Every day, Global University Venturing rounds up the smaller investments from across the university innovation ecosystem in its deal net.
Ultron Photonics, a China-based laser and optoelectronic technology developer backed by Chinese Academy of Sciences, has attracted $15m in a series A round led by consumer electronics producer Xiaomi’s Shunwei Capital unit, DealStreetAsia reported on Friday. The round also included Qitang Changhou Investment, a fund set up by display control solutions company Chipone Technology and government-owned entity Beijing E-town International Investment & Development. Venture capital firms Sinowisdom and Langcheng Capital also took part in the round. The report identified the latter two as returning investors, and early backers seemingly also included Chinese Academy of Sciences’ early-stage vehicle CasStar, laser machine manufacturer Micromach, Lime Capital and Hangzhou Oushi Investment, although further details could not be ascertained.
PolyAI, a UK-based artificial intelligence-powered voice assistant technology spinout of University of Cambridge, has picked up $14m in funding led by Khosla Ventures. The round also included Point72, Amadeus Capital Partners and Sands Capital, the spinout confirmed to Global University Venturing. Point72 Ventures led a $12m series A round in 2019, when Sands Capital, Entrepreneur First, Passion Capital and Amadeus Capital also took part.
Contextflow, an Austria-based radiology imaging scan analysis software spinout of Medical University of Vienna, has closed a €6.7m ($8m) series A round backed by IST Cube, the university venture fund of IST Austria, after Peak Pride Management, HPH Start-up Unit and Apex Ventures injected another €2m. Contextflow had raised an initial tranche in December 2020 led by TTIP Beteiligungs GmbH, with participation from IST Cube, Nina Capital, Apex Ventures, Crista Galli Ventures and Novacapital.
Seqera Labs, a Spain-based data orchestration and workflow platform aimed at the life sciences sector that was spun out of the Pompeu Fabra University-aligned biomedical research institute Centre for Genomic Regulation, has obtained $5.5m in seed financing co-led by Talis Capital and Speedinvest, according to TechCrunch. The round featured BoxOne Ventures and included a grant from the Chan Zuckerberg Initiative. BoxOne was identified as a returning backer, but it is unclear when it first invested.
ILC Therapeutics, a UK-based interferon drug developer focused on respiratory viral infections such as covid-19 and exploiting University of St Andrews research, has closed a £3.5m ($4.8m) funding round backed by Eos Angel Investment Syndicate, Scottish Enterprise, company management and private investor Robert Kopple. ILC secured an undisclosed sum from healthcare-focused incubator Medical Incubator Japan in December 2020.
United Immunity, a Japan-based nanoparticle immunity delivery system spun out of Kyoto University and Mie University, has raised ¥500m ($4.5m) in series B funding from chemicals trading group Kisco and University of Tokyo’s Edge Capital Partners unit. Axil Capital injected $670,000 in December 2020, having already joined Mitsubishi UFJ Capital, a subsidiary of financial services firm Mitsubishi UFJ, to back a June 2019 round of undisclosed size.
Luxonus, a Japan-based optical ultrasound imaging equipment developer spun out of Kyoto University and Keio University, has raised ¥430m ($3.9m) from Keio Innovation Initiative (KII), Mitsubishi UFJ and SMBC Venture Capital, respective vehicles for Keio University and financial services groups Mitsubishi UFJ and Sumitomo Mitsui Banking Corporation, as well as Future Venture Capital. The spinout raised $5.5m from KII, Kyoto University’s Innovation Capital (Kyoto-iCap) unit, Shibaura Institute of Technology, healthcare equipment provider Japanese Organisation for Medical Device Development (JOMDD), science park operator KSP, Mitsubishi UFJ Capital as well as Yokohama Capital and OKB Capital, respective subsidiaries of financial services firms Bank of Yokohama and Ogaki Kyoritsu Bank, in November 2019. KII and Kyoto-iCap had already supported a seed round of undisclosed size in March 2019, wen JOMDD also invested.
ZeroPoint Technologies, a Sweden-based developer of a real-time computer memory compression technology based on research at Chalmers University of Technology, has raised €2.5m ($3m) in seed capital from Industrifonden. The university’s innovation arm Chalmers Ventures took part in a $1.3m funding round in February 2017.
Thiozen, a US-based developer of low-emission hydrogen technology based on research at Massachusetts Institute of Technology, has received $3m in a seed round led by energy utility Eni’s strategic investment arm, Eni Next. The round also featured Good Growth Capital and Mount Wilson Ventures, and the capital will fund the development of a pilot facility.
PowerOn, a New Zealand-based developer of soft electronics technology based on research at University of Auckland, has completed a NZ$3.1m ($2.2m) in funding from investors including commercialisation firm IP Group and the university’s own Inventors Fund. Booster Investment Management, New Zealand Growth Capital Partners Aspire NZ Seed Fund, Quidnet Ventures, K1W1, Greenlight Ventures NZ, Pacific Channel, Angel Investors Marlborough and Matū Fund filled out the round. IP Group, Inventors’ Fund and Matū Fund were all identified as existing shareholders but further details could not ascertained.
Oxford Cancer Analytics (OxCan), a UK-based developer of screening technology for the early detection of lung cancer, has secured nearly £1.3m ($1.8m) in seed funding from investors including biomedical research centre Francis Crick Institute. The round also included Cancer Research UK, Civilisation Ventures, Oxford Technology Management and automation technology provider MegaRobo as well as assorted angel investors. OxCan was co-founded by University of Oxford researchers but is not listed as a spinout of the institution.
Yanekara, a Japan-based electric vehicles’ solar charging system developer, has raised ¥55m ($499,000) in a seed round featuring University of Tokyo Innovation Platform’s AOI fund 1 (which provided $380,000), internet and telecommunications group SoftBank’s Deepcore unit and unnamed angel investors.
Japan Environment Planning (Jeplan), a Japan-based clothing and plastics recycling service, has raised an undisclosed amount of funding from construction firm Kyudenko Corporation. Conglomerate Sojitz acquired a 25% stake in Jeplan in March this year in return for an undisclosed sum. Jeplan previously raised an undisclosed amount of funding from biofuel supplier Euglena and camping equipment producer Snow Peak in June 2018. It had received another similarly undisclosed sum from Osaka University Venture Capital and QB Capital, respective vehicles for Osaka University and Kyushu University subsidiary Kyushu TLO, in May 2018, when diversified trading group Itochu also invested. Textile trading firm Toyoshima’s corporate venture capital arm Toyoshima CVC Fund injected an unspecified amount in January 2018, adding to $5.9m from Jafco and Sijo in January 2016, $840,000 from Shijo in May 2015 and $840,000 from engineering group Taiyo Kogyo in January 2015. Mobile network operator NTT Docomo had supplied $420,000 in December 2014, after Shijo had supplied $950,000 in September 2014, the same month that Jafco had injected $4m.
Fathom, a UK-based flood risk and modelling company spun out of University of Bristol, has attracted an undisclosed amount from financial services group Moody’s. Fathom targets clients in the insurance and reinsurance, risk management, financial services, engineering and disaster response sectors, incorporating climate crisis models to predict the impact of future flooding.
– Additional reporting by Liwen-Edison Fu and Robert Lavine. This article was updated on September 14, 2021, to include a list of confirmed participants in PolyAI’s round.
