11 November 2019 – Marianne Wu Moves On From GE Ventures

The Big Ones

Marianne Wu, president of GE Ventures, has left the corporate venturing unit as the US-listed industrial conglomerate has agreed to sell 16 healthcare portfolio companies to an affiliate of Leerink Revelation Partners.

Over the past few years, China has – partially out of necessity – been responsible for a lot of healthcare innovation and that hasn’t gone unnoticed by international players. AstraZeneca is the latest corporate to want a slice of the action and the pharmaceutical firm is going all in with the launch of a $1bn fund it unveiled together with investment bank CICC. No word on how much money it’s put in, though AstraZeneca’s chief executive Pascal Soriot told Bloomberg his company wasn’t the majority investor. Expect to read about the Healthcare Industrial Fund a lot.

Also looking at $1bn is Japan-based accounting software provider Freee, which has confidentially filed for an initial public offering on the TSE Mothers Market and hopes to attain unicorn status. If the flotation goes ahead, it would provide exits to a long list of varied corporates, including Line, Mitsubishi UFJ, Nippon Life, Life Card, Salesforce, Sharp, Recruit, SBI, Sumitomo Mitsui Banking and Chiba Bank, as well as the Toyota-backed Future Creation Fund.

Congrats to SetSquared sweeps UBI crown. SetSquared fended off competition from peers such as RMZ, Chalmers Ventures and Yes!Delft to seal UBI’s global university incubator award for a third time.

Funds

Air conditioner producer Daikin Industries has pumped $100m into a corporate venture capital unit dubbed Technology and Innovation Center CVC Office and plans to deploy the capital over a five-year period. The vehicle will make VC investments but will also house an accelerator and will look to launch new startups through a partnership with the University of Tokyo.

IAN closes $53m fund

Vives finds $27.7m for Inter-University Fund

Exits

Aerial technology developer Ehang has filed for an initial public offering expected to raise up to $500m if reports earlier this year are accurate. The Chinese company has raised $52m from investors including Shanghai International Group across two equity rounds and has set an initial $100m target. It’s one of several compatriots who have filed in the US and are looking to float in the coming weeks.

The biggest M&A exit is the $540m all-cash acquisition of Scout RFP by Workday, less than a year after the corporate’s investment unit Workday Ventures last invested in the sourcing platform. Salesforce Ventures and GV are among the exiting shareholders, having contributed to more than $60m in equity financing since Scout’s founding in 2014.

Corporate banking services isn’t an area that’s popped up a lot but Ebury has been making a name for itself with functionality such as mass payments in multiple currencies and foreign exchange risk management. That’s previously convinced financial services firm such as NIBC to invest and now Santander is getting in on the action with a $450m primary and secondary share purchase that gives it a majority stake – just about – of 50.1%. Ebury will continue to operate as an independent entity, and existing investors have also reinvested in the business.

Jask joins Sumo Logic

Deals

Riskified has built an e-commerce fraud prevention software that confirms legitimate customers in real-time to prevent fraudulent transactions, and its potential previously convinced Capital One Growth Ventures, Phoenix Insurance Company and NTT Docomo Ventures to invest. It’s now also attracted investors such as Fidelity to raise $165m in series E funding and push its valuation beyond $1bn.

Chinese antibody drug developer Akeso Biopharma has also been busy raising a big pile of cash, attracting $150m in series D funding co-led by pharmaceutical firm Sino Biopharmaceutical and with participation from K. Wah Group.

There are a range of companies out there trying to take the house sales process from the high street to an online marketplace, but HomeLight’s proposition is unique in that it scours more than 40 million real estate transactions and more than 1.4 million agent profiles to find the best realtor for a homeowner looking to sell.

Medical device manufacturer Peijia Medical hasn’t appeared on GCV’s radar up until now, but the company has been attracting capital since it was launched in 2012. Lilly Asia Ventures, which seemingly backed a series B of unspecified size in 2018, has also supported a $100m series C round announced by Peijia this week, and the money will help drive product development of the company’s devices to treat heart valve disease.

Almost 114,000 people are currently waiting for a transplant in the US alone, but if eGenesis is successful such lists may not be an issue anymore: the Harvard University spinout is using gene editing technologies to make animal organs compatible with human patients – a process known as xenotransplantation. It’s initially focusing on kidneys andhas attracted $100m in series B funding from investors including Leaps by Bayer to make the procedure a reality.

Geltor to apply for $100m

Shape boxes up $35.5m


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

7 March 2016 – Google Capital, Alphabet, Magic Leap, Snapchat, Mercari, AXA, Slack, Souqcom, Vertex, Purdue University, Oregon State University and more

Deals

We tracked 132 deals in the month. While this would be the lowest month for deal activity since September 2014, it is not much below activity in many of the months during the last year and a half, while it is significantly above most months in 2014 as well as prior years. We also typically track some deals after a month ends.

The most active corporate during the month was holding company Alphabet, which invests through its two venturing units Google Capital and GV, which matches trends in recent years, where it has regularly been one of the most active investors.

The most active corporate partner among venture firms was Arch Venture Partners, which invested alongside US-based healthcare company Johnson and Johnson, US-based asset manager Fidelity, China-based healthcare company Wuxi Pharmatech, real estate company Alexandria, and healthcare company Pfizer.

The largest deal in February was the $793.5m series C round raised by US-based augmented reality technology developer Magic Leap, in a deal led by e-commerce firm Alibaba.

The biggest exit of the month was the sale of Ravello Systems, the US-based virtualisation software developer, which was sold to Oracle for $500m. Ravello had raised $54m in venture funding, including $28m in a January 2015 series C round co-led by Qualcomm and SanDisk’s corporate venturing units: Qualcomm Ventures and SanDisk Ventures.

Snapchat, backed by Tencent, Alibaba and Yahoo, boosted its series F round to more than $710m and its overall funding to more than $1.3bn with $175m from Fidelity.

Mercari rises with $75m round.

AXA invested €75m in e-commerce holding vehicle Africa Internet Group last month and the round has now been boosted to €300m ($326m) with commitments from MTN, Rocket Internet and Goldmn Sachs.

Messaging platform Slack has so far raised $340m from investors including GV but is now seeking an additional $150m in the wake of it ramping up staff numbers and launching a TV advertising campaign.

Influitive, the creator of an advocacy marketing platform, raised about $30m in July and has now attracted new funding to take its NTT Docomo-backed series B round to almost $39m. The capital helped to support the acqui-hire of scheduling app developer Ironark Software.

Souq.com has shown that e-commerce growth in Asia isn’t restricted to the usual suspects of China, India and Southeast Asia, raising more than $270m at a reported $1bn+ valuation.

Electronic component manufacturer Murata Manufacturing Company led a $19m series B round for US-based power conversion semiconductor developer Arctic Sand Technologies, a spinout of MIT. more

People moves

Ben Brabyn, former COO of UK Trade and Investment (UKTI) Innovation Gateway, has been appointed head of UK-based technology accelerator Level39.

Michael Fernandes has left Malaysian sovereign wealth fund Khazanah Nasional to become a partner and co-head of South and Southeast Asian operations at Leapfrog Investments. At Khazanah Nasional, he was manager of the healthcare portfolio, valued at $7bn on the Singapore stock exchange.

Monika Gierszewska has been appointed as director of incubator SetSquared’s Bristol branch. SetSquared is a collaboration between the universities of Bristol, Bath, Exeter, Southampton and Surrey. (more)

Funds

Vertex Venture Holdings, the wholly-owned investment arm of Singapore government’s state fund Temasek, has held the final close of its Vertex Ventures Israel fund at $150m. The fund had a target of $100m.

InnovFin, a joint initiative of EIF and EIB, has signed a deal to provide $100m to LeumiTech to support Israel-based businesses.

Purdue University has set up a $10m seed-stage fund to build on its successes from last year, when Purdue created a total of 40 new businesses, incl. 25 spinouts. The fund will be jointly managed by the university’s startup accelerator, Purdue Foundry, and the University Development Office.

Oregon State University launches fund with Rogue Venture Partners that is expected to raise between $10m and $20m and will invest in companies within the state. OSU will provide a fifth of the capital.


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