The Daily Startup: Second Genome Raises $42.6 Million to Pursue Microbiome-Based Therapies

[wsj-responsive-image P="http://si.wsj.net/media/dailystartup_E_20090806101628.jpg" J="http://si.wsj.net/media/dailystartup_E_20090806101628.jpg" M="http://si.wsj.net/media/dailystartup_E_20090806101628.jpg" caption="" credit="" placement="Wrap" suppressEnlarge="false" ignorerespwidth="359" ignorerespheight="239" ] Second Genome Inc. has attracted the venture arms of two drug companies to a $42.6 million financing that will enable it to develop disease treatments based on research into the population of microbes that live in and on the body. The more than 100 trillion microorganisms living in and on the body, the microbiome, influence disease and health, research indicates. For Second Genome, the interest that the venture arms of Pfizer and Roche showed in its financing validates two premises on which the company is based. One is that the microbiome is involved in multiple diseases. The other is that Second Genome’s particular approach to microbiome-based therapy is one that should appeal to drug manufacturers, according to Chief Executive Peter DiLaura. Instead of using microbes as drugs, Second Genome Continue reading "The Daily Startup: Second Genome Raises $42.6 Million to Pursue Microbiome-Based Therapies"

The Daily Startup: Rinse Puts New Spin on Dry Cleaning

As venture capital investment slowed in the first quarter, investors slammed the brakes on funding for consumer services. But some investors still bet consumers will pay to have drivers pick up their laundry so they don’t have to haul it to dry cleaners themselves: San Francisco-based Rinse Inc. grabbed $6 million in Series A funding, Cat Zakrzewski reports for VentureWire. In the on-demand economy, few services besides food delivery have become as crowded as laundry. Washio Inc., Laundry Locker Inc., Cleanly Inc., FlyCleaners Inc. and other competitors all focus on dry cleaning and laundry delivery. Rinse co-founder and Chief Executive Ajay Prakash pushes back against the comparison of his company to others in the on-demand laundry space. He said though the company can offer laundry service in 24 hours, he has focused on providing a quality dry cleaning experience rather than a fast one.

ALSO IN TODAY’S VENTUREWIRE Continue reading "The Daily Startup: Rinse Puts New Spin on Dry Cleaning"

The Daily Startup: Rinse Puts New Spin on Dry Cleaning

[wsj-responsive-image P="http://si.wsj.net/media/dailystartup_E_20090806101628.jpg" J="http://si.wsj.net/media/dailystartup_E_20090806101628.jpg" M="http://si.wsj.net/media/dailystartup_E_20090806101628.jpg" caption="" credit="" placement="Wrap" suppressEnlarge="false" ignorerespwidth="359" ignorerespheight="239" ] As venture capital investment slowed in the first quarter, investors slammed the brakes on funding for consumer services. But some investors still bet consumers will pay to have drivers pick up their laundry so they don’t have to haul it to dry cleaners themselves: San Francisco-based Rinse Inc. grabbed $6 million in Series A funding, Cat Zakrzewski reports for VentureWire. In the on-demand economy, few services besides food delivery have become as crowded as laundry. Washio Inc., Laundry Locker Inc., Cleanly Inc., FlyCleaners Inc. and other competitors all focus on dry cleaning and laundry delivery. Rinse co-founder and Chief Executive Ajay Prakash pushes back against the comparison of his company to others in the on-demand laundry space. He said though the company can offer laundry service in 24 Continue reading "The Daily Startup: Rinse Puts New Spin on Dry Cleaning"

The Daily Startup: Illumina to Invest $100 Million Through Venture Fund

[wsj-responsive-image P="http://si.wsj.net/media/dailystartup_E_20090806101628.jpg" J="http://si.wsj.net/media/dailystartup_E_20090806101628.jpg" M="http://si.wsj.net/media/dailystartup_E_20090806101628.jpg" caption="" credit="" placement="Wrap" suppressEnlarge="false" ignorerespwidth="359" ignorerespheight="239" ] Genomics company Illumina, which has used venture investments and acquisitions to help fuel its growth, is ramping up its venture activity by committing to invest $100 million over 10 years through a new venture fund. Illumina has grown rapidly as demand for its DNA-sequencing systems and other life sciences-research tools has soared. The company posted $2.2 billion in 2015 revenue, a 19% jump from 2014, and over the last five years its share price has climbed to $173 from the high $60s. For several years Illumina has made venture investments through an internal fund, backing startups such as consumer-genetics company 23andMe Inc., software provider Desktop Genetics Ltd., and biotech concern Kallyope Inc. With the genomics market growing, Illumina concluded that it could extend its reach through Continue reading "The Daily Startup: Illumina to Invest $100 Million Through Venture Fund"

The Daily Startup: RefleXion Medical Spots $46 Million to Make Radiation Therapy Safer

[wsj-responsive-image P="http://si.wsj.net/media/dailystartup_E_20090806101628.jpg" J="http://si.wsj.net/media/dailystartup_E_20090806101628.jpg" M="http://si.wsj.net/media/dailystartup_E_20090806101628.jpg" caption="" credit="" placement="Wrap" suppressEnlarge="false" ignorerespwidth="359" ignorerespheight="239" ] RefleXion Medical Inc. has collected $46 million in Series B financing to bring to market a technology that could make radiation therapy for cancer safer and extend its benefits to more patients, Brian Gormley reports for VentureWire. New investor KCK Group, a family investment fund, led the round, which also included return backers Pfizer Venture Investments, Sofinnova Partners and Venrock. RefleXion formed in 2009 and raised seed financing from individuals before closing an $11 million Series A round in 2014. Radiation therapy is a type of cancer treatment used to kill cancer cells and shrink tumors. It can be used with chemotherapy and surgery in an attempt to treat or cure cancer. Today, physicians use X-rays, computed tomography scanning and magnetic resonance imaging to guide treatment. These types of imaging Continue reading "The Daily Startup: RefleXion Medical Spots $46 Million to Make Radiation Therapy Safer"

The Daily Startup: GV Leads $40 Million Round for Quartet Health

[wsj-responsive-image P="http://si.wsj.net/media/dailystartup_E_20090806101628.jpg" J="http://si.wsj.net/media/dailystartup_E_20090806101628.jpg" M="http://si.wsj.net/media/dailystartup_E_20090806101628.jpg" caption="" credit="" placement="Wrap" suppressEnlarge="false" ignorerespwidth="359" ignorerespheight="239" ] Quartet Health Inc., which uses its technology to improve access to behavioral health care and to integrate it with physical health care, has raised $40 million to expand its offering to markets across the U.S., Brian Gormley reports for VentureWire. New investor GV (formerly Google Ventures) is leading the Series B round, which also includes previous backers F-Prime Capital Partners, Oak HC/FT Partners and Polaris Partners. Quartet formed in 2014 and raised a $7 million Series A round last year. About one in five U.S. adults experiences a mental illness in a given year, according to the National Alliance on Mental Illness. Common behavioral-health conditions include depression, anxiety and drug and alcohol abuse. Patients can have difficulty gaining access to mental-health care because of a shortage Continue reading "The Daily Startup: GV Leads $40 Million Round for Quartet Health"

The Daily Startup: GGV Capital Closes $1.2 Billion for New Funds

[wsj-responsive-image P="http://si.wsj.net/media/dailystartup_E_20090806101628.jpg" J="http://si.wsj.net/media/dailystartup_E_20090806101628.jpg" M="http://si.wsj.net/media/dailystartup_E_20090806101628.jpg" caption="" credit="" placement="Wrap" suppressEnlarge="false" ignorerespwidth="359" ignorerespheight="239" ] GGV Capital is the latest venture firm to add dry powder to the keg. Menlo Park, Calif.- and Shanghai-rooted GGV has made a final close on $1.2 billion for two main investment vehicles. GGV’s new funds tap into $900 million for its main GGV Capital VI fund and $250 million for its seed-stage-focused GGV Discover I. The firm has also set up a $50 million sidecar in the GGV Capital VI Entrepreneurs Fund, including company founders as LPs. The fundraising by GGV, which now manages $3.8 billion in eight funds, comes as venture firms have been raising funds at the highest rate since the peak of the dot-com boom, in 2000. ALSO IN TODAY’S VENTUREWIRE (subscription required): NodeSource Inc. has raised a $10 million Series A round Continue reading "The Daily Startup: GGV Capital Closes $1.2 Billion for New Funds"