Every day, Global University Venturing rounds up the smaller investments from across the university innovation ecosystem in its deal net.
Axial Therapeutics, a US-based neurological disease therapy developer linked to University of Tokyo, has closed a $37.3m series C round co-led by University of Tokyo’s Innovation Platform and OneVentures. The round included Taiho Ventures, the investment arm of pharmaceutical firm Taiho, as well as Autism Impact Fund, Corundum Systems Biology, Longwood Fund, Seventure Partners and Domain Associates. Axial has now raised $91.5m in total, Taiho Ventures having put up $10m to close a series B round featuring care provider Heritage Medical Systems, Health for Life Capital, Longwood Fund and Domain Associates at $35m in 2019.
Leap, the US-based operator of a system that connects energy providers to customers, received $33.5m in series B equity and debt financing yesterday from investors including Congruent Ventures, the venture capital firm backed by University of California. The round featured National Grid Partners (NGP), a subsidiary of energy provider National Grid and the equity portion was led by Park West Asset Management. Climate Capital, My Climate Journey, Union Square Ventures (USV) and angel investor David Helgason also contributed. The debt portion was provided by Silicon Valley Bank (SVB). The company had raised $11m as of an $8.2m series A round in January 2020 led by USV and backed by Congruent Ventures, NGP, Powerhouse Ventures, Elemental Excelerator, FJ Labs and SVB.
Akadeum Life Sciences, a US-based developer of biological sample separation technology, completed a $17.5m series B round on Tuesday featuring Berkeley Catalyst Fund, a vehicle for University of California (UC), Berkeley, and University of Michigan. The round was led by Arboretum Ventures and included analytical instrument producer Agilent Technologies, Beringea, Lifespan Ventures, BlueStone Venture Partners, Michigan Capital Network and Michigan Rise. Akadeum had previously raised a total of $3.9m in financing between 2014 and 2018 according to securities filings, including $1.5m from University of Michigan’s Mints programme, BioInflexion 5 Prime Ventures, eLab Ventures and Invest Detroit in 2017.
OneProjects, an Ireland-based heart arrhythmia imaging technology developer, has raised an $8m series A extension led by Imec.xpand, the venture capital fund launched by Imec, with participation from Atlantic Bridge, European Innovation Council and LSP. University Bridge Fund and LSP had co-led the initial $12.4m tranche last year, when Enterprise Ireland and private investors also participated.
Studio Unbuilt, the Japan-based operator of architectural design crowdsourcing platform Studio Unbuilt and customised housing floor plan app Madree, has raised ¥130m ($1.2m) from University of Tokyo’s Edge Capital Partners unit and Hirac Fund, a vehicle for accounting software provider Money Forward subsidiary Money Forward Partners, in addition to angel investors. Studio Unbuilt previously raised $1m in seed funding from Nissay Capital, Shizuoka Capital and OKB Capital in January 2019.
Bioworks, a Japan-headquartered provider of plant-based plastics products backed by Osaka University, has raised an undisclosed amount from Saison Ventures, the VC arm of payment services firm Credit Saison, knitting machine producer Shima Seiki and textile product manufacturer Hasetora Group. The company had previously secured $890,000 from Osaka University Venture Capital in February 2017.
Neurolentech, an Austria-based developer of analytics tools to drive drug discovery for developmental brain disorders, has raised an undisclosed amount of seed funding from IST Cube, the venture fund of Institute of Science and Technology Austria. Neurolentech is a spinout from the institute, having been launched at the end of last year with financial support from state-owned development bank Austria Wirtschaftsservice. The spinout has also inked strategic agreements with two patient foundations –TESS Research Foundation and Foundation for USP7 Related Diseases.
BioCode, a South Africa-based diagnostics nanosensor technology spinout of Stellenbosch University, has secured R7m ($470,000) in funding from the institution and the University Technology Fund. The university injected R2m, with the remainder being supplied by the fund. University Technology Fund had already invested an undisclosed amount in May 2020, when BioCode became its first portfolio company.
– Additional reporting by Robert Lavine and Liwen-Edison Fu