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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Wealthsimple pulls in $610M at $4B valuation
Toronto-based Wealthsimple, a provider of tools for managing one’s money and investment portfolio, reportedly raised $610 million in fresh funding at a valuation of around $4 billion.
Meritech and Greylock led the financing, which roughly doubled the company’s valuation since its last round in October. Previously, Wealthsimple had raised around $310 million in known funding, per Crunchbase data.
— Joanna Glasner
Apollo Buys Verizon Media Assets In $5B Deal
Private equity firm Apollo Global Management agreed to buy Verizon‘s media group, which includes Yahoo and AOL. Verizon Media brands including Engadget and TechCrunch are included in the deal, and the group will be called Yahoo when the sale closes. Verizon will keep a 10 percent stake in the company, which will continue to be led by current Verizon Media CEO Guru Gowrappan, the companies said in a statement.
–Sophia Kunthara
Funding rounds
Prescient raises $190M: Architectural software and design startup Prescient has raised a $190 million in new funding, led by Eldridge and JE Dunn. The Charlotte, North Carolina-based company’s software platform makes construction more efficient, and has completed 57 buildings so far. Prescient last raised a $50 million Series E in July 2018, per Crunchbase.
–Sophia Kunthara
Path Robotics lands $56M: Columbus, Ohio-based Path Robotics, a developer of autonomous welding robots, announced it has raised $56 million in a Series B funding round led by Addition. The company says its AI-enabled robotics product will self-adjust for each part it produces, filling demand in a field facing chronic labor shortages.
— Joanna Glasner
Health care
Bone Health Technologies inks $2.5M: San Francisco-based Bone Health Technologies closed on $2.5 million in an oversubscribed funding round led by Good Growth Capital. Bone Health is developing a new standard of care for treating both osteoporosis and osteopenia, the precursor to osteoporosis. The company was recently granted Breakthrough Device Designation by the U.S. Food and Drug Administration for OsteoBoost, its vibration belt designed for the prevention of osteoporosis. Studies show that one 30-minute treatment with OsteoBoost reduced bone loss activity in all study participants, according to the company.
— Christine Hall
M&A
Dell to sell Boomi for $4B: Dell struck a deal to sell its Boomi cloud computing business to private equity firms Francisco Partners and TPG in a transaction valued at around $4 billion. Berwyn, Pennsylvania-based Boomi makes software that helps applications communicate with each other.
— Joanna Glasner
Illustration: Dom Guzman
Editor’s Note: Verizon Ventures is an investor in Crunchbase.
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