Funding
Hunters, a US-based provider of extended detection and response software, raised $30m in series B funding yesterday from investors including M12, the corporate venture capital arm of software producer Microsoft. VC firm Bessemer Venture Partners led the round, which also featured YL Ventures, Blumberg Capital and US Venture Partners (USVP). All three had joined M12, data software provider Snowflake and Okta Ventures, the investment arm of identity management software provider Okta, in a $15m series A round in June 2020 that took Hunters’ total funding to $20.4m.
Burda Principal Investments provided £16m ($22m) in funding for UK-based fresh produce supplier Oddbox on Monday on behalf of media company Hubert Burda. Oddbox had raised $680,000 in a 2018 crowdfunding campaign on Seedrs before adding $3.6m from the Mercia-managed Northern Venture Capital Trust Funds in March 2020.
Novasenta, a US-based developer of cancer immunotherapies targeting the tumour microenvironment, publicly launched on Monday with $20m in seed capital from UPMC Enterprises, the innovation arm of University of Pittsburgh’s health system affiliate, UPMC. The company was founded in 2018 and its technology is based on research by co-founders Robert Ferris, Dario Vignali and Greg Delgoffe, all part of UPMC’s Hillman Cancer Center.
Indonesia-based home furnishing and interior design service Dekoruma has secured $15m in a series C round featuring building materials supplier Siam Cement Group (SCG)’s Nexter Ventures vehicle and OCBC NISP Ventura, the VC arm of financial services firm OCBC NISP, e27 reported yesterday. KTB Network, Foundamental and Indonesia’s Global Development Network also took part in the round, which follows an undisclosed amount of pre-series C funding from OCBC NISP Ventura, InterVest Star SEA Growth Fund and Foundamental in May 2020. Its earlier investors include SCG’s AddVentures unit and e-commerce firm Global Digital Niaga.
Uizard, the Denmark-based developer of an intelligent digital design assistant, has secured $15m in a series A round featuring AV8 Ventures, the VC firm backed by insurance group Allianz. Growth equity firm Insight Partners led the round, which included ByFounders, LDV Capital and angel investor Mariano Suarez-Battan. It followed $800,000 in pre-seed funding from LDV Capital, ByFounders, The Nordic Web, 7percent Ventures, New York Venture Partners and individuals Peter Stern, Philipp Moehring and Andy Chung in 2018, and $2.8m from AV8 Ventures, ByFounders, LDV Capital, New York Venture Partners and various private investors in September 2019.
Israel-based ultrasound analytics technology developer DiA Imaging Analysis completed a $14m funding round yesterday that included medical technology and electronics producer Philips and XTX Ventures, the VC arm of algorithmic trading firm XTX Markets. They joined Downing Ventures, Alchimia Ventures, Icon Community Fund, CE Ventures, Connecticut Innovations, Defta Partners, Mindset Ventures and angel investor Shmuel Cabilly in the round. The company raised $2m from CE Ventures, Altair Capital and existing investors Agate-Mac Fund and Capital Point in 2016 and $5m from Connecticut Innovations, Defta Healthcare and Israel’s Innovation Authority two years later.
Building materials provider Siam Cement Group (SCG) joined financial services firm Krungsri Group’s Krungsri Finnovate subsidiary and BCH Ventures, part of telecommunications firm Benchachinda Group, to provide an undisclosed amount of series B-plus funding for Thailand-based construction software developer Builk One Group, DealStreetAsia reported today. Financial services firm Kasikorn Bank’s Beacon VC unit had invested an undisclosed sum in Builk One in March this year, following earlier investments by SCG’s AddVentures unit and Moonshot Venture Capital.
US-based customer service software developer Veego Software completed a $13m series A round yesterday featuring Robert Bosch Venture Capital (RBVC) and Amdocs Ventures, on behalf of industrial technology and appliance producer Robert Bosch and communications software provider Amdocs respectively. The round was led by Magenta Venture Partners and included State of Mind Ventures and North First Ventures, both having participated in a $5m seed round for the company alongside RBVC in mid-2019.
Health insurance provider Scan Group invested an undisclosed amount in US-based healthcare logistics and services provider MedArrive yesterday. The company had previously raised $4.5m in a seed round co-led by VC firms Kleiner Perkins and Define Ventures in December 2020.
US-based blockchain infrastructure technology developer InfStones has received $10m in series A funding from investors including HashKey Capital, a blockchain affiliate of automotive component producer Wanxiang, Coindesk reported yesterday. VC firm Qiming Ventures led the round, which also featured DHVC, Plug and Play and SNZ Holdings as well as Liang Xinjun’s family office. InfStones had raised $2m in seed capital from investors including DHVC and Plug and Play in May 2019.
ProBatus Capital, the VC firm backed by financial services firm Prudential Financial, has led a $9m series A round for Lifepal, the Indonesia-based operator of an online insurance comparison platform, TechCrunch has reported. It was joined by Cathay Innovation, Insignia Venture Partners, ATM Capital and Hustle Fund, and the round boosted Lifepal’s total funding to $12m, according to TechCrunch. It had received an undisclosed amount from ATM Capital in March 2019.
Private investors Justin Mateen, Rajeev Misra, Sean Rad and Arjun Sethi have supplied an undisclosed amount for India-based social messaging platform developer Hike, the Economic Times reported yesterday. Hike secured $175m in a 2016 series D round co-led by contract manufacturer Foxconn and internet group Tencent that included telecoms and internet group SoftBank and telecoms firm Bharti Enterprises’ Bharti Softbank joint venture and Tiger Global Management at a $1.4bn valuation, taking its total funding to over $260m.
Baby and infant goods retailer FirstCry has paid an undisclosed amount for a ‘significant’ minority stake in India-based children’s snack brand Timios, VCCircle has reported. Commercial food producer MTR Foods provided an undisclosed amount for Timios in 2018 through its MTR Seed Fund, before conglomerate NR Group’s Rangsons Technologies subsidiary led a pre-series A round of undisclosed size in May 2020 that included Paipal Ventures.
Ai Palette, the Singapore-based developer of a digital platform that tracks trend in the food and drink industry, has received $4.4m in series A funding from investors including media, investment and data firm AgFunder, the latter disclosed yesterday. The round was co-led by Exfinity Venture Partners and Pi Ventures and also featured Decacorn Capital and Anthill Ventures. It came after a $1m seed round in August 2019 led by Decacorn Capital and backed by AgFunder, SGInnovate, Entrepreneur First and unnamed individuals.
Consumer electronics manufacturer Sony invested an undisclosed amount in US-based arts and entertainment recruitment service Yellowbrick yesterday through its Sony Innovation Fund by IGV. Yellowbrick had secured a total of $173m as of an $81m series C round in mid-2019 that included industrial equipment producer Siemens, internet technology group Alphabet and carmaker BMW – through Next47, GV and BMW i Ventures respectively – as well as DFJ Growth, Threshold Ventures, Menlo Ventures and Third Point Ventures.
AppsForBharat, an India-based developer of spiritual-focused apps, has secured $4m in seed financing from Sequoia Capital India, Beenext Ventures and WEH Ventures, Inc42 reported yesterday. Short-form video platform developer Trell and Sequoia Capital India had provided $200,000 in earlier funding for the startup in April this year.
Accenture Ventures, the strategic investment arm of consulting firm Accenture, provided an undisclosed amount of funding for Ixlayer, a US-based developer of virtual health testing technology, yesterday. General Catalyst led the company’s $75m series A round in March this year, participating alongside existing backer PearVC and angel investors including Bobby Yazdani, Dara Khosrowshahi, Anne Wojcicki, Zeshan Muhammedi and Hamid Moghadam.
MiResource, the US-based operator of an online mental healthcare services marketplace, secured $3m yesterday in a seed round that included health insurer Blue Cross and Blue Shield of Kansas. The corporate joined Draper Associates, Royal Street Ventures, One Mind, What If Ventures and GarageCap in the round, which will support platform development.
The Mortgage Collaborative, a network of mortgage providers, banks and credit unions, has led a $2.2m pre-series A round for US-based automated mortgage software developer Home Lending Pal, Orlando Inno reported on Monday. Home Lending Pal was recently revealed as a portfolio company of financial services provider Cuna Mutual Group’s CMFG Ventures unit, and it had closed $175,000 in equity and $805,000 in debt financing in January this year, according to securities filings. Its earlier investors include Financial Solutions Lab, Batchery and StarterStudio.
India-based financial planning software developer Lumiq has received $2.2m in a seed round led by Info Edge Ventures, the corporate VC subsidiary of classified listings operator Info Edge, YourStory reported yesterday. Redstart Labs and angel investor Parampreet Bhasin also contributed to the round.
India-headquartered engineering and technology provider Commtel’s United Arab Emirates subsidiary invested an undisclosed amount in UAE-based artificial intelligence technology developer Nybl yesterday. Commtel intends to supply the technology for its clients in the oil and gas, power, mining and transportation industries.
India-based location analytics technology developer Syook has secured $1m from oil and gas provider ONGC and Inflection Point Ventures (IPV), YourStory reported yesterday. IPV had previously invested an undisclosed amount in the company in June 2019.
Basketball professional Chris Paul provided an undisclosed amount yesterday for Greenfly, a US-based developer of software that helps sporting organisations generate revenue from their intellectual property. Alpha Edison, Iconica Partners, Elysian Park Ventures and Corazon Capital had supplied $8.5m in series B funding for the company in 2018, two years after it raised $6.2m in a series A round backed by R/GA Ventures, a vehicle for advertising agency R/GA, as well as film and television content producer Mandalay Sports Media, Iconica Partners, Elysian Park, Corazon Capital, Go4it and Tack Ventures.
Mitsui Sumitomo Insurance, a subsidiary of insurance group MS&AD, supplied an undisclosed amount of funding for US-based digital insurance platform developer Next Insurance last month. The company had raised $250m in a March 2021 round featuring CapitalG, a subsidiary of internet and technology group Alphabet, as well as FinTLV, Battery Ventures, Group 11, Zeev Ventures, Founders Circle and G Squared, valuing it at $4bn.
M&A
Digital health technology provider Connect America agreed yesterday to purchase 100Plus, a US-based developer of remote patient monitoring software, in a deal of undisclosed size that would enable insurance firms Scor and Transamerica to exit. The company received $25m from individuals including Henry Kravis and George Roberts in March this year, following $2.5m from corporate VC units Scor Life & Health Ventures and Transamerica Ventures in 2018 to increase its overall funding to $12.5m.
AV8 Ventures, the VC firm backed by insurance firm Allianz, has exited Contract Wrangler, a US-based developer of intelligent contract software, in an acquisition of undisclosed size by business commercialisation service provider Conga. Contract Wrangler was revealed as an AV8 portfolio company in 2019, and it closed an $11.5m round in November the same year, according to a regulatory filing.
Israel-based data software developer DocAuthority agreed yesterday for its assets to be acquired by data software and services provider NowVertical Group for $317,000 in cash and about $50,000 of shares, allowing insurance firm Axa to exit. Axa subsidiary Axa Venture Partners led the company’s $3.25m series A-1 round in December 2020, investing with UpVentures Capital, FF Venture Capital and 2B Angels. The last two had backed DocAuthority’s $10m series A round in 2018 alongside FF Venture Capital, 2B Angels, Raine Ventures, Greycroft, Differential VC and Plus Ventures.
Additional reporting by Thierry Heles.
