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VCs Bet on Gene-Editing Fix for Transplant-Organ Shortage
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By Brian Gormley, WSJ Pro
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Good day. EGenesis Inc. is getting closer to finding out if it can successfully transplant organs from genetically modified pigs to humans.
Because of a shortage of organs available for transplant, 17 people die each day while waiting for one, according to the U.S. Health Resources and Services Administration.
EGenesis, which has just raised a $125 million venture financing, aims to reduce the shortage by using gene-editing technology to enable pig organs to be safely transplanted to humans.
The company used genetic editing to create pigs that don’t have a retrovirus that could be harmful to humans. Company scientists also have modified pig genomes so their organs and cells are less susceptible to immune rejection when transplanted to humans, Chief Executive Paul Sekhri said.
By early 2023, eGenesis expects to have begun studies in which genetically modified pig kidneys and insulin-making cells are transplanted to humans, Mr. Sekhri said. The kidneys could free kidney-failure patients from dialysis, while the insulin-making cells could effectively cure Type 1 diabetes.
EGenesis has raised more than $260 million in venture capital, a sizable amount for a biotechnology company not yet in clinical trials. But studies in which monkeys received the genetically modified pig kidneys have shown promise, giving the company confidence that success will follow in human trials, Mr. Sekhri said.
To eGenesis, the question isn’t if its organs will prove effective, it’s when, Mr. Sekhri said, adding, “we are on a really clear trajectory now.”
And now on to the news...
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Kai-Fu Lee, chairman and chief executive of Sinovation Ventures, speaks at the WSJ CIO Network summit Tuesday. PHOTO: THE WALL STREET JOURNAL
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Looming AI disruption. Chief information officers can take a number of steps to help their companies prepare for the job disruption that artificial intelligence will cause over the next several years, according to venture capitalist Kai-Fu Lee, CIO Journal reports.
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Dr. Lee, chairman and chief executive of venture-capital firm Sinovation Ventures and author of “AI Superpowers: China, Silicon Valley and the New World Order,” maintains that AI “will wipe out a huge portion of work as we’ve known it.”
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He hit on that theme again Tuesday when he spoke at The Wall Street Journal’s virtual CIO Network summit.
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Artificial intelligence, Dr. Lee said, “can be used to improve margins or save costs. And when it comes to using AI for saving costs, then that usually means you’re doing some tasks that normally [a] human does. And that means the more successful you are with your AI, you’re potentially replacing jobs—and displacing jobs—that may cause a reduction in force.”
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$265 Million
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The new funding for Instacart Inc., a San Francisco-based grocery-delivery service, bringing the company’s valuation up to $39 billion.
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Reese Witherspoon’s New App Adds to Growing Crowd of Virtual Book Clubs
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Hello Sunshine, the media company founded by actress and entrepreneur Reese Witherspoon, has introduced a free app for its book club, offering the latest digital meeting place away from the crowds on big social media platforms, WSJ reports. Reese’s Book Club has operated since 2017 on Instagram, where it accumulated 1.9 million followers. Executives believe it can strengthen its relationship with readers with an app of its own. “We wanted to build our cozy corner of the internet,” said Cynthia Rupeka, vice president at Reese’s Book Club, part of Hello Sunshine, the consumer name for Be Sunshine LLC. Book club apps are becoming more common as people seek to
congregate around specific interests in new ways. Discord Inc., a chat startup popular with gamers that also has channels dedicated to other interests and the audio-only social network Clubhouse each recently raised $100 million from investors.
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California Teachers’ Pension System Increases Co-Investing
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One of California’s largest public pension plans meaningfully stepped up its co-investment activity during the six-month period ended Sept. 30 as it sought to reduce fee expenses and become more engaged in the investing process, WSJ Pro reports. The $282.4 billion California State Teachers’ Retirement System, or Calstrs, ramped up commitments to both co-investing alongside fund general partners and to opportunistic debt funds. Through the latter strategy, Calstrs aims to take advantage of stressed and distressed opportunities emerging from the economic disruptions stemming from the coronavirus pandemic. From April 1 to Sept. 30, Calstrs committed almost $1.65 billion of its $28.78 billion
private-equity holdings to co-investments, more than double the $715 million level in the same period of 2019, according to a presentation prepared by advisory firm Meketa Investment Group.
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New Fund for Southeast Asia Tech Deals Hits $384 Million Final Close
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A Southeast Asia-focused technology investor has raised $384 million for its debut fund, underscoring investors’ ongoing interest in the region’s startups, WSJ Pro reports. Singapore-based Asia Partners Fund Management Pte Ltd. said Wednesday the final close is the largest ever for a first-time tech fund focused on the region. The firm, which launched in 2019, believes the next 10 years will see a “golden age” of tech development in Southeast Asia, said co-founder and partner Oliver Rippel, who was previously chief executive of business-to-consumer e-commerce at South African media and internet giant Naspers Ltd.
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People
Precision location startup Humatics Corp. promoted Shawn Henry to the post of chief executive. He has been president and chief operating officer of the company since May 2020. Mr. Henry joined Humatics from Cisco in 2019, having served as general manager of Cisco Defense Orchestrator. In September of last year, Humatics raised a $30 million Series B round from Blackhorn Ventures, Tenfore Holdings, Fontinalis Partners, Airbus Ventures, Lockheed Martin Ventures and Presidio Ventures.
Movandi Corp., which builds infrastructure to power fifth-generation wireless networks, appointed William (Bill) Ruehle as chief financial officer. He was previously CFO of Bitvore. Irvine, Calif.-based Movandi secured a $27 million Series C investment from WRVI Capital, Cota Capital and DNX Ventures in April 2020.
Construction technology startup Mosaic hired Mervin Singson as the company’s first chief financial officer. He was most recently CFO at B2R Partners. Last March, Phoenix-based Mosaic raised a $14.3 million Series A round led by Andreessen Horowitz.
Exits
Cybersecurity company Palo Alto Networks Inc. acquired cloud security provider Bridgecrew for about $156 million in cash. Last April, San Francisco-based Bridgecrew raised $14 million in Series A funding from Battery Ventures, NFX, Sorensen Ventures, DNX Ventures, Tectonic Ventures and Homeward Ventures.
Toro Co., which manufactures lawn mowers, yard tools, parts of agricultural-irrigation systems and related products, acquired Left Hand Robotics Inc., a maker of self-driving outdoor robots for turf and snow. Terms weren’t disclosed. Left Hand, based in Longmont, Colo., was backed by investors including Catapult Ventures, FirstMile Ventures, Hardware Club, South Street Capital and Xplorer Capital.
TeamViewer, a provider of secure remote connectivity services and workplace digitalization technology, purchased Upskill, a provider of augmented reality software for frontline workers, for an undisclosed sum. Upskill was backed by investors including Accenture, Cisco Investments, Boeing HorizonX Ventures, GE Ventures and New Enterprise Associates.
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Instacart Inc., a San Francisco-based grocery-delivery service, scored a $265 million investment, bringing the company’s valuation up to $39 billion. Existing investors including Andreessen Horowitz, Sequoia Capital, D1 Capital Partners, Fidelity Management & Research Co. and T. Rowe Price Associates Inc. led the round.
TaxBit Inc., a Draper, Utah-based cryptocurrency tax and accounting automation software provider, secured $100 million in Series A financing. Paradigm and Tiger Global Management led the round, which saw additional support from PayPal Ventures, Coinbase Ventures, Winklevoss Capital, Galaxy Digital, Valar Ventures, Collaborative Fund, Global Founders Capital, Album Ventures, TTV Capital, Original Capital and others.
Turntide Technologies, a Sunnyvale, Calif.-based intelligent motor startup, closed an $80 million funding round. Breakthrough Energy Ventures led the investment, with participation from Robert Downey Jr.’s FootPrint Coalition Ventures, Amazon Climate Pledge Fund, Keyframe Capital, Fifth Wall and Captain Planet.
Xendit, an Indonesian digital payments infrastructure provider for Southeast Asia, raised $64.6 million in Series B funding. Accel led the round, which included participation from Y Combinator.
Fluid Truck, a Denver-based peer-to-peer truck sharing platform, nabbed $63 million in Series A financing. Bison Capital led the round, which included contributions from Ingka Investments, Sumitomo Corp. of Americas and Fluid Vehicle Owners.
Harvest Hosts, a Vail, Colo.-based recreational vehicle membership club that enables overnight stays at farms, wineries, breweries, distilleries, golf courses, museums and other spots, landed a $37 million growth investment from Stripes.
Crisp, an Amsterdam-based online-only supermarket, raised €30 million ($36 million) in Series B funding. Target Global led the round, with participation from Keen Venture Partners and others.
Nuvolo, a Paramus, N.J., provider of cloud-based connected workplace technology, snagged $31 million in Series C funding. Insight Partners led the round, which included support from New Enterprise Associates, Kaiser Permanente Ventures and Revelation Partners.
Retail Zipline, a San Francisco-based communication and in-store execution platform for retailers, fetched $30 million in Series B funding. Fifth Wall led the investment, and was joined by Emergence Capital, Ridge Ventures, Hillsven Capital and Fisher Family Fund. Dan Wenhold, a partner at Fifth Wall, will join the board.
Maestro, a Culver City, Calif.-based interactive live streaming platform for creators and content owners, collected $15 million in Series B financing. New investors including Acronym Venture Capital, NetEase and Sony Music Entertainment were joined by existing backers SeventySix Capital, The Strand Partners, Stadia Ventures, Hersh Interactive Group and Transcend Fund in the round.
Simplebet, a New York-based sports betting startup, completed a $15 million funding round from Aristocrat, Florida Funders and GGCP Partnership Fund.
WeGift, a business-to-business digital rewards startup, added $12 million in new funding. AlbionVC led the round, which included participation from CommerzVentures, Stride.VC, SAP.iO Fund and Unilever Ventures.
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Eric Jing last year. PHOTO: CHENG LENG/REUTERS
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