11/17/2023 0 Comments Holmes about venture capitalismCredo Technology Group Holding, a San Jose, Calif.-based connectivity solutions provider, filed for an IPO. 2021 and reported $91.1 million in net income. ![]() The company posted $1.8 billion in net sales in the nine months ending in early Oct. Specialty Building Products, a Duluth, Ga.-based specialty building products distributor, filed for an IPO. Thrive Capital, Bain Capital, Redpoint, and Index Ventures back the firm. The company reported $982.7 million in revenue in the year ending in May, and reported net income of $10.9 million. Justworks, a New York-based benefits, payroll, and HR software company, plans to raise up to $224 million in an offering of 7 million shares priced between $29 and $32 per share. The company posted $2.1 billion in revenue in 2020 and reported net income of $1.4 billion. TPG Partners, a Fort Worth, Texas-based alternative asset manager and private equity firm, and its shareholders plan to raise up to $1.1 billion in an offering of 33.9 million shares (19.7% sold by insiders) priced between $28 and $31 per share. Ray Therapeutics, a San Diego, Calif.-based optogenetic gene therapies developer for patients with blinding diseases, raised $6 million in seed funding led by 4BIO Capital. Amberstone Biosciences, a Laguna Hills, Calif.-based conditionally active immunotherapeutics company, raised $12 million in Series A funding led by Viva BioInnovator, Co-win Ventures, and Sinovation Ventures and was joined by investors including ChangRong Capital and Lifespan Investments. Volumental, a Stockholm-based 3D scanning and data tool company that helps customers virtually fit shoes, raised $13 million in funding led by CNI and joined by investors including Backstage Invest and Abanico Invest. Exotel, a Bengaluru, India-based virtual business phone management developer, raised $40 million in Series D funding led by Steadview Capital. Metaversal, a holding company that co-produces and invests in NFT projects and metaverse technology, raised $50 million in Series A funding co-led by CoinFund and Foxhaven Asset Management and was joined by investors including Collab+Currency, Dapper Labs, Digital Currency Group, Franklin Templeton, Galaxy Vision Hill, Narwhal Ventures, and others. Here’s a dark line in a New York Times analysis this morning, written by Erin Griffith, a former Term Sheet Editor: ![]() Draper has publicly stood by Holmes much longer. Some investors originally stood by Holmes even after Wall Street Journal reporter John Carreyrou’s investigation raised damning questions over test accuracy and revealed the company wasn’t using proprietary technology for most of its testing. James Mattis, and former Wells Fargo CEO and chairman Dick Kovacevich, among others. It had a star-studded board, including former Secretary of Defense Bill Perry, former Secretary of State and National Security Adviser Henry Kissinger, retired U.S. That cash poured in from the likes of venture capitalists Tim Draper, Donald Lucas, and Dixon Doll as well as investors Betsy DeVos, Rupert Murdoch, and the Walton family. ![]() This has been an extraordinarily high-profile case: There were 275 funds, trusts, individuals, employees, and others that owned shares in Theranos, and the startup had garnered nearly $1 billion in funding. It’s hard to understate the impact of the Theranos indictment and trial.
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