IPO on track to raise $375M for startup Duck Creek | AI sales-support startup Gong raises $200M | Palantir reportedly to go public by direct listing
August 13, 2020
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The Lead
Duck Creek Technologies, a startup that develops software for property and casualty insurers, raised the suggested share price range for its initial public offering and said it hopes the listing will raise about $375 million. At the high end of the range, the IPO would raise the company's valuation to about $3.2 billion.
Full Story: Reuters (8/12) 
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Capital Call
Gong.io, a startup that developed a platform that uses artificial intelligence to help sales personnel work more efficiently, raised $200 million in a funding round that gave it a $2.2 billion valuation. Investors included Salesforce Venture and the hedge fund Coatue.
Full Story: Reuters (8/12) 
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Palantir Technologies intends to conduct a direct listing in late September to go public, sources say. The maker of data-analysis software received a valuation of $20 billion in 2015.
Full Story: BNN Bloomberg (Canada) (8/12) 
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Varjo, a startup working on virtual reality and mixed reality technologies for business users, raised $54 million in its Series C funding round. With the new capital it will accelerate hardware and software development, and global expansion.
Full Story: VentureBeat (8/12) 
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Stream, a startup application programming interface developer, raised $15 million in a Series A funding round. Due to the coronavirus, much of the new capital came from investors that hadn't met face-to-face with the company's founders.
Full Story: TechCrunch (tiered subscription model) (8/13) 
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Merico, a startup that makes tools that help companies evaluate software developers' code quality and productivity, raised $4.1 million in its seed round. With the new capital the company plans to enhance its current technology and expand marketing.
Full Story: TechCrunch (tiered subscription model) (8/12) 
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Virtual Power Systems, a startup that develops software-defined power technology for data center and cloud companies, raised $12 million in its most recent funding round. The new capital will be used to hire more staff, step up engagement with customers, form partnerships and work on product development.
Full Story: FinSMEs (8/12) 
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View from Abroad
Despite tensions between China and the US, Chinese startups still flock to the New York Stock Exchange or Nasdaq for their initial public offerings. So far this year more than 20 Chinese companies have gone public in the US, bringing in a total of $4 billion, according to data from Dealogic.
Full Story: The Wall Street Journal (tiered subscription model) (8/13) 
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Moka, a Chinese startup that develops human resources management software, raised $43 million in its Series B funding round. The new capital will be used for product development, expansion and recruiting.
Full Story: TechCrunch (tiered subscription model) (8/13) 
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Sector Spotlight: Life Sciences
F2G, a biotech startup with operations in Austria and the UK that develops antifungal drugs, raised $60.8 million in its most recent funding round. With the new capital it can move forward with testing on its most promising drug candidate, which is intended to treat dangerous fungal infections that no longer respond to treatments currently available.
Full Story: Xconomy (8/12) 
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