Funding
Twelve, a US-based developer of technology which converts carbon dioxide to chemicals, secured $57m yesterday in a series A round featuring reinsurance firm Munich Re’s investment arm, Munich Re Ventures, as well as software producer Microsoft’s Climate Innovation Fund. The round was co-led by Capricorn Technology Impact Fund and Carbon Direct Capital Management and also backed by Breakout Ventures, Evok Innovations and DCVC, the last of which, the company, said led its seed round. It was previously known as Opus 12 and its earlier backers include Rough Draft Ventures, Prime Coalition and Techstars Energy Accelerator, which is backed by energy producer Equinor.
US and China-based contract research organisation (CRO) dMed-Clinipace closed a $50m series C-plus round yesterday led by fund manager Springhill Fund and backed by Rock Springs Capital and Superstring Capital. The company was formed through the merger of peers dMed, which had raised $158m from investors including healthcare provider Kaiser Permanente and pharmaceutical firm Eli Lilly as of a $100m series C round in December 2020, and Clinipace, in April this year.
NewStore, the US-headquartered mobile commerce software provider backed by enterprise software producer Salesforce, raised $45m in series B1 funding from unnamed investors on Wednesday. The company had received a total of about $130m as of a $20m round in January 2020 featuring Salesforce’s investment arm, Salesforce Ventures, as well as company founder Stephan Schambach and existing investors including venture capital firms Activant Capital and General Catalyst.
PayPal Ventures and Bertelsmann India Investments have co-led a $41.3m funding round for India-based logistics aggregation service Shiprocket on behalf of digital payment processor PayPal and media group Bertelsmann respectively, the Economic Times reported yesterday. It was also backed by Info Edge Ventures, the VC arm of classified listings operator Info Edge, as well as online payment processor Razorpay, March Capital, Tribe Capital, Innoven Capital and individuals including Kunal Shah and Deepinder Goyal. Formerly known as KartRocket, the company had received a total of $26m prior to a $27m primary and secondary round featuring Bertelsmann India Investments in February this year.
US-based risk, compliance and anti-fraud software provider Unit21 completed a $34m series B round on Wednesday featuring internet technology provider Google’s Gradient Ventures fund, valuing it at $300m. Hedge fund manager Tiger Global Management led the round, which included Iconiq Capital, A.Capital and South Park Commons, the last two having joined Gradient Ventures, Core VC and assorted angel investors in the company’s $13m series A round in October 2020.
Osso VR, the US-based creator of a virtual reality-equipped surgical training system, raised $27m on Wednesday in a series B round that included Kaiser Permanente Ventures, the strategic investment arm of healthcare provider Kaiser Permanente. VC firm GSR Ventures led the round, which also featured Signalfire, OCA Ventures, Scrum Ventures, Leslie Ventures and Anorak Ventures. The company had secured $2m in seed funding from Signalfire and Anorak Ventures in 2017 and $14m in a September 2020 series A round led by Kaiser Permanente Ventures and backed by SignalFire, GSR, Scrum Ventures, Leslie Ventures and OCA Ventures.
Prosperity7 Ventures, a growth equity vehicle for petrochemical producer Saudi Aramco, has led a series C-plus round for China-based medical robotics technology developer Fourier Intelligence sized in the tens of millions of dollars, DealStreetAsia reported today. Fourier raised $4.8m in series A funding from Prosperico Ventures, Qianhai FoF, IDG Capital and Volcanics Venture in 2018, and about $14m from series B and B-plus rounds – the latter in May 2020 – featuring Qianhai FOF, Shenzhen Guozhong Venture Capital Management and ZJ Innopark. Vision Plus Capital led its $14.9m series C round in October.
China-based macromolecular therapy developer NeoX Biotech has also raised tens of millions of dollars, in a series A-plus round led by VC firm Yuansheng Capital and backed by Bertelsmann Asia Investments (BAI), a vehicle for media group Bertelsmann. The round also featured Lyfe Capital, Sequoia Capital China, Wuyuan Capital and Yunjiu Capital, and it followed a $30m series A round in February this year co-led by Sky9 Capital and 5Y Capital that included BAI, Vertex Ventures China, Sequoia China and Vision Plus Capital. The company had previously received over $10m from 5Y Capital, Vision Plus, Sequoia China and ZhenFund.
US-headquartered livestreamed shopping channel operator Popshop Live secured an amount a source told TechCrunch was about $20m yesterday, from investors including conglomerate Access Industries. The round valued it at $100m and was led by Benchmark with backing from TQ Ventures, Mantis VC, SV Angel, Floodgate, Abstract Ventures, Long Journey Ventures and various angel investors. The company had raised a total of $4.5m as of a $3m round in July 2020 co-led by Floodgate and Abstract Ventures, and counts mobile game publisher Akatsuki as an existing investor.
US-based anti-ageing technology developer Assured Allies completed an $18.3m series A round on Wednesday that included insurance firm Harel Insurance and reinsurance provider Wilton Re. The round was co-led by Core Innovation Capital and New Era Capital Partners with additional backing from LionBird Ventures. Assured Allies has not revealed details of earlier funding but identified Harel and LionBird Ventures as existing investors.
Reconstruct, a US-based provider of quality monitoring software, raised $17.3m yesterday in a series B round led by construction software producer Nemetschek Group. It included construction technology producer EquipmentShare and one of its investors, Romulus Capital, as well as general contractor STO Building Group, engineering consulting firms Syska Hennessy and ThorntonTomasetti, architecture firm Shop Architects, property developer Asia Pacific Land and existing backers including Serra Ventures and Cultivation Capital. Reconstruct secured $850,000 in seed funding from Serra Ventures, Grand Angels Venture Fund, Illinois Ventures and Harbor Street Ventures in 2016, $2.4m in a 2018 seed extension led by Serra Ventures and $7.7m in a May 2019 series A round led by Cultivation Capital.
US-based synthetic voice technology developer WellSaid Labs has received $10m in series A funding from investors including Qualcomm Ventures, the corporate venturing unit run by semiconductor technology producer Qualcomm, VentureBeat reported on Wednesday. Fuse led the round, which was also backed by fellow VC firms Voyager Capital and Good Friends.
Semiconductor and data technology provider Intel led a $9.5m seed round for Opaque, the US-based developer of a secure software platform for data analytics, through corporate venturing unit Intel Capital on Wednesday. The corporate was joined in the round by Race Capital, The House Fund and FactoryHQ.
Coincover, a UK-based provider of security software for crypto assets, secured $9.2m in series A funding yesterday from investors including quantitative trading firm Susquehanna International Group, crypto asset trader CMT Digital and DRW Venture Capital, a subsidiary of principal trading firm DRW. The round was led by Element Ventures and included Avon Ventures, Valor Equity Partners, Fintech Collective, Volt Capital, Insurtech Gateway Fund and Development Bank of Wales. The company had raised $500,000 in seed capital from Angels Invest Wales in 2018 and a seven-digit sterling (£1m = $1.3m) amount from Insurtech Gateway and Development Bank of Wales in July 2020.
France-based educational video game developer PowerZ has received $8.3m in a funding round featuring publishers Hachette Livres and Bayard that included $1.2m in debt financing, TechCrunch reported yesterday. BPIfrance’s Digital Venture vehicle also took part in the round, as did Raise Ventures, Educapital and private investors Pierre Kosciusko-Morizet and Michaël Benabou. The company had previously raised $3.5m in a September 2020 seed round featuring Hachette Livre, Educapital, Kosciusko-Morizet, Benabou and Octave Klaba.
Insurance and reinsurance provider SiriusPoint has invested an undisclosed amount in US-based commercial insurance underwriter Joyn Insurance Services through a partnership agreement. Joyn began underwriting policies at the start of this month and will work with the corporate on deploying digital technologies such as automation and data analytics in the small and medium-sized US commercial insurance market.
Blockchain technology provider Block.one led a $7.5m seed round on Wednesday for Chintai, a Singapore-based provider of blockchain technology for capital markets. Cryptology Asset Group, Collective Capital, Peer Venture Partners and Chimera Wealth also contributed to the round, which will support the introduction of tools to Chinati’s platform that will facilitate the compliant tokenisation of traditional financial assets.
Financial software producer Shanghai 2345 Network Holding Group has provided S$8m ($5.9m) in series A funding for HiLife Interactive, a Singapore-headquartered developer of smart device management technology, DealStreetAsia reported yesterday. The company plans to now expand its presence in Southeast Asia and enter Europe and the Australasia region by the end of this year.
Energy utility Eneco’s strategic investment vehicle, Eneco Ventures, led a €5.1m ($6m) funding round on Wednesday for Energyworx, a US-based developer of energy data management software. The round included Engie New Ventures and EDP Ventures, which took part on behalf of energy providers Engie and EDP, in addition to VC firm Set Ventures, the three having combined to invest an undisclosed amount in the company in July 2020. EDP Ventures had already led a $1.1m series A round in late 2019 taking its total funding to $3.8m.
BeatO, the India-based developer of a diabetes management app, has received $5.7m in funding from investors including digital pharmacy operator PharmEasy, MobiHealthNews reported yesterday. VC firm W Health Ventures led the round, which also featured investment adviser Merisis VP and unnamed existing backers. Leo Capital and Blume Ventures co-led a $1.3m round for the company in 2018 and joined by Orios Venture Partners and angel investor Vishal Sampat in BeatO’s $1.7m pre-series A round in March 2019.
Branded pharmaceutical manufacturer Dermapharm Holding invested an undisclosed amount in Germany-based covid-19 drug developer Corat Therapeutics on Wednesday through a partnership agreement. The capital will support development of Corat’s lead drug candidate along with expanding its manufacturing capabilities.
Rabo Frontier Ventures, a VC fund formed by agriculture-focused banking group Rabobank, co-led a $5m series A round on Wednesday for Agro.Club, the US-based operator of an online platform which connects grain producers and buyers. The round was co-led by VentureFriends and included Elevator Ventures, the VC arm of financial services firm Raiffeisen, as well as Speedinvest and unnamed angel investors. It came after Agro.Club secured $1.3m in a Speedinvest-led seed round in June 2020 that also featured Elevator Ventures.
MediVR, a Japan-based developer of virtual reality-equipped rehabilitation equipment, secured ¥500m ($4.6m) in series B funding yesterday from investors including plastics and pipework equipment maker Sekisui Chemical. VC firm MedVenture Partners led the round, which also featured DBJ Capital and Taro Ventures. The company said the round boosted its overall funding to about $8.1m, $460,000 of which came from Osaka University Venture Capital in December 2019.
Packaging services provider Ranpak Holdings Corp has supplied an undisclosed amount of funding for Pickle Robot Company, a US-based developer of robotics technology for the logistics sector, it revealed yesterday. The company was spun out of Massachusetts Institute of Technology and emerged from stealth in May 2019 with $3.7m in seed funding from Hyperplane Ventures, Version One Ventures, Data Collective, RRE Ventures, Third Kind Ventures and Box Group.
Cloverly, the US-based creator of an application programming interface (API) for carbon offsetting, was spun off by energy utility Southern Company on Wednesday with $2.1m in seed funding from investors including telecommunications and internet group SoftBank’s SB Opportunity Fund. The round was led by Tech Square Ventures and backed by Circadian Ventures, Knoll Ventures, Panoramic Ventures and SaaS Ventures.
Automotive manufacturer Porsche invested an undisclosed amount in Griiip, the Israel-based developer of a cloud software platform that transmits data from motorsport vehicles, yesterday through corporate venturing unit Porsche Ventures. Griiip has also created a digital media platform which promotes fan engagement in the sport.
Luxury fashion distributor MadaLuxe Group led a $2m seed round yesterday for CodeBoxx, the US-based operator of a diversity-focused coding and technology bootcamp, at a valuation of $22m. MLG Ventures also participated in the round, which is set to precede the first in-person cohorts of the scheme, in the states of Florida and Pennsylvania later this year.
UK-based broadband terminal provider Isotropic Systems is one of two companies sharing a portion of £2m ($2.8m) in funding from space-focused investment group Seraphim Capital (the other being Commodities AI, a developer of space data analytics software). Isotropic had raised over $60m as of a February 2021 round sized above $40m that was led by satellite communications technology producer SES Engineering Services and backed by aerospace manufacturer Boeing’s investment arm, Boeing HorizonX Ventures, as well as Orbital Ventures, Space Angels, Firmament Ventures and the UK’s Future Fund.
OnStation, the US-based developer of a mobile app intended to improve productivity in road construction, completed a $1.4m seed round yesterday that included HG Ventures, the VC arm of diversified holding company Heritage Group. VisionTech Angels put up $575,000 for the round, which also featured Jumpstart and Golden Angel Investors. OnStation had joined The Heritage Group Accelerator Powered by Techstars in September 2020.
Car dealership Autostrada and an undisclosed domestic corporation have provided A$1.7m ($1.3m) in funding for Evos, an Australia-based producer of electric vehicle charging systems, Australian Financial Review reported yesterday. The chargers were already being assembled by Autostrada’s contract manufacturing subsidiary, Circuit Solutions.
Real estate developer Property Agent invested an undisclosed amount in Japan-based digitalisation technology and IT services provider Avant yesterday. Avant had already raised an undisclosed sum from Property Agent in January this year.
ComeBack Mobility, the Ukraine-based creator of a system which monitors weight distribution for crutches, closed a $1m seed round last month that included pharmaceutical company Farmak, ITKeyMedia reported. VC platform Fison also contributed to the round, as did undisclosed angel investors.
Democrance, a United Arab Emirates-headquartered digital insurance technology provider that counts internet company Jabbar Internet Group as an investor, has received an undisclosed amount in a funding round led by VC firm Global Ventures that included Veridian Ventures and unnamed existing investors, Wamda reported on Wednesday. Jabbar joined financial consultancy F-Horizon Group, Eos Venture Partners, Turn8, Seedstars and undisclosed individuals to invest $800,000 in the company in 2017.
Money Forward Venture Partners, the corporate venturing arm of accounting software provider Money Forward, invested ¥50m ($460,000) in HRport, the Japan-based operator of job candidate assessment tool Worksamples, today through its Hirac Fund. The round came in the wake of an undisclosed amount of pre-seed funding from East Ventures and F Ventures Fund in October 2019.
M&A
Dynamic glass producer View purchased US-based smart building software developer IoTium for an undisclosed amount yesterday, allowing networking technology provider Juniper Networks and consumer and industrial technology manufacturer Honeywell to exit. IoTium raised closed a $4.8m series A round in 2017 co-led by industrial technology producer General Electric’s now defunct GE Ventures unit and VC firm March Capital Partners with backing from Juniper Networks, OpenSource Ventures and Pankaj Patel. It took its total funding to $22m in a $13.6m series B in 2018 led by March Capital Partners and backed by GE Ventures, Juniper subsidiary Juniper Ventures, Honeywell unit Honeywell Ventures, JC2 Ventures and Hanna Ventures.
Semiconductor and data technology provider Intel exited US-based cybersecurity software developer Capsule8 on Wednesday in an acquisition of undisclosed size by cybersecurity technology producer Sophos. Capsule8 had raised $23.5m from investors including ClearSky Security, Bessemer Venture Partners and Rain Capital as of 2018, before Intel subsidiary Intel Capital increased its overall funding to $30m in August 2019.
Additional reporting by Liwen-Edison Fu.
