Every day, Global University Venturing rounds up the smaller investments from across the university innovation ecosystem in its deal net.
Adaco Tech, a Japan-based developer of artificial intelligence-based inspection technology, yesterday obtained ¥400m ($3.6m) in funding from University of Tokyo Edge Capital, the university’s venture capital arm, and DNX Ventures. Adaco Tech was spun out of the National Institute of Advanced Industrial Science and Technology. Its software is aimed at the manufacturing industry, where it helps detect defective products. The money will drive recruitment and support product development.
Fivecast, an Australia-based anti-terrorism data analytics company, has collected A$4m ($2.9m) in funding from Main Sequence Ventures, which manages the CSIRO Innovation Fund, and the state government-owned South Australian Venture Capital Fund, the Australian Financial Review reported yesterday. Spun out of the federal government’s scientific research program Data to Decisions Cooperative Research Centre in 2017, Fivecast has developed artificial intelligence-based data analytics technology to identify terrorist threats by using publicly available data from social media platforms. The company has partnered most law enforcement agencies in the country and will use the funding to expand into the US and the UK. The spinout also hopes to expand its platform to detect early signs of radicalisation.
Karolinska Development, the investment firm set up by Karolinska Institute, has sold its entire shareholding in Sweden-based biotechnology developer Pharmanest. KCIF Co-Investment Fund, a joint venture of Karolinska Development, and the EU-owned European Investment Fund, has also sold its stake. The transaction netted Karolinska Development and KCIF a total return of SEK23m ($2.6m). Karolinska and KCIF had held a combined 10.3% stake in Pharmanest, which is focusing on uro-gynological diseases, colorectal disorders, radiotherapy and invasive oncological procedures.