Week Ending 6.7.2020

 
 
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EYE ON A.I. GETS READERS UP TO DATE ON THE MOST CRITICAL FUNDING, CORPORATE AND REGULATORY NEWS WITH ORIGINAL CONTENT AND MEDIA REPORTS FROM AROUND THE GLOBE.


This week our corporate finance newsletter features 12 acquisitions, 16 equity filing, 22 funding rounds, some regulatory moves, and 28 executive hires in the AI sector.

Read more below ↓


MERGERS AND ACQUISITIONS

AireHealth, the Orlando, Florida-based virtual care platform for respiratory illness, said it has acquired BreathResearch, a respiratory healthcare company that uses AI and machine learning to analyze breathing sounds.

Arthur D. Little, the Boston, Massachusetts-based management consulting firm, said it has acquired two companies that use AI: Cutter Consortium, a business-technology research company based in the US, and Presans, a data-driven platform dedicated to industrial open innovation based in France.

NICE Actimize, the Hoboken, New Jersey-based fraud prevention company using AI, said it has acquired Guardian Analytics, a AI cloud-based financial crime risk management company.

National Instruments, the Austin, Texas-based automated measurement software company using AI, said it has acquired OptimalPlus, a real-time analytics company that uses machine learning.

Predictive Oncology, the Minneapolis, Minnesota-based personalized cancer medicine company using AI, said it has acquired two subsidiaries of InventaBio Tech.

ProArch, the Atlanta, Georgia-based cloud consulting and engineering company using AI, said it has acquired iV4, a New York-based technology company.

NetApp, the Sunnyvale, California-based cloud data company using AI, said it has acquired Spot, the Tel Aviv, Israel-based cloud optimization company.

Bentley Systems, the Exton, Pennsylvania-based software company using AI and focused on the design and construction industry, said it has acquired NoteVault, a construction management systems company that uses machine learning.

VMware, the Palo Alto, California-based business software company, said it plans to acquired Lastline, an anti-malware research and AI-powered company. (See People section for the company’s new hire)

eHave, the Miami, Florida-based digital therapeutics company using machine learning, said it plans to acquire MDLink.

Other acquisitions include ReNew Power and Visual Labs


FILINGS

ZoomInfo, the Vancouver, Washington-based marketing firm using AI, saw its shares rise 62 percent above its IPO price on its first day of trading. The company raised USD $934.5 million by selling 44.5 million shares at USD $21 each, above an already upsized indicative range. ZoomInfo originally sought USD $800 million from the sale of 44.5 million shares at a range of USD $16 to USD $18, then raised that to USD $19 to USD $20.

The company was previously known as DiscoverOrg. In February 2019, DiscoverOrg bought Massachusetts-based Zoom Information, and later announced that it was changing its name to ZoomInfo.

Dynatrace, the Waltham, Massachusetts-based AI company, said its shareholders, including private equity firm Thoma Bravo and CEO John Van Siclen, have raised USD $1.05 billion from the sale of 30 million shares at USD $35 each, a 4.8 percent discount. Thoma Bravo's take fell to 42.9 percent after the sale from 52 percent.

The sale marks the third sell down since the company's USD $569.76 million initial public offering in August of 35.61 million shares at USD $16 each, almost twice the amount the deal was originally set for. In February, shareholders, including Thoma Bravo, raised USD $862.5 million from the sale of 25 million shares at USD $34.50 each, a 2.5 percent discount. In December, shareholders, including Thoma Bravo, sold 27.5 million shares worth USD $690 million.

Skillful Craftsman Education Technology, the Wuxi, China-based online vocational training company using AI, refiled for a downsized as much as USD $16.5 million initial public offering of 3 million shares at USD $4.50 to USD $5.50 each on Nasdaq under the symbol NGJY.

In May, the company said it was raising USD $20 million from the sale of 2.4 million shares at USD $5.50 to USD $7 each.

Boxlight Corp, the Lawrenceville, Georgia-based education company focused on robotics and other technology, refiled for an up to USD $11.5 million follow on offering.

Burning Rock Biotech, the Beijing, China-based firm that focuses on early cancer detection using machine learning, refiled a placeholder for USD $240.6 million initial public offering of 13.5 million shares at USD $13.50 to USD $15.50 each on the Nasdaq under the symbol BNR.

In May, the company originally filed a placeholder for USD $100 million IPO.

Vroom, the New York-based online car retailer using machine learning, refiled a placeholder for USD $431 million for an initial public offering of 18.75 million shares at USD $18 to $20 each on the Nasdaq under the symbol VRM. In May, Vroom originally filed a placeholder for USD $100 million IPO.

In December, Vroom raised USD $254 million in a Series H round of funding led by Washington, D.C.-based Durable Capital Partners LP.

Agora, the Santa Clara, California-based real-time streaming platform using AI, said it plans to raise a placeholder of USD $100 million from an initial public offering on the Nasdaq under the symbol API.

Globant, the Chicago, Illinois-based technology company using AI, said it raised as much as USD $270 million from the sale of 2 million shares at as much as USD $135 each, and 7.7 percent discount from the last reported price in the filing. In August 2019, the company acquired Belatrix Software.

Genetron Health Holdings, the Beijing, China-based cancer research company using AI, said it plans to raise a placeholder of USD $100 million from an initial public offering on the Nasdaq under the symbol GTH.

Other filings include Clarivate, Dada Nexus, Father Time, Grid Dynamics, Quhuo Limited, Titan Medical and UAS Drone Corp.


FUNDING

Bigfoot Biomedical, the Milpitas, California-based company using machine learning to treat diabetes, said it has raised USD $55 million in a Series C funding round led by Abbott.

Locus Robotics, the Wilmington, Massachusetts-based company that produces autonomous mobile robots for fulfillment warehouses, said it has raised USD $40 million in a Series D funding round led by Zebra Ventures. The Series D funding brings Locus Robotics’ total funding to more than $105 million.

Vention, the Montreal, Canada-based manufacturing automation technology company using AI, said it has raised CAD $38 million (USD $28.13 million) in a Series B financing round led by Georgian Partners.

Verne Global, the London, UK-based data center solutions company for high-performance computing (HPC), said it has raised USD $27 million in a funding round led by Wellcome Trust, Novator Partners, Stefnir and General Catalyst.

INKY Technology, the College Park, Maryland-based email phishing protection company using computer vision, said it has raised USD $20 million in a Series B funding round led by global venture capital and private equity firm Insight Partners. The addition of the Series B funding brings the total investment in the company to $31.6 million.

Nanox, the Neve Ilan, Israel-based medical imaging technology company using AI, said it has raised USD $20 million in an additional equity investment led by SK Telecom. This transaction follows the initial $5 million investment made by SK Telecom a year ago.

Ubie, the Tokyo, Japan-based developer of AI-based healthcare products, said it has raised JPY ¥2B (USD $18.7 million) in a Series B financing round led by Suzuken, a Japanese pharmaceutical company that also entered into a strategic business partnership with Ubie.

Ezra, the New York City-based early cancer screening startup using MRIs and AI, said it has raised USD $18 million in new funding led by FirstMark Capital. Jeff Raider and Dave Gilboa, the co-founders of Harry's and Warby Parker, and Vlad Tenev, the co-founder of Robinhood also participated.

Keelvar, the Cork, Ireland-based AI-powered sourcing software company, said it has raised USD $18 million in a Series A funding round led by Elephant and Mosaic Ventures.

Beacon, the London, UK-based freight forwarding and supply chain finance company using AI, said it has raised over USD $15 million in a Series A fundraising round led by Jeff Bezos, founder and CEO of Amazon, and capital firm 8VC.

Superpedestrian, the Boston, Massachusetts-based mobility engineering and technology company, said it has raised USD $15 million in a funding round led by Edison Partners. In November, the company raised USD $20 million in funding that included Spark Capital and General Catalyst.

1touch.io, the Stamford, Connecticut-based data discovery, privacy, and security company using AI, said it has raised USD $14 million in a Series A funding round led by National Grid Partners and Jerusalem Venture Partners.

Anvil, the San Francisco, California-based paperwork automation company using AI, said it has raised USD $5 million in a Series A funding round led by Google's AI-focused investment fund, Gradient Ventures.

MySky, the New York City-based AI-powered spend management company, said it has raised USD $5 million in a funding round led by GMF Capital.

Vetty, the New York City-based AI-powered employee verification company, said it has raised USD $4 million in a Pre-Series A funding round led by 3Lines Venture Capital.

Element5, the San Jose, California-based startup building homecare's first automation hub using AI and robotics, said it has raised USD $2.5 million in a seed round funding from unspecified investors.

Searchable.ai, the San Francisco, California-based conversational search engine company using AI, said it has raised USD $4 million in a seed funding round led by Susquehanna International Group and Omicron Media.

Other funding include Agxio, Atom Power, Hyperscience, LabMinds and Vara.


LEGAL AND REGULATORY

US Lawmakers introduced bicameral legislation this week that they said was aimed at keeping ahead of China and other adversaries in AI.


PEOPLE

Aerial Technologies, the Montreal, Canada-based motion intelligence company using machine learning, said it has hired Steve Sifferman as CEO.

Boulder AI, the Boulder, Colorado-based AI-driven IoT hardware and software startup company, said it has hired Patrick Reilly as global vice president of sales and marketing. Before joining Boulder AI, Reilly executive-level positions with Cisco and Oracle.

International Road Dynamics, the Saskatoon, Canada-based highway traffic management company using AI, said it has hired Rish Malhotra as president and CEO.

Comau, the Turin, Italy-based industrial automations company using robotics and AI, said it has hired Paolo Carmassi as CEO.

DoiT International, the Tel Aviv, Israel-based software and services company using machine learning, said it has hired Giridhar Premsingh as global CFO. The company acquired superQuery in February.

Current Health, the Boston, Massachusetts-based AI-powered remote patient monitoring and telehealth company, said it has hired John McLean as chief growth officer and CFO.

Eckhart, the Warren, Michigan-based industrial automation company using robotics, said it has hired Michael Stob as CFO.

Education Advanced, the Tyler, Texas-based provider of K-12 operations technology, said it has hired Eric Turner as chief marketing officer. Before joining the company, Turner was the COO at LotLinx, an AI-based marketing technology company.

Sarcos Robotics, the Salt Lake City and Bellevue, Washington-based industrial robotic systems maker, said it has hired Dr. Denis Garagic as chief scientist of advanced systems and AI.

Additionally, Jim Ryder was hired as executive vice president and chief revenue officer, and Tom Jackson as executive vice president and general manager of Sarcos Defense.

ContractPodAi, the London, UK-based AI-powered contract lifecycle management company, said it has hired Anurag Malik as chief technology officer. Prior to joining ContractPodAi, Malik was the chief information officer of Zovio Inc. as well as the CEO of Learn@Forbes.

In July 2019, the company raised USD $55 million in a Series B funding round led by Insight Partners.

Cerner, the Kansas City, Missouri-based global health care technology company, said it has hired Jerome Labat as chief technology officer. Previously, Labat held leadership positions at Hewlett Packard and Oracle.

Netcore Solutions, the Mumbai, India-based AI-powered marketing technology company, said it has hired Barry Abel as chief revenue officer. In April, the company acquired Quinto.ai, the chatbot maker.

MDLIVE, the Sunrise, Florida-based virtual healthcare provider using AI, said it has hired Dr. Cynthia Zelis as chief medical officer.

In March, the company appointed current president Charles Jones as CEO. It has also hired Christopher Shirley as CFO and Andy Copilevitz as chief operations officer and hired Rachel Dvorken as chief legal officer and Cynthia McIntyre as chief revenue officer in January.

Finastra, the London, UK-based financial services software developer, said it has hired Neil Blagden as chief customer officer. In March, the company hired former Dell executive Gary Bischoping as CFO.

Kalera, the Orlando, Florida-based vertical farming company using AI, said it has hired Jeremy Johnston as chief information officer and Jeff Larsen as vice president of sales. Before joining Kalera, Johnston held executive roles at Deloitte and Amazon.

BlackBerry, the Waterloo, Canada-based business software developer using AI, said it has hired Thomas Eacobacci as president. In March, the company hired former Intel executive Marjorie Dickman as chief government affairs and public policy offer.

Varian, the Palo Alto, California-based cancer care technology firm using AI and machine learning, said it has hired two executives, Michael Hutchinson as senior vice president, chief legal officer and Dr. Francis Facchini as president of Varian's Interventional Solutions business.

Finantix, the London, UK & Zurich, Switzerland-based financial services firm, said it has hired Christine Ciriani as CEO. In March, the company acquired InCube Group, the Swiss financial services firm that uses AI.

Realtor.com, the Santa Clara, California-based property platform using machine learning, said it has hired Rachel Morley as chief product officer.

VMware, the Palo Alto, California-based business software company, said it has hired Carol Carpenter as chief marketing officer. (See M&A section for the company’s latest acquisition)

In August 2019, the company acquired cybersecurity company Carbon Black for USD $2.1 billion and business software developer Pivotal for USD $2.7 billion to build out its AI capabilities.

Other executive hires include Tellius, Saykara, ServiceLinks and Pegasystems.


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