21 January 2019 – SenseTime Prepares for $2bn Round

The big ones

Image recognition software provider SenseTime raised a total of $1.7bn in the year running up to May 2018, and news has emerged that it’s preparing a new round with a target of $2bn.

Slack has been mooted as one of 2019’s likeliest IPO candidates for months now, but it’s reportedly looking to emulate Spotify and choose a direct listing rather than issuing new shares.

On GUV, news of note was that Purdue University has now launched a total of 223 university-linked businesses since 2013, more than half which were based on intellectual property (IP) licensed through Purdue Research Foundation’s office of technology commercialisation (OTC).

Deals

End-to-end construction and renovation services platform Katerra last raised money in an $865m series D round led by SoftBank Vision Fund a year ago.

SoftBank is reportedly in talks to pay $400m for a 42% stake in baby and child product retailer FirstCry, representing a signficant jump in valuation from the $350m figure reported for the company’s last round.

Around a week after news that its biggest rival, Bird, was lining up $300m in funding, reports suggest scooter and bicycle rental platform Lime is set to raise about $400m in a round that will value it at $2bn pre-money.

English language tutoring platform Dada has concluded its latest round, securing $255m in series D funding from investors including TAL Education.

Logistics service provider Yimi Dida has meanwhile raised $266m in series D funding from investors including Prologis.

Niantic has confirmed it has raised $245m in a series C round featuring Samsung Ventures and Axiomatic at a post-money valuation near to $4bn.

Funds advised by Apax Partners have agreed to invest $200m in big data software and services provider Fractal Analytics through a transaction expected to close next month.

Beta Bionics has attracted $13m from investors including medical device producers Zealand Pharma and Dexom to close its series B round at $63m.

Outdoorsy, the operator of a rental platform for recreational vehicles, has closed a $50m series C round that involved the return of Aviva Ventures, the corporate venturing unit that also backed its series B early last year.

Exits

Online film ticketing platform Maoyan has set the terms for its initial public offering in Hong Kong and will raise approximately $344m if it floats at the top of its range.

Educational services provider Byju’s has acquired connected toy producer Osmo in a $120m all-share transaction that will add a range of coprorates to the former’s investor base.

Cirius Therapeutics, a developer of therapies for liver and metabolic diseases, has filed for an $86.3m IPO that will provide an exit for Novo, which owns almost 20% of its shares.

On GUV, consumer electronics producer Samsung is in advanced discussions over a $150m to $160m acquisition of Corephotonics, an Israel-based smartphone camera technology provider based on Tel Aviv University research.

Funds

Venture firm Magenta Venture Partners has launched in Israel with substantial backing from Mitsui, which is also providing two of its four founding general partners, one of the others being Motorola Solutions Venture Capital alumnus Ori Israely.


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

14 January 2019 – CloudEndure Acquired by Amazon

The big ones

Reports in late 2018 suggested SoftBank Vision Fund was planning to invest between $15bn and $20bn in order to take a majority stake in portfolio company WeWork, but sources have told the FT that after the fund’s LPs balked at the idea (though a separate report said Masayoshi Son decided to pull out during the economic turmoil on the stock markets ahead of the Christmas period), SoftBank itself is set to provide $2bn of funding for the company.

Amazon has paid a reported $200m to acquire CloudEndure, a cloud migration and disaster recovery software producer that had disclosed a little over $18m in venture funding.

Healthcare system Providence St Joseph Health launched Providence Ventures in 2014 with $150m and a brief to make strategic investments of up to $5m in health technology developers.

On GUV, Ribon Therapeutics, a US-based biotechnology company developing enzyme families activated under cellular stress conditions, has come out of stealth with $65m in series B capital provided by a consortium led by Novartis Venture Fund, the corporate venturing division of pharmaceutical firm Novartis.

Deals

One of several China-based smart electric car developers to raise substantial funding last year, Byton is reportedly now lining up an additional $500m or so in a round set to value it at $4bn.

Mobile banking service N26 has secured $300m at a $2.7bn valuation, in a series D round led by Insight Venture Partners.

Just three weeks ago in our 2018 round up we were talking about the rapid growth of e-scooter rental platforms, and now news has emerged that Bird – one of the two key players in the sector – is lining up $300m in funding at a $2bn valuation.

Financial leasing service Tokyo Century has been an investor in strategic partner Grab since 2016, and has expanded its overall commitment to the ride hailing platform to $175m, consisting of both equity funding and financing for its Grab Rentals subsidiary.

ClearMotion, a developer of object-sensing systems for use in autonomous vehicles that was spun out of MIT, emerged from stealth almost two years ago having just raised $100m in series C funding from investors including Qualcomm.

Boom Supersonic is working on an aircraft that will be able to reach supersonic speeds while producing the same carbon footprint as business class travel. Its earlier investors include Japan Airlines and Ctrip, and it’s raised $100m in a series B round led by Emerson Collective.

Energy utility CLP has co-led a $100m series C round for digital health management platform Kang Sheng Health Management with China International Capital Corporation.

Instalment buying platform and credit provider Akulaku is in advanced talks to raise $100m in a series D round set to be led by Ant Financial, e-commerce firm Alibaba’s financial services affiliate.

Indian ride hailing service Ola has received $74m in funding from Steadview Capital at a reported valuation of $5.7bn, adding to an ongoing round it aims to close at $1bn.

Funds

Appliance producer Midea has raised $104m for an investment fund with a targeted close of up to $293m that will target developers of intelligent home products, smart manufacturing, retail and new energy technology.

Exits

Neurological disorder drug developer Alector has filed to raise up to $150m in an initial public offering that will enable investors including corporate venturing units MRL Ventures (which owns a 6% stake), GV, AbbVie Ventures, Lilly Asia Ventures and Amgen Ventures to exit. All five contributed to Alector’s last funding round, a $133m series E closed six months ago.


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