1.
AI dev platform startup DataRobot raises $270 million at a $2.7 billion valuation
Boston-based DataRobot, a startup developing an end-to-end enterprise AI platform, today raised $270 million in an equity funding round led by Altimeter Capital. DataRobot says the pre-IPO round — which included new and existing investors T. Rowe Price, Blackrock, Silverlake, NEA, and Tiger — values the company at over $2.7 billion. The benefits of AI and machine learning can feel intangible at times, but surveys show this hasn’t deterred enterprises from adopting the technology in
droves. Business use of AI grew a whopping 270% over the past four years, according to Gartner, while Deloitte says 62% of respondents to its corporate October 2018 report deployed some form of AI, up from 53% a year ago. But adoption doesn’t always meet with success, as the roughly 25% of companies that have seen half of their AI projects fail will tell you. [ Venture Beat ]
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2.
Masayoshi Son says SoftBank now has ‘$80 billion in cash on hand’ just in case
Masayoshi Son, the founder and CEO of the Japanese conglomerate SoftBank, has had a topsy-turvy year or two, but the story he is eager to tell is that he is back and in the black. Such was the overarching message delivered at a virtual DealBook conference earlier today, with Son joining from Tokyo and sounding sanguine about a wide range of issues, from TikTok’s future (SoftBank is an investor in its parent company, ByteDance); to the future of ousted WeWork co-founder Adam Neumann, a company on which SoftBank has lost billions of dollars (“I’m a big believer that someday he will be very successful”); to SoftBank’s ability to shop opportunistically, thanks to a massive asset sell-off that Son says has provided SoftBank with “$80 billion in cash on hand.” In case you missed the chat, we’re bringing you some highlights, starting
with the one thing that is causing the “optimistic” Son to feel “pessimistic in the short-term.” [ Tech Crunch ] Checkout 15K+ Venture Capital Data on our platform.
Special:
Relativity Space raising $500 million at $2 billion valuation from Tiger and others, sources say
10X Capital Venture Acquisition, a blank check company formed by 10X Capital targeting a tech-enabled business, lowered the proposed deal size for its upcoming IPO on Monday. In its latest filing, the company also removed Cantor Fitzgerald as an underwriter and added Wells Fargo Securities. The New York, NY-based company now plans to raise $175 million by offering 17.5 million units at a price of $10. The company had previously filed to offer 22 million units at the same price. Each unit will still consist of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, 10X Capital Venture Acquisition will raise -20% less in proceeds than previously anticipated. [ CNBC ]
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3.
Autodesk acquires Spacemaker for $240 million to boost AI development for designers
Autodesk today announced that it has acquired Oslo-based Spacemaker for $240 million. While Autodesk CEO Andrew Anagnost said he’s excited about the potential for Spacemaker to aid urban planning, he also believes the startup’s underlying technology will help catalyze AI development across his company. Autodesk has been pioneering next-generation technology for designers for almost four decades, using computer-assisted design software. But as technology keeps leaping ahead, the company
has become a big believer in the power of data, cloud, cheap computing, and AI to create even more powerful design tools. [ Venture Beat ]
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4.
Marketing automation platform Klaviyo scores $200M Series C on $4.15B valuation
Boston-based marketing automation firm Klaviyo wants to change the way marketers interact with data, giving them direct access to their data and their customers. It believes that makes it easier to customize the messages and produce better results. Investors apparently agree, awarding the company a $200 million Series C on a hefty $4.15 billion valuation today. The round was led by Accel, with help from Summit Partners. It comes on the heels of last year’s $150 million Series B, and brings the total raised to $385.5 million, according the company. Accel’s Ping Li will also be joining the company board under the terms of today’s announcement. Marketing automation and communication takes on a special significance as we find ourselves in the midst of this pandemic and companies need to find ways to communicate in meaningful ways
with customers who can’t come into brick and mortar establishments. Company CEO and co-founder Andrew Bialecki says that his company’s unique use of data helps in this regard. [ Tech Crunch ] Checkout 15K+ Venture Capital Data on our platform.
5.
Shlomo Kramer’s Cato Networks completes $130 million funding round
Cato Networks Ltd., the Secure Access Service Edge (SASE) company founded by Shlomo Kramer and Gur Shatz, announced Tuesday that it has completed a $130 million financing round at a valuation of a little over a billion dollars, making it a unicorn five years after it was founded. With the completion of the round, the company’s biggest ever, Cato’s total capital raised reached $332 million. The round was led by California-headquartered Lightspeed Venture Partners, which also led its two previous rounds, with participation from new backer Coatue Management and existing investors Greylock, Acero Capital, and Kramer himself, who told Calcalist: “It wasn’t important to me that we become a unicorn, only that we become a substantial
company.” [ calcalistech ]
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6.
PingCAP Raises $270M in Series D Funding
PingCAP, the San Mateo, Calif.-based company behind TiDB, a distributed SQL database, closed a $270m Series D funding round. The round was jointly led by GGV Capital, Access Technology Ventures, Anatole Investment, Jeneration Capital, and 5Y Capital (formerly known as Morningside Venture Capital). Coatue, Bertelsmann Asia Investment Fund (BAI), FutureX Capital, Kunlun Capital, Trustbridge Partners, and existing investors Matrix Partners China and Yunqi Partners also participated in this round. The company intends to use the funds to
continue to develop its core technologies, advance the global expansion of its offerings, especially the TiDB Cloud product, and its solutions and services, as well as its open-source community and ecosystem. [ finsmes ] Checkout 15K+ Venture Capital Data on our platform.
7.
Paddle raises $68 million to help SaaS companies sell software globally
Paddle, a platform that helps software-as-a-service (SaaS) companies grow globally by taking care of payments, checkout, subscription management, and licensing, has raised $68 million in a series C round of funding led by FTV Capital. The raise comes in what can only be described as a blockbuster year for SaaS companies, powered substantially by the push to cloud computing and the rapid embrace of remote working. Recent Gartner data indicates that the SaaS market is on track to hit $105 billion in 2020, a figure it projects to rise by 18% in 2021. [ Venture Beat ] Checkout 15K+ Venture Capital Data on our platform.
8.
Digital electricity supplier Tibber closes $65M Series B led by Eight Roads, Balderton
Tibber, a "digital electricity" supplier that uses AI to switch around power for houses based on their predicted levels of consumption, has closed a $65 million Series B round led by Eight Roads Ventures and Balderton Capital, with participation from existing investors, including San Francisco-based Founders Fund, which invested last year. Alongside equity, Tibber secured working capital funding by Nordea to support the high pace of growth. You probably have one electricity supplier for your house. But these days the average household could probably buy from several such companies; it just can’t easily access the marketplace of possible suppliers. Wouldn’t it be smarter if you had an AI in your house that could purchase energy from these producers, including those within the local grid, at the best prices and at the best time of day? This is what Tibber does. It also does it
to within three hours of your predicted usage. [ Yahoo ] Checkout 15K+ Venture Capital Data on our platform.
9.
HOVER Secures a $60M Customer-Led Round to Build the Future of Property Data and Transform the Homeowner Experience
HOVER, a technology company that provides an end-to-end data platform for home improvement and property insurance professionals, today announced a $60 million Series D financing led by top insurance carriers Travelers (NYSE: TRV), State Farm Ventures™, and Nationwide. HOVER uses computer vision and machine learning to structure property data, enabling seamless workflows from
appraisal and estimation to interactive 3D design and materials ordering. Insurance professionals and contractors use HOVER's app to drive efficiency and transparency in their workflows and provide a superior experience for homeowners. The round also included participation from long-time investor, Standard Industries, as well as other leading firms in building and technology: Menlo Ventures, GV, Alsop Louie Partners and Guidewire Software, Inc. (NYSE: GWRE). The capital will be used to enhance the company's 3D data platform and expand its e-commerce efforts. With the launch of a frictionless buying experience and recent partnerships with SRS Distribution and Beacon Roofing Supply, HOVER is gaining a strong and growing foothold in the $50 billion exterior building materials market. [ PR Newswire ]
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10.
EdgeQ Snags $51M in Funding for 5G, AI Modem
5G and artificial intelligence (AI) chipmaker EdgeQ emerged from stealth mode today with a $51 million funding round led by Threshold Ventures, Fusion Fund, and Yahoo co-founder Jerry Yang. The company, which is made up of industry veterans from companies like Qualcomm, Intel, and
Broadcom, is building AI-infused 5G modems. “We have a lot of experience building 5G and 4G. If you’ve ever used an Android or an Apple phone, this team had something to do with it,” said EdgeQ CEO Yinay Ravuri, in an interview with SDxCentral. “Fundamentally, we are building a 5g modem, plus AI acceleration in the single chip.” However, it’s important to note that EdgeQ isn’t looking to overtake Qualcomm in the mobile market. Instead, EdgeQ is focusing on enabling what it sees as the next big market for cellular connectivity: IoT. [ sdx central ] Checkout 15K+ Venture Capital Data on our platform.
11.
Digital freight forwarder Forto raises another $50M in round led by Inven Capital
Forto, a digital freight forwarder which has experienced a boom during the pandemic, has raised another $50 million in funding. It’s now raised $103 million since its launch in 2016. The round was led by Inven Capital, a growth fund out of the Czech Republic. Additional
investment came from Iris Capital, with strong participation from current investors, including Rider Global, Northzone, Cherry Ventures and the Italian venture fund H14. Additionally, Maersk, the largest ocean carrier in the world, has “significantly” — says the startup — added to its existing investment. The platform gives customers real-time data and on-time delivery, while typically reducing their administrative supply chain costs by 30%. It also displays an emissions rating for possible transport options, allowing companies to track carbon emissions. [ Tech Crunch ] Checkout 15K+ Venture Capital Data on our platform.
12.
Insuretech platform Turtlemint raises $30 million
Insuretech start-up Turtlemint has raised $30 million in a funding round led by GGV Capital. New investors American Family Ventures, MassMutual Ventures and SIG, along with existing investors Sequoia Capital India, Blume Ventures, Nexus Venture Partners, Dream Incubator and Trifecta Capital also participated in the round. The funds raised will be utilized to boost insurance and financial product penetration at the grassroots by investing in cutting-edge technology solutions, significantly scaling geographic penetration in tier 2-3 towns and upskilling advisors and customers through training and content. The Turtlemint platform currently partners with 40+ insurers, and serves more than 1.5 million customers from the insurance quote to claims. [ live
mint ] Checkout 15K+ Venture Capital Data on our platform.
13.
OpenPhone Raises $14M To Redefine the Business Phone for the Remote Work Era
OpenPhone, the highest-rated modern business phone app, today announced a $14 million Series A funding round, led by David Sacks of Craft Ventures with participation from Slow Ventures, Kindred Ventures, Y Combinator, Garage Capital, and Chapter One Ventures. Concurrent with the new funding, OpenPhone is launching a major upgrade today, including new HubSpot and Zapier integrations, group messaging, analytics, search, and international calls and messaging. OpenPhone has grown rapidly through bottom-up viral adoption among startups and small businesses. It has tripled its revenue since launching a team product earlier this year, serving thousands of customers worldwide. OpenPhone has the
highest rating of any business phone app in Apple's App Store and was named the best business phone by both G2 and Capterra. Replacing antiquated business phones designed primarily for voice communication, OpenPhone automates workflows and enhances business relationships for a new generation of companies, startups, and professionals. [ Yahoo ] Checkout 15K+ Venture Capital Data on our platform.
14.
Levels raises $12M from a16z and others to bring its biowearable to market
Levels today is announcing a large seed round to help bring its biowearable metabolic sensor to market. The innovative platform pairs continuous glucose monitoring (CGM) with an impressive software suite to provide the wearer with deep insights about their health. The company’s founders strongly feel that this approach helps users close the loop between food, exercise and well-being. Levels provides actionable health information by constantly monitoring the wearer’s blood sugar using proven technology. This isn’t a wearable worn around the wrist; Levels uses medical hardware that’s attached to the wearer’s arm for two weeks. It sounds scarier than it is. I have one on right now, and it’s painless. [ Tech Crunch ] Checkout 15K+ Venture Capital
Data on our platform.
15.
Seven Questions WITH Nick Elprin
Nick Elprin is co-founder and CEO of Domino Data Lab, an enterprise data science management platform used by 20% of the Fortune 100. He started using his digital SLR camera as his webcam, and sees a great opportunity to improve computer cameras for the remote work environment. [ Sequoia ] Checkout 15K+ Venture Capital Data on our platform.
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