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Just three years after its founding, biotech startup Immunai has raised $60 million in Series A funding, bringing its total raised to over $80 million. Despite its youth, Immunai has already established the largest database in the world for single cell immunity characteristics, and it has already used its machine learning-powered immunity analysts platform to enhance the performance of existing immunotherapies, but aided by this new funding, it’s now ready to expand into the development of entirely new therapies based on the strength and breadth of its data and ML.
Immunai’s approach to developing new insights around the human immune system uses a ‘multi-omic’ approach – essentially layering analysis of different types of biological data, including a cell’s genome, microbiome, epigenome (a genome’s chemical instruction set) and more. The startup’s unique edge is in combining the largest and richest data set of its type available, formed in partnership with world-leading immunological research organizations, with its own machine learning technology to deliver analytics at unprecedented scale.
“I hope it doesn’t sound corny, but we don’t have the luxury to move more slowly,” explained Immunai co-founder and CEO Noam Solomon in an interview. “Because I think that we are in kind of a perfect storm, where a lot of advances in machine learning and compute computations have led us to the point where we can actually leverage those methods to mine important insights. You have a limit or ceiling to how fast you can go by the number of people that you have – so I think with the vision that we have, and thanks to our very think large network between MIT, and Cambridge to Stanford in the Bay Area, and Tel Aviv, we just moved very quickly to harness people to say, let’s solve this problem together.”
Solomon and his co-founder and CTO Luis Voloch both have extensive computer science and machine learning backgrounds, and they initially connected and identified a need for the application of this kind of technology in immunology. Scientific co-founder and SVP of Strategic Research Danny Wells then helped them refine their approach to focus on improving efficacy of immunotherapies designed to treat cancerous tumors.
Immunai has already demonstrated that its platform can help identify optimal targets for existing therapies, including in a partnership with the Baylor College of Medicine where it assisted with a cell therapy product for use in treating neuroblastoma (a type of cancer that develops from immune cells, often in the adrenal glands). The company is now also moving into new territory with therapies, using its machine learning platform and industry-leading cell database to new therapy discovery – not only identifying and validating targets for existing therapies, but helping to create entirely new ones.
“We’re moving from just observing cells, but actually to going and perturbing them, and seeing what the outcome is,” explained Voloch. This, from the computational side, later allows us to move from correlative assessments to actually causal assessments, which makes our models a lot more powerful. Both on the computational side and on the on the lab side, this is really bleeding edge technologies that I think we will be the first to really put together at any kind of real scale.”
“The next step is to say ‘Okay, now that we understand the human immune profile, can we develop new drugs?’,” said Solomon. “You can think about it like we’ve been building a Google Maps for the immune system of a few years – so we are mapping different roads and paths in the in the immune system. But at some point, we figured out that there are certain roads or bridges that haven’t been built yet. And we will be able to support building new roads and new and new bridges, and hopefully leading from current states of disease or cities of disease, to building cities of health.”
Apps saw record downloads and consumer spending in 2020, globally reaching somewhere around $111 billion to $112 billion, according to various estimates. But a growing part of that spend was subscription payments, a new report from Sensor Tower indicates. Last year, global subscription app revenue from the top 100 subscription apps (excluding games), climbed 34% year-over-year to $13 billion, up from $9.7 billion in 2019.
The App Store, not surprisingly, accounted for a sizable chunk of this subscription revenue, given it has historically outpaced the Play Store on consumer spending. In 2020, the top 100 subscription apps worldwide generated $10.3 billion on the App Store, up 32% over 2019, compared with $2.7 billion on Google Play, which grew 42% from $1.9 billion in 2019.
Image Credits: Sensor Tower
There are some signs that subscription revenue growth may be hitting a peak. Some of the slowdown and otherwise flat growth can be attributed to larger apps, like Netflix and Tinder, which have found ways to workaround the app stores’ in-app purchases requirements.
Globally, subscription app revenue from the top 100 apps was around 11.7% of the total ~$111 billion consumers spent on in-app purchases in 2020 — which is roughly the same share it saw in 2019.
And in the fourth quarter of 2020, 86 of the top 100 earning apps worldwide offered subscriptions, which was down from the 89 that did so in the fourth quarter of 2019.
In addition, subscription app revenue growth in the U.S. is now trailing the global trends.
Although subscription app revenue was still up 26% on a year-over-year basis to reach nearly $5.9 billion in 2020, that was slower growth than the 34% seen worldwide.
Image Credits: Sensor Tower
What’s more, subscription app spending in the U.S. last year represented a smaller percentage of the total consumer spend than in 2019, the report found. In 2020, subscription payments from the top 100 subscription apps were 17.6% of the $33 billion U.S. consumers spent on in-app purchases, down from the 21% share they accounted for in 2019.
And out of the 100 top grossing apps in the U.S. in the fourth quarter 2020, 91 were subscription-based, down from 93 in the year ago quarter.
The top subscription apps in the U.S. looked different between the App Store and Google Play. On the former, YouTube was the top grosser in this category, while Google Pay users spent on Google One (Google’s cloud storage product). Tinder, meanwhile, was No. 2 on the App Store, while Disney+ took the second spot on Google Play.
Image Credits: Sensor Tower
Overall, the top 10 across both stores were YouTube, Disney+, Tinder, Pandora, Google One, Twitch, Bumble, HBO Max, Hulu, and ESPN. These top earners indicate that consumers are willing to pay for their entertainment — like streaming services — on subscription, but it’s more difficult for other categories to break into the top charts. Dating apps. however, remain an exception.
MetroMile began trading as a public company yesterday. Its exit from the private market was accelerated by its decision to combine with a special purpose acquisition company, or SPAC.
Such transactions have exploded in popularity in recent years, bridging the gap between a host of richly-valued private companies and endless bored capital. SPACs raise cash, go public and then merge with a private entity. The SPAC then dissolves itself into the combined entity, a process that often includes an additional slug of money (PIPE) for good measure.
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SPAC-led debuts can move faster than a traditional IPO, making them attractive to companies in a hurry. And with more visibility into how much capital might be raised than during a traditional public-offering pricing run, they can smooth worries amongst target-companies regarding how much cash they can attract by leaving the private-market fold.
MetroMile is hardly the final company we expect to debut this year via a SPAC. The list is long and may include fellow neoinsurance company Hippo. (Hippo declined to comment on the matter.)
But with many more SPACs coming our way, we took MetroMile’s debut as a learning moment. To that end, we got on the horn with CEO Dan Preston to chat about what the day meant for his company, and to elicit a note or two on the SPAC process for our own enjoyment.
MetroMile’s SPACtacular debut
TechCrunch asked Preston about the SPAC world and how his combination came about. He said his firm started by dipping its toe into the blank-check waters, kicking off with small set of conversations, chats that quickly gathered traction.
But don’t take that to mean that any company will elicit a similar market response. Preston said SPACs are designed for a specific class of company; namely those that want or need to share a bit more story when they go public. Younger companies, in other words, for whom a traditional S-1 filing might not be provide a sufficient summation of its potential.
Shell’s plan to roll out 500,000 electric charging station in just four years is the latest sign of an EV charging infrastructure boom that has prompted investors to pour cash into the industry and inspired a few companies to become public companies in search of the capital needed to meet demand.
Since the beginning of the year, three companies have been acquired by special purpose acquisition vehicles and are on a path to go public, while a third has raised tens of millions from some of the biggest names in private equity investing for its own path to commercial viability.
The SPAC attack began in September when an electric vehicle charging network ChargePoint struck a deal to merge with special-purpose acquisition company Switchback Energy Acquisition Corporation, with a market valuation of $2.4 billion. The company’s public listing will debut February 16 on the New York Stock Exchange.
In January, EVgo, an owner and operator of electric vehicle charging infrastructure, agreed to merge with the SPAC Climate Change Crisis Real Impact I Acquisition for a valuation of $2.6 billion— a huge win for the company’s privately held owner, the power development and investment company LS Power. LS Power and EVgo management, which today own 100% of the company will be rolling all of its equity into the transaction. Once the transaction closes in the second quarter, LS Power and EVgo will hold a 74% stake in the newly combined company.
One more deal soon followed. Volta Industries agreed to merge this month with Tortoise Acquisition II, a tie-up that would give the charging company named after battery inventor Alessandro Volta a $1.4 billion valuation. The deal sent shares of the SPAC company, trading under the ticker SNPR, rocketing up 31.9% in trading earlier this week to $17.01. The stock is currently trading around $15 per-share.
Not to be outdone, private equity firms are also getting into the game. Riverstone Holdings, one of the biggest names in private equity energy investment, placed its own bet on the charging space with an investment in FreeWire. That company raised $50 million in new round of funding earlier this year.
“The writing is on the wall and the investors have to take the time. There’s been a flight out of the traditional investment opportunities in markets,” said FreeWire chief executive, Arcady Sosinov, in an interview. “There’s been a flight out fo the oil and gas companies and out fo the traditional utilities. You have to look at other opportunities… This is going to be the largest growth opportunity of the next ten years.”
FreeWire deploys its infrastructure with BP currently, but the company’s charging technology can be rolled out to fast food companies, post offices, grocery stores, or anywhere where people go and spend somewhere between 20 minutes and an hour. With the Biden Administration’s plan to boost EV adoption in federal fleets, post offices actually represent another big opportunity for charging networks, Sosinov said.
“One of the reasons we find electrification of mobility so attractive is because it’s not if or how, it’s when,” said Robert Tichio, a partner at Riverstone in charge of the firm’s ESG efforts. “Penetration rates are incredibly low… compare that to Norway or Northern Europe. They have already achieved double digit percentages.”
A recent Super Bowl commercial from GM featuring Will Farrell showed just how far ahead Norway is when it comes to electric vehicle adoption.
“The demands onc capital in the electrification of transport will begin to approach three quarters of a trillion annually,” Tichio said. “The short answer to your question is that the needs for capital now that we have collectively, politically, socially economically come to a consensus in terms of where we’re going and we couldn’t say that 18 months ago is going to be at a tipping point.”
Shell already has electric vehicle charging infrastructure that it has deployed in some markets. Back in 2019 the company acquired the Los Angeles-based company Greenlots, an EV charging developer. And earlier this year Shell made another move into electric vehicle charging with the acquisition of Ubitricity in the UK.
“As our customers’ needs evolve, we will increasingly offer a range of alternative energy sources, supported by digital technologies, to give people choice and the flexibility, wherever they need to go and whatever they drive,” said Mark Gainsborough, Executive Vice President, New Energies for Shell, in a statement at the time of the Greenlots acquisition. “This latest investment in meeting the low-carbon energy needs of US drivers today is part of our wider efforts to make a better tomorrow. It is a step towards making EV charging more accessible and more attractive to utilities, businesses and communities.”
