Invest in a business development function — early. Be creative with funding and careful with how your strategic value is measured.

Pfizer Ventures has led a $102m series A for Capstan Therapeutics while Globis Capital Partners took part in an $85.4m round for Andpad.

Spinouts working on ketamine-based therapeutics, regenerative medicines for dogs and better sleep are among those that caught our eye this month.

Access Industries, Pfizer and SR One were among the investors in a $125m round for Nimbus Therapeutics while Aerwins agreed a reverse takeover.

David Clouse, a GCV Emerging Leader this year while at BP Ventures, will lead EIC Rose Rock, a $50m fund backed by Devon Energy, Onoek and Williams.

Senior investment director Karim Chehadé has announced his departure from Experian Ventures' strategic investment vehicle, three months after colleague Chan Yip Pang.

Alphabet led a $1bn round for its Verily subsidiary while Kimco Realty and The Silverman Group were part of Gotham Greens’ $310m series E.

Hitachi grows its cell therapy portfolio, SoftBank slims down in India and Foresight Williams backs ID tags for diamonds.

Hanwha Group took part in a $250m round for Carrot General Insurance while JP Morgan Chase helped lift LetsGetChecked’s series D to $170m.

The former investment manager of Syngenta Group Ventures plans to expand the CVC arm of FMC Corporation, a US agriculture company.