|
|
|
|
|
|
|
|
|
|
Salesforce Ventures Invests in Quantum Startup, Taking Long View
|
|
|
|
|
|
|
|
Good day. The promised marvels of quantum computing may lie well in the future, but the investment capital it’s been drawing is very much in the here and now.
Salesforce Ventures, the venture investing arm of enterprise software giant Salesforce Inc., on Tuesday said it had joined a $27.4 million funding round for Australian quantum-computing startup Q-CTRL, the latest in a stream of fundraisings by these startups in recent months.
Pasqal, a four-year-old French quantum company, last week announced a €100 million ($108 million) Series B funding round, led by Temasek. A day earlier, another French quantum startup, Welinq SAS, said it had raised €5 million in a pre-seed funding round.
Q-CTRL’s round is an extension of an initial $25 million Series B announced in November 2021, led by Airbus Ventures, bringing the round’s total amount raised to just over $52 million. Other investors in the most recent round include Alumni Ventures, Mindrock Capital, former General Dynamics partner Bill Lightfoot, and global rugby star John Eales, the startup said.
Q-CTRL said it would use the new capital to bolster research and development, sales and marketing efforts, and to expand its team from 80 to 120 workers this year. A spinoff of the University of Sydney with offices in Sydney, Los Angeles and Berlin, the startup makes quantum-control infrastructure software—essentially, software designed to convert quantum processors into computational tools compatible with today’s enterprise cloud systems.
Quantum computing is poised to significantly accelerate the speed at which machines tackle complex algorithms, opening untold possibilities for artificial intelligence programs that could be executed in seconds, rather than years.
Theoretically, that is. The promise of quantum computing “is still some years off,” said Robert Keith, managing director at Salesforce Ventures. Real-world quantum technology will likely emerge in the next “five-plus years,” he added.
And now on to the news...
|
|
|
|
|
|
|
|
|
|
Samsung Electronics, the world’s largest producer of memory chips, is expecting operating profit to drop in the latest quarter.
PHOTO: SAMSUNG ELECTRONICS/VIA REUTERS
|
|
|
|
|
|
Memory-chip makers face a prolonged price slump. Memory-chip prices, which dropped steeply over the past year, are expected to keep falling in the first half of 2023, putting more pressure on an industry that has already cut investments and jobs, The Wall Street Journal reports.
-
Average prices for the two main types of memory chips used in everyday electronics—from smartphones to personal computers and TV sets—are projected to experience double-digit percentage declines this quarter, industry analysts say.
-
Memory-chip makers, many saddled with large inventories, have also issued grim outlooks as the slump in demand for gadgets persists after a pandemic boom.
|
|
|
|
|
3.4%
|
|
The share of monthly income Americans set aside for savings in December, down from 7.5% a year earlier, WSJ reports.
|
|
|
|
|
China’s Baidu Developing Its Own ChatGPT
|
|
|
China’s Baidu Inc. has thrust itself into a global race to commercialize the next generation of artificial-intelligence technologies like ChatGPT that could transform the internet. The company is developing an AI-powered chatbot similar to OpenAI’s popular ChatGPT and plans to integrate it into its main search engine in March, people familiar with the matter told the Journal.
|
|
TikTok’s Chief to Testify Before Congress in March
|
|
|
TikTok’s chief executive has agreed to appear before a congressional committee in March, as House Republican lawmakers step up scrutiny of the Chinese-owned video-sharing app, WSJ reports. Shou Zi Chew will appear before the House Energy and Commerce Committee on March 23, a committee spokesman said, in what would be the first appearance of a TikTok CEO before a congressional panel.
|
|
|
|
|
|
|
|
Marqeta Acquisition Shows How a Slower Market Can Boost Deals
|
|
|
The slower fundraising market for startups is allowing corporations “to go shopping” for venture-backed startups, said Ryan Falvey, managing partner at Restive Ventures, a venture investor in Power Finance Inc. Publicly traded fintech company Marqeta said it agreed to buy Power Finance, which develops processing technology for credit-card issuance, on Monday for up to $275 million in cash.
Power Finance, which had previously raised $16.1 million in total equity financing, was considering raising a Series A round, Mr. Falvey said. “It would’ve been hard for Marqeta to do this if Randy was getting Series A offers at a billion-dollar valuation,” Mr. Falvey said about Power’s co-founder and chief executive Randy Fernando. In a frothy venture market, it’s easier for startups to turn down acquisition offers and take capital from investors than it is today, he said.
The deal will make money for Power’s investors, founders and employees, Mr. Falvey said.
Restive Ventures, for example, invested about $2.5 million into Power Finance from its first and second funds. That included participating in a $5 million seed round at a $29 million post-money valuation in 2021, he said. Mr. Falvey said that he expects to see roughly $10 million back, but said it’s too early to specify the exact amount.
The deal also shows that corporates may have an easier time buying younger startups with strong products but not large teams and high prior valuations, Mr. Falvey said. “They don’t have a giant comms team. They don’t have an HR function. If you are trying to get a product this is a nice clean [acquisition,]” he said about Power. Power, which had fewer than 30 employees, had a product that Marqeta needed, but Marqeta had the customers that Power didn’t have, Mr. Falvey said about the rationale for the deal.
Power Finance could have become a multi-billion-dollar business as a standalone company, too, but that had its own risks. “I don’t look at this, oh this could’ve been bigger,” he said, adding: “You can always be richer and you can always be prettier and you can always be taller.”
—Yuliya Chernova
|
|
|
|
|
Funds
Pender Ventures is halfway to a 100 million Canadian dollar (about $75 million) fundraising goal for its Pender Technology Inflection Fund II, which will continue investing in business-to-business software and healthtech companies across North America. Limited partners for the new fund include Export Development Canada, BMO Capital Partners, CIBC, Kinsted Wealth, Vancity and Pender Growth Fund Inc. The Vancouver-based firm closed its first fund with C$25 million in 2020.
People
CRV, an investor in early-stage enterprise and consumer startups, promoted Caitlin Bolnick Rellas to general partner. Prior to joining the firm, she was at OpenView and was part of the founding team at VentureApp (now HqO).
Data transformation tool provider Coalesce.io appointed John Sedleniek as chief revenue officer. He was previously vice president of strategic accounts at Fivetran. San Francisco-based Coalesce.io is backed by Emergence Capital, 11.2 Capital, GreatPoint Ventures and Industry Ventures.
T-cell therapy startup BlueSphere Bio appointed Erkut Bahceci as chief medical officer. He was most recently senior vice president and head of oncology development at Takeda Pharmaceuticals. UPMC Enterprises lists BlueSphere Bio in its portfolio.
|
|
|
|
|
|
|
Sentra, a New York- and Tel Aviv-based cloud data security startup, closed a $30 million Series A round. Standard Investments led the funding, which included participation from Bessemer Venture Partners, Zeev Ventures, Munich Re Ventures, Moore Strategic Ventures, Xerox Ventures and INT3. Peter Marturano of Standard Investments and Oshri Kaplan of Munich Re Ventures will join the company’s board.
Alto Neuroscience Inc., a Los Altos, Calif.-based precision psychiatry startup, added $25 million in Series B funding from Alpha Wave Ventures, bringing the round total to about $60 million. The company also recently entered into a credit facility with K2 HealthVentures for up to $35 million. Chris Dimitropoulos, managing director of biotechnology investments at Alpha Wave Global, joined the board.
Finley, a San Francisco-based software platform that helps companies manage private credit loans, raised $17 million in Series A funding. CRV led the round, which included additional support from Bain Capital Ventures, Haystack Management Co., Y Combinator, Nine Four Ventures and Upper90. James Green, general partner at CRV, will join the board.
Syntach AB, a Swedish developer of a minimally invasive long-term cardiac support device and mitral valve repair technology, secured up to €15 million in equity financing from the European Innovation Council. The company also appointed Patrick N.J. Schnegelsberg to the post of chief executive. He was most recently chief operating officer at the Occlutech Group.
Profit.co, a Fremont, Calif.-based objectives and key results software platform, picked up an $11 million investment led by Elevation Capital.
Guardz, a cybersecurity startup with offices in Tel Aviv, Amsterdam and the U.S., launched from stealth with $10 million in seed funding. Lead investor Hanaco was joined by iAngels, GKFF Ventures and Cyverse Capital in the round.
|
|
|
|
|
|
|
|
Ford said it is increasing production of its electric Mustang Mach-E.
PHOTO: JIM LO SCALZO/SHUTTERSTOCK
|
|
|
|
|
|
|
|
|
|
|
-
Is venture funding already back? (TechCrunch)
-
The HR tech that actually matters in 2023, according to VCs (Sifted)
|
|
|
|
|
|
|
|
|
|
