Alphabet unit GV participated in autonomous flight technology developer Merlin Labs’ $105m series B round while several corporates helped Cathay Innovation close a $1bn fund.
Funds
South Korea-based outdoor apparel and accessory manufacturer Youngone Trading Holdings has formed an ₩85bn ($64.4m) corporate venture capital arm dubbed Youngone Holdings Venture Capital (YOH CVC 1), NSP reported yesterday. YOH CVC 1 will back companies strategically relevant to its parent firm, especially in the area of textile industry innovation.
Cathay Innovation, a subsidiary overseen by France-based investment firm Cathay Capital, has launched a third fund that is sized at €1bn ($1bn) having secured multiple corporate limited partners. Pharmaceutical firm Sanofi, insurer BNP Paribas Cardif, automotive manufacturer Valeo, tyre producer Michelin, oil and gas supplier TotalEnergies, cosmetics firm L’Oreal, liqueur producer Pernod Ricard, consumer product manufacturer Unilever, hospitality group Accor, luxury brand owner Kering, small appliance producer Groupe SEB and airport operator Groupe ADP all contributed, as did investment bank BPIfrance. It will target developers of enterprise software, artificial intelligence, financial, digital health, tech-enabled consumer, novel mobility, retail and digital energy technology.
Bankruptcy
Celsius Network, a US-based blockchain-driven lending platform backed by investors including stablecoin issuer Tether International, has filed for bankruptcy. The company, which put all cryptocurrency withdrawals and transfers on hold last month, had last raised funding in a $400m round in October 2021 that valued it at $3bn.
Funding
| Company | Company description | Sector | Country | Round | Round size($m) | Deal date | Investors |
|---|---|---|---|---|---|---|---|
| Merlin Labs | Autonomous flight technology developer | Industrial | US | B | 105 | 13/07/2022 | Alphabet (GV); Snowpoint Ventures, Baillie Gifford |
| Wildcat Discovery Technologies | Advanced battery material developer | Energy and Natural Resources | US | D | 90 | 13/07/2022 | Koch Industries (Koch Strategic Platforms) (lead), Eastman Kodak; Fifth Wall (Fifth Wall Climate Fund) |
| Xilis | Precision cancer therapy developer | Healthcare | US | A (updated) | 89 | 13/07/2022 | Alexandria Real Estate Equities (Alexandria Venture Investments), Alphabet (GV); FPV Ventures (lead), EQT Life Sciences, Duke Angel Network, Catalio Capital Management, Mubadala Investment Company (Mubadala Capital Management), Pear Ventures, Two Sigma Ventures, Felicis Ventures, Alix Ventures |
| Pulley | Capitalisation table and equity management platform | Financial | US | B | 40 | 14/07/2022 | Stripe; Founders Fund (lead), Elad Gil |
| Autowise.ai | Autonomous road sweeper developer | Services | China | B2 | 30 | 13/07/2022 | Ningbo Shanshan (Shanshan Venture Capital), Opple (Opple Capital); SkyChee Ventures, Huang Chao |
| Detect Technologies | Industrial productivity software developer | Industrial | India | B | 28 | 14/07/2022 | Prosus (Prosus Ventures) (lead), Shell (Shell Ventures); Accel, Elevation Capital, Bharat Innovation Fund, Bluehill Capital |
| Oper Credits | Digital mortgage software provider | Financial | Switzerland | A | 11 | 13/07/2022 | ABN Amro (ABN Amro Ventures) (co-lead); Bessemer Venture Partners (co-lead), Techstars, Pitchdrive, Verve Ventures |
| Syrup Tech | AI-powered predictive software provider | IT | US | N/A | 6.3 | 13/07/2022 | Alphabet (Gradient Ventures) (lead); Flybridge Capital, Firstminute Capital, Rackhouse Ventures, 1984 Ventures, unnamed angel investors |
| HataLuck and Person | Store management tool provider | Services | Japan | C | 5.7 | 14/07/2022 | Mitsui Fudosan (31Ventures Global Innovation Fund 2), Toda Corporation, Orix, DD Holdings (DD Holdings Venture Capital’s DD Holdings Open Innovation Fund) |
| Homexchange | Property exchange service | Services | India | N/A | 4 | 13/07/2022 | Oberoi Realty, Anarock; HDFC Capital |
| Wonder Robotics | Autonomous flight technology developer | Industrial | Israel | Seed | 4 | 12/07/2022 | Elron Electronic Industries (Elron Ventures) (lead); Besadno Investment Group |
| Salowin | Beauty salon sharing service | Services | Japan | B | 3.6 | 14/07/2022 | Nippon Life (Nissay Capital) |
| Digi2L | Online electronics exchange service | Consumer | India | N/A | N/A | 13/07/2022 | Onsitego |
| YBVR | Immersive sports streaming service | Media | US | N/A | N/A | 13/07/2022 | Telus (Telus Ventures) |
| ThunderX (ThunderSoft) | Autonomous driving technology provider | Transport | China | N/A | N/A | 14/07/2022 | Qualcomm (Qualcomm Ventures) |
