"Verana Health" Archives - Global Venturing Review

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Crypto.com expands fund to $500m and brings on Russell

China-headquartered cryptocurrency exchange Crypto.com has expanded its corporate venturing unit’s fund to $500m, becoming the latest crypto exchange to beef up its investment subsidiary.

Animoca Brands embraces $359m in funding

China-based gaming and blockchain technology developer Animoca Brands raised some $359m from investors including cryptocurrency exchange Gemini and internet group Smile Group as it continues to ramp up strategic investments.

FTX sets up $2bn fund and hires Wu

FTX Trading, a Bahamas-registered cryptocurrency marketplace operator, has set up a $2bn corporate venture capital fund and hired Amy Wu over from venture capital firm Lightspeed Venture Partners to run it.

Mythical Games scores Polystream acquisition

Blockchain game developer Mythical Games bought UK-based metaverse streaming technology developer Polystream for an undisclosed sum, providing exits for chipmaker Intel and game publisher Wargaming Group.

SoftBank sinks funding into Shoplazza and Big Health

SoftBank’s Vision Fund 2 has led funding rounds for two North American companies in as many days, backing Shoplazza and Big Health.

SoftBank backs Qraft for its portfolio

Softbank provided $146m South Korea-based financial management software provider Qraft Technologies.

Shell pumps $1.4bn into ventures

UK-listed energy group Shell has set up a dedicated $1.4bn corporate venturing fund aimed at accelerating the energy transition.

Investors ride Wayve to $200m series B

UK-based self-driving technology developer Wayve completed a $200m series B round featuring software provider Microsoft, online grocer Ocado and conglomerate Virgin, taking the company’s overall funding to more than $258m.

Verana Health mines $150m

Pharmaceutical firms Johnson & Johnson and Novo have co-led a $150m series E round for US-based clinical data platform developer Verana Health, highlighting the growing importance of data analytics in the healthcare market and taking Verana’s total funding to $287m.

ByteDance bids goodbye to investment team

ByteDance, the China-headquartered owner of short-form video app TikTok, has reportedly closed its corporate venturing unit.

“Funky Chunk” Kevin MacLeod (incompetech.com)
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The Big Ones

Sequoia Capital Global Equities has led a $340m round for cloud security platform developer Netskope at a valuation of near $3bn. Netskope has now raised $740m altogether from investors including Dell Technologies Capital. Given the propensity of cybersecurity companies to be acquired, the unit – which has already scored exits from Packet and Big Switch Technologies this year – must feel good about that increased valuation.

Lots of Japanese financial services firms are active in the country’s venture capital space but SBI Group is one of the most strategic, having also backed international fintech developers such as Ripple and CurrencyCloud. It also raised a mid-nine figure amount for an AI and blockchain fund last year, and is now targeting $920m for a new vehicle called the 4+5 Fund.

Cybersecurity continues to be one of the most reliable areas for M&A exits and the latest case is Emailage, an email security software provider that has agreed to an acquisition by LexisNexis Risk Solutions, reportedly for around $480m.

And in crossover news, another exit… Harvard University-founded genomic medicine developer Beam Therapeutics looks set for one of the most successful of recent months, floating at the top of its range in an upsized IPO that will net it $180m.

Deals

SoftBank Vision Fund has provided another $150m for Indian childcare product retailer FirstCry, following on from a similarly sized investment a year ago and doubling its series E round to $300m.

GV’s latest investment involved it leading a $100m round for Verana Health, the operator of a software platform that pools clinical and life sciences information from a range of databases. The Alphabet-owned unit had already led Verana’s last round, a $30m series C 18 months ago, and it forms part of what’s becoming an increasingly lucrative healthcare technology stable.

Moda Operandi, the operator of an e-commerce marketplace for luxury goods, has secured $100m in debt and equity financing, increasing its equity funding to $345m in the process. The company, whose earlier investors include Advance Publications and LVMH, is one of several e-commerce entities to target the high-end market.

JenaValve Technology is moving its transcatheter aortic valve replacement prosthesis towards full regulatory approval in the US and has raised $50m from investors including Legend Capital to fund that journey. Legend Capital also took part in the company’s last publicly disclosed round, a series C that closed at $99m nearly five years ago.

Sendoso, the operator of a platform that combines software and warehousing services to help businesses with their postal marketing, has received $40m in funding from investors including logistics real estate manager Prologis. The round was led by Oak HC/FT and it boosted the company’s overall funding to more than $54m.

Exits

Qorvo has agreed to acquire Decawave, an indoor positioning technology developer that had raised about $60m from investors including ST Electronics and LG, for a reported $400m in cash. The deal was announced alongside semiconductor technology producer Qorvo’s purchase of another company, for a total of $500m.

Schrödinger, which provides chemical simulation software enabling drug developers to more precisely analyse molecules, floated above its range to raise $202m. The GV and WuXi AppTec-backed company then saw its shares shoot up 68% on their first day of trading.

Cancer therapy developer Revolution Medicines has set the terms for its initial public offering and will raise $150m if it floats at the mid-point of its range, $160m if it floats at the top.

Passage Bio, a University of Pennsylvania-linked drug developer that – by a bizarre coincidence – has also raised $226m, has filed for its own IPO, setting a $125m target.

Casper Sleep on the other hand has had some of the worst pre-IPO publicity since, well, WeWork, with onlookers pointing to steady losses and what’s perceived as an (ahem) relatively sleepy corner of the consumer products sector. The Target-backed mattress and bedding brand raised a sliver over $100m, floating at the bottom of an already slashed price range at less than half the $1.1bn valuation at which it last raised funding. Ouch.