Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.
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Air taxi startup Lilium to go public via SPAC
Lilium, a German aviation startup developing an electric vertical takeoff and landing vehicle for regional travel, announced it is planning to go public in the U.S. through a merger with a blank-check acquirer, Qell Acquisition Corp. The special purpose acquisition company was founded by former General Motors executive Barry Engle. The proposed transaction values the combined company at an approximately $3.3 billion pro forma equity value.
Founded in 2015, Lilium has previously raised at least $376 million in known venture funding, per Crunchbase data.
— Joanna Glasner
Funding rounds
Staffbase raises $145M for communication tools: Germany’s Staffbase, provider of a platform for companies to quickly communicate with employees, raised $145 million in a funding round led by General Atlantic. Founded in 2014, Staffbase offers a suite of tools around internal communications.
— Joanna Glasner
HYCU lands $87.5M for cloud backup: Boston-based HYCU, a provider of multicloud data backup and recovery tools, raised $87.5 million in a Series A round led by Bain Capital Ventures. Founded in 2017, HYCU says it currently serves over 2,000 customers in more than 75 countries.
— Joanna Glasner
Health care
- BrightInsight lands $101M for digital health: San Jose-based BrightInsight closed on a Series C financing of $101 million led by General Catalyst to bring its total raise to $166 million since being founded in 2017, according to Crunchbase data. The funding will go toward expanding its team, as well as technology and product development. BrightInsight’s platform leverages data to lead to better outcomes, develop more personalized therapies, improve provider-patient engagement, and enable speedier development of treatments. In the past year, the company launched three digital health products that include a Software-as-a-Medical-Device algorithm.
- Ecovative snags $60M for mushroom technology: Ecovative, a New York-based biotechnology company focused on commercializing mycelium technology, announced a $60 million Series D round of financing led by Viking Global Investors. The new round brings Ecovative’s total capital raised to $100 million since the company was founded in 2007. Mycelium is the root structure of mushrooms and can be leveraged to grow materials that self-assemble into complex, fully-formed structures for areas such as textiles, packaging and food. The new funding will be used for Ecovative’s Mycelium Foundry and to support another 10x boost in production.
- Cleo inks $40M for family health care: Family benefits platform Cleo brought in a $40 million Series C toward growth and scaling for new Fortune 500 employer customers. Transformation Capital led the round, which brings San Francisco-based Cleo’s total funding to $83 million since it was founded in 2016, the company said. Cleo is currently working with more than 100 employers to drive better health outcomes for working parents in over 55 countries. In the last year, the company saw an 8x membership growth and more than 100 percent increase in revenue.
- SteadyMD raises $25M for telehealth: St. Louis-based telehealth provider SteadyMD raised $25 million in Series B funding led by Lux Capital. Founded in 2016, the company provides an on-demand physician workforce, legal and regulatory guidance, as well as customized technology to support primary care, behavioral health, digital pharmacy, medical device, at-home lab and other telehealth operations. The new funding gives SteadyMD a total of $35 million in venture-backed investments to date, according to Crunchbase data.
— Christine Hall
Illustration: Dom Guzman
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The Briefing: Air Taxi Startup Lilium Going Public, Staffbase Raises $145M, And More – Crunchbase News - Crunchbase News
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