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| TuSimple raises $1.3B+ in first autonomous vehicle IPO | |  | | (Courtesy of TuSimple) | | | The mobility industry hit a major milestone Thursday as TuSimple became the first dedicated self-driving vehicle maker to go public. - TuSimple raised more than $1.35 billion at a roughly $9 billion valuation on a fully diluted basis. Its shares ended the first day unchanged from their IPO price of $40 apiece.
- From here, it's full steam ahead on the development of a fully autonomous fleet, which the company aims to start producing in 2024 with partner Navistar, TuSimple CFO Pat Dillon said.
- Self-driving trucks could take off faster than robotaxis for a few key reasons. Their routes are more predictable, they can save fuel costs, and long-haul truckers are in short supply.
| | | | | | | | | | Is decriminalization enough to spur UK VC cannabis deals? | |  | | (Petr Vdovkin/Getty Images) | | | The UK is Europe's largest exporter of medical cannabis, but its resistance to relaxing regulation is stifling VC investment in the sector. - Medical cannabis has been legal in the UK since 2018, but few startups in the sector have successfully raised funding due to uncertainty over regulations.
- London mayor Sadiq Khan announced last week a review into decriminalizing cannabis if he were reelected in May, speaking to a shift in public opinion that could put the country on the path to legalization.
- The demand for cannabis companies in the UK is already apparent on the public side, with multiple oversubscribed listings in recent months. But many private investors are unable to deploy capital until regulation is relaxed.
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| A message from Vector Medical Group | | |
| PE poised to expand investment in ENT/Allergy | | Financial sponsors continue to expand the scope of investment into the US healthcare system. With the latest in a series of industry briefs unpacking key healthcare niches, Dana Jacoby of Vector Medical Group reviews the accelerating pace of investment into ear, nose, throat, and allergy practices and providers offering parallel services.
In addition to unpacking the latest trends in PE activity across this space, the brief includes a full-length Q&A that also features Gary W. Herschman of law firm Epstein Becker Green in which they look ahead to what's next for financial sponsors and physicians alike.
Read it now | | | | | | | |
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| KKR keeps up tech push, highlights $110B fundraising goal | |  | | KKR co-president Joseph Bae (shown with philanthropist Adrienne Arsht in 2020) reinforced the firm's commitment to tech investing during its annual investor day. (Slaven Vlasic/Getty Images) | | | KKR has long been one of the most active private equity firms in the tech industry, with early investments in unicorns such as Lyft, FanDuel and Policygenius. And it has no plans to slow down. - Earlier this week, KKR co-president Joseph Bae touted the firm's continued push into the industry, announcing that KKR expects in 12 months to close its next tech-focused fund and a debut tech fund focused exclusively on Asia.
- Since launching its growth investing strategy in 2016, KKR has invested more than $6 billion in enterprise software and more than $4 billion in the online consumer space.
- On a broader level, the firm plans to raise up to $110 billion by the end of 2022.
| | | | | | | | | | Nick Lim, a 23-year-old coder and entrepreneur with a "maximalist view of free speech," kept QAnon online when no one else would. [Bloomberg]
In Taiwan, coconut-flavored corn crisps are more than a snack. They're also seen as good luck charms that protect high-tech machines at places like banks and hospitals. [BBC]
How scientists at a Baylor College of Medicine lab in Houston are using genomic technology to boost survival chances for the world's endangered species. [Texas Monthly] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 461 Deals | 1931 People | 615 Companies | 57 Funds | | | | | | |
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| 2010 Vintage European Real Assets Funds | | | | | | |
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| Blackstone brings on Paul Morrissey to head growth investing in Europe | | | Blackstone has hired Paul Morrissey as a managing director to lead European investments for Blackstone Growth, which is a current backer of Sweden's Oatly and Epidemic Sound. Blackstone Growth recently completed the final close of its inaugural fund on $4.5 billion. Morrissey was formerly a partner at tech-focused firm Battery Ventures. | | | | | |
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| Cruise's new round hits $2.75B with Walmart backing | | | San Francisco-based autonomous car developer Cruise has upsized its recent round of funding to $2.75 billion, with Walmart and others joining the financing. The company's valuation now sits above $30 billion. Cruise has been owned by General Motors since 2016, and has also been backed by Honda, Microsoft, SoftBank and others. | | | | | | | | Signifyd lands $205M for fraud protection platform | | | Signifyd has raised a $205 million Series E led by Owl Rock Capital. Founded in 2011, the San Jose-based company is a provider of fraud protection services for ecommerce businesses. The funding values Signifyd at $1.34 billion, up from the $485 million valuation it had in 2019, according to PitchBook data. | | | | | | | | | Owl Rock Capital has led a $100 million round for UserZoom, which offers a user experience research platform to help product managers analyze customer insights. The company's customers include Oracle, Aetna and Santander. | | | | | | | | AltruBio snags $63M Series A | | | AltruBio has raised $63 million in a round led by aMoon. The clinical-stage biotech company is developing antibody therapeutics and other treatments for autoimmune and inflammatory diseases. AltruBio is based in the San Francisco area. | | | | | |
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| Investors pour $250M into Luckin Coffee | | | | | | | | | Golden Gate acquires Waterfield Midstream through new energy infrastructure platform | | | Golden Gate Capital has announced the formation of Stonehill Environmental Partners, a provider of infrastructure solutions to the upstream energy industry. The new platform has acquired Texas-based Waterfield Midstream, a provider of water gathering, treatment, recycling, disposal and other services in the Permian Basin. Waterfield Midstream was originally created by Blackstone in 2019 with a $500 million equity commitment. | | | | | | | | Salt Creek seals Italian appliance deal | | | Bay Area-based Salt Creek Capital has acquired Tuscan Imports. The company distributes Italian ovens, grills and pottery under the Fontana Forni and Tuscan brand names throughout the US, Canada and Mexico. | | | | | |
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| Zymergen sets price range for IPO | | | Zymergen, a synthetic biology company, has set the price range for its IPO. The Emeryville, Calif.-based company intends to sell 13.6 million shares at between $28 and $31 apiece. At the top of that range, Zymergen would raise $421.6 million and fetch a valuation of $2.96 billion. The company's top shareholders are DCVC, SoftBank and True Ventures. | | | | | |
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| Amazon raises $250M for fund focused on Indian startups | | | Amazon has created a $250 million venture fund dedicated to Indian startups and entrepreneurs working to help small and medium-sized businesses develop their ecommerce presence and digitize and automate their operations, TechCrunch reported. The vehicle's first investment reportedly went to M1xchange, a Gurgaon, India-based startup that provides a trade receivables discounting system. | | | | | | | | Footwork launches with $175M fund | | | | | | |
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