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Biotech Investors Embrace Software to Expand Medical Care
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By Brian Gormley, WSJ Pro
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Good day. Click Therapeutics Inc.’s $52 million fundraising reflects venture capitalists’ growing interest in using software to help patients manage illnesses.
An emerging group of startups has developed software-based tools that patients use through their computer or mobile devices. So far this year, digital-therapeutics startups have raised $2.14 billion across 80 deals, compared with just under $2 billion in 80 deals in all of 2020, according to market tracker CB Insights.
Some venture capitalists who invest in digital therapeutics startups say they like the potential to use technology to safely help people on a large scale. A growing number of digital therapeutics are becoming available to patients.
Startup Akili Interactive Labs, for example, has secured U.S. Food and Drug Administration authorization to market a prescription video-game treatment for children with attention deficit hyperactivity disorder.
New York-based Click, whose venture backers include H.I.G. BioHealth Partners and Accelmed Partners, is developing a pipeline of digital therapeutics in areas such as psychiatry and chronic pain. It is also striking deals with pharmaceutical companies, including an agreement with Boehringer Ingelheim to develop and commercialize a prescription-based digital therapy to aid the treatment of schizophrenia.
And now on to the news...
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Roblox was among Andreessen Horowitz’s portfolio companies that went public this year. The company listed on the New York Stock Exchange in March. PHOTO: BRENDAN MCDERMID/REUTERS
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Latest fundraising. Andreessen Horowitz is planning to raise roughly $6.5 billion to fuel the global venture-capital firm’s aggressive deal-making pace, according to people familiar with the situation, WSJ Pro’s Yuliya Chernova reports.
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The firm is turning to its limited partners to invest in a pair of funds, one focused on early-stage startups and another on growth-stage companies, the people said. That would add to Andreessen’s haul earlier this year of $2.2 billion for its crypto fund and $400 million for a seed fund.
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Andreessen is seeking roughly $4.5 billion for its third growth fund, and about $2 billion for its eighth main early-stage fund, the people familiar with the matter said. The firm didn’t set a hard cap for its new funds, which means that investor demand could push the new fundraising even higher, one of the people said. Andreessen couldn’t be reached for comment.
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1%
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The third-quarter vacancy rate for warehouses near the ports of Los Angeles and Long Beach, Calif., the complex that is a chokepoint adding to global supply-chain snarls, according to CBRE Group Inc. (WSJ)
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Counterintelligence Head Narrows Focus to Five Technologies Critical to U.S. Dominance
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The U.S.’s top counterintelligence official said he is narrowing his team’s focus to safeguarding five key technologies, including semiconductors and biotechnology, seeing their protection from rivals as determining whether America remains the world’s leading superpower, Kate O’Keeffe reports for The Wall Street Journal. The National Counterintelligence and Security Center’s acting director, Michael Orlando, said Thursday he is sharpening the center’s priorities in order to conduct an effective outreach campaign to educate businesses and academia about the expansive efforts by China and Russia to collect cutting-edge research.
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Grey Rock Partners Weighs $600 Million Pitch for Clean-Energy Fund
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Grey Rock Investment Partners, a private-equity firm co-founded by the son of former Secretary of Energy Rick Perry, is the latest oil and gas-fund manager to focus on investments aimed at reducing carbon emissions, WSJ Pro’s Luis Garcia reports. The Dallas-based firm—which was founded as Grey Rock Energy Partners in 2013 by Managing Directors Kirk Lazarine, Matt Miller and Mr. Perry’s son, Griffin Perry—is expected to seek $600 million to $750 million for the Grey Rock Clean Infrastructure and Energy Transition fund, according to an early marketing presentation viewed by WSJ Pro Private Equity. The fund would invest in clean-energy areas that include carbon capture, energy storage and wind-power
generation, as well as in renewable-energy royalties, the presentation showed. The elder Mr. Perry is on the fund’s advisory board.
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Google Charges More Than Twice Its Rivals in Ad Deals, Unredacted Suit Says
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Google takes a cut of 22% to 42% of U.S. ad spending that goes through its systems, according to a newly unredacted lawsuit by state attorneys general, shedding new light on how the search giant profits from its commanding position in the internet economy, the Journal reports. The share the Alphabet Inc. subsidiary takes of each advertising transaction on its exchange—a marketplace for ad buyers and sellers—is typically two to four times as much as the fees charged by rival digital advertising exchanges, according to the suit, which is being led by Texas. The unredacted filing on Friday in the U.S. District Court of the Southern District of New York came after a federal judge ruled last week that much of
the antitrust suit could be unsealed.
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Funds
Lane VC was spun out of Salt Lake City-based BUILD Capital Partners to invest in electric-vehicle and other mobility businesses in Europe and the Americas. The firm, led by Managing Director Kasey Evans, plans to lead deals across stages with initial investments of up to $25 million. Lane VC will manage the portfolio of BUILD Mobility, which previously invested in XOS Trucks and other companies.
People
Morressier, a virtual and hybrid meeting platform for professional and scientific organizations, appointed Trish Hyde as chief sales officer and Subhashini Simha as chief marketing officer. Ms. Hyde previously held senior leadership roles at StackOverflow, Conga and ATSI. Prior to Morressier, Ms. Simha was at N26 and HelloFreshGO. In May, Berlin- and Washington, D.C.-based Morressier said it raised an $18 million Series A round led by Owl Ventures.
Exits
E-grocer Weee! Inc. acquired online Asian food delivery company Ricepo for an undisclosed amount. Fremont, Calif.-based Weee! has raised over $415 million in funding from investors including DST Global, Goodwater Capital, iFly.vc, Lightspeed Ventures, VMG Partners and Tiger Global Management.
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Egle Therapeutics SAS, a Paris-based biotechnology company developing immunotherapies targeting immune-suppressor regulatory T-cells for cancer and autoimmune diseases, completed a €40 million ($46.6 million) Series A financing. The round was co-led by LSP and Bpifrance through its InnoBio 2 fund. Fund+, Bioqube Ventures and Takeda Ventures Inc. also participated. Egle said the new capital will be used primarily to advance two lead assets into clinical trials and strengthen its drug pipeline.
Embrace, a Culver City, Calif.-based mobile observability and data platform, raised $45 million in Series B funding. New Enterprise Associates led the round, which included participation from Greycroft, AV8 Ventures, Eniac Ventures and others.
Zerigo Health, a San Diego startup offering connected light therapy for treating chronic skin conditions, secured $43 million in Series B funding. 7wireVentures led the investment, which included contributions from General Catalyst, Dragoneer Investment Group, Cigna Ventures, Leverage Health Solutions, Leaps by Bayer, SV Health Investors, H.I.G. Capital and Bluestem Capital. Glen Tullman, managing partner of 7wireVentures, will become executive chairman of Zerigo’s board.
SkyHive Technologies Inc., a Vancouver-based intelligent workforce planning technology provider, landed a $40 million Series B investment. Lead investor Eldridge was joined by Allegis Cyber, Accenture Ventures, Workday Ventures and the Partnership Fund For New York City in the round.
Anello Photonics, a Santa Clara, Calif.-based developer of navigation sensors for autonomous vehicles and other applications, closed a $28 million Series A round. New Legacy Ventures led the funding, which included support from Lockheed Martin Ventures, Catapult Ventures, Hardware Club and others.
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On iPhones and other Apple products, apps are required to ask users if they want to be tracked. PHOTO: SPENCER PLATT/GETTY IMAGES
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