9 May 2016 – Ford invests in Pivotal Software, Chehejai gets charged up, Adobe buys RayVio, Lenovo establishes a fund and many people moves

Investments

Ford led a $253m round for Pivotal Software, a spinout of EMC and VMWare. These two corporates also joined the most recent round, alongside Microsoft and existing backer GE.

Chehejia is now $120m better off after investors including water pump producer Leo Group injected capital.

A deal that was simultaneously the biggest for Global Government Venturing and one of the largest on Global Corporate Venturing is Farfetch’s $100m series F round.

On Global University Venturing, the week’s most significant deal was Boston spinout RayVio, which closed a $26m series C round featuring semiconductor manufacturing equipment producer Applied Materials through its corporate venturing arm Applied Ventures.

Exits

Adobe originally backed content curator Livefyre as part of a $32m series D early last year and has obviously been so impressed it’s now acquired the company outright – a decision that allows Salesforce to exit.

Over on GGV, 3D printing designs marketplace Pinshape has been purchased by 3D printers manufacturer Formlabs, giving an exit to investors such as BDC Capital, the investment arm of government-owned Business Development Bank of Canada, who had contributed to Pinshape’s $850,000 seed funding.

Ecomachines Ventures has decided to sell its stake in Warwick spinout Recycling Technologies to an unnamed private investor.

Funds

Lenovo established a $500m corporate venturing fund dubbed Lenovo Capital that will seek out up to 20 investees per year. That’s in addition to plans to spin out up to 10 startups this year.

Heritage Group has received $220m for its latest Healthcare Innovation Fund, which has the rare privilege of being entirely backed by 15 strategic investors in the form of regional US care systems.

Over on GGV then, we have news that sovereign wealth funds now hold $6.51 trillion in total assets.

On the university side, the largest fund this week is a $6m vehicle set up by a graduate of UC Berkeley.

People

On GCV, news emerged that 7-Ventures, the corporate venturing arm of retailer 7-Eleven, is in limbo following the departure of its two co-founders Rob Chumley and Raja Doddala.

Derek Norman has stepped up to take over from Alex Steel as head of agricultural company Syngenta’s investment unit. Norman has been selected for the GCV Rising Stars 2016 list, and we recommend heading on over to globalcorporateventuring.com to read more about his impressive career.

Merck Global Health Innovation Fund, the corporate venturing subsidiary of Merck & Co, has hired Francesca Domenech Wuttke as a managing director.

And then we have Paul Ark, who’s been appointed head of venture capital for SCB Ventures, the $50m strategic investment fund formed by Thailand-based financial services firm Siam Commercial Bank.

Daniel Balmisse moves on from his executive director role at BPIfrance to join Cathay Capital Private Equity as its chief operating officer.

Temasek has reshuffled its firm significantly following internal restructuring and the establishment of new units. The appointments include Chia Song Hwee and Dilhan Pillay as presidents and Fidah Alsagoff, Michael Buchanan, Png Chin Yee and Juliet Teo as senior managing directors.

Duke University has appointed Robin Rasor as new director of its Office of Licensing and Ventures from July 1st. Rasor comes from Michigan University where she was managing director of licensing within the university’s Office of Technology Transfer.


“Funky Chunk” Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 3.0

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