Every day, Global University Venturing rounds up the smaller investments from across the university innovation ecosystem in its deal net.
Sherlock Biosciences, a US-based home diagnostics technology developer exploiting Harvard University research, has received $80m in series B funding from a consortium led by Novalis LifeSciences. The round featured Illumina Ventures, the venture capital fund backed by genomics technology producer Illumina, as well as Albany Capital, Catalio Capital Management and existing investors including Northpond Ventures and Good Ventures. The company’s funding stands at $111m since it was founded in 2019. Sherlock had secured $31m in a series A round in 2019.
Colossal, a US-based bioscience and genetics spinout of Harvard University focused on bringing back extinct animals, has picked up $60m in a series A round backed by investors including game developers Untamed Planet and Animoca Brands. At One Ventures and private investor Thomas Tull co-led the round, which also attracted Breyer Capital, Animal Capital, Bold Capital, First Light Capital Group, Boost VC, Jazz Ventures, Builders VC, Green Sands Equity, Draper Associates, and several angel investors. The spinout has now raised $75m altogether, having launched with $15m in seed capital in September 2021.
Scenic Biotech, a Netherlands-based developer of genetic modifiers to suppress or block the effect of a disease-causing mutated gene, has completed a €28m ($31m) series A round backed by Oxford Science Enterprises, the investment company set up by University of Oxford. Eir Ventures, BioMedPartners and Vesalius Biocapital co-led the round, which additionally Inkef Capital, BioGeneration Ventures and Scenic’s co-founders and management. Scenic Biotech is based on research at University of Oxford and Netherlands Cancer Institute, and it launched with $7.3m in an initial series A tranche in 2017.
Allystar, a China-based satellite-navigation chips producer, has procured hundreds of millions of Chinese yuan (RMB100m = $15.8m) in series C financing from investors including TusHoldings, the asset management arm of Tsinghua University, according to China Money Network. CDB Venture Capital and Greater Bay Area Homeland Development Fund also participated. Allystar appears to have only disclosed a series A round previously, with that transaction similarly attracting hundreds of millions of Chinese yuan in 2016.
Genomenon, a US-based artificial intelligence-powered genomics spinout of University of Michigan, closed a $20m series B round today featuring the university as well as Michigan Rise and Red Cedar Ventures, managed by Michigan State University’s MSU Foundation. The round was co-led by Beringea and Spring Mountain Capital, while insurance provider Atain Specialty Insurance, BroadOak Capital Partners, Riverine Ventures, Green Park & Golf Ventures, IrishAngels, Invest Detroit Ventures and Michigan Angel Fund also participated. Genomenon previously obtained $5.3m from backers including Michigan Rise and Red Cedar Ventures in March 2021.
Ponder, a US-based data science company based on research at University of California, Berkeley, has secured $7m in seed funding from investors including The House Fund, a venture capital firm aligned with the institution. Lightspeed Venture Partners led the round, which also attracted Intel Capital, the corporate venturing subsidiary of chipmaker Intel, as well as 8VC.
Natif.ai, a Germany-based intelligent document process automation technology spinout of German Research Center for Artificial Intelligence (DFKI), has pocketed €5m ($5.5m) in a seed round led by Redalpine, with participation from F-Log Ventures, 468 Capital, High-Tech Gründerfonds (HTGF), Premius and angel investor Phillipp Rechberg. 468 Capital previously injected a seven-figure sum in February 2021, following a similar amount from HTGF in September 2020.
Nectin Therapeutics, an Israel-based cancer immune checkpoint inhibitor developer commercialising Hebrew University of Jerusalem (HUJ) and University of Rijeka research, has raised $5.4m in funding from Cancer Focus Fund, an investment vehicle backed by University of Texas MD Anderson Cancer Center. Nectin netted $6m in funding in 2020 from founding investor Integra Holdings, the investment firm focused on HUJ biomedical spinouts, and lead investor aMoon. The round had a target of $15m, but Nectin does not appear to have provided an update and it is unclear whether it secured that additional capital.
Ciloa, a France-based in vivo exosomes customisation technology developer, has raised €3.5m ($3.9m) in funding from unnamed investors. Ciloa, a spinout of University of Montepellier and CNRS, concurrently secured a $1.7m grant through public investment bank Bpifrance’s Emerging Infectious Diseases and CBRN Threats programme. Ciloa will use the money to develop vaccines that can prevent a Sars-CoV-2 infection.
Periotherapia, a Japan-based intractable disease treatment developer spun out of Osaka University, has raised ¥400m ($3.5m) from Osaka University Venture Capital and Mitsubishi UFJ Capital, respective subsidiaries of Osaka University and financial services firm Mitsubishi UFJ.
Oxford Medical Products, a UK-based non-surgical weight loss product developer, has raised £2.5m ($3.3m) in a round led by Selvedge Venture, with participation from Nesta, Ada Ventures, Oxford Innovation EIS Growth Fund, Verve VC and assorted angel investors. The company was co-founded by Jan Czernuszka, associate professor of materials at University of Oxford, although he left the business in November last year. Oxford Medical Products previously raised $1.6m in a seed round in March 2021 co-led by Ada Ventures and Selvedge Venture, with contributions from private investors.
ElevationSpace, a Japan-based artificial satellite technology spinout of Tohoku University, has secured ¥310m ($2.7m) from Tohoku University Venture Partners, the institution’s venture capital subsidiary, as well as Makotop Capital, Leave-a-Nest Capital, Genesia Ventures and Mirai Souzou.
WellFish Diagnostics, a UK-based developer of a non-lethal method for assessing fish health, has been spun out of University of the West of Scotland (UWS) with a £1.2m ($1.6m) investment from the institution as well as Kelvin Capital and Scottish Enterprise, according to the Scotsman. WellFish is the second spinout of UWS, the first being ultrasound film technology developer Novosound.
Nemis Technologies, a Switzerland-based rapid bacteria detection test developer co-founded by Tel Aviv University’s commercialisation arm Ramot, has secured an undisclosed amount of additional series A capital from Tech Transfer Agrifood, a venture fund created by Polytechnic University of Valencia and managed by Clave Capital, according to Expansión. It is the first investment for Tech Transfer Agrifood outside of Spain. Nemis had secured CHF7.75 ($8.4m) in an initial series A tranche featuring undisclosed institutional and private backers last month.
QuintessenceLabs, an Australia-based quantum cybersecurity technology developer, has raised an undisclosed amount from Chevron Technology Ventures, the investment arm of oil and gas supplier Chevron. The deal follows an A$25m ($18.8m) series B round co-led by Main Sequence Ventures, the venture capital firm aligned with CSIRO, and telecoms firm Telus’ corporate venturing unit Telus Ventures in September 2021.
Givhero, a US-based employee well-being platform, has picked up an undisclosed amount of seed funding from University System of Maryland’s venture fund Maryland Momentum Fund, as well as Conscious Venture Partners’ Fund II, Swerve, Tedco and assorted angel investors, according to CityBiz.
Michabo Health Science, a UK-based developer of technology to quickly and reliably predict whether chemicals are potentially hazardous, has been spun out of University of Birmingham. The company will commercialise research pioneered at the university’s School of Biosciences and has already partnered chemical producers and regulators.
– Additional reporting by Liwen-Edison Fu