Japan-headquartered consumer electronics manufacturer Panasonic provided $200m in capital for US-based venture capital partner Conductive Ventures’ third fund yesterday.
Founded in 2017 by managing directors Carey Lai and Paul Yeh (pictured on main page), Conductive targets developers of hardware, software, technology-enabled services and blockchain products at growth stage, and has cited startups led by non-traditional founders as a key area of interest.
The firm has achieved seven exits so far, including additive manufacturing technology provider Desktop Metal, which listed on the New York Stock Exchange in an August 2020 reverse takeover valuing it at $2.5bn post-transaction, and electric bus producer Proterra, which secured a $1.6bn enterprise valuation in its own reverse merger, in February 2021.
Panasonic supplied the entirety of Fund III’s capitalisation, having done the same for its $100m inaugural fund in 2018 and its $150m sophomore vehicle two years later.
Carey Lai said this week: “We are fortunate to partner with Panasonic. Having them consistently increase their capital commitment in each fund demonstrates their continued support to finding and funding the most innovative startups. It also serves to validate the vision and strategy we laid out since our inception.”
Conductive’s existing portfolio includes Jackpocket, the online lottery ticket retailer that raised $120m in a November 2021 series D round, and construction data tool developer Versatile, which completed its $80m series B two months earlier.
Photo courtesy of Conductive Ventures.
