Every day, Global University Venturing rounds up the smaller investments from across the university innovation ecosystem in its deal net.
Glycotest, a UK-based liver disease diagnostics spinout of Baruch S. Blumberg Institute and Drexel University, has received $6m of its $10m series A commitment from drug developer Fosun Pharma after securing the second $3m tranche. The cash will go towards preparing for the US commercial launch of Glycotest’s algorithm-powered biomarker test for early-stage hepatocellular carcinoma, with Fosun’s final $4m series A contribution due on completion of certain development milestones. Fosun Pharma’s investment was first announced in October 2018 and, if fully completed, will result in the corporate taking a 40% interest. Commercialisation firm NetScientific, which helped establish Glycotest, would retain a 51.5% majority stake.
US-based blockchain token marketplace OpenSea has attracted $2.1m in a round involving Stanford-StartX Fund – an affiliate of the university’s StartX accelerator – in addition to mobile game developer Animoca, distributed web browser plugin MetaMask, Gumi Cryptos, 1Confirmation, Blockchain Capital, Brad Flora for Y Combinator and Dylan Field of product design software company Figma. Founded in 2017, OpenSea runs a portal containing blockchain tokens that are demonstrably scarce and compatible with multiple applications – known as non-fungible tokens because they potentially offer greater liquidity. The marketplace hosts token-powered digital products such as virtual trading cards and digital art collections. OpenSea obtained $2m in a May 2018 seed round led by 1Confirmation that included over-the-top media company Chernin Group, blockchain app ecosystem Blockstack, Founders Fund, Foundation Capital, Blockchain Capital, Stable Fund and Coinbase Ventures, the corporate venturing fund for digital currency exchange Coinbase.
Fieldly, a Sweden-based construction project management software developer backed by Lund University and founded by one of its alumni, has received SEK17m ($1.8m) from private investors Christer Dahlén and Manuel Salvisberg, Digital reported on Wednesday. Founded in 2014, Fieldly markets a cloud-enabled project management platform with features catered to the construction industry. The business has appointed Anders Boman – former portfolio manager at the tech transfer offices of Lund University and University of Oxford – as its chief executive. It reportedly raised about $2.8m across four funding rounds, including $1.5m in May 2018 led by angel investor Roland Zeller and featuring fellow individuals including Dan Nilsson and Mårten Öbrink, according to media reports.
Carbogenics, a UK-based biowaste energy production spinout of University of Edinburgh, has raised £500,000 ($640,000) in a seed round led by university venture fund Old College Capital that featured VC fund Techstart Ventures and private investors. The company has devised a technology that converts paper waste into a carbon-rich porous material branded CreChar, which will initially be applied to feedstock for anaerobic digestion plants to improve output and cost-efficiency. Other applications for CreChar are expected to launch in 2020, with the funding helping to bolster Carbogenics’ headcount and build a pilot product plant for the material.
University of Nebraska has spun out US-based microbiome supplement developer Symbiotic Health. The spinout aims to commercialise blends of healthy bacteria and fibre-like compounds known as synbiotics for gut-related health applications, and expects to commence human clinical trials in 2020. Symbiotic Health’s founding team includes University of Nebraska food science and technology faculty Bob Hutkins, Andy Benson and Tom Burkey in addition to Jens Walters from University of Alberta.
