Timesdelhi.com

December 12, 2018
Category archive

east coast

Glasswing Ventures closes its artificial intelligence-focused fund with $112 million

in Artificial Intelligence/BotChain/Co-founder/dan primack/Delhi/Dell/east coast/Economy/Entrepreneurship/EqualLogic/executive/Finance/India/laser/machine learning/money/Politics/Private equity/socialflow/Talla/TC/Venture Capital by

One year after receiving a whopping $75 million commitment to invest in early stage companies applying artificial intelligence to various industries, Glasswing Ventures has closed its debut fund with $112 million. 

It’s a significant milestone for a firm that purports to be the largest early stage investor focused on machine learning on the East Coast, and one of the largest early stage funds to be led by women.

Founded by Rudina Seseri alongside her longtime investing partner Rick Grinnell and bolstered by the addition of former portfolio executive Sarah Fay, Glasswing so far has invested in three startups: BotChain (a company spun up from Glasswing’s early investment in the AI management company, Talla); Allure Security, a threat detection company; and Terbium Labs, whose service alerts companies when sensitive or stolen information of theirs appears on the Internet.

For Seseri and Glasswing, the close is actually just the beginning. As she said in a statement:

“Raising an AI-focused fund on the East Coast is just the beginning for Glasswing Ventures. As we embark on a journey to shape the future, we are laser-focused on investing in exceptional founders who leverage AI to build disruptive companies and transform markets. Beyond providing smart capital, we are firmly committed to supporting our entrepreneurs with all facets of building and scaling their businesses.”

The story, for Seseri and her co-founder Grinnell actually begins nearly a decade ago at the venture firm Fairhaven Capital, the rebranded investment arm of the TD Bank Group.

At the time of the firm’s launch in 2016, Glasswing was targeting $150 million for its first fund, with a 2.5% management fee and 20% carried interest (pretty standard terms for a venture fund), according to reporting by Dan Primack back when he was at Fortune.

In a pitchdeck seen by Primack the firm was touting 4.25x return multiple on its investments including 6x realized and 1.8x unrealized in deals like Grinnell’s exit from EqualLogic (which was sold to Dell for $1.46 billion) and Seseri’s investments in Jibo (which is now basically worthless) and SocialFlow (which isn’t).

Fay, who worked at a portfolio investment of Fairhaven’s, was brought on soon after the two partners launched their new venture.

Glasswing definitely benefits from the firm’s proximity to Boston’s stellar universities. And Seseri, a Harvard University graduate maintains close ties with the research community at both Harvard and MIT — tapping luminaries like Tim Berners-Lee to sit on the firm’s advisory council for networking. 

Chase Martin, Marketing and Events Manager, Emma Marty, Operations and Support Coordinator, Rick Grinnell, Founder and Managing Partner, Rudina Seseri, Founder and Managing Partner, Sarah Fay, Managing Director, and Andre Rocha, Investment Associate 

News Source = techcrunch.com

Bolt Threads joins Modern Meadow in the quest to bring lab-grown leather to market

in Bolt/Bolt Threads/california/China/Delhi/east coast/Fast Company/food science/Horizons Ventures/India/London/Music/paul mccartney/Politics/screws/Silicon Valley/sustainability/TC by

There’s a new world of lab-grown replacements coming for everything from the meat department in your grocery store to a department store near you.

Lab-made leather replacements will soon join vegetable-based meat replacements on store shelves thanks to startups like Bolt Threads, which today announced that it would join companies like Modern Meadow in the quest to bring vegetable-based replacements for animal hides to market.

Earlier this year, the Silicon Valley-based Bolt Threads raised a $123 million financing to expand its business beyond the manufacture of spider silk which had brought the company acclaim — and an initial slate of products.

The announcement today of its new product, Mylo, is the first step on that path.

Working with established partner, Stella McCartney, and using technology licensed from the biomaterials company Ecovative Design, Bolt is bringing Mylo’s mushroom-based leather replacement to the world in a debut of one of McCartney’s Falabella bag designs made from the mushroom material.

The first bag will be available at the Victoria and Albert Museum’s Fashioned from Nature exhibit, open to the public on April 21st in London.

In an interview with Fast Company last year, McCartney discussed her commitment to sustainability. “I don’t think you should compromise anything for sustainability,” McCartney told the magazine. “The ultimate achievement for me is when someone comes into one of my stores and buys a Falabella bag thinking it’s real leather.”

While Bolt Threads is licensing its technology from Ecovative Design, Modern Meadow is choosing to develop its own intellectual property for growing a replacement leather.

Taking a different path to its California-based competitor, Brooklyn’s Modern Meadow model is going for a mass market while Bolt Threads is more bespoke.

The East Coast company partnered with the European chemical giant Evonik — and has raised over $40 million dollars from billionaire backers like Peter Thiel’s Breakout Ventures and Horizons Ventures (financed by Li Ka Shing — one of China’s wealthiest men) — along with the Singaporean investment giant, Temasek.

Both companies are examples of how animal husbandry is being replaced by technology in the search for a more sustainable way to feed and clothe the world’s growing population. It’s a population that’s demanding quality goods without sacrificing sustainable industrial practices — all things that are made possible by new material — and data — science along with novel manufacturing capabilities that show promise in taking things from the laboratory to the heart of the animal industries they’re looking to replace.

This is a pattern that’s not just happening in fashion, but being replicated in food science as well.

How quickly the change will come — and how viable these alternatives will be — depend on them scaling to meet a broad consumer demand. One purse in a museum show isn’t enough. Once there are hundreds of handbags on Target shelves — that’s when the revolution won’t need to be televised, because it will already have been commercialized.

News Source = techcrunch.com

Go to Top