Every day, Global University Venturing rounds up investments from across the university innovation ecosystem in its deal net.
Bramble Energy, a UK-based hydrogen fuel cell technology spinout of University College London (UCL) and Imperial College London, picked up £35m ($47.5m) in series B financing backed by UCL Technology Fund as well as commercialisation firm IP Group and its fund management subsidiary Parkwalk Advisors. The round was led by HydrogenOne Capital Growth and also included BGF. Bramble previously secured $6.5m in its series A round featuring UCL Technology Fund, IP Group, Parkwalk Advisors and led by BGF in 2020.
First Light Fusion, a UK-based fusion energy technology spinout of University of Oxford, has closed a $45m series C round backed by the university’s investment company Oxford Science Enterprises and commercialisation firm IP Group. The round also attracted internet group Tencent, pension fund Hostplus and investment firm Braavos Capital. First Light Fusion previously raised $25m in a December 2020 round from Oxford Science Enterprises, IP Group and Hostplus.
Mindstate Design Labs, a US-based developer of psychedelic-inspired therapeutics for post-traumatic stress disorder, has raised $11.5m in seed funding led by Initialized Capital, according to BusinessInsider, with participation from Metaplanet Holdings, Negev Capital, Day One Ventures, K50 Ventures, Page One Ventures and assorted angel investors. Mindstate Design Labs was co-founded in May 2021 by Tom Ray, then a professor of biology and computer science at University of Oklahoma, and Dillan DiNardo, then a senior manager at UPMC Enterprises, the commercialisation arm of University of Pittsburgh Medical Center.
Epicore Biosystems, a US-based wearable microfluidic product developer spun out of Northwestern University’s Querrey Simpson Institute for Bioelectronics, completed a $10m series A round last week featuring oil and gas supplier Chevron’s investment arm, Chevron Technology Ventures. The round was also backed by Alumni Ventures and existing investor Joyance Partners.
Celeris Therapeutics, a US-based machine learning-powered drug discovery company, completed a $4.4m seed round on Thursday backed by i&i Biotech Fund, the technology transfer fund focused on central Europe. The round also featured Pace Ventures Enigma, Apex Ventures, R42 Group and Longevitytech.fund. The company was originally headquartered in Austria, but although co-founder and chief executive Christopher Trummer gained a PhD in biotechnology from TU Graz in 2017 it is unclear whether any university intellectual property has been licensed to Celeris. Celeris previously raised €400,000 ($470,000) from R42 and Longevitytech.fund in April 2021, before adding $708,000 from Apex Ventures in July. It has also secured $720,000 in grant funding from development bank Austria Wirtschaftsservice in May 2021.
Forcite, an Australia-based smart motorcycle helmet developer, has raised A$4.2m ($3m) in a series A round led by multi-university venture fund Uniseed, according to Business News Australia. The company is also in the process of raising equity through a crowdfunding campaign on Equitise, which is due to close on Wednesday and currently stands at A$967,381. Forcite raised $900,000 from investors including Uniseed in May 2020, after Uniseed had already led a $566,000 round the previous year.
Sunstone Credit, a US-based solar loan finance platform for SMEs, has raised an undisclosed amount in its first funding round backed by University System of Maryland’s venture arm Maryland Momentum Fund. The round also included financial services providers Forbright Bank and Cross River – which invested through corporate venturing arm Cross River Digital Ventures – as well as Grotech Ventures and Early Light Ventures.
NeU, a Japan-based cognitive measurement technology developer, has sold a 13.8% stake to diversified conglomerate Mitsui & Co for an undisclosed sum. NeU was co-founded by Tohoku University Venture Partners, the institution’s venture capital subsidiary, and technology group Hitachi High-Tech in 2017. It has created portable brain measurement technology for applications such as neurofeedback brain training, and it also offers consulting services and sells its hardware to researchers. NeU’s shareholders also include software developer NSD and a limited partnership called 77 New Business Investment, according to Mitsui’s announcement.
Suitera, an Egypt-based semiconductor technology developer spun out of American University in Cairo, has secured an undisclosed amount from private investor Jacob Jacobsson, according to Zawya. The investment valued Suitera at $10m and comes less than a year after the company was spun out with $230,000 in initial funding from investors including Walden Rhines.
– Additional reporting by Robert Lavine
