Last Week in Deeptech - 27/06/2023
Welcome to the Deepsight weekly newsletter, where we run through last week's notable events in the world of deeptech.
Last Week in News:
US approves sale of cell-cultured chicken by two startups (CNBC)
UK’s first deep geothermal energy project for 37 years switched on (Financial Times)
AWS launches $100mn program to fund generative AI initiatives (Techcrunch)
Mercedes-Benz has Installed ChatGPT in 900,000 of its cars (Newsweek)
TL;DR - Venture Markets:
67 deeptech ventures collectively raised $1,328mn from investors.
1 VC fund announced closure, raising a total of $11mn from LPs.
2 companies achieved exits, creating $2,416mn in value for shareholders.
Featured Insights:
Spinout.fyi V2 database released (Spinout.fyi)
In deep: The UK VC fund backing Europe’s student startups (Forbes)
The moat paradox: Rediscovering competitive advantage for AI startups (Benzinga)
Generative AI: The myth of the silver bullet in Defence (Defence Online)
The AI apocalypse: A scorecard (IEEE Spectrum)
NDAA preview: Spaceport of the future (Payload)
Tech Breakthroughs & Partnerships:
Orbital Composites and Virtus Solis announced a Memorandum of Understanding to co-build the world’s first commercial space-based solar power (SBSP) station (Payload)
Rocket Lab conducted the maiden flight of its new Hypersonic Accelerator Suborbital Test Electron (HASTE) booster carrying the ‘DYNAMO-A’ payload (Parabolic Arc)
A new method of insulin delivery developed at the School of Dental Medicine lowers the risk of hypoglycemia compared to current diabetes treatments (Penn Today)
Rocket firm Skyrora has started tests on its 3D-printed engine (BBC)
Our Top 10 Funding Picks:
ATMOS Space Cargo closed an oversubscribed $4.4mn seed round for its space cargo return service, with spacetech VCs Seraphim Space and E2MC Ventures participating.
Reykjavik-based DTE has bagged $10mn in A2 funding from aluminium industry leader Novelis, VC Metaplanet and the EIC Fund for their in-line elemental analysis technology.
Laser-based fusion startup Focused Energy secured an additional $11mn in Series A funding led by Prime Movers Lab, bringing their total capital raised to date to $84mn.
Turbine, a startup that uses cell simulations to guide biopharma R&D, has added $6mn from MassMutual Ventures to its Series A round, bringing the total raised to $28mn.
EO data search engine Danti has emerged from stealth with $2.75mn in funding.
Space logistics cloud platform Continuum Space Systems announced that it closed a $3mn seed round, bringing the company’s total fundraising to more than $6mn to date.
Apex raised $16mn in funding and revealed the first customers for its Aries satellite bus.
Chicago-based Hyfé has raised $9mn to transform wastewater into next-gen feedstocks for biomanufacturing led by Synthesis Capital with participation from multiple other VCs.
NVision Imaging Technologies secured $30mn in Series A funding led by Playground Global to develop and deploy their quantum-powered polarizer for cancer treatment.
Child gut health startup Alba Health secured $2.5mn in pre-seed investment.
See the full list here.
Announced VC Fund Closes:
Madrona Venture Labs announced $11mn for their fifth studio fund, which they will use to continue partnering with founders to create AI companies from the ground up, helping them to de-risk and fast-track their startup journey (you can read their full press release here).
Champagne-Worthy Exits (M&A & IPOs):
Simulations Plus has acquired modelling & simulation company Immunetrics for $15.5mn to expand its immunology and oncology drug development capabilities.
Eli Lilly (NYSE: LLY) is set to acquire DICE Therapeutics (NASDAQ: DICE) in an all-cash deal for $48 per share - an aggregate value of approximately $2.4 billion.
Key Hires and People Movements:
Space Forge will flesh out its U.S. strategy with the help of Andrew Parlock, the UK-based startup’s new managing director for U.S. manufacturing operations.
Twist Bioscience, a company enabling its customers to succeed through its offering of high-quality synthetic DNA using its silicon platform has appointed Chet Gandhi as CIO.
Aerospace industry titan Colin Smith has joined Greenjet’s advisory board, where he will help shape the company’s engineering and product strategy. (Press Release)
Policy & Government Initiatives:
Following on from the passing of the landmark legislation last week, MIT Technology Review has published an excellent summary of the “Five big takeaways from Europe’s AI Act.”
In not-so-positive news, Science Business recently reported that Europe faces a medical device gridlock as companies wait to have old and new products certified under the recently enforced Medical Device Regulation. (check out the full analysis of the situation here)
On a more positive note, the Danish government has announced a new Kr1bn ($93.6mn) investment in quantum research and innovation to propel the sector forward and establish a robust framework for developing and utilising quantum technologies. (read the Quantum Insider coverage here)
Lastly, CesiumAstro, an industry leader in active phased array communications technology for space and airborne systems, announced it has been awarded a contract led by AFWERX, the innovation arm of the US Air Force, through the Tactical Funding Increase (TACFI) program. (read the company’s press release here)
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 do contact me via email: dan@deepsight.news.
Thanks for reading!
Dan