Every day, Global University Venturing rounds up investments from across the university innovation ecosystem in its deal net.
Quaise Energy, a US-based geothermal energy spinout of Massachusetts Institute of Technology (MIT), closed a $40m series A round yesterday featuring MIT-backed venture fund The Engine. Safar Partners led the round, which also attracted oil and gas land drilling company Nabors Industries’ Energy Transition Ventures, Prelude Ventures, Fine Structure Ventures, Collaborative Fund, and undisclosed others. Arunas Chesonis and Mark Cupta have joined Quaise’s board of directors on behalf of Safar Partners. The Engine previously led a $6m seed round in 2020, before Quaise picked up $12m in funding in August 2021 from Nabors Industries.
Bugworks Research, a US-based anti-infectives and immuno-oncology therapeutics developer, secured $18m in a series B1 round featuring University of Tokyo Edge Capital (Utec), the venture capital arm of University of Tokyo, today. Lightrock India led the round, while office furniture and real estate conglomerate Featherlite Group India, Global Brain, 3ONE4Capital India, Acquipharma Holdings and IM Holdings also took part. Tejasvi Ravi has joined Bugworks’ board of directors to represent Lightrock India. Bugworks Research raised $7.5m in funding in 2020 from investors including Utec, which had already led a $9m series A round two years earlier.
Spec-Imaging, a Sweden-based spectroscopy technology spinout of Lund University, has raised an undisclosed amount from the institution’s tech transfer office LU Holding, chairman Fredrik Rosenqvist and Stena New Ventures, the corporate venturing arm of recycling and steel trading group Stena Metall Group. Mats Torring, head of new ventures at Stena New Ventures, will join Spec-Imaging’s board of directors. LU Holding and Rosenqvist were both identified as existing shareholders, but it is unclear how much or when they previously invested.
Laigo Bio, a Netherlands-based immunotherapy developer, has been spun out of UMC Utrecht with the support of cancer research institute Oncode Institute and startup studio ArgoBio. The spinout secured an undisclosed amount of funding from Oncode Bridge Fund, an early-stage vehicle for translating research conducted by members of Oncode Institute. Laigo Bio will primarily focus on oncology but is also exploring applications in neuro-inflammation and neurodegenerative diseases.
