AAA Corporate venturing deal net: 20-24 May 2019

Corporate venturing deal net: 20-24 May 2019

Financial services firm HSBC invested $10m in CloudBees, the US-based developer of a software delivery management system, on Tuesday. CloudBees has now raised $96.2m in equity funding altogether, $37m of which came in a June 2018 round featuring telecommunications firm Verizon’s corporate venturing arm, Verizon Ventures, as well as Delta-v Capital, Matrix Partners, Lightspeed Ventures, Unusual Ventures and Golub Capital, in addition to $25m in debt financing.

Div, the Japan-based owner of engineering academy Tech:Expert, has raised ¥1.08bn ($9.8m) in series B funding from investors including SMBC Venture Capital, Nanto CVC and Mitsubishi UFJ Capital, subsidiaries of financial services firms Sumitomo Mitsui Banking Corporation, Nanto Bank and Mitsubishi UFJ Financial Group, The Bridge reported on Monday. Spiral Ventures also took part in the round, which included debt from SMBC, Kiraboshi Bank, Resona Bank and Mizuho Bank, and which follows $1.8m from unnamed investors in 2017.

US-based nano-carbon development laboratory Nanoramic Laboratories completed an $8.5m funding round on Wednesday that included spark plug and ceramics producer NGK Spark Plug and electronics distributor Marubun Corporation. The corporates each put up $2m for Nanoramic’s $5m series D round in September 2018, which took its overall funding to $40m, and it will use the latest capital to help bring its products to market.

Broadcaster Tokyo Broadcasting System led the $7.8m first tranche of a series A round for Tyffon, a US-based provider of immersive virtual reality experiences, on Monday. Entertainment producers Sega Sammy and Walt Disney Company also took part, as did entertainment venue operator Tokyu Recreation, Mizuho Capital, the VC subsidiary of financial services firm Mizuho Bank, and Canal Ventures. Tyffon has now raised $12m in total, including $2.2m from Tokyu, Mizuho Capital and Canal Ventures in October 2018.

Eeasy Tech, the China-based system-on-chip developer also known as Yizhi Electronic Technology, has received an undisclosed amount of series A funding from investors including JIC Capital Management, Delta Capital and Everest Venture Capital, it said on Tuesday. Intel Capital, chipmaker Intel’s corporate venturing unit, revealed last month it had invested an undisclosed amount in the company, and it reportedly secured seed capital from Northern Light Venture Capital and Delta Capital in March 2018.

Financial services firm Mirae Asset led a $7m round for US-based virtual reality development software provider AmazeVR on Tuesday,investing through both its Mirae Asset Venture Investment unit and Naver New Growth Fund, its joint venture with internet company Naver. The round included LG Technology Ventures and Smilegate Investment, subsidiaries of electronics producer LG and video game publisher and Smilegate, as well as investment firm Timewise Investment.

BioLumic, the New Zealand-based developer of an ultraviolet light-based plant growth enhancement system, has completed a $6.7m series A round featuring $1.5m from Canopy Rivers, the strategic investment arm of cannabis producer Canopy Growth. The round’s first tranche was co-led by Finistere Ventures and Radicle Growth and backed by financial services firm Rabobank’s Food & Agri Innovation Fund alongside undisclosed existing investors in March 2018.

Mightier, a US-based children’s mental-health focused game developer that spun off from Boston Children’s Hospital, received $6.6m on Tuesday in a series A round led by medical business consulting firm Foxkiser. The round also featured Asset Management Ventures and FundRx as well as Founder Collective, Slow Ventures and Project 11, all of which backed Mightier’s $2.4m seed round in June 2018 together with Bolt and unnamed angel investors. The company has now raised $10.1m altogether, it said.

Minna Technologies, a Sweden-based developer of customer service software for the banking industry, has secured €5.6m ($6.3m) in a series A round that included payment services provider Visa and financial services firm Swedbank. The round was led by investment firm Zenith Group and it followed an investment of undisclosed size by Swedbank in April 2017 in connection with a partnership agreement.

KaHa, a Singapore-based smart wearable device developer backed by watch and jewellery provider Titan, has raised $6.2m in a series B round led by the United Arab Emirates government’s ICT Fund, VCCircle reported on Monday. Titan invested $500,000 in the company as part of a $4.5m round in late 2017 that included Spring Seeds Capital, a subsidiary of government agency Spring Singapore, which in turn followed an undisclosed amount of earlier funding from investors including Jungle Ventures and YourNest.

Travel services provider Amadeus, diversified trading group Itochu and construction firm Bouygues Construction were among the investors in a €5m ($5.8m) funding round for France-based data marketplace operator Dawex yesterday. Caisse des Dépôts also took part in the round, having provided $2.2m in funding or the company in 2016 which was followed by a $2.8m grant from the European Union-managed Horizon 2020 in November 2018.

Gokada, the Nigeria-headquartered operator of a motorcycle-based ride hailing service, has secured $5.3m in series A funding from investors including real estate developer First MidWest Group, TechCrunch reported today. Rise Capital led the round, which also featured Adventure Capital and IC Global Partners, and it came after Gokada received $340,000 in March 2018, according to a regulatory filing.

Veego, the Israel-based creator of an artificial intelligence-equipped tool that fixes malfunctions in smart home products, closed a $5m seed round on Tuesday that included Robert Bosch Venture Capital, industrial product maker Robert Bosch’s strategic investment arm. The unit added to investments from State of Mind Ventures and North First Ventures, and the proceeds will support product delivery.

Israel-based mobility insurance provider Voom emerged from stealth on Wednesday with $5m in series A funding from investors including Verizon Ventures. VC firm Arbor Ventures led the round, which included Plug and Play Ventures, F2 Capital and Kaedan Capital, both of which, like Verizon Ventures, were described as returning investors. Voom has now raised $7m to date, it said.

UK-based mobility management software provider Immense Simulations received $4.6m in series A funding on Tuesday from investors including 31 Ventures, the corporate venturing subsidiary of real estate developer Mitsui Fudosan Group. The round was co-led by VC firms Amadeus Capital Partners and Global Brain, and the proceeds will support the enhancement of the company’s transportation modelling platform.

Vietnam-based short-term accommodation provider Luxstay closed a $4.5m bridge round on Tuesday that included home shopping service GS Shop and CyberAgent Capital, the corporate venturing subsidiary of internet company CyberAgent. The round also featured Bon Angels, Genesia Ventures, ESP Capital, Founders Capital and Nextrans, and followed $2.5m from Y1 Ventures, Genesia Ventures and Founders Capital in March 2018 and $3m in bridge financing from CyberAgent Capital (then known as CyberAgent Ventures) and Y1 Ventures in December.

Israel-based vehicle-inspection technology developer Ravin.ai has completed a $4m seed round that included Shell Ventures, oil and gas supplier Shell’s corporate VC unit, TechCrunch reported on Tuesday. VC firm Pico Venture Partners led the round, which also featured angel investor Adam Draizin. The startup’s co-founder and chief executive, Eliron Ekstein, was head of new business development for Shell subsidiary Shell Digital Ventures for three years up to early 2018.

Silo, the US-based creator of an artificial intelligence-equipped supply chain platform for perishable agriculture, raised $3m in seed funding from investors including grain and feed merchant Penny Newman Grain on Tuesday. The round was led by Initialized Capital and also featured Haystack Ventures and angel investors Kevin Mahaffey and Matt Brezina.

Diversified trading group Itochu provided $3m in funding for US-based 3D imaging technology developer Fyusion yesterday. Media group Cox Enterprises invested $30m in Fyusion last month to take its overall funding to $68m, its earlier investors including game developer Colopl, smartphone producer Gionee and NTT Docomo Ventures, a subsidiary of mobile network operator NTT Docomo, as well as 2020, New Enterprise Associates, Presence Capital and University of Tokyo Edge Capital.

Cemex Ventures, cement producer Cemex’s corporate venturing unit, has invested an undisclosed amount in Switzerland-based energy storage technology developer Energy Vault. The companies already had a technology partnership in place, and Cemex will look to help Energy Vault achieve sales through its partner network.

Ireland-based digital pathology technology developer Deciphex secured €2.3m ($2.6m) last month in a round that consisted of equity financing and convertible debt conversion, and which included Inova Personalized Health Accelerator, a subsidiary of care provider Inova Health System. The round also featured Irrus Investments, ACT Venture Capital, Enterprise Ireland, NextSteps Capital and GI Partners, and the cash will support research and development and the recent launch of its first product.

Sandbox, a blockchain game developer spun off from China-based mobile game producer Animoca Brands, has raised $2.5m in a funding round led by crypto asset investment fund and accelerator Hashed, VentureBeat reported on Wednesday. Blockchain identity management platform developer Helix, blockchain technology developer ThunderCore, Mind Fund, Blocore and Alexis Bonte also contributed to the round.

Alsthom Industries, the cement-grinding subsidiary of cement producer Dalmia Cement, has invested $2m in India-based freight management software developer Freight Tiger, VCCircle reported on Wednesday. Its other investors include Shriram Transport Finance Company, a subsidiary of diversified conglomerate Shriram, and VC firm Lightspeed India Partners.

Boehringer Ingelheim Venture Fund (BIVF) and UCB Ventures, subsidiaries of pharmaceutical firms Boehringer Ingelheim and UCB, co-led a £1.4m ($1.8m) seed round on Monday for Rinri Therapeutics, a UK-based developer of stem cell-based drugs to treat hearing loss. Incubator BioCity also participated in the round, and Erica Whittaker, head of UCB Ventures, has joined Rinri’s board of directors along with BIVF investment director Detlev Mennerich and Claire Brown from BioCity.

Jordan-based educational technology and content provider Little Thinking Minds has added $500,000 to a series A round featuring petroleum services provider Al Turki Group that now stands at $1.8m, Menabyte has reported. The Jordanian government’s Innovative Startups and SMEs Fund supplied the extra cash, after a first tranche backed by Al Turki, Algebra Ventures, Mindshift Capital and Oasis 500 in December 2018.

Unruly Studios, the US-based creator of a connected toy that helps children learn coding skills, closed a $1.8m seed round on Tuesday that included e-commerce and smart home product company Amazon’s Alexa Fund and telecoms firm AT&T. The round was led by eCoast Angels and backed by makerspace operator NextFab, Rough Draft Ventures powered by General Catalyst, Techstars, LearnLaunch and New England Angel Funds. The company was part of Alexa Fund’s second accelerator batch in July 2018.

Sony Innovation Fund, consumer electronics producer Sony’s corporate venturing unit, led a $1.7m funding round for Sweden-based musical sampling service Tracklib on Wednesday. Media holding company WndrCo and angel investor Jörg Mohaupt also participated in the round, with the proceeds to be used to expand the company’s sample catalogue and user base.

Bright Greens, the US-based smoothie producer backed by packaged food supplier Kellogg, has received an undisclosed amount of funding from impact investment firm S Cap. The company had raised $2m in a mid-2017 round led by Kellogg’s corporate venture capital subsidiary, Eighteen94 Capital, that also featured VC firm Blu Venture Investors.

RangeForce, the Estonia-based developer of a cybersecurity teaching platform, has raised $1.5m in a funding round led by investment firm Paladin Capital Group that included VC fund Trind Ventures, Tech.eu reported on Wednesday. The company graduated from Barclays Techstars Accelerator NYC, which is backed by financial services firm Barclays, in 2015, and its earlier investors include Contriber.

Consulting firm Pure Consulting provided $1.5m of pre-series A funding for Egypt-based food delivery and catering service Yumamia, Menabytes reported on Wednesday. The company had raised $1.2m as of August 2017 when it received $200,000 of convertible note financing from advertising agency Faden Media and public relations firm Publicis Group, and it added $100,000 from television chef Manal Al Alem in March 2018. It plans to use the funding to expand in its home country and enter the Saudi Arabian market.

Zig, a Japan-based provider of social networking marketing services, has secured ¥130m ($1.2m) in funding from Gumi Ventures, Asahi Media Lab Ventures and Makoto Capital, subsidiaries of game developer Gumi, beverage producer Asahi and consulting firm Makoto, VentureTimes reported on Tuesday. It will use the funding to further develop its fan community platform, MeChu, and its Vtuber virtual broadcaster business.

Media group ProSiebenSat.1 paid €1m ($1.1m) for a 20% stake in Germany-based virtual reality experience provider Holodeck VR on Monday. The company will put the funding into strengthening its core open content platform and growing the number of locations in which it offers its service, which allows up to 20 people to move around in a confined space while experiencing VR.

Telecoms firm KDDI invested an undisclosed amount in Smart Camp, the Japan-based operator of enterprise software comparison platform Boxil and sales support and services provider Bales, on Monday, TechCrunch Japan reported. The cash was provided through KDDI’s Open Innovation Fund and was committed as part of a strategic alliance deal.

Sorare, the France-based operator of a blockchain-equipped football trading-card game, has closed a seed round featuring ConsenSys Ventures, blockchain technology provider ConsenSys’ corporate venturing unit, that was sized at more than €500,000 ($560,000), EU-Startups reported on Tuesday. Seedcamp, Kima Ventures and undisclosed angel investors also contributed to the round, and Sorare will use the capital to recruit additional designers and engineers.

Picki, the Japan-based operator of an online platform where aspiring designers can launch their own fashion brands, has raised ¥60m ($540,000) in funding from CyberAgent Capital, talent agency Cork and Voyage Ventures, a subsidiary of advertising technology producer Voyage Group, The Bridge reported on Wednesday. The round is yet to formally close and could admit additional capital from private investors.

Japan-based image recognition software developer Aces has secured an eight-figure yen (¥10m = $910,000) amount from investors including professional services firm Industrial Growth Platform, TechCrunch Japan reported on Wednesday. VC fund Deep30 also took part in the round, which will support recruitment and research and development activities.

KDDI Open Innovation Fund has also joined Global Brain to supply an undisclosed sum for Japan-based owner of livestreaming production company LiveStreamers. The company will channel the funding into training new livestreaming professionals, which it refers to as Livers, and growing its team as it looks to further expand its business.

Alexa Fund has invested in Zoobean, the US-based developer of children’s reading facilitation platform Beanstack, it revealed on Tuesday, in a round indicated by a securities filing to be a $225,000 convertible debt round. The unit participated alongside boutique software developer EAI Technologies and angel investors Jo and Elizabeth Tango, Pamela Bass-Bookey, Neil Jaffe and Harry Bookey. Zoobean had previously raised $970,000 in equity financing and $550,000 in debt, according to other filings.

Spain-based logistics management software developer Linkx received an undisclosed amount of funding from Cemex Ventures last month. The startup is present in Spain and Mexico, and will use the funding as the basis to expand into new sectors.

By Robert Lavine

Robert Lavine is special features editor for Global Venturing.

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