Good day. Indian education-technology startup Think & Learn
Pvt Ltd., which does business as Byju's, is gaining traction on its
plans to aggressively expand in the U.S. after an acquisitive
summer.
The Bangalore-based company sees India and the U.S. as its two
main markets, where it targets children in the K-12 age group. The
startup mostly uses a so-called freemium model -- a pricing system
that starts with a free product that includes paid features -- and
it is organized around three main verticals: schools, test
preparations and rescaling for professionals.
Last week, Byju's agreed to purchase Los Altos, Calif.-based
coding platform Neuron Fuel Inc., which does business as Tynker,
for an undisclosed amount. The deal followed the acquisition of
Redwood City, Calif.-based reading platform Epic Creations Inc. for
$500 million in July.
The summer deals bring Byju's closer to its goal of investing $1
billion in the U.S. ed-tech market, co-founder and chief executive
Byju Raveendran said. Tynker and Epic have collectively been used
by 110 million children worldwide and bolster Byju's' offering for
its core age group.
The ed-tech industry has been on a tear since the start of the
pandemic as children picked up learning online while schools were
fully or partially closed. Globally, startups in this sector have
nabbed $7.82 billion from investors in the first eight months of
the year, outpacing the $6.07 billion they raised in the same
period of 2020, according to CB Insights. Byju's is the world's
most valuable ed-tech startup at $16.5 billion, according to CB
Insights.
Byju's had around 45 million students on its platform before
gaining approximately 55 million more in the past year thanks to
the tailwind of the pandemic, said co-founder and board member
Divya Gokulnath, who is also Mr. Raveendran's wife. The bulk of
Byju's users are in India.
And now on to the news...
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Top News
Zoom CEO Eric Yuan at the company's offices in San Jose, Calif.,
in 2019. PHOTO: JASON HENRY FOR THE WALL STREET JOURNAL
Zooming in. A Justice Department-led panel is investigating Zoom
Video Communications Inc.'s deal to buy an American
customer-service software company, citing potential
national-security risks posed by the U.S. videoconferencing giant's
China ties, The Wall Street Journal reports.
The department said the interagency committee -- known as Team
Telecom -- needed to review a license application that arose from
the San Jose, Calif.-based company's nearly $15 billion deal to buy
Five9 Inc. to see if it "poses a risk to the national security or
law enforcement interests" of the U.S., according to a letter
posted on the Federal Communications Commission website. The
department said there could be a risk from "the foreign
relationships and ownership" associated with the application.
In the letter, dated last month, the Justice Department
requested the FCC defer action on the application until Team
Telecom finishes its review, putting Zoom's deal for Five9 on
hold.
$20 Billion+
Rough value of U.S. sports-betting operator Draftkings Inc.'s
cash and stock offer for global gambling company Entain PLC.
(WSJ)
SEC's Gensler Doesn't See Cryptocurrencies Lasting Long
Securities and Exchange Commission Chair Gary Gensler said
Tuesday he doesn't see much long-term viability for
cryptocurrencies, underscoring the importance of protecting
investors in the market and bringing it under regulatory oversight,
the WSJ reports. Mr. Gensler likened the thousands of
cryptocurrencies in existence to the so-called wildcat banking era
that took hold in the U.S. from 1837 until 1863 in the absence of
federal bank regulation. Before President Abraham Lincoln created
the Office of the Comptroller of the Currency, banks issued their
own currencies, which they sometimes refused to redeem for their
purported value in gold or silver. "I don't think there's long-term
viability for five or six thousand private forms of money," Mr.
Gensler said in a virtual event hosted by the Washington Post. "So
in the meantime I think it's worthwhile to have an
investor-protection regime placed around this."
Apple Is Working on iPhone Features to Help Detect Depression,
Cognitive Decline
Apple Inc. is working on technology to help diagnose depression
and cognitive decline, aiming for tools that could expand the scope
of its burgeoning health portfolio, according to people familiar
with the matter and documents reviewed by The Wall Street Journal.
Using an array of sensor data that includes mobility, physical
activity, sleep patterns, typing behavior and more, researchers
hope they can tease out digital signals associated with the target
conditions so that algorithms can be created to detect them
reliably, the people said. Apple hopes that would become the basis
for unique features for its devices, according to the people and
documents. The efforts spring from research partnerships that Apple
has announced with the University of California, Los Angeles, which
is studying stress, anxiety and depression, and pharmaceutical
company Biogen Inc., which is studying mild cognitive
impairment.
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Industry News
Funds
Growth-stage venture firm Section Partners raised $245 million
across two new funds. Section Capital IV LP and a parallel
co-investment fund closed on commitments of $213 million, exceeding
the fundraising target of $150 million. Section Ventures LP is a
new $32 million strategy that complements Fund IV's direct equity
investment activity. Section Partners has offices in Palo Alto,
Calif. and New York.
Venture and growth equity firm Blue Bear Capital closed its
second fund at its $150 million hard cap to continue the firm's
focus on digital technologies making an impact in the wind, solar,
electric grid, EV infrastructure, transportation and
energy-intensive industries. Investors in the new fund include
Goldman Sachs Asset Management, Rockefeller Brothers Fund, ZOMA
Capital and the McKnight Foundation, along with private-equity
firms and energy companies.
People
Clear Ventures appointed Vijay Reddy as partner. He was
previously a partner at Intel Capital. Palo Alto, Calif.-based
Clear Ventures has $330 million of assets under management.
Fintech investor QED Investors promoted Laura Bock to partner.
She joined the Alexandria, Va.-based firm from management
consultant Oliver Wyman in 2018. QED Investors recently closed on
$1.05 billion in commitments across its latest early-stage fund and
a new growth fund.
Facet Wealth, a personal financial planning services provider,
named Shruti Joshi to the post of chief operating officer. She
previously worked at Verizon and Altman Vilandrie & Co., and
founded Compell'd. Baltimore-based Facet Wealth has raised $79
million in funding from Warburg Pincus, Slow Ventures and
others.
Exits
Supply-chain technology provider project44 acquired Austin-based
last mile delivery startup Convey for $255 million. The acquisition
is project44's third of the year and its largest to
date. Project44's technology offers companies visibility into
how their shipments are moving across supply chains. Founded in
2013, Convey says its delivery management technology is used by
retailers including the Home Depot Inc.
Influencer marketing platform CreatorIQ acquired influencer
marketing analytics provider Tribe Dynamics for an undisclosed
amount. Earlier this month, Los Angeles-based CreatorIQ announced a
$40 million funding round from TVC Capital, Kayne Anderson Capital
Advisors' Kayne Partners Fund, Affinity Group, Unilever Ventures
and Silver Lake Waterman.
Privacy, security and third-party risk technology platform
OneTrust agreed to purchase Tugboat Logic Inc., which automates
information security assurance and audit readiness for security
frameworks. Terms weren't disclosed. Based in Atlanta and London,
OneTrust has raised a total of $920 million in funding from
investors including Insight Partners, Coatue Management, TCV and
SoftBank Vision Fund 2. Tugboat Logic's backers include Inovia
Capital and Westwave Capital.
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New Money
Sorare, a Paris-based fantasy football platform, raised $680
million in Series B financing led by Softbank, giving the company a
valuation of $4.3 billion. New investors including Atomico,
Bessemer Ventures, D1 Capital Partners, Eurazeo and IVP also
contributed to the round, along with existing backers Benchmark,
Accel and Headline. Marcelo Claure, chief executive of SoftBank
Group International and chief operating officer of SoftBank Group,
will join Sorare's board.
Mirakl, a Paris- and Boston-based enterprise marketplace SaaS
platform, scored $555 million in Series E funding, more than
doubling the company's valuation to over $3.5 billion since its
$300 million Series D round last September. Silver Lake led the new
round, which included participation from 83North, Elaia Partners,
Felix Capital and Permira.
Genesis Digital Assets, a bitcoin mining company, picked up a
$431 million investment. Paradigm led the round, with Co-Founder
and Managing Partner Matt Huang joining the company's board.
MarketFinance Ltd., a London-based business lender, landed
GBP280 million ($382.5 million) in a debt and equity round.
Investors including Intesa Sanpaolo provided the debt portion, with
the equity funding led by Black River Ventures.
Blockdaemon, a Los Angeles- and Ireland-based blockchain
infrastructure platform, completed a $155 million Series B round at
a valuation of $1.25 billion. SoftBank Vision Fund 2 led the
funding, which saw participation from Sapphire Ventures, Boldstart
Ventures, Greenspring Associates, Borderless Capital, CoinFund,
Lerer Hippeau and others.
TrueLayer Ltd., a global payments network, grabbed a $130
million investment from Tiger Global Management and Stripe.
Provi, a Chicago-based startup that streamlines the alcohol
ordering process for bars and restaurants, nabbed $75 million in
Series C funding at a $750 million valuation. D1 Capital Partners
led the round, which included contributions from Bessemer Venture
Partners, Nosara Capital and CPMG.
Battery Resourcers, a Worcester, Mass.-based lithium-ion battery
recycling and manufacturing startup, closed a $70 million funding
round. New investor Hitachi Ventures was joined by existing backers
Orbia Ventures, InMotion Ventures, Doral Energy, At One Ventures,
TDK Ventures and Trumpf Venture in the new funding.
Ripple Foods, a Berkeley, Calif. developer of plant-based,
dairy-free products, fetched $60 million in Series E funding. Rage
Capital, Ajax Strategies and S2G Ventures led the round, which
included support from OurCrowd, GV, Prelude Ventures, Fall Line
Capital and Tao Capital Partners.
June Homes, a New York-based proptech startup seeking to improve
the rental experience for tenants and small landlords, emerged from
stealth with $50 million in funding. The financing includes a
recent $27 million Series B round, along with a previously
unannounced $13 million Series A round and $10 million seed
investment. Lead investor SoftBank Ventures Asia was joined by TQ
Ventures, FJ Labs, K50 Ventures, Reshape, Quiet Capital and others
in the rounds.
Almanac, a collaborative document editor for remote teams,
raised $34 million in Series A funding. Tiger Global Management led
the investment, which included contributions from Floodgate Fund,
General Catalyst and others.
Advanced Farm Technologies Inc., a developer of robotic
technology for farmers, snagged a $25 million Series B round. Lead
investor Catapult Ventures was joined by Kubota Corp., Yamaha Motor
Corp. and Impact Ventures in the new funding.
Nex, a San Jose, Calif.- and Hong Kong-based gaming startup
combining entertainment and fitness, closed a $25 million Series B
round led by Blue Pool Capital.
Tech News
A rendering of St. John's Terminal, which is currently under
construction and expected to open in mid-2023. PHOTO: COOKFOX
ARCHITECTS
Google to buy New York City office building for $2.1 billion
Uber says first adjusted profit possible this quarter
SEC is investigating Activision Blizzard over workplace
practices, disclosures
U.S. sanctions crypto exchange accused of catering to ransomware
criminals
CIOs team up with other executives to counter cyber threats
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Around the Web
Despite blockbuster venture investment, female founders' share
of VC funding falls (Crunchbase News)
(END) Dow Jones Newswires
September 22, 2021 10:03 ET (14:03 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.