28 January 2019 – Stanford StartX Fund Comes to an End

The big 3

For all the talk about the big numbers of 2018 – Global Corporate Venturing tracked 2,775 deals worth an estimated total of $180bn, the details of which you can find in the January issue out and the World of Corporate Venturing annual review published at the GCVI Summit at the end of the month – the headline increase in CVC units masks continued evolution in units and structures.

GE Ventures has become one of the most prominent figures in the corporate venture capital space since being formed in 2013, but its parent company is reportedly looking to divest the unit as part of a large-scale restructuring effort that has already claimed its transportation subsidiary and could shortly include GE Healthcare.

Big deal: Stanford-StartX Fund reaches the end

Insurance group Axa formed its corporate venturing unit, then known as Axa Strategic Partners, in 2015 and it has now boosted its early-stage investing by putting $150m into a second early-stage fund that will provide up to $6m per deal.

And startups founded by women or minorities are still having a tough time getting capital. Enterprise software producer SAP is the latest corporate to try and change that, unveiling its No Boundaries initiative that will invest 40% of the existing SAP.io Fund in startups led by underrepresented entrepreneurs.

Other big news sees a sweep of large deals continuing. Go-Jek is one on the up. The ride hailing platform, Grab’s main rival in Southeast Asia, has raised $920m from existing investors that include Google, JD.com and Tencent for the first close of a round with a $2bn target.

Still, getting financial and hopefully strategic benefits remains the game. Reports earlier this week suggested Viacom was set to acquire online television streaming platform Pluto TV for up to $500m. The final price has proven to be a more realistic $340m, but it will still give a healthy exit to a round of investors including Sky, ProSiebenSat.1, UTA, Universal Music Group, Samsung Scripps and Windsor Media.

Funds

Menlo Ventures hires Qualcomm’s Haghighi

Deals

Genetic disease drug developer BridgeBio has received $299m in funding from investors including AIG that will be used to move a 15-strong pipeline of assets forward.

Desktop Metal has confirmed recent reports that it was raising new funding by confirming it has closed a $160m round led by Koch Disruptive Technologies, the then undisclosed large industrial company featured in those reports.

FirstCry was reported last week to be in the process of securing $400m from SoftBank, but now the company has revealed the round will be raised over two tranches – with a first $150m investment closed – and that the cash is actually coming from the Vision Fund rather than the corporate directly.

LinkedIn-backed data streaming platform developer Confluent has secured $125m in a series D round that valued it at $2.5bn. The round increased Confluent’s total funding to $206m and was led by Seqouia Capital, the venture firm that also led its series C two years ago.

AutoAI was unveiled by mapping technology provider Navinfo late last year to further develop smart in-car technology created by the firm’s subsidiaries.

Andela recruits GV for $100m series D

SoftBank Vision Fund has made a $100m investment in Globality, the operator of a platform where businesses can source service providers, that valued the company at nearly $1bn, a source told the WSJ.

Sunmi shines with Ant Financial investment

University

Minervax finds verve with $5m

Nexiot checks in series B funding

CIC makes cut in Imagen series B

Exits

Beleaguered Blippar finds a buyer

Avedro heads to public markets


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

16 May 2016 – Naspers, Kuang-Chi, HP, Malaysian Islamic fund, Hyperloop, VenBio and more

Funds

Global Corporate Venturing

Naspers is looking to put down roots in Silicon Valley via a newly formed investment subsidiary called Naspers Ventures.

Kuang-Chi makes Israeli pilgrimage for $300m fund.

HP has also established a corporate venturing arm, launching HP Ventures to invest in immersive computing, mobility, internet of things, artificial intelligence, smart machine and 3D technology.

IDG Ventures India raised $100m for each of its first two funds, but has targeted $200m for its third, with a view to making more late-stage investments as its portfolio companies grow. It now appears to be three-quarters of the way there, having reportedly raised $150m.

VenBio puts together $315m life sciences fund.

Taiho launches $50m CVC arm.

PSA unpacks $15m investment unit.

Cherry Ventures has just closed its second fund at $170m.

Global Government Venturing

Malaysia to launch $100m Islamic Venture Capital Fund.

Deals

Global Corporate Venturing

Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia, has meanwhile agreed up to $100m in funding for analytics firm Fractal Analytics.

In this week’s Big Deal, we look at how the deal compares to CVC efforts by other carmakers and ask whether automotive companies in general will increasingly focus their corporate venturing on connected car technology in future.

Huoli Tianhui, the operator of a flight and train ticket booking service, raised $143m in a round co-led by a subsidiary of travel-focused conglomerate HNA Group.

Hyperloop, the developer of a futuristic, vacuum-based mode of transport, has raised $80m in series B funding from investors including GE and railway operator SNCF.

Insurance firms Starr Companies and Ping An have contributed to a $70m round for Gushengtang, a six-year old company that specialises in traditional Chinese medicine.

Kingsoft Cloud, the cloud computing spinout of cybersecurity company Kingsoft, has added $50m to the $60m series C round it closed in February.

Global Government Venturing

Arpa-E expands Onboard Dynamics funding.

Exits

Global Corporate Venturing

Gene editing technology developer Intellia Therapeutics raised $108m when it went public late last week, floating at the top of its range.

Medical diagnostics technology developer NantHealth, part of Patrick Soon-Shiong’s NantWorks ecosystem, has filed for an IPO initially sized at $92m after reportedly raising more than $700m from backers also including Allscripts, Celgene and Blackberry.

Bankrupt Jumio identifies Centana as buyer.

People

Global Corporate Venturing

Swisscom calls up Schlaepfer for investment director role.

Global University Venturing

CeCe Cheng moves in with Andela.


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