The H1'17 Global CVC Report

THE H1’17 GLOBAL CVC REPORT
A comprehensive, data-driven look at global corporate venture capital

activity in the first half of 2017.
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2010 2011 2012 2013 2014 2015 2016 2017 (YTD)
TABLE OF CONTENTS
8 Global trends 58 Internet sector trends
25 UK, India, and China trends 62 Mobile sector trends
29 US trends 66 Healthcare sector trends
39 California trends
43 New York trends
47 Massachusetts trends
51 Artificial intelligence
spotlight
SUMMARY OF FINDINGS
GLOBAL CVC DEAL ACTIVITY JUMPS BACK IN H1’17: Deals ACTIVE CVC FUNDS INVESTING IN US INCREASE IN H1’17: The
rebounded significantly in Q1’17, increasing 26% over Q4’16. Q2’17 number of CVCs actively investing in the US increased 23% in Q1’17
deals decreased by 3% from the previous quarter, but funding and 143 investors actively invested per quarter in H1’17 on average
participation remained nearly the same at $6.6B. compared to 127 throughout 2016.
191% INCREASE IN CVC INVESTORS SINCE Q1’12: 262 CVCs CALIFORNIA FUNDING PARTICIPATION INCREASES,
actively invested in Q2’17, the largest number of corporate MASSACHUSETTS DEAL AND DOLLAR ACTIVITY INCREASES
investors since 2012. The number of new CVCs making their first WITH RETURN OF HEALTHCARE DEALS: California CVC deal
investment grew 65% in H1’17 over H2’16. activity increased 29% in Q1’17, while funding participation
increased 93%. CVC investment in Massachusetts increased in
GV MOST ACTIVE CVC, GV & CAPITALG INVESTED IN MOST H1’17, with healthcare taking 44% of deal share.
UNICORNS: GV was the most active CVC in H1’17 investing in over
35 deals. GV and CapitalG (both Alphabet investment vehicles), CVC ARTIFICIAL INTELLIGENCE INVESTMENT ALREADY
have invested in the most ‘Unicorns’ of any CVCs. OUTPACES FULL-YEAR 2016: In H1’17 deal activity has increased
21%, while funding participation has increased by 134% over H2’16.
UK AND INDIA DEAL ACTIVITY REBOUNDS, CHINA SPIKES: CVC Intel Capital and GV are the most the active AI investors since 2012.
deal activity increased in both quarters of H1’17 in the UK and
India, while China deal activity increased by 64% in H1’17 over H1’17 GLOBAL DEAL ACTIVITY TO INTERNET COMPANIES
H2’16. RECOVERS IN PART, MOBILE SPIKES IN Q1’17, NORTH AMERICA
TAKES LARGER SHARE OF HEALTHCARE DEALS: CVC internet
US CVC DEAL ACTIVITY INCREASES BY 18%: US CVC deal activity deals were up 3% in H1’17. CVC mobile deals increased by 22% in
increased to 209 deals in Q1’17, an 18% increase over Q4’16. Q1’17, and healthcare deals increased by 16% in H1’17 as North
Funding participation also increased in H1’17, rising 20% over American deal share increased from 47% in Q4’16 to 65.5% in H1’17.
H2’16. Note on Report Methodology:
Report only includes investment by CVC funds. With the exception of pages 23 & 55-57, this report only covers
the funding participation activity of specific, separately demarcated corporate venture arms. Corporates
making strategic investments directly are not included. For questions regarding this methodology please reach
out to info@cbinsights.com.
Global corporate venture capital:
FINANCING TRENDS H1’17
Globally, corporate VCs participated in
$13.3 BILLION
of funding across
798 DEALS
in the first half of 2017.
ANNUAL GLOBAL CVC FINANCING TREND (H1’17) CVC ACTIVITY HAS
2012 – 2017 (H1’17) STRONG H1’17
1,409 1,422
1,281
Corporate VCs
participated in 798 deals
968 and $13.3B in financing
globally in H1’17.
780 798
H1’17 CVC investment
activity increased 12%
over H2’16 in terms of
deals completed, and 8%
in total capital invested.
$8.5 $9.8 $17.3 $28.6 $25.8 $13.3

2012 2013 2014 2015 2016 H1 2017
Investment (B) Deals
QUARTERLY GLOBAL CVC FINANCING TREND H1’17 DEALS JUMP
Q1’12 – Q2’17 BACK AFTER Q4’16
394 406
388 392 LULL
337 370 342
351 352 Deals rebounded
334 326
309 significantly in Q1’17,
287 322 increasing 26% over
257 264 Q4’16.
232
221 215
Q2’17 deal count
190 194
175 decreased by 3% from
the previous quarter, but
total quarterly funding
participation remained
nearly the same at $6.6B
invested.
$11.1
$5.6
$1.8
$2.1
$2.4
$2.2
$1.6
$2.8
$2.7
$2.7
$4.0
$5.1
$3.6
$4.5
$4.8
$7.0
$8.5
$5.0
$6.5
$5.8
$6.7
$6.6
2012 2013 2014 2015 2016 2017
Investment (B) Deals
QUARTERLY GLOBAL CVC DEAL SHARE BY CONTINENT EUROPEAN DEAL
Q2’16 – Q2’17 SHARE RECEDES AFTER
1% 1% 2% 2% 2% Q4’16 PUSH
European corporate
21% 20% 20%
venture activity declined
22%
25% five percentage points in
Q1’17 to 20% of deal
18% 22% 16% share.
23% 22%
Asian corporate venture

activity picked up in the
same period, moving
from 16% of share in
Q4’16 to 23% in Q1’17.
59% 57% 57% 54% 54% North American deal
Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 share has remained
North America Asia Europe Other stable at 54% in H1’17.
QUARTERLY GLOBAL CVC DEAL SHARE BY SERIES EARLY-STAGE DEALS
Q2’16 – Q2’17 TAKE HALF OF DEAL
SHARE
7% 8% 9% 8%
12%
3% 5% 3% 5% Early-stage deals (seed /
4% 5%
5% 7% 5% angel and Series A) took
15% 6%
9% 7% 13% half of deal share in
10%
H1’17. In Q2’17, Series A
22%
21% 25%
18% 19% deal share reached 30%
for the first time in 5
quarters.
25%
Series C deal share
28% 29%
29% 30% increased from 7% in
Q4’16 to 10% in Q1’17
and 13% in Q2’17.
22% 20% 23% 25% 20%
Q2'16 Q3'16 Q4'16 Q1'17 Q2'17
Seed / Angel Series A Series B Series C Series D Series E+ Other
QUARTERLY GLOBAL CVC DEAL SHARE BY SECTOR INTERNET AND MOBILE
Q2’16 – Q2’17 DEALS STABILIZE
12%
18% 14% 17% 16% Internet and mobile deals
4%
1% 7%
2%
4% 4% have averaged 60% of
8%
8% 5% 9% deal share in H1’17, with
12%
11% 13% 12% internet deals accounting
14%
for 44% of deals on
15%
14% average over the same
18% 17% 15% time period.
47% 51% 44% 45% 43%
Q2'16 Q3'16 Q4'16

Internet Mobile & Telecommunications
Healthcare Software (non-internet/mobile)
Computer Hardware & Services Other
QUARTERLY GLOBAL CORPORATE VC VS OVERALL VC CVC ACTIVITY DROPS
FINANCING ACTIVITY IN Q2’17 WHILE VC
Q1’13 – Q2’17 2059
RISES
2013
1965 1946
18001806
1874 18331833186318601820 Corporate venture funds
1779
1635
participated in 20% of the
15651602 4,005 deals completed in
1474
1418
1354 1406 H1’17.
1264 1290
Although VC investment
activity increased 6% in
Q2’17, CVC activity
declined by 3% in Q2’17
394 370 342 388 406 392 after increasing 26% in
309 351 334 326 352 337 322
175 221 215 232 257 264 287 Q1’17.
190 194
$1.8
$1.6
$10.5
$11.1
$10.3
$10.8
$12.2
$13.9
$20.2
$17.6
$22.5
$19.8
$27.7
$11.1
$31.0
$23.6
$22.8
$21.9
$19.3
$18.5
$23.4
$27.3
$2.8
$8.4
$9.6
$8.8
$4.0
$5.1
$3.6
$4.5
$4.8
$7.0
$5.6
$8.5
$5.0
$6.5
$5.8
$6.7
$6.6
$2.7
$2.7
$2.4
Note: CVC investment includes rounds in

$2.2
$2.1
which a corporate venture fund

2012 2013 2014 2015 2016 2017 participated. Therefore CVC deal and
funding totals could include other
participating investors and capital.
CVC Funding ($B) VC Funding ($B) CVC Deals VC Deals
QUARTERLY GLOBAL CORPORATE VC SHARE OF ALL VC CVC DEAL SHARE AT
DEALS OR ABOVE 18% SINCE
Q1’13 – Q2’17 Q2’15
CVC investors
15% 16% 16% 16%
18% 17% 20% 18% 17% 18% 20% 18% 18%
participated in 21% of all
20% 18% 21% 21% 19% VC deals in Q1’17, and
19% in Q2’17.
85% 84% 84% 84% 82% 83% 81% 82% 83% 82% 80% 82% 80% 82% 79% 82% 79% 81%
2013 2014 2015 2016 2017

All VC's CVC Deal Share
QUARTERLY GLOBAL ACTIVE CORPORATE VC INVESTORS 191% INCREASE IN CVC
Q1’12 – Q2’17 INVESTORS OVER Q1’12
The number of corporate

venture investors actively
investing increased 23%
in Q1’17 to 257.
262 actively invested in

Q2’17, amounting to the
most corporate venture
investors since 2012.
90 99 98 116 110 113 126 126 148 141 164 166 175 176 200 192 203 195 211 209 257 262
2012 2013 2014 2015 2016 2017
Unique CVC Investor
NUMBER OF NEW CORPORATE VENTURE CAPITAL GROUPS SIGNIFICANT NUMBER
2012 – 2017 (H1’17) OF NEW CVCS
INVESTING
102 new VC arms

invested in the first half
of 2017.
This amounts to 65%

growth over H2’16.
New CVCs include

Nasdaq Ventures and
Boeing HorizonX.
54 61 75 87 108 102
2012 2013 2014 2015 2016 2017
GLOBAL ACTIVE CORPORATE VC INVESTORS AT THE SEED SEED STAGE CVC
STAGE ACTIVITY ON TRACK
2012 – 2017 (H1’17) FOR RECORD YEAR
In H1’17, 136 unique CVC

funds participated in at
least one seed financing
round.
This represents a 72%

increase over H2’16.
58 98 124 151 158 136
2012 2013 2014 2015 2016 2017
2012 2013 2014 2015 2016 2017
GLOBAL CORPORATE VC VS OVERALL VC AVERAGE DEAL SIZE AVERAGE VC DEAL SIZE
Q1’13 – Q2’17 RISES RELATIVE TO
CVC
In H1’17, CVC average

deal size was $20.5M,
while VC average deal
size increased from
$13M in H2’16 to $15.5M
in H1’17.
$14
$13
$18
$20
$10
$16
$11
$14
$13
$12
$18
$15
$17
$13
$24
$17
$35
$19
$21
$16
$27
$15
$18
$15
$21
$13
$22
$13
$20
$15
$21
$16
$8
$9
$8
$9
2013 2014 2015 2016 2017
Corporate VC ($M) Overall VC ($M)
GLOBAL MOST ACTIVE CVC INVESTORS GV MOST ACTIVE CVC
H1’17
GLOBALLY
RANK INVESTOR SELECT INVESTMENTS
ClassPass, Spero Therapeutics,

1
Clutter
GV was the most active
2
Desktop Metal, Omada Health,
Rethink Robotics corporate venture
AirMap, Livongo Health,
investor, investing in over
3
Outreach 35 deals in H1’17.
Innovium, Ring,
4
Lytro
GE Ventures made the
4
Airware, iZettle, second most
Peloton Technology
investments, followed by
6
GRAIL, Neotract,
NeuroPace Microsoft Ventures, while
MapAnything, CrowdFlower,
Qualcomm Ventures and
7
Gainsight Intel Capital tied for
7
LogicBio Therapeutics, Coiney, fourth.
Veem
Ribo Life Science, Dook Book, Bangsun

9
Technology
MOST ACTIVE CVCS IN CURRENT UNICORNS GV HAS MOST
UNICORN
RANK INVESTOR SELECT UNICORNS
INVESTMENTS
Uber, Robinhood,
1
Slack Technologies, Flatiron Health
GV and its related
1
GlassDoor, Gusto,
Airbnb, Credit Karma corporate entity CapitalG
(both Alphabet
3 Vox Media, DocuSign, FanDuel
investment vehicles),
3 Domo, Anaplan, InsideSales.com
were tied for the most
investments to private
5 Magic Leap, TangoMe, CloudFlare companies with a
valuation of a $1B or
5 Snapdeal, Sprinklr, DocuSign
more.
7 Kabbage, DocuSign, Sprinklr
GLOBAL CORPORATE VC VS GLOBAL CORPORATION DIRECT CORPORATE
FINANCING ACTIVITY INVESTMENT
Q1’12 – Q2’17 RECOVERS AFTER
Q4’16 DIP
627
574 CVC-only deals increased
537
487
by 24% in Q1’17, but
447 flattened in Q2’17.
408
328 329
352 357 Direct corporate
305 299 investment increased in
252 273 329 326 326 313
232 234 281 275 288 281 295 278
both quarters of H1’17,
197 193 195 259 263
164 163 177 221 223 and exclusive of Q4’16
205
164 164 166 has risen substantially on
133 141 117 128 53 51 64 65 56 75 64 62 59 80 79 a quarterly basis since
37 25 30 35 36 46
11 27 17 24 22
Q4’15.
2012 2013 2014 2015 2016 2017
Note: “Both CVCs and Corporates” includes
rounds in which both types of investor
CVC Round Corporate Round Both CVCs and Corporates participated in the same round.
100 MOST ACTIVE CORPORATE VENTURE CAPITAL FIRMS
OF THE FIRST HALF OF 2017 (GLOBAL)
1-25 26-50 51-75 76-100
GV Novo Ventures Time Warner Investments Presidio Ventures
GE Ventures Alexandria Venture Investments Mitsui Sumitomo Insurance Venture Capital Mitsui & Co. Global Investment
Microsoft Ventures InMotion Ventures Ascension Ventures Sanofi-Genzyme BioVentures
Qualcomm Ventures In-Q-Tel Munich Re/HSB Ventures Lilly Ventures
Intel Capital Fosun RZ Capital Boehringer Ingelheim Venture Fund American Express Ventures
Johnson & Johnson Innovation Nokia Growth Partners Caterpillar Ventures Brace Pharma Capital
Salesforce Ventures Airbus Group Ventures AXA Strategic Ventures Recruit Strategic Partners
SBI Investment SMBC Venture Capital Northwell Ventures Transamerica Ventures
Legend Capital Merck Ventures SingTel Innov8 American Family Ventures
Bloomberg Beta CapitalG Corigin Ventures ServiceNow Ventures
Samsung Ventures MDI Ventures 301 INC Nationwide Ventures
MAIF Avenir Takeda Ventures Daiwa Corporate Investment Assurant Growth Investing
Novartis Venture Funds Shea Ventures Sony Innovation Fund YJ Capital
Comcast Ventures Robert Bosch Venture Capital InnoEnergy Sodexo Ventures
Cisco Investments Discovery Nusantara Capital Swisscom Ventures Boeing HorizonX
Dell Technologies Capital KPN Ventures Pfizer Venture Investments Mandiri Capital
Slack Fund MassMutual Ventures Third Point Ventures Axel Springer Digital Ventures
Rakuten Ventures Dieter von Holtzbrinck Ventures Point72 Ventures Safran Corporate Ventures
Unilever Ventures Fletcher Spaght Ventures Lilly Asia Ventures WPP Digital
BMW i Ventures JetBlue Technology Ventures Providence Ventures SNCF Digital Ventures
NVIDIA GPU Ventures Citi Ventures CASH Capital Investment Management Simon Venture Group
SR One Sistema Venture Capital ZX Ventures NAB Ventures
Verizon Ventures CME Ventures Baidu Capital ABB Technology Ventures
GREE Ventures Dentsu Digital Holdings Deutsche Telekom Capital Partners Bertelsmann Digital Media Investments
Brand Capital Mitsubishi UFJ Capital Orange Digital Ventures Wipro Ventures
Note: H1’17 total participating investment was used to determine the ranking for investors tied for total investments of 3 or less. www.cbinsights.com 24
COUNTRY RECAPS:
UK, INDIA AND CHINA
UK QUARTERLY CORPORATE VC FINANCING HISTORY UK CVC DEAL ACTIVITY
Q1’12 – Q2’17 23 REBOUNDS IN H1’17
20
CVC deal activity in the
17 UK increased in both
15 14
quarters of H1’17 but
funding participation still
13 13 13
12 12 12 remains low compared
11 to 2016.
9 9
8 8 8 Notable deals in H1’17
7
included a $52M Series B
5 5 5
4 to Bicycle Therapeutics, a
$40M Series B to
$37
$25
Blockchain, and a $35M

$142
$104
$147
$124
$180
$153
$139
$114
$549
$367
$190
$468
$121
$211
$165
$58
$82
$65
$52
$43
Series D to Atlas
2012 2013 2014 2015 2016 2017
Genetics.
Investment (M) Deals
INDIA QUARTERLY CORPORATE VC FINANCING HISTORY INDIA CVC DEAL
Q1’12 – Q2’17
15 RETURNS TO FORM
14 14
13
H1’17 CVC deal activity in
12
India increased
11
substantially from the 4
9
deals that occurred in
8
Q4’16.
7 7 7
Notable H1’17 deals
5
5 5
included a $55M Series D
5
4
to Practo Technologies, a
3 3 3 $31M Series D to
2
2 Mswipe Technologies,
$20
and an $18M Series C to

$15
$13
$311
$287
$111
$174
$185
$117
$9
$9
$35
$65
$90
$96
$36
$58
$34
$34
$97
$8
OneAssist Consumer
2012 2013 2014 2015 2016 2017 Solutions.

CHINA QUARTERLY CORPORATE VC FINANCING HISTORY CHINA CVC DEAL
Q1’12 – Q2’17 ACTIVITY INCREASES
60+%
29
28
H1’17 deal activity
24 increased by 64% from
28 investments in H2’16,
20 with $1.6B in capital
19 18
18
invested across 46
14 15 investments.
14 14
11
10 10 The Q3’15 funding spike
9 was driven by two
8 8
7 7 6
tranches of a Series F to
$394
$391
$366
$289
Didi Chuxing, totaling
$277
2
$1,668
$1,373
$4,272
$1,026
$145
1
$132
$106
$3B.
$628
$551
$579
$98
$95
$75
$30
$30
$14
$10
2012 2013 2014 2015 2016 2017
US CORPORATE VC:
FINANCING TRENDS H1’17
US QUARTERLY CORPORATE VC FINANCING HISTORY US CORPORATE VC
Q1’12 – Q2’17 ACTIVITY INCREASES
IN H1’17
241
223 US CVC deal activity
212 198 220 214 209
202 204 202 204 increased to 209 deals in
193
177 Q1’17, an 18% increase
177 177
over Q4’16.
153
147
143
128 129
135 Funding participation
111 also increased in H1’17,
rising 20% over H2’16.
$5.0
$4.4
$1.5
$1.6
$2.0
$1.6
$1.4
$2.0
$2.3
$1.9
$3.2
$4.4
$2.5
$3.4
$3.6
$5.7
$3.7
$5.5
$3.6
$3.8
$3.8
$4.7
2012 2013 2014 2015 2016 2017
Investment ($B) Deals
US CVC DEAL SHARE BY STATE CALIFORNIA DEAL
Q2’16 – Q2’17 SHARE GROWS IN Q1’17
4% 3% 4% 3% 2%
2% 1% 6% 2% 3% 4%
7% 4%
3% 2%
6% The percentage of deals
13% made in California
12% 14%
14% increased in Q1’17, over
18%
16% Q4’16.
17% 16%
21%
Deal share to New York
decreased in H1’17,
moving from 21% in
Q4’16 to 16% in H1’17.
68% 59% 55% 63% 57%
Q2'16 Q3'16 Q4'16 Q1'17 Q2'17

California New York Massachusetts Washington Colorado Other
US CVC DEAL SHARE BY SERIES CVC SERIES A DEAL
7% 7% 8% 5%
11%
4%
7% 4% 7% US CVC Series A deal
7% 8% 6% share increased from
5% 10%
8% 8% 24% Q1’17 to 32% in

12%
17% 17% Q2’17.
12%
Seed / angel deal share

24%
24% 18% 22% declined by half over the
27%
same period, decreasing
from 18% to 9%.
21% 28% 24%
28%
32%
17% 16% 19% 18% 9%
Q2'16 Q3'16 Q4'16 Q1'17 Q2'17
US CVC DEAL SHARE BY SECTOR HEALTHCARE TAKES
Q2’16 – Q2’17 LARGER SHARE OF CVC
DEALS
7%
15% 14% 4% 15%
As was the case in 2016,
5% 2% 11%
18% 1% internet deal share
7% 3% 8%
9% 6% accounted for nearly half
11% of all deals in H1’17.
15% 17%
12% 15%
11%
19%
Healthcare increased as
13% 12%
13% a percentage of US CVC
deal activity, moving
from 11% in Q4’16 to
16% (on average) in
H1’17.
46% 50% 48% 44% 48%
Q2'16 Q3'16 Q4'16 Q1'17 Q2'17

Electronics Other
US CORPORATE VC VS OVERALL VC FINANCING HISTORY CVC HAS REMAINED
Q1’13 – Q2’17 RANGEBOUND SINCE
Q3’15 DECLINE
1160
1132 1121 1128
1072 In H1’17 CVCs
1031 1013
990 964 987 979 978 participated in 22% of the
885 908
922
885
924 919 1,843 venture capital
deals completed.
Since the drop in deal

activity in Q3’15, CVC has
remained relatively
rangebound compared to
241 VC activity.
212 202 204 202 223 198 220 193 214 177 209 204
177 153 177
143 147
$10.0
$14.3
$11.4
$13.9
$13.0
$18.7
$16.0
$12.6
$12.8
$14.6
$11.2
$11.6
$15.5
$7.5
$3.8
$6.8
$2.0
$2.3
$7.8
$1.9
$8.9
$3.2
$4.4
$2.5
$3.4
$3.6
$5.0
$5.7
$3.7
$5.5
$3.6
$3.8
$9.9
$4.4
$4.7
$1.4
Note: CVC investment includes rounds in

which a corporate venture fund
2013 2014 2015 2016 2017
participated. Therefore CVC deal and
funding totals could include other
CVC Funding ($B) VC Funding ($B) CVC Deals Overall VC Deals participating investors and capital.
US CVC DEAL SHARE OF ALL VC DEALS CVC DEAL SHARE AT
Q1’13 – Q2’17 22.5% IN H1’17
CVC deal share in the US

16% 16% 18% 16% 18%
19% 18% 19% 20% 19% averaged 22.5% in H1’17.
21% 20% 22% 20% 23% 20% 23% 22%
CVCs have participated

in at least 20% of all VC
deals since Q3’15.
84% 84% 82% 84% 82% 81% 82% 81% 80% 81% 79% 80% 78% 80% 77% 80% 77% 78%
2013 2014 2015 2016 2017
Other VC CVC Deal Share
US QUARTERLY ACTIVE CVC INVESTORS ACTIVE CVC FUNDS
Q1’12 – Q2’17 INVESTING IN US
INCREASES IN H1’17
148 CVC funds invested

actively in the US in
Q1’17, a 23% increase
over Q4’16.
On average, 143
investors actively
invested per quarter in
H1’17, compared to 127
investors throughout
2016.
65 69 69 79 76 82 87 84 106 102 113 108 115 129 137 126 137 115 135 120 148 137
2012 2013 2014 2015 2016 2017
Unique CVC Investors
US CVC VS OVERALL VC AVERAGE DEAL SIZE CVC DEAL SIZES HAVE
Q1’13 – Q2’17 HELD STEADY AT $25M
Average corporate VC
deal size remained larger
than average VC deal
size in H1’17.
In Q2’17, average CVC

deal size increased to
$26M, but VC averages
also jumped from $15M
to $19M.
$15
$14
$22
$12
$16
$10
$11
$23
$15
$14
$12
$20
$15
$19
$14
$25
$18
$28
$17
$21
$15
$28
$15
$22
$17
$20
$14
$25
$13
$25
$15
$26
$19
$9
$9
$9
2013 2014 2015 2016 2017

Corporate VC Overall VC ($M)
US MOST ACTIVE CVC INVESTORS GV MOST ACTIVE CVC
H1’17
IN US MARKET
Clover Health, Freenome,

1
Magenta Therapeutics
GE Ventures, Microsoft
2
Catalant Technologies, Neuronetics
Omada Health Ventures, Salesforce
Livongo Health, Synack,
Ventures, Intel Capital
3
Frame and Qualcomm Ventures
4
Gainsight, Conga, rounded out the top 5
MapAnything
most active CVCs
5
R3, Xevo,
Filament
investing in the US
market.
ClearMotion, Lytro,
5
Zoom Video Communications
Sapho, Textio,
7
Rigetti Computing
NeuroPace, PhaseBio Pharmaceuticals,

7
SLIPS Technologies
US CORPORATE VC STATE RECAPS:
CALIFORNIA
CALIFORNIA QUARTERLY CVC FINANCING HISTORY CALIFORNIA: $5.4B
Q1’12 – Q2’17 ACROSS 204 DEALS IN
H1’17
135
California investment
115 115
activity with CVC
115
107 100 110 113 107 participation increased
103 101
95
99
92
substantially in H1’17
80 over Q4’16.
80 74
71 70
68
61
CVCs participated in
53 $2.9B of investment
across 103 deals in
Q1’17, a 29% increase in
deal activity, and a 93%
increase in capital
$0.7
$1.0
$1.0
$0.9
$1.0
$0.9
$1.5
$1.0
$2.2
$3.0
$1.7
$1.6
$1.8
$2.9
$3.7
$2.2
$2.3
$2.6
$2.2
$1.5
$2.9
$2.5
invested compared to
2012 2013 2014 2015 2016 2017 Q4’16.
CALIFORNIA CVC DEAL SHARE BY SERIES CORPORATE VENTURE
Q2’16 – Q2’17 FUNDS PUSH INTO
SERIES C DEALS
5% 5% 5%
9% 11%
4% 5% 8% Series B deal share
9% 5% 6%
3% 10% 5% decreased in H1’17, as
9%
19%
13% 6% Series A investment grew
22%
13% to 29%.
30%
28%
18% In Q2’17, Series C
20%
31% investment increased 9
percentage points from
13% of deal share to
26% 22%.
26% 29%
20% 30%
12% 16% 18% 15% 11%
Q2'16 Q3'16 Q4'16 Q1'17 Q2'17
CALIFORNIA CVC DEAL SHARE BY SECTOR INTERNET ACCOUNTS
Q2’16 – Q2’17 FOR HALF OF DEALS IN
CALIFORNIA
9%
12% In H1’17, internet deal
15% 14% 5%
1% 17% 2% share accounted for 50%
8% 7% 6% 9%
15%
5%
of all deals. Mobile deal
10% share shrank in Q1’17,
14% 6% 13%
12%
10%
8%
while healthcare deals
18%
11% 15% increased from 6% of
14% deal share in Q4’16 to
12% in Q1’17.
43% 55% 48% 50% 50%
Q2'16 Q3'16 Q4'16 Q1'17 Q2'17

Electronics Other
NEW YORK
NEW YORK QUARTERLY CVC FINANCING HISTORY NEW YORK: $722M
Q1’12 – Q2’17 ACROSS 55 DEALS IN
39
H1’17
New York investment

32
31 activity with CVC
29 30 30
27 27
28 participation flattened in
26 24
H1’17 after falling in
23 Q2’16.
20 18
19
17 27 deals were competed
14 14
13
in Q1’17, down 3 from
$128.5
10
the quarter before.
$162.5
$153.4
8 Funding participation
$114.1
$100.7
6
increased in Q2’17
$1,278.4
$61.5
$302.3
$310.8
$265.6
$302.5
$341.4
$225.0
$499.1
$768.6
$404.5
$509.4
$255.5
$466.6
$204.9
$191.1
$187.8
however, rising by 83%
over Q1’17.
2012 2013 2014 2015 2016 2017
Investment ($M) Deals
NEW YORK CVC DEAL SHARE BY SERIES NEW YORK CVC SERIES
Q2’16 – Q2’17 C DEAL SHARE
EXPANDS IN Q2’17
3% 4%
10% 10% 3% 4%
3% 15% Series C deal share
7% 7%
3% 3%
10% 4% expanded from 7% in
7% 7% Q1’17 to 21% in Q2’17.
21%
10%
7%
17%
17% 11%
Series B deal share also
increased, moving from
25%
28% 11% to 25% over the
same time period.
33% 26%
14% Meanwhile, seed deals
33%
were cut in half, shrinking
32%
23%
from 30% to 14%.
28% 30% 30% 14%
Q2'16 Q3'16 Q4'16 Q1'17 Q2'17
NEW YORK CVC DEAL SHARE BY SECTOR INTERNET AND MOBILE
Q2’16 – Q2’17 ACCOUNT FOR
MAJORITY OF DEAL
7% 7% 7% 7% 11% SHARE
3% 7%
3% 10% 7%
3% 7%
3% 4%
10%
7% 7% Internet and mobile deals
4%
accounted for 81% of
21%
22% 14% deal share in Q1’17.
27% 23% Internet deal share
increased 9 points over
Q4’16, as consumer
products and services
deals shrank to zero in
Q1’17.
62% 50% 50% 59% 57%
Q2'16 Q3'16 Q4'16 Q1'17 Q2'17

Consumer Products & Services Other
MASSACHUSETTS
MASSACHUSETTS QUARTERLY CVC FINANCING HISTORY MASSACHUSETTS: $1B
Q1’12 – Q2’17 ACROSS 46 DEALS
24 24
25
24
22
23
22
Massachusetts deal
21 21 21 activity with CVC
18 19 19 participation increased
17
16 16
17 by 7% in H1’17 over
16
15 H2’16, while funding
11 12
increased by 44%
$415.3
$590.0
$177.2
$138.3
$256.8
$210.2
$214.6
$276.4
$262.6
$119.1
$234.9
$439.1
$450.3
$595.8
$375.0
$392.9
$123.9
$370.0
$354.4
$450.6
$84.2
$86.5
2012 2013 2014 2015 2016 2017
Investment ($M) Deals
MASSACHUSETTS CVC DEAL SHARE BY SERIES MASSACHUSETTS CVC
Q2’16 – Q2’17 PARTICIPATION SHIFTS
BETWEEN QUARTERS
5% 5% 4%
8%
9% 10% 12% Q1’17 saw a dramatic
8% 24%
9% 10%
increase into Series C
5%
12% and Series E+ deals, as
17% 9%
Series C deal share
expanded to 29% (from
29% 10% the previous
29% 28%
quarter), and Series E+
33% increased to 24% of deal
14%
41% share (from 0%).
33%
18% 19%
Q2’17 marked a return to
36%
Q4’16 investment
33% 9% 14% 10% 8%
patterns, with a renewed
Q2'16 Q3'16 Q4'16 Q1'17 Q2'17
focus in Series A and
Seed / Angel Series A Series B Series C Series D Series E+ Other Series B deals.
MASSACHUSETTS CVC DEAL SHARE BY SECTOR CORPORATE VENTURE
Q2’16 – Q2’17 FUNDS FOCUS ON
0% HEALTHCARE IN MA
5%
14%
16% CVC funds invested
14%
18%
5% heavily in the healthcare
25% 5% 8%
10% 10% sector in H1’17, an area
9%
17% 10%
of historical strength for
16%
the Massachusetts
market. Healthcare deals
27%
33%
accounted for 44% of
deal share, as internet
33% deals decreased by half
43%
44% from 40% in H2’16, to
18% in H1’17.
25% 41% 38% 19% 16%
Q2'16 Q3'16 Q4'16 Q1'17 Q2'17

Internet Healthcare
Mobile & Telecommunications Software (non-internet/mobile)
Electronics Other
GLOBAL CORPORATE VC SECTOR SPOTLIGHT:
ARTIFICIAL INTELLIGENCE
ANNUAL CVC FUNDING PARTICIPATION TRENDS TO AI CVC INVESTMENT TO
COMPANIES AI ALREADY OUTPACES
2012 – 2017 (H1’17) FULL-YEAR 2016
H1’17 deal activity

128 increased 21% while
capital invested
increased by a notable
89
88 134% over H2’16.
73
This jump in funding
participation was largely
driven by the $600M
30
22 Series D investment to
Shanghai-based
autonomous car
$167 $232 $750 $1,081 $1,774 $1,802 company, NIO.
2012 2013 2014 2015 2016 H1'17
Invesments ($M) Deals
CVC DEAL SHARE INTO ARTIFICIAL INTELLIGENCE SUB- CYBERSECURITY SEES
SECTORS MOST DEAL SHARE OF
2012 – 2017 (H1’17) AI SUB-SECTORS
OTHER (HR TECH, TRAVEL TECH,
AG TECH, etc.) HORIZONTAL
PERSONAL ASSISTANTS
10% 13% of corporate venture
15%
FINTECH & INSURANCE
AI deals went to
4%
cybersecurity-focused AI
5%
companies since 2012,
AD/MARKETING
6% 13% CYBERSECURITY making it the sub-sector
with the most investment
6% (exclusive of AI
SALES CRM
companies working
6% 10%
horizontally across
AUTO TECH 7%
9%
HEALTHCARE multiple verticals).
9%
COMMERCE
IOT
BIZ INTEL & ANALYTICS
MOST ACTIVE CVC INVESTORS IN AI INTEL CAPITAL AND GV
2012 – 2017 (H1’17)
TOP MOST ACTIVE
CVCS IN AI
1 DataRobot, Element AI, Vectra Networks
Intel Capital and GV have
2 Flatiron Health, Shape Security, Orbital Insight made the most
Orbital Insight, Context Relevant, Domino Data
investments in AI since
3
Lab 2012, followed by
3 D-Wave Systems, Cylance, Orbital Insight
Bloomberg Beta and In-
Q-Tel tied for third, and
5 Darktrace, nuTonomy, Sentiance Samsung Ventures and
Slack Fund tied for fifth.
5 Automat.ai, Demisto, Troops
7 InsideSales.com, BloomReach, CrowdFlower
8 Stem, Ayasdi, Tamr
ALPHABET CORPORATE AI INVESTMENTS ALPHABET’S FOCUS ON
2012 – 2017 (H1’17) ARTIFICIAL
INTELLIGENCE
Alphabet’s various
corporate entities have
made direct acquisitions
and equity investments
in AI, notably acquiring
DeepMind in 2014.
Recently Alphabet
(Gradient Ventures) publicly announced
Gradient Ventures, a new
dedicated corporate
venture fund focused on
artificial intelligence.
Note: Investments are indicated in green.
Acquisitions are indicated in orange.
ANNUAL CVC FUNDING TRENDS TO AI COMPANIES TOYOTA LAUNCHES
2012 – Q2’17 FUND WITH FOCUS ON
AI, ROBOTICS AND
MORE
Toyota’s recently
launched Toyota AI
Ventures will strategically
invest $100M in artificial
intelligence, cloud & data,
robotics, and
autonomous vehicle
technologies.
Note: Investments are indicated in green.

Acquisitions are indicated in orange.
TOP CORPORATE ACQUIRERS OF AI COMPANIES CORPORATE PARENT
2012 – 2017 YTD (7/21/17) ENTITIES HAVE NOT
SHIED AWAY FROM
OUTRIGHT
ACQUISITIONS
Alphabet has made the
most acquisitions in the
AI space, while Apple,
Microsoft, Intel, and
Facebook round out the
top-five most active
corporates acquiring AI
startups.
(Date of Acquisition)
GLOBAL CORPORATE VC SECTOR RECAP:
INTERNET
GLOBAL QUARTERLY CVC FINANCING HISTORY: INTERNET CVC INTERNET
Q1’14 – Q2’17 INVESTMENT ACTIVITY
RECOVERS IN PART
198
CVC deal activity to the
182
177 internet sector increased
171 168
162 161 161 161 substantially in Q1’17, up
141
140 29% from the previous
128 124 quarter.
110
H1’17 was up 3% in deals
and down 6% in funding
participation from H2’16;
however, funding
participation did increase
50% between Q1’17 and
$2.0
$1.6
$1.6
$1.7
$1.9
$3.9
$4.0
$2.5
$4.0
$2.0
$3.1
$1.7
$1.8
$2.7
Q2’17.
2014 2015 2016 2017
GLOBAL CVC DEAL SHARE BY STAGE: INTERNET CVC SEED STAGE DEAL
11% 10% 6% 9% 9%
1% Seed / angel internet
3% 9% 3% 3%
6% 5% 4%
2% 4% deals involving CVCs
6% 10%
13% 7% increased 6 percentage
19%
points in Q1’17 to 29% of
26% 19%
24% 28% deal share.
17%
Series C internet deals

increased 9 percentage
26% points in Q2’17 up to
25% 28%
27% 27% 19%.
20% 22% 23% 29% 21%
Q2'16 Q3'16 Q4'16 Q1'17 Q2'17

GLOBAL CVC DEAL SHARE BY CONTINENT: INTERNET EUROPE AND NORTH
Q4’15 – Q2’17 AMERICA HAVE
2% 1% 3% 3% 3%
DIVERGING QUARTERS
20% 15% In Q1’17, CVCs

22% 20% 24% completed an increasing
share of internet deals in
16%
Europe, up 4 percentage
22%
20% 24% points to 24% of deal
23%
share. However, Europe
deals decreased to 15%
in Q2’17.
North American activity

increased to 60% of deal
share in Q2’17.
57% 56% 62% 51% 60%
Q2'16 Q3'16 Q4'16 Q1'17 Q2'17
North America Asia Europe Other
MOBILE
GLOBAL QUARTERLY CVC FINANCING HISTORY: MOBILE & CVC MOBILE DEALS
TELECOM INCREASE IN Q1’17
Q1’14 – Q2’17
72
69
71
69 69
71 CVC investment in the
63 mobile & telecom sector
61
58 57 58 57 increased by 22% in
52 Q1’17 to 71 deals, the
49
largest quarter since
Q1’15.
H1’17 funding
participation was down
41% over H2’16.
$0.4
The spike in Q3’15

$1.2
$0.7
$1.8
$0.6
$0.7
$4.0
$1.0
$0.9
$1.2
$2.0
$0.8
$1.1
$0.5
funding participation was
2014 2015 2016 2017 largely driven by two Didi
Chuxing financings.
GLOBAL CVC DEAL SHARE BY SERIES: MOBILE & TELECOM CVC INVESTORS MOVE
Q4’15 – Q2’17 BACK INTO SERIES C
2% MOBILE DEALS
7% 7% 4%
10% 4%
4% 7% 7% Seed / Angel and Series
20% 4%
11% 7% 3% A mobile deals
10% 16%
9% accounted for 54% of
14%
deal share in H1’17.
28% 16% 14%
21%
Series C deals with CVC
participation accounted
31% for 16% of deal share in
21% 26%
31%
24% Q2’17, a six percentage
point increase over
Q1’17.
33% 30% 24% 28% 30%
Q2'16 Q3'16 Q4'16 Q1'17 Q2'17
GLOBAL CVC DEAL SHARE BY CONTINENT: MOBILE & TELECOM NORTH AMERICAN
Q4’15 – Q2’17 MOBILE DEALS DIP
2% 2% 2%
North American mobile
17% 20%
20% 23% 26% deals with participating
CVC investors declined
from 59% of deal share in
24% Q4’16 to 41% in Q1’17.
24%
33%
26% Asian deal share
39%
increased by 15
percentage points over
the same time period to
39%.
53% 42% 59% 41% 46%
Q2'16 Q3'16 Q4'16 Q1'17 Q2'17
HEALTHCARE
GLOBAL QUARTERLY CVC FINANCING HISTORY: HEALTHCARE CVC HEALTHCARE
Q1’14 – Q2’17 DEALS INCREASE IN
64 H1’17
59
Deals to healthcare
53 companies with CVC
51
50 49
45 45
participation increased
43 by 16% in H1’17 over
41
37 38
H2’16.
33
29
Funding participation
increased 82% in Q1’17,
rising to $2B, the highest
quarterly amount in
recent years.
$0.9
$1.7
$0.4
$0.9
$0.4
$0.8
$1.0
$1.1
$1.6
$1.2
$1.1
$1.1
$2.0
$1.3
2014 2015 2016 2017
GLOBAL CVC DEAL SHARE BY CONTINENT: HEALTHCARE CVC INVESTMENT IN
Q2’16 – Q2’17 SERIES B HEALTHCARE
DEALS GROWS
3% 4%
9% 7%
8% 14% 6% Series B deal share
7%
9%
11% 7%
11% increased from 19% in
10%
13% 9% 2% 8% Q4’16 to 31% in Q1’17.
13%
8%
19% Series A deals also

24% 26%
increased in Q2’17,
29% 31%
reaching 42%.
Series A and Series B

investment accounted
37% for more than 60% of
32% 40% 31% 42% deal share in H1’17.
5% 4% 14% 4% 4%
Q2'16 Q3'16 Q4'16 Q1'17 Q2'17
GLOBAL CVC DEAL SHARE BY SERIES: HEALTHCARE NORTH AMERICA
Q2’16 – Q2’17 SURGES BACK IN
2% 2% HEALTHCARE
13%
INVESTMENT
20% 18% 17%
9%
42% In Q1’17, North American
24%
12%
17% CVC investment into
healthcare deals
increased from 47% of
12%
deal share to 67%, while
European deal share
decreased 24 percentage
points to 18%.
63% 71% 47% 67% 64%
Q2'16 Q3'16 Q4'16 Q1'17 Q2'17
Where is all this data from?
The CB Insights platform has the details on all the
2017 corporate venture deals included in this report
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THE H1’17 GLOBAL CVC REPORT

A comprehensive, data-driven look at global corporate venture capital

Machine learning technology selects and synthesizes see tomorrow's

“Think of the fundamental value chain of venture

See what other customers have to say at http://www.cbinsights.com/customer-love www.cbinsights.com 4

CB INSIGHTS NEWS MENTIONS PER YEAR

$8.5 $9.8 $17.3 $28.6 $25.8 $13.3

Investment (B) Deals

Investment (B) Deals

Asian corporate venture

Q2'16 Q3'16 Q4'16 Q1'17 Q2'17

Seed / Angel Series A Series B Series C Series D Series E+ Other

47% 51% 44% 45% 43%

Q2'16 Q3'16 Q4'16

Note: CVC investment includes rounds in

which a corporate venture fund

2013 2014 2015 2016 2017

The number of corporate

262 actively invested in

2012 2013 2014 2015 2016 2017

Unique CVC Investor

102 new VC arms

This amounts to 65%

New CVCs include

2012 2013 2014 2015 2016 2017

In H1’17, 136 unique CVC

This represents a 72%

58 98 124 151 158 136

2012 2013 2014 2015 2016 2017

2012 2013 2014 2015 2016 2017

In H1’17, CVC average

2013 2014 2015 2016 2017

Corporate VC ($M) Overall VC ($M)

ClassPass, Spero Therapeutics,

Ribo Life Science, Dook Book, Bangsun

Microsoft Ventures InMotion Ventures Ascension Ventures Sanofi-Genzyme BioVentures

Qualcomm Ventures In-Q-Tel Munich Re/HSB Ventures Lilly Ventures

SBI Investment SMBC Venture Capital Northwell Ventures Transamerica Ventures

Legend Capital Merck Ventures SingTel Innov8 American Family Ventures

Bloomberg Beta CapitalG Corigin Ventures ServiceNow Ventures

Samsung Ventures MDI Ventures 301 INC Nationwide Ventures

Novartis Venture Funds Shea Ventures Sony Innovation Fund YJ Capital

Comcast Ventures Robert Bosch Venture Capital InnoEnergy Sodexo Ventures

Cisco Investments Discovery Nusantara Capital Swisscom Ventures Boeing HorizonX

SR One Sistema Venture Capital ZX Ventures NAB Ventures

Verizon Ventures CME Ventures Baidu Capital ABB Technology Ventures

Blockchain, and a $35M

and an $18M Series C to

Investment (M) Deals

2012 2013 2014 2015 2016 2017

Investment (M) Deals

Investment ($B) Deals

68% 59% 55% 63% 57%

Q2'16 Q3'16 Q4'16 Q1'17 Q2'17

8% 8% 24% Q1’17 to 32% in

Seed / angel deal share

17% 16% 19% 18% 9%

Q2'16 Q3'16 Q4'16 Q1'17 Q2'17

Seed / Angel Series A Series B Series C Series D Series E+ Other

Q2'16 Q3'16 Q4'16 Q1'17 Q2'17

Since the drop in deal

Note: CVC investment includes rounds in