Funding
Internet and gaming group Tencent led a $48m series B round for South Africa-based digital payment technology developer Ozow today. Endeavor Catalyst and Endeavor Harvest also contributed to the round, which came in the wake of an undisclosed amount of funding from venture capital firm Kalon Venture Partners in 2017 and an undisclosed amount of series A financing from the same investor in June 2019.
Stellar Cyber, the US-headquartered creator of a detection and response-based cybersecurity software platform, secured $38m yesterday in a series B round that included consumer electronics producer Samsung and quantitative trading firm Susquehanna International Group (SIG). VC firm Highland Capital Partners led the round, which also featured Valley Capital Partners and Northern Light Venture Capital. The company said it has now raised $68m in total, including a $21.8m series A round closed in March 2020 backed by SIG, software testing services firm Digital Hearts, Valley Capital Partners, Big Basin Ventures and existing investor Northern Light Venture Capital.
US-based battery management technology developer Titan Advanced Energy Solutions received $33m yesterday in a series B round led by conglomerate The Heritage Group through its HG Ventures unit. It included conglomerate GS Group’s GS Futures and GS Energy subsidiaries, energy technology producer Schneider Electric’s SE Ventures unit and clean energy project developer Doral’s Energy-Tech Ventures vehicle. They were joined by H+ Partners and Energy Innovation Capital, the latter having co-led the company’s $10m series A round in 2019 with SE Ventures. That round also featured Massachusetts Clean Energy Center.
Woo Network, a Cayman Islands-registered liquidity network incubated by trading firm Kronos Research, has closed a $30m series A round featuring crypto financial services provider AntAlpha, blockchain technology developer TokenInsight Research and digital currency exchange operators MEXC, LBank, BitMart, AscendEX, Gate.io and Crypto.com, the last two through Gate Ventures and Crypto.com Capital. They were joined by 3Commas Capital and ViaBTC Capital – on behalf of crypto trading bot developer 3Commas and crypto mining service ViaBTC – as well as Three Arrows Capital, PSP Soteria Ventures, QCP Capital and Avatar’s Avalanche Asia Star Fund. The company had already raised $10m in an October 2020 seed round backed by DeFI Capital, Three Arrows Capital and Hasley Capital.
US-based digital therapeutics developer MedRhythms completed a $27m series B round yesterday that included engineering firm JGC Group’s JGC Mirai Innovation Fund and audio equipment producer Bose’s corporate venturing unit, Bose Ventures. The $2m extension was led by VC firm Global Brain and the $25m first close in July this year included 5Y Capital, Advantage Capital and Werth Family Investment Associates. It has now raised at least $33.5m altogether.
Warehouse operator Prologis has participated in a $25m series A round for SVT Robotics, a US-based provider of warehouse robotics management software, through corporate venturing vehicle Prologis Ventures, VentureBeat reported yesterday. Hedge fund manager Tiger Global Management led the round, which came in the wake of $3.5m in seed funding from Dynamo Ventures, Schematic Ventures, Ludlow Ventures and NRV in May 2020. Dynamo Ventures, Schematic Ventures, Cowboy Ventures and Ludlow Ventures had invested an undisclosed sum in September 2019 that was preceded by $600,000 from a single undisclosed investor in 2018.
TS Conductor, a US-based developer of grid-scale conductor technology, raised $25m in series A financing yesterday from investors including energy supplier National Grid’s corporate VC arm, National Grid Partners, and a subsidiary of renewable power producer NextEra Energy. The round was also backed by Breakthrough Energy Ventures, Talkot Capital and private investor Hervé Touati.
India-based kitchen appliance producer Wonderchef has secured Rs 150m ($20.1m) from investors including conglomerate Malpani Group, Inc42 reported yesterday. VC fund Sixth Sense Ventures invested just over $12m to lead the round, which also featured Godrej Family Office and unnamed individuals. Private equity firm Amicus Capital Partners had invested $10.3m in Wonderchef in 2018.
Fund That Flip, a US-based developer of real estate investment technology, raised an undisclosed sum from investors including insurer Massachusetts Mutual Life’s MassMutual Ventures unit yesterday for the first close of a series B round with a $20m target. GPO Fund led the tranche, which also featured Tribeca Early Stage Partners and an AngelList syndicate. The company had received $11m from Edison Partners in August 2019 to take its overall funding to $15m, Fintech Venture Fund, ERA, Soundboard Angel Fund and unnamed angel investors having already provided $2m in funding in 2016.
Insurance firm State Farm led a $13m series A round yesterday for US-based smart sensor technology developer PreAct Technologies through its State Farm Ventures subsidiary, investing with Elev8.VC, Gotham Partners, Traylor Capital and Stargazer Ventures. PreAct raised $1.6m in a December 2020 round led by Alpha Bridge Ventures and backed by consumer electronics producer Sony’s Innovation Fund and existing investor Elev8.VC. It had previously received over $2.2m from investors also including Social Impact Capital of New York and Safe x Connected Cities Accelerator, which is backed by insurer Aviva Canada.
US-based neural interface technology developer Cognixion received $12m in seed capital yesterday from investors including healthcare provider Northwell Health and e-commerce group Amazon’s Alexa Fund. The round was led by VC fund Prime Movers Lab and also featured investment firm Volta Circle, and the proceeds will be allocated to product development.
Splink, a Japan-based developer of artificial intelligence-enhanced brain care technology, secured approximately ¥1.12bn ($9.8m) today from investors including fire insurance provider Tokio Marine Nichido and marketing technology group Hakuhodo DY Holdings. They were joined by Mitsubishi UFJ Capital, part of financial services group Mitsubishi UFJ, as well as investment firm Jafco and multiple unnamed private investors.
Mitsubishi UFJ Capital also invested an undisclosed amount in Riverfield, the Japan-based creator of a surgery robotics system which utilises pneumatic pressure, today through its MUFG Medical Fund 3. Riverfield, which had been spun out of Tokyo Institute of Technology and Tokyo Medical and Dental University, had secured $27.3m from engineering group Toray, insurance firm Dai-ichi Life, medical supplies provider Medipal Holdings’ Medipal Innovation unit and SBI Investment, part of financial services provider SBI, in September this year, taking its total funding to over $49m.
Libry, a Japan-based developer of digital education materials, increased its series C round to ¥340m ($3m) today with funding from disabled students’ educational and professional support service Litalico. It said its total funding now stands at over $7m, including an undisclosed amount in July this year from printing services provider Toppan and existing backer Globis Capital Partners, which invested on behalf of educational services provider Globis.
Pawnfi, the US-headquartered operator of an alternative asset-based online lending platform, completed a $3m funding round yesterday featuring crypto mining pool provider 6Block and blockchain app developers Animoca Brands and Dapper Labs. VC firm Digital Currency Group led the round, which included Hashkey Capital – an affiliate of automotive component producer Wanxiang – as well as Polygon, DeFi Alliance, Everest Venture Group and SNZ.
Giver Takeall, the Japan-based operator of a real estate teleconsultation service called Auka, received ¥320m ($2.8m) today in a pre-series A round featuring Monex Ventures, a subsidiary of finance exchange operator Monex. It was joined by financial services provider Sumitomo Mitsui Banking Corporation’s SMBC Venture Capital unit and VC firm Jafco.
Ricos, a Japan-based developer of artificial intelligence and simulation technology, raised ¥300m ($2.6m) in series A funding last month from internet company Digital Garage’s DG Ventures subsidiary and University of Tokyo’s Edge Capital Partners vehicle, it revealed today. The capital will be channelled into research, product development and recruitment.
Runway, the US-based developer of a mobile app optimisation tool, secured $2.1m yesterday in a funding round TechCrunch reported included telecommunications and internet group SoftBank’s SB Opportunity Fund. The round was led by Bedrock Capital and also featured Chapter One Ventures, Array Ventures, Breakpoint Capital and – according to TechCrunch – Liquid 2 Ventures, Four Cities, Harvard Management Seed Capital and unnamed angel investors.
Financial technology provider DFin Holding has led an inaugural funding round of undisclosed size for Kiwe, the Egypt-based creator of a social digital payment platform, Wamda reported yesterday. Real estate developer Marakez and financial services provider EFG Hermes also contributed to the round.
Singapore-headquartered blockchain game studio Real Realm completed a $1.2m private share sale yesterday that included decentralised exchange (DEX) operator BSCStation and Kardia Ventures, the VC vehicle formed by blockchain technology provider KardiaChain. They were joined by AU21 Capital and the round was announced in the run up to an initial DEX offering slated to take place next week.
M&A
Digital financial services provider Oportun agreed yesterday to acquire Digit, a US-based banking software producer backed by financial services firm Citi and internet technology group Alphabet, for approximately $114m in cash and $98.5m in equity. Citi Ventures and Alphabet unit GV took part in Digit’s $27.5m series C round in late 2019 alongside Ribbit Capital, Freestyle Ventures, Financial Venture Studio and unnamed others, increasing its overall funding to over $63m.
Financial services firms Wells Fargo and Citi have exited Reonomy, a US-based developer of commercial real estate (CRE) analytics software, in an acquisition by CRE software producer Altus Group sized at over $201m. Corporate VC units Wells Fargo Strategic Capital and Citi Ventures had joined Untitled Investments, Sapphire Ventures, Bain Capital and Primary Venture Partners in a $60m series D round in late 2019 that hiked Reonomy’s total funding to $128m.
US-based expense management software provider TravelBank agreed yesterday to be purchased by financial services firm US Bancorp in a deal of undisclosed size that would enable Propel Venture Partners, the VC firm backed by financial services firm BBVA, to exit. Dreamers VC invested an undisclosed amount in the company in 2019 following a total of $35m from Propel, Accel, DCM Ventures and New Enterprise Associates across rounds in 2016 and 2017.
Car washing subscription service EverWash disclosed on Monday it has purchased portfolio company OmniX Labs, a US-based developer of retail analytics software, for an undisclosed amount. OmniX entered the Techstars Dubai accelerator in 2018 and added $2.9m in seed funding from EverWash, C2 Ventures, Newark Venture Partners and undisclosed others in July this year.
Additional reporting by Liwen-Edison Fu.
