Every day, Global University Venturing rounds up the smaller investments from across the university innovation ecosystem in its deal net.
Quantum Brilliance, an Australia-based quantum technology developer spun out of Australian National University, has closed a $9.7m seed round co-led by Main Sequence Ventures and the founders of software producer QxBranch. The spinout’s approach relies on synthetic diamonds to build quantum accelerators that can operate at room temperate and without complex laser systems. Quantum Brilliance previously secured an undisclosed sum from venture fund CP Ventures in August 2020.
Photoruction, a Japan-based civil engineering cloud service, has raised ¥760m ($6.9m) in a funding round backed by Keio Innovation Initiative, a venture capital vehicle for Keio University. The round also featured GMO VenturePartners, SMBC Venture Capital and DBJ Capital, respective units of internet company GMO, financial services firm Sumitomo Mitsui Banking Corporation and Development Bank of Japan. Photoruction had raised $130,000 from Primal Capital in 2016; $890,000 from Genesia Ventures, SMBC Venture Capital, Mizuho Bank’s Mizuho Capital unit, Primal Capital and individuals in 2017; $900,000 from SMBC Venture Capital, Mizuho Capital and Genesia Ventures in March 2019; and $5.3m from SMBC Venture Capital, Future Creation Fund and assorted private investors in May 2020.
Shot Scope, a UK-based golf technology developer, has secured £1.5m ($2.1m) in funding from financial services provider Virgin Money, according to Insider. The money will allow Shot Scope to expand internationally. Old College Capital, the university venturing fund of University of Edinburgh, joined Scottish Investment Bank, Equity Gap and angels in 2018 for a $2.2m funding round, with all three institutional investors having been returning shareholders.
Amplified Sciences, a US-based cancer diagnostics developer exploiting Purdue University research, has completed a $1.8m seed round backed by OCA Ventures. The spinout previously obtained $25,000 from Indiana University’s IU Angel Network in August 2020, building on earlier commitments from IU Philanthropic Venture Fund and Purdue Foundry Investment Fund.
Sonoligo, a Japan-based cultural experience subscription service spun out of Nagoya University, has raised ¥70m ($636,000) from phishing prevention services group Tobila Systems, Beyond Next Ventures and assorted angel investors. Japan Finance provided $272,000 in debt financing. Beyond Next Ventures had supplied $460,000 in seed funding in November 2019.
Pan Solution Technologies, a Japan-based semiconductor inspection equipment manufacturer leveraging research conducted at Tohoku University’s Institute for Materials Research, has received an undisclosed amount of funding from advanced materials producer Japan Material Technologies Corporation and became its equity method affiliate. Tohoku University Venture Partners, an investment unit of Tohoku University, had provided about $1.1m in October 2017.
Panda Health, the US-based operator of a digital health product marketplace, has secured an undisclosed amount in a second seed round featuring UW Health, the integrated health system of University of Wisconsin-Madison, and academic medical centre Dartmouth-Hitchcock. Washington University in St Louis-affiliated health system BJC HealthCare, and fellow health systems Bellin Health, Ochsner Health and Yale New Haven Health also took part in the round, as did health technology consultancy CitiusTech. Healthcare technology services provider Vizient has the round. Panda Health was founded in 2020 by care providers Gundersen Health System, CentraCare and ThedaCare with healthcare company builder Fitzroy Health.
Grace Imaging, a Japan-based fatigue level visualisation technology developer spun out of Keio University’s School of Medicine, has secured ¥200m ($1.8m) from the institution’s Keio Innovation Initiative and QB Capital, a venture capital firm created by Kyushu University’s tech transfer office Kyushu TLO. The round also included Mitsubishi UFJ Capital, a vehicle for financial services firm Mitsubishi UFJ, and VC and management consulting firm D3.
– Additional reporting by Liwen-Edison Fu and Robert Lavine
