Indee Labs engineers $2.6m seed round
The round, which takes Indee’s equity total to $3.9m, featured Main Sequence Ventures.

MTN-Irancell picks Tehran for VC fund
University of Tehran and telecoms provider MTN-Irancell are preparing to seed a VC fund of undisclosed size to help nurture IT startups.

UPMC syncs up to $30m cardiovascular fund
Cardeation Capital has raised $10m each from UPMC, Royal Philips and American Heart Association to make investments aimed at fighting cardiovascular disease and stroke.

SetSquared scales up with $6.7m
The incubator has created a program dedicated to scale-up companies thanks to a $6.7m commitment from the Connecting Capability Fund.

Rain hails $18.4m series A
Auckland spinout Rain Therapeutics has closed a series A round that featured the institution’s Inventors Fund and followed $1m convertible note in 2017.

Edinburgh’s bet on FanDuel pays off
Paddy Power Betfair will put up $158m in cash and its US assets to merge with fantasy sports platform FanDuel, a spinout from University of Edinburgh.

Ultromics gets series A blood pumping
Oxford Sciences Innovation has led a $13.4m series A round for Ultromics, an Oxford spinout working on technology to diagnose coronary heart disease.

PSU alumni help drive 1855 Capital
Penn State’s alumni body has invested $500,000 in 1855 Capital, created to invest in PSU-linked businesses across spaces including medical devices, advanced materials and fintech.

Harvard boots up Zapata Computing
Quantum computing spinout Zapata has emerged from stealth with a $5.4m seed round from investors including the Engine.

RoadMap scores series B funding
Optical network technology RoadMap spun out from Cambridge in 2014 and had raised more than $2.3m before the series B round.

Icahn School of Medicine launches $10m fund
The i3 Asset Accelerator will drive initial-stage research from Icahn’s medical school, part of the Mount Sinai Health System.

Mercia clambers onto Digital Catapult’s Augmentor
Mercia will support Digital Capital’s Augmentor accelerator for a second consecutive year in a bid to drive VR and AR startups.

Eat Club digests Farm Hill
StartX-backed food delivery platform Farm Hill has been snapped up by Eat Club for an undisclosed sum, enabling the latter to strengthen its market presence around San Francisco.

Luma keeps $6.3m series A appointment
Healthcare administration platform Luma Health has lured the Stanford-StartX Fund to the table after graduating from StartX’s accelerator program in 2015.

HMD gets its hands on $100m

HMD Global, which has licensed the rights to produce Nokia-developed phones, secured funding in a round featuring two Foxconn subsidiaries.

Corporate venturing deal net: 21-25 May 2018

Each Friday the Global Corporate Venturing Deal Net rounds up the week’s smaller deals and tracks the emerging companies accessing corporate funds.

GCV Symposium Day One: The morning session

A speech by UK minister Graham Stuart was followed by discussions on topics such as new markets, external CVC collaboration and risk versus return.

Fundraising

EWTP Ecosystem Fund attracts $600m

Alibaba and Ant Financial are the anchor investors for the Electronic World Trade Platform Ecosystem Fund’s inaugural funding vehicle.

AlphaX aligns with corporates for $313m first fund

The venture firm’s debut fund has closed having secured capital from limited partners include CreditEase, Focus Media and Qihoo 360.

Raiffeisen offers startups a ride on its Elevator

The Austria-based bank has formed a $29.5m venture capital subsidiary called Elevator Ventures, adding to an existing accelerator initiative.

Legend Capital to operate third healthcare fund

The $157m fund will be the Legend Holdings-backed venture firm’s second RMB-denominated healthcare fund and its third overall.

Philips helps pull $30m for Cardeation Capital

The corporate is one of three investors that have supplied $10m for the fund, which will focus on cardiovascular, stroke and diabetes care.

Cisco seeks external CVC fund

Cisco, which has invested through its own unit for 25 years, will be the anchor investor in a fund with a nine-figure budget for enterprise software deals.

Ripple launches Xpring to back blockchain projects

The blockchain-based money transfer platform will incubate, invest in and acquire projects or startups that use its XRP digital asset.

MTN-Irancell picks Tehran for VC fund

The telecoms network operator has launched a venture capital scheme in partnership with Iran’s University of Tehran.

People

Aspire Health joins Anthem

GV and Blue Cross and Blue Shield Association are set to exit care provider Aspire Health following an acquisition agreement with Anthem.

Zhang zips to Sinovation Ventures

Tom Zhang, an engineering partner at corporate venturing unit GV, has taken the chief data scientist position at VC firm Sinovation.

Exits

Essential Products estimates value of sale

The smartphone producer, which has raised $330m from investors including Tencent, Amazon, Foxconn and Access Industries, is in talks to be acquired.

PPB wins FanDuel in merger deal

Paddy Power Betfair will put up $158m in cash and its US assets to merge with fantasy sports platform FanDuel, which is backed by Alphabet, Comcast and Time Warner.

Electrocore seeks stimulation from IPO

Merck and ENGC are in line for exits after Electrocore, the developer of a nerve stimulation treatment for headaches, filed to raise up to $74.8m.

Adaptive Insights advances toward public markets

The Salesforce-backed business planning software producer has filed for a $100m initial public offering having raised $176m in VC funding.

Logly books in IPO for next month

Investors including CA Mobile, IT Media and Voyage Group are in line for an exit in an offering for the advertising services provider projected for mid-June.

IT

Intel exits as Iovation joins TransUnion

TransUnion has agreed to acquire anti-fraud technology provider Iovation, giving Intel Capital an exit 10 years after it invested.

Valimail packs $25m into series B round

Returning investor Bloomberg Beta took part in a Tenaya Capital-led round that will enable the email authentication software provider to grow its headcount.

Outreach reaps $65m reward in series D round

Existing investor Microsoft Ventures came back for a round that valued customer engagement platform Outreach at $500m and took its total funding to $125m.

Cowarobot finds route to series B funding

SoftBank’s Chinese VC unit, SBCVC, has co-led a $21.1m round for autonomous service robot developer Cowarobot, with the funds to go to R&D.

Cuebiq sticks landing on $27m series B

Nasdaq Ventures and DRW Venture Capital both invested in a round that will fund product development and international growth for location data provider Cuebiq.

DigiLens gets $25m in Continental investment

Strategic partner Continental has supplied $25m in series C funding for the optics technology developer, boosting its stake to 18%.

Sales Optimize Wins £100,000 prize from Salesforce Ventures

At the Salesforce’s annual ‘World Tour’ event in London, e-commerce data science firm Sales Optimize wins the £100,000 prize at DreamPitch 2018.

Orbbec absorbs more than $200m

Ant Financial led the motion sensor and advanced camera developer’s latest round, which included fellow corporate Fosun.

Health

Brii Bio breaks out with $260m

Medicine development startup Brii Biosciences has launched with funding from investors including the WuXi AppTec-backed 6 Dimensions Capital.

Heal diagnoses $20m funding injection

Fidelity-backed medical access service Heal has now secured more than $69m in funding over the past four years.

OM1 embeds $21m

Wanxiang-backed OM1 has raised series B funding that will be used to enhance its  medical data analysis platform.

Honor rolls to $50m series C

Naspers Ventures led the senior care provider’s latest round, investing alongside unnamed existing backers to increase its total funding to $115m.

Grail holds another $300m for series C

WuXi AppTec took part in the cancer test developer’s latest round through WuXi NextCode and 6 Dimensions Capital, taking its total funding to more than $1.6bn.

Iora Health scores $100m

Existing investors GE Ventures and Humana both took part as the primary healthcare provider boosted its overall funding to more than $220m.

EIP secures Access for series B round

EIP Pharma has closed a $20.5m round led by Access Industries that will fund a phase 2b trial for its Alzheimer’s disease treatment.

HifiBio turns up volume on series B

Legend Star has contributed to a $37.5m round for HifiBio, which is developing antibody treatments for cancer and autoimmune diseases.

Media

Tencent collars NewsDog in $50m series C

News aggregation app NewsDog has raised funding in a Tencent-led round that included DotC United and Legend Capital.

Consumer

Foxconn writes down $200m Snapdeal investment

Foxconn subsidiary FIH Mobile has written down all but $3m of the $200m it provided for Snapdeal in 2015, according to its 2017 financial report.

Financial

TradingView charts path to $37m

DRW has put its weight behind financial data provider TradingView, which will use the series B funding to drive international expansion.

Ant Financial to access $10bn

The Alibaba affiliate is raising funding from a range of institutional investors at a $150bn+ valuation, the largest ever by a private VC-backed company.

ConsenSys Ventures cops to six more deals

The $50m unit, which was set up by blockchain technology supplier ConsenSys, has funded six more projects and launched an accelerator.

Energy and Natural Resources

Shell helps sink $70m into Sonnen

Energy storage and management technology provider Sonnen has formed a cooperation agreement with Shell, which led its latest round.

StoreDot gets $20m infusion from BP Ventures

The investment brought the total raised by the fast-charging battery developer, which is also backed by Samsung and Daimler, to $146m.

Transport

Careem chases $500m at $1.5bn valuation

Existing investors in the on-demand ride provider include Didi Chuxing, Rakuten, Saudi Telecom, Al Tayyar and Daimler.

Uber undertakes $600m secondary round

Coatue Management, Altimeter Capital and TPG are reportedly among the investors involved in the round, allowing employees of corporate-backed Uber to sell shares.

OLX reaches Frontier with $89m investment

Automotive e-commerce marketplace Frontier Car Group has received the series C funding just weeks after announcing its last round.

Like licks series B with Ant Financial help

Chinese car rental service Like has followed up $20m in funding reportedly closed last month with an Ant Financial-led series B round.

Droom drills through to $30m series D

Toyota Tsusho and existing backer Digital Garage have co-led a series D round for the automotive e-commerce marketplace at a reported valuation of up to $700m.

Services

Rover gets a $125m treat

The pet sitting and dog walking service, which counts Petco as an investor, raised the funding together with $30m of debt financing.

Notarize takes down $20m

Lennar Corporation and Realogy Holdings both contributed to a round that boosted the digital notarisation service’s total funding to $31m.

Sodexo exercises investment option in GymLib

Fitness activity access service GymLib has received $11.8m in  a Sodexo-backed round that is its second in less than a year.