Every day, Global University Venturing rounds up the smaller investments from across the university innovation ecosystem in its deal net.
Basking Biosciences, a US-based pharmaceutical firm linked to Duke University and Ohio State University (OSU), has closed a $5.4m series seed round featuring OSU-backed Rev1 Ventures, Broadview Ventures and Viva BioInnovation, the venture capital arm of drug discovery holding company Viva Biotech. Founded in 2019, Basking Biosciences is working on a drug treatment for acute ischemic stroke, based on inventions from Duke University’s Bruce Sullenger and Ohio State University’s Shahid Nimjee. Its lead candidate is expected to enter the clinic in the second quarter of next year.
Infinite Uptime India, an India-based industrial internet of things technology spinout of University of California, Berkeley, has secured $5.2m in a series B round led by VenturEast, with participation from mechanical components manufacturer THK, Mayfield Fund, GSR Ventures, Global IoT Technology Ventures (GiTV) and IL&FS Private Equity. Infinite Uptime previously obtained $5m in a July 2018 series A round backed by Mayfield, IL&FS, GSR and GiTV.
Coviu, an Australia-based telemedicine software platform, closed a A$6m ($4.5m) round yesterday involving Main Sequence Ventures, the venture firm set up by research institute Csiro. The deal was rounded off by Equity Venture Partners, Giant Leap Fund and syndicate Medical Angels. Daniel Szekely, investment director at Equity Venture Partners, has joined the board as a non-executive director. Coviu’s software applies end-to-end encryption to allow doctors to securely speak to patients through remote video consultations. Coviu previously received $760,000 from Main Sequence Ventures in 2018.
Zeal Rewards, an Egypt-based mobile payments and customer rewards service incubated by multi-university-backed programme SETsquared, has raised an undisclosed seed amount from unnamed investors. Founded in 2019, Zeal Rewards has built a QR code-based mobile payments and customer loyalty programme. The capital will support its expansion both in Egypt and the UK, where SETsquared is based. SETsquared is a partnership of the universities of Bath, Bristol, Exeter, Southampton and Surrey.
– Additional reporting by Thierry Heles
