18 December 2017 – OneWeb Follows SpaceX with a $500m Investment

Deals

Days after SpaceX raised $1bn in funding, another satellite technology company, OneWeb, is lining up a $500m investment from SoftBank, which had previously put up $1bn of the $1.2bn OneWeb raised a year ago. .

Office software producer Kingsoft spun cloud storage business Kingsoft Cloud out in 2012 but has retained a majority stake now sized at 52%. It also invested $150m of the $300m in series D funding Kingsoft Cloud just raised at a $1.9bn valuation, bringing its total funding to approximately $500m.

Reports for most of this year have been touting a $200m corporate investment in Indian online grocer BigBasket, and the latest news is that Alibaba will pay $200m for a 25% stake in the company as part of a $280m round.

Koch Disruptive Technologies, a newly formed vehicle for conglomerate Koch Industries, has made its first investment, leading a $150m series E round for InSightec, the developer of a magnetic resonance-equipped ultrasound surgical device.

There have been some big deals in the space sector recently, and the latest is iSpace, a lunar exploration company that’s just closed $90.2m in series A funding, the largest series A round in Japan’s history.

NextDoor, the social media platform focused on local communities, has raised $75m from undisclosed investors at a valuation indicated by a regulatory filing to be about $1.5bn.

AI chip developer ThinkForce has secured $68m in a series A round featuring machine vision technology developer Yitu Technology as well as Sequoia Capital China, Yunfeng Capital and Yitu backer Hillhouse Capital.

Online razor seller Harry’s has raised $63.7m in funding, according to a regulatory filing, cash that will reportedly be put towards a complementary acquisition.

GV has participated in a $63m series B round closed by oncology therapy developer Relay Therapeutics that took the company’s overall funding to $120m.

Insikt, the Rakuten-backed operator of an online lending platform for the un(der)banked, has raised $50m in a series D round led by Grupo Coppel that took its total funding past the $100m mark.

Swedish mobile payment and small business revenue technology provider iZettle has secured about $47m in a Dawn Capital-led round that included the Fourth Swedish National Pension Fund, at a reported valuation of about $950m.

We’ve had several GGV deals already, and on GUV, the biggest deal was US-based immuno-oncology developer Pionyr Immunotherapeutics, which raised $62m in series B funding from a consortium that featured spinout-focused investment firm Osage University Partners.

Funds

Auto parts supplier Valeo has provided 25% of the money for a $226m car technology fund formed by private equity firm Cathay Capital, joining government-owned Yangtze River Industry Fund as a cornerstone investor.

On GGV, the EU-owned European Investment Fund contributed funding to investment firm LSP’s second medtech vehicle, LSP Health Economics Fund 2 (LSP HEF 2), which reached an oversubscribed close of €280m ($330m).

And on GUV, UM Ventures, the tech transfer office for the University of Maryland System (UMS), has unveiled plans for a venture fund of undisclosed size aimed at retaining university-linked startups in the city of Baltimore.

Here’s an interesting one from GUV as well: Imperial College London and Tsinghua University have joined forces to seed a $300,000 fund called the Tsinghua-Imperial Research and Innovation Fund to back early-stage scientific research.

Exits

Gilead Sciences has agreed to acquire T cell receptor therapy developer Cell Design Labs in a deal that could value it at up to $567m, six years after Kite Pharma, now a Gilead subsidiary, took a 12.2% stake by backing a $34.4m round that remained Cell Design’s only funding.

Apple has reportedly lined up a $400m acquisition of music identification app developer Shazam. The deal would provide exits for América Móvil, Sony, Universal and Access Industries, but none look likely to make a profitable return on their investments, Shazam’s valuation having peaked at about $1bn in 2015.

On GUV we’ve had two IPO-related news this past week. First up, Mirriad, a UK-based video technology spinout from University of Surrey, is targeting £26.2m ($35m) in gross proceeds in its initial public offering on Aim. Mirriad, which will enter the public markets under the ticker symbol Miri tomorrow (that’s Tuesday, December 19 for those of you listening later).

Then we also have Fusion Antibodies, a UK-based genomics modelling platform spun out of Queen’s University Belfast, which will raise £5.5m ($7.4m) in its initial public offering on Aim.


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

06 March 2017 – British Business Bank’s $500m fund and Much More

Funds

Foxconn, the contract manufacturer that’s already backed the $100bn SoftBank Vision Fund, has now also dropped $600m on a majority stake in the telecoms group’s Asia-based tech-focused investment arm SoftBank Asia Capital.

Baloise has committed $50m to an investment vehicle operated by Anthemis to identify opportunities in insurance technology startups based in Europe and the US.

Symantec, which previously backed Appthority via its subsidiary Blue Coat Systems, has decided to join the corporate venturing world and launched Symantec Ventures.

MFEC sets aside $20m to invest in startups and will move some of its human resources staff to manage the new corporate venturing subsidiary.

Kore, which provides business management software for entertainment companies and sports franchises, has formed a strategic investment arm and closed its first deal.

The Mobile World Congress might be making headlines because Nokia’s iconic 3310 handset is being resurrected, but Facebook is certain to also draw attention with the launch of a $170m investment collaboration through its Telecoms Infrastructure Project that will target startups operating in that very telecoms sector.

University Corner

University venturing: the view from Cornell – an interview with Alice Li

Virginia Tech and Carilion launch $15m fund

Government Department

Big deal: British Business Bank launches $500m fund

Mercia is allocated Northern Powerhouse money

Vanedge points at $122m fund

Hatteras to manage $60m NC fund

Exits

Snap’s long-awaited initial public offering is upon us today, as the company priced 200 million shares at $17 a piece last night, resulting in a $3.4bn windfall.

As the news flow shows no intention of slowing down, today’s lead story is an initial public offering by Alteryx, a data analytics provider that counts Thomson Reuters and Sapphire Ventures among its shareholders. The company, which last raised $85m in a series C round in 2015, is targeting $75m in proceeds with a flotation on the New York Stock Exchange but is yet to decide on a price range for its shares.

In Finland, Next Games stands to be the country’s first games developer to complete an initial public offering if it goes ahead with plans to list on the Nasdaq First North Finland.

Another IPO: the week stays busy with Ecovacs Robotics, a China-based vacuum and household robotics producer, filing for a flotation on the Shanghai Stock Exchange.

Mozilla acquires Pocket and provides an exit to shareholders including Axel Springer, Digital Garage and Alphabet.

Yelp has acquired its portfolio company Nowait, a restaurant booking app that it backed last August.

Deals

Our lead story last Monday is a Big Deal piece by reporter Kaloyan Andonov, in which he looks at what Ant Financial’s decision to provide $200m to Kakao Pay the previous week means.

Satellite operator OneWeb is making headlines with a $13bn all-stock merger with its peer Intelsat to produce a new entity that is set to attract $1.7bn in funding from SoftBank, the same investor that previously led a $1.2bn round with a $1bn cash injection in late December.

Oyo Rooms books up to $500m

Ola moves forward with $330m

Back in January, Grail, the oncology diagnostics company spun out of Illumina, was reported to be seeking $1bn for its series B round. Fast-forward to today and the startup has revealed that it has secured $900m – which may seem like it’s missed its target, but in fact that’s a first tranche and Grail is seeking up to an additional $900m to take the round all the way to $1.8bn.

Ride sharing might be in the news for all the wrong reasons these days as Uber is faced with scandal after scandal, but Didi Chuxing, the China-based ride hailing service that swallowed up Uber China, remains in good spirits: the company just backed a $450m series D round for Ofo, a bike sharing app provider.

A month ago, we reported on Paytm E-Commerce reportedly seeking a round of $180m to $200m and it appears the company has now secured the upper amount, getting $177m from Alibaba and another $23m from Saif Partners.

CloudMinds, an AI technology developer that previously obtained a stunning $31m in angel and seed capital from investors such as SoftBank, has received a similarly impressive $100m series A round from unnamed backers.

Delhivery coordinates $100m round

ChargePoint, which operates a network of independently managed charging stations for electric vehicles, has added $82m to its coffers thanks to a funding round led by Daimler.

University Corner

PMV diagnoses $74m series B

Urjanet raises $20m series C

Government Department:

Omeicos is treated to $8.7m


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