• A Visit with Chelsea Handler, and a Nervous Wait Afterward

    Cheslea HandlerAs you may have heard, brash comic Chelsea Handler is set to host a new series on Netflix entitled “Chelsea Does…” in which she’ll explore a range of issues, including a universe still foreign to many outside of it: Silicon Valley.

    Now, as the series debut approaches on Saturday, January 23rd, at least one venture firm –- Foundation Capital — is waiting on pins and needles. The reason? Foundation somewhat bravely agreed to let Handler and crew into their offices so she could pitch them on an mobile app while the show was being filmed.

    On Friday, we talked with general partner Paul Holland and Foundation’s marketing partner, Meg Sloan, about what went down.

    How did it come to pass that you’re in this new show?

    MS: [Foundation entrepreneur-in-residence] RJ Jain was working with [Handler’s] development team on her app. We’re also early investors in Netflix, so I think we were on the radar of the production team.

    I used to work at Facebook, where we have posters that say: “What would you do if you weren’t afraid?” I joked [to the team here] that the answer was to say yes to being in a Chelsea Handler documentary.

    What was the idea exactly?

    MS: That she would pitch us her app. We also talked with the producers, who asked for our help with some locations, and we put together a happy hour for Chelsea in Palo Alto with a cross section of folks we know. I think she was super interested in the social scene here in Silicon Valley, to the degree that there is any. [Laughs.]

    Was the pitch straightforward?

    PH: She came in with an entourage – not her entourage from [her long-running E! Online show, “Chelsea Lately”], but she’d encountered a young kid along the way, a 10-year-old, Silicon Valley kid who has [his own] app and she was fascinated by him. She also brought her dog, Chunk.

    More here.

  • StrictlyVC: January 8, 2016

    All right, all right, it’s Friday. No column today; we’ve been a little busy trying to figure out our next event and we’re happy to announce that you can get your tickets for it starting today. The date: the evening of Thursday, February 25th. The location: San Francisco. The venue: The beautiful Autodesk Gallery, at 1 Market Street.

    We’re exceedingly happy to announce that longtime VC and Stanford lecturer Heidi Roizen will be joining us this time to talk about the investing landscape (and how to survive in a crummy market). We’re also thrilled to say that GV CEO Bill Maris is coming to give readers the lowdown about where Google Ventures will — and won’t — be shopping in 2016. Not last, Autodesk CEO Carl Bass himself is going to sit down to talk about the software giant’s new Internet of Things fund and a bunch of other stuff. (The amiable Ben Einstein of Bolt will be interviewing him.) We may have one last surprise for you, too, so stay tuned.

    Tickets are available here. If you’d like to partner with us on the event as a sponsor, we’d love to hear from you.

    Thanks, and have a terrific weekend, everyone!

    —–

    Top News in the A.M.

    U.S. federal marshals raided a hoverboard booth yesterday at CES yesterday.

    Speaking of hoverboards, colleges are beginning to ban them on campus.

    Why formerly mysterious Faraday Futures probably shouldn’t do interviews just yet.

    —–

    New Fundings

    Agilence, a nine-year-old, Mt. Laurel, N.J.-based data analytics company, has raised $6 million in Series B funding led by Arrowroot Capital, with participation from previous investor Aster Capitol. More here.

    Alector, a two-year-old, San Francisco-based biotech company pioneering the discovery and development of first-in-class, immuno-modulatory therapies for Alzheimer’s disease and other neurodegenerative disorders, has raised $29.5 million in Series D funding led by the Dementia Discovery Fund, with new investors Amgen Ventures and AbbVie participating. More here.

    ASLAN Pharmaceuticals, a five-year-old, Singapore-based developer of immunotherapies and targeted agents for Asia-prevalent tumor types, has raised $43 million in Series C funding, including from MVP Capital Partners and Accuron Technologies, a wholly-owned subsidiary of Temasek Holdings.More here.

    Cortexyme, a three-year-old, South San Francisco-based company at work on therapeutics and diagnostics for Alzheimer’s disease and other degenerative disorders, has raised $15 million in Series A funding led by Pfizer, along with Takeda Pharmaceutical Company through its venture arm, and earlier investor Dolby Family Ventures. Cortexyme previously raised roughly $1 million, including an investment award from Breakout Labs.

    Cloud Elements, a 3.5-year-old, Denver-based provider of a cloud-based API platform, has raised $5 million in new Series A funding from Access Venture Partners, among others. More here.

    Deposit Solutions, a four-year-old, Germany-based open-architecture platform for retail deposits in Europe, has raised roughly $7 million in funding led by FinLab AG, with participation from Peter Thiel, e.ventures, Stefan Wiskemann, Stefan Glanzer and Christoph Linkwitz.

    Dibs Technology, a year-old, New York-based company that makes dynamic-pricing technology for the fitness club market, has raised $1 million in seed funding. Gree Ventures led the round, and was joined by Comcast Ventures‘ Catalyst Fund, Caerus and Dreamit Ventures.

    MakeMyTrip, a 15-year-old, Gurgaon, India-based travel booking site, has received an investment of $180 million from Ctrip, a China-based travel booking site. TechCrunch has more here.

    KidPass, a year-old, New York-based startup whoses membership passes help parents discover and book children’s activities, has raised $325,000 in seed funding from Rugged Ventures, Bionic Fund, CoVenture and individual investors.

    MyMusicTaste, a four-year-old, Seoul-based startup that gauges fan interest to help figure out where to plan concerts, has raised $10 million in Series A funding led by Softbank Ventures Korea. Other participants in the round include Samsung Ventures, Formation 8, Golden Gate VenturesTimewise Investment, Partners Investment, Bokwang Ventures Investment, and DT Capital. TechCrunch has more here.

    PierianDx, a year-old, St. Louis-based provider of genomic software and services for personalized medicine development, has raised $9.25 million in Series A funding led by Health Catalyst Capital Management, with participation from Ocean Road Advisors, Inova Translational Medicine Institute and ARUP Laboratories. More here.

    Platzi, a two-year-old, Mountain View, Ca.-based online education startup that offers live streaming classes on design, marketing and code, has raised $2.1 million in seed funding from Omidyar Network, 500 Startups, Nazca Ventures and Amasia Ventures.

    Scalr, a seven-year-old, San Francisco-based company whose enterprise cloud management platform is used by NASA’s Jet Propulsion Lab, the FDA, Autodesk, and many others, has just raised $7 million from OpenView Venture Partners. More here.

    StartEngine, a four-year-old, Santa Monica, Ca.-based equity crowdfunding platform, has raised $5.5 million in Series A funding from SE Agoura Investment. More here.

    Xeris Pharmaceuticals, a 10-year-old, Austin, Tex.-based company that’s developing patient-friendly injectables for indications in diabetes, epilepsy, and immunology, has raised $41 million in Series C funding led by Redmile Group, with participation from Deerfield Management, Sabby Management, The McNair Group, and others. MedCity News has more here.

    Zai Lab, a 1.5-year-old, Shanghai, China-based biopharmaceutical company, has raised more than $100 million in Series B funding led by Advantech Capital, with participation from OrbiMed and earlier backers Qiming Ventures, Sequoia Capital China, and TF Capital. More here.

    Zymeworks, an 11-year-old, Vancouver-based developer of bi-specific antibodies and antibody drug conjugates for the treatment of cancer, autoimmune and inflammatory diseases, has raised $61.5 million in Series A funding co-led by BDC Capital and Lumira Capital. Other investors included Perceptive Advisors, Teralys Capital, Northleaf Venture Catalyst Fund,Brace Pharma Capital, Merlin Nexus and return backers Eli Lilly & Co.Celgene, CTI Life Sciences Fund, and the Fonds de solidarite FTQ. More here.

    —–

    New Funds

    Hamilton Lane, the 17-year-old investment firm, has raised $240 million for its fourth private equity secondaries fund, shows an SEC filing that lists a $1.25 billion target.

    K2 Global, a seven-month-old, San Francisco-based venture firm that has partners in Silicon Valley and Singapore, is looking to raise up to $100 million for its debut fund, reports Dow Jones VentureWire. The firm is investing in software, Internet and mobile companies. More here.

    —–

    IPOs

    The world’s most valuable company is considering an IPO. Fortune has more here.

    —–

    Exits

    Apple has acquired Emotient, a three-year-old, San Diego, Ca.-based artificial intelligence startup whose technology is used to assess emotions based on people’s facial expressions. The company had raised $8 million from investors, including Intel Capital. Terms of the deal aren’t being disclosed. The WSJ has the story here.

    Germany company RNTS Media has officially acquired the mobile ad network Heyzap in a deal worth up to $45 million. Heyzap was incubated at Y Combinator and raised $8 million in total funding from investors including Founder Collective, Union Square Ventures and Qualcomm Ventures. TechCrunch has more here.

    —–

    People

    Balderton Capital has promoted Rob Moffat and James Wise to partner. Balderton’s partnership now comprises eight investing partners. Moffat and Wise have been members of Balderton’s investment team for a combined total of eleven years.

    Madrona Venture Group has brought aboard Bill Richter as a venture partner. Richter was most recently the president of the Isilon Storage Division of EMC.

    Sequoia’s Michael Moritz will be speaking at Stanford on Wednesday, January 20th. The talk is open to the public. More here.

    —–

    Jobs

    Salesforce is looking to add a manager/senior manager to its Salesforce Ventures team in London.

    Redpoint Ventures is hiring a data scientist. The job is in San Francisco.

    —–

    Essential Reads

    San Francisco’s largest taxi company is edging toward filing for bankruptcy, claiming lawsuits from traffic collisions, as well competition from the likes of Uber and Lyft. The San Francisco Examiner has the story here.

    The big data of bad driving.

    —–

    Detours

    52 places to go in 2016.

    Back hair stylist. (Warning: You can not unsee this.)

    —–

    Retail Therapy

    personal robot from Segway.

  • StrictlyVC: January 7, 2016

    Hi, everyone, happy Thursday!

    —–

    Top News in the A.M.

    Now Amazon has entered the semiconductor business, too, with its own branded chips.

    A China stock plunge forced a trading halt this morning, and global markets are still reeling.

    —–

    Guardant Health Raises Nearly $100M More to Test Blood for Cancer

    Guardant Health, a three-year-old, Redwood Shores, Ca.-based company whose non-invasive genomic sequencing test for cancer requires just two vials of blood, has raised nearly $100 million in Series D funding roughly one year after closing on $90 million for its Series C round.

    The financing was led by OrbiMed Advisors, with earlier backers participating, including Khosla Ventures, Sequoia Capital, Lightspeed Venture Partners, Pejman Mar, Formation 8, Heritage Group, and Felicis Ventures.

    Guardant, a 135-person company that has now raised almost $200 million altogether, isn’t talking about its valuation. But cofounder and CEO Helmy Eltoukhy, a Ph.D who worked at the Stanford Genome Technology Center before cofounding and quickly selling an earlier company, talked with us yesterday about what Guardant’s investors are funding exactly. Our conversation has been edited for length.

    Your test alleviates the need to cut out a piece of tissue and sequence the DNA in that biopsy. Other than being less invasive, why is it better?

    You can take a single tumor and every part will have potentially different mutations. Through two teaspoons of blood, we can see the entirety of the disease.

    How has your technology changed in the last year? What prompted so much new investment?

    The way it works is as these tumors grow rapidly, they are also dying rapidly and shedding their content into the bloodstream, including DNA signature. [Over time] we’ve made our sequencing technology about 1,000 to 10,000 times more accurate in order to see those fragments of DNA. It’s akin to the difference between high-resolution TV and old black-and-white technologies. Because we can see those trace fragments, we can reconstruct the genome.

    How accurate is your blood test?

    It matches tissue biopsies with 99.3 percent diagnostic accuracy, and we see often more mutations [than doctors can find] in that tissue biopsy. Maybe the patient had a recent biopsy and nothing actionable was found, but now, with the mutations that we detect, that person can be given corresponding drugs that target those mutations.

    Have the public woes of another blood-testing company, Theranos, impacted your business?

    More here.

    —–

    New Fundings

    7LeKang, a 4.5-year-old, Guangzhou, China-based online pharmacy startup, has raised $100 million in Series B funding from undisclosed investors. China Money Network has more here.

    Blinkist, a 3.5-year-old, Berlin-based app that turns insights from nonfiction books into 15-minute text and audio “blinks,” has raised €4 million ($4.3 million) in Series A funding co-led by Greycroft Partners and e.ventures. Earlier backers IBB Beteiligungsgesellschaft and MGO Digital Ventures also participated. More here.

    C4 Therapeutics, a new, Cambridge, Ma.-based company that’s developing a class of targeted protein degradation (TPD) therapeutics for the treatment of a broad range of diseases, has raised $73 million in funding. Cobro Ventures led the round, with participation from Cormorant Asset ManagementEG Capital GroupNovartisRoche, and the Kraft Group. The company is a spin-out of the Dana-Farber Cancer Institute in Boston. Forbes has more here.

    Elastagen, a 13-year-old, Sydney, Australia-based company developing next generation medical and cosmetic treatments, has raised A$13 milion ($9.1 million) in Series B funding from Korea Investment PartnersAMOREPACIFIC Ventures, Wellcome Trust, Brandon Capital PartnersGBS Ventures and ATP Innovations.

    Exosome Diagnostics, a 7.5-year-old, New York-based company that develops and commercializes blood-based cancer molecular diagnostics for disease monitoring, has raised $60 million in Series B funding from Forbion Capital Partners, NGN Capital, CD Ventures, Qiagen, Arcus Ventures, Tiger Management, and Blue Ridge Capital. More here.

    Gem, a two-year-old, Venice, Ca.-based blockchain startup, has raised $7 million in Series A funding led by Pelion Venture Partners, with participation from Blockchain Capital, Digital Currency Group, KEC Ventures and RRE Ventures. More here.

    Holidu, a 1.5-year-old, Munich, Germany-based metasearch engine for European holiday rentals, has raised €5 million ($5.4 million) in Series A funding led by EQT Ventures, with participation from Venture Stars, Senovo, and angel investors. TechCrunch has more here.

    Inke, a Beijing, China-based mobile app allowing users to watch live video broadcast on smartphones, has raised $10 million in funding from the Shenzhen-listed online gaming firm Beijing Kunlun Tech Co. China Money Network has more here.

    MMB Networks, a seven-year-old, Toronto, Ontario-based company that makes embedded interoperability software for enabling connected devices, has raised $7 million in Series B funding led by Roadmap Capital, with participation from NXP Semiconductor and previous investors Arctern Ventures and VentureLink Funds.

    Nubank, a two-year-old, São Paulo, Brazil-based digital finance company, has raised $52 million in funding led by Founders Fund, with participation from earlier investors Sequoia Capital and Kaszek Ventures, which is based in Buenos Aires. Dealbook has more here.

    PushDoctor, a two-year-old, U.K -based marketplace that enables patients to have video consultations with doctors, has raised $8.2 million in funding led by Oxford Capital Partners and Draper Esprit, with Partech Ventures also participating. The company had previously raised $1.2 million in seed funding. TechCrunch has more here.

    QuanCheng, a 2.5-year-old, Shanghai, China-based corporate expense management start-up, has raised a Series B round worth a reported “tens of millions of dollars” led by Eight Roads, an investment arm of Fidelity International. ClearVue Partners and Arbor Ventures also participated in the round. China Money Network has more here.

    Sisense, a 4.5-year-old, New York-based company whose technology speeds the analysis of large, complex data sets so that businesses can make faster decisions, has raised $50 million in Series D funding led by Bessemer Venture Partners. Current investors also participated in the round, including Battery Ventures, DFJ, Genesis Partners and Opus Capital. The company has now raised $98 million altogether. Venture Capital Dispatch has more here.

    —–

    New Funds

    Today, Sierra Ventures, the 33-year-old, San Mateo, Ca.-based early stage technology venture capital firm, is announcing that it has closed its 11th fund with $170 million. We talked yesterday with managing director Ben Yu about its latest effort.

    —–

    Exits

    It’s official. Hudson’s Bay Company, which owns Saks Fifth Avenue and other store chains, has entered into a definitive agreement to acquire the formerly high-flying flash sales site Gilt Groupe for $250 million in cash. Recode has more here.

    —–

    People

    DCM Ventures cofounder David Chao talks with us about investing in China — and cannabis.

    1776, the incubator and seed fund based in Washington, D.C., has hired Rachel Haot as a managing director. Haot was formerly chief digital officer for New York State and was the first chief digital officer of New York City under Michael Bloomberg.

    In a Reddit AMA yesterday, Oculus cofounder Palmer Luckey apologized for the confusing messaging around the price of its Rift headset, which is going to cost more than people were anticipating.

    Pinterest, the social networking company, has hired Candice Morgan as its first-ever diversity chief, with the goal of ensuring that at least 30 percent of its engineering hires are women and that 8 percent represent ethnic minorities. Morgan previously spent 10 years with Catalyst, a non-profit group that tracks women’s progress in business.

    Fresh from laying off 9 percent of its 200 employees and closing down its e-commerce service at the end of 2015, messaging app Tango has made a change at the top, with CTO and co-founder Eric Setton stepping in to replace fellow co-founder Uri Raz as CEO. TechCrunch has the story here.

    —–

    Jobs

    Facebook is hiring a corporate development manager. The job is in Menlo Park, Ca.

    —–

    Essential Reads

    Yahoo is reportedly preparing to lay off 10 percent or more of its workforce.

    —–

    Detours

    Business school is worth $22,000 per year more if you’re white or Asian.

    36 hours in Havana.

    A lunar theory of Bill Clinton.

    —–

    Retail Therapy

    Sommi wine cellars.

    A seascape retreat in New Zealand. (For writing that novel.)

  • Guardant Health Raises Nearly $100M More to Test for Cancer

    Guardant Health, a three-year-old, Redwood Shores, Ca.-based company whose non-invasive genomic sequencing test for cancer requires just two vials of blood, has raised nearly $100 million in Series D funding roughly one year after closing on $90 million for its Series C round.

    The financing was led by OrbiMed Advisors, with earlier backers participating, including Khosla Ventures, Sequoia Capital, Lightspeed Venture Partners, Pejman Mar, Formation 8, Heritage Group, and Felicis Ventures.

    Guardant, a 135-person company that has now raised almost $200 million altogether, isn’t talking about its valuation. But cofounder and CEO Helmy Eltoukhy, a Ph.D who worked at the Stanford Genome Technology Center before cofounding and quickly selling an earlier company, talked with us yesterday about what Guardant’s investors are funding exactly. Our conversation has been edited for length.

    Your test alleviates the need to cut out a piece of tissue and sequence the DNA in that biopsy. Other than being less invasive, why is it better?

    You can take a single tumor and every part will have potentially different mutations. Through two teaspoons of blood, we can see the entirety of the disease.

    How has your technology changed in the last year? What prompted so much new investment?

    The way it works is as these tumors grow rapidly, they are also dying rapidly and shedding their content into the bloodstream, including DNA signature. [Over time] we’ve made our sequencing technology about 1,000 to 10,000 times more accurate in order to see those fragments of DNA. It’s akin to the difference between high-resolution TV and old black-and-white technologies. Because we can see those trace fragments, we can reconstruct the genome.

    How accurate is your blood test?

    It matches tissue biopsies with 99.3 percent diagnostic accuracy, and we see often more mutations [than doctors can find] in that tissue biopsy. Maybe the patient had a recent biopsy and nothing actionable was found, but now, with the mutations that we detect, that person can be given corresponding drugs that target those mutations.

    Have the public woes of another blood-testing company, Theranos, impacted your business?

    More here.

  • StrictlyVC: January 6, 2016

    Hi, good morning, everyone! Or good evening, depending on where you are.

    Thanks so much to those of you who’ve reached out to help with interview ideas and suggestions for Davos. (This, from a colleague, should also come in handy.)

    On a separate note, we’re putting together the finishing touches for our next StrictlyVC event, taking place late next month. More on the last soon!

    —–

    Top News in the A.M.

    Activist investor Starboard Value this morning called for changes to Yahoo‘s board and management. Otherwise, the hedge fund wrote in a letter to the board, it may try to run its own slate of directors.

    Twitter says it’s readying itself for life after 140 characters.

    —–

    The Landlord VC

    You might be hearing talk of depressed valuations, but that message certainly isn’t reaching commercial real estate owners in the Bay Area. The median price per square foot to rent office space in the city has shot up 33.7 percent in just the last three months alone, says Loopnet, an online real estate resource. Over the last 12 months, San Francisco rents have soared 106 percent.

    It’s easy to throw up one’s hands at that the situation. Aspect Ventures, a year-old, early-stage venture firm founded by longtime VCs Jennifer Fonstad and Theresia Gouw, is instead using the trend to its advantage by renting up to 20 desks in its own, 2,600-square-foot headquarters in San Francisco. It’s charging market rates, too.

    It’s a smart move on a number of levels. First and most obviously, it helps Aspect defray its own costs, which can’t be inexpensive given current prices. According to real estate specialist Jones Lang LaSalle, average office rent in San Francisco has hit a whopping $70 per square foot.

    Aspect, which closed its debut fund with $150 million last year, is also willing to rent the desks to both startups it has backed and those it might fund in the future, which allows it to see more young companies up close.

    That’s harder to do than you might think.

    More here.

    —–

    New Fundings

    Aver, a 5.5-year-old, Columbus, Oh.-based company whose data management platform promises to simplify the healthcare reimbursement process, has raised $13.6 million in funding led by Heritage Group, with participation from Cardinal Health, GE Ventures, Hearst Health Ventures, and affiliates ofNCT Ventures and StartUp Health.

    Entac Medical, a 4.5-year-old, Memphis, Tn.-based predictive analytics company that’s developing noninvasive devices to predict and diagnose gastrointestinal and other medical conditions, has raised an undisclosed amount of Series A funding led by Innova Memphis, with participation from Angel Syndicates Central, an angel syndicate located in Huntsville, Al., and the Angel Round Table of Johnson City, Tn.

    Flatiron Health, a three-year-old, New York-based maker of oncology software, has raised $175 million in Series C funding led by Roche, with participation from Allen & Co., Baillie Gifford and Casdin Capital.

    Kolibree, a two-year-old, Paris, France-based hardware startup focused on smart toothbrushes for kids, has raised $4 million in venture funding in a two-phased equity seed round that includes Cap Horn Invest, the Dental Investment Group for Health, Innovacom, SEB Alliance and SOS Ventures. Venture Capital Dispatch has more here.

    Mycity4kids, a five-year-old, Gurgaon, India-based online-content platform for children, has raised $3 million from SIDBI Venture Capital Limited and YourNest Angel Fund. The Business Standard has more here.

    NextCure, a new, New Haven, Ct.-based biopharmaceutical company focused on the discovery and development of new immuno-oncology products, has raised $67 million in Series A funding from Canaan Partners, Lilly Asia Ventures, OrbiMed Advisors, Pfizer, Sofinnova Ventures, and Alexandria Venture Investments.

    Petra Pharma, a new, New York City-based developer of small molecule inhibitors for the treatment of cancer and metabolic diseases, has raised $48 million in Series A funding from AbbVie, Alexandria Venture InvestmentsARCH Venture Partners, Eli Lilly and Company, Harris & Harris GroupInnovate NY Fund, Johnson & Johnson Innovation, The Partnership Fund for New York City, Pfizer Venture Investments, Watson Fund and WuXi PharmaTech. Xconomy has more here.

    Toast, a four-year-old, Boston-based service that includes a point-of-sale tool for restaurants, has raised $30 million in a round led by Bessemer Venture Partners, with Google Ventures participating. TechCrunch has more here.

    Tracxn, a 2.5-year-old, Palo Alto, Ca.-based company that tracks and analyzes data about startups, has added entrepreneur Ratan Tata as an angel investor, though amount of funding it raised from him is undisclosed. TechCrunch has more here.

    UIEvolution, a 15-year-old, Seattle, Wa.-based maker of connected device software platforms for the automotive, hotel and cruise industries, has raised $5 million in funding from The Mirai Creation Fund. More here.

    Xfers, a nearly two-year-old, Singapore-based startup that wants to simplify bank transfers, has raised $2.5 million in seed funding from Facebook co-founder Eduardo Saverin, Lazena Investment, Golden Gate Ventures500 Startups, GMO Venture Partners, Partech Ventures, BWB Ventures, and Convergence Ventures. TechCrunch has more here.

    —–

    IPOs

    Another biotech files to go public. This time it’s Visterra, an 8.5-year-old, Cambridge, Ma.-based company that’s working to develop antibodies for serious cases of influenza and other infectious diseases that have been hard to treat with conventional small-molecule drugs. Its biggest shareholders include Polaris Partners, which owns 25 percent of the company, and Flagship Ventures, which owns 21.9 percent.

    —–

    Exits

    Cloudability, a four-year-old cloud service that helps companies manage and optimize their cloud spending, is acquiring four-year-old DataHero, a cloud service that helps non-technical users generate data visualization. DataHero had raised $10.25 million from investors. Cloudability has raised almost $16 million plus another $4 million in debt. TechCrunch has more here.

    Ellipse Technologies, an Aliso Viejo, Ca.-based company that develops minimally invasive, remote controlled implants for limb lengthening and scoliosis treatment, is being acquired by the publicly traded spine-focused medical device company NuVasive. Ellipse had filed for an IPO last fall. It had raised around $32 million from investors, shows CrunchBase, including BioStar VenturesHBM Partners, Wexford Capital and the MedFocus Funds.

    Oracle is acquiring AddThis, an 11-year-old, Vienna, Va.-based startup that offers personalization tools for publishers in efforts to boost marketing. The company had raised roughly $73 million over the years, shows CrunchBase. Its backers include New Enterprise Associates, Novak Biddle Venture Partners, and Institutional Venture Partners.

    —–

    Jobs

    Speedinvest, a four-year-old, Austria-based venture firm focused largely on early-stage European startups, is looking to hire an associate. The job is in San Francisco. (You’d be largely helping its portfolio companies scale globally.)

    —–

    Data

    U.K. technology companies raised a record $3.6 billion from VCs in 2015, according to data from research firm CB Insights and London & Partners. Business Insider has more here.

    —–

    Essential Reads

    WeChat, the popular Chinese messaging app, has launched an international calling service.

    Automakers, not Silicon Valley, lead in driverless car patents.

    How the daily fantasy sports industry turns fans into suckers.

    —–

    Detours

    Uber is making New York City cab drivers nicer.

    —–

    Retail Therapy

    Ah, yes, good, a new technology in chip eating.

  • The Landlord VC

    AspectYou might be hearing talk of depressed valuations, but that message certainly isn’t reaching commercial real estate owners in the Bay Area. The median price per square foot to rent office space in the city has shot up 33.7 percent in just the last three months alone, says Loopnet, an online real estate resource. Over the last 12 months, San Francisco rents have soared 106 percent.

    It’s easy to throw up one’s hands at that the situation. Aspect Ventures, a year-old, early-stage venture firm founded by longtime VCs Jennifer Fonstad and Theresia Gouw, is instead using the trend to its advantage by renting up to 20 desks in its own, 2,600-square-foot headquarters in San Francisco. It’s charging market rates, too.

    It’s a smart move on a number of levels. First and most obviously, it helps Aspect defray its own costs, which can’t be inexpensive given current prices. According to real estate specialist Jones Lang LaSalle, average office rent in San Francisco has hit a whopping $70 per square foot.

    Aspect, which closed its debut fund with $150 million last year, is also willing to rent the desks to both startups it has backed and those it might fund in the future, which allows it to see more young companies up close.

    That’s harder to do than you might think.

    More here.

    (Photo courtesy of Aspect Ventures. From left: cofounder Theresia Gouw, principal Lauren Kolodny, cofounder Jennifer Fonstad, and associate Kamil Saeid.)

  • StrictlyVC: January 5, 2016

    Happy Tuesday, everyone!

    —–

    Top News in the A.M.

    President Obama yesterday ordered the federal government to study how smart gun technology could stem gun violence. The agencies involved have 90 days to produce recommendations. CNet has more here.

    China’s terrible start to 2016 has its government in fire-fighting mode. Bloomberg has more here.

    New York City’s first “phone booth of the future” — a kiosk that provides free one-gigabyte WiFi to anyone in a 150-foot radius — was unveiled earlier today. Roughly 7,500 more are coming by 2024.

    —–

    Biotechs Hit the Ground Running

    If we had to gamble on it, we’d bet the IPO market will be far more brisk this year than last year, which was the worst year for tech IPOs in particular since 2009.

    Even still, it came as a bit of a surprise yesterday when not one or three but six biotech startups revealed plans to go public. (If you recall, biotech IPOs, which ticked along nicely for a couple of years, practically came to a standstill in the second half of last year.)

    If you happened to miss the steady string of announcements — which, as Bloomberg notes, comes one week before JPMorgan Chase & Co’s big annual health care conference in San Francisco — here are the handful of companies that plan to test the IPO waters soon:

    1.) Audentes Therapeutics. It’s a three-year-old, San Francisco-based  biotechnology company focused on developing and commercializing gene therapy products for patients suffering from serious, life-threatening rare diseases caused by single gene defects. One of those diseases is myotubular myopathy, a degenerative muscular condition that afflicts almost exclusively males and kills one in every 50,000 newborns by the time they reach age two. The company plans to raise $86.3 million offering. As the San Francisco Business Times notes, Audentes first filed IPO plans confidentially in early November, about a month after it raised $65 million in a Series C funding. According to CrunchBase, it has raised roughly $138 million altogether, including from T. Rowe Price, Venrock, Sofinnova Ventures, and 5AM Ventures.

    2.) Editas Medicine. Like Audentes (and many biotech startups to go public before it), this Cambridge, Ma.-based company is also awfully young at just two years old. What it does: develop treatments to modify disease-causing genetic defects. What it’s planning: to offer up to $100 million in stock. That’s less than what it has raised from private investors to date. According to CrunchBase, Editas has collected around $120 million from investors, including Flagship Ventures, Polaris Partners, and Third Rock Ventures. (The Boston Globe has more here.)

    3.) Corvus Pharmaceuticals.This Burlingame, Ca.-based company is practically brand-new, having been founded in November 2014. But that’s not stopping it from attempting to raise $115 million in an IPO for its business, which is focused on the development and commercialization of immuno-oncology therapies that harness the immune system to attack cancer cells. Its plans aren’t as crazy as they sound.

    More here.

    —–

    New Fundings

    Alef Mobitech, a three-year-old, Bernardsville, N.J.-based mobile startup whose software promises to enhance user engagement by increasing the relevance and responsiveness of the mobile apps people use, has raised $5 million from Tata Capital Innovations Fund, a private equity fund managed by Tata Capital. The Economic Times has more here.

    Blueshift Labs, a year-old, San Francisco-based marketing automation startup, has raised $8 million in Series A funding led by Storm Ventures, with participation from earlier backer Nexus Venture Partners. More here.

    Cuvva, a year-old, Edinburgh, Scotland-based startup that enables customers to insure a car for as little as an hour (interesting!), has raised £400,000 ($586,000) in seed funding from an Edinburgh-based private angel syndicate. TechCrunch has more here.

    Dada, a 1.5-year-old, Shanghai, China-based Uber-like mobile app that focuses on providing last mile logistics services, has raised $300 million in Series D funding from DST Global, Sequoia Capital and other unnamed investors. China Money Network has more here.

    Degreed, a nearly four-year-old, San Francisco-based skills assessment platform, has raised $21 million in Series B funding led by Jump Capital, with participation from Signal Peak Ventures, Rethink Education, Deborah Quazzo and other existing investors.

    Emperra, a seven-year-old, Potsdam, Germany-based startup behind a digital diabetes management solution that comprises smart hardware and software, has raised $3.1 million in Series B funding from Robert Bosch Venture Capital and earlier backers Peppermint VenturePartners and Investitionsbank des Landes Brandenburg.

    GlySens, a 17-year-old, San Diego-based maker of a long-term continuous glucose monitoring system for people with diabetes, has raised $20 million in Series D financing from (unnamed) new and earlier backers. More here.

    Greenwave Systems, a 7.5-year-old, Irvine, Ca.-based global Internet of Things software and managed services provider, has raised $45 million in Series C funding from investors EDBI (the corporate investment arm of the Singapore Economic Development Board); Singapore Technologies Telemedia; and earlier backers The Westly Group and E.ON, the privately-owned energy supplier.

    JW Player, an 8.5-year-old, New York-based company behind a popular media player of the same name, has raised $20 million in Series D funding from earlier investors, including Greycroft Partners, Greenspring Associates, Cueball Capital and e.venture. TechCrunch has more here.

    Millendo Therapeutics, a three-year-old, Ann Arbor, Mi.-based biopharmaceutical company that’s aiming to treat orphan and specialty endocrine diseases, has raised $62 million in Series B funding led by New Enterprise Associates. Other particpants in the round include Roche Venture Fund, Adams Street Partners, Altitude Life Science Ventures, Longwood Fund, and Renaissance Venture Capital Fund, along with earlier backers Frazier Healthcare Partners, Osage University Partners, 5AM Ventures, and the Regents of the University of Michigan. More here.

    One Medical Passport, a 15-year-old, Willington, Ct.-based maker of cloud-based peri-operative medical software, has raised $4 million in Series A funding from FCA Venture Partners, a Nashville-based venture capital firm.

    Pathway Genomics, a 7.5-year-old, San Diego-based global clinical lab offering genetic tests for cancer risk, drug responses, and other conditions, has raised $40 million in Series E funding, including from IBM Watson, which is working with the company to develop a mobile app for personalized health and wellness guidance.

    Snapcart, a four-month-old, Indonesia-based startup whose service offers consumers rewards in exchange for scans of their shopping receipts, has raised $1.675 million in “pre-Series A” funding led by Wavemaker Partners and Singapore Press Holding’s SPH Media Fund. Earlier backers SMDV (Sinar Mas Digital Ventures) and Ardent Capital also joined the round. TechCrunch has more here.

    Venminder, a 12.5-year-old, Elizabethtown, Ky.-based credit union and bank vendor management software and services firm, has raised $4 million in Series B funding led by Bain Capital Ventures. More here.

    —–

    IPOs

    See today’s column (above).

    —–

    Exits

    At the end of November, Google announced it was buying bebop, a cloud platform startup founded by former VMware CEO and co-founder Diane Greene. Yesterday, the company filed paperwork with the SEC revealing the purchase price: $380,241,352. More here.

    Intel has made yet another hardware acquisition to beef up its business of integrating its processors and RealSense imaging technology into the next wave of connected devices beyond PCs. Its newest purchase: Ascending Technologies, a Germany-based startup that makes small drones and the software used to fly them. Terms of the deal weren’t disclosed. More here.

    —–

    People

    Stripe cofounder Patrick Collison on his five-year-old company’s trajectory so far: “Heartening as the success to date has been, we are so early in accomplishing the goals that we set out for ourselves . . . If anyone here believes that Stripe has already made it, that would be hugely problematic for us.”

    Facebook CEO Mark Zuckerberg is apparently very keen on making New Year’s resolutions this year. After announcing earlier in the day that he wants to build a “simple AI” for his home and he work, he posted on Facebook last night that he also plans to run at least 365 miles this year.

    —–

    Jobs

    LinkedIn is hiring a senior corporate development manager. The job is in Mountain View, Ca.

    OpenView Partners is looking to hire a market strategy manager. The job is in Boston.

    —–

    Essential Reads

    Faraday Future finally unveiled its concept car last night and it looks like . . . the Batmobile.

    Remember when Facebook bought Oculus for $2 billion, and Kickstarter backers that they didn’t get anything out of the acquisition? Today, Oculus announced those original Kickstarter backers will receive a final unit for free. More here.

    —–

    Detours

    “If I don’t get pants, nobody gets pants.”

    An incredible new image of two galaxies merging to form a new galaxy.

    —–

    Retail Therapy

    You can now own your own “Skyacht.” (Well, at least a couple of you can.)

  • Biotechs Hit the Ground Running

    SyndaxIf we had to gamble on it, we’d bet the IPO market will be far more brisk this year than last year, which was the worst year for tech IPOs in particular since 2009.

    Even still, it came as a bit of a surprise yesterday when not one or three but six biotech startups revealed plans to go public. (If you recall, biotech IPOs, which ticked along nicely for a couple of years, practically came to a standstill in the second half of last year.)

    If you happened to miss the steady string of announcements — which, as Bloomberg notes, comes one week before JPMorgan Chase & Co’s big annual health care conference in San Francisco — here are the handful of companies that plan to test the IPO waters soon:

    1.) Audentes Therapeutics. It’s a three-year-old, San Francisco-based  biotechnology company focused on developing and commercializing gene therapy products for patients suffering from serious, life-threatening rare diseases caused by single gene defects. One of those diseases is myotubular myopathy, a degenerative muscular condition that afflicts almost exclusively males and kills one in every 50,000 newborns by the time they reach age two. The company plans to raise $86.3 million offering. As the San Francisco Business Times notes, Audentes first filed IPO plans confidentially in early November, about a month after it raised $65 million in a Series C funding. According to CrunchBase, it has raised roughly $138 million altogether, including from T. Rowe Price, Venrock, Sofinnova Ventures, and 5AM Ventures.

    2.) Editas Medicine. Like Audentes (and many biotech startups to go public before it), this Cambridge, Ma.-based company is also awfully young at just two years old. What it does: develop treatments to modify disease-causing genetic defects. What it’s planning: to offer up to $100 million in stock. That’s less than what it has raised from private investors to date. According to CrunchBase, Editas has collected around $120 million from investors, including Flagship Ventures, Polaris Partners, and Third Rock Ventures. (The Boston Globe has more here.)

    3.) Corvus Pharmaceuticals.This Burlingame, Ca.-based company is practically brand-new, having been founded in November 2014. But that’s not stopping it from attempting to raise $115 million in an IPO for its business, which is focused on the development and commercialization of immuno-oncology therapies that harness the immune system to attack cancer cells. Its plans aren’t as crazy as they sound.

    More here.

  • StrictlyVC: January 4, 2016

    Happy New Year, dear readers! Hope 2016 has wonderful things in store for you.

    As for us, we’re just back in town and excited to get back to work. Toward that end, a quick mention: We’re headed to the World Economic Forum in Davos in a couple of weeks as part of our role with TechCrunch. (We’re excited, though probably still ill-prepared for how insanely c-c-cold it will be.)

    If you’re headed there, too, please let us know. We’ll be helping out with video and print interviews throughout the week and looking to talk with top CEOs and other smart people in tech and academia about a wide range of things, from driverless cars, to the future of work, to Paul Graham’s controversial new essay.

    (No column today.)

    —–

    Top News in the A.M.

    World stock exchanges are falling.

    —–

    New Fundings

    Athletigen, a nearly two-year-old, Halifax, Nova Scotia-based sports genetics startup, has raised $1.6 million in seed funding led by Exponential PartnersMore here.

    BionX Medical Technologies, a nine-year-old, Bedford, Mass.-based company that makes bionic prosthetic devices, has raised $17 million in Series E funding led by ZGC Shiner Investment, with participation from earlier backers, including Gilde Healthcare. The company has now raised roughly $70 million to date. More here.

    DipJar, a three-year-old, New York-based provider of digital tip jars and donation boxes for credit cards, has raised $2.4 million in seed funding from Corazon Capital, Charge Ventures and individual angels, along with earlier backers Bolt and Project 11. More here.

    Geniee, a five-year-old, Tokyo, Japan-based ad tech startup, has raised an undisclosed amount of Series D funding led by Fenox Venture Capital. Tech in Asia has more here.

    HealPros, a four-year-old, Atlanta, Ga.-based mobile telemedicine triage service company that focuses largely on diabetic retinopathy eye examinations, has raised an undisclosed amount of Series A funding led by Sopris CapitalMore here.

    Hometeam, a 2.5-year-old, New York-based in-home-care company that promises personalized care planning, caregiver matching, and proactive case management, has raised $27.5 million in Series B funding led by Oak HC/FT. Earlier backers Lux Capital, IA Ventures and Recruit Strategic Partners also joined the round. More here.

    Lyft, the 3.5-year-old, San Francisco-based rideshare company, has closed $1 billion in Series F funding, half of it from General Motors. Other participants in the round include Saudi Prince Al-Waleed’s Kingdom Holding CompanyJanus Capital Management, and previous investors Didi, Rakuten, and Alibaba. TechCrunch has more here.

    Movinga, a year-old, Berlin, Germany-based online relocation services startup, has raised $25 million in Series B funding led by Index Ventures, with participation from earlier backers, including Earlybird VC, Heilemann Ventures, and Global Founders Capital (the venture arm of Rocket Internet). TechCrunch has more here.

    Phytech, a five-year-old, Hayyin, Israel-based company whose mobile platform combines agricultural analytics and data management to help growers in their farming decisions, has raised an undisclosed amount of new funding from earlier backers Syngenta Ventures and Mitsui & Co. More here.

    Quartzy, a seven-year-old, Palo Alto, Ca.-based lab supplies marketplace, has raised $17 million in Series B funding led by Eminence Capital, with participation from Khosla Ventures (which led its Series A), along with the YC Continuity fund, A Capital, Yelp CEO Jeremy Stoppelman, Binary Capital, Scribd and Parse co-founder Tikhon Bernstram, and Factual founder Gil Elbaz. TechCrunch has more here.

    RapidMiner, an 8.5-year-old, Cambridge, Mass.-based company behind a predictive analytics platform, has raised $15 million in new funding, according to an SEC filing first flagged by Fortune. The company’s earlier backers include Ascent Venture Partners, Longworth Venture Partners, Earlybird Venture Capital and Open Ocean Capital. More here.

    Scholar Rock, a Cambridge, Ma.-based drug developer focused on new biologic therapeutics, has raised $36 million in Series B funding led by Fidelity, with participation from Cormorant Asset Management and earlier backers Polaris Partners, Timothy Springer, ARCH Venture Partners, EcoR1 Capital and The Kraft Group.

    Silvercar, a 3.5-year-old, Austin, Tex.-based startup that rents out silver Audi cars as part of its airport rental car business, has raised $28 million in Series C funding led by Audi. Previous investors Austin Ventures and Facebook co-founder Eduardo Saverin also participated in the new round. TechCrunch has more here.

    Zipnosis, a 6.5-year-old, Minneapolis, Mn.-based online diagnosis and treatment platform for common medical conditions, has raised $17 million in Series A funding led by Safeguard Scientifics, with participation fromAscension Ventures and earlier investors Fairview Health Services, Hyde Park Venture Partners, Arthur Ventures, Waterline Ventures and Omphalos Ventures. More here.

    —–

    New Funds

    Former Earlybird Venture Capital investors Ciarán O’Leary and Jason Whittier have raised a $120 million debut fund for their new firm, BlueYard Capital. The fund is based in Berlin but plans to make investments across Europe. More here.

    Healthquest Partners, a 2.5-year-old, Menlo Park, Ca.-based med-tech venture capital firm founded by former Sofinnova Ventures partner Garheng Kong, is looking to raise up to $175 million for its second fund, according to an SEC filing. The firm closed its debut fund with $110 million in 2014.

    —–

    Exits

    Alibaba-backed Paytm has acquired Shifu — a smart consumer behavior prediction platform — in a deal reportedly valued at $8 million. The Tech Portal has more here.

    —–

    People

    Vinnie Lauria, a cofounder of the three-year-old venture firm Golden Gate Ventures, tells TechCrunch, “Most people have invested in China and India, but they’ve seen the market get way too overvalued. Southeast Asia is the next opportunity.” More here.

    Blythe Masters, a former star banker at JPMorgan Chase, has reportedly been struggling to raise money for her blockchain start-up, Digital Asset Holdings, after potential investors learned that JPMorgan was being given better terms than others.

    April Underwood, who joined Slack in June after nearly five years as Director of Product at Twitter, has been named VP of Product.

    Facebook CEO Mark Zuckerberg, known for announcing a personal challenge for himself each year, has divulged his goal for 2016: to “build a simple AI to run my home and help me with my work. You can think of it kind of like Jarvis in Iron Man.” More here.

    —–

    Jobs

    Comcast Ventures is looking to hire an associate. The job is in San Francisco.

    —–

    Data

    The best-paid U.S. executives don’t work on Wall Street. (Chart.)

    —–

    Essential Reads

    Tesla is ramping up its hiring, as rivals loom.

    Spotify has been hit with a $150 million class action lawsuit.

    Why Alibaba wants Chinese shoppers to buy American.

    What does virtual reality do to your mind and body?

    —–

    Detours

    A bar inspired by Seinfeld’s George Costanza.

    What Exactly Are My Obligations in a Situation Like This?

    —–

    Retail Therapy

    For sale: One 48.6-acre development site in Santa Clara, Ca.

    Movi, a neat little camera for filming live events.


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