VC Deals Only: AI Company Beyond Limits Raises $133M Series C

VC Deals Only: AI Company Beyond Limits Raises $133M Series C: Artificial intelligence company Beyond Limits has landed $133 million in its Series C round.  The round was led by new investor Group 42 ...

AI Company Beyond Limits Raises $133M Series C

Artificial intelligence company Beyond Limits has landed $133 million in its Series C round. 

The round was led by new investor Group 42 and existing investor BP Ventures. 

Beyond Limits is focused on industrial AI, more specifically energy, utility and power. The Series C round will help it expand globally in those sectors.

In an interview with Crunchbase News CEO AJ Abdallat said, “We are focused on customers globally in these sectors so that’s why we expanded into Asia and that’s why we’re expanding into the Middle East region and Africa….We’re going after big global brands. These are global players, these are not just players in the U.S., so we’re excited.” 

The company, which is based in the Los Angeles area, is planning on launching operations in Asia and expanding in the Middle East and Africa. Beyond Limits Asia will have its headquarters in Singapore with offices in Taipei, Hong Kong and Tokyo.

It will also be expanding in North America and Europe and invest in its product portfolio, focusing on repeatable software-as-a-service products, Abdallat said.

The company last raised a $20 million Series B led by BP Ventures in June 2017. The latest round brings Beyond Limit’s total funding to more than $158 million. With the Series C round, Abdallat said going with Group 42 as the lead investor was a good strategy for the company as it goes after the industrial space.

“I always was a big fan of strategic investors and this was very evident in our B round,” Abdallat said. “BP helped us understand products and the energy sector.”

Even with the COVID-19 pandemic, the company hasn’t changed its forecast for 2020 on the booking side, Abdallat said. The company is expecting more than $50 million in booking business in 2020 and expects to double that figure in 2021, owing to its global expansion. 

 Source. TechCrunch, Sophia Kunthara, September 22, 2020  

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VC Deals Only: Brazil's Acesso Digital Secures 107.25 million in ...

VC Deals Only: Brazil's Acesso Digital Secures 107.25 million in ...: U.S. private equity firm General Atlantic LLC and Japan's SoftBank Group Corp  9984.T  are leading a 580 million reais ($107.25 million)...

Brazil's Acesso Digital Secures 107.25 million in Funding

U.S. private equity firm General Atlantic LLC and Japan's SoftBank Group Corp 9984.T are leading a 580 million reais ($107.25 million) funding round in Brazilian facial biometrics and digital admission company Acesso Digital, it said in a statement on Monday.Both General Atlantic and SoftBank will hold a minority stake in Acesso Digital after the investment.

Founded in 2007, Acesso Digital announced its first funding round in January, when it raised 40 million reais with Igah Venture, formerly e.Bricks Ventures.

Acesso Digital founder and CEO Diego Martins said in an interview that demand for the companies’ services has doubled since the beginning of the pandemic, as use of contactless identification has surged in an attempt to contain the spread of the novel coronavirus.

Martins said the company will use the proceeds of the funding round to expand the business, including via acquisitions.

Source. Reuters, Sept 21, 2020 

This post was brought to you by Woewoda Communications, your partner in the venture capital, private equity and startup markets; offering strategic communications, public relations & investor relation services to Canadian VCs, PEs, Angels, Endowments/Trusts, Family Offices, and Canadian startups involved in ICT, IoT, blockchain, life sciences, healthcare, agribusiness, clean energy, fintech, AI and robotics. 

Are you a Canadian GP/LP/CI or a Canadian startup that needs to grow or scale? Give us a call! One of our representatives would love to explain how we vertically design, and then systematically layer each of our communication platforms to effectively reach niche target audiences for our clients. WC offers a unique synergistic approach to effectively communicate our client's message to their target audience. 

Serving Vancouver, Montreal, Toronto, Waterloo, Ottawa and Halifax.