Good day. Valuations in Silicon Valley remained strong in the third quarter, but seem to have flattened for 2019, according to a new report from Fenwick & West. We will be watching to see if valuations pick up or drop off in the fourth quarter.

Valuations increased 88% in the third quarter, up from 77% in the prior quarter and the highest average price increase since the third quarter of 2015, the report said.

However, there were some small signs of cooling, with the median valuation price increase dipping to 54% in the third quarter, from 58% in the second quarter. And 'up' rounds made up 81% of deals in the third quarter, down from 86% in the second.

And continuing a trend, Series B and C valuations increased while later-stage Series D and E valuations decreased—showing weakness in the pre-IPO rounds.

And now on to the news...

IPO push. Alibaba Group Holding is aiming to raise $10 billion to $15 billion in a second listing in Hong Kong this month, according to people familiar with the matter, reviving the planned offering even as the city’s political climate remains unstable.

• Separately, China is making a fresh attempt to attract technology listings, after previous plans to connect overseas-traded behemoths including Alibaba Group with mainland investors fizzled, The Wall Street Journal reports.
   
• The original plan, which focused on large companies, ran aground last year after Alibaba and others dragged their feet, trade tensions put pressure on mainland Chinese stocks, and regulators failed to garner enough political will.
   
• Securities regulators and stock-exchange officials could unveil new rules for public consultation as soon as in the coming days, according to people familiar with the matter.

From poker to venture capital. Starting Line has its eye on the 99%. The Chicago-based venture-capital firm, which was recently launched by former professional poker player-turned-investor Ezra Galston, is looking for startups developing technology for the everyday consumer, WSJ Pro's Heather Mack reports. Starting Line, which closed on a $17 million first fund, has backed six companies. 

WeWork's Wall Street Ties. With its money and credibility, Wall Street fed WeWork's breakneck growth and its image as a superhot technology company. WeWork’s model—leasing office space, outfitting it with touches like free beer and fruit-infused water, then subleasing it—required a constant supply of credit. Yet, JPMorgan Chase, Goldman Sachs Group and other banks arranged giant fees and strict protections that reflected their concerns about WeWork’s unproven business model and its CEO's unpredictable behavior.

Customer data-management platform Amperity Inc. acquired Custora Inc., which provides customer-analytics software for retail, for an undisclosed amount. Amperity scored a $50 million Series C round in July from investors including Tiger Global, Goldman Sachs, Declaration Partners, Madera Technology Partners and Madrona Venture Group. Custora, based in New York, was backed by General Catalyst Partners, Foundation Capital, Greycroft Partners and others.

Acton Capital closed its Acton Fund V at $215 million to make growth-stage investments in Europe and North America. Limited partners included European Investment Fund, KfW Bank, Hubert Burda Media, as well as family offices and entrepreneurs. So far, the fund has invested in startups including telemedicine provider Maple, business-to-business photo platform LemonOne and intimate apparel brand Knix.

How Google Edged Out Rivals and Built the World’s Dominant Ad Machine: A Visual Guide. WSJ dug into Google’s vast, opaque ad machine, and in a series of graphics, shows you how it all works—and why publishers and rivals have had so many complaints about it.

Delay in Implementing New Tech Export Law Causes Concern. Delay in implementing the federal export-control system is raising to worries that sensitive U.S. technology could slip through to China.

In Saudi Arabia, Twitter Has Become a Tool to Crack Down on Dissent. The Saudi government’s attempts to control Twitter have mirrored a broader crackdown on dissent in the kingdom.

U.S. Charges Former Twitter Employees With Spying for Saudi Arabia. The Justice Department says two former employees accessed information about people who made posts critical of the Saudi royal family.

In Divided Hong Kong, Apps Help to Avoid Eating With the Enemy. Color-coded maps steer protesters to friendly establishments and prompt shops to take a stand. 

Apple’s Gadgets Co-Star in Its New TV Drama. iPhones, iPads and Macs share the screen with Jennifer Aniston and Reese Witherspoon in "The Morning Show."

Baidu’s Search for Growth Isn’t Over. The former tech star hasn’t recovered from an onslaught of new competition for Chinese ad dollars. 

Google Weighs Changes to Political Ad Policy. The discussions come after Twitter said it would bar most political ads amid spread of misinformation

A New Strain of HIV Is Recorded Under Group That Caused Pandemic. Scientists using advanced DNA sequencing technology have documented a previously unidentified strain of HIV under the group that is responsible for the vast majority of human infections.

Forget about 5G, China has kicked off its development of 6G. (Quartz)

WeWork employees look back on a wild ride. (New Yorker)

How cheap robots are transforming ocean exploration. (Outside)

Early AI adopters are beginning to see success predicting re-admissions, emergency-department visits. (FierceHealthcare)

Doctors try Crispr gene editing for cancer, a first in the U.S. (AP)

Fiverr set up a section dedicated to serving political campaigns. (Campaign)

Reonomy, a New York-based commercial real-estate technology provider, raised $60 million in Series D funding. Georgian Partners led the round, with participation from Wells Fargo Strategic Capital, Citi Ventures, Untitled Investments, Sapphire Ventures, Bain Capital and Primary Venture Partners.

Arkuda Therapeutics, a Cambridge, Mass.-based startup developing treatments for neurodegenerative diseases, closed a $44 million Series A round of funding. Atlas Venture and Pfizer Ventures co-led the round, which included participation from Tekla Capital Management and BioInnovation Capital.

Side, a San Francisco-based real-estate brokerage, picked up $35 million in Series C financing. Sapphire Ventures led the round, with participation from Trinity Ventures, Matrix Partners and others. Paul Levine, managing director at Sapphire, will join the company’s board.

MaaS Global, a Helsinki-based developer of mobility app Whim, snagged a €29.5 million ($32.7 million) funding round from new investors including BP Ventures, Mitsui Fudosan, Mitsubishi Corp. and Nordic Ninja, along with previous backers. Daniela Proske, senior principal at BP Ventures, will join the board.

AiCure, a New York-based provider of treatment insights for better patient care, landed $24.5 million in Series C funding led by Palisades Growth Capital. New investors including Singtel Innov8 and SpringRock Ventures were joined by existing backers Baird Capital, New Leaf Venture Partners, Pritzker Group, Biomatics Capital, Tribeca Venture Partners and Silicon Valley Bank in the round.

Nightfall AI, a San Francisco-based data loss prevention platform, emerged from stealth with $20.3 million in funding led by Bain Capital Ventures and Venrock. Enrique Salem, partner at Bain, will join the board.

HealthCare.com, a New York-based health insurance provider, secured $18 million in Series B funding. Second Alpha Partners led the investment, with participation from AXIS Capital and CNO Financial Group.

LogRocket Inc., a Cambridge, Mass.-based application performance management platform, completed a $15 million Series B round. Battery Ventures led the investment, with participation from Matrix Partners.

Ursa Space Systems, an Ithaca, N.Y.-based geospatial intelligence startup, raised $15 million in Series B financing. Razor’s Edge Ventures led the round, which included participation from investors including New York Ventures, Paladin Capital Group and RRE Ventures.

IMMO Investment Technologies, a London-based startup that buys homes on behalf of institutional investors and turns them into furnished long-term rentals, secured an €11.5 million ($12.7 million) equity round. The company also collected €60 million ($66.3 million) from real estate investors for deployment through the company’s residential platform. Investors including Talis Capital and HV Holtzbrinck Ventures provided the equity portion.

DEV, a Brooklyn, N.Y.-based social network for software developers, fetched an $11.5 million Series A round. Mayfield led the investment, with Navin Chaddha and Vivek Saraswat joining the board. OSS Capital and Charge VC also participated in the funding.

Access Physicians, a Dallas-based telemedicine startup, nabbed $9.3 million in Series A funding from Health Enterprise Partners. Managing Partner Dave Tamburri joined the company’s board.

Burak Cendek joined Autotech Ventures as a principal, according to Autotech Ventures Managing Partner Dan Hoffer. Mr. Cendek was previously was with Revo Capital. In addition, David McShane joined Autotech Ventures as executive vice president of corporate partnerships. Mr. McShane was previously an executive with automotive consulting firm Ricardo.

Terry Evans Jr. joined Verizon Ventures as a principal. He previously led M&A for the commercial unit of United Technologies Corp.

New Enterprise Associates named Rick Yang as general partner and head of consumer technology investing. Additionally, Danielle Lay, Luke Pappas and Jai Sajnani were promoted to principals. 

We cover venture capital and the global startup ecosystem. WSJ Pro Venture Capital is a premium service of The Wall Street Journal. Share your tips, comments and questions: vcnews@wsj.com

The Team: Tomio Geron, Yuliya Chernova, Brian Gormley, Heather Mack, Katie Roof and Marc Vartabedian.

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