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| Here's a look at today's Startups briefing. - Ford acquired Auto Motive Power to advance its EV plans.
- Indian IPO market booms amidst global uncertainty.
- Micro-organism screening platform Triplebar raises $20M.
Thank you. Karan
p/karan-chafekar | |
| 1 | | American automotive giant Ford acquired EV charging and battery management startup Auto Motive Power (AMP) for an undisclosed sum. AMP will cease to exist as an independent company following the deal, with Ford absorbing its tech, talent, and facility. The acquisition will help Ford accelerate its EV adoption and charging efforts, according to Ford spokesperson Emma Bergg. More: - Pitchbook data shows that AMP had around 149 employees and had raised $26.5M in total funding to date.
- AMP was backed by Marco Marinucci of Hella Ventures, Alex Moore at 8VC, and Josh Grehan of Helios Climate Ventures.
- AMP's founder, Anil Paryani, will join Ford's EV development unit and work under former Tesla colleague Alan Clarke.
- TechCrunch reports that AMP's COO Lionel Selwood Jr. will not join Ford.
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| 2 | | 184 companies have gone public so far this year in India, setting a new record, per Bloomberg. 
What the numbers say: 30 companies debuted in October alone, beating the IPO listing pace across the U.S., China, and Hong Kong. What happened: The surge comes amidst a recent rally in Indian equities and robust economic growth. Investors' appetite for Indian IPO listings has also increased due to the slowing economic growth in China. S.R. Batliboi & Associates' partner Adarsh Ranka said, "The IPO landscape is witnessing a surge in activity driven by both an urge to tap the capital markets pre-or-post Indian general elections and strong economic activity, positive domestic and foreign investor sentiment toward India." Relevance: While the number of IPO listings reached record highs, proceeds from public listings declined 15% YoY to $4.9B. Cello World's shares were oversubscribed by 39 times at its $228M IPO listing earlier this Wednesday. However, due to the mixed outlook, several upcoming IPO companies, including Honasa Consumer, are lowering the size of their IPOs. | | | |
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| 3 | | Triplebar, a California-based biotech startup, raised a $20M round led by Synthesis Capital. The startup developed a screening platform for deploying microfluidics and rapid testing. More: - Triplebar uses machine learning to develop biomanufacturing platforms utilizing microbial or animal cells more efficiently.
- The startup says its system can screen millions of mutations and optimize the evolution of micro-organisms.
- "We take a hypothesis-free approach and say what's the phenotype, the output of the thing that we're looking for? And then Triplebar technology enables us to see how biology did it," said the company's CEO, Maria Cho.
- The round included participation from David Friedberg's The Production Board, Essential Capital, Stray Dog Capital, and iSelect Fund.
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| 4 | | AdaptX, a Seattle-based medical data analysis startup, announced it raised $10M led by Cercano Management. The company spun out of Vulcan, an investment firm by the late Microsoft co-founder Paul Allen. More: - AdaptX works with Memorial Hermann, a hospital system with 17 locations in Southeast Texas.
- The startup was founded as MDMetrix in 2016 by Dr. Dan Low, a pediatric anesthesiologist, to compare drugs used in common surgeries at Seattle Children's Hospital.
- The company last raised a $6M Series A in Jun. 2021, led by Vulcan.
- AdaptX has doubled its workforce from a total of 20 employees during its previous round.
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| 5 | | P0 Security, a cloud access management startup, announced a $5M Seed round led by LightSpeed Venture Partners and SV Angel Management. The company works on offering developers a single access point for multiple cloud identities. More: - P0 automates privilege access escalations, enabling the ability for developers to request permissions via a Slackbot.
- The company plans to use the funds to build out additional functionalities.
Zoom Out: - In August, access management startup Veza raised a $15M round led by CapitalOne and ServiceNow, valuing it at $415M.
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| 6 | | Predictions marketplace startup KalshiEX is suing the Commodity Futures Trading Commission (CFTC) after the regulator denied its application to launch a derivatives market for betting on U.S. congressional election outcomes. Kalshi sought CFTC approval for congressional control political event contracts in June. The CFTC disapproved Kalshi's proposal in September. More: - Kalshi argues its contracts would let investors hedge against political risk.
- Under Kalshi's proposal, the firm "would allow businesses with a demonstrated need to hedge political risk to trade as much as $100M in bets," per the WSJ.
- However, the CFTC rejected its application, claiming that several states have banned gambling on elections.
- Kalshi argues that the CFTC has no power to block its initiative as the contracts contain no unlawful acts prohibited under the Commodity Exchange Act.
Zoom out: - Per WSJ, there could be high demand for election gambling, as a foreign platform Betfair.com handled bets worth $2B on the 2020 presidential election, per data from Wake Forest University economist Koleman Strumpf.
- New Zealand's Victoria University won a lawsuit against the CFTC after the regulator tried to bank its PredictIt platform.
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- Sarita Runeberg is set to succeed Ville Simola as the CEO of Finnish startup hub Maria 01.
- Fintech SaaS startup Perfios appointed Sumit Nigam as its CTO and Anu Mathew as chief people officer as it gears up for its IPO.
- Women's healthcare startup Gynesonics secured $42.5M in fresh funding led by Amzak Healthcare, Endeavour Vision, Kaiser Permanente Ventures, Runway Growth Capital, and Bain Capital.
- Vespa.ai, an AI-powered search and scaling engine that spun out from Yahoo, received a $31M Series A capital infusion from Blossom Capital.
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Term of the Day Ecosystem: An ecosystem is an interconnected system of networks, organizations, and support for startups in a particular location. Question of the Week What's one tool or app that has significantly made your life easier at work? Join the conversation |
INSIDE STARTUPS LEADERBOARD (7 DAYS) |
 | Analyst | | Karan Chafekar is a Management Consultant, Business enthusiast, and Licensed Pilot.
Nicolas is a Sr. Analyst at Inside, covering startups and transportation trends. He is an avid map maker and data nerd. Nicolas has worked in the shared-scooter space, as well as advised e-bike and moped start-ups. | | This newsletter was edited by Vibha Chapparike | |
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