New Summit Investments is raising a new $100 million impact fund, according to documents filed with the SEC.
This is the firm’s fifth fund and marks a sizable jump from the $40 million its previous fund, which closed back in 2022.
New Summit has supported marginalized fund managers by launching initiatives like its partnership with investment firm Gratitude Railroad to source and underwrite underrepresented fund managers.
New Summit Investments’ was founded in 2016 as an impact investment firm focusing on climate, health, and economic opportunities.
New Summit Investments’ first fund closed for $20 million in 2016, followed by $36 million in 2018, according to Pitchbook.
When IT was responsible for servers onsite, understanding what you owned and where it lived was not a big problem.
Faddom, an early stage Israeli startup, helps companies map their infrastructure wherever it lives, and helps them visualize the connections and dependencies, taking aim at medium-sized enterprises.
Once the map is in place, companies can use the information for a variety of tasks such as infrastructure change management and migrations, cybersecurity and compliance.
It defines its target market as companies with between a few hundred and a few thousand employees managing perhaps 100 servers or or more with between $100 million to a few billion dollars in revenue.
Usually their budgets will be very low, and usually there’s no innovation tailored for that type of segment,” he said.
Leveraging resources such as virtual data rooms and shared labs makes it easier for biotech startups to grow.
“For this to work, the world would need to scale up the number of MRI scans it does by at least 100x.
Co-working for biotechShared lab spaces have been a game changer for biotech startups, Nature reported.
This reminded me of Startup Battlefield alum Parallel Health — its chief scientist officer Nathan Brown had mentioned shared labs in passing when we chatted at Disrupt.
“If you’re thinking about starting a company, try to visit a few just to see which one is the best.”Virtual data roomsVirtual data rooms are another important resource for biotech startups.
Yet another series of layoffs has hit Google, this time at its video-sharing platform, YouTube.
The company will eliminate 100 employees, a spokesperson confirmed to TechCrunch.
Last week, Google laid off more than 1,000 workers across several divisions, including engineering, services and voice-activated product Google Assistant.
“As we’ve said, we’re responsibly investing in our company’s biggest priorities and the significant opportunities ahead,” a Google spokesperson said in a provided statement.
“We’re continuing to support any impacted employees as they look for new roles here at Google and beyond,” the spokesperson added.
The valuation reassessment comes at a time when Reliance is expected to undertake initial public offerings for both Jio Platforms and Reliance Retail.
In 2020, Jio Platforms raised over $20 billion from a series of investments by companies like Meta, Google, Silver Lake, Vista Equity Partners and others.
Reliance Retail, which raised about $7 billion in 2020, recently raised about $1.85 billion at $100 billion valuation.
The investment bank also expects the Indian telecom industry to hike tariff in the second half of the year, it said.
“On enterprise business we see three areas where Jio Platforms could capitalize on: government contracts, SMEs and corporates (by offering VAS),” BofA added.
SentinelOne’s deal to acquire PingSafe valued the Peak XV-backed young startup at over $100 million, two sources familiar with the matter told TechCrunch, in one of the strongest and fastest deals emerging from India.
The New York Stock Exchange-listed AI security firm disclosed the cash and equity deal last week, but didn’t reveal the financial terms.
Founded in 2021, PingSafe is a relatively new and small security company with <100 employees and ~50+ customers, mostly in India.
The British bank also estimated the size of the deal to be about $100 million.
PingSafe is “among the fastest ‘seed to significant exits’ Indian ecosystem has ever seen,” Rajan Anandan, who leads Surge at Peak XV, tweeted last week.
