GCV Analytics defines the industrial sector as companies involved with manufacturing equipment, advanced materials, industrial chemicals, agriculture and agtech, 3D printing, robotics and unmanned aerial vehicles, space and satellite technologies, and defence technology, as well as other industrial applications.
GCV tracked 158 rounds involving corporate investors from the industrial sector for the period between February 2016 and January 2017. Of these, 91 took place in the US, while seven were in China and four in India.
Most of these 158 commitments went to emerging enterprises in the IT (44), industrial (29), health (24) and energy (20) sectors.
On a calendar year-on-year basis total capital raised in corporate-backed investment rounds rose substantially, from $4.33bn allocated in 2015 to $7.09bn last year, a 64% increase. The increase in deal count on the other hand was incremental, rising by 9% to 163 deals from 149 in 2015.
The 10 largest investments by corporate venturers in the industrial sector cover a wider range of businesses, spanning telecoms, services, media, health and energy companies.
Investment professionals from industrial businesses told Global Corporate Venturing that over the past year they observed industry-wide efforts to catch up with the rapid pace of digitisation, which has come to the sector later than other sectors.
Phillipp Rittershaus, investment manager at Germany-based seed investor High-Tech Gründerfonds (HTGF) – whose backers include chemicals producers BASF and Evonik – summed it up. “Digitisation does not come for every industry at the same time. You could say that consumer-oriented businesses were ahead and other industries are picking up the digitisation speed.” (See interview and comment).
Felix Thalmann, CEO of Germany-based chemicals manufacturer BÜFA Group, reckons the chemicals industry is right at the beginning of digitisation. Speaking at the HTGF conference in Bonn in January, Thalmann said: “Chemical companies are working very hard on digitisation and disruptive models, to avoid missing trends, and failing to recognise disruption until it is too late.”
As part of its digitisation drive, in 2016 BÜFA developed BÜFA-i, an online marketplace for chemicals trading. In an interview with GCV, Thalmann said he saw multiple benefits from these kinds of innovations. “With digital technology, prospectively BÜFA can have a far bigger geographical reach than today,” he said. “Our speciality products will not be limited to the German or European market, but can be sold worldwide. Digital marketing will furthermore help us to promote our new products, especially in the ecological range.” (See interview)
Investment professionals told GCV they expected to do more deals in the coming year. Markus Solibieda, managing director of Germany-based chemicals company BASF’s corporate venturing arm BASF Venture Capital, said: “We aim to increase our investment activity in the chemicals and new materials sector year by year. We continue to see a growing amount of interesting deals. Thus, we expect to contribute to a growing share of industrial deals.” (See interview)
The top corporate investors from the industrial sector, participating in the greatest number of rounds, were three industrial conglomerates – GE and Access Industries, both based in the US, and Germany-based Siemens. The last committed capital over the same number of deals as did China-based conglomerate Fosun and Germany-based equipment manufacturer Robert Bosch. General Electric, Fosun and aerospace manufacturer Airbus were also among the top investors committing to the largest number of rounds.
Corporate investment in industrial-focused emerging enterprises appears to have plateaued since 2014, with no significant fluctuations from year to year. According to GCV Analytics data, $1.05bn was invested in 73 rounds in 2016, a 5% dip from the $1.11bn invested over 70 deals in 2015, but a slight increase compared with the $973m invested over 73 rounds in 2014.
Some of the biggest investors in industrial-focused emerging businesses were corporates from outside the sector, such as semiconductor manufacturer Intel, oil and gas company BP, consumer electronics manufacturer Samsung and research media company International Data Group.
Deals
Industrial corporates invested in a wide range of emerging businesses, including logistics, space technology, telecoms, genomics research, internet-of-things networks, renewable energy technologies and even fashion retailers.
Aerospace industrial group Airbus co-invested in US-based satellite operator OneWeb as part of a $1.2bn round that included several other corporates. Telecoms and internet group SoftBank alone agreed to invest $1bn of the total. Other corporate investors included mobile chipmaker Qualcomm, beverage producer Coca-Cola, conglomerates Virgin Group and Bharti Enterprises, cable and internet provider Totalplay, as well as satellite companies Hughes Network Systems and Intelsat. Founded in 2012, OneWeb is building a network of 720 low earth orbit satellites that will provide internet coverage across the world.
China-based logistics service provider Best Logistics raised $760m in a round backed by industrial conglomerate Fosun and logistics firm Cainiao Network. Founded in 2007, Best Logistics operates a range of services including delivery and warehousing through various subsidiaries and franchises. It currently owns around 400 operation centres in China as well as branches in the US and Germany.
US-based software development company Pivotal Software closed a series C round of $653m. Investors included GE, carmaker Ford – which provided $182m according to Reuters – software producer Microsoft, data management firm EMC and EMC-controlled cloud and virtualisation service provider VMWare. Pivotal produces tools that help businesses develop cloud-based software, as well as supplying open-source data analytics software.
Conglomerate Fosun Group led a RMB3bn ($450m) funding round for China-based baby and parenting information and e-commerce platform Babytree. Education services provider Tal Education Group also partook in the round. Founded in 2007, Babytree started as a social web portal for new mothers but has evolved into a service allowing parents to blog and post photos and videos as well as buy products for their children.
Global Fashion Group (GFG) closed a €330m ($363m) round, featuring industrial conglomerate Access Industries. Germany-based e-commerce internet company Rocket Internet provided $75m of the total funding. One previous investor that reportedly returned for the round was Tengelmann Ventures, the venturing arm of retail group Tengelmann. Established in 2014, GFG oversees six online fashion retailers – Jabong, Lamoda, Zalora, Dafiti, Namshi and The Iconic – covering 27 countries across Asia, South America, the Middle East, the Commonwealth of Independent States and Australia.
US-based genomics research company Human Longevity (HLI) closed more than $220m of series B funding from investors including industrial product manufacturer General Electric, which invested via its corporate venturing arm GE Ventures, genomics firm Illumina and pharmaceutical company Celgene. The corporates were joined by undisclosed investors from the company’s series A round. Launched in 2014, HLI aims to create the most complete human genotype, microbiome and phenotype database to help treat diseases linked to ageing.
US-based property selling platform OpenDoor received $210m in series D capital from investors including Access Industries. The round was led by Norwest Venture Partners, a VC firm managing funds for financial services firm Wells Fargo. Established in 2014, OpenDoor buys properties from clients and resells them at a later date for a profit by relying on proprietary software and data analysts to set prices.
France-based internet-of-things (IoT) technology provider Sigfox closed a €150m series E round, which featured a host of corporates, including industrial gases provider Air Liquide, which invested via its Aliad subsidiary, Intel, oil and gas company Total, cloud computing company Salesforce and conglomerate Tamer Group. Founded in 2011, Sigfox has developed an international network enabling IoT devices to connect to the cloud in an affordable and energy-efficient manner.
Naval defence company DCNS joined forces with BPIfrance, the public investment bank of France, to establish marine renewable energy company DCNS Energies with €100m in capital. The funding round was also supported by Technip Group, an engineering firm focused on the energy sector, and BNP Paribas Développement, an investment subsidiary of financial services firm BNP Paribas. DCNS Energies will lead the industrial and commercial development of three marine renewable energy technologies: tidal turbine power, ocean thermal energy conversion and offshore wind energy generated by semi-submersible floats.
Germany-based solar film developer Heliatek secured up to €80m in financing, including $46.8m in equity, in a round led by Innogy, a subsidiary of energy and industrial company RWE. The series D round included another RWE unit, Innogy Venture Capital, as well as Engie, another Germany-based utility, along with BASF, BNP Paribas and corporate-backed seed investor HTGF. Heliatek produces an ultra-light organic solar film called HeliaFilm, which can generate energy when placed on surfaces such as the roof of a car or the exterior of a building and exposed to sunlight.
Deals involving industrial-focused emerging enterprises
Robotics, agricultural technology, additive manufacturing, display and aerospace technology businesses were among the industrial-focused emerging enterprises that attracted corporate venturing investors.
UBtech, a China-based robotics developer backed by voice recognition software producer Anhui USTC iFlytek, raised $100m from a consortium led by CDH Investments. Citic Securities and a range of undisclosed strategic investors also contributed capital. UBtech manufactures family-friendly humanoid robots dubbed Alpha 1S and Alpha 2. The robots are programmable, able to perform tasks in sync with one another and capable of completing complex movements.
US-based flat panel display technology developer Kateeva completed an $88m series E round with contributions from several corporate investors: Samsung Venture Investment Corporation (SVIC) and TCL Capital, the respective subsidiaries of electronics manufacturer Samsung and conglomerate TCL, electronic display technology producer BOE Technology Group and semiconductor producer Veeco Instruments. Founded in 2008, Kateeva has created technology that uses inkjet printing to help produce ultrathin organic light emitting diode (OLED) displays, instead of the glass substrates traditionally used for electronics displays.
US-based 3D printing technology developer Carbon expanded its series C round, raising $81m from corporate and undisclosed existing investors. Among them were petrochemicals company JSR, carmaker BMW, optics and imaging equipment maker Nikon as well as General Electric through its GE Ventures unit. Founded in 2013 as Carbon3D, Carbon has built a 3D prototyping machine called M1, which can print isotropic parts with mechanical properties and finish comparable to injection-moulded plastics.
JPMorgan led a $52.5 million funding round for US-based robotics startup Anki, as Fortune reported. Venture capital firms Andreessen Horowitz and Index Ventures and hedge fund Two Sigma also participated. Anki was propelled into the limelight in 2013, when computing company Apple set aside time during its Worldwide Developers Conference keynote address to enable Anki to showcase its robotic car racing game. Anki was originally founded in 2010 by three graduates from the Carnegie Mellon Robotics Institute.
US-based 3D printing system producer Formlabs received $35m in a series B round involving design software provider Autodesk and venture capital firm Foundry Group. Founded in 2012 by engineers and designers from two interdisciplinary research centres at the Massachusetts Institute of Technology, MIT Media Lab and the Centre for Bits and Atoms, Formlabs creates and manufactures accessible 3D printing systems. Its main product is a stereolithography 3D printer, called the Form 2, which is used by engineers, designers and artists.
China-based innovation firm Kuang-Chi Group made its first UK-based corporate venturing investment, providing $30m in funding for advanced aerospace technology developer Gilo Industries. Gilo is developing products and services for defence, commercial and recreational aviation. Its subsidiaries include paramotor builder Parajet, aviation technology-equipped all-terrain buggy producer SkyQuad, racing bike creator Crighton Racing and rotary engine developer Rotron. Gilo is the sixth company to be backed by Kuang-Chi’s GCI Fund, which it formed in 2016 and expects to close at $300m.
US-based food and energy technology producer Calysta secured $30m in a series C round featuring industrial conglomerate Cargill and Pangaea Ventures, a venture firm backed by chemicals company Evonik. Calysta operates two distinct business units, Calysta Energy and Calysta Nutrition. The former develops materials for consumer and industrial energy products while the latter focuses on the commercialisation of FeedKind, a sustainable animal and fish feed product.
Airware, a US-based unmanned aerial vehicle technology producer, raised $30m in a series C round, backed by General Electric and technology and internet conglomerate Alphabet. Founded in 2011, Airware has built an operating system for commercial drones called the Aerial Information Platform which enables companies to integrate autonomously collected aerial data into their data management operations.
US-based crop protection product developer AgriMetis closed a $23.5m series B round that included agribusiness Syngenta and life sciences real estate developer Alexandria Real Estate Equities. AgriMetis was formed in early 2014 with $10m of series A funding provided by Acidophil and Syngenta Ventures. It is working on sustainable crop protection products.
US-based plant nutrient producer Anuvia Plant Nutrients raised $23m from a consortium including agricultural and land management company Evans Properties and corporate joint venture AIS-JV. The round was led by TPG Alternative & Renewable Technologies, a subsidiary of private equity group TPG. Founded in 2005, Anuvia has created fertiliser for the turf and agricultural industries made from organic waste.
Exits
Industrial-focused corporate venturers completed 16 exits in 2016, down from the 22 reported in 2015, with most of those exits taking place in the United States and Europe. Notably, most of the top exits involved US-based industrial conglomerate General Electric.
GE Digital, a subsidiary of General Electric, agreed a $915m acquisition of US-based field service management software provider ServiceMax, enabling GE Ventures to exit. Enterprise software producer Salesforce and service management software producer PTC were also among the exiting investors. ServiceMax supplies mobile and cloud-focused field service management software to industrial businesses that install, maintain and repair machines.
Industrial auctioneer Ritchie Bros Auctioneers agreed to acquire US-based online equipment marketplace IronPlanet for $758.5m, giving an exit to industrial machinery manufacturers Caterpillar and Volvo Construction Equipment. Ritchie Bros paid $740m in cash, with additional funds to cover the assumption of unvested equity interests in IronPlanet. Founded in 1999, IronPlanet operates an online marketplace for industrial machinery and equipment with more than 1.5 million registered users across the globe.
General Electric acquired Canada-based data intelligence technology developer Bit Stew Systems, providing an exit to its corporate venturing unit GE Ventures. The transaction was valued at $153m, Globe and Mail reported. Founded in 2009, Bit Stew has developed technology that collects data in complex industrial systems through sensors in connected devices, enabling enterprise users to predict areas that will require maintenance.
US-based TPI Composites floated on Nasdaq, providing exits to General Electric and NGP Energy Technology Partners. It opened for trading at $11.41 after pricing 6,250,000 shares at $11, according to Street Insider. TPI Composites is currently the largest US-based independent manufacturer of composite wind blades for the wind energy market, operating factories in the US, Mexico, China and Turkey.
GE Digital acquired US-based machine learning technology developer Wise.io for an undisclosed amount, giving an exit to virtualisation software provider Citrix. Founded in 2012, Wise.io develops software which uses machine learning to automate and organise customer support.
Flyby Media, US-based virtual reality technology producer, previously backed by Robert Bosch, was acquired by technology company Apple for an undisclosed sum. Founded in 2008, Flyby developed a smartphone app which is able to map a real-world space. The company was originally named Arballon, before rebranding to Pookatak Games and then Ogmento before settling on Flyby Media.
Telecoms group Verizon agreed to acquire US-based LED lighting technology provider Sensity Systems for an undisclosed sum in a deal, giving an exit to GE Ventures, the largest ever exit to Simon Venture Group (SVG), the venturing arm of Simon Property Group, as well as to Cisco Systems. Sensity develops NetSense, a technology platform that can convert LED light fittings into smart devices that can sense and provide data in near real time.
Climate Corporation, an agriculture analytics subsidiary of agribusiness Monsanto, acquired VitalFields, a farm management software company based in Estonia, for an undisclosed amount. The deal enabled Monsanto’s venturing subsidiary, Monsanto Growth Ventures, to exit. Founded in 2011, VitalFields is the developer of a digital tool available in seven European countries that collects field data to help farmers plan, manage and analyse their work.
Power and automation group Alstom agreed to acquire UK-based rail connectivity technology producer Nomad Digital from a group including telecoms company Deutsche Telekom’s Strategic Investments unit. Founded in 2002, Nomad Digital provides connectivity technology such as passenger wifi and information systems, and advanced maintenance technology to the railway industry. It serves more than 80 rail companies across 40 countries.
Exits from industrial-focused enterprises
Emerging enterprises operating in the industrial sector provided their corporate investors with exits through eight acquisitions, sized at between $62m and $759m.
Investors, including AMD, Samsung and GlobalFoundries, exited US-based semiconductor technology developer Soft Machines in a $250m acquisition by chipmaker Intel, as the Register reported. Soft Machines licenses and co-develops architecture-based processor and system-on-chip products for the IoT, mobile, networking and cloud computing industries. It claims its variable instruction set computing technology will provide “unprecedented” performance efficiency levels.
China-based educational robot builder Roborobo Education was acquired by commercial printing company Beijing Shengtong Printing Co for RMB430m ($62m). The sale provides an exit to private education services provider New Oriental Education & Technology Group, which had invested $10m in April 2015, and angel investment fund Zhen Fund. Roborobo Education provides study materials that teach children how to build robots.
British Growth Fund (BGF), the growth equity fund backed by five UK banks, exited Plastique, a UK-based plastic packaging manufacturer through an acquisition by utilities technology provider Esco Technologies. Plastique produces thermoformed plastic packaging for clients from sectors including food retail, pharmaceutical, personal case and household goods.
E-commerce company DeNA exited Pinshape, a Canada-based marketplace for 3D printing designs, following an acquisition by 3D printing software developer and equipment manufacturer Formlabs for an undisclosed sum. Founded in 2013, Pinshape operates an online marketplace for users to upload, share and sell their designs for 3D printed objects.
US-based nano-engineering company Rolith, whose shareholders include glass, chemicals and electronics manufacturer Asahi Glass, was acquired by smart materials producer Metamaterial Technologies. Spun out of Stanford University in 2008, Rolith has developed a large surface area nanolithography process that enables nanostructured products. The technology has applications in a wide range of sectors, including solar energy, lighting, consumer electronics, data storage, life sciences and architecture.
Funds
Corporate venturers and corporate-backed VC firms investing in the industrial sector secured $11.845bn in capital over 37 initiatives in 2016, a jump of over 2,220% compared with $533m over six initiatives during the previous year. One fund in particular, an $11bn initiative backed by the government of China, was responsible for most of that increase. But even if that fund were excluded, the growth in capital for emerging industrial enterprises was substantial, at $845m over 36 initiatives.
The $11bn fund was announced when China’s premier Li Keqiang attended the fifth meeting of the heads of government of Central and Eastern European countries in Riga, Latvia. Li took the opportunity to launch Sino-CEE Financial Holdings, which will manage the fund, focusing initially on businesses in Central and Eastern Europe. Sino-CEE Financial Holdings was set up by state-owned financial institution Industrial and Commercial Bank of China, and supported by insurance provider China Life Insurance and conglomerate Fosun, though their precise involvement remains unclear. Sectors targeted by the fund include high-tech manufacturing, consumer goods and infrastructure projects.
Nokia Growth Partners (NGP), the venture capital firm sponsored by communications equipment maker Nokia, closed a $350m fund that will invest in IoT technology companies. The fund will back companies developing connected enterprise, consumer solutions, connected car and digital health technologies, in addition to those based on capabilities in big data and analytics. The company also intends to access new IoT-facilitated industries for connected mobility, smart cities, public safety, healthcare and connected home appliances.
A host of Japan-based corporates contributed to a $175m early-stage fund closed by US and Japan-based venture capital firm Draper Nexus. There were about 20 limited partners in the fund, including construction firm Shimizu, electronics manufacturers Panasonic, Hitachi and Kyocera as well as IT equipment provider NEC and imaging technology producer Canon. The fund is the firm’s second, after a $50m fund that closed in 2013. The new fund is to target cybersecurity, business-focused big data, artificial intelligence, robotics, transportation and mobility technology developers.
Robert Bosch Venture Capital (RBVC), the strategic investment arm of Robert Bosch, established its third fund, committing €150m. RBVC invests in companies and industry-specific funds across Europe, the US, Israel and China. Ingo Ramesohl, managing director of RBVC, said: “The new fund will continue focusing on disruptive startups in the areas of automation and electrification, energy efficiency, enabling technologies and healthcare systems.”
Keio Innovation Initiative, a Japan-based venture capital partnership formed by securities brokerage Nomura Holdings and Japanese university Keio University, increased its fundraising to ¥15bn ($150m). Its backers include internet company Yahoo Japan, media group Tokyo Broadcasting System and financial services firms Sumitomo Mitsui Financial Group, Mizuho Financial Group, Mitsubishi UFJ Financial Group and Toho Bank. Keio Innovation Initiative targets sectors including robotics, life sciences and regenerative medicine.
There were also two noteworthy corporate venturing arms set up in 2016.
Brazil-based conglomerate Algar set up a corporate venturing unit to cover its main sectors. Algar Ventures is to cover information and communication technology (ICT) on behalf of Algar Telecom and Algar Tec; agribusiness for Algar Agro and Farming; services for Algar Aviation, Algar Security and ComTec; and tourism for the conglomerate’s River Hot Group. The subsidiary is to invest 5% of the group’s net income, which was R$200m ($60m) last year on R$4.8bn of sales, and will work with accelerators and incubators as well as investing in startups directly or through VC funds.
US-based gaming equipment producer Razer launched a $30m early-stage investment fund called ZVentures to support companies that can help expand its product platform. Founded in 2005, Razer develops and sells gaming accessories and hardware. Aside from gaming and virtual reality, other areas of interest for ZVentures include IoT and connected devices, gaming software, big data and analytics, advanced manufacturing and engineering, virtual and augmented reality technology, robotics and eSports.
People
In 2016, seven executives moved into key corporate venturing leadership roles in the industrial sector. The majority of these leaders were recruited internally, either from within the venturing firm itself, or from within the corporate parent. GCV expects to report several other notable C-suite changes within the venturing units of industrial corporates in the coming months.
Girish Nadkarni left his position as president of Switzerland-based power and automation group ABB’s corporate venturing unit, ABB Technology Ventures. Rene Cotting, chief financial officer at ABB Switzerland, took over Nadkarni’s position on an interim basis. Nadkarni told GCV: “Working on a couple of interesting fund concepts. Watch this space.” The other members of the ABB Technology Ventures team are still in place: Grant Allen is in charge of the US and Americas, Kurt Kaltenegger is head of Europe and Africa, and Arvind Vasu is head of Asia. Nadkarni, who was president of ABB Technology Ventures since 2009, started ABB’s corporate venturing unit seven years ago.
Markus Solibieda, formerly a partner at private equity firm Mandarin Capital Partners, was appointed managing director at BASF Venture Capital, chemicals company BASF’s investment subsidiary. Solibieda will be based at the BASF unit’s office in Ludwigshafen. Dirk Nachtigal, who had been chief executive of BASF Venture Capital since 2001, left the unit’s investment team in January this year to become a venture consultant.
Derek Norman took over from Alex Steel as head of Switzerland-based agricultural company Syngenta’s corporate venturing unit. Steel had led the company’s corporate venturing unit since early 2012. Norman, a managing director at the unit since mid-2009, joined Syngenta shortly after its corporate venturing arm was set up.
Mary Kay James, managing director at DuPont Ventures – the corporate venturing unit of the chemicals company, now undergoing a complex merger with peer Dow Chemical – joined US-based meat processor Tyson Foods to run its new $150m fund. Tyson New Ventures will invest in areas such as alternative proteins, food security and using the internet in the food chain. DuPont Ventures is currently led by Frank Klemens, who previously worked as head of licensing at DuPont. Having spent most of his career within the corporation, he has expertise in agriculture, nutrition, health, biotechnology, solar, advanced materials, communications and food safety.
US-listed security and aerospace company Lockheed Martin hired Christopher Moran for the new role of executive director and general manager of Lockheed Martin Ventures. Moran had spent eight years from 2005 as general manager of Applied Ventures, the corporate venturing unit of technology firm Applied Materials, before leaving a few years ago. At Lockheed, Moran is to oversee all aspects of the corporation’s venture capital fund, including strategy creation, pipeline development and management, transaction execution and investment tracking and reporting.
Stéphane Roussel became managing partner at Solvay Ventures, the corporate venturing unit of the eponymous France-based chemicals company. In his previous role at Solvay, Roussel worked on emerging business incubation and venturing, steering corporate venturing activities at the group level and managing innovation projects as internal startups, according to his LinkedIn profile. As managing partner at Solvay Ventures, Roussel leads Solvay’s investment activities in startups and VC funds, focusing on areas such as sustainable resources, energy transition, and health and well-being. Roussel had joined Solvay after its acquisition of peer Rhodia in 2012, and integrated both of their corporate venturing units.
Airbus Group, a Netherlands-based multinational aerospace and defence corporation, appointed François Auque and Thomas d’Halluin to lead the European and US venture investment activities, respectively. Their appointment followed the departure of Tim Dombrowski, CEO of Airbus Ventures. Auque was previously CEO of Airbus Group’s Airbus Defence and Space division in France, and executive vice-president of space systems. D’Halluin was formerly chief operating officer of Airbus Ventures, having earlier been chief financial officer.
Susana Quintana-Plaza, who had led all innovation activities for Germany-based energy utility Eon, joined industrial conglomerate Siemens. As senior vice-president of technology and innovation at Eon and a member of the Global Corporate Venturing Powerlist in 2016, Quintana-Plaza had led a team making 16 investments through the Eon Strategic Co-Investments group since 2014.
Mike Majors left Siemens Venture Capital, the corporate venturing subsidiary of appliance and industrial product manufacturer Siemens, where he was a managing partner, to join venture capital firm Data Point Capital. Majors had been a partner at Siemens Venture Capital, now part of a new Siemens unit called Next47, since 2010. He headed the unit’s $100m Industry of the Future Fund, which he co-founded in 2014 to fund early-stage manufacturing and industrial automation technology developers.
Alexander Schlaepfer took up an investment director position at Swisscom Ventures, the corporate venturing arm of Switzerland-based telecoms firm Swisscom. Schlaepfer left Aster Capital, the France-based venture capital firm that acts as an investment platform for industrial corporates Alstom, Schneider Electric and Solvay. As part of his role, Schlaepfer led Aster’s investments in renewables, energy storage, industrial IT, data analytics and IoT technology developers.
Rowan Chapman joined US-based healthcare provider Johnson & Johnson’s corporate venturing and innovation unit to run its California team. Chapman had previously been managing director of new business creation and healthcare investing at GE Ventures. She was on the board of Evidation Health, the first healthcare offshoot firm incubated and launched from GE Ventures, in partnership with US university Stanford Medicine’s Health Care academic health system.
Ewa Treitz left manufactured goods conglomerate 3M, where she served as a manager at its 3M New Ventures subsidiary, to join Poland-based fund manager Black Pearls VC as a venture partner. Treitz had been at 3M New Ventures for over three years, having joined the unit in 2012 from Sweden-based Sustainable Technologies Fund. She acted as a board observer at 3M portfolio company Mersive, a display management and collaboration software developer.
Steve Hahn, current head of Dow’s venturing office in Silicon Valley (which is operated separately from the Dow Venture Capital subsidiary based in Europe), told Global Corporate Venturing that he is soon to retire from his position, adding that Kathleen Jurman is to take over from him. Jurman has been working as a corporate technology scout at Dow Venture Capital since October 2016. She has taken various positions at Dow throughout her professional career.
GE Ventures hired Lisa Suennen as managing director to focus on healthcare. Suennen joins from Venture Valkyrie, an advisory firm for which she had acted as managing partner since 2014. Suennen’s CV include stints at Cardeation Fund, a venture fund backed by the American Heart Association, where she has served as managing member since 2015.
Brady Forrest, co-founder of Ireland-based manufacturing services provider PCH’s Highway1 hardware incubator, stepped down from his vice-president role but will remain at the unit as an advisor. Forrest co-founded Highway1 with Liam Casey in San Francisco in 2013. Kurt Dammermann, co-founder of PCH’s design and engineering division, PCH Lime Lab, is to take up the leadership reins at Highway1 as vice-president. Dammerman previously served as an engineering director at gaming hardware producer Astro Gaming.
Andrew Tang, previously managing director of corporate venturing unit ABB Technology Ventures, partnered with Tim Draper, a co-founder of VC firm Draper Fisher Jurvetson, on a $190m fund. Tang headed ABB Technology Ventures, the corporate venturing arm of power and automation company ABB, between 2011 and 2014. He has since served as CEO of VC workspace Draper University and has been managing director of DFJ Dragon Fund for just over a decade.
Andreas von Richter, partner at Ecomobility Ventures (EMV), a multi-corporate venturing firm set up by France-based companies, left to join peer Aster Capital. During his time at EMV, von Richter sat on the boards of EZ Wheel, Ouicar and Campanda, and was a board observer on LocoMobi. Before joining EMV, von Richter worked for Saudi Aramco Ventures, and before that, for General Electric between 2005 and 2013 as a vice-president at its venture capital unit.
