Startups Raise Over $595M, Investors Raise $4.8B for New Funds, and $66B in M&A
November 7, 2023's biggest news in the private markets.
Aleph Alpha, a four-year-old German startup that is developing an AI LLM based on European data, raised a $500 million Series B round. Innovation Park Artificial Intelligence, Schwarz Group, and Bosch Ventures were the co-leads, with additional participation from Christ&Company Consulting, HP Enterprise, SAP, and Burda Principal Investments.
Kloudfuse, a three-year-old startup based in Cupertino, Ca., that allows customers to analyze metrics, events, logs, traces, and anomalies across different software apps and machines, raised a $17 million Series A round led by Newlands, with Blumberg Capital, Aspenwood Ventures, High Sage, and Exponent also participating. The company has raised a total of $23 million.
Stellaromics, a one-year-old Boston startup whose 3D mapping tool can capture gene expression patterns within intact tissue, raised a $25 million Series A round. Plaisance Capital Management was the deal lead.
TapNation, a four-year-old Paris startup that enables game testing and player behavior and gameplay analysis, raised a $16.1 million round. Investors included Re-Sources Capital and Paluel-Marmont Capital.
Zelig, a Los Angeles startup that says it is using a combination of AI, machine learning, and computer vision to help consumers visualize how clothes will look on different body types, raised a $15 million Series A round at a $100 million valuation. The deal was led by Hilco Global, with Bezikian Zareh also taking part.
Coperniq, a four-year-old, San Francisco-based startup that makes workflow management software for solar and energy contractors, has quietly raised $4 million in seed funding led by Initialized Capital, with participation from Y Combinator (whose current president, Garry Tan, cofounded Initialized).
Dreamfarm, an Italian startup that is aiming to create a vegan mozzarella, raised a $5.4 million pre-seed round. Investors included angels Giampaolo Cagnin and Francesco Mutti.
Ensol, a 10-year-old Paris company that provides solar panels and storage devices to homeowners and businesses, raised a $3.2 million round. Otium Capital was the deal lead.
Flitter, a two-year-old Paris startup that offers usage-based car insurance policies to French drivers, raised a $3.8 million seed round led by Helvetia Venture Fund.
01.AI, a Chinese startup founded this year by unicorn whisperer Kai-Fu Lee that aims to be the Chinese version of OpenAI, raised an undisclosed amount at a $1 billion valuation from an investor group that included Sinovation Ventures and Alibaba Cloud.
PSG Equity raised over $2.8B for its PSGE II fund that will make investments in European software and technology-enabled companies.
Blue Owl Capital’s Dyal Capital Partners plans to raise at least $2B for a new fund dedicated to buying minority stakes in mid-sized alternative asset managers.
Galapagos Capital, a $4B Brazil investment firm, is planning to raise a fund to invest $2B in US real estate in the next three to four years.
Abu Dhabi National Oil and Austria’s OMV are putting the final touches on a deal to create a $32B+ petrochemical firm; officials may reach a breakthrough as soon as mid-November.
FTC requested more information from Coach owner Tapestry and Michael Kors owner Capri Holdings on their planned $8.5B deal.
Abcam shareholders approved Danaher’s proposal to acquire all outstanding shares of the company in a $5.7B deal, including debt, despite Abcam founder Jonathan Milner calling offer price too low.
Bain Capital will acquire government and business consulting firm Guidehouse in a $5.3B deal.
US health insurer Cigna Group is exploring the sale of its Medicare Advantage business, which manages government health insurance for people aged 65 and older; Cigna entered the Medicare Advantage business in 2011 with a $3.8B acquisition of HealthSpring.
Energy infrastructure company Kinder Morgan will buy NextEra Energy Partners’ South Texas natural gas pipeline assets for $1.8B cash.
China-focused PE firm Ascendent Capital Partners made a $1.6B takeover offer to automation company Hollysys Automation Technologies.
Driller Crescent Point Energy agreed to buy Hammerhead Energy in a ~$1.5B cash-and-stock deal to expand its presence in the Western Canadian shale and gas fields.
Vacation property operator Hilton Grand Vacations will acquire peer Bluegreen Vacations in a $1.5B deal, including debt.
Carlyle Group is planning to sell Japanese cosmetics supplier Tokiwa Corp in a deal that could fetch $1B.
Riddell is exploring a sale in a deal that could value the US maker of football helmets and gear at ~$800M.
Cybersecurity company Palo Alto Networks agreed to buy Talon Cyber Security in a $625M deal.
PE firm EQT will acquire UK battery storage firm Statera Energy from InfraRed Capital Partners in a $617M deal.
Canadian pension plan OMERS will acquire a 5% indirect stake in Maple Leaf Sports & Entertainment, the parent company of the NHL’s Toronto Maple Leafs and NBA’s Toronto Raptors, for $400M.
Troubled Indian edtech Byju’s is in advanced talks to sell its US-based kids’ digital reading platform Epic for ~$400M to technology buyout firm Joffre Capital.
Bristol Myers Squibb acquired Orum Therapeutics’ experimental blood cancer therapy for up to $180M.
PE firm CapVest Partners agreed to acquire Recochem, a specialty chemicals manufacturer focused on the automobile industry, from rival buyout firm H.I.G. Capital.
Swiss PE firm Partners Group Holding is in advanced talks to acquire Rosen Group, a European engineering firm specializing in testing oil and gas assets.