Week Ending 09.01.19
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This week our corporate finance newsletter brings you the details on six mergers and acquisitions, two initial public offerings, eight funding rounds and seven executive moves in the world of AI.
Developments this week from companies we have been tracking over the past year include Cisco, Temenos, ThoughtSpot, Namaste and Exiger.
See more below ↓
MERGERS AND ACQUISITIONS
Cisco, the San Jose, California-based technology firm, said it is acquiring AI company CloudCherry.
Cisco acquired Voicea, which uses AI in voice transcription, last month.
Temenos, the Geneva, Switzerland-based banking software company, said it acquired Kony, a banking software company using AI. It acquired AI company Logical Glue in July.
Rambus, the Sunnyvale, California-based AI chip maker, said it completed the acquisition of chip component maker Northwest Logic.
Airship, the Portland, Oregon-based marketing company, said it acquired Apptimize, the mobile apps testing company using machine learning.
CareDX, the Brisbane, California-based medical company using AI, said it acquired XynManagement, a company tracking organ transplant data.
Tanla, the Telangana, India-based cloud communications company, said it acquired Gamooga, the marketing platform using AI.
Entelo, the San Francisco, California-based recruiting company using AI, said it acquired ConveyIQ.
FILINGS
Peloton Interactive, the New York City-based fitness equipment and services firm using AI, said it is rising a placeholder USD 500m in an initial public offering.
Megvii Technology, the Beijing, China-based AI company, has filed for an at least USD 500m initial public offering in Hong Kong, according to a Reuters report. The Alibaba-backed facial recognition company works with governments and companies.
Oportun Financial, the San Carlos, California-based financial services company using machine learning, refiled for a USD 50m initial public offering on the Nasdaq.
Bear Robotics, the Redwood City, California-based company building restaurant automation systems, said it raised USD 10m, according to a Form D filing. The company it trying to raise USD 35m in total.
FUNDING
ThoughtSpot, the Palo Alto, California-based analytics company using AI, said it raised USD 248m in a funding round that included a Silver Lake late stage growth capital fund and Sapphire Ventures.
It hired Brian McCarthy as senior vice president of worldwide sales and David Freeman as senior vice president of business operations in October last year.
ThoughtSpot hired Sudheesh Nair as CEO in summer 2018 and raised USD 145m in a Series D funding led by Sapphire Ventures in May of that year.
Credit Sesame, the San Francisco, California-based consumer credit platform for the health care industry using AI, said it raised USD 43m in a funding led by New York’s ATW Partners.
HiScene, the Shanghai, China-based AR company, raised USD 35m in a Series C financing led by Yangtze River Delta Collaborative Advantage Industry Fund, according to a Deal Street Asia report.
Atonarp, the Tokyo, Japan-based molecular diagnostics company using AI, said it raised USD 33m in a Series C that included a fund run by Japan’s postal service.
Stylitics, the New York-based fashion company using AI, said it raised USD 15m in a Series B round led by PeakSpan Capital.
Bond Financial Technologies, the San Francisco, California-based financial technology platform using AI, said it raised USD 10m in a seed round led by Canaan.
Tesorio, the Burlingame, California-based accounting software maker using AI, said it raised USD 10m in a Series A led by Madrona Venture Group.
Worximity Technology, the Montreal, Canada-based marketing company using AI, said it raised USD 6.25m in a Series A led by food processing equipment maker Marel.
PEOPLE
Namaste, the Toronto, Canada-based cannabis company using AI, said it promoted Meni Morim to CEO. He was the company’s chief product officer and had been serving as interim CEO since February.
In May it hired Faraaz Jamal as vice president of marketing and strategy.
In March the company said it was acquiring a 49% stake in chocolate maker Choklat for USD 1.5m in cash. In December Namaste paid USD 250k for a 3% stake in Kief Cannabis. In October Namaste upsized a follow on offering to USD 51.75m from the original USD 45m.
The same month the company refuted Citron Research reports that a sale of US assets were to a related party under securities rules. Namaste acknowledged one action in progress by US regulators it did not identify.
Cred, the San Francisco, California-based lending platform using machine learning, said it hired former eBay executive Joe Podulka as CFO and Dan Wheeler as general counsel.
DiscoverOrg and Zoominfo, the business services companies using AI, said they hired former Dell executive Alyssa Lahar as chief human resources officer. The two companies announced a merger in February they said would take a year to complete.
Exiger, the New York City-based security company using AI and focused on the financial industry, said it hired former Broadridge executive David Kubersky as chief revenue officer.
The company acquired Convergent Solutions, a cybersecurity firm with mostly government clients, last month.
Cardinal Analytx Solutions, the Palo Alto, California-based healthcare analytics company using AI, said it hired Ryan Tarzy as chief commercial officer.
The company raised USD 22m in a Series B led by individual investor John Doerr in May.
Applecart, the New York City-based data and analytics firm using AI, said it hired Joe Shafer as president.
DinoPlusAI, the Fremont, California-based AI software platform, said it hired serial entrepreneur Patrick Ang as vice president of business development.