Axa IM Alts co-led a $106.5m round for bacterial therapeutics startup Vedanta while Bloomberg Beta participated in generative AI developer Replit’s $97.4m series B.

Crop laboratory technician examining interaction of chemicals in practical test modern lab

Fund

Workflow management software provider ServiceNow anchored the first close of the debut fund for US-based, enterprise software-focused venture capital firm Smith Point Capital, Smith Point Capital Fund I. Hillman Company, Solamere Capital and David Tepper were among the other limited partners for the fund, which is on its way to a $400m cap.

M&A

US-based insurance product comparison marketplace Policygenius agreed to an acquisition of undisclosed size by digital insurance technology provider Zinnia, allowing insurers Aegon, Axa, Brighthouse Financial, Global Atlantic Financial, IA Financial, Lincoln Financial, Massachusetts Mutual Life and Pacific Life to exit. Policygenius had raised $276m as of its $125m series E round in March 2022.

BMC, a provider of digital enterprise software, purchased Model9 Software, a US-based developer of technology for mainframe cloud data management, for an undisclosed sum, allowing chipmaker Intel to exit. Corporate VC unit Intel Capital led a $9m series A round for Model9 in 2020.

Online services provider Yahoo bought Wagr, a US-based sports betting app provider that counts sports and entertainment group Harris Blitzer and conglomerate and sports franchise owner Kraft Group among its investors, for an undisclosed amount. Both corporates took part in a $12m series A round in January 2022 that pushed Wagr’s overall funding to $16m.

Funding

Insurance firm Axa co-led a $106.5m round for Vedanta Biosciences, a US-headquartered developer of therapeutics based on bacterial consortia, through its Axa IM Alts fund. The round was co-led by AMR Action Fund and also featured pharmaceutical firms PureTech Health and Pfizer as well as Bill & Melinda Gates Foundation, Skyviews Life Science, Reimagined Ventures, Fiscus Ventures, Peak6, Atlantic Neptune, K2 HealthVentures, Korea Investment Partners, Korea Investment & Securities Asia, Korea Investment & Securities US, Revelation Partners, Quad Investment Management, Seventure Partners and Hambro Perks.

Company Company description Sectors Countries Round Round size($m) Deal date Investors
Replit Software development-focused generative AI technology provider IT US B 97.4 26/04/2023 Bloomberg (Bloomberg Beta); Andreessen Horowitz (Andreessen Horowitz’s Growth Fund) (lead), Khosla Ventures, Coatue, SV Angel, Y Combinator, Naval Ravikant, Ark Ventures, Hamilton Helmer
Virta Electric vehicle charging platform Transport Finland N/A 71.8 25/04/2023 E.on (Future Energy Ventures) (co-lead), Helen (Helen Ventures), Lahti Energy, Vantaa Energy, Kotka Energy; Jolt Capital (co-lead), Vertex Growth Fund, Finnish Industry Investment, Business Finland
Veo Robotics Developer of collaborative industrial robotics technology Industrial US B 29 25/04/2023 Amazon (Amazon Industrial Innovation Fund), Yamaha Motor (Yamaha Motor Ventures); Safar Partners
Cyclic Materials Metals recycling service Industrial Canada A 27 25/04/2023 BMW (BMW i Ventures); Energy Impact Partners (lead), Fifth Wall, Bioindustrial Innovation Canada, Planetary Technologies
TopHat Low-carbon modular home builder Services UK N/A 24.9 25/04/2023 Aviva (Aviva Capital Partners)
PreAct Technologies Collision avoidance system developer Transport US B 20 25/04/2023 State Farm (State Farm Ventures); I Squared Capital (lead), Traylor Capital, NextXCorps (Luminate)
Ox AI software provider for frontline operations management Services US A 12.6 25/04/2023 Vuzix; BBG Ventures (co-lead), MaC Venture Capital (co-lead), Cortado Ventures, Revolution (Revolution’s Rise of the Rest Seed Fund),  Florida Funders, KCRise, Tech Square Labs, Atento Capital, Agya Ventures
Reverion Biogas power plant developer Energy and Natural Resources Germany A 9.3 25/04/2023 Doral Group (Doral Energy-Tech Ventures), Landwärme; UVC Partners (lead), Green Generation Fund, Extantia Capital
TinyTap Educational game subsidiary of Animoca Brands Media Israel N/A 8.5 25/04/2023 Polygon; Sequoia (Sequoia China), Liberty City Ventures, Kingsway Capital, Shima Capital
Summer Student debt navigation platform Financial  US A 6 25/04/2023 Bertelsmann (BDMI), Avidbank; General Catalyst, QED Investors, Flourish Ventures, Greycroft, Story Ventures, Gaingels, Calm VC, Partnership Fund for NYC, Fenway Summer
Credora Lending infrastructure software provider Financial  US N/A 6 25/04/2023 Coinbase (Coinbase Ventures), Wanxiang (Hashkey), KuCoin (KuCoin Ventures), S&P Global, GSR, Capital Markets Trading (CMT Digital), Paradigm.co; Spartan, Amber Group, Pirata Capital, Breed VC, Wagmi Ventures.
Dflow Decentralised finance protocol provider Financial  US N/A 5.5 25/04/2023 Coinbase (Coinbase Ventures), Circle (Circle Ventures), Cumberland, Wintermute (Wintermute Ventures); Framework Ventures (lead), ZeePrime, Spartan Group, Stephane Gosselin, Evgeny Yurtaev, Stepan Simkin, Jay Jog, Neel Somani, Maghnus Mareneck, Benedict Brady, Paul Burlage, John Lantz, Gabriel Tan, Samuel Berman  
UniSieve Developer of molecular separation membrane technology Healthcare Switzerland Seed 5.5 26/04/2023 Ciech Group (Ciech Ventures); Wingman Venture, Zürcher Kantonalbank, Amadeus Apex Technology Fund
Vivid Machines Farming sensor technology developer Industrial Canada Seed 4.3 20/04/2023 Algoma Orchards, Conexus Credit Union (Conexus Venture Capital); BDC Capital Thrive Venture Fund (lead), StandUp Ventures, Tall Grass Ventures, Entrepreneur First, BoxOne Ventures, W Fund, Cornell, Freycinet Ventures, N49P, MaRS IAF
Rydes Employee mobility budgeting platform Transport Germany Seed 3.8 24/04/2023 Lufthansa Group, Porsche (Forward31); Assembly Ventures (lead), Rethink Ventures, Futury Capital, Jens Krüger, Arabella Venture Capital
Springbok Muscle assessment technology developer Healthcare US Seed 3 25/04/2023 Chicago Blackhawks; Transition Equity Partners (lead), FSHD Global Research Foundation, Titletown Tech, CAV Angels 
DevX Workspace and accelerator operator Financial  India N/A 3 24/04/2023 Navneet Publications, Ducon, Venus Infrastructure & Developers; Urmin Family Office, Bidiwala Family Office
Libraro Blockchain book publishing platform Media UK N/A 2.5 25/04/2023 nChain
Shield Online scam prevention platform IT US Pre-Seed 2.1 20/04/2023 MoonPay, Kraken (Kraken Ventures); Eterna Capital, Alchemy, Rob Behnke
BioMed Technology Microbiome researcher and product developer Healthcare Hong Kong Seed 2 20/04/2023 Alibaba (Alibaba Hong Kong Entrepreneurs Fund), The International Medical; Gobi Partners
SuperDuperSecret Multiplayer chess game developer Media US Pre-Seed 1 21/04/2023 Polygon, Solana, Overwolf; Round13 Capital, Digital Asset Fund, Merit Circle, Big Brain Holdings, LD Capital, Sebastien Borget, Gabby Dizon, Cristian Manea
Elevate Security Provider of data loss and breach prevention technology IT US N/A N/A 24/04/2023 CrowdStrike (CrowdStrike Falcon Fund)
SynSense Neuromorphic processor technology developer IT Switzerland Pre-B N/A 18/04/2023 Maxvision; Ausvic Capital (lead), RunWoo
Roibos Hotelier and travel agency connection platform Services Spain N/A N/A 21/04/2023 Constellation Software (VMS Ventures)
Kan Biosys Plant nutrition and pest management technology developer Industrial India N/A N/A 24/04/2023 De Sangosse
Baseus Living experience-focused digital brand owner Media China A N/A 20/04/2023 Yuexiu Enterprises (Yuexiu Industrial Fund); Shenzhen Capital Group (lead), CICC Capital, Gaorong Capital
CorrActions Driver monitoring technology developer Transport Israel N/A N/A 25/04/2023 Geely (Volvo Cars)
H Cycle Low-carbon hydrogen production technology developer Energy and Natural Resources US A N/A 25/04/2023 Eneos (Eneos Innovation Partners); Azimuth Capital Management (Azimuth V Energy Evolution Fund) (lead)
Edison Fu

Edison Fu is head of Asia development at Global Corporate Venturing.
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