RatanTata invests in two more start-ups: Moglix and Invictus Onclogy

Feb 8, 2016 0

BENGALURU–To encourage entrepreneurship, Tata Sons chairman emeritus Ratan Tata on Monday announced investing an unspecified amount in two more start-ups Moglix and Invictus Onclogy, which are based in New Delhi.

Ratan Tata

Ratan Tata

As an e-commerce firm, Moglix specialises in procurement of industrial products in business-to-business (B2B) space, while medical firm Invictus is an innovation-driven firm developing next-generation cancer therapeutics.

By investing in Moglix, Tata has forayed into a manufacturing tech-start-up as an investor, adding to his varied portfolio of e-commerce and new-age tech-enabled firms.

“With his expertise in the manufacturing sector, Tata will play an important role in mentoring Moglix on business growth, global expansion and leadership,” the company said in a statement.

Founded by Rahul Garg, an ex-Google geek, Moglix is focused on disrupting B2B industrial products space for suppliers and buyers the world over.

“We are pleased to have an icon of Indian manufacturing as our advisor. Tata’s contribution to the manufacturing sector has been inspirational and we look forward to his guidance to steer the company in transforming the buying and selling process for manufacturers across the country,” Garg said in a statement.

Moglix recently raised undisclosed pre-series A funding from venture fund Accel Partners and Jungle Ventures to enhance its e-platform, build a wider supplier base and increase marketing spend across Asia.

In Invictus, Tata has invested as part of its series A financing round along with institutional investors Navam Capital and Aarin Capital.

“The funds will be used to advance our lead molecule to complete phase-one clinical studies and to file a second investigational new drug application, which translates into substantial value inflections for us over the next 18 months,” Oncology said in a statement.

Invictus Oncology employs a supra-molecular technology platform to design anti-cancer drugs that home into the tumour and modulate the tumour immune response.

“Tata’s investment is an affirmation of the technology quality we have developed. We are getting good traction from investors in India and overseas,” Oncology co-founder and Harvard Medical School assistant professor Shiladiyta Sengupta said in the statement.

In the past 18 months, Tata has invested in a slew of start-ups, including Infinite Analytics Inc., Snapdeal, Paytm, Ola, Tracxn Technologies, Dogspot.in and Zivame.

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HD Medical Secures Strategic Investment from Maxim Ventures

Feb 5, 2016 0

SUNNYVALE, Calif.– Sunnyvale-based HD Medical Inc. and Maxim Integrated Products, Inc. of San Jose announced that Maxim has made an $800,000 strategic investment in HD Medical, in the form of a convertible promissory note intended to convert into HD Medical’s next preferred equity round of financing.

Shailendra Mahajan

Shailendra Mahajan

The majority of Maxim’s investment will be dedicated to HD Medical’s new product development of its visual stethoscope technology utilizing a low power Maxim chipset for the advancement of digital health.

“With Maxim’s impressive investor confidence, HD Medical is well poised for future growth and investment,” said Arvind Thiagarajan, Founder & CEO of HD Medical, Inc. “This agreement will accelerate as well as enhance our new product development and position us to ramp our revenues.”

Thiagarajan is responsible for the securing several patents upon which HD Medical’s current and future products are based. Mr. Thiagarajan was given a special award from Member of Parliament for Science and Technology from the Government of India for his contributions to research and science and his work as part of HD Medical won the Socially Relevant Product (SRP) award in ITT Madras, according to the company’s website.

HD Medical develops the ViScope visual stethoscope product family.

“We are excited by the growth and vision we’ve seen from HD Medical’s team,” said Shailendra Mahajan, Managing Director of Maxim Ventures.

“We believe that the product roadmap directly corresponds with the healthcare professional’s needs and also opens up opportunities in tele-medicine and home healthcare markets. Our goal is to ensure both our companies significantly contribute to the advancement of digital health,” said Chris Neil, SVP of Maxim and Head of Maxim Ventures.

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Ankit Mahadevia’s Spero Therapeutics gets $30 million funding

Feb 3, 2016 0

CAMBRIDGE, MA– Spero Therapeutics, a biopharmaceutical company founded to develop novel therapies to treat bacterial infections, announced existing Series A investors Atlas Venture, SR One, MRL Ventures, Lundbeckfond Ventures, The Kraft Group and Partners Innovation Fund will provide $30 million in Preferred B funding.

Ankit Mahadevia

Ankit Mahadevia

“We are very privileged to have the strong support of our existing investors to close this Series B financing, which will allow us to continue to advance the important work we are doing to combat the global public health threat of antibiotic resistance.,” said Ankit Mahadevia, M.D., President and Chief Executive Officer of Spero. “Humankind is currently losing a race against bacteria now resistant to every known antibiotic—known as ‘Superbugs’—with immeasurable healthcare consequences if left unchecked. Spero is executing an aggressive effort to develop important therapies that differ mechanistically and functionally than available treatments in order to address this growing threat.”

Spero will use proceeds from this financing to further progress its unique therapeutic “Potentiator Platform,” intended to improve drug potency and enhance the utility of existing anti-infective medications. Funding will also enable the organization to advance efforts in support of its DHFR program which targets Gram-positive and negative bacteria, fungi and protists. The DHFR program seeks to expand a novel antifolate’s antibacterial spectrum to treat trimethoprim-resistant isolates including key Gram-negative pathogens.

“Spero is making excellent progress in its effort to create novel therapies to combat severe infections by reinvigorating existing antibiotics and returning their relevance within the field of anti-infectives,” said Jean-François Formela, M.D., Partner at Atlas Venture. “We are excited to continue working with a company doing truly innovative work that has the potential to fulfill such an important unmet medical need.”

Added Rez Halse, Ph.D., Partner at MRL Ventures: “The unanimous reinvestment decision among Series A backers is a reflection of the promise and progress made to date. The unique Spero Potentiator Program, and other early stage efforts offer the potential to play a critical role in addressing the growing antibiotic resistance threat.”

Cambridge, MA-based Spero is a biopharmaceutical company developing a pipeline of novel treatments for bacterial infections. The company’s pipeline of anti-infective agents is one of the most unique in the industry – focused on Gram-negative bacterial infections and Gram-positive and negative bacteria, fungi and protists.

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Avni Patel’s online demand childcare Poppy raises $589,305 from angel investors for expansion

Jan 30, 2016 0

SEATTLE, WA– Avni Patel’s online demand childcare Poppy has raises $589,305 from angel investors, according to media reports.

“In early 2015, Avni Patel found herself at a familiar crossroads for entrepreneurs. She’d left a corporate brand development career to launch a startup — and it wasn’t going well,” GeekWire reported.“ “Between her struggling business and two small children, Patel forgot to book a babysitter for an important event. She tried her usual roster and then violated an unspoken rule among parents. She asked to borrow her friends’ sitters but still had no luck.”

Avni Patel (Photo courtesy: Geekwire)

Avni Patel (Photo courtesy: Geekwire)

“It baffled me that in this day and age every family was on their own in this most fundamental area,” Patel told GeekWire. “Every family was inefficiently trying to find their own sitters that they hoarded zealously, lest they be stuck without care when they needed it.”

Out of this crucial moment, Poppy was born. Patel decided to cut her losses with startup number one and build an on-demand childcare platform instead. Poppy curates a list of verified caregivers, by neighborhood. When parents need childcare, they can access a roster of sitters they’re familiar with via text or the Poppy app, GeekWire said.

GeekWire said Poppy recently closed a fundraising round of $589,305 from several Seattle angel investors, Madrona Venture Group, and Y Combinator.

Patel could not be reached directly for comment.

Poppy’s website, however, states: “Poppy was started by Avni Patel Thompson, a Madison Park entrepreneur and mama to 2 girls. She was tired of feeling panicked and anxious every time she couldn’t find someone she trusted to care for her kids. She realized how powerful it would be to have a roster of talented and trustworthy caregivers only a text away. So she built it with Poppy.”

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News in Shorts raises $20 Million from Tiger Global

Jan 23, 2016 0

NEW DELHI–The news curator News in Shorts has raised $20 million from Tiger Global in Series B funding to finance expansion of the team and improving the user experience further, the company said on Thursday.

They had raised $4 million in February 2015 through a Series A round led by Tiger Global, with participation from Rebright Partners of Japan and existing angels Ankush Nijhawan, Gaurav Bhatnagar, Manish Dhingra and Flipkart Founders Sachin and Binny Bansal, a company statement here said.

News in Shorts gives 60 word summaries of the day’s top stories spanning a range of categories, including sports, entertainment, national and international news.

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Silicon Valley veterans invest in Indian hike messenger

Jan 12, 2016 0

NEW DELHI– Hike messenger, India’s first homegrown messaging app, on Tuesday announced that tech veterans from Silicon Valley have invested in the company and are playing advisors to it.

Aditya Agarwal

Aditya Agarwal

These top veterans include Adam D’Angelo, founder and CEO of Quora — a US-based question-and-answer website; Aditya Agarwal, vice president, engineering, of Dropbox — file hosting service operated by Dropbox, Inc.; Ruchi Sanghvi, former vice president, operations at the Dropbox; and Matt Mullenweg, founder and CEO of Automattic Inc. and co-founder of WordPress publishing platforms.

“It is great to have the world’s top brains in tech share hike’s vision; and not just entrust us with their investment, but more importantly, also advise us on our product and strategy,” Kavin Bharti Mittal, founder and CEO of hike messenger, said in a statement.

D’Angelo previously served as chief technology officer at Facebook, where he oversaw new product development and managed the engineering team.

Prior to that, he led the Facebook Platform team and, as an engineer, built the initial infrastructure for news feed.

Agarwal, one of the first engineers at Facebook, came to Dropbox via the acquisition of Cove, a company he co-founded that was focused on improving group collaboration and communication.

Sanghvi was responsible for product, recruiting, marketing, communications, and other functions at Dropbox.

The first female engineer at Facebook, Sanghvi has been awarded the TechFellow award for ‘Engineering Leadership’ and featured by BBC as one of five Indian technology pioneers.

“It’s quite clear that messaging is playing a key role in bringing people online in a mobile first market like India and hike messenger has begun to play a pivotal role in that market. We are both aligned to hike’s vision and are excited about what comes next,” Sanghvi and Agarwal said.

An online social media entrepreneur, Mullenweg, supports the startup community through his angel investment firm Audrey capital, which has backed over 100 companies since 2008, many of which have been acquired.

“I believe in hike messenger’s vision and I can see the team gearing up and are well positioned for aggressive growth in the country,” he noted.

“Each of the them brings with him/her a core area of expertise, which we at hike find immensely useful as we aggressively grow in India,” Mittal added.

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PepperTap raises $40 million in Series B funding

Dec 21, 2015 0

NEW DELHI–Online grocery portal PepperTap said on Monday it has closed its Series B round of funding, with an additional $4 millon from Innoven Capital, in addition to the $36 million raised recently from SnapDeal, Sequoia India, SAIF Partners, Ru-Net, Beenext & JAFCO Asia.

The total fund raised in PepperTap now stands at around $51.2 million, a company statement said.

The company has taken over Bengaluru-based hyperlocal grocery delivery startup, Jiffstore for an undisclosed amount. Jiffstore’s team will join PepperTap’s Gurgaon and Bengaluru offices.

PepperTap has also entered into marketing tie-ups with other start-ups who will collaborate with them in a cross-marketing activity to bring attractive gifts for the users.

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