Funding
Financial services firm Citi’s Impact Fund led a $35m series C round for Recycle Track Systems, a US-based provider of waste disposal management software, yesterday. Edison Partners, Cue Ball, Greenspring Associates, Gaingels and Partnership for New York City also took part in the round, which came in the wake of an $11.7m series A round led by Volition Capital in 2017. The company had secured $115,000 in funding in 2015 and $145,000 the following year, according to securities filings.
Vita Therapeutics, a US-based startup developing cellular therapy treatments for muscular dystrophy, closed a $32m series A round on Wednesday led by its affiliate, biopharmaceutical company Cambrian Biopharma. The round also featured Kiwoom Bio, SCM Life Sciences and Early Light Venture, and the proceeds will fund the clinical progress of the startup’s first two drug candidates.
Paceline, the US-based operator of a health and wellness incentives platform, completed a $29.5m series B round yesterday led by VC firm Acrew Capital and backed by Mubadala Capital and existing investors that may include financial services firms BBVA and Northwestern Mutual. It came after VC firm Montage Ventures led a $5m seed round in November 2020 that included Propel Venture Partners, the VC firm formed by BBVA, as well as Northwestern Mutual and angel investor Mark McCombe. It named MS&AD Ventures, a subsidiary of insurer MS&AD, as an existing backer this week along with GreatPoint Ventures, Courtside Ventures, Lux Capital, Clocktower Technology Ventures and NextView Ventures.
Japan-based lock technology developer BitKey has secured ¥3.2bn ($29m) in pre-series B funding from office furniture maker Okamura, air conditioning equipment manufacturer Daikin Industries, electronics producer Panasonic, real estate developers Sankei Building, Tokyo Tatemono and Nippon Steel Kowa Real Estate, construction firm Prime Life Technologies and asset manager Sparx Group’s Future Creation Fund 2. The company said its overall funding stands at $82m, and the round followed a $31.4m series A in late 2019.
SafeAI, a US-headquartered developer of smart heavy equipment, raised $21m in series A funding yesterday from investors including conglomerate Vimson Group and general contractors Maca and Obayashi. The round was led by Builders VC and also featured London Technology Club, Autotech Ventures, Brick and Mortar Ventures, Embark Ventures and Monta Vista Capital. The company had emerged from stealth in June 2019 with $5m from Autotech Ventures, Brick & Mortar Ventures, Embark Ventures and existing backer Monta Vista Capital.
Cloud Capital, the Japan-based, corporate-backed operator of crowdfunding platform Fundinno, has received ¥2.17bn ($20m) from investors including financial services group Nomura Holdings and startup consultancy Birdman. The company’s most recent funding had involved it raising an undisclosed amount from Chibagin Capital and Iyogin Capital – on behalf of Chiba Bank and Iyo Bank – last month. Its earlier investors include corporates Kikuchi Seisakusho, Kaga, IR Robotics, NLinks and Sanoh Industrial.
Software provider Microsoft’s M12 subsidiary led a $17m series A round yesterday for Env0, an Israel-based developer of automated workflow management software. Boldstart Ventures, Grove Ventures and Crescendo Ventures also took part in the round, all three having joined M12 in the company’s $6.8m seed round, which closed in July 2020 with backing from angel investors including Guy Podjarny.
RapidPulse, the US-based developer of an aspiration system to treat ischemic stroke, completed a $15m series A round on Wednesday that included Syntheon, the medical device producer from which the company was spun off. Life sciences investment firm Santé Ventures led the round, which also featured Epidarex Capital, Hatteras Venture Partners and Broadview Ventures.
Telecoms firm Swisscom has led a $14.7m series C round for Switzerland-based precision farming technology developer EcoRobotix through corporate venturing unit Swisscom Ventures. The round included chemicals producer BASF’s investment arm, BASF Venture Capital, as well as CapAgro and 4FO Ventures, all three having backed a $10.7m series B round in 2018 that also featured Business Angels Switzerland and Investiere. EcoRobotix has now raised more than $28m altogether.
Cloud communication system provider Nfon paid an undisclosed amount yesterday for a 24.9% stake in Meetecho, a Italy-based developer of real-time web communication technology spun out of University of Naples. The investment was made through a strategic partnership agreement.
Neurala, a US-based developer of computer vision software for use in manufacturing, received $12m in series A funding from investors including track-and-trace technology provider Antares Vision and packaging automation technology producer IMA yesterday. The round was co-led by Zebra Ventures and Pelion Venture Partners and also featured Draper Associates, Friulia, AddValue, 360 Capital Partners, Idinvest Partners and Cougar Capital. The company had raised $290,000 from Antares Vision in August 2020 to take its total funding to about $20m.
TrustDock, a Japan-based developer of know-your-customer technology, raised ¥1.3bn ($11.7m) yesterday from investors including Globis Capital Partners, Strive, Sony Innovation Fund by IGV, Mitsubishi UFJ Capital, Mizuho Capital and SMBC Venture Capital, on behalf of education services provider Globis, internet group Gree, electronics producer Sony and financial services firms Mitsubishi UFJ, Mizuho Bank and Sumitomo Mitsui Banking Corporation respectively. It came after an undisclosed amount from Sony Innovation Fund by IGV, Strive, Mitsubishi UFJ Capital, Mizuho Capital, SMBC Venture Capital and 500 Startups Japan in mid-2019.
Gliknik, a US-based immunology developer backed by pharmaceutical company Baxter, closed an $11.5m series C round yesterday led by VC firm First In Ventures. It was joined by Saiso Partners and affiliates of RDA Ventures and Garden Street Holdings. The company closed a series B round featuring Baxter subsidiary Baxter Ventures at $9.9m in May 2013 to take its total funding to roughly $24m before adding $2.8m four months later, according to securities filings.
Automotive manufacturer BMW supplied an undisclosed amount for US-based automated freight vehicle developer Kodiak Robotics yesterday through strategic investment arm BMW i Ventures. The company had raised a similarly undisclosed sum from tire manufacturer Bridgestone Americas last week, following $40m in series A funding from Battery Ventures, CRV, Lightspeed Venture Partners and Tusk Ventures in 2018.
Porotech, a UK-based micro-LED production technology developer spun out of University of Cambridge in January 2020, secured £3m ($4.2m) yesterday from investors including Martlet Capital, a subsidiary of aerospace and defence manufacturer Marshall of Cambridge. VC fund Speedinvest led the round, which also featured IQ Capital, Cambridge Enterprise and Cambridge Angels, all three having joined Martlet in the startup’s $1.9m seed round in April 2020.
Jiangxing AI, a China-based developer of industrial edge computing technology for the industrial space, has raised an eight-digit yuan amount (RMB10m = $1.55m) in a series A-plus-plus round featuring Baidu Ventures and Lenovo Capital, representing internet group Baidu and computing technology producer Lenovo respectively, Kr Asia reported today. It was led by Zhongguancun Innovation Fund and included Future Capital and Zhuoyuan Capital, and it followed about $15m in November 2020 from Poly Capital, a subsidiary of conglomerate Poly Group, as well as Lingang Ventures – part of property developer Shanghai Lingang Economic Development – Lenovo Capital, Tsing Ventures, Mizuki Capital and Sequoia Capital China.
Mobile device manufacturer Blackberry’s Ivy Innovation Fund made its first investment on Wednesday, co-leading a $3.6m seed round for US-based battery optimisation software developer Electra Vehicles. The round was co-led by investment group Liftt and also featured Club degli Investitori, Massachusetts Clean Energy Center, Hyperplane Venture Capital, Prithvi Ventures, Launchpad Venture Group, Tie Boston Angels and unnamed angel investors.
Communitio, the Japan-based provider of employee engagement platform developer TeamSuite, closed a ¥260m ($2.3m) funding round on Wednesday, with the cash coming from talent management system provider Kaonavi, XTech Ventures and multiple angel investors. The round included debt financing from unnamed financial institutions and boosted the startup’s overall funding to more than $3.2m. Its earlier funding had been supplied by XTech Ventures and digital media company Ceres in mid-2019.
Telecoms firm KDDI’s Open Innovation Fund has provided an undisclosed amount of funding for Ginkan, the Japan-based operator of gastronomy social network SynchroLife. Ginkan had most recently secured $2.6m in a June 2020 series A round led by brand developer MTG through its MTG Ventures unit and backed by digital gifting service and existing investor Giftee, restaurant operators SLD Entertainment and DD Holdings, price data aggregator Aucfan, marketing agency Ceres, insurance firm Taiju Life’s Sansei Capital Investment unit and financial services firms Orient Corporation and Mitsubishi UFJ (through Mitsubishi UFJ Capital).
Age Technologies, the Japan-based developer of a software platform called Sozoku which helps digitise real estate inheritance paperwork, has received ¥200m ($1.8m) from e-commerce price comparison service Kakaku and internet company Digital Garage’s DG Ventures unit. Masahiko Maekawa, a director at DG Ventures, will take a board seat at the company in connection with its investment.
Real estate developers Murakami Holdings and Kashimura Holdings have invested ¥150m ($1.4m) in TechAt, the Japan-based operator of direct-to-consumer beauty retailer NewMe. The company is preparing to open a brick-and-mortar store in September 2021 that will allow customers to sample products so far only available online, and the cash will support the expansion of its offline retail presence.
Microbiome analytics technology provider Corundum Systems Biology has supplied an undisclosed amount of funding for US-headquartered microbiome therapy developer Holobiome. The company had previously raised an undisclosed amount from life science real estate investment trust Alexandria Real Estate Equities’ Alexandria LaunchLabs vehicle in April 2019 through its Alexandria Seed Capital Platform.
Douzo, the Japan-based operator of a cross-border group purchasing service, secured ¥100m ($900,000) in seed funding from investors including e-commerce company Enigmo and IT services firm Branding Engineer on Wednesday. The round included East Ventures, Lifetime Ventures and multiple individuals in addition to debt financing from undisclosed financial institutions.
Itochu Technology Ventures, the corporate venturing subsidiary of trading group Itochu, invested ¥100m ($900,000) in Japan-based customer engagement platform developer Openpage on Wednesday. The company will put the capital into product development.
Two, the Japan-headquartered operator of a plant-based food brand, received an undisclosed amount yesterday from investors including Mitsui Sumitomo Insurance Venture Capital, a corporate VC vehicle for insurance provider Mitsui Sumitomo Insurance. Ales Global Investment Partnership III and angel investors Allen Miner and Hiro Mizushima also took part in the round, which represents Two’s first external funding.
IoTBase, the Japan-based operator of an internet of things-focused digitalisation service, has raised ¥80m ($730,000) in pre-series A funding from investors including education services provider Globis and Aozora Corporate Investment, a subsidiary of financial services firm Aozora Bank. They were joined in the round by Incubate Fund, the VC fund that participated in a seed round of undisclosed size for the company in July 2020 alongside Globis’s G-Startup Fund.
Diversified trading group Itochu has provided ¥30m ($270,000) in seed capital for Career Essence, the Japan-based creator of a digital assessment tool for the recruitment of university graduates. The investment was made through the corporate’s Itochu Technology Ventures subsidiary, and the funding has been earmarked for product development and sales.
M&A
Financial services group RB Group has paid an undisclosed amount to acquire Synthetic P2P Holdings Corporation, the US-based lending data and risk analytics provider also known as PeerIQ, allowing credit data provider TransUnion and media group Hearst to exit. The corporates had co-led PeerIQ’s $12m series A round with Macquarie Group in 2017, investing with existing backers Uprising and John Mack to boost its total funding to $20.5m. Its early backers include Victory Park Capital and Fenway Summer Ventures.
Gene therapy developer UniQure has agreed to acquire France-based peer Corlieve Therapeutics for €46.3m ($55.1m), providing an exit for fellow gene therapy specialist Regenxbio. The startup had received an undisclosed amount sum in a November 2020 seed round co-led by Kurma Partners and Idinvest and backed by Pureos Bioventures, after Regenxbio had acquired a stake through a license and collaboration agreement.
Safety equipment provider UL exited KenSci, a US-based producer of healthcare risk assessment software, yesterday, in an acquisition of undisclosed size by healthcare technology provider Tegria. KenSci had raised $30.5m pre-acquisition, $22m coming in a 2019 series B round led by investment firm Polaris Partners and backed by UL subsidiary UL Ventures and existing backers Ignition Partners, Osage University Partners and Mindset Ventures.
Amazon Music, a subsidiary of e-commerce and cloud computing group Amazon, is purchasing Art19, a US-based podcast hosting platform operator backed by media group Bertelsmann, legal and financial software producer Gallo Digital and talent agency United Talent Agency (UTA), for an undisclosed amount, The Verge reported yesterday. Bertelsmann’s Digital Media Investments unit co-led Art19’s $7.5m series A round with DCM Ventures in 2017, investing alongside UTA, Gallo, Array Ventures and Zach Coelius.
Additional reporting by Liwen-Edison Fu.
