Klarna's 83% drop in valuation to $6.7bn is the most visible harbinger of a buy now, pay later sector suffering from defaults and competition - some from the same corporates investing there.

DeNA and Seibu Holdings helped Allm raise $180m, while several corporates are exiting ViaCyte in a $320m acquisition.

Allianz X helped digital insurance provider Coalition raise $250m while protein synthesis technology developer Nuclera hiked an E Ink-backed series B round to $58m.

Volkswagen and Ingka Group helped Northvolt secure over $1bn while Dai-ichi Life has led a $120m series C for YuLife.

Legend Capital led a $150m series E round for ClinChoice while Wemix took part in a $31.8m round for Planetarium Labs.

Siemens and Volkswagen provided $450m for the latter's Electrify America subsidiary while Leaps by Bayer helped push ReCode Therapeutics‘ series B round to $200m.

A range of corporates helped hydrogen system developer Electric Hydrogen raise $198m while Shell and Chevron backed fusion energy system developer Zap's $160m series C.

American Family helped digital auto insurance portal Branch secure $147m while Anthem, Optum and CVS Health all contributed to a $140m round for home care platform developer CareBridge.

Envision Group’s Envision Digital subsidiary raised $210m in series A funding while Sarnoff Corporation’s Intuity Medical spinoff will shut down at the start of July.

Corporate-backed media deals topped $1bn last year and this year looks to be on track to outpace 2021.