indicating an adoption swing may be underway.Fixe

43、d robotics solutions(e.g.,picking robots)may be more likely to continue with CapEx options given the heavier switching costs and the fact that manufacturers often prefer to purchase outright due to a lower cost of capital.Human-in-the-loop solutions continue to see faster customer adoption and more

44、deployable short-term opportunities as they can offer operational and safety benefits in comparison to unsupervised machines.Continuing to shift the conversation around robotic adoption is critical throughout the industry,moving workers away from the idea that“robots will take my job”toward“robots w

45、ill improve my job.”Safety is key in order to see continued growth in human/robot collaboration.The worker must be able to feel comfortable and fully trust their robotic counterpart.Mikell TaylorPrincipal Technical Program Manager Amazon Robotics“Fully automated is a theoretical maximum.We design fo

46、r seamless work sharing between people and automation.Automated workflows must also be human-friendly.”Interoperability Solutions Leading the Charge:10-100%-60%-20%20%Dec-21Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22S&P 500Self-Driving IndexCascadia Market Insights:Q4 2022(Con

47、td)Emerging category leaders focused on structured and defined use cases in places like the field,warehouse,mine and construction site will see significant opportunities as the market continue to broaden focus from level 4 autonomy on the road.Significant safety hurdles have continued to set back th

48、e self-driving vertical,pushing full commercialization further to the right and forcing certain investors to shift their attention elsewhere.The safety edge case will continue to be a question in Level 4 autonomy,even as systems like Waymo,Cruise and Tesla deploy at scale.Gaps in self-driving techno

49、logy development may indicate winners and losers within the vertical as some well-funded operations pull away from the pack and others seek exit or winddown.Structured Autonomy Will See More DevelopmentJim Farley,CEOFord Motor company“Were optimistic about a future for L4 ADAS,but profitable,fully a

50、utonomous vehicles at scale are a long way off and we wont necessarily have to create that technology ourselves.”1-Year Share Price PerformanceRecent News in Self-Driving VerticalArgo AI shuts down.In a notable announcement,the Ford and VW-backed autonomous driving software startup closed its doors,

51、with some employees being offered employment at the two automakers.Having raised over$2B to date,this development is a material setback to the industry and in the Pittsburgh market.TuSimple at risk of Nasdaq delisting.The autonomous semi-truck focused company is facing headwinds after ousting its co

52、-founder and CEO over a federal investigation into a possible transfer of technology to a Chinese startup.The co-founders subsequently used their majority vote to remove independent directors,putting them at delisting risk.Cruise massively expands robotaxi service.On a positive note,Cruises expansio

53、n of services to nearly all of San Francisco indicates significant safety and technology headway and could be a signal for growing differentiation.Expectations of further expansion to new cities have been voiced as well,showing Cruise may have the talent and overall formula others have struggled to

54、find.Dec-22Source:CapIQ,TechCrunchData as of 12/5/22-12.9%-80.9%11N/AFor more information on this report or Cascadia Capitals RAAI coverage,please contact us or visit AcquiredbyMarquee M&A DealsWhy Its Notable:The Lincoln Electric acquisition of Fori Automation indicates solid tailwinds in the syste

55、m integration space as well as overall automation adoption as Lincoln hopes to grow its automation division to$1B by 2025.Why Its Notable:The Walmart acquisition of Alert Innovation,a robotics company focused on e-Grocery micro-fulfilment solutions,shows that Fortune 500 players in the retail space

56、are ready to make significant investments in automation.Why Its Notable:The Velodyne acquisition of Bluecity,an AI software company whose lidar-based solutions solve safety,traffic and infrastructure problems,demonstrates Velodynes commitment to smart city applications,an important but less-frequent

57、ly discussed use of lidar technology in comparison to self-driving applications.Why Its Notable:The Amazon acquisition of iRobot was notable as its one of only a handful of massive exits in the broader robotics industrys history,but also highlights the continued opportunity for consumer robot develo

58、pment and automation solutions aimed at the home.(Transaction Value)$427M$1.7BSource:PitchbookAcquiredby(Transaction Value)Acquiredby(Transaction Value)N/AAcquiredby(Transaction Value)Formed a Merger of EqualsWhy Its Notable:The merger between Velodyne and Ouster is a significant development as two

59、leaders in a struggling vertical come together to create a stronger cash position and broader product portfolio with hopes the combined entity can create value as lidar use cases continue to develop.N/ANov 22Oct 22Oct 22Oct 22Aug 2212For more information on this report or Cascadia Capitals RAAI cove

60、rage,please contact us or visit Marquee FinancingsSource:Pitchbook*Lead Investor$26M(Deal Size)Why Its Notable:Soft Robotics Series C is a big step for the company and demonstrates that vertical-specific solutions can see success in the market and attract high-profile strategic investors.Received Se

61、ries C Financing fromReceived Series B Financing fromWhy Its Notable:In a period where the autonomous driving vertical is facing some headwinds,Parallel Domains series B may be a positive development for companies with machine learning and perception solutions aimed at the road.$30M(Deal Size)Receiv

62、ed Series A Financing from$26M(Deal Size)Why Its Notable:The fulfillment sector continues to stay hot as labor shortage continues to plague the supply chain.This investment shows automation solutions within the fulfillment space will continue to get funded as investors continue to selectively innova

63、tion.Received Series C1 Financing from$72M(Deal Size)Why Its Notable:ATTAbotics sizeable Series C investment of$72M is a standout deal given the general lack of capital at Series C and later rounds in the current climate.Received Series F Financing from$117M(Deal Size)$2B(Post-Money Value)Why Its No

64、table:The Locus Series F is a notable deal in the robotics space as it demonstrates that class leading robotics companies,with strong ability to deploy,can raise growth capital in this market.Locus originally reached unicorn status in February of 2021 and has now doubled their valuation,an impressiv

65、e feat.Nov 22Nov 22Nov 22Nov 22Nov 22*13For more information on this report or Cascadia Capitals RAAI coverage,please contact us or visit Marquee FinancingsSource:Pitchbook*Lead InvestorReceived Later-Stage VC Financing fromWhy Its Notable:Fox Robotics recent round shows investors believe in the und

66、erlying technology and competitive differentiation in the market.*$20M(Deal Size)Received Series D Financing from$40M(Deal Size)$292M(Post-Money Value)Why Its Notable:Neociss recent financing demonstrates the increasing applications of robotics in the medical field as their solution is designed spec

67、ifically to help guide dental implant procedures.Investors are clearly recognizing the growing medical applications for robotics.*$17M(Deal Size)Why Its Notable:A notable standout in the Autonomous AgTech space,Burros recent financing signals growing interest in the field robotics solutions operatin

68、g in unstructured environments.Received Series A Financing fromReceived SAFE Note Financing from*$32M(Deal Size)Why Its Notable:Ambi Robotics recent financing signals the continued interest in picking solutions aimed at e-commerce fulfillment.Ambis hardware-software codesign is also a unique offerin

69、g.Use of SAFE note vs priced Series B suggests management is bullish on upside.Why Its Notable:RealTime Robotics recent financing highlights the growing importance of safety and orchestration platforms.Their hardware agnostic software is designed to help robots avoid collision with each other while

70、operating in very close quarters.Received Series A+Financing from*$14M(Deal Size)$114M(Post-Money Value)*Oct 22Oct 22Oct 22Oct 22Sep 2214Notable RAAI Capital RaisesFor more information on this report or Cascadia Capitals RAAI coverage,please contact us or visit Source:PitchbookData as of 12/5/22Post

71、-MoneyTotal Raised Current Raise Date ClosedTarget CompanyCompany Sector Value($M)($M)Current Round($M)Nov-22Locus RoboticsAutomation$2,000.0$429.5Series F$167.0Nov-22Soft RoboticsAutomation$90.0$96.3Series C$26.0Nov-22Parallel DomainAutonomy+MobilityNA$43.5Series B$30.0Nov-22Pickle RobotAutonomy+Mo

72、bilityNA$57.2Series A$26.0Nov-22ATTAboticsAutomationNA$146.7Series C1$71.7Nov-22RewstAutomationNA$30.0Series A$21.5Nov-22AMP RoboticsAutomationNA$239.8Series C$91.0Nov-22Roots AutomationAutomation$36.0$14.3Series A$10.0Oct-22Bright MachinesAutomationNA$376.0Series B$132.0Oct-22Galen RoboticsAutomati

73、on$60.0$25.5Series A$15.0Oct-22Fox RoboticsAutonomy+MobilityNA$32.8Later-Stage VC$19.8Oct-22NeocisAutomation$291.8$159.2Series D$40.0Oct-22PaintJetAutomation$13.5$4.8Seed Round$3.5Oct-22BurroAutonomy+MobilityNA$20.6Series A$17.4Oct-22NumurusAutomationNA$2.0Seed$2.0Oct-22Ally RoboticsAutomationNA$6.1

74、Series A$6.1Oct-22RoboBurgerAutomationNA$10.0Series 2$10.0Oct-22Ambi RoboticsAutomationNA$34.7Series B$32.0Sep-22ImagryAutonomy+MobilityNA$28.6Series B$22.0Sep-22Realtime RoboticsAutonomy+Mobility$114.4$72.6Series A$14.4Aug-22ZEVA AEROAutonomy+MobilityNANASeries A$15.0Aug-22GrayMatter RoboticsAutoma

75、tion$61.0$24.1Series A$20.0Aug-22Bloomfield RoboticsComputer VisionNA$8.3Series A$6.1Jul-22Diagnostic RoboticsNANA$70.8Series B$45.0Jul-22DedroneDiversified Industrial Tech$366.0$133.0Series C1$30.0Jul-22Merlin LabsAutonomy+MobilityNA$246.0Series B$105.0Jul-22Fort RoboticsAutomation$125.0$41.5Series

76、 B$25.0Jul-22FlexeSupply Chain Tech$1,000.0$262.6Series D$119.0Jun-22FourKitesSupply Chain Tech$1,100.0$282.1Series D1$80.015RAAI Public Company Performance EV/Revenue Median MultiplesEV/EBITDA Median MultiplesSource:CapIQData as of 12/5/2214.1x18.9x20.4x14.1x25.6x13.3x18.6x17.6x13.2x23.4x12.0 x17.5

77、x16.8x11.5x20.6xAutomationDiversifiedIndustrial TechSupply ChainTechAutonomy+MobiltyComputer VisionLTM2022P2023P2.2x5.7x6.7x3.3x7.5x2.2x5.7x6.4x3.1x7.2x2.0 x4.8x5.8x2.4x6.9xAutomationDiversifiedIndustrial TechSupply ChainTechAutonomy+MobiltyComputer VisionLTM2022P2023P16RAAI Public Company Performan

78、ce(Contd)For more information on this report or Cascadia Capitals RAAI coverage,please contact us or visit 1-Year Share Price PerformanceS&P 500:-12.9%Automation:-22.9%Supply Chain Tech:-42.1%Computer Vision:-30.4%Autonomy&Mobility:-33.7%Diversified Industrial Tech:-6.6%Source:CapIQData as of 12/5/2

79、2-60%-50%-40%-30%-20%-10%0%10%20%Dec-21Mar-22Jun-22Sep-22S&P 500Computer Vision IndexSupply Chain Tech IndexAutomation IndexAutonomy&Mobility IndexDiversified Industrial Tech Index17RAAI Public Company PerformanceFor more information on this report or Cascadia Capitals RAAI coverage,please contact u

80、s or visit ($in Millions)Source:CapIQ(multiples greater than 35x or negative displayed as“NM”)Data as of 12/5/22EnterpriseLTM2022P2023PEV/RevenueEV/EBITDACompany NameValueRevenueEBITDARevenueEBITDARevenueEBITDALTM2022P2023PLTM2022P2023PAutomationToyota Motor Corporation354,133$232,278$27,663$258,591

81、$26,591$283,365$33,567$1.5x1.4x1.2x12.8x13.3x10.6xHyundai Motor Company103,949$94,032$8,969$108,460$10,936$111,781$11,445$1.1x1.0 x0.9x11.6x9.5x9.1xSchneider Electric S.E.95,021$32,624$6,073$35,310$6,980$36,032$7,262$2.9x2.7x2.6x15.6x13.6x13.1xEmerson Electric Co.71,286$19,629$4,590$18,577$4,218$15,

82、105$3,844$3.6x3.8x4.7x15.5x16.9x18.5xABB Ltd65,198$29,189$4,525$29,250$4,233$29,441$5,013$2.2x2.2x2.2x14.4x15.4x13.0 xDENSO Corporation42,645$41,142$4,892$45,335$5,522$49,363$7,455$1.0 x0.9x0.9x8.7x7.7x5.7xRockwell Automation,Inc.34,163$7,760$1,561$7,835$1,562$8,614$1,936$4.4x4.4x4.0 x21.9x21.9x17.6

83、xFanuc Corporation25,053$5,513$1,605$5,956$1,810$6,030$1,855$4.5x4.2x4.2x15.6x13.8x13.5xZebra Technologies Corp.15,764$5,745$1,117$5,749$1,223$5,731$1,282$2.7x2.7x2.8x14.1x12.9x12.3xKION GROUP AG10,296$10,790$1,116$11,502$1,197$11,830$1,506$1.0 x0.9x0.9x9.2x8.6x6.8xOMRON Corporation9,870$5,515$761$6

84、,041$843$6,372$871$1.8x1.6x1.5x13.0 x11.7x11.3xYASKAWA Electric Corporation9,182$3,626$544$3,766$590$4,193$627$2.5x2.4x2.2x16.9x15.6x14.6xDaifuku Co.,Ltd.5,931$3,778$434$4,161$462$4,397$518$1.6x1.4x1.3x13.7x12.8x11.4xYokogawa Electric Corporation4,329$2,843$333$3,106$424$3,413$491$1.5x1.4x1.3x13.0 x

85、10.2x8.8xATS Corporation3,920$1,711$226$1,792$283$1,937$326$2.3x2.2x2.0 x17.4x13.8x12.0 xMean56,716$33,078$4,294$36,362$4,458$38,507$5,200$2.3x2.2x2.2x14.2x13.2x11.9xMedian25,053$7,760$1,561$7,835$1,562$8,614$1,855$2.2x2.2x2.0 x14.1x13.3x12.0 xDiversified Industrial TechDanaher Corporation211,845$31

86、,250$10,896$30,781$10,606$30,674$10,574$6.8x6.9x6.9x19.4x20.0 x20.0 xHoneywell International Inc.155,565$34,937$8,499$35,554$8,989$36,971$9,526$4.5x4.4x4.2x18.3x17.3x16.3xRoper Technologies,Inc.51,091$6,142$2,349$5,372$2,173$5,930$2,403$8.3x9.5x8.6x21.8x23.5x21.3xAMETEK,Inc.34,844$6,029$1,775$6,110$

87、1,814$6,440$1,933$5.8x5.7x5.4x19.6x19.2x18.0 xFortive Corporation26,641$5,671$1,463$5,794$1,488$6,012$1,576$4.7x4.6x4.4x18.2x17.9x16.9xIDEX Corporation18,438$3,086$860$3,129$882$3,405$947$6.0 x5.9x5.4x21.4x20.9x19.5xTeradyne,Inc.13,793$3,308$1,053$3,136$963$3,107$926$4.2x4.4x4.4x13.1x14.3x14.9xSieme

88、ns Limited11,252$1,983$216$1,921$216$2,360$294$5.7x5.9x4.8xNMNMNMESCO Technologies Inc.2,531$858$159$876$166$917$184$3.0 x2.9x2.8x15.9x15.2x13.8xMean58,444$10,363$3,030$10,297$3,033$10,646$3,151$5.4x5.6x5.2x18.5x18.5x17.6xMedian26,641$5,671$1,463$5,372$1,488$5,930$1,576$5.7x5.7x4.8x18.9x18.6x17.5x18

89、RAAI Public Company Performance(Contd)($in Millions)Source:CapIQ(multiples greater than 35x or negative displayed as“NM”)Data as of 12/5/22EnterpriseLTM2022P2023PEV/RevenueEV/EBITDACompany NameValueRevenueEBITDARevenueEBITDARevenueEBITDALTM2022P2023PLTM2022P2023PSupply Chain TechA,Inc.1,034,125$502,

90、191$51,549$510,771$70,820$566,534$83,821$2.1x2.0 x1.8x20.1x14.6x12.3xOracle Corporation294,939$44,157$18,405$45,752$21,835$51,137$22,823$6.7x6.4x5.8x16.0 x13.5x12.9xSAP SE127,446$29,825$6,241$32,345$10,245$34,723$11,234$4.3x3.9x3.7x20.4x12.4x11.3xShopify Inc.48,246$5,245$(312)$5,505$(57)$6,700$43$9.

91、2x8.8x7.2xNMNMNMConstellation Software Inc.34,565$6,156$979$6,560$1,675$7,656$2,010$5.6x5.3x4.5xNM20.6x17.2xTrimble Inc.16,144$3,746$760$3,695$918$3,845$983$4.3x4.4x4.2x21.2x17.6x16.4xAspen Technology,Inc.14,811$714$263$951$460$1,232$603$20.7x15.6x12.0 xNM32.2x24.6xWiseTech Global Limited12,262$436$

92、191$474$243$578$307$28.2x25.9x21.2xNMNMNMOcado Group plc7,669$3,079$(196)$3,091$(61)$3,618$78$2.5x2.5x2.1xNMNMNMManhattan Associates,Inc.7,403$740$142$751$199$814$216$10.0 x9.9x9.1xNMNM34.3xThe Descartes Systems Group Inc.5,644$461$191$489$214$541$240$12.3x11.5x10.4x29.6x26.3x23.5xUiPath Inc.5,636$1

93、,040$(326)$1,028$41$1,217$96$5.4x5.5x4.6xNMNMNMKinaxis Inc.2,929$337$29$368$72$417$71$8.7x8.0 x7.0 xNMNMNMMean123,986$46,010$5,994$47,060$8,200$52,232$9,425$9.2x8.4x7.2x21.5x19.6x19.1xMedian14,811$3,079$191$3,091$243$3,618$307$6.7x6.4x5.8x20.4x17.6x16.8xComputer VisionKeyence Corporation92,450$5,871

94、$3,283$6,347$2,964$6,804$3,830$15.7x14.6x13.6x28.2x31.2x24.1xHexagon AB(publ)35,278$4,873$1,526$5,422$1,951$5,625$2,078$7.2x6.5x6.3x23.1x18.1x17.0 xTeledyne Technologies Inc.23,427$5,416$1,214$5,451$1,293$5,682$1,379$4.3x4.3x4.1x19.3x18.1x17.0 xCognex Corporation8,180$1,011$288$1,012$286$1,018$311$8

95、.1x8.1x8.0 x28.4x28.6x26.3xAmbarella,Inc.2,695$345$(46)$337$56$356$52$7.8x8.0 x7.6xNMNMNMMatterport,Inc.372$122$(296)$135$(109)$171$(102)$3.0 x2.8x2.2xNMNMNMMean27,067$2,940$995$3,118$1,073$3,276$1,258$7.7x7.4x7.0 x24.7x24.0 x21.1xMedian15,803$2,942$751$3,217$789$3,321$845$7.5x7.2x6.9x25.6x23.4x20.6

96、x19RAAI Public Company Performance(Contd)($in Millions)Source:CapIQ(multiples greater than 35x or negative displayed as“NM”)Data as of 12/5/22*TuSimple Holdings,Inc.currently has a negative Enterprise Value*EnterpriseLTM2022P2023PEV/RevenueEV/EBITDACompany NameValueRevenueEBITDARevenueEBITDARevenueE

97、BITDALTM2022P2023PLTM2022P2023PAutonomy+MobiltyTuSimple Holdings Inc.NA 10$(405)$10$(379)$27$(414)$NMNMNMNMNMNMTesla,Inc.562,172$74,863$16,010$83,426$19,833$116,857$28,467$7.5x6.7x4.8xNM28.3x19.7xNVIDIA Corporation407,533$28,566$8,718$26,941$6,257$29,747$9,771$14.3x15.1x13.7xNMNMNMDeere&Company178,3

98、48$52,577$12,123$50,595$11,624$53,519$11,829$3.4x3.5x3.3x14.7x15.3x15.1xCaterpillar Inc.150,164$56,628$11,151$58,456$10,075$61,389$11,199$2.7x2.6x2.4x13.5x14.9x13.4xBaidu,Inc.31,367$17,386$2,780$17,897$4,149$19,930$4,547$1.8x1.8x1.6x11.3x7.6x6.9xAptiv PLC29,646$16,983$1,907$17,270$2,240$19,321$2,813

99、$1.7x1.7x1.5x15.5x13.2x10.5xKubota Corporation29,378$17,343$1,839$19,072$2,373$19,769$2,557$1.7x1.5x1.5x16.0 x12.4x11.5xKomatsu Ltd.28,951$21,631$3,655$24,087$4,008$24,422$4,248$1.3x1.2x1.2x7.9x7.2x6.8xNIO Inc.19,173$6,059$(1,336)$7,396$(1,376)$13,866$(549)$3.2x2.6x1.4xNMNMNMXPeng Inc.6,826$4,255$(1

100、,110)$3,917$(1,130)$7,354$(809)$1.6x1.7x0.9xNMNMNMLuminar Technologies,Inc.2,941$42$(367)$42$(297)$119$(238)$NMNM24.7xNMNMNMInnoviz Technologies Ltd.551$6$(125)$7$(111)$30$(116)$NMNM18.2xNMNMNMAurora Innovation,Inc.426$93$(732)$66$(634)$9$(734)$4.6x6.5xNMNMNMNMCepton,Inc.203$7$(57)$8$(55)$33$(59)$28

101、.5x24.7x6.1xNMNMNMOuster,Inc.162$42$(129)$46$(93)$103$(76)$3.9x3.5x1.6xNMNMNMAEye,Inc.84$4$(97)$4$(77)$21$(79)$19.3x23.6x4.0 xNMNMNMAeva Technologies,Inc.41$7$(137)$6$(89)$17$(85)$6.0 x6.7x2.5xNMNMNMVelodyne Lidar,Inc.23$45$(166)$40$(127)$63$(97)$0.5x0.6x0.4xNMNMNMMean80,444$15,608$2,817$16,278$2,95

102、7$19,295$3,799$6.4x6.5x5.3x13.1x14.1x12.0 xMedian12,999$4,255$(97)$3,917$(77)$7,354$(76)$3.3x3.1x2.4x14.1x13.2x11.5xMean75,393$24,222$3,695$25,450$4,249$28,043$4,978$6.0 x5.8x5.1x17.0 x16.5x15.2xMedian18,438$5,331$919$5,437$941$5,830$965$4.3x4.3x4.1x15.9x15.2x14.2x20Upcoming Conferences and Events T

103、he Cascadia Capital RAAI team will be attending the following conferences in the upcoming months.Please contact us directly to schedule an introduction or meeting!DateConferenceLocationWebsite5/8/23 5/11/23Denver,CODetailsFor more information on this report or Cascadia Capitals RAAI coverage,please

104、contact us or visit 1/16/23 1/18/23Orlando,FLDetails3/20/23 3/23/23Chicago,ILDetailsQ1 2023Q2 20235/2/23Pittsburgh,PADetails1/31/23 2/2/23Las Vegas,NVDetailsDetroit,MIDetails5/22/23 5/25/2321Representative TransactionsOverviewCascadia Capital is one of the first investment banks in the country to ha

105、ve a dedicated practice group to serve emerging growth companies in Robotics,Automation and Artificial Intelligence(“RAAI”).Recognizing the myriad of industries that will be upended by RAAI technology in the coming decade,Cascadias RAAI group will meet the growing demand for M&A and capital raising

106、services in the market by tapping the firms existing industry expertise.With seven investment banking professionals and over 100 years of combined experience,the team has significant industry knowledge and a successful track record of advising companies in the space.We have established a deep unders

107、tanding of the underlying technologies and end markets while simultaneously developing unparalleled relationships and connections with strategic buyers and investors.Cascadia RAAI Practice OverviewPrincipal Sector Focus Robotics Mobility Tech Manufacturing Automation Artificial Intelligence/Machine

108、Learning Localization and Mapping Data Collection&Inspection Augmented Reality/Virtual Reality Computer Vision BlockchainKey Practice Areas Autonomy Supply Chain Internet of Things“IoT”For more information on this report or Cascadia Capitals RAAI coverage,please contact us or visit Cascadia RAAI Pra

109、ctice OverviewKey Services:M&A Advisory Capital Raising Fairness Opinions Strategic Advisory22Cascadias RAAI Banking TeamMichael ButlerCEO and Managing DExperience:35+Years Banking21+Years with Cascadia Education:MBA,WhartonBA,University of WashingtonJamie BoydManaging DExperience:20+Years Banking17

110、+Years with Cascadia Education:LLM,NYUJD,Gonzaga UniversityBcomm,University British ColumbiaJason LippenbergerSenior Vice PExperience:18+Years Banking/PE5+Years with Cascadia Education:MBA,University of WashingtonBA,Claremont McKenna CollegeFirdaus Pohowalla Managing DExperience:20+Years Banking4+Ye

111、ars with Cascadia Education:MBA,WhartonBA,Carleton CollegeScott WhitingAExperience:4+Years Banking2 Years with Cascadia Education:BA,University of WashingtonMarvin RoederVice PExperience:4+Years Banking2 Years with Cascadia Education:MBA,UNC Chapel HillJD,Univ.of San Diego&BS,USCFor more information on this report or Cascadia Capitals RAAI coverage,please contact us or visit Joe CornerAExperience:1 Year Banking1 Year with Cascadia Education:MBA,Gonzaga UniversityBA,Gonzaga University