02 July 2018 – AT&T Agrees Acquisition of AppNexus

Exits

AT&T has agreed an acquisition of AppNexus reported to be priced around the $1.6bn mark, enabling WPP, Microsoft, News Corp and Deutsche Telekom to exit.

PayPal sinks $120m into Simility acquisition

University

TTTech sells stake to B&C

Xiaomi’s IPO has been a long, hard slog for the company. It had originally aimed to raise $10bn in a dual Hong Kong and Shanghai listing that would have valued it at about $100bn, but the Qualcomm-backed electronics producer has had to settle for a $4.7bn offering, solely in Hong Kong, which valued it at $54bn.

Chinese automotive e-commerce marketplace Cango has filed to raise up to $300m in a US-based initial public offering that will allow Tencent, Didi Chuxing and Taikang Life Insurance to exit.

A more recently thriving space involves livestreaming, and China-based Inke has set the terms for an initial public offering in Hong Kong that will net $167m if it floats at the top of the range.

Babytree, a China-based online platform that combines baby and child products, development advice and social networking for parents, has filed for an IPO in its home country.

Outside of China, life sciences companies are driving the US IPO surge, much as they did three three or four years ago. Some half dozen healthcare companies floated the previous week including Magenta Therapeutics, which secured $100m when it floated.

Cancer drug developer Constellation Pharmaceuticals has filed to raise up to $86.3m in an offering that will follow almost $230m in equity funding.

Translate Bio, a developer of messenger RNA drugs for diseases caused by gene or protein dysfunction, has raised over $121m in its own IPO, in the US.

Neon shows way to $100m IPO

Kezar kicks into public markets

Xeris reformulates path to IPO

ElectroCore enters public markets with $78m offering

Allakos aligns itself with $75m IPO

Deals

Transport services provider Go-Jek closed a $1.5bn round earlier this year at a $4.8bn valuation, and is now in talks to raise the same amount in a new round, according to The Information.

Evergrande Health Industry, part of property developer China Evergrande, has taken a 45% stake in smart electric vehicle developer Faraday Future, paying $860m for Season Smart, the investment entity that held a 45% stake in the company.

Showing once again that ride hailing continues to be a vibrant destination for venture funding, Lyft has raised $600m in a Fidelity-led round that valued it at more than $15bn post-money.

PolicyBazaar signs up SoftBank for $238m round

Helix has closed a series B round backed by Illumina and Mayo Clinic at $200m, and will use the funding to expand its personal genomics product marketplace.

Precision BioSciences has closed a $110m series B round backed by Amgen Ventures, Brace Pharma Capital and Alexandria Venture Investments, and will use the proceeds to expand the portfolio of products centred on its genome editing platform.

Advanced battery developer QuantumScape has largely operated in stealth since it was founded in 2010 but has received $100m from Volkswagen as part of a deal that will involve the companies forming a joint venture to bring solid-state batteries to the industrial-scale manufacturing stage by 2025.

AISpeech aces latest round

Cibus harvests $70m in series C funding

B-Stock beats its way to $65m

TouchBistro completes $54m series D order

Carisma charms investors in $53m series A

AIpark finds space for Nio in series B

University

Pennsylvania lines up $50m

Irish spinout generation slides in 2017

Funds

Dementia Discovery Fund delivers $350m close

Charles University spawns TTO


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

11 June 2018 – Ant Financial Raises $14bn not $10bn

The European Commission has today released its draft budget for its next financial period to start after 2020 with its draft plans for about $100bn for innovation funding (nice analysis by Science Business here).

Deals

Last month, Ant Financial was reported to have closed a jaw-dropping $10bn funding round at a $150bn that would have been the largest ever round at the largest ever valuation for a private company. It turns out, those reports were wrong – in fact, Ant Financial has raised a mind-blowing $14bn from investors including two Singapore government-owned entities, GIC and Temasek.

Geo-Jade Petroleum has led a series D round for Caogen Touzi, which also featured a range of unnamed, existing investors.

Bigo, a livestreaming platform based in Singapore, has now raised $272m in series D funding to further drive its growth. The round was led by another video platform, YY.

Lime (previously known as LimeBike) will hope that a $250m it is reportedly trying to raise from investors including GV will help it stay ahead of competitors. The company was previously rumoured to be seeking a total of $500m in equity and debt, but it appears the latter financing has been put on hold for unknown reasons.

Hyperchain Technologies, which has raised $234m in a round led by real estate developer Xinhu Zhongbao.

Dataminr, which has developed technology to detect, classify and determine the significance of public information on social media in real time, has now raised more than $380m after attracting $221m from as-yet unnamed backers. Fidelity and Credit Suisse previously backed a $130m series D in 2015.

Honest Company, the ethical household, beauty and baby products business launched by actress Jessica Alba, appears to be on an upwards trajectory again after receiving $200m from L Catterton, the private equity firm co-founded by LVMH.

Alibaba has purchased a 10% stake in Babytree that valued the e-commerce platform at $2.2bn.

Sina has co-led a $103m funding round for Pintec, which focuses on retail financial services.

Autohome has made a strategic investment in used car auction platfom Tiantianpaiche, whose backers already include SoftBank, SIG, Tencent and Bitauto.

Western Digital has joined a consortium of investors led by BlackRock for a $93m series D round in Qumulo.

Pivotal BioVenture Partners and Roche have both returned to back a series C round for SutroVax, which has also added TPG, Medicxi and Foresite Capital to its shareholders.

Volkswagen and Access Industries have supported Gett’s latest funding round that valued the ride hailing business at $1.4bn.

Kunlun-backed Nashwork has attracted $78m in a series B+ round backed by Sino-Ocean Group.

Bertelsmann Asia Investments was among the returning investors in a $70m series B+ round, which followed an initial $100m series B in February this year.

Lilly Asia Ventures and existing investor Alexandria Venture Investments have taken part in a $65m series C round for metabolic disease treatment developer Metacrine.

BlueVine, backed by Rakuten and Citi, will use the money to expand its product offering and accelerate recruitment of its research and development team.

Avi Networks has received $60m in an oversubscribed series B round that featured long-time partner Cisco’s corporate venturing arm as a new investor.

Exits

Kuaishou has acquired AcFun, which was reported earlier this year to have wound down but had in fact experienced a major server crash.

Neon Therapeutics is among the latest to file for an initial public offering, hoping to raise $115m to support several clinical trials. The listing would provide exits to shareholders including Pharmstandard International and Access Industries, though only Access is among the larger shareholders.

Domo, a business optimisation software provider backed by enterprise software developer Salesforce and marketing firm WPP, that is targeting $100m in proceeds. The company is using the offering as a way of avoiding reduced operations – despite emerging from stealth with $200m in series D funding in 2015, it has been making heavy losses and money is running out fast.

Neuronetics has filed for an $86.3m initial public offering on Nasdaq that will offer exits to corporates Pfizer, General Electric and Ascension.

Xiaomi’s eagerly awaited initial public offering, which is already noteworthy for its $10bn target, became even more interesting this week when it emerged that the company will undertake a dual listing, issuing the majority of shares in Hong Kong as expected and offering up to 30% in mainland China through Chinese Depositary Receipts (CDRs).

Marley Spoon, a Germany-based on-demand food delivery service backed by e-commerce group Rocket Internet, is gearing up for a $53m initial public offering… in Australia. The country is one of Marley Spoon’s largest markets and the one where it has actually broken even.

Funds

Pfizer isn’t exactly a new player in the corporate venturing space, having launched its Pfizer Venture Investments unit in 2004, but the pharmaceutical giant is clearly embracing the current boom by putting another $600m towards its CVC efforts – with approximately $150m of that dedicated to neuroscience startups.

Lockheed Martin follows closely behind today by doubling the size of its CVC arm, Lockheed Martin Ventures, to $200m. A key interest for the unit will be early-stage startups in the areas of sensor technologies, autonomy, artificial intelligence and cybertechnology. It’s already revealed a first investment from the new cash, too: NTopology, a US-based developer of computer-aided design software.

Real estate is ripe for disruption by technology startups and that’s led property manager JLL to enter the corporate venturing space with a $100m commitment to its new unit JLL Spark – which was revealed this week but actually founded last year.

The ride hailing firm has launched Grab Ventures, which is set to make eight to 10 investments over the next two years, and established an accelerator called Velocity.

Huobi and Kiwoom Securities have joined forces with NewMargin Capital to launch a blockchain-focused investment fund.

Veolia, La Capitale, Groupe ADP, Ubisoft and Unisys are among the limited partners in White Star’s second fund, which has achieved a $180m close.

GUV

Ripple will pour $50m into R&D at 17 academic institutions, including institutions in the US, UK, India and Brazil.

UC Riverside has partnered the Know Hub Chile partnership to help Chile conduct better research and tech transfer.


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

07 May 2018 – Tencent Leads $820m Series C for UBTech

Deals

Baidu has spun off the likes of Baidu Video and Zuoyebang in recent years, and video streaming platform iQiyi, in which Baidu owned a majority stake, raised $2.25bn in an IPO in March. The latest deal involves the corporate’s financial services subsidiary, Du Xiaoman, which has raised $1.9bn from investors including Taikang, $1bn of which will go straight to Baidu.

Tencent has led an $820m series C round for consumer robotics developer UBTech that valued it at about $5bn.

Online education has been one of the most notable growth areas in China’s VC space and things appear to be heating up. VIPKid, the operator of a tutoring platform that utilises international teachers, is reportedly looking to secure $500m at a $3bn valuation, double that at which it raised money in a Tencent-backed series C round just eight months ago.

Indian insurance comparison portal PolicyBazaar is close to raising $200m in a round that will be led by a $150m investment by SoftBank Vision Fund.

SF Express, the largest player in China’s logistics sector, has invested $100m in Flexport, the operator of a freight services platform that covers land, air and sea along with adjacent services.

SoundHound raised $75m from a corporate-heavy investor group early last year, and now it’s added $100m from Tencent, Daimler, Orange, Midea Group and Hyundai Motor Company at a reported valuation of more than $1bn.

Masterclass, the online education platform equipped with a host of famous teachers, is reportedly on its way to closing a $70m series D round.

Roivant Sciences raised $1.1bn in a SoftBank Vision Fund-led round last August with a brief to develop and launch a series of offshoot companies.

On GUV, Crescendo Biologics, a UK-based immunotherapy developer spun out from University of Cambridge, closed a $70m series B round that featured commercialisation firm IP Group as well as EMBL Ventures, the investment arm of European Molecular Biology Laboratory.

Funds

Microsoft Ventures has invested in some 50 companies since it relaunched itself as a corporate venturing vehicle two years ago, but has run into identity trouble with people confusing the unit with the similarly-named network of accelerators its parent continues to run around the world. Its solution has been to rebrand to M12, while the corporate’s accelerator initiative will be renamed Microsoft ScaleUp.

The city government of Jerusalem is looking to launch a $130m venture capital fund to support local biotech startups in areas including medical devices and pharmaceutical technology. The government’s contribution to the vehicle would amount to $5.5m at most, with the remainder supplied by private investors.

Exits

Flipkart’s board of directors has approved a deal whereby Walmart will pay approximately $15bn for a 75% stake, according to Bloomberg.

Medtronic spinoff Inspire Medical Systems has gone public in a $108m initial public offering that also represented an exit for Johnson & Johnson.

Consumer electronics and IoT technology provider Xiaomi has officially filed for an initial public offering in Hong Kong that sources told the South China Morning Post will be about $10bn in size, at a valuation of about $100bn.

Laser developer nLight has become the latest tech company to launch a successful IPO, floating above its range to raise $96m.

Mita, a US-based orthopaedic device spinout from University of Colorado, has been acquired by medical technology developer Stryker for an undisclosed sum.


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