Stories of Technology, Innovation, & Entrepreneurship in the Southeast

Foley Ventures:

The new initiative from the law firm Foley & Lardner LLP, the international law firm founded in 1842 and headquartered in Milwaukee, WI, is focused exclusively on companies that are its clients. And according to the website, Foley Ventures plans two types of investments.

1. If the investment comes from a venture fund, Foley Ventures will invest $200,000 side-by-side with that investment in a portfolio company, so long as the company meets two key requirements: (1) it must be a client of Foley and Lardner, and (2) the company is projected to have adequate cash flow after the investment for at least a year.
2. For a start-up or emerging company, Foley Ventures will invest $200,000 if the company meets those key requirements and receives a simultaneous investment from a professionally managed venture fund.
3. When the investment is made by an angel fund, Foley Ventures may invest $100,000, subject to similar requirements.

INITIATE Ventures:

Jupiter Bioventures:

Jupiter Bioventures, a biotechnology venture foundry that builds bold, science-driven therapeutics companies, has announced the closing of a $70 million initial financing.

The syndicate includes co-founding investors Mission BioCapital and Mayo Clinic. New investors include Alexandria Venture Investments, Bioventure Partners, Cedars-Sinai Intellectual Property Company, CU Healthcare Innovation Fund, Eric Ball, Eshelman Ventures, Fox Ventures, The Brent and Julie Callinicos Trust and Vault Fund. Proceeds from this financing will advance eight to ten companies developing therapeutics to treat cancer and other diseases where cancer biology provides insight.

Jupiter was founded by two biotech entrepreneurs with decades of experience forming and operating biotech ventures. They are:

• Nathaniel “Ned” David, PhD, who previously co-founded Syrrx (acquired by Takeda), Achaogen, Kythera Biopharmaceuticals (acquired by Allergan), and UNITY Biotechnology; and
• Norman “Ned” Sharpless, MD, who was previously Director of both the National Cancer Institute and the University of North Carolina’s Lineberger Comprehensive Cancer Center, Acting Commissioner of the U.S. Food and Drug Administration, currently member of the National Academy of Medicine, and Co-Founder of G1 Therapeutics (acquired by Pharmacosmos).

Between them, Drs. Sharpless and David’s previous companies have generated five approved medicines, four Initial Public Offerings, and three corporate acquisitions.

Jupiter starts by evaluating potential projects—dubbed “Moons”—using a set of business and scientific criteria. Jupiter then deploys a team and small amounts of seed capital to secure intellectual property and experimentally validate the core idea. The most promising Moons receive additional investment from both Jupiter and non-Jupiter investors to become freestanding, high-value biotech companies with sufficient capital to demonstrate proof-of-concept in humans.

Theory Ventures, the venture capital firm specializing in early stage software investments across data, artificial intelligence, and web3, has announced the closing of its $450 million second fund. That follows by about 19 months the launch of its inaugural $238 million fund in April 2023.

According to this news release, the new fund enables the firm to further scale its support for innovators leveraging technology discontinuities into go-to-market advantages and building the next generation of software. Thesis investing is at the core of Theory Ventures’ approach. Since its founding, the Theory team has been studying, benchmarking, analyzing and interviewing private and public companies across the software industry. Through this data-driven research, Theory has developed informed perspectives to identify the most promising founders, supporting them from the earliest stages.

Plug and Play:

Plug and Play, the world’s leading innovation platform based in Silicon Valley that connects start-ups, corporations, venture capital firms, universities, and government agencies, has announced a strategic collaboration with SBI Holdings, Inc., and SNBL to establish Plug and Play’s first presence in the Greater Seattle Region. The expansion includes two new offices in the region, with locations at the SNBL Global Gateway business incubation facility in Everett, WA, and at CoMotion Labs technology incubator on the University of Washington’s Seattle campus, aiming to drive regional innovation and support early-stage startup growth.

This collaboration not only marks Plug and Play’s entry into the Seattle area but also includes Plug and Play’s participation as Co-General Partner (Co-GP) for the newly launched SBI US Gateway Fund. The $40 million fund established by SBI and SNBL focuses on early stage start-ups in North America with promising advancements in sectors such as artificial intelligence, advanced manufacturing, climate technology, supply chain, and healthcare, including biotechnology and drug research and development. Through its Co-GP role, Plug and Play will leverage its extensive global network and innovation expertise to guide and support portfolio companies, providing strategic growth opportunities and strengthening investment outcomes.

Refinery Ventures:

Cincy Inno reports that Cincinnati-based Refinery Ventures is planning a $50 million fund, according to a November 18 filing with the Securities and Exchange Commission. Founded in 2017, the firm invests in early-scale tech companies with demonstrated product-market fit.

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