One thing is the regulatory landscape, which is much more challenging than it used to be for Italian tech companies. Many rounds are subject to regulatory clearances, such as the Golden Power, that makes on one side the transaction longer to close for the founders, but on the other side it requires very specialized advice.
We are seeing significant rounds in the aerospace sector in the last few months. Then there’s AI applied to industrial automation, which is a crucial sector in Italy due to Italy being a manufacturing country. At Orrick, we have significant expertise in dealing with such kind of rounds, both investor-side and company-side.