Last Week in Deeptech - 08/08/2023

Welcome to the Deepsight weekly newsletter, where we run through last week's notable events in deeptech.

Last Week in News:

• NASA unveils new streaming service landing later this year (Space.com)

• Steve Wozniak’s Privateer is forging an online market for satellite access (Bloomberg)

• Pragmatic downplays US exit concerns, commits to scaling UK manufacturing (UKTN)

TL;DR - Venture Markets:

• 55 deeptech ventures collectively raised $1,408mn from investors. 

• 1 VC fund announced closure, raising $200mn from limited partners.

• 4 companies achieved exits, creating $825mn in value for shareholders.

Source: crunchbase funding round data

Sources: crunchbase M&A data and crunchbase IPO data

Featured Insights:

• Wired for Success: Reforming Whitehall to support science & technology (UK Onward)

• Academic to Entrepreneur: Unlocking the Potential of UK Spinouts (TEN)

• Top 8 machine learning trends in 2023 (AI Accelerator Institute)

• 13 techbio startups to watch, according to investors (Sifted)

• A Deep Dive Into Nanomaterials (Pace Ventures)

• Fusion Is Having a Moment (IEEE Spectrum)

Tech Breakthroughs & Partnerships:

• Marvel Fusion and Colorado State University have entered into a public-private Partnership to build groundbreaking $150M laser facility (Marvel Fusion)

• The FAA approves the largest uncrewed aircraft system in the US (Bloomberg)

• Tesla alum aims to build the power company of the future (Canary Media)

• Quantum techniques lead to radar breakthrough (eeNews Europe)

Source: Jupiter Power | Jupiter Power's 7.5 MW/15 MWh battery project in Pecos County, Texas

Our Top 10 Funding Picks:

1. Inworld AI raised $50mn to build an opensource version of AI Character Engine.

2. AI chip and technologies startup Tenstorrent announced it has secured another $100mn round of funding from new investors Hyundai Motor Group and Samsung Catalyst Fund.

3. VenoStent completed a $16mn Series A round and receives IDE Approval for US Trial.

4. Carbontech startup Carbon Upcycling has raised a $26mn Series A funding round to support their first commercial-scale carbon capture and utilisation deployments.

5. Alibaba founder Jack Ma has invested in sustainable fishery and agriculture startup 1.8 Meters Marine Technology as part of their recent $15mn investment round.

6. AI-driven pioneer in drug formulation Persist AI has raised $4mn in seed financing.

7. Phoenix-based Nuclearn closed a $2.5mn seed round to bring AI to the nuclear industry.

8. Niricson has secured $7.5mn through a seed round led by MUUS Climate partners to revolutionize predictive maintenance for critical infrastructure using artificial intelligence.

9. Biotech startup Amber Bio raised $26mn in seed capital co-led by Playground Global and Andreessen Horowitz to advance their new RNA-based gene editing platform.

10. Kyverna Therapeutics has extended its Series B financing round to $145mn, bringing in new investors Bain Capital Life Sciences and GordonMD Global Investments LP.

See the full list here.

Announced VC Fund Closes:

Reed Jobs, the son of Steve Jobs, is launching a $200 million, oncology-focused venture firm called Yosemite, which will invest in both for-profit, early-stage companies and via philanthropic grants to academic researchers (Biopharma Dive coverage here)

Champagne-Worthy Exits (M&A & IPOs):

• PureTech Scientific announced the completion of its acquisition of the Glycolic Acid business from The Chemours Company for $137mn in an all-cash deal.

• PacBio has entered into an agreement to acquire Apton Biosystems for up to $110mn to accelerate the development of a next-gen, high throughput, short-read sequencer.

• Electriq Power successfully closed its SPAC merger with TLG Acquisition One Corp,  valuing the home energy storage & intelligence company at an estimated $500mn.

• Mira Pharmaceuticals, a pre-clinical-stage pharmaceutical company focused on a new synthetic THC analogue (MIRA1a) debuted on the Nasdaq at a market cap of $103mn.

Key Hires and People Movements:

• Dandelion Energy has announced that former Executive Chairman Dan Yates has joined the company in a greater operational capacity as their new CEO.

• North of England investor Northern Gritstone has appointed Erebagen CEO and Chair Fiona Marston OBE as the newest member of its investment committee.

• Eve Air Mobility, a market leader in the development of Urban Air Mobility technologies, announced that has appointed Johann Bordais as its new CEO.

Source Northern Gritstone | synthetic biology firm Erebagen’s Chair & CEO Fiona Marston OBE, who is joining the Northern Gritstone investment committee

Policy & Government Initiatives:

Only a couple of major policy updates from last week:

1. The Indian Government released its draft of the National Deep Tech Startup Policy (NDTSP), with the aim to support and nurture the unique requirements of deeptech startups in India.

2. The UK government has announced the advisory panel that it proposed as part of the semiconductor strategy. (eeNews Europe coverage here)

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That’s all for this week!

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If you have any feedback - or want to see more of something covered in the newsletter - please reach out via email: dan@deepsight.news.

Thanks for reading!

Dan