Corporate venturing deal net: 17-21 December 2018
Each Friday the Global Corporate Venturing Deal Net rounds up the week’s smaller deals and tracks the emerging companies accessing corporate funds.
Fundraising
Corporates help switch on $29m industry fund
Shanghai Electric will invest $9.9m in the fund, which is targeting AI and smart manufacturing industries, while a Golden Concord subsidiary is putting up $10.2m.
Corporates help Work-Bench build $47m fund
Wipro, Schneider Electric and CA Technologies have all backed Work-Bench Fund II, which will target early-stage enterprise technology startups.
Mitsubishi subscribes to AP Ventures
Mitsubishi joins Anglo American Platinum in a second AP Ventures that will fund companies harnessing platinum group metals.
Bangchak to back startups with $50m
The Thailand-based energy company plans to allocate the capital to international biotechnology and cleantech developers over a five-year period.
Hardware Club opens with $50m fundraise
The technology hardware community’s inaugural fund, which reached its first close in June, is backed by Foxconn, BPIfrance and Crédit Mutuel Arkéa.
Exits
Pinterest points to April for IPO
The Rakuten-backed social media and e-commerce company, valued at more than $12bn, will select underwriters next month and could go public as soon as April.
Futu sets foot for $500m US IPO
Tencent reportedly owns more than 30% of online brokerage Futu Securities, which has confidentially filed to go public, targeting a $2.5bn valuation.
Luxtera lucks out with $660m Cisco acquisition
Tokyo Electron is set to exit optical transceiver producer Luxtera after Cisco has confirmed it intends to pay $660m to buy the company.
Blippar blows into administration
The Qualcomm-backed AR and computer vision technology developer is seeking a buyer after a shareholder vetoed a new fundraise.
IT
Corporates identify 4Paradigm in $145m series C
4Paradigm has now won backing from a host of corporates for its technology, which helps clients build AI apps for purposes including financial services.
Yunding locks up $87m series D
Baidu has led a series D round for the smart device maker, whose existing investors reportedly include Fosun, Legend Star, Xiaomi and Red Star Macalline.
Graphcore absorbs $200m in series D funding
Microsoft, Samsung, BMW i Ventures, Robert Bosch Venture Capital and Dell Technologies Capital all invested in a round that valued the AI chipmaker at $1.7bn.
The smart home subsidiary of China-based Haier Group has completed a series A round led by China International Capital Corporation.
Slack finds its Guru in $25m round
Slack Fund has joined the Salesforce-backed sales coaching platform developer’s series B round, boosting its overall funding to $38m
Corporates follow Quali to series C funding
The software automation technology developer added Dell Ventures and Orr Partners to its investor list in a $22.5m round that took its total funding to almost $33m.
Health
Relay Therapeutics runs away with $400m
SoftBank Vision Fund led a series B round for the cancer therapy developer that was also backed by GV and Alexandria Venture Investments.
Entrada darts to $59m series A round
MRL Ventures Fund and Roche Fund have taken part in the intracellular drug developer’s series A round, which will fund clinical trials of its lead program.
VoxelCloud passes series B test with $50m
Tencent-backed medical diagnostics technology developer VoxelCloud has now raised $78.5m in total, Shenzhen Hongtai Capital Management having led its latest round.
K Health diagnoses $25m series B
Comcast Ventures is among the series A investors that returned to take part in the AI-based diagnostics software startup’s series B round, bringing its overall funding to $37.5m.
Fuji Pharma fuels Alvotech with $50m
Biosimilar developer Alvotech has received $50m from Fuji Pharma through a development and commercialisation deal, valuing it at $1.19bn.
Walker catches Procter & Gamble’s eye
GV has exited POC-focused health and beauty product manufacturer Walker and Company in an acquisition of undisclosed size by Procter & Gamble.
AC Immune accepts $50m from Eli Lilly
The drug developer has received the convertible note financing from Eli Lilly as part of a licence and collaboration deal that could reach $190m.
Annexon annexes $75m in series C funding
Immunotherapy spinout Annexon Biosciences collected funding from Novartis Venture Fund in a series C round that brought its total funding to $154m.
Consumer
Swiggy secures $1bn in series H funding
The round reportedly valued the online food ordering platform at $3.3bn and was led by $660m from Naspers, while Meituan Dianping and Tencent also invested.
Altria agrees $12.8bn Juul investment
E-cigarette brand Juul has overcome internal opposition to agree a $12.8bn investment by Marlboro owner Altria at a $38bn valuation.
Goldman Sachs invested $35m in the Grace Beauty-backed eco-friendly footwear brand that will be used to expand its retail presence in the US.
Salesforce Ventures and Comdata both invested in the customer support visualisation platform’s series B round, which will fund product development and sales and marketing.
Financial
Softbank Vision Fund drives $500m CMT investment
Telematics system developer and MIT spinout Cambridge Mobile Telematics has raised $500m from Vision Fund that will be used for product development.
Shanghai Cell Therapy shoots to $134m
The cancer cell therapy developer and medical services provider has closed a $134m round co-led by China Pacific and Haier Capital along with China Industrial Asset Management.
Energy and Natural Resources
D.light reveals $41m in funding
Mahindra & Mahindra-backed solar lantern and system provider D.light has raised $41m from Inspired Evolution, Swedfund, Norfund and FMO.
Industrial
SpaceX sets its sights on $500m
The GV-backed spacecraft launcher is reportedly set to raise $500m from Baillie Gifford and its existing investors at a $30.5bn valuation.
RightHand Robotics picks up $23m
The warehouse robot developer has raised cash in a series B round featuring new investor GV that boosted its total funding to $34m.
Finalcad constructs $40m series C
Salesforce Ventures joined Aster Capital in a round that increased the construction communication platform’s funding to $63m altogether.
Transport
The Softbank-backed online automotive marketplace has collected $93m in a Bain Capital-led round to take its total equity financing to $145m.
Naspers and Axel Springer take a ride on Dott
Naspers co-led a $22.7m round that also included Axel Springer Digital Ventures, as Dott prepares to trial its scooter sharing service early next year.
Vogo greets Ola for $100m investment
Ola has followed its participation in scooter rental startup Vogo’s series A round in August with a $100m investment and a commercial tie-up.
Fuyoukache forks $170m in series D round
The JD Logistics and GLP-backed trucking services platform secured the funding in a round co-led by Bank Of China Group Investment and Matrix Partners China.
Optibus picks up Alibaba to raise $40m
The transport optimisation software provider has closed a series B round that included Alibaba and existing investor Verizon Ventures.
Analysis: Lyft to go public in 2019
The first flotation of a ride hailing business, expected in early 2019, will give an exit to a range of corporate investors and will move this business model into public markets.
Services
SoftBank studies billion-dollar Grab investment
Grab has raised $2.85bn this year, most of which came from corporate investors, but could potentially receive up to $1.5bn more from SoftBank Vision Fund.
Fair collects $385m in SoftBank-led round
The car leasing service raised money in a SoftBank-led series B round that included fellow corporates MMI Holdings, CreditEase and Munich Re.
The Wing glides into $75m series C
Airbnb and WeWork both backed the female-only space provider’s series C round, bringing its overall funding to more than $117m.
Brand Capital contributed to a $35m round for the AI-based examination preparation app, which raised the money at a valuation of up to $200m.
Naspers helps Byju’s nab $540m
Educational app developer Byju’s has increased a round now revealed as a combination of primary and secondary shares to $540m, with Naspers Ventures leading.