Weekly corporate venturing deal net 23 – 27 October 2017
Each Friday the Global Corporate Venturing Deal Net rounds up the week’s smaller deals and tracks the emerging companies accessing corporate funds.
Fundraising
Thailand’s SET lays down CVC network
Stock Exchange of Thailand has formed a hub for corporate venturers that will complement an accelerator scheme called Live to spur growth in the Thai startup scene.
State Auto turns the key on $25m fund
The insurance provider has partnered venture firm Rev1 Ventures to form a fund that will target innovative insurance and fintech startups.
Naver steers $118m more to France
Naver has committed $118m to Korelya Capital’s K-Fund I, which previously attracted $112m from the corporate and its spinout Line a year ago.
The artificial intelligence technology developer plans to launch a strategic investment fund as well as incubator and accelerator initiatives.
Unilever Foundry unveils Southeast Asia lineup
The consumer brands producer has chosen 30 startups with the potential to generate revenues and drive societal changes around the Southeast Asia and Australia region.
MassMutual Ventures makes second fund with $100m
The corporate venturing unit has launched a second fund, just over three years after putting $100m into its first.
Axiata acts to form $15m Sri Lanka fund
Axiata’s digital services subsidiary will launch a $15m fund in Sri Lanka to focus on digital startups, following its formation of a $5m Cambodia fund in March.
Wells Fargo accelerator scoops quartet
Wells Fargo Startup Accelerator has chosen Edquity, Hurdlr, Redrock Biometrics and SimSpace for its latest cohort.
ING banks on corporate venturing with $348m fund
The financial services firm’s ING Ventures fintech fund will continue work on investments that has so far included Kabbage, WeLab and R3.
People
Punwani takes investment director role at Takeda
Takeda Ventures has hired Jayson Punwani from Pappas Ventures as an investment director.
As General Electric’s chief innovation officer, Siegel will retain responsibility for its corporate venturing unit, GE Ventures.
Davis makes beeline for B Capital
Venture capital firm B Capital has chosen Joe Davis, North American chairman of Boston Consulting Group, as its vice-chairman and executive sponsor.
Rubasinski plots route out of Sky
Marek Rubasinski, who ran media company Sky’s corporate venturing activities, is leaving and will be replaced by head of investments James McClurg.
Walter Masalin, a principal at Nokia Growth Partners where he moved in 2010, has been promoted to a partner position.
Yun Xia welcomed to the Jungle
Tencent’s senior director of corporate strategy and investment, Grace Yun Xia, has departed for a principal role at venture capital firm Jungle Ventures.
Exits
Assa Abloy cracks August Home acquisition
Eight corporates including Comcast and Qualcomm are set to exit smart lock developer August Home in a purchase by Assa Abloy.
Atlas Informatics to erase itself
Search engine technology developer Atlas Informatics will close almost a year after raising $20.7m from investors including Microsoft.
The GV-backed immunotherapy developer has filed for a $57.5m initial public offering that will come after $95m of venture financing.
SoFi spoke to Charles Schwab in acquisition talks
The brokerage was among the prospective buyers that failed to meet SoftBank and Renren-backed SoFi’s $8bn to $10bn valuation.
Panasonic arranges eight-figure Arimo purchase
Panasonic has acquired behavioural AI technology developer Arimo, three years after its Bloomberg Beta-backed series A round.
Cleveland HeartLab goes to Quest
Quest Diagnostics will acquire Cleveland HeartLab, a cardiac diagnostics test provider spun out of Cleveland Clinic, or an undisclosed sum.
Fenix rises to Engie acquisition
Engie has acquired one of its portfolio companies, solar home system provider Fenix International, which was also backed by Orange and Schneider Electric.
Delphi gains Nutonomy in $450m acquisition
Delphi Automotive has agreed to buy autonomous driving software developer Nutonomy, giving an exit to Samsung Ventures, a backer since seed stage.
Deutz has paid an undisclosed amount to buy Robert Bosch and Brose-backed electric drive developer Torqeedo to support the launch of its E-Deutz division.
Hellobike and Youon to work in tandem
WM Motor-backed Hellobike is set to merge with Shanghai Stock Exchange-listed peer Youon Bike in an effort to better fight off competitors.
SCPharmaceuticals scans for $100m IPO
The subcutaneous drug developer has raised more than $77m in financing from investors including Sun Pharmaceutical Industries and Lundbeck since 2014.
Corporates charge to PowerbyProxi exit
Apple has acquired the wireless charging technology developer for an undisclosed amount, allowing Samsung and TE Connectivity to exit.
Occipital processes Paracosm purchase
3D mapping technology developer Paracosm, which had received $3.3m in a 2014 round featuring iRobot, has been acquired for an undisclosed sum.
Razer sharpens up for $550m IPO
The gaming product maker is set to float in Hong Kong on Monday, in an initial public offering that will allow Intel and Hangzhou Liaison Interactive to exit.
ForeScout reaches public markets to raise $116m
The Intel and Itochu-backed cybersecurity software provider will float at the top of its range having also increased the number of shares in the offering.
IT
DirectScale achieves $8.5m series B target
NetSuite-backed marketing software provider DirectScale will put the capital into product development, sales and marketing.
Asocs carves out $10m in funding
The Fujitsu-backed network communications developer expects to achieve a $30m close for the round in early 2018.
Amadeus locates Avuxi investment
Location ranking platform Avux secured an undisclosed amount from Amadeus Ventures, which is putting together a development initiative.
CrowdStrike crams in another $25m
The funding will be added to the $100m the cybersecurity technology provider raised from investors including CapitalG and Telstra in May.
LeapMind goes deep to raise $10m
Intel Capital, NTT Data, Itochu Technology Ventures and GMO Venture Partners have backed the deep-learning system developer’s series B round.
Skybox Security locks down $150m
The cybersecurity technology provider, which counts MUFG and SIG as investors, is set to raise $150m from CVC Capital Partners and Pantheon.
The force-sensor technology provider has secured $12.4m in a round led by Merck Ventures that will support engineering and manufacturing efforts.
Corporates help sink $40m into DeePhi
The deep learning technology developer has raised $40m in a series A+ round from a consortium including Samsung and Ant Financial.
Aveni irons out series B round
Merck Group, Air Liquide, Samsung and Panasonic have contributed to a $10.5m round that took the metallisation technology developer’s total funding to more than $46m.
Health
ADCT conjugates $200m in financing
AstraZeneca has returned to back a $200m private placement for cancer drug developer ADC Therapeutics, which has now raised a total of $455m.
Eargo edges toward $45m in series C
The hearing aid developer has raised $32.4m from investors including Nan Fung Life Sciences for the first close of its series C round.
NeuroPace marks out $74m in funding
Johnson & Johnson-backed medical technology producer NeuroPace has added $74m in funding in a round co-led by Orbimed and KCK Group.
Media
Story-based content platform Wattpad is close to raising almost $50m in a round that will include about $40m from Tencent.
The marketing platform has secured series B financing from a consortium including Shutterstock and will use the cash to expand its team.
Bertelsmann bets on Wibbitz’s series C
The text-to-video platform developer took its total funding to more than $30m with a $20m round led by Bertelsmann Digital Media Investments.
Cloud9 levels up in $25m series B
FunPlus, UTA, WWE and Beverly Hills Sports Council were among the participants in the eSports franchise’s series B round.
Consumer
Madison Reed styles $25m round
Hair-colouring brand Madison Reed will use the proceeds from the Comcast-led round to expand its brick-and-mortar colour bars.
The R/GA-backed smart kitchen technology developer secured the funding in a round co-led by D-Ax, Circularity Capital and Mustard Seed.
The domestic robot developer secured the capital in a Hardware Club-led round that included SEB Alliance.
Robart hoovers up series B cash
The automated AI developer has received $7.2m in an SEB and Robert Bosch-backed round ahead of a planned expansion in Europe, Asia and the US.
Daily deals provider Global Savings Group has raised $22.4m from investors including Rocket Internet and Deutsche Telekom Venture Funds.
Carousell grabs a ticket for series C round
Rakuten-backed mobile marketplace operator Carousell appears to have closed a series C round worth between $70m and $80m.
Umbo undertakes $6.8m series A
The home security technology developer has received new funding, after closing a 2016 seed round featuring Phison and Wistron.
Financial
Dave arranges finances to raise funding
Chernin Group and JPMorgan Chase-backed financial management app developer Dave has raised $13.3m, according to a regulatory filing.
PayKey pushes buttons for $10m series B
SBI Group and Siam Commercial Bank contributed to the round, which will fund the mobile banking app developer’s international expansion.
American Express and Foxconn have contributed to a series B round for Abra, bringing the company’s total funding to more than $35m.
Tink spies corporates for new funding
SEB, Nordea and ABN Amro have contributed to a $16.4m round that took the mobile wallet developer’s total funding to more than $31m.
RiskGenius assesses QBE investment
QBE Ventures has selected RiskGenius as its first portfolio business, having launched with $50m in funding earlier this year.
Industrial
SafeTraces pins down corporates for $6.5m
Corporate venturing vehicles Maumee Ventures and UL Ventures were among the investors in the food tracking device maker’s series A round.
Tencent finds Kindred investment in $28m round
GV-backed robotics developer Kindred has closed a series B round led by internet group Tencent that boosted its total funding to $44m.
Transport
BMW makes investment in Fair deal
Flexible automotive e-commerce platform Fair has raised an undisclosed sum in a BMW-led round that could precede up to $1bn in financing.
Automile gets en route with $34m
The telematics technology provider’s series B round included Salesforce Ventures, and took its total funding to more than $47m.
Xiaomi-backed personal electric vehicle manufacturer Ninebot has secured new funding from investors including China Mobile Innovation Industry Fund.
Services
Brainly brightens up with $14m
The social learning platform boosted its overall funding to more than $38m with a $14m round that included existing investor Naspers.