AAA Daily Deal Round Up: August 20, 2021

Daily Deal Round Up: August 20, 2021

Funding

US-based software deployment platform developer Split has secured $50m in a series D round backed by M12 and Atlassian Ventures, respective vehicles for software producer Microsoft and enterprise software developer Atlassian, as well as enterprise software company ServiceNow. The round was led by Owl Rock, a division of Blue Owl Capital, and also featured Northgate Capital, Accel, Lightspeed Venture Partners and Harmony Partners. Split has now secured $100m altogether, having closed a $33m series C round a year ago with commitments from M12, ServiceNow and Atlassian. The series C was led by Comcast Ventures, the corporate venture capital arm of media group Comcast, and also included Accel, Lightspeed 01 Advisors and Harmony.

US-based protein drug developer Jnana Therapeutics has closed a $50m series B round featuring AbbVie Ventures and Pfizer Ventures, respective investment units for pharmaceutical firms AbbVie and Pfizer. The round was led by RA Capital Management and also attracted Polaris Partners, Versant Ventures and Avalon Ventures. Pfizer and AbbVie had already backed a $50m series A round in 2017 when Versant, Polaris and Avalon also participated. The latter two had earlier supplied an undisclosed amount of seed financing.

Branch, a US-based on-demand payment processing platform, has secured $48m in a series B round led by Addition, with participation from HR Tech Investments, a subsidiary of human resources firm Recruit Holdings, as well as Drive Capital, Crosscut Ventures, Bonfire Ventures, Matchstick Ventures and unnamed other investors. Branch concurrently secured $500m in purchased assets from funds managed by Neuberger Berman. March Capital Partners led a $6.8m series A round with participation from CrossCut, Techstars Ventures, Matchstick Ventures and undisclosed others in August 2017, bringing its total funding to more than $10m. Angel investors and undisclosed others participated in a seed round in 2016.

China-based semiconductor technology developer Southchip Semiconductor has raised RMB300m ($46.3m) in a series D round co-led by smartphone maker Vivo Communication Technology and venture capital firm Lightspeed China Partners, Yicai Global has reported. Cash Capital, the venture capital arm of Chinese Academy of Sciences, also took part in the round, as did Sequoia China and undisclosed new and existing investors. Southchip raised $14.5m in a series B round in May 2019 that was led by the China Integrated Circuit Industry Investment Fund investing together with Cash Capital, Shunwei Capital and Chenhui Venture Partners. The business had closed a series A round of undisclosed size led by Shunwei in January 2018.

Family robot developer Nxrobo-backed China-based satellite launch services provider MinoSpace has collected almost RMB300m ($46m) in a pre-series B round co-led by Lightspeed China Partners, Gopher Asset Management and Power Capital, according to DealStreetAsia. CDH Investments and Plum Ventures participated in the deal. MinoSpace previously raised $14.4m in series A2 funding from Nxrobo in March 2020. The series A2 round was led by Billionhome Capital.

US-based on-site car mechanic services provider RepairSmith has raised $42m in a series B round backed by carmakers Mercedes and Porsche, the latter investing through Porsche Ventures, according to TechCrunch. The round also featured TI Capital and Spring Mountain Capital. RepairSmith was created by Mercedes, which provided all previous funding, though further details about the company’s financing could not be ascertained.

India-based investment platform Smallcase has raised $40m in a series C round backed by e-commerce company Amazon and financial services firm HDFC Bank, according to TechCrunch. The round was co-led by Faering Capital and Premji Invest, and also featured Sequoia Capital, Blume Ventures, DSP Adiko, Beenext, Arkam Ventures and WEH Ventures. DSP led a $14m series B round in September 2020 when Sequoia, Blume, Beenext and WEH also invested. HDFC joined the round three months later, but it is unclear how much it invested. Sequoia had led an $8m series A round in February 2019, with contributions from Blume, WEH, Beenext, DSP and Straddle Capital.

US-based neobank One has raised $40m in a series B round led by Progressive Investment Company, the corporate venturing unit of insurer Progressive, with commitments from Obvious Ventures, Foundation Capital, Core Innovation Capital and unnamed others, according to TechCrunch. Obvious, Foundation and Core Innovation supplied $17m in series A financing in March 2020, after chairman and co-founder Bill Harris had ploughed in $9m in seed capital in January 2019.

ClosedLoop.ai, a US-based healthcare data science platform, has secured $34m in a series B round led by Telstra Ventures, the telecoms firm’s corporate venturing arm, and a contribution from health insurer Healthfirst. The round included Breyer Capital, Greycroft Ventures and 406 Ventures, as well as angel investors. Greycroft and 406 co-led an $11m series A round in November 2020, with participation from Silicon Valley Bank and Meridian Street Capital. ClosedLoop secured $3m from unnamed investors in February 2018. Half Court Ventures lists the company in its portfolio, but it is unclear when the firm invested.

Osaro, the US-based robotics software provider, has closed a $30m series C round featuring domestic cleaning robot producer iRobot. The round was led by Octave Ventures and also included J17 Capital, Tomales Bay Capital, AME Cloud Ventures, King River Capital and Founders Fund. The company previously received $37m in a series B round in December 2020 and in addition to iRobot unit iRobot Ventures, its early backers also included mass media group Comcast’s unit Comcast Ventures – though it is unclear when they first invested.

US-based methane-emission monitor developer Kairos Aerospace has collected $26m in series C1 financing led by DCVC, with commitments from mechanical component manufacturer John Crane, OGCI Climate Investments and Energy Innovation Capital. The latter three backed a $9m series C round in April 2020, adding to $4.1m in earlier equity funding, according to regulatory filings.

US-based remote learning platform Forage has completed a $25m series B round backed by Telstra Ventures and Citi Ventures, respective units for telecoms firm Telstra and financial services provider Citi. The round was led by Blackbird Ventures, and also featured Gaingels, Cap Table Coalition, ETF@JFFLabs, Lightspeed Venture Partners and FundersClub. Forage was originally known as InsideSherpa, rebranding as part of a $9.3m series A round led by Lightspeed in September 2020. Its shareholders also include education services provider Navitas subsidiary Navitas Ventures as well as Y Combinator, Arizona State University and Transition Level Investments.

US-based digital checkout technology developer Balance has picked up $25m in a series A round backed by digital payment technology producer Stripe. The round was led by Ribbit Capital, with additional contributions from Avid Ventures Lightspeed Venture Partners and Y Combinator’s Continuity Fund. Balance emerged from stealth with $5.5m in seed capital from Stripe, Y Combinator, Lightspeed, UpWest and angel investor Max Levchin in February 2021.

Certik, a US-based blockchain security technology developer backed by cryptocurrency exchange Coinbase, has picked up $24m in a series B-plus round backed by Tiger Global and GL Ventures. The round comes one month after Certik raised $37m in a series B round backed by Coinbase’s corporate venturing arm Coinbase Ventures, Coatue Management and Shunwei Capital. Digital currency exchange Binance and Legend Star, a subsidiary of conglomerate Legend Holdings, as well as Yale University, IDG Capital, Lightspeed Venture Partners, Wing and DHVC are all existing shareholders.

Techcyte, a US-based healthcare technology spinout of University of Utah, has closed a $21m round backed by animal health company Zoetis and reference laboratory testing services provider ARUP Laboratories. Unnamed existing backers also took part in the round, which comes three years after a $4.3m series A round that included undisclosed new and existing backers and a $1.7m seed round, also backed by unnamed investors, in 2016.

SolasCure, a UK-based developer of biomimicry technology to help treat chronic wounds that was spun off from industrial biotechnology company Brain Biotech, has secured £15m ($20.8m) in a series A round backed by Brain Biotech itself and pharmaceutical firm EVA Pharma. Seneca Partners also contributed to the round, as did Bionova Capital, Development Bank of Wales and assorted angel investors.

Syrius Robotics, a China-based smart logistics robot maker, has collected more than $20m in a series B round led by social media group ByteDance, with participation from Lenovo Capital, an investment arm for consumer electronics group Lenovo, according to China Money Network. The round attracted Sequoia Capital China, FutureCap, Zhencheng Capital, Chuangyin Capital and PKSHA Sparx Algorithm Fund. Sequoia led a $10m series A-plus round in May 2020, with participation from PKSHA Sparx, Zhencheng, Tryin Capital, Future Capital and ZhenFund. The latter had led a pre-series A round worth tens of millions of renminbi (RMB10m=$1.5m) in April 2019, with participation from FutureCap.

Japan-based data-powered news agency JX Press has raised ¥2bn ($18.2m) from investors including insurer Aioi Nissay Dowa Insurance and ABC Dream Ventures, a corporate venturing subsidiary of broadcaster Asahi Broadcasting Group. The equity portion of the round was filled out by JIC Venture Growth Investments, SMBC Nikko Securities and Global Brain, while Shoko Chukin Bank, Japan Finance Corporation, Sumitomo Mitsui Banking Corporation and Mitsubishi UFJ supplied debt. The company has secured roughly ¥3.5bn ($31.9m) in total.

US-based agriculture analytics software producer Regrow has closed a $17m series A round backed by agricultural conglomerate Cargill and M12, the corporate venturing arm of software producer Microsoft. The round featured Main Sequence Ventures, Ajax Strategies, Tenacious Ventures, Airtree Ventures and Jeremey and Hannelore Grantham Environmental Trust’s Neglected Climate Opportunities fund. Regrow was formed through the merger of its predecessor FluroSat and soil health technology developer Dagan in February 2021. M12 had led a $3.2m round for FluroSat in 2019.

AgileX Robotics, a China-based robotics chassis provider backed by Legend Star, an investment arm of conglomerate Legend Holdings, has secured RMB100m ($15.4m) in series A round backed by Hong Kong X Technology Fund, a vehicle affiliated with professors from University of Hong Kong and Hong Kong University of Science and Technology, Sequoia Capital China, 5Y Capital and Vertex Ventures China. The round closed last month but was only revealed this week. Legend Star and Xbotpark Fund provided an undisclosed amount of angel funding for AgileX in 2016.

US-based risk management platform developer TrustLayer has completed a $15.1m series A round backed by Propel Venture Partners, the venture capital firm backed by financial services provider BBVA, and NFP Ventures, the investment arm of insurance provider NFP. The round was led by Craft Ventures, and also included Abstract Ventures, Box Group, Sure Ventures and PruVen Capital. Brian Murray, Partner and COO at Craft Ventures, will join TrustLayer’s board. NFP and Propel were among the investors in a $6.6m seed round in February 2021, when BrokerTech Ventures, a VC representative of 13 insurance agencies, and others also injected capital.

SB Opportunity Fund, a vehicle for telecoms conglomerate SoftBank, has backed a $15m series A round for Opya, a US-based provider of in-home and telehealth clinical autism care. The round included Panoramic Ventures, Disability Opportunity Fund and Raven One Ventures. Existing backers Divergent Investments and Altitude Ventures also participated in the deal, though details about Opya’s seed round could not be confirmed.

China-based industrial internet-of-things technology developer Xuanyu Technology has closed an RMB100m ($15.4m) series B round backed by Baidu Ventures, the corporate venturing arm of internet company Baidu, according to China Money network. The round included Wens Investment, Shenzhen Guozhong Venture Capital Management and Shenzhen Credit Guarantee Group. Details about Xuanyu’s earlier funding could not be confirmed.

Pngme, the US-headquartered creator of a financial data management platform designed for use in Africa, has obtained $15m in a series A round backed by financial services provider Rapto Group, according to TechCrunch. Octopus Ventures led the round, which also featured Lateral Capital, EchoVC, Two Small Fish Ventures, Unshackled Ventures, Future Africa, Aruwa Capital, The51 and assorted angel investors. Raptor Group took part in a $3m seed round in 2020.

US-based advanced materials developer Chasm Advanced Materials has closed a $15m series C round backed by carbon black supplier Birla Carbon and performance materials manufacturer SWM International. The round was led by Wave Equity Partners. Birla Carbon previously supplied an undisclosed amount as part of a strategic collaboration agreement in September 2020. Wave had led an $11m series A round in October 2018, with participation from NXT Ventures. Details about Chasm’s series B round could not be confirmed.

Philippines-based cryptocurrency exchange Philippines Digital Asset Exchange (PDAX) has picked up $12.5m in a funding round backed by UBX, the corporate venturing arm of financial services firm UnionBank, according to Tech in Asia. An undisclosed venture capital firm led the round, which featured fintech company BC Group, payment processing firm Ripple, trading technology developer CMT division CMT Digital and Beenext Ventures. The latter three were all identified as returning shareholders. PDAX previously disclosed an investment from BitMex Ventures, the corporate venturing vehicle for cryptocurrency trading platform developer BitMex, in June 2019 and a commitment of unspecified size from ConsenSys Ventures, the strategic investment vehicle formed by blockchain technology provider ConsenSys, in March 2019.

Japan-based digital asset manager Hyperithm has secured $11m in a series B round backed by Coinbase Ventures, the corporate venturing arm of cryptocurrency exchange operator Coinbase, and GS Futures, the corporate venture capital unit of conglomerate GS Group. Hashed and blockchain gaming platform Wemade Tree co-led the round, while games publisher Cocone and Guardian Fund also took part. Hyperithm raised an undisclosed amount of series A funding in June 2019 led by asset manager VIP Research & Management, with commitments from strategic investment units for internet companies Kakao and Naver.

Beta Hatch, a US-based provider of insect-based feedstock and agricultural nutrients, has revealed $10m in series A funding led by Lewis & Clark AgriFood, with participation from Cavallo Ventures, the strategic investment arm of agribusiness Wilbur-Ellis, and Innova Memphis. The latter two had co-led a $9.3m round in December 2020, when Brighton Jones Investment Partners, AccelR8 and SeaAhead also invested.

US-based customer experience automation technology provider FICX has collected $8m in a series B round led by NAventures, the corporate venture capital arm for financial services firm National Bank of Canada, with participation from technology group Prytek and Liberty Global Ventures, the investment arm for telecoms firm Liberty Global. The latter had led a $3m round in June 2016, when telecoms equipment manufacturer Nice Systems, AfterDox Angel Investment and 2B Angels also invested. FICX, originally known as CallVU, revealed Explore Dream Discover Investment Group, Plus Ventures and 2B Angels as existing shareholders at the time of the 2016 round.

US-based construction technology developer Diamond Age has raised $8m in a seed round featuring construction contracting company Suffolk Construction, according to TechCrunch. Prime Movers Lab and Alpaca VC co-led the round, while Dolby Family Ventures, Calm Ventures, Gaingels, Towerview Ventures and GFA Venture Partners also took part.

Molcure, a Japan-based AI-driven drug discovery and developing company, has raised $7.2m in series C funding from GMO Venture Partners, Japan Post Capital, Strive and SBI Investment, respective vehicles for internet company GMO, postal service Japan Post, digital media group Gree and financial services firm SBI, in addition to pharmaceutical firm Nippon Chemiphar and VC firm Jafco. Molcure raised $2.5m from GMO VenturePartners, Nippon Chemiphar and insurer Dai-ichi Life Insurance in December 2018. University of Tokyo Edge Capital, a venture capital affiliate of University of Tokyo, supplied $1.8m in funding in September 2014.

Thailand-based social media analytics platform Wisesight has obtained $7m in a series B round backed by Krungsri Finnovate, the corporate venturing arm of financials services firm Krungsri Bank, and TechMatrix Japan, according to Tech in Asia. Details about Wisesight’s earlier financing could not be confirmed.

Smart Ageing Tech, the Taiwan-based developer of elderly care technology platform Jubo, received NT$195m ($7m) in series A funding from building material producer Chia Hsin Cement, original design manufacturer Wistron vehicle Wistron Capital and multiple angel investors.

1 Kirana Bazaar, an India-based company that partners kirana stores – small, usually family-owned corner shops – and helps them with both online and offline capabilities, has secured $7m in a series A round co-led by Info Edge Ventures, a vehicle for internet company Info Edge, and Falcon Edge, according to YourStory. Kae Capital and angel investors also took part in the round, and YourStory said Kae Capital was a retuning backer.

Hashnode, a US-based blogging platform aimed at the software development community, has procured $6.7m in a series A round led by Salesforce Ventures, the corporate venturing arm of cloud computing firm Salesforce. Sierra Ventures, Sequoia Capital India’s Surge, Accel and angel investors also took part in the round. Surge led a $2.1m seed round in December 2020, when it was also joined by assorted private investors.

Prieto Battery, a US-based developer of solid-state rechargeable batteries, has received an initial $5.7m in series C funding led by Pilatus Capital, with participation from Stanley Ventures, the corporate venturing arm of industrial tools manufacturer Stanley Black & Decker, which was identified as a returning shareholder. Intel Capital, the corporate venturing arm of chipmaker Intel, supplied an undisclosed sum for Prieto in 2015, and the company subsequently closed that round at $1.2m in April 2016, according to a regulatory filing.

Highstreet, a Canada-based commerce-centred metaverse with a decentralised finance marketplace for limited-edition products, has raised $5m in a funding round backed by trading firm Jump Trading, cryptocurrency influencer brand Miss Bitcoin and cryptocurrency-focused publisher Encrypt Club. The round also featured Mechanism Capital, NGC Ventures, Palm Drive Capital, Cherubic Ventures, GBV, Panony, Shima Capital and Mr Block. Highstreet said it was already “backed” by consumer electronics company HTC, but it is unclear if or how much the corporate invested or if it had provided other forms of support.

Software producer Microsoft has invested $5m in India-based short-term accommodation platform Oyo through a deal that values the business at $9.6bn, TechCrunch reported today citing a regulatory filing. The strategic investment may lead to Oyo using Microsoft’s cloud technology services, people with knowledge of the matter told TechCrunch last month. The company is also planning to file for an initial public offering later this year. In November 2019, Oyo approved $1.5bn of funding from Vision Fund’s SVF India Holdings subsidiary and Oyo founder and CEO Ritesh Agarwal’s investment vehicle, RA Hospitality Holdings.

Yield Guild Games, a US-based developer of play-to-earn games backed by Ideo CoLab, a vehicle for design agency Ideo, has raised $4.6m in its latest round, according to Tech in Asia. Andreessen Horowitz led the round, which also included Kingsway Capital, Infinity Ventures Crypto, Atelier Ventures and private investor Gabriel Leydon. Ideo CoLab was an investor in Yield Guild’s $4m series A round in June this year.

Info Edge Ventures also led a $3.8m pre-series A round for India-based business-to-business building materials wholesaler Yojak, according to Entrackr. Kae Capital also took part in the round, as did private investors. Kae Capital previously provided an unspecified sum at an undisclosed date.

M12, the corporate venture capital arm of software producer Microsoft, has led a $3.5m seed round for open-source, serverless content management system developer Webiny, according to TechCrunch. The round also included Samsung Next, on behalf of electronics company Samsung, as well as Episode 1, Cota Capital and unnamed others. Webiny previously secured $348,000 in funding led by Episode 1 in October 2019.

Japan-based artificial intelligence-equipped matchmaking app operator Aill has raised ¥115m ($1.1m) in series A funding from Asahi Media Lab Ventures, ABC Dream Ventures and Nagoya TV Ventures, respective subsidiaries of newspaper publisher Asahi Shimbun and broadcasters Asahi Broadcasting and Nagoya TV, as well as consulting group Force Marketing and Management and venture capital firm GxPartners.

Accord, a US-based platform for business-to-business sales, has raised $1m in a seed extension from private investors, according to TechCrunch, adding to an initial $6m seed round raised from payment technology developer Stripe and incubator Y Combinator in February this year.

Meetcaregivers, a US-based marketplace connecting senior citizens with caregivers, has raised more than $1m in funding from investors including insurer MassMutual’s MM Catalyst Fund. The round also attracted 37Angels, Golden Seeds, TiE-Boston Angels and Kachuwa Impact along with assorted private investors.

Pharmaceutical companies Daewoong Pharmaceutical and Hanall Biopharma have provided $1m in funding to US-based biotechnology firm Alloplex Biotherapeutics.

Japan-based walking rehabilitation system developer Space Bio Laboratories has raised ¥100m ($912,000) from networking equipment provider Energia Communications and various unnamed members of the Bingo IPO Club.

Shandi, a Singapore-headquartered plant-based foodtech developer Shandi has closed a $700,000 seed round led by packaged food business Tolaram. The round also attracted SparkLabs Cultiv8 and private investor Simmarpal Singh. Shandi said the deal marked its second seed round, but it did not confirm details about the initial seed transaction.

Xpresslane, an India-based online checkout technology developer, has secured Rs30m ($400,000) in pre-seed funding from conglomerate Manipal Technologies, Point One Capital, Yatra Angel Network, Opus Consulting and assorted angels, according to YourStory.

Fitness apparel supplier Lululemon has invested an undisclosed amount in US-based bioengineering technology provider Genomatica, which sells products such as plant-based nylon. Genomatica obtained $118m in a series C round led by pharmaceutical firm Novo last month.

Infinitum Electric, a US-based developer of an air-core motor, has procured an undisclosed amount from Caterpillar Venture Capital, the corporate venture capital arm of construction equipment manufacturer Caterpillar. The unit invested through the Cottonwood Technology Fund. Infinitum Electric raised $40m in a series C round that included Chevron Technology Ventures, the strategic investment arm of oil and gas supplier Chevron, in May 2021.

American Express Ventures, on behalf of payment processing firm American Express, and investment bank JP Morgan’s Private Capital Growth Equity Partners have supplied an undisclosed amount of additional series D capital to Plaid, a US-based financial data software provider also backed by corporates Alphabet, Citi, Mastercard and Visa. Plaid’s series D round stood at $425m as of April this year.

Cash handling machine supplier Glory has invested an undisclosed amount of series A capital in UK-based open banking technology developer OneBanks. The company previously secured an undisclosed amount of angel funding from people including Rupert Pennant-Rea, former deputy governor of the Bank of England.

China-based autonomous driving technology developer Neolix Technologies has secured an undisclosed amount of series B funding co-led by SoftBank Ventures Asia, a regional investment arm for telecoms giant SoftBank, and CICC Capital, according to DealStreetAsia.  Yunqi Capital and Glory Ventures both returned for the round, having previously contributed $14m in series A financing in early 2019.

Rubrik, a US-based cybersecurity company, has received an undisclosed amount from software producer Microsoft as part of a strategic agreement. Rubrik raised $261m in a round backed by Bain Capital Ventures, Lightspeed Venture Partners, Greylock Partners, Khosla Ventures and IVP in January 2019. IVP led a $180m round in April 2017, with participation from Lightspeed and Greylock. Khosla Ventures led a $61m series C round in August 2016, when Lightspeed, Greylock and angel investors also participated. Greylock led a $41m series B round in May 2015, with contributions from Lightspeed and private backers. Lightspeed and assorted angel investors co-led a $10m series A round in March 2015.

Chemicals company Kemira has invested an undisclosed sum in SimAnalytics, a Finland-based predictive analytics technology developer, as part of a strategic partnership agreement.

Commodity trading and mining company Glencore has supplied an undisclosed amount of funding to UK-based lithium-ion battery cell technology developer Britishvolt as part of a strategic partnership agreement.

CricHeroes, an India-based cricket-focused media platform, has secured an undisclosed sum from gaming platform Games24x7, according to Mint.

US-based esports franchise FaZe Clan has secured an undisclosed amount from media company Cox Enterprises. Video commerce platform developer Ntwrk and Jimmy Iovine co-led a $40m series A round in April 2020.

Mitsubishi UFJ Capital, a venture capital subsidiary of financial services firm Mitsubishi UFJ, has invested an undisclosed amount in Aracan, the Japan-based operator of used car e-commerce platform Kababa.

Neuet, the Japan-based operator of bicycle-sharing service Charichari, has secured an undisclosed amount from broadcaster JOCH-DTV (Chukyo TV).

Customer management platform Plaid’s Studio Zero unit and conglomerate Mitsui have incubated Dot-Me, a Japan-based data-equipped customised product manufacturer, having both provided an undisclosed sum in the business.

Japan-based hybrid power system developer Aero Development Japan has raised a series A round of undisclosed size from civil engineering firms Nagaoka Shouji and Sanwa Group as well as drone producer Iobe Shouji.

 

M&A

Teleport, the logistics services arm of low-cost airline operator AirAsia, is paying $9.8m to acquire Delivereat, a Malaysia-based online food delivery service backed by property developer Aspen (Group) Holdings. The transaction consists of cash and stock, and Delivereat is expected to come under Teleport’s umbrella by the end of next month. Leong Shir Mein and Tan Suan Sear, the co-founders of Delivereat, will join Teleport, which will also add venture capital firm Gobi Partners to its shareholders. Gobi led a $450,000 pre-series A round in 2017, followed by a $1.2m round led by Aspen unit Aspen Vision All in 2019.

Vaccine producer Serum Institute of India has bought a 50% stake in vial manufacturer Schott Kaisha for an undisclosed sum. The deal marks an exit for pharmaceutical conglomerate Kaisha from Schott Kaisha, having formed the business as a joint venture with pharmaceutical packaging producer Schott in 1990.

– Additional reporting by Liwen-Edison Fu and Jordan Williams.

By Thierry Heles

Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.