Tuesday September 8 – Crunchbase News
Here’s what you need to know today in startup and business news, updated by Crunchbase News staff throughout the day to keep you in the know.
BYJU’S raises $ 500 million in Silver Lake
Silver Lake led the funding, bringing the company’s total funding from 9 years to date to over $ 2 billion.
The fundraising comes as venture capital and growth investments in the edtech space are booming. Global edtech funding reached $ 4.1 billion from January to July 2020, according to data from Crunchbase. The spending madness has been fueled in part by the growing demand for distance learning options in the context of the COVID-19 pandemic.
Founded in 2011, BJYU’S primarily focuses on Kindergarten to Grade 12 students, offering online courses and learning apps, as well as exam preparation. Following COVID-19 lockdowns, BJYU’S has reportedly added 20 million new students to its platform. Today, the app has over 64 million enrolled students and 4.2 million paid annual subscriptions.
Zymergen raises $ 300 million
Scientific and material innovation company Zymergen announced $ 300 million for the first close of a D-Series investment to accelerate its delivery of sustainable chemicals and materials.
The Emeryville, California-based company was founded in 2013. Its proprietary platform uses a combination of biology, chemistry, and machine learning to bring materials to market.
In addition, the investment allows Zymergen to bring its Hyaline product to market more quickly and accelerates its development of all-natural pesticides and other organically-sourced crop protection products and an organically-sourced insect repellant.
- GM takes $ 2 billion stake in electric truck maker Nikola: General Motors invests $ 2 billion for an 11 percent stake in Nicolas, an electric pickup truck maker that plans to roll out a fuel cell truck by the end of 2022. Shares of both companies surged in the wake of the news.
- Mollie raises $ 110 million for payments: Mollie, an Amsterdam-based payments platform, raised $ 106 million in a new round table directed by TCV. The company offers an easy-to-implement process for integrating payments into a site or application.
- Melio gets $ 80 million for B2B payments: Melio, a New York-based payments startup that caters to small businesses, came out of stealth Tuesday and ad that it raised $ 80 million in Series C funding last month, bringing its total raised to date to $ 144 million. Its funders have included Accelerate, Aleph Capital Partners, Bessemer Venture Partners, Mantle management, General catalyst, LocalGlobe, Corner businesses and American Express Companies.
- Ouster Lidar wins $ 42 million for digital lidar sensors: Expulsion, a San Francisco-based manufacturer of lidar sensors, said on Tuesday it had raised $ 42 million in new funding. The company has raised $ 132 million to date, according to data from Crunchbase. The company develops high-resolution digital lidar sensors for self-driving cars, robotics, industrial automation and infrastructure. Existing investors Beetle Automotive, Fontinalis Partners and Tao Capital Partners all participated in the last round, a Series B funding, according to TechCrunch.
- Mailify receives $ 27 million: Mailify Group, Mailifierthe parent company of, closed on $ 27 million. The France-based company, headquartered in the United States in New York, publishes business communication applications and will use a majority of the investment for external growth. IDI invests nearly $ 10 million in the company alongside management, including the founder Mathieu Tarnus, which remains the majority shareholder.
- Adona Medical raises $ 22 million: Adona Medical, a Shifamed holding company, announced a $ 22 million round of Series A funding, which will be used to advance product development for its heart failure management platform, support preclinical testing and expand his team. Funding was led by Cormorant asset management, with the participation of Excelestar Ventures, AMED companies and angel investors. The investment included previous debt securities converted into preferred shares.
- Virtual kitchen secures $ 20 million for commercial kitchen delivery technology: This food delivery and logistics tech startup founded by former Uber executives Ken Chong and Matt Sawchuk raised $ 20 million in a round led by Keith Rabois of Founders Fund, according to a deposit first spotted by CNBC.
- CATALOG obtains $ 10 million for R&D: based in Boston CATALOG closed on a $ 10 million round of Series A funding. The company boasts of having “the world’s first DNA-based platform for massive digital data storage and computation.” Business Horizons led the oversubscribed round, joined by Airbus companies.
- Sumsub invests $ 6 million in product development: based in London Sumsub, developing an identity verification platform, announced Series A funding of $ 6 million, bringing the total capital raised to more than $ 7.5 million. The tour was led by MetaQuotes and also involves a group of strategic investors and several existing investors, including Ilia Perekopsky.
Brightspark Capital’s third fund closes with C $ 60 million: Capital of Brightspark said it has closed the third close of its new Brightspark Canadian Opportunities Fund with commitments of C $ 60 million for an ultimate fund size of $ 75 million. Investors in the new fund understand Venture Capital Catalyst Initiative, BMO Capital Partners, Fondaction, Investment Quebec, RBC, and Teralys Capital Fonds Amornement QuÃ©bec managed by Teralys Capital, as well as individual investors and family offices. The fund will focus on early stage and Series A investments in technology companies led by entrepreneurs in Canada. Since its first closing in January, Brightspark has made six investments from this fund in Potloc, Redemption stand, Planned 3D, Raise the farms, ClassCraft and Potential drivers.
- Suma Logic sets IPO price range: Cloud management software company Suma Logic has set its IPO price range between $ 17 and $ 21. At the top of the range, the company is said to be raising around $ 310 million from its IPO.
- JFrog sets IPO price range: Sunnyvale’s JFrog has set its IPO price range between $ 33 and $ 37 per share. JFrog’s shares are expected to start trading on the public markets on Wednesday, September 16, according to IPO Scoop.
Drawing: Dom guzman
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