RocketBoots confirms that it has received firm commitments to raise ~$832,000 via a placement to new and existing shareholders. Funds will be used for expansion activities, advancing trials and progressing contract negotiations with several customers. Commenting on the raise, Chief Executive, Joel Rappolt, said: “This capital raise, when combined with our SPP funds and forecast cash inflows in the new financial year, should provide RocketBoots with the opportunity to complete its current eight (8) international trials. Successful conversion of any of these trials to a scaled site, multi-year contract has the potential to make a significant impact on our business fundamentals. The capital will also enable RocketBoots to install a second wave of trials, due in mid-2024 & continue converting its growing pipeline to new trials. We look forward to updating the market on our progress in the near future.” Twyford Hawk Australia Pty Ltd acted as sole lead manager for the placement of 10,400,000 shares at $0.08 a share. Link to Release: https://bit.ly/3KarkIy $ROC #ROC #rocketboots #AI #machinelearning #computervision #nvidia #dell #software #technology #banking #retail #optimisation #insights ASX:ROC #invest
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Darktrace, one of London's most successful tech companies, has agreed to a $5.32bn cash deal with US private equity firm Thoma Bravo. The deal represents a 44% premium to Darktrace's three-month average share price and marks the 20th takeover of a London-listed company this year. This acquisition highlights the crisis facing the London Stock Exchange and its deep discount relative to the US market. Since January, deals worth more than £26bn have been agreed upon, with companies sold off at an average of 36% above their market value. This acquisition should be a wake-up call to the government, as the UK's leading tech company is being acquired by US private equity. #technews #LondonStockExchange #Darktrace
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Hope everyone had a great long weekend! In this week’s transaction / technology news update, we’ll cover some of the key transactions that occurred this past week across North America. Deal activity in Canada featured Viggle raising ~C$26mm through a Series A funding round led by Andreessen Horowitz on August 26. Viggle develops an AI-powered video creation platform to simplify video creation. The funds will be used to continue to scale and accelerate product development. Additionally, Keyhole was acquired by Muck Rack on August 31. Keyhole provides a social conversation tracking system designed to track social media data and hashtags in real time. The acquisition will help Muck Rack’s customers gain access to deeper insights into how their brand is perceived on social media. In the US, deal activity included Simplebet being acquired by DraftKings Inc. on August 28. Simplebet is a data and innovation company intended to drive the future of fan engagement around live sporting events. The acquisition will allow DraftKings to leverage Simplebet’s proprietary technology to create a faster in-play wagering experience. Furthermore, Hewlett Packard Enterprise acquired Morpheus Data | Hybrid-Cloud Management Platform on August 30. Morpheus Data develops cloud-based applications and infrastructure designed to manage hybrid clouds and monetize apps. The acquisition will bolster HPE GreenLake cloud’s ability to simplify IT complexity. The chart below showcases North American M&A activity by quarter as well as median TEV / Revenue multiples for each respective quarter. Q3 2024 is tracking to be short of the deal volume seen in the previous quarter but is signaling strong valuation multiples. Have a great week! #mergersandacquisitions #venturecapital #investmentbanking #privateequity #technology #technews #canadiantechnews
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Dual use and defense tech: what's the difference? by Nicola S., Founder and General Partner at Twin Track Ventures. 👇 Why it matters.👇 Understanding the nuances between deeptech, defence tech, and dual use is crucial for founder-investor fit and efficient communication. Early Silicon Valley startups with defence links highlight the historical significance of dual use. Today, some argue VCs hide behind dual use, avoiding offensive tech funding. However, many dual use investors leverage sector expertise to balance returns and national security. Deeptech encompasses high technical risk tech, dual use serves both commercial and national security sectors, and defence tech spans consumer to deeptech with military applications. Clarity in these terms helps VCs and LPs align on impactful investments. Read the full article on EUVC Insights. 🔽 https://buff.ly/3zvO83m #venturecapital #startupfunding #Europe #EUVCInsights
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Nicola Sinclair really hits the nail on the head here. This quote is worth reading twice in my opinion: "I don’t want to be in a boardroom hoping that one of my companies will land another arms contract. I want to be in a boardroom knowing my companies play a role in deterring conflict. In supporting stability, so that companies funded by other VCs have the space to be amazing engines of change in sectors like climate, health and education. Maybe this conversation shouldn’t be about more VCs funding more weapons. Frankly many investors don’t have the experience or the network to understand which technologies will really move the needle." As someone on the "other side" of these deals as a co-founder at CulturePulse we're not just worried about fundraising and revenue, we also lay awake at night with ethical questions, and we should. I try and stay in my lane. I don't know enough about weapons, I know human psychology and how people act and react at scale in high risk environments. The AI that we've built has that knowledge built into its core. Having a board that pushes our core use and value, which goes to serve a variety of communities (and can include defense/security) is important. I'm happy to help where there is mission alignment with an MoD/DoD. I'm also happy to help where there is mission alignment with a Fortune 500. CulturePulse tech, particularly its ARES platform, is focused on conflict because we can lessen conflict, and if you EVER talk to a uniformed person, they will almost surely tell you with more emotion than anyone that they'd love more peace-tech, because uniformed people and their families are the ones who are most effected by war. So if my tech can help bring them home and help to end a conflict, and if the end of that conflict positively impacts the bottom line of our clients with complex supply chains or insurance risks, this is the kind of win I need to sleep well at night. For me, the fact that the same algorithm can help both, with very different industries, but similar missions, is where #dualuse meets the #deeptech #ai that we have.
Dual use and defense tech: what's the difference? by Nicola S., Founder and General Partner at Twin Track Ventures. 👇 Why it matters.👇 Understanding the nuances between deeptech, defence tech, and dual use is crucial for founder-investor fit and efficient communication. Early Silicon Valley startups with defence links highlight the historical significance of dual use. Today, some argue VCs hide behind dual use, avoiding offensive tech funding. However, many dual use investors leverage sector expertise to balance returns and national security. Deeptech encompasses high technical risk tech, dual use serves both commercial and national security sectors, and defence tech spans consumer to deeptech with military applications. Clarity in these terms helps VCs and LPs align on impactful investments. Read the full article on EUVC Insights. 🔽 https://buff.ly/3zvO83m #venturecapital #startupfunding #Europe #EUVCInsights
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Heading to Collision Conf next week in Toronto? 🚀 Don't miss these three discussions shaping the future of VC investing and business growth… 🌟 The Battle for Growth at All Costs: Years past preached 'growth at all costs,' leading companies to overextend and now recalibrate. How are businesses adjusting strategies in today's market? What can we expect going forward? 🎙Featuring: - Rajeev Dham, Partner at Sapphire Ventures - Spencer McLeod, Partner at G Squared - Magaly Charbonneau, Partner at Inovia Capital - Akash Pasricha, Reporter at The Information ⏰ Tuesday, June 18 from 12:00 pm - 12:25 pm ET 🌟A New Era in Defense Tech Investing: This sector has attracted billions despite traditional VC hesitancy. What's changed? Why is now a promising time to invest?🎙 Featuring: - Jai Das, Partner, President, & Co-founder at Sapphire Ventures - Marc Vartabedian, VC Reporter at The Wall Street Journal ⏰ Wednesday, June 19 from 11:45 am - 12:05 pm ET 🌟 What Founders and Investors Should Know About the State of the IPO Window: With a resurgence in IPO activity anticipated for the latter half of 2024, what are the main challenges and opportunities in the current IPO market? 🎙Featuring: - Jai Das, Co-founder, President, and Partner at Sapphire Ventures - Jennifer Wolf, Managing Partner at Initialized Capital - Nigel Morris, Managing Partner & Co-Founder at QED Investors - Akash Pasricha, Reporter at The Information ⏰ Wednesday, June 19 from 4:20 pm - 4:40 pm ET We’re looking forward to a great week! Find more information and save your seat below: https://lnkd.in/geaG_F8g #collision2024 #DefenseTech #VC
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Tempest, a developer platform founded by ex-Apple engineers, has launched with $3.2M in seed funding led by Abstract Ventures, alongside participation from BoxGroup, Background Capital, and notable investors like Max Mullen. The platform aims to redefine platform engineering with self-service workflows and built-in automations, enabling teams to innovate faster while maintaining security and compliance. https://lnkd.in/gciftEbV #Venture #VentureCapital #VC
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First class compilation in order to keep up to date with the VC landscape
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We're honored to be shortlisted for the Investor of the Year category at the Allstars Awards! Thank you to GP Bullhound for recognizing us among an amazing set of founders, innovators and investors reshaping the future of European tech. View the full list of nominees here: https://lnkd.in/dzY9ScrP #allstars24 #softwareinvesting #growthinvesting #scaleups
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Dark day for UK tech This morning Darktrace agreed a bid from US Thomo Bravo at $5.3b/620p per share. For more info read Simon Baxter at TechMarketView below. I should declare that I have been a Darktrace shareholder since their Apr 2021 IPO at 250p. Indeed I watched in glee as they soon after rose to 945p…before collapsing all the way down to below the IPO price by Feb 2023. But I guess I should be ‘happy’ with a c150% three year return. So why do I feel so gloomy? Darktrace was perhaps the last really exciting, large UK listed tech company. They were deeply associated in combining AI and cyber security – two of the most exciting areas in tech right now. Darktrace lashed out saying they believed they had been undervalued compared to their peer group. A peer group that is largely listed in the US. And they are clearly right. As many readers know I was a director of the Allianz Technology Trust #ATT from 2007 to 2019 during which time it grew from a value of £50m to £1.4b. As a director it was not my job to stock pick. That was a role ably filled by Walter Price - the #ATT Fund Manager we appointed in 2007. But, at nearly every board meeting, I harangued Walter to consider UK stocks. Afterall #ATT investors were pretty much all UK residents. So each time Walter visited the UK he would go see some UK listed companies and (totally at his decision) invested in the likes of HP Autonomy, Arm, blinkX, AVEVA, Sophos, Blue Prism etal. Regardless, the UK investments at #ATT never amounted to more than a few percentage points of the portfolio. But the UK listed investments #ATT made did well. Why? Because almost every one of them was bought at a sizeable premium! When I stepped down from the board in Dec 2019, and Walter Price retired in 2021, #ATT reduced its UK holdings to zero. Despite not being a director I was (still am) a major #ATT shareholder and, as readers know, care greatly for UK tech. So I wrote to the #ATT Chairman and new fund manager, Mike Seidenberg, highlighting the lack of any UK tech investments in the portfolio. So I was delighted to hear at the #ATT AGM on Wed 24th Apr 24 that the fund had just bought a slug of Darktrace shares representing 0.3% of the now £1.5b #ATT portfolio. It must be the shortest time and highest short term profit of any #ATT investments. Maybe this is what UK tech has become – the ultimate fishing pond for US companies and investors looking for ‘great tech on the cheap’. But UK tech has always been ‘too cheap’. It really is no wonder that so many are fleeing State-side. Investors – and here I mean UK pension funds and investment trusts as well as retail investors – will only really have themselves to blame if there are no more UK listed tech firms to invest in. I could cry...
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For what it's worth on the whole Darktrace saga, I 100% agree that as a tech founder in the UK, I'd never want to be on the full LSE. There's just so little benefit vs better markets...pretty much the only point in favour is convenience if you're already UK based (and if you're listing, you've already accepted that it's inconvenient and costly). I'd also follow the other major trend we're seeing and delay going public to as late as possible - in reality for us, probably never going public. It's not much of a topic of conversation, but I doubt I know a UK founder who disagrees with these 2 sentiments. We need regulation to catch up and create lighter-weight markets with actual liquidity for the many mid-cap businesses in the UK - perhaps beefing up the AIM and / or working with existing investment platforms like Seedrs and Crowdcube. As for how we fix the British investor attitude... that's a tougher problem, maybe more tax incentives to encourage supporting rather than attacking these mid cap companies? This would be a pathway to keeping companies here and allowing UK equity markets to share in the growth of it's tech sector, rather than keeping most success private and anyone who does have potential either heading to the US or selling. #darktrace #lse #listing #ipo #uk #equities #markets
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7moNice one.