Funding
China-based medical imaging services provider Rimag has secured more than RMB600m ($93m) in a series D round co-led by JD Health, the healthcare division of e-commerce group JD.com, and Tongfu Fund, according to DealStreetAsia. OrbiMed Healthcare Fund Management and Neovision Capital also contributed. Baidu Ventures, the corporate venturing arm of internet company Baidu, led a $63m series B round in February 2018, which participation from Neovision Capital, Goldman Sachs China, Huayu Rongchuang, Beijing Huaxin Century Investment Group and Zeyue Capital. DealStreetAsia also identified PICC Group’s alternative investment platform PICC Capital Investment Management, and YTI Capital as previous backers, but further details could not be confirmed.
US-based customer experience automation platform Yellow.ai has raised $78.2m in a series C round featured Salesforce Ventures, the corporate venturing arm of cloud computing firm Salesforce. WestBridge Capital led the round, while Sapphire Ventures and Lightspeed Venture Partners also took part. Yellow.ai has now raised more than $102m. Lightspeed Venture Partners and Lightspeed India Partners co-led a $20m series B round in April 2020, following a $4m series A commitment from Lightspeed Venture Partners and assorted angels in June 2019.
Mexico-based remote education service provider Crehana has pocketed $70m in a series B round led by General Atlantic, eight months after closing a $17.5m series A round backed by Salesforce Ventures, the corporate venturing unit owned by enterprise software supplier Salesforce. Mountain Nazca led the series A round, which featured Endeavor Catalyst and the World Bank’s International Finance Corporation (IFC), Acumen Latam Capital Partners, Dila Capital, Mountain Nazca Mexico, Rethink Education and Howzat Partners.
China-based endoscopy technology developer Scivita Medical Technology has received RMB400m ($61.8m) in series B financing from investors including pharmaceutical firm Eli Lilly’s Lilly Asia Ventures unit, as well as Hudson Bay Capital Management, Prime Capital, GL Ventures and Matrix Partners China. Lilly Asia Ventures was joined by medical device maker Medtronic for a $61.7m series A round in April this year that also featured GL Ventures, Matrix Partners China, Chengwei Capital and Shanghai Innochip Investment.
V2Food, an Australia-based meat-free food products developer, has secured A$72m ($53.3m) in series B-plus funding from investors including “China’s leading e-commerce platform for services” – likely to be Meituan, though this could not be confirmed. The round included Main Sequence Ventures, the deeptech fund manager of national research agency CSIRO, and was led by Astanor Ventures. ABC World Asia and Huaxing Growth Capital also took part in the round, which followed a $55m series B round in October 2020 that was backed by fresh food distributor Esenagro.
Octane Lending, a US-based consumer loans provider, has raised $52m in a series D round that brought its valuation to more than $900m. The round was led by insurer Progressive Insurance’s Progressive Investment Company, with commitments from existing shareholders Citi Ventures, the corporate venturing arm of financial services firm Citi, Valar Ventures, Upper90, Contour Venture Partners, Third Prime, Parkwood and new investors Gaingels and Alive. Valar led a $45m series C round in November 2019, while Berenson Capital Partners and IA Ventures had co-led a series A round of undisclosed size in October 2016. Octane confirmed a total of $67m in funding raised by June 2019 – by which point Citi Ventures, Valar, IA, Contour, Third Prime, FinTech Collective, FundersClub and Dreamit Ventures were among its shareholders – but the company has not disclosed further details.
United Arab Emirates-based buy-now-pay-later finance provider Tabby has pulled in $50m in a series B round backed by Raed Ventures, the venture capital arm of conglomerate Almajdouie, and food delivery service Delivery Hero, TechCrunch has reported. Saudi Technology Ventures (STV), which is backed by telecommunications firm Saudi Telecom, and Global Founders Capital co-led the round, with participation from CCVA, Arbor Ventures, Mubadala Investment Capital, Global Ventures, MSA Capital, VentureSouq, Outliers VC, Jimco and HOF. Tabby had previously obtained $23m in a late 2020 series A round featuring Raed Ventures, STV, Global Founders Capital and lead investors Mubadala and Arbor.
Japan-based lunar exploration company iSpace has picked up $46m in a series C round backed by funds managed by SBI Investment, a vehicle for financial services firm SBI Group. Incubate Fund led the round, which also saw participation from partnerships managed by Innovation Engine, Aizawa Investments and funds managed by HiJoJo Partners and Aizawa Asset Management as well as private investor Katsunori Sago. The company previously secured $4.8m in a series B extension in December 2020 supplied by SMBC Nikko Securities, a division of financial services group Sumitomo Mitsui Financial Group. The original $28m series B tranche had come in August 2020, when air conditioning equipment maker Takasago Thermal Engineering and insurance provider Mitsui Sumitomo took part together with Space Frontier Fund and lead investor Incubate Fund. Media company Tokyo Broadcasting System, marketing agency Dentsu, office equipment producer Konica Minolta, telecommunications firm KDDI, airline operator Japan Airlines, engineering firm Shimizu, printing services firm Toppan and motor vehicle manufacturer Suzuki are all existing shareholders.
Jupiter, an India-based neobank formerly known as Amica Technologies, has secured $45m in a series B found co-led by neobank Nubank, Global Founders Capital, Sequoia Capital and Matrix Partners India, according to TechCrunch. Mirae Assets Venture, Addition Ventures, Tanglin VC, 3one4 Capital, Greyhound and Beenext also took part. Jupiter received $24m in its seed round in November 2019 backed by internet group Rocket Internet, Greyhound, 3one4, Matrix Partners and Sequoia Capital. Hummingbird Ventures and Bedrock Capital subsequently co-led a $2m round in April 2020 when Jupiter emerged out of stealth.
Toyota Ventures, on behalf of carmaker Toyota, has participated in a $40m series B round for US-based autonomous forklift developer Third Wave Automation, according to TechCrunch. The round was led by Norwest Venture Partners and attracted Innovation Endeavors and Eclipse. Third Wave emerged from stealth with a $15m series A round backed by carmaker Toyota in June 2020. Innovation Endeavors led that round, which also featured Eclipse, Homebrew VC and Heartland VC.
US-based autonomous cargo drone developer Elroy Air has pocketed $40m in a series A round featuring aerospace and defence company Lockheed Martin’s corporate venturing arm, Lockheed Martin Ventures, according to TechCrunch. Marlinspike Capital and Prosperity7 co-led the round, while Catapult Ventures, DiamondStream Partners, Side X Side Management, Shield Capital Partners and Precursor Ventures also took part. Elroy Air previously raised $6.8m in series A financing in April 2020, according to a securities filing, and its shareholders include Total Carbon Neutrality Ventures, a vehicle for oil and gas company Total, and E14 Fund, a vehicle for Massachusetts Institute of Technology’s Media Lab.
US-based microbiome discovery platform developer DayTwo has collected $37m in funding co-led by Cathay Innovation and aMoon. DayTwo previously received $5m in funding from Longliv Ventures, a digital health fund owned by conglomerate CK Hutchison Holdings, in October 2019 that added to an initial $31m secured from pharmaceutical firm Johnson & Johnson, Ofek Ventures and aMoon in July the same year.
US-based non-fungible token (NFT) marketplace MakersPlace has raised $30 million in a series A round backed by Coinbase Ventures, the corporate venture capital arm of cryptocurrency exchange Coinbase, and record label Sony Music Entertainment. The round was led by Bessemer Ventures Partners and also included Pantera Capital and Uncork Capital. The latter had led a $2m seed round in April 2019, with participation from Draper Dragon Fund and Abstract Ventures as well as angel investors.
Israel-based construction imaging system provider Buildots has pulled in $30m in series B financing from a consortium featuring real estate developer Tidhar Construction. Lightspeed Venture Partners led the round, which attracted TLV Partners, Future Energy Ventures and Maor Investments. The company has now raised $46m altogether, having unveiled $13m in series A funding and $3m in seed capital a year ago. Tidhar Construction and Innogy Ventures, a corporate venturing unit for energy utility Innogy, are among Buildots early backers.
China-based integrated circuit chip designer Silicon Integrated has completed a series C round worth hundreds of millions of Chinese yuan (RMB100=$15.5m) from investors including Xiaomi Yangtze River Industry Fund, a vehicle backed by electronics company Xiaomi, according to China Money Network. Hua Capital, Hua Ventures and an unnamed fund also took part in the round. CTC Capital led a $25.3m series B round in June 2020, with contributions from Source Code Capital, Allin Capital and Jiangmen Investment Fund. Details about the series A could not be ascertained.
Burda Principal Investments, a vehicle for media group Hubert Burda, has led a €15m ($17.8m) series B round for Germany-based pet health company Felmo, according to Tech.eu. Redalpine, HV Capital and 468 Capital filled out the round. Felmo raised “several million euros” in series A financing in January 2021 led by Redalpine, with participation from existing backers HV Capital and 468 Capital. It had secured an undisclosed amount of seed financing six months earlier.
France-based eye disease therapy developer Eyevensys has picked up $12m in a series B-plus round led by Korea Investment Partners, with participation from unnamed, existing backers. Boehringer Ingelheim Venture Fund, the corporate venturing arm of pharmaceutical firm Boehringer Ingelheim, led a $30m series B round in January 2020, when Inserm Transfert Initiative, the tech transfer arm of research institute Inserm, as well as Bpifrance, Pontifax Venture Capital, CapDecisif, Global Health Sciences Fund and Pureos Bioventures also invested.
Zeelo, the UK-based operator of an on-demand coach travel service, has added $12m to its coffers courtesy of investors including carmaker Jaguar Land Rover’s InMotion Ventures. ETF Partners led the round, while private investors also got in on the funding action. InMotion Ventures also backed a $5.6m round in 2019 that was led by ETF and featured Dynamo and angels, after the corporate venturing unit had contributed to a $1.6m round in 2017 together with private backers.
Naked Insurance, the South Africa-based operator of an artificial intelligence-equipped car insurance service, has raised $11m in a round led by diversified group Naspers, with participation from brand strategy consultancy Yellowwood and insurance firm Hollard Insurance. The latter two had backed a $2.2m round in 2018.
Hydrostor, a Canada-based energy storage technology developer backed by solar system designer and installer Elemental Energy, has raised $10m in growth capital from BDC Capital. Hydrostor previously closed a $37m round backed by Elemental Energy in 2019, when Canoe Financial, ArcTern Ventures, Mars Catalyst Fund and Lorem Partners also participated. The 2019 deal included equity funding, debt financing, cash commitments and project development capital.
Food company Cargill has led an $8.6m series A round for US-based animal health company AnimalBiome, which also attracted R/GA Ventures on behalf of advertising agency R/GA, SOSV, Moai Capital, Digitalis Ventures and Michelson Found Animal Foundation. The company was founded by researchers hailing from University of California (UC), Berkeley and UC Davis.
US-based industrial blockchain network operator Data Gumbo has completed a $7.7m series B round backed by Equinor Ventures, the corporate venture capital arm of Equinor, and Saudi Aramco Energy Ventures, the corporate venture capital fund of Saudi Aramco, as well as L37. The same three investors had supplied the initial $4m series B tranche last September.
Israel-based retail management platform Storee has picked up $6.8m in seed financing from a range of retailers, of which only jeweller Signet Jewelers was named by FinSMEs. A range of private investors also took part in the round. Signet Jewelers signed a partnership agreement with Storee in September 2018, when the former raised $2.2m and was still known as Mystore-E.
South Korea-based cap table management platform Quotabook has pocketed $5m in a funding round backed by Carta Ventures, the corporate venture capital arm of equity management platform Carta, according to Tech in Asia. Elefund, Draper Associates and Goodwater Capital contributed to the round. Quotabook claims to have been backed by more than 20 venture capital firms and banks, but details could not be ascertained.
POSRocket, a Jordan-based point-of-sale software developer backed by internet company Jabbar Internet Group, has picked up $5m in a funding round backed by energy services provider Edgo Group and Khwarizmi Ventures, the corporate venturing arm of diversified group Kadi Group Holding, according to Menabytes. It was co-led by the SANAD Fund for MSME, a vehicle initiated by development bank KfW, and Algebra Ventures. It also featured Vision Ventures, the Innovative Startups And SMEs Fund, Etihad Bank, Seedstars and angel investors. The company previously raised $1.5m in 2018, while Jabbar had contributed to a $650,000 seed round in 2017.
US-based automotive loan platform developer MotoRefi has secured $5m from Next Level Ventures’s Curql Fund, having previously collected $45m in series B funding in May 2021 from investors including financial advice provider Motley Fool and insurance provider Cuna Mutual, which took part through Motley Fool Ventures and CMFG Ventures. The round was led by investment bank Goldman Sachs’ Asset Management division and also featured IA Capital, Moderne Ventures, Accomplice and Link Ventures.
KanonCure, a Japan-based developer of decompensated cirrhosis treatment using the research at Tottori University’s Faculty of Medicine, has secured an undisclosed amount of funding for the first close of a funding round with robotics technology provider Cyberdyne’s CEJ Fund committing conditionally up to ¥500m ($4.6m).
Thailand-based business accounting platform FlowAccount has raised $4m in a series A round backed by SBI Investment, a vehicle for conglomerate SBI Group, and accounting software developer Money Forward, according to Tech in Asia. The round was led by Sequoia Capital India. FlowAccount previously attracted $1.15m from financial services firm Kasikorn Bank’s Beacon Venture Capital unit and SBI Group in 2017, when 500 Startups and Golden Gate Ventures also injected cash.
India-based biomass briquette producer Punjab Renewable Energy Systems is getting Rs300m ($4.1m) in funding from conglomerate Mitsui & Co, according to the Economic Times. Oil and gas company Shell had injected $7.7m in 2019.
Nymbus, a US-based open banking software producer, has added OFG Ventures, the investment arm of financial holding firm OFG Bancorp, to its shareholders with a $3m investment. Nymbus’s existing backers include credit provider Home Credit Group and startup services provider Vensure Enterprises, and the company’s previous funding round was a $15m transaction in April this year.
Japan-based membrane protein-targeted drug developer LiberoThera has raised ¥300m ($2.7m) from pharmaceutical company Taiho’s investment arm, Taiho Ventures.
South Korea-based gaming company Planetarium has received $2.6m in a funding round led by game studio Animoca Brands, according to Tech in Asia. The round additionally featured Divergence Ventures, SkyVision Capital, Ideo CoLab, Sfermion, Hypersphere Ventures and private investors. Assorted angel investors had supplied $1.4m in funding in April 2021.
Ayoconnect, the Indonesia-based creator of a digital bill-payment system for businesses, secured another $5m in pre-series B funding last month in a round led by AAVCF4 PF1 and backed by Mandiri Capital Indonesia, the investment arm of financial services firm Bank Mandiri, DealStreetAsia has reported citing a regulatory filing. The round included Black’s Link Investment, the Next Unicorn Fund, Patamar Fund II and private investors. Ayoconnect pocketed an initial $5m in pre-series B funding from BRI Ventures, the strategic investment subsidiary of financial services firm Bank Rakyat Indonesia, as well as online price comparison platform Kakaku and family office Brama One Ventures a year ago. It procured $1m in a 2017 seed round led by digital media company Gree’s investment arm, then known as Gree Ventures but now known as Strive.
Nigeria-based maritime logistics services provider MVX has pulled in $1.3m in a seed round backed by unnamed investors. The company previously secured a reported $100,000 in pre-seed financing from maritime logistics company Zircon Marine in May 2019. The pre-seed round was led by Oui Capital and also included Neon Ventures and angel investors.
Galixir, a China-based artificial intelligence-powered drug discovery and development platform, has completed a funding round of undisclosed size backed by Bertelsmann Asia Investments (BAI), a vehicle for media conglomerate Bertelsmann, which was identified as a returning backer by DealStreetAsia. Shanghai AI Industry Investment Fund led the round while Redpoint China Ventures, DCM, 5Y Capital and Gaorong Capital also invested. The latter four had, together with BAI, reportedly put “tens of millions of dollars” into a series A-plus round late last year. Source Code Capital and DCM Ventures led a $10m pre-series A round in August 2020, with commitments from Banyan VC and Morningside VC.
Japan-based digital marketing technology provider TDS has rebranded to Catalyst.Data.Partners and raised an undisclosed amount of funding from publishers Gakken, Shogakukan, Nippan Group and Fujisan Magazine Service.
Polyglots, the Japan-based operator of an English learning app dubbed Recipe, has raised an undisclosed amount from consulting and IT services firm Insource.
Aioi Nissay Dowa Insurance, part of Japan-based insurance group MS&AD Insurance Group, revealed today that it invested an undisclosed amount in Japan-based ride hailing service Mobility Technologies in June.
M&A
AbhiBus, an India-based bus ticketing platform backed by e-commerce and mobile wallet operator One97 Communications, has been acquired by hotel booking service provider Ixigo for an undisclosed amount. One97 invested an undisclosed amount in 2015, after telecoms infrastructure provider BS Group had supplied a similarly undisclosed sum in January 2013.
Mobile game developer CrazyLabs has paid an undisclosed amount to acquire one of its existing portfolio companies, India-based casual game developer Firescore Interactive. CrazyLabs had supplied $500,000 in capital to Firescore in July 2020, seemingly the latter’s only external funding round.
– Additional reporting by Liwen-Edison Fu.
