Lume Weekly Private Market News & Notes 5.8.2022

Covers news about startups, private deals, technology, and innovation in the private market

📊 Stats of the Week 📊

Source: Crunchbase

💰 Fundraising 💰

Mavenir raises $100M (May 2)

• Mavenir, a telecommunications software startup with a focus on Open Radio Access Networks and related services for 5G networks, is announcing $100M in funding. It currently has more than 250 service providers and enterprise customers across 120 countries, services that altogether cover more than half of the world’s mobile subscribers.

Simpplr raises $70M for its AI-powered intranet platform (May 2)

• Simpplr, an employee experience platform, announced it raised $70M. It has over 700 enterprise customers, including Moderna, Penske, Snowflake and AAA. The company expects its annual recurring revenue to grow 70% year over year in the next 12 months.

Bend is taking on Brex and Ramp with a green twist and a $2.5M seed round (May 3)

• Bend has raised $2.5M in a seed round to help companies tackle their Scope 3 emissions with a green twist on the corporate card. Like many other credit cards, Bend offers rewards, though not the usual cash back or points-based fare. Instead, it offers carbon offsets.

Generative AI startup Runway nabs $100M at $1.5B valuation (May 4)

• Generative AI startup Runway has nabbed a $100M funding round at a $1.5B valuation. Runway is one of the startups behind the popular text-to-image generator Stable Diffusion. The app lets users transform videos into different styles, such as claymation or watercolors.

Setscale raises $80M debt and equity (May 4)

• Setscale, a fintech startup for SMBs, announced it has raised a $9.5M seed funding round, as well as secured up to $70M in debt. Round participants include Fin Capital, Great Oaks, and more.

🗞 Others 🗞

Databricks acquires AI-centric data governance platform Okera (May 3)

• Databricks announced that it has acquired Okera, a data governance platform with a focus on AI. The two companies did not disclose the purchase price. According to Crunchbase, Okera previously raised under $30M.

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