24 August 2020 – SpaceX Raises $1.9bn

The Big Ones

SpaceX has been one of the most fervent fundraisers among private companies in recent years and it shows no signs of stopping. A securities filing indicates the spacecraft manufacturer and launch services provider has secured $1.9bn from undisclosed investors, with recent media reports putting the valuation of the round at $46bn. Its earlier backers include Google, which invested $900m at a $12bn valuation five years ago, and that valuation looks set to keep on rising for now.

Consumer electronics manufacturer Konka Group has teamed up with the Chinese city of Yancheng to put together an industry fund that will begin investing from a base of about $435m. The fund will be sized at up to $1.45bn and Konka is providing 40% of the capital. Its areas of interest include AI, semiconductors, the internet-of-things, new machinery and advanced materials.

Airbnb has announced it has confidentially filed for its long-awaited initial public offering. People were talking about an Airbnb flotation before the last downturn in the IPO markets in 2018. The rebound last year wasn’t enough to tempt it, but now, while they’re rallying for tech stocks, seems to be the right time despite a coronavirus-related hit to Airbnb’s business that saw it lay off 25% of its staff in May. The CapitalG-backed company had been valued at $26bn, down from $31bn, when it raised $1bn in debt and equity the previous month.

We have finally hit that summer lull on GUV, but there were still a few big stories. Most notably, Mission Bio, a US-based DNA analysis technology spinout of University of California, San Francisco (UCSF), has raised $70m in a series C round led by pharmaceutical firm Novo’s Novo Growth unit. Agilent Ventures, the corporate venturing arm of laboratory equipment and diagnostics services provider Agilent Technologies, also took part in the round, as did Cota Capital, Mayfield Fund and Soleus Capital. The round took the company’s total funding to more than $120m, it said, and Robert Ghenchev, head of Novo Growth, has joined its board of directors. Founded in 2014, Mission Bio has created a system called Tapestri which enables researchers and medical professionals to analyse single-cell RNA sequencing data to help develop precision medicines. The spinout leverages genomics technology from UCSF’s Abate Lab.

Deals

E-commerce group JD.com”s pharmaceutical product and medical services spinoff JD Health raised $1bn at a $6.9bn valuation last year, and now it’s agreed to add series B funding from investment manager Hillhouse Capital. The deal is set to be finalised next month and JD Health expects to get upwards of $830m from Hillhouse, an investor in its parent company since its 2012 series C round.

Last week we talked about reports that Chinese online medical insurance and crowdfunding service Waterdrop had raised $200m at a $2bn valuation, but a subsequent announcement places the size of the round at $230m. Tencent and Swiss Re co-led the round, which sources told Reuters valued Waterdrop just short of $2bn. Swiss Re has been relatively quiet in the corporate venturing space in recent years but reportedly put up $100m of the capital in this round.

Online share trading has made a big jump as the stock markets rally, and RobinHood is getting a lot of business in the US market. It has accordingly increased its valuation from $8.3bn to $11.2bn in the space of just four weeks, its latest move being to raise $200m in series G financing from investment firm D1 Capital Partners. It has now secured a total of $1.7bn and its earlier investors include Roc Nation’s Arrive subsidiary as well as Alphabet units GV and CapitalG.

Palfish is one of several Chinese online education providers to have experienced growth during Covid-19 lockdowns, and it has raised $120m in a series C round that included quantitative trading firm Susquehanna International Group. The company specialises in English tutoring and claims to have some 40 million users. It will put the funding towards improving its big data technology.

BlockFi has been one of the more frequent fundraisers in the startup space having closed five rounds in just over two years as it expands its range of digital currency services. The latest is a $50m series C round that included subsidiaries of CM Group and Siam Commercial Bank. The company has now secured more than $160m and its earlier backers include Consensys, SIG, Recruit and SoFi.

There are several VC-backed companies operating under the moniker of Element but the latest to raise money is the Germany-based bespoke insurance software provider, which has added funding from investors including Sony Financial Ventures and SBI Investment to a series A round that now stands at $46.5m. The earlier tranches featured Signal Iduna and Mitsui Sumitomo Insurance.

Funds

MDI Ventures, the corporate venturing arm of Indonesian state-owned telecommunications firm Telkom, has closed a $500m fund entirely financed by the company. It will invest between $5m and $30m in domestic digital technology developers that will get access to a range of government-owned corporations, which in turn will be able to leverage the technology required to form a digital ecosystem in the country.

Russian conglomerate Sistema may not be the most active participant in the corporate venturing space but it does have one of the largest ranges of investment, having closed a series of funds focusing on different regions and sectors. Its Sistema Asia Capital subsidiary closed a $120m India fund in 2015 and is in the midst of raising the same amount for a vehicle concentrating on Southeast Asia. Areas of interest include cybersecurity, computer vision, smart cities, urban mobility and the internet-of-things.

Exits

Pharmaceutical companies Juno Therapeutics (itself a spinout of Fred Hutchinson Cancer Research Centre, Seattle Children’s Research Institute and Memorial Sloan-Kettering Cancer Centre) and WuXi AppTec founded cancer immunotherapy developer JW Therapeutics in 2016 and now it has filed for an initial public offering in Hong Kong. Recent reports suggested JW would target $250m to $300m in the IPO having already raised more than $200m in venture funding. Juno retains a 26% stake in the company while WuXi AppTec owns about 14% of its shares.

Biologic drug developer Inhibrx has gone public, raising $119m having floated at the midpoint of its range. Inhibrx had received some $135m in equity and debt financing from investors including Eli Lilly and WuXi Biologics, and its share price followed recent trends by rising post-IPO. It’s been a bumper time for newly public companies of late, the question is how much of a bubble this represents and whether latecomers to the party could end up missing out.

Nano-X Imaging is working on a medical imaging system intended to function as a more affordable alternative to X-ray machines, and the Israeli company has set terms for an initial public offering in the US that will raise almost $106m if it floats at the top of its range. A big impetus is that existing investors including corporates Foxconn, SK Telecom and iA Financial have expressed interest in buying up to $80m of shares in the offering, which is a more than decent vote of confidence.


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

01 June 2020 – UBS Groups Prepares for Fintech Investments

The Big Ones

1

Switzerland-based bank UBS Group is setting aside hundreds of millions of dollars of its money to invest in financial technology companies, according to Bloomberg.

UBS hired Erasmus Elsner for its venture capital and growth equity unit last month but is reportedly still recruiting staff for a dedicated corporate venture capital (CVC) team. It is planning a corporate VC fund to make investments between $10m and $20m in dozens of companies targeting bank/client engagement, investing and financing platforms and the improvement of the bank’s underlying operations, a source told Bloomberg.

Mike Dargan, UBS’s Global Head Group Technology, said: “UBS wants to further engage with and support fintech firms. The new venture investment portfolio is a next step to accelerate our innovation and digitisation efforts.”

2

It’s a scary-enough headline, ‘Huawei Banned, So Let’s Invade Taiwan to Take TSMC?’, in reaction to the strict set of rules announced by the US government on May 15 in a bid to cut the China-based 5G and telecoms equipment maker off from the global semiconductor ecosystem.

In its subsequent report, “US strategic approach to the People’s Republic of China,” published on the 20th, the US said: “The administration is implementing the Foreign Investment Risk Review Modernization Act to update and strengthen the capacity of the Committee on Foreign Investment in the United States (CFIUS) to address growing national security concerns over foreign exploitation of investment structures, which previously fell outside CFIUS jurisdiction.

“This includes preventing Chinese companies from exploiting access to US innovation through minority investments in order to modernise the Chinese military. The US has updated its export control regulations, particularly in light of Beijing’s whole-of-society strategy and its efforts to acquire advanced technologies related to hypersonics, quantum computing, artificial intelligence, biotechnology and other emerging and foundational technologies. We are also engaging allies and partners to develop their own foreign investment screening mechanisms, and to update and implement export controls collaboratively through multilateral regimes and other forums….

“Domestically, the Administration is taking steps to strengthen the US economy and promote economic sectors of the future, such as 5G technology, through tax reforms and a robust deregulatory agenda. The President’s ‘Executive Order on Maintaining American Leadership in Artificial Intelligence’ is an example of a US government initiative to promote investment and collaboration to ensure the US continues to lead in innovation and setting standards for a growing industry.”

But the horse might have bolted. The ChinaTalk article at the top suggests Huawei has done enough over the past few years to survive, stating: “The main issue is supporting Huawei in maintaining its dominant position in 5G and helping it continue to be able to supply the needs of 5G bases.

3

The US healthcare system has many virtues, but it is simply too expensive and hard for consumers to access care, according to insiders. Coastal Americans’ faith in their system has been shaken by the coronavirus and this has created opportunities for some. Jeff Bennett, CEO of startup Higi, is trying to tackle the issue and has received a fillip with a new round of funding.

UK-based personal healthcare provider Babylon has joined the ranks of new corporate venturers by leading the latest round for US-based health engagement technology developer Higi.

The round was reportedly $30m in size and Higi’s previous investors, 7Wire Ventures, Flare Capital Partners, Jumpstart Capital, Rush University Medical Center for Health and William Wrigley Jr, also took part. Higi raised $25.8m in 2018, according to a regulatory filing, from investors including Blue Cross Blue Shield-affiliated venture firm Sandbox Industries, though Sandbox has said it is now no longer an investor.

4

Similarly, money is flowing in other parts of healthcare and life sciences. The power of science fiction films retains its hold in inspiring inventors but the secret to corporate venturing and open innovation lies in retaining optionality.

Drawing on inspiration from Star Trek, Vaxxas, a Queensland University, Australia, spin-out, has developed technology which could mean vaccine delivery via needles and syringes could soon be a thing of the past.

The World Economic Forum named the company a Technology Pioneer in late 2014 and over the past decade the company has been working on a nanopatch, based on research at the university’s Australian Institute for Bioengineering and Nanotechnology, that delivers vaccines painlessly and more efficiently than syringes.

5

Cisco intends to purchase the network analytics software producer, which had raised more than $110m from investors including GV and Salesforce Ventures, for a reported $1bn.

Networking equipment manufacturer Cisco agreed yesterday to acquire ThousandEyes, a US-based network management software provider backed by internet and technology conglomerate Alphabet and enterprise software producer Salesforce.

The price was reported by Bloomberg as being approximately $1bn, a figure confirmed to CNBC by a person familiar with the matter. Cisco expects the transaction to close by the end of next month.

Founded in 2010, ThousandEyes provides cloud analytics software that collects data from a range of access points, such as data centres and consumer devices, to identify potential sources of disruption and ensure websites, applications and services are delivered optimally.

Deals

Genome sequencing technology developer MGI Tech has closed a $1bn series B round, four years after being formed as a subsidiary of genome research organisation BGI. The round, which follows a $200m series A a year ago, shows the potential value in spinning off valuable subsidiaries, and it follows a $265m round for another China-based spinoff, smart sensor and power semiconductor provider BYD Semiconductor (see yesterday).

Chinese online grocer MissFresh has seen business pick up sharply during the coronavirus lockdown and has accordingly raised funding at a reported $3bn pre-money valuation. The company’s existing backers include Tencent and Lenovo but the only new investor revealed in media reports is CICC Fund. Bloomberg reported in the last few days that it was set to raise roughly $500m.

SpaceX meanwhile goes from strength to strength, the spacecraft producer and launch services provider expanding its latest funding round to $346m and surpassing its original target of a $250m close. Elon Musk has got a lot of flack over the past few years, but it’s worth noting that Tesla’s shares are continuing to rise while Alphabet-backed SpaceX is still growing – to a $36bn+ valuation, if reports from earlier this year are accurate.

Electric carmaker BYD is preparing for a Hong Kong Stock Exchange listing and as part of a restructuring effort it is spinning off semiconductor and sensor subsidiary BYD Semiconductor with $265m in external funding. Sequoia Capital China, CICC Capital and SDIC Venture Capital are co-leading the round, which will value the subsidiary at more than $1.3bn. Originally known as BYD Microelectronic, it was formed in 2004.

Marqeta makes off with $150m

Insitro has created a machine learning-equipped drug discovery platform and has secured $143m in a series B round featuring WuXi AppTec’s Corporate Venture Fund, GV and Alexandria Venture Investments. GV had already contributed to the $100m in series A funding with which Insitro emerged from stealth in mid-2018, at a $1.05bn valuation.

Arvelle arcs to series A close

Pie Insurance picks out $127m

Bolt flashes on fresh funding

AbCellera has built an antibody drug discovery system and has secured $105m in a series B round featuring Eli Lilly, having signed a collaboration agreement with the pharmaceutical firm last week. In fact it’s been a great few weeks for Canada-based AbCellera, which got a commitment for up to $125m in financing from government agency Innovation, Science and Economic Development Canada at the start of this month.

Elsewhere in China, Xiaomi has invested almost $103m in power bank producer Zimi through a cash-and-stock deal that increased its stake in the company from 22.5% to 49.9%. Zimi was already part of the Xiaomi ecosystem, a strategic investment initiative intended to construct a network of companies producing Xiaomi-compatible products. That network reportedly now encompasses some 300 portfolio companies.

Mindstrong mines Optum for $100m series C

Oxford Nanopore expands latest round

CFS sees out $84m series A2 round

Exits

Sendo and Tiki test the waters for merger

Roche reaches for portfolio company Stratos

UA’s FreeFall Aerospace completes merger

Kintor Pharmaceutical has however successfully floated in Hong Kong, pricing its initial public offering at the top of the range to raise $240m. The IPO featured a $115m cornerstone investment by appliance maker Gree, which provided $89m, Highlight Capital and Foresight Fund. It was 500-times oversubscribed according to Kintor, which is developing prostate and breast cancer drugs, and which plans to now expand into hair loss treatment.

VeriSilicon vies for $111m in IPO

Avidity to invade public markets

Burning Rock files for $100m IPO

Pliant places IPO terms

Nanoform to shape $76.7m IPO

Funds

U-M taps Deerfield for Great Lakes Discoveries


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

02 March 2020 – Grab Raises $856m from Mitsubishi UFJ Financial Group

The Big Ones

There may be fewer rounds being closed but ride hailing continues to be a money magnet, with Grab raising $856m from Mitsubishi UFJ Financial Group – which invested $706m – and TIS, both investing through newly struck partnership deals that will centre on the joint development of payment and financial services technology. There may be a bigger deal in the pipeline too, with reports stating Grab has been in talks with key rival Gojek over a merger that could value the combined company at $23bn.

Southeast Asia has been one of the fastest growing areas of the world for corporate VC funds. One of the relatively early participants was state-owned telecommunications operator Telkom Indonesia, which launched unit MDI Ventures in 2016 with $100m, and which has rapidly expanded since. MDI Ventures is targeting $300m to $500m for its second fund, according to comments made by a government minister this week, and that amount would represent a big step forward in terms of capital. Probably justifiably, given the recent emergence of unicorns like Grab, Gojek and Tokopedia.

CapitalG, the growth equity subsidiary of Alphabet is in line for a healthy exit, as media reports suggest tax software provider Intuit is set to buy credit management platform Credit Karma in a $7bn cash-and-stock deal. CapitalG first invested in Credit Karma at a valuation of less than $1bn in 2014, and the company was valued at $3.5bn in its last funding round the following year.

And in crossover news (of which there was actually a lot last week and we’ll get to more of them in a minute), we have another exit. University of Pennsylvania-linked Passage Bio went public on Friday in a $216m IPO in which it is floating at the top of its range ($18 a pop), after increasing the number of shares by more than 60% (from 7.4 million to 12 million shares). The genetic medicine developer only officially launched a year ago (though it was incorporated in 2017) but had pulled in $226m across two rounds, from investors including corporate vehicles Access Biotechnology and Lilly Asia Ventures. It’s also allocated 1.8 million shares to a greenshoe option (also up from 1.5 million) and if stock goes the way everyone wants it to, it likely won’t be too long before underwriters jump on that chance.

Deals

One of the more interesting corporate investor/portfolio company combinations in recent times is the tendency for carmakers to invest nine-figure sums in autonomous driving software developers in order to get a foothold in an area of technology thought by many to be the future of the industry. The latest is Toyota, which has already backed several ride hailing companies and which just provided $400m for robotaxi system developer Pony.ai as part of a $462m round.

Graphcore, an artificial intelligence processor developer that traces its roots back to University of Bristol (it’s a spinout of Bristol spinout Xmos), has added $150m to a series D round that now stands at $350m, valuing the company at $1.95bn. The $200m first tranche included BMW i Ventures, Robert Bosch Venture Capital, Dell Technologies Capital, Microsoft and Samsung, though none were explicitly identified as being among the existing backers that joined Baillie Gifford, M&G Investments, Mayfair Equity Partners and Merian Chrysalis in the second close.

GV and Intel Capital have both contributed to a $250m series C round for SambaNova Systems, an AI computing platform developer co-founded by Stanford University faculty, that will fuel the enhancement of its technology. GV co-led SambaNova’s series A round while Intel Capital led its $150m series B last year, and the increasing ubiquity of AI combined with the move to more complex areas like edge computing mean we’re likely to see the company continue to move up the fundraising levels in the coming years.

SpaceX is gearing up for another funding round, having raised more than $1.2bn since December 2018 across three different rounds. No word on whether those rounds included existing investor Google, but the new round is reportedly set to be sized at about $250m at a valuation of roughly $36bn. Its overall funding so far stands at around $3.4bn.

Karius has developed a liquid biopsy test that draws blood in order to discover information on disease by crunching data on microbial cell-free DNA found in the samples. It has also secured $165m in a series B round led by SoftBank’s second Vision Fund, which seems to well and truly be up and running (albeit still only with cash from SoftBank itself).

Despite being around some 15 years and racking up 115 monthly active users, Roblox has kept a relatively low profile in the startup scene, though that may be changing with news of a $150m series G round featuring Tencent. The company has created an online platform that allows users to develop virtual worlds and MMO games that others can play, and is reportedly now valued at $4bn. It’s also launching a secondary offering for up to $350m of common and primary shares.

Another company focusing on creativity (of a sort) is Uncorq, developer of a no-code platform enabling users to create software applications without coding. It’s added $51m to a series D round now totalling $131m, and CapitalG, which co-led the first tranche in October, led the extension. The cash will be used for recruitment and expanding the company’s partnerships along with its live event schedule.

JD.id, the Indonesian spinoff of e-commerce group JD.com launched in 2015 with private equity firm Provident Capital, is also valued at more than $1bn, a source has told Indonesian tech news portal Daily Social. The company has yet to confirm the identity of any external investors but rumours suggest they could include another Indonesian unicorn, Gojek. To square the circle, both JD.com and Provident invested in a $1bn round for Gojek early last year.

Funds

Energy management and automation technology producer Schneider Electric has supplied $10m for Israel-based venture capital firm Grove Ventures’ $120m second fund. The oversubscribed fund, Grove II, was closed a week ago without the firm identifying any limited partners, though its described them as institutional and strategic investors as well as industry leaders.

US-based, real estate-focused venture capital firm Fifth Wall closed a $100m fund on Wednesday that includes several property developers as limited partners. Commercial real estate provider Cushman & Wakefield is an LP, as are real estate investment trusts Macerich, Acadia Realty Trust and Nuveen Real Estate, the latter a subsidiary of asset manager TIAA Investments.

Japan-based venture capital firm I-Nest Capital has closed its first fund at ¥6.6bn ($61m) having secured commitments from backers including corporates Power Solutions and NTT Docomo. IT services firm Power Solutions and mobile network operator NTT Docomo were joined by financial services firm Mizuho Bank and Fuji Startup Ventures, a corporate venturing vehicle for media company Fuji TV. The limited partners were filled out by Mizuho Securities Principal Investment, which represents investment bank Mizuho Securities, and the Japanese government’s Organization for Small & Medium Enterprises and Regional Innovation.

Exits

Salesforce has agreed to acquire CRM app developer Vlocity, a portfolio company of its Salesforce Ventures unit, in a $1.33bn all-cash deal. Vlocity had raised $163m from an investor base that also included Accenture and New York Life, and the transaction marks the fifth M&A exit for Salesforce Ventures this year, following Simplus, Evariant, Quid and LevelEleven.

Food delivery has been one of the better funded portions of the mobile commerce market, perhaps second only to ride hailing, and DoorDash’s investors look like they may be in for a lucrative exit. The company has confidentially filed for an IPO, three months after closing its series G round at $700m, at a $13bn valuation.

It isn’t a conventional M&A corporate exit but Takeda is buying coeliac disease drug developer PvP Biologics three years after paying $35m for an option to fully acquire the University of Washington spinout once it had advanced its lead product candidate to a certain stage. The size of the deal could eventually reach $330m if PvP reaches every development and regulatory milestone and, its drug will join Takeda’s own celiac disease candidate in the corporate’s product pipeline.


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

01 July 2019 – Grab Boosts Series H Round to $4.8bn

Big Ones

Southeast Asian ride hailing service Grab has boosted an already swelling series H round to $4.8bn, taking in $300m from investment management firm Invesco.

Deutsche Telekom Capital Partners was launched by its parent company nearly five years ago, and has now formed a $350m second venture and growth capital fund.

Who says the IPO market is on the dip? Adaptive Biotechnologies – backed by Microsoft, Celgene, Illumina, LabCorp and BD Biosciences – saw its share price double on its first day of trading – from $20 to $40.30 – while BridgeBio Pharma, which is developing drugs to treat diseases driven by genetic defects, floated above its range despite increasing the number of shares in its offering by a third.

On GUV, Commonwealth Fusion Systems (CFS), a US-based fusion power technology spinout of Massachusetts Institute of Technology (MIT), has closed a $115m series A round backed by MIT’s The Engine.

Deals

SpaceX is reportedly looking to raise more than $314m in its forthcoming round, with most or potentially all of it set to come from Ontario Teachers’ Pension Plan, which has confirmed it has invested in the GV-backed space services provider.

Ouyeel, an online trading platform spun off by China Baowu Steel, has raised $294m in a round featuring corporates Sinotrans, Benxi Group and Beijing Jianlong Heavy Industry as well as Baowu itself together with its Baoshan Iron and Steel subsidiary.

Digital manufacturing technology producer Carbon has received more than $260m in a round that pushed its overall funding past $680m.

Digital bank operator Monzo is going from strength to strength, helping to indicate that the UK’s Brexit woes have not affected its status as a centre of fintech.

StockX, the operator of an online marketplace for authenticated rare fashion items, has shown once again that the upmarket fashion space is an attractive one for investors. It has notched up $110m in a series C round featuring GV, which participated as an existing backer, at a valuation of more than $1bn.

Cardiac imaging technology provider Acutus Medical has secured $100m in series D funding from investors including GE Ventures as part of a larger round that included a $70m credit facility. Acutus has now raised roughly $230m in equity financing altogether, with GE Ventures having been an investor since at least 2013, and the funding will go to strengthening its atrial access product range.

Funds

That model of corporate venturing looks like it’s gaining some traction. Logistics services provider JD Logistics was spun off by e-commerce company JD.com two years ago but it is now getting into the corporate venturing game itself and has accumulated $218m for a strategic fund.

Exits

Fast fashion retail brand Miniso raised its first outside funding just eight months ago, having launched in 2013, but it is reportedly now gearing up for an initial public offering that could raise $1bn.

Upmarket fashion marketplace TheRealReal, proving it isn’t just the biotech sector that’s doing well, also completed a $300m initial public offering and went public on Friday.

Slack’s direct offering has pulled in the headlines but Stoke Therapeutics held its own successful listing last week, which it has now closed at just over $163m.

Atreca is working on immunotherapeutics to treat cancer, and raised $125m when it floated today, having priced the IPO at the midpoint of its range.

Velodyne Lidar is meanwhile pushing to become the first lidar technology developer to go public, having hired banks to underwrite an IPO expected to value it at about $1.8bn.


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

03 June 2019 – Possible PhonePe Spinout from Flipkart in $1bn Deal

Big Ones

Right now it feels like we’re gearing up for another period of significant funding, if the rumour mill is anything to go by. Mobile payment platform PhonePe was acquired by Flipkart in 2016, the year after it was founded, but could now be spun back out in a round that could reportedly reach $1bn.

Life insurance firm Northwestern Mutual launched its $50m Northwestern Mutual Future Ventures unit in early 2017 and has since built up one of the more notable CVC portfolios for an insurer, adding the likes of Chime, Ojo Labs and Ladder to existing investments such as Betterment.

Investment firm Insight Partners was already an investor in threat intelligence provider Recorded Future but has taken a step further, acquiring a controlling stake at a valuation of $780m.

Thrive Earlier Detection, a US-based developer of a blood test for cancer, was spun out of Johns Hopkins University on Thursday with $110m in series A funding from investors led by venture capital firm Third Rock Ventures. BlueCross BlueShield Venture Partners, the corporate venturing subsidiary of health insurer Blue Cross and Blue Shield Association, participated in the round, as did molecular diagnostics company Exact Sciences.

UK-based investment firm Woodford Investment Management has sold its entire shareholding in Oxford Sciences Innovation (OSI), the university venture fund of University of Oxford. The stake, worth £55m ($69.6m), has seemingly been sold to family offices and international investors.

Morningstar downgraded the Equity Income fund from bronze to neutral last week after its value shrunk from £10.2bn in 2017 to just £4.4bn, while St James’ Place, the largest wealth manager in the UK, put the firm on its watchlist after a prolonged poor performance.

Deals

SpaceX has added $1.02bn in new funding according to two separate securities filings, though it hasn’t disclosed details of the investors.

Toyota already has Uber and Grab in its portfolio but it is said to be mulling over an investment of about $550m in fellow ride hailing service Didi Chuxing.

SoFi has expanded from its core business of online lending and student loan refinancing to take in services such as online investments and digital banking, and it has also raised a further $500m in funding, this time in a round led by Qatar Investment Authority.

Lenskart has been one of Asia’s most successful proponents of the consumer goods business model involving an expansion from e-commerce to the offline world, and the eyewear retailer is reportedly in discussions to raise $350m from SoftBank Vision Fund at a $1.3bn valuation.

Oncology data platform developer Tempus has raised $200m in series F funding from investors including Novo at a $3.1bn valuation.

RobinHood was valued at $5.6bn back when it last raised money, early last year, but the Alphabet and Roc Nation-backed trading app developer is seeking $200m from existing investors at a reported valuation of up to $8bn.

Funds

Growth equity vehicle EV Growth was formed by East Ventures and corporate VC units SMDV and YJ Capital early last year with a $150m target for its first fund. It’s ended up overshooting that by a food amount, closing the fund at $200m having received commitments from limited partners including SoftBank. The fund has invested in 12 portfolio companies to date.

Exits

Palo Alto Networks has agreed to pay $410m to acquire container security software developer Twistlock, which had raised $63m from investors including Dell Technologies Capital.

BridgeBio Pharma is developing drugs to treat genetic diseases including forms of cancer linked to genetic causes. It has filed for a $225m initial public offering that will follow more than $480m in venture funding from investors including AIG, though only KKR and Viking Global Investors hold stakes of 5% or more.


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

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