Every day, Global University Venturing rounds up the smaller investments from across the university innovation ecosystem in its deal net.
Cambridge GaN Devices (CGD), a UK-based developer of high-performance gallium nitride power electronic devices based on research at University of Cambridge, has raised $9.5m in a series A round co-led by Parkwalk Advisors, the fund management subsidiary of commercialisation firm IP Group, IQ Capital and BGF. The round also included tech transfer office Cambridge Enterprise and Martlet Capital, the investment arm of aerospace and defence company Marshall Group, as well as Foresight Williams, Cambridge Angels and Cambridge Capital Group. CGD will use the money to expand its product portfolio and double its headcount. The spinout previously raised an undisclosed amount of funding from Parkwalk-managed University of Cambridge Enterprise Fund VI in 2019.
Krisp Technologies, a US-based voice processing technology spinout from Yerevan State University that graduated from University of California, Berkeley’s SkyDeck accelerator, has collected $9m in series A-1 funding led by RTP Global, with a contribution from Storm Ventures. The latter had already contributed to a $5m series A round in August 2020, investing alongside Sierra Ventures, TechNexus and Hive Ventures. The company was originally known as 2Hz and produces software that uses artificial intelligence to remove background noise from all participants on calls in real time.
Amacathera, a Canada-based drug release hydrogel developer exploiting University of Toronto research, has raised C$10.3m ($8.1m) in funding, according to the Globe and Mail. The round was led by Lumia Ventures and also included Viva BioInnovator, BDC Capital’s Women in Technology Venture Fund and Inveready. The spinout previously secured $3.6m in a seed round in October 2019.
AcuSurgical, a France-based developer of a robotic assistant for vitreoretinal surgery, has raised €6m ($7.3m) in a series A round co-led by Merieux Equity Partners and Supernova Invest, with participation from IRDI-Soridec and Sofimac Innovation. AcuSurgical’s robot was developed by researchers at the LIRMM laboratory, a joint initiative of University of Montpellier and CNRS, together with Jean Monnet University. The money will fund planned clinical trials as the company seeks certification in the European Union.
Cage Bio, a US-based biotech developer focused on infection, inflammation and immunology, has secured $7.2m in a series A round led by unnamed professional and angel investor groups. Cage Bio is based on work by Prof Samir Mitragotri, who was a researcher at University of California, Santa Barbara, at the time, but has since moved to Harvard University.
iDentical, a US-based portfolio company of the SkyDeck accelerator, has secured $4.6m in seed funding from Creative Ventures, Life Science Angels, Tech Coast Angels, MD Angels and Berkeley Angel Network. The company had already secured $2m from unnamed investors a year ago.
CorrosionRadar, a UK-based developer of technology to detect and predict corrosion in pipelines, has secured £2.9m ($4m) in series A funding led by Saudi Aramco Energy Ventures, the investment arm of oil company Saudi Aramco, with participation from the Mercia-managed MEIF Proof of Concept & Early Stage Fund and angel investors, according to BusinessLeader. The Cranfield University spinout previously raised $1.3m from MEIF in November 2019.
Natufia Labs, an automated kitchen garden company, has secured $3.5m in a funding round led by King Abdullah University of Science and Technology’s KAUST Innovation Fund and will now move its headquarters from Estonia to Saudi Arabia, according to The Spoon. Natufia raised $1.2m in seed financing from undisclosed investors in 2018.
Tokyo, a Japan-based, lift-focused media provider spun out of University of Tokyo, raised ¥360m ($3.4m) in a round led by property developer Mitsubishi Estate, featuring VC firm XTech Ventures and unnamed individuals.
Abscint, a Belgium-based molecular imaging technology developer, has been spun out of Vrije Universiteit Brussel (VUB) and VIB with €2m ($2.4m) in seed financing led by multi-university venture fund Qbic, with participation from VUB, investment fund Noshaq. The total figure also includes a grant from the Walloon Region’s BioWin programme. Abscint will advance work by Prof Tony Lahoutte and Prof Jo Van Ginderachter, and it already has two clinical-stage products in oncology and cardiovascular disease respectively.
Stirweld, a France-based welding systems spinout of Maupertuis Institute and École normale supérieure de Rennes, has closed a €2m ($2.4m) funding round backed by the Sofimac Innovation-managed Breizh Up and Relevance Invest 2 funds. Regional tech transfer office Satt Ouest Valorisation previously supplied $60,000 in financing to help mature the technology.
Brill Power, a UK-based battery technology spinout of University of Oxford, has secured £1.4m ($1.7m) in seed funding led by university venture fund Oxford Sciences Innovation, with participation from Oxford Investment Consultants. Brill Power has developed an intelligent battery management system to increase the lifetime, safety and sustainability of lithium-ion batteries both in stationary energy storage and in electric vehicles.
Retorio, a Germany-based video recruitment software spinout of Technical University of Munich, has secured a seven-figure euro sum (€1m = $1.2m) from Basinghall Partners, unnamed existing backers and a private investor, according to Deutsche Startups. Private investors Ulrich Holdenried and Wolfgang Kemna previously provided an unspecified amount of angel funding in September 2019.
Vyrill, a US-based video marketing platform that has taken part in Skydeck, has raised $727,000 towards a planned $2m target from private investors, including through crowdfunding platform WeFunder.
Emercell, a France-based off-the-shelf natural killer cells developer based at Institute of Regenerative Medicine and Biotherapies within Saint-Eloi University Hospital Center – itself a site of University Hospital of Montpellier – has secured a strategic investment from oncology company Onward Therapeutics. Immunotherapy developer Emercell is set to receive the funding in three tranches, which once concluded will make Onward the majority shareholder. Alain Herrera, chief medical officer of Onward, has been named chairman of Emercell.
Aqdot, a UK-based chemicals products manufacturer based on University of Cambridge research, has added Business Growth Fund and OP6 Innovation as investors but did not reveal how much they provided. In conjunction with the round, Russ Cummings, chief executive of Touchstone Innovations until its takeover by IP Group, and Ian McKernan, who established OP6, have joined Aqdot as chairman and non-executive director respectively. Aqdot previously obtained $7.8m in a series B round backed by IP Group and its fund management subsidiary Parkwalk Advisors in 2019.
BioLiberty, a UK-based developer of a robotic globe for users struggling with mobility, has secured an undisclosed amount of funding from the Edinburgh Business School’s incubator at Heriot-Watt University, according to Insider.co.uk. BioLiberty was launched by engineering graduates and its globe relies on artificial intelligence to allow patients suffering from muscle mass loss to regain grip and allow the wearer to perform everyday tasks such as drinking a glass of water.
Modvion, a Sweden-based manufacturer of modular wind turbine towers using laminated veneer lumber that is backed by Chalmers Ventures, has received an undisclosed amount of funding from wind turbine company Vestas in return for a minority stake. Modvion will use the money to accelerate business growth and scale up the production of its towers.
CryoLogyx, a UK-based cryopreservation agents developer, has been officially unveiled by University of Warwick after having been incorporated in December 2020. The company made its public debut with grant funding from government agency Innovate UK and will work to commercialise polymer cryoprotectants with applications in cell-based therapy, diagnostics and medicines discovery. It advances research by Prof Matthew Gibson in the Department of Chemistry and Medical School.
4th State Technologies, a Netherlands-based small fertiliser reactor developer, has been spun out of Eindhoven University of Technology, according to Innovation Origins. The company will commercialise a small plasma reactor that produces liquid nitrogen-based fertiliser using the sun, water and air. The technology would allow farmers in developing nations to gain easy access to fertiliser, and 4th State Technologies plans to sell the device across Africa within three to five years.
Newcastle University has spun out five new businesses during lockdown, the institution announced. The businesses included the previously unveiled ScubaTx, a UK-based organ preservation technology developer, as well as Dragonfly Insulation, which will develop fire-resistant insulating materials, autism treatment developer XR Therapeutics, small organic molecules crystallisation screening technology developer Indicatrix and prostate cancer diagnostic spinout GlycoScore.
Kytos, a Belgium-based developer of technology to characterise microbiomes in water samples, is being spun out of Ghent University. The technology is aimed at farmers as an early-warning system for disease outbreaks.
– Additional reporting by Liwen-Edison Fu