Every day, Global University Venturing rounds up the smaller investments from across the university innovation ecosystem in its deal net.
KU Leuven and life sciences institute VIB officially unveiled Belgium-based drug development business Augustine Therapeutics today with €4.2m ($4.7m) in seed funding to target neuromuscular disorders such as Charcot–Marie–Tooth (CMT) disease. The money was supplied by VIB and its affiliate V-Bio Ventures venture fund, as well as KU Leuven-backed seed vehicle Gemma Frisius Fund, Flemish government-owned investment firm PMV and life sciences-focused VC firm Advent France Biotechnology. CMT is a hereditary disease characterised by progressive loss of nerve function in the muscles, and treatments are currently limited to helping the patient manage their symptoms. Augustine Therapeutics extends collaborative research from VIB-KU Leuven teams led by Ludo Van Den Bosch, Joris de Wit and Bart De Strooper.
Canada-based experiential learning platform Riipen has obtained $3.8m from investors including Arizona State University-run accelerator ScaleU and SEI Ventures, the strategic investment arm of for-profit education services provider Singularity Education. The round was filled out by education thinktank Strada Education Network, Reach Capital, EduLab Capital Partners, Entangled Group and Atrium. Riipen’s platform provides college students with placement opportunities at companies and organisations, while allowing teachers to align lesson plans to real industry skills. Riipen previously received funding from private investor Mohamed Mansour at an unspecified date.
Xilis, a US-based precision health and oncology spinout of Duke University, has secured $3m from undisclosed investors, according to a regulatory filing. The company was formed earlier in 2019 by co-founders Xiling Shen and David Shiao-Wen, an assistant professor of medical oncology in Duke University’s School of Medicine whose grant-funded research has included epigenomic engineering in models of colorectal cancer.
US-based home rental management software developer Hemlane completed a $2.5m seed financing round on Thursday backed by Stanford-StartX Fund, the venture fund aligned to Stanford University’s StartX accelerator. The round was led by Prudence Holdings with participation from Aglaé Ventures and angel investors including Marco Zappacosta and Sam Hodges. Founded in 2014, Hemlane has launched an online software platform that connects property owners with local rental agents to advertise residences, process tenant applications and automate administrative tasks. The company currently helps manage more than 5,000 properties in the US, taking in a total of about $50m in rental payments over the past six months. Hemlane previously collected $1.9m of a targeted $2.9m equity round in February 2019 from undisclosed investors, according to a regulatory filing, though this may refer to the latest seed round.
Pi Beam, an India-based electrically assisted pedal vehicle supplier incubated at Indian Institute of Technology Madras, has obtained Rs50m ($705,000) in bridge funding from government-owned gas producer Gail, according to YourStory. Founded in 2013, Pi Beam develops small electric vehicles such as pedal-assisted trikes and rickshaws that carry goods and waste as well as passengers. The funding reportedly brings Pi Beam’s total haul for 2019 to $1m, including a pre-series A round of undisclosed size in April that was led by Eagle10 Ventures and backed by Bluehill Capital alongside unnamed angel investors, according to VCCircle. Pi Beam had reportedly already raised seed money from affiliates of the Keiretsu Forum angel network.
University of California, Riverside has spun out US-based Basilard BioTech to commercialise a manufacturing approach for biologically-engineered cell and gene therapies under the brand SoloPore. The technique is billed as limiting damage to cells during manufacturing so that the resultant drugs are more resilient and effective, in theory reducing production costs. Basilard is currently seeking seed funding and will initially target oncological applications before extending into other genetic disorders and degenerative diseases. The spinout is the brainchild of Masa Rao, an associate professor of mechanical engineering in the Marlon and Rosemary Bourns College of Engineering.
