Each Friday the Global Corporate Venturing Deal Net rounds up the week’s smaller deals and tracks the emerging companies accessing corporate funds.
Healthcare software provider Truepill has led a $9m funding round for Ahead, the US-based developer of an online platform that links patients suffering from depression, anxiety and attention deficit hyperactivity disorder to psychiatrists, TechCrunch reported on Wednesday. The companies are also partnering on a free prescription delivery service that can be accessed through Ahead’s online portal.
Insurance firm MACSF co-led an $8m funding round for France-based medical data provider Synapse Medicine on Monday with financial services firm BNP Paribas and private equity fund XAnge. The round included BPIfrance and private investor Nicolas Dessaigne and it came after Xange led a $2.8m round for Synapse in March 2019. The cash will enable the company to make its core product more widely available.
France-based digital olfaction technology developer Aryballe received €7m ($7.9m) in funding today from investors including Samsung Ventures and SEB Alliance, on behalf of electronics producer Samsung and small appliance maker Groupe SEB, as well as chemicals producer Asahi Kasei, Hardware Club/HCVC, Cemag Invest and Innovacom. Aryballe closed a $3.5m round featuring Asahi Kasei, Innovacom, Hardware Club, CEA Investissement and Bruno Maisonnier in 2016 and raised $7.3m in series A funding from ingredient provider IFF, carmaker Hyundai, Catherine Dunand and Vincent Deltrieu in July 2019.
Pharmaceutical developer Debiopharm led the $6.5m first close of a series A round for Nucleai, the Israel-based creator of an artificial intelligence-equipped precision oncology platform, on Tuesday, through its corporate venturing unit. Venture capital firms Vertex Ventures and Grove Ventures also took part in the round, having co-led a $5m seed round for Nucleai in March 2018.
Mercedes-Benz has provided a undisclosed amount of funding for China-based battery cell manufacturer Farasis in connection with a strategic partnership agreement. Farasis had secured $793m in a February 2018 series C round that included the state-owned China Venture Capital Fund as well as China Industrial Fund, Dongxing Securities and China V Fund. The latest deal consisted of a “multimillion-euro” sum in return for a 3% stake in Farasis, according to the Financial Times.
Zoox, the Brazil-based provider of a public wifi system that generates data from its users, has secured R$27m ($5m) in a funding round led by insurance firm HDI Seguros, Contxto reported on Tuesday. The round included corporate VC firm 2A Investimentos and the capital has been earmarked for product development.
Swiftmile, the US-based developer of an electric vehicle charging system, completed a $5m series A round on Wednesday that was led by VC firm Thayer Ventures and backed by Verizon Ventures, the corporate venturing arm of telecommunications firm Verizon, as well as VC firm Alumni Ventures Group. The company had previously raised about $4.5m between October 2018 and December 2019 according to regulatory filings, following $250,000 from Verizon Ventures in 2015. It has raised $11m in total according to TechCrunch.
Telecoms firm Intouch Holdings invested in Paronym, the Japan-based developer of interactive video platform Tig, last month to close a series B round of undisclosed size also featuring Japan Post Capital and NTT Docomo Ventures – subsidiaries of postal service Japan Post and mobile network operator NTT Docomo. The round took Paronym’s total funding to $6.4m and follows $2.1m from investors including both corporates in September 2019.
Digital transformation services provider GBTec led a A$6.8m ($4.7m) series A round for Australia-based process mining technology developer Apromore on Monday that included digital consulting firm Leonardo as well as University of Melbourne. Apromore, a University of Melbourne spinout, will put the funding into product development as it looks to bolster its artificial intelligence capabilities.
Japan-based digital transformation technology developer TechTouch received ¥500m ($4.7m) in series A funding today from investors including Archetype Ventures, the corporate VC subsidiary of marketing agency Archetype. The round also featured DNX Ventures and Development Bank of Japan fund DBJ Capital, and it came after TechTouch raised a total of $1.1m in an Archetype Ventures and DNX Ventures-backed seed round in September 2019.
Netherlands-based plastic waste recycler Fuenix completed a €4m ($4.5m) funding round today featuring candle producer Bolsius. The round was led by VC fund Brightlands Venture Partners and included investment holding company Koobra Invest and Fimavest. It will use the funding to increase production of its waste-derived products, including paraffin used in Bolsius candles.
US-based modular housing provider Nomad Homes secured $4m on Wednesday in a seed round led by Comcast Ventures, mass media group Comcast’s corporate venturing unit. Media holding company WndrCo also participated in the round, as did Abstract Ventures, Partech, Precursor Ventures and Class 5 Global. The proceeds will support the growth of Nomad’s engineering team.
Fundo de Investimento em Participações (FIP) Aeroespacial, an investment fund co-founded by aerospace manufacturer Embraer, has supplied R$20m ($3.7m) for Brazil-based data security technology provider Kryptus, Investimentos e Notícias has reported. Kryptus, which was founded in 2003, plans to put the funding into an international expansion drive.
Raed Ventures, the VC arm of conglomerate Almajdouie Holding, has led a $3.5m seed round for Lean, a Saudi Arabia-based developer of application programming interfaces (APIs) for financial technology, MenaBytes reported on Wednesday. Global Founders Capital, Shorooq Partners, Outliers VC, Global Ventures and angel investors including Samih Toukan and Jake Said also contributed to the round.
Icon Savings Plan, the US-based provider of a retirement savings plan tailored for modern users, has received $3.2m in a seed round featuring recruitment firm Kelly’s Innovation Fund and Tasc Ventures, on behalf of insurance provider Tasc, Crunchbase reported yesterday. Angel investor Tom Blaisdell led the round, which included Rethink Impact, Portland Seed Fund and Alumni Ventures Group. The round is Icon’s first, and part of the proceeds will go to hiring engineers.
Accenture Ventures, the corporate venturing arm of professional services firm Accenture, invested an undisclosed sum in US-based messaging software developer Synadia Communications yesterday. Synadia has not revealed the details of its previous funding but VC firms Bold Capital Partners and True Ventures are among its investors.
Maersk Growth, the corporate venturing subsidiary of container shipping group AP Moller-Maersk, co-led a $3m funding round for fashion brand marketplace Cala on Tuesday with VC firm Real Ventures. Cala’s investors also include Ding Ventures and it closed the round a few weeks after launching a weekly newsletter called 1MOQ.
Popshop, a US-based livestreamed shopping app developer backed by mobile game publisher Akatsuki, secured $3m on Wednesday in a round co-led by Floodgate and Abstract Ventures that included Long Journey Ventures, Shrug Capital, Backend Capital, Halogen Ventures and angel investors Cyan and Scott Banister that took its total funding to $4.5m. Akatsuki’s AET Fund revealed in April 2019 it had invested in Popshop, whose other existing backers include CRCM Ventures.
Telecoms firm Telefónica, provided an undisclosed amount of funding for Nozomi Networks, a US-based provider of operational technology and internet-of-things monitoring technology, through subsidiary Telefónica Innovation Ventures on Tuesday. Nozomi had raised a total of $53.8m as of a $30m series C round in late 2018 featuring power producer Invenergy’s Energize Ventures unit, Planven Investments, GGV Capital, Lux Capital, THI Investments and Giovanni Canetta Roeder.
Cuemath, an India-based online mathematics education platform backed by internet and technology conglomerate Alphabet, has raised Rs 218m ($2.9m) in debt and series B equity financing from venture debt provider Trifecta Capital, Entrackr reported on Wednesday. The company received $5.5m in a December 2019 tranche led by Manta Ray Ventures and backed by Alphabet unit GV and Sequoia Capital India. It had secured a total of $19m from GV, Sequoia India, Unitus Seed Fund and Alok Mittal as of a $15m round in 2017.
US-based digital asset liquidity provider Wintermute backed by cryptocurrency technology provider Blockchain.com, completed a $2.8m series A round on Tuesday led by VC firm Lightspeed Venture Partners. The company also revealed it closed a seed round of undisclosed size in February this year that was led by Blockchain.com’s corporate venturing vehicle, Blockchain.com Ventures.
Automotive component maker Aisin Group invested an undisclosed amount in US-based vision processing technology developer StradVision on Wednesday through a fund managed by VC firm Pegasus Tech Ventures. StradVision had raised a total of $40m from investors including electronics group LG, carmaker Hyundai and its Hyundai Mobis subsidiary; Posco Capital, a subsidiary of steel producer Posco; and Neoplux, an investment vehicle for construction equipment provider Doosan, as of a $27m series B round in December 2019.
Nayya, the US-based developer of a concierge for health benefits, has secured $2.7m in seed capital from investors including Guardian Strategic Ventures, the corporate VC arm of insurance firm Guardian Life, TechCrunch reported on Tuesday. Social Leverage led the round, which also featured Cameron Ventures, Soma Capital and unnamed angel investors. The startup’s earlier backers include Entrepreneurs Roundtable Accelerator and the cash will support recruitment.
Automotive manufacturer Volvo Cars supplied an undisclosed amount for Circulor, a UK-based company that uses blockchain technology to trace the origin of raw materials, on Wednesday through its Volvo Cars Tech Fund. Circulor’s technology is already utilised by Volvo Cars to trace the origin of the cobalt it will use in the batteries for its XC40 Recharge P8 electric vehicle when it begins production of the model later this year.
US-based robotics management software provider InOrbit completed a $2.6m seed round yesterday that included motorised vehicle manufacturer Yamaha and cleaning product manufacturer Alfred Kärcher. The corporates invested through Yamaha Motor Ventures & Laboratory Silicon Valley and Kärcher New Venture respectively, and the round was led by seed fund Amino Ventures with backing from unnamed institutional and private investors.
SOC.OS, a developer of cyber threat management technology, was spun off by UK-based defence systems producer BAE Systems’ Applied Intelligence subsidiary on Tuesday with £2m ($2.5m) in funding. The capital was supplied by VC funds Hoxton Ventures and Speedinvest, and it came after SOC.OS was incubated in collaboration with cybersecurity accelerator CyLon.
Energy utility Engie has co-led a $2.25m pre-series A round for India-based last-mile delivery service Frontier Markets Consulting through impact investment vehicle Engie Rassembleurs d’Energies. The round was co-led by Rise Fund and The Singh Family Trusts, and it also featured Teja Ventures and affiliates of Beyond Capital Fund. It followed an investment by Engie in April 2019 and a similarly undisclosed amount from Seedfund in 2011. Rianta Capital and Acumen Fund are also among the company’s backers.
Japan-based medical research provider Genial Light raised ¥240m ($2.2m) from medical equipment maker Mutou Group, alcoholic beverage producer Suntory, financial services firm Resona Bank’s Resona Capital unit and marketing and consulting firm JMA Research Institute in April this year, it revealed on Monday. The cash will support research and development as well as promotion of a joint venture Genial Light has formed with an in-vitro diagnostic drug provider.
Wisdom Academy, a Japan-based early learning school operator backed by education services provider Kids Learning Network, secured ¥235m ($2.2m) from Tokyo University of Science Innovation Capital and Global Catalyst Partners Japan on Monday. Tokyo University of Science Innovation Capital had previously joined a fund underwritten by Kids Learning Network to invest $1.4m in the company in October 2019.
Oil and gas supplier Petronas has invested an undisclosed sum in Malaysia-based solar energy system provider Sols Energy through corporate venturing unit Petronas Ventures, New Straits Times has reported. The company was one of the graduates in the 2019 batch of the Petronas FutureTech Accelerator and its existing backers include VC firm 500 Startups.
Japan-based Sharedine, which offers a subscription service for business trip food preparation, has received ¥220m ($2m) in pre-series A funding from investors including Monex Ventures, a subsidiary of currency exchange provider Monex, as well as insurers Nippon Life and Mitsui Sumitomo, the latter through Mitsui Sumitomo Insurance Venture Capital. The round also featured Coral Capital, Future Venture Capital (FVC), ISGS Investment Works and angel investors including Kathy Matsui and Sōichirō Kawai. FVC had supplied an undisclosed amount of seed capital for Sharedine in 2018, it said this week.
Mobile consumer services group Movile provided an undisclosed amount of funding for Colombia-based last-mile delivery service Mensajeros Urbanos on Tuesday. Mensajeros Urbanos, a graduate of telecoms company Telefónica’s Wayra Colombia accelerator. It intends to use the cash to expand in its existing markets of Colombia, where it operates in 10 cities, and Mexico, where it launched earlier this year.
Manatee, the US-based developer of a mobile app that assists in children’s therapy, has secured $1.5m from investors including insurance firm American Family’s Insurance Institute for Corporate and Social Impact fund, TechCrunch reported on Tuesday. The round included Vinaj Ventures & Innovation’s Telosity fund and investment firm Grand Ventures, and it came after Manatee’s graduation from the Techstars Los Angeles accelerator.
Brazil-based influencer marketing agency Spark has received R$8m ($1.5m) in a funding round led by Apex Partners, Exame has reported. The deal came after influencer marketing group Fluvip, which invested in Spark in 2016, sold its stake back to company founders Raphael Pinho, Marcus Buaiz and Rafael Coca.
Building materials provider Cemex has invested an undisclosed amount in Arqlite SPC, the US-based developer of a system that converts plastic waste into artificial gravel, through corporate venturing unit Cemex Ventures. The funding came after Arqlite won the 2019 edition of the Cemex Ventures Global Construction Startup Competition and it said its other backers include Kamay Ventures – a joint venture between confectionery provider Arcor and beverage producer Coca-Cola Argentina – in addition to private investor Chriss Graff.
Xorlab, a Switzerland-based email cybersecurity product developer backed by financial services firm Zürcher Kantonalbank, raised more than CHF1.2m ($1.3m) on Tuesday in a pre-series A round led by VC firm Spicehaus Partners’ Spicehaus Swiss Venture Fund. The round included unnamed new and existing investors and it followed $1.9m from Zürcher Kantonalbank and Hasler Stiftung in December 2018, and $130,000 secured when Xorlab graduated from the Venture Kick accelerator two years earlier.
SolShare, the Bangladesh-based operator of a peer-to-peer trading platform for solar energy, has completed a $1.1m financing round featuring Innogy New Ventures and EDP Ventures, on behalf of energy utilities Innogy and EDP respectively. The corporates were joined by Impact Investment Exchange (IIX) and unnamed angel investors, and the round came after Innogy New Ventures, EDF and Singaporean IIX Growth Fund provided $1.7m for SolShare in 2018.
Half Time, the Japan-based operator of a sports public relations platform, secured ¥100m ($930,000) yesterday in a series A round that included SF Property Management, the owner of antique and art vendor and asset management technology provider Valuence Holdings. The round also featured an undisclosed additional company as well as 23 angel investors and debt financing from two unnamed banks.
Japan-based internet-of-things services provider IoTBase closed a seed round of undisclosed size on Monday featuring education services provider Globis’s G-Startup accelerator and VC fund Incubate Fund. It has allocated the funding to expanding its product development and customer success teams.
Inspektlabs, the India-based developer of an artificial intelligence-equipped inspection system, has received $660,000 in pre-series A funding from Better Capital, Titan Capital and unnamed angel investors, the Economic Times has reported. The startup entered London Barclays Accelerator, powered by Techstars – the accelerator backed by financial services firm Barclays – in February this year.
Additional reporting by Liwen-Edison Fu.