PitchBook News - Startups pivot to contract tracing

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The Daily Pitch: VC

November 10, 2020

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Today's Top Stories

Join us for season two of PitchBook's 'In Visible Capital' podcast

How are emerging technologies being leveraged amid COVID-19? Listen to the second season of "In Visible Capital" to find out. In the first episode, Oura CEO Harpreet Singh Rai and PitchBook analyst Kaia Colban explore health and wellness technologies, including biometric devices and wearables. Topics covered include:

The importance of quality sleep as a foundation for optimal health

Potential obstacles that could hold back the expansion of wearable technologies

COVID-19's role in the increased demand for health and wellness products

Oura's academic partnership to determine if sleep data can help predict symptoms of illness

Subscribe to "In Visible Capital" wherever you listen to podcasts, and look for new episodes every Tuesday:

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Tech startups pivot to contact tracing in fight against COVID-19

(Phruetthiphong Thongmanasathian/Getty Images)

Several startups are developing contact-tracing services designed to help businesses re-open their offices more swiftly. Most of these startups originally focused on workplace automation technology or other segments within healthtech. Recently, though, they've repurposed their technology to meet a new market need.

Our latest analyst note examines how and why these startups are pivoting to meet the growing demand for enterprise contact tracing. It also offers a look at the current hurdles to adoption and detailed breakdowns of several of the key players emerging in the space:

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A message from DFIN

Going public can be easier

For those considering going public, the second edition of DFIN's Initial Public Offerings: Considerations for Business Owners and Executives Taking Their Company Public, is now available. While most IPO manuals are full of jargon and compile dizzying lists of complex legal and accounting rules, DFIN's handbook uses the expertise of its four authors—two partners at Simpson Thacher & Bartlett and two PwC leaders—to demystify the process.

The in-depth handbook covers topics ranging from the cost of going public to research analysts' role in marketing to public companies' compliance and reporting needs. Tips include how to objectively assess your readiness for the IPO process and how to create realistic work plans for strengthening areas of weakness. Above all, though, the handbook emphasizes practicality as it shows how going public can be easier.

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Nuro lands $500M round at $5B valuation

(Courtesy of Nuro)

Nuro, a creator of autonomous delivery vehicles, has reached a $5 billion valuation after raising $500 million in Series C funding. The round was led by T. Rowe Price, with support from Fidelity Management and Research, Baillie Gifford, SoftBank and Greylock Partners.

The Bay Area-based company's worth has almost doubled since it raised $940 million at a $2.7 billion valuation in February 2019, according to PitchBook data.

Nuro has developed a small last-mile delivery vehicle that operates without human drivers. In February, the company received an autonomous vehicle exemption from the US Department of Transportation and is currently operating its vehicles in three states. Nuro has partnerships with brands including CVS, Walmart and Domino's.

Global venture capital funding for autonomous vehicles has exceeded $5 billion so far in 2020, surpassing last year's record of $4.9 billion, according to PitchBook data. That capital reflects both the high cost of self-driving vehicles and the heightened need for autonomous services during the pandemic, said Asad Hussain, a mobility tech analyst at PitchBook.

Rival autonomous vehicle tech developer Pony.ai also crossed the $5 billion valuation threshold after raising $267 million last week in a round led by Ontario Teachers' Pension Plan. Earlier this year, Alphabet's Waymo raised $3 billion in its first round of outside capital.

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Recommended Reads

The past four years have been transformative for The New York Times. What does it mean for the future of one of America's most famous newspapers? [Intelligencer]

Many sovereign wealth funds and pension plans have significantly upgraded their exposure to private equity over the past decade-plus. New research reveals just how large their appetite has grown. [Institutional Investor]

In a normal year, Dave Grohl would be touring the world and playing to millions. But in 2020, thanks to a 10-year-old prodigy from the UK, his performances have been a little different. [The New York Times]

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	Eko Devices lands $65M
	Intel, Qualcomm lead $32M round for Cellwize
	Exits & IPOs
	Adobe to shell out $1.5B for Workfront
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Former TikTok CEO joins investment firm Access Industries

Fresh off a short-lived stint as CEO of TikTok, Kevin Mayer has signed on with Access Industries as a senior media adviser. Mayer, who formerly served as Disney's head of streaming, will help Access source investments in media, entertainment and telecom companies. Access was founded by Len Blavatnik and has invested in Warner Music Group and streaming specialists including DAZN and Deezer.

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VC Deals

Decibel Therapeutics lands $82M+ for hearing loss treatment

Decibel Therapeutics, a developer of treatments for hearing loss and balance disorders, has raised $82.2 million in an oversubscribed Series D. The round was led by OrbiMed, with new investors such as BlackRock Health Sciences, Janus Henderson, Casdin Capital and Surveyor Capital also joining. Decibel is currently developing a gene therapy to restore hearing in children with congenital deafness. The Boston-based company expects to begin clinical trials for that treatment in 2022.

Additional Investors:

Samsara BioCapital, Foresite Capital Management, GV, S-Cubed Capital, Sobrato Capital, SR One, Third Rock Ventures

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Eko Devices lands $65M

Digital health startup Eko has picked up $65 million in a Series C led by Highland Capital Partners and Questa Capital. Based in Oakland, Calif., Eko uses sensors, digital technology and AI algorithms to help diagnose conditions like heart murmurs and heart rhythm abnormalities. Last year, the company was valued at $60 million after picking up a $20 million Series B, according to PitchBook data.

Additional Investors:

Artis Ventures, DigiTx Partners, NTTVC, 3M Ventures

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Intel, Qualcomm lead $32M round for Cellwize

Intel Capital and Qualcomm Ventures have led a $32 million Series B for Cellwize Wireless Technologies, a startup that uses AI and machine learning to help mobile network carriers automate and optimize their networks for 5G deployment. Cellwize plans to use the new capital in part to build up its Chime platform.

Additional Investors:

Verizon Ventures, Samsung Next Ventures

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Exits & IPOs

Adobe to shell out $1.5B for Workfront

Adobe has agreed to pay $1.5 billion to acquire Workfront, the developer of a work management platform for marketers that was formerly known as AtTask. The Utah-based company raised a little more than $100 million in funding between 2007 and 2015, reaching a $393 million valuation in 2015, according to PitchBook data. Last year, W Capital Partners, Susquehanna Growth Equity and AB Private Credit Investors bought a $280 million minority stake in Workfront on the secondary market.

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Fundraising

Red Dot nears $200M for new VC fund

Israeli tech investor Red Dot Capital Partners has raised nearly $200 million for a venture capital fund, according to Bloomberg. Temasek is the fund's largest backer, with investors from Japan and the US joining as well, according to the report.

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Investors

SoftBank reports record profit for Vision Fund

SoftBank has reported a profit of 784.4 billion yen (about $7.6 billion) for its Vision Fund in the third quarter of the year, the fund's highest quarterly profit ever, according to Bloomberg. SoftBank also announced that COO Marcelo Claure, Vision Fund chief Rajeev Misra and two other executives have resigned from its board, a move that's seen as a step to increase the proportion of outside directors on the Japanese company's board.

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