Funding
Automotive electronics producer Desay has led a RMB300m ($49.5m) series B round for China-based automated driving system developer MaxiEye, DealStreetAsia reported today. State-owned media company People’s Daily, Yonghua Capital and Shanghai FTZ Fund also participated in the round, which came in the wake of a $23m series A-plus round in May this year led by Fosun Capital, a subsidiary of conglomerate Fosun, that included Tsinghua Research Capital, Sharewin Investment, ZJ Innopark and undisclosed other participants.
Internet and technology group Alphabet and conglomerate Sumitomo participated in US-based software testing technology provider Mabl’s $40m series C round yesterday through subsidiaries GV and Presidio Ventures. Investment firm Vista Equity Partners led the round, which also featured existing investors including Amplify Partners and CRV. Both had contributed to a $20m series B round led by GV in September 2018 having supplied $10m in series A funding seven months earlier.
MedArrive, the US-based creator of a healthcare logistics software platform, raised $25m on Wednesday in a series A round featuring Leaps by Bayer, the investment arm of pharmaceutical and chemicals group Bayer. The round was led by venture capital fund Section 32 and included 7wireVentures, Define Ventures, Kleiner Perkins and Redesign Health. It came in the wake of a $4.5m seed round in December 2020 backed by Define Ventures and Kleiner Perkins.
US-based oncology therapy developer Bakx Therapeutics completed a $25m series A round yesterday that included pharmaceutical firm Ipsen Pharma. AB Magnitude Ventures Group led the round, which also featured Sherpa Healthcare Partners and which came four months after Bakx signed a collaboration agreement with Ipsen that involved the corporate agreeing to provide it with $14.5m through an equity investment and upfront payment.
US-based influencer e-commerce platform developer Carro completed a $20m series B round yesterday featuring digital payment processor PayPal’s investment arm, PayPal Ventures. VC firm Alpha Edison led the round, which was also backed by GC1 Ventures, the VC arm of holding company GC1 Holding, as well as Corazon Capital and undisclosed private investors. Carro has not revealed details of its previous funding but its earlier backers include Alumni Ventures and Rachel Zoe Ventures.
Legend Capital, the VC firm formed by conglomerate Legend Holdings, led a pre-series A round today for Zhuhai Sailner 3D Technology, a China-based provider of 3D colour printing technology, that was sized at over RMB100m ($15.7m). The capital will support the forthcoming launch of the company’s efficient additive manufacturing system, Multi-jet Reaction.
Fountain Therapeutics, a US-based developer of treatments for chronic degenerative diseases, raised $15m yesterday in a series A-2 round featuring pharmaceutical firm Eli Lilly, real estate developer Nan Fung’s Life Sciences subsidiary and Alexandria Venture Investments, the VC arm of life sciences real estate investment trust Alexandria Real Estate Equities. They were joined by Khosla Ventures and R42 Group, the former having led a $6m series A-1 round in May 2020 backed by Nan Fung Life Sciences, which had itself previously invested $5m in the company.
Computing technology producer Dell led a $13m series A round for Swish.ai, a US-based provider of IT services automation software, through corporate venturing unit Dell Technologies Capital yesterday. It was joined by Samsung Next, a corporate VC subsidiary of consumer electronics manufacturer Samsung, as well as Skywell Capital Partners, StageOne Ventures and AxessVentures. Formerly known as DeepCoding.ai, Swish had emerged from stealth in 2018 with $1.6m in seed capital from StageOne and AxessVentures.
India-headquartered online skills and education platform developer Disprz has secured $13m in series B funding from investors including online learning provider Go1, the Economic Times reported yesterday, citing a company statement. Dallas Venture Capital and Mars Growth Capital co-led the round, which also featured Tara India Fund IV, Auctus Capital and Kae Capital. Founded as Learntron, Disprz raised an undisclosed sum from Kae Capital in 2017, $2.5m in series A funding from Kae Capital and IL&FS Private Equity the following year and $1.6m from Auctus Capital in October 2020.
US-based property intelligence software provider Hosta.ai received $11.5m yesterday in a series A round featuring financial services firm USAA and insurance provider The Cincinnati Insurance Company. The round was led by VC firm Eclipse Ventures and also backed by Brick & Mortar Ventures, Spider Capital, Massive and Motivate Venture Capital. The startup joined Techstars Allied Space Accelerator in June 2020 and raised $3m from undisclosed investors in February this year.
Carmaker VinFast took part in an $11m series A round yesterday for strategic partner Eatron, the UK-based developer of a battery management system for electric vehicles. MMC Ventures led the round, which was also backed by fellow VC firm Aster Capital and which came in the wake of a July 2020 investment from Hirschvogel Ventures, the corporate VC arm of automotive component provider Hirschvogel Automotive Group, that was sized above $1.1m.
Venture studio High Alpha led a $10m seed round yesterday for US-based headless configuration software developer Logik.io that included enterprise software provider Salesforce’s corporate venturing vehicle, Salesforce Ventures. The startup’s technology is designed to work with the configure, price and quote tools on the Salesforce platform.
China-based international commercialisation services provider Fastlane closed a series A round sized at almost $10m yesterday that was co-led by internet group Baidu’s early-stage investment arm, Baidu Ventures, 36Kr reported today. VC firm LB Investment co-led the round, and the proceeds will be channelled into product development and increasing headcount.
Engineering, project management and professional services provider Hatch provided C$10.2m ($8.1m) in series A funding for UK-based business intelligence software developer Brainnwave yesterday. They have also formed a joint venture which will combine Brainnwave’s machine learning-powered software with Hatch’s experience in metals, mining, energy and infrastructure.
Israel-headquartered product management software developer Craft.io secured $8m in series A funding yesterday from investors including Fosun RZ Capital, a corporate venturing subsidiary of conglomerate Fosun. The round was led by VC firm JAL Ventures and also featured Inimiti and angel investor Ron Zuckerman, both described as existing investors. Craft said it has now raised $14.5m since it was founded in 2015.
Power and automation equipment producer ABB led a $7.7m series A round for Sevensense Robotics, a Switzerland-based developer of artificial intelligence and 3D vision robotics technology, through its ABB Technologies Ventures unit yesterday. The company, which was spun out of ETH Zurich in 2018, had previously received an undisclosed amount from Venture Kick in 2019.
Internet and gaming group Tencent invested an undisclosed amount in UK-headquartered video game developer Playtonic Games yesterday. Playtonic’s only previous funding was the approximately $3.3m it raised through a 2015 crowdfunding campaign for 3D platformer Yooka-Laylee.
LabMinds, a US-based developer of automation robotics technology for use in the laboratory, revealed yesterday it raised $6.4m from laboratory instrument manufacturer Waters Corporation and Red Deer Capital in the third quarter of this year. The company secured $750,000 from Angel Co-Fund in 2015 and an undisclosed amount from unnamed strategic investors in June 2020.
US-based on-demand e-commerce fulfilment service Coros secured $6.1m in seed funding from investors including freight forwarder Flexport yesterday. Dynamo Ventures led the round, which was also backed by Susa Ventures, Greenhawk Capital, Fontinalis Partners, Engage VC and Sean Henry, chief executive of logistics network operator Stord.
US-based cell therapy commercialisation startup Cellevolve emerged from stealth yesterday with $6m in seed capital from investors including biopharmaceutical manufacturer National Resilience, which has also agreed to be its manufacturing partner. Hibiscus BioVentures, Jumpstart Nova, Boxcar Partners and Catalytic Impact Fund also contributed to the round along with assorted angel investors.
India-headquartered cryptocurrency exchange Defy has received $5.5m from investors including GMO Venture Partners, the corporate VC subsidiary of internet company GMO, VCCircle reported yesterday. The round was co-led by Goat VC, Jam Fund and Goodwater Capital and also featured Gemba Capital, Night Ventures, Olive Tree Capital and Better Capital, the last of which was described as an existing investor.
Consumer product distributor Vorwerk has participated in a €4m ($4.5m) seed round for Pockid, the Germany-based operator of a mobile banking app focused on children and teenagers, through subsidiary Vorwerk Ventures, Finextra reported yesterday. VC fund Cavalry Ventures led the round, which will support the expansion of the company’s team and community.
Mobile game publisher Green Grey supplied $2m in funding for US-based game studio Pocket Size Games yesterday. Pocket Size was founded in January this year and is working on story-driven adventure games for mobile and PC, the first of which is slated for release in 2022.
M&A
Big-box retailer Walmart has agreed to pay an undisclosed amount for a majority stake in SastaSundar, an India-based online pharmacy backed by drug producer Rohto Pharmaceutical, TechCrunch reported today. Rohto invested $5m in the company in 2017 at a $38.5m valuation that was increased to $125m two years later when diversified conglomerate Mitsubishi agreed to provide a further $13.9m, according to TechCrunch.
Storage software vendor DataCore agreed yesterday to purchase US-based data agility technology developer MayaData for an undisclosed amount, having participated in the company’s $26m series B round in February 2020. The series B also featured VC firm AME Cloud Ventures and growth equity firm Insight Partners.
