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DealBook of Ukraine: 2021 edition

An annual overview of the Ukrainian tech investment industry // covering 2020

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DealBook of Ukraine: 2021 edition

  1. 1. DealBook of Ukraine 2021 edition Covering tech investment deals since 2014
  2. 2. Intro AVentures Capital presents The DealBook of Ukraine, 2021 edition The DealBook is our annual overview of the Ukrainian tech investment industry. This edition comprehensively covers the full year 2020 We would like to cordially thank all the market participants who contributed their insights to the report DealBook of Ukraine Previous editions Other reports on Ukrainian tech Our joint reports with industry partners 2 NEW
  3. 3. Director yuliya@aventurescapital.com Yuliya Sychikova Co-founder & managing partner ys@aventurescapital.com Yevgen Sysoyev Founded in 2012, we are a leading tech investment firm, with an investment fund and M&A advisory arm focused on global companies that leverage R&D in Ukraine and CEE With over a dozen companies in its portfolio, AVentures Capital backs talented entrepreneurs from Ukraine and CEE to fuel their global expansion in the US and EU markets AVentures Capital Authors of the report Investment intern artur@aventurescapital.com Artur Kachur 3
  4. 4. • Investment Banking • M&A strategy development & implementation • Buy-side advisory • Sell-side advisory Professional, client-tailored investment banking services for tech industry: IB & M&A Advisory for tech companies in Central Eastern Europe 4 AVentures Capital investment banking arm
  5. 5. Buy-side advisor for URF fund on acquisition of significant minority stake $5M investment from Sole advisor to Jooble on sale of significant minority stake to M&A buy-side advisor for Ciklum on M&A strategy and roll0on acquisitions in CEE, LatAm, US Acquisition by Buy-side advisor for Uatech fund on acquisition of majority stake Majority stake sale to a Polish software development company Minority investment into a leading pharma vertical software development company 2018 (ex IT Kontrakt) Portfolio company of Minority investment in a leading IT outsourcing company 2019 100+ targets pipeline built NDA Sell-side co-advisor to Daxx during the sale to Grid Dynamics Co-Adviser $68M Capital Raise Exited Exited Exited The Ukrainian Redevelopment Fund Sell-side advisors Buy-side advisors Investments 5 AVentures track record: selected deals
  6. 6. Inaccuracies and updates Even though we have done our best to provide accurate and complete information, we recognize the limits of such industry reporting. We will be pleased to receive any corrections, notices of inaccuracies or information on deals we may have missed. New and updated data will be included in the next publication, improving the level of detail and the quality of the report. Please submit corrections, updates and/or suggestions to yuliya@aventurescapital.com. Our thanks in advance for your assistance, which will make the next DealBook a better resource for the investment community. Copyright policy The content of this report and its summaries are protected by copyright. Individuals and organizations can, without prior authorization and free of charge, copy and publish without limitation short extracts in the form of quotes. This report must be clearly indicated as the source with a link to SlideShare page of the report. To copy and republish large extracts, or the full report, or for other editorial cooperation opportunities, please contact Yuliya Sychikova at yuliya@aventurescapital.com. Distribution opportunities To inquire about the distribution of this report, please contact us at yuliya@aventurescapital.com. Disclaimer 6
  7. 7. 2020 in a nutshell Tech companies Software development outsourcing Exits Record number of deals, although most with moderate exit value Funding Despite the Covid-19 lockdown and slow Q2 2020, the total funding volume in 2020 exceeded 2019 and hit record high US$ 571m Total VC and PE deal volume US$ 161m Early stage: Seed and Series A deals Record volume of early-stage deals US$ 131m Total volume of tech exits With most exits under $50M, majority of startups with $100M-$1B valuations remain private companies M&A Amid Covid-19 outbreak, the M&A activity remained strong with a few significant exits and investments Sustained interest from buy-side SoftDev industry trends • Larger established players consolidate the industry, harnessing synergies • Several international strategic players including public players and PE funds demonstrate continuing interest in acquiring Ukrainian assets • Strong trend for industry consolidation • Companies hire globally or nationwide amid remote or hybrid work format • We expect to see more acquisitions in 2021 since companies have more cash on hands Big-ticket exits to internationals 7
  8. 8. Record high deal volume Annual investment volume US$m Source: public data In 2020, the total VC and PE investment volume into Ukrainian tech companies reached a record high US$ 571M The volume of Seed deals more than doubled year- on-year to US$ 42M and the volume of Series A deals more than quadrupled to a record US$ 119M Most funds were received by a handful of global companies with established US presence that leverage Ukraine for R&D capabilities A record high activity despite the global COVID-19 pandemic can be viewed as a testament of the resilience and adaptability of high-tech sector, consistent with overall global trend 42 146 80 265 323 544 571 2014 2015 2016 2017 2018 2019 2020 Growth and Secondary Series B Series A Seed 8
  9. 9. 2020 2019 2018 Seed Series A Growth deals GitLab The first multi-billion listing of Ukrainian-born product tech company. US $6bn valuation is rumoured during the latest US $195m secondary shares sale Creatio The US $68m growth round led by Volition Capital and Horizon Capital became company’s first outside financing Funding volume breakdown 2018 - 2020, US$ m US$ 323m US$ 542m Source: public data 3 deals, 77% of total 2019 funding Late (growth) stage Restream Recent Series A led by Sapphire Ventures and Insight Partners funding was on the heels of Restream’s growth of over 300% in the last eight months US$ 571m 4 deals, 62% of total 2020 funding 4 global companies with Ukrainian roots raised 62% of 2020 funding Airslate The $40M in financing raised from Morgan Stanley will be used to bolster sales to over $100 million ARR in 2021 9
  10. 10. 22 32 11 30 20 42 9 59 19 26 119 31 35 70 49 46 161 2015 2016 2017 2018 2019 2020 Seed Series A International funds continue to provide majority of early-stage financing 1. In 2020, the early-stage local startup investment volume hit record high compared to all previous years Source: public data Annual early-stage funding, US $m 2. Foreign capital prevalence • Most Ukrainian funds focus on early-stage rounds supporting entrepreneurs when they need it most • Having significantly larger funds than Ukrainian local investors, international funds invest in high growth opportunities at Series A+ stages 3. Local VC funds slowed down new investments, waiting for exits to raise next funds 79% 85% 53% 61% 2018 2019 Seed Series A Seed Series A Share of foreign capital invested • In 2020, most active Ukrainian VC funds were Genesis Investments, TA Ventures, Adventures Lab at the Seed stage, while international funds as TMT Investments, EBRD VC, Almaz Capital made co-investments along Series A • Ukrainian funds invested less, as many of them have distributed their first funds waiting to raise a second fund • Ukraine-born companies typically build physical presence in their target markets (US/ EU) and raise Series A-C abroad • That being said, a few new funds appeared in the Ukrainian ecosystem, including Adventures Labs, Pragmatech Ventures, Bee Ventures, and QPDigital 66% 89% Foreign Ukraine 2020 Seed Series A 10
  11. 11. Exits as a sign of maturing product ecosystem Target Acquirer Sector Target bio YayPay Quadient FinTech Accounts receivable software that automates payment workflows 4A Games Embracer Group Video Games Multicultural video games development studio KIVI Shenzhen MTC Electronics International developer and manufacturer of smart TVs and TV services Axdraft Onit Legal Tech On-demand automation of legal processes for enterprise Hologryph TinyBuild Video Games Video games development studio Globally-successful Ukrainian product companies continue to attract the interest of strategic players, international buy-out funds, and generate returns for early backers Ukrainian product companies start to be active on buy-side M&A June 2020 Jooble, Ukraine-based job searching engine, acquired Hotwork, a job aggregator startup Source: public data February 2021 Ajax Systems, international smart security company, acquired the engineering team of Concepter, a design and product development studio 11
  12. 12. Reface.ai, the fastest growing startup in 2020 Launched in January 2020: RefaceAI (previously known as Neocortext) was established in January 2019 by Ukrainian entrepreneurs In January 2020, Reface featured the possibility of swapping a face in a video and appeared in App Store and Google Play and hit #1 place in App Store globally on August 27, 2020 Currently, their 40-person development team is based in Kyiv, with headquarters in Delaware, US US $5.5m funding received in Dec 2020: The US $5.5m Seed round led by Andreessen Horowitz, with coinvestments from TQ Ventures and international angels, as well as Ukrainian VC fund Adventures Labs • 70 million downloads since its launch in January 2020 • Got in ‘top 5’ leading apps in around 100 countries (including ranking #1 in the US) • Product of the Week award at Product Hunt (January 2020) • Google Play best fun app in 2020 • 8 millions monthly downloads in App Store and Google Play • 4.72 out of 5 cumulative rating in Google Play AI powered app where people can swap faces in the videos, GIFs and images Key numbers and awards 12 Featured in global media
  13. 13. Emerging Ukrainian unicorns Confirmed unicorn status On track to a unicorn: product companies • Fast-growing software development company with over 8K employees and over $200M in revenue • GitLab’s valuation hit US $1.1bn after US $100m Series D round led by Iconiq Capital in 2018 and rumored to reach $6bn in the last round during secondary shares sale • BitFury’s unicorn status was confirmed during US $80m financing from Korelya Capital in 2018 and it made a spin off worth $2bn which recently SPACed • Grammarly raised US $90m growth funding led by General Catalyst at a US $1bn valuation in 2019 • Several tech startups experienced exceptional high growth in the past few years and having raised additional capital in 2020 are zooming in on unicorn status On track to a unicorn: software development Leaders in their verticals in Ukraine with local revenue have a high chance of becoming a local champion with unicorn valuation #1 ecommerce platform in Ukraine #1 neobank in Ukraine with over 3.3 m users 13
  14. 14. Fund landscape: most active investors Seed – Series A Growth stage Local Foreign • Ukrainian startups typically target global market, set up a US or EU legal entity / office, and hence are fundable by international funds • Most local funds support Ukraine-born startups through early-stage capital raise • An increasing number of international funds invest across all stages: from offering world class acceleration programs to leading in growth rounds of Ukrainian startups Global competition for best deals 14
  15. 15. Ukrainian Startup Fund Startup Grant size Sector Startup bio Upswot $50,000 Fin Tech Enables banks review the financial state of businesses via direct access to their accounting systems Skyworker $25,000 Human Resources Recruiting marketplace Legal Nodes $50,000 Legal Tech Market network of legal providers offering transparent pricing and special offers for tech SMEs SolarGaps $50,000 Energetic Smart blinds that generate electricity Cardiolyse $50,000 Healthcare Cloud ECG & HRV analytics platform for real-time remote heart health monitoring Portal $25,000 Fin Tech Streamline the remote ops by taking care of international compliance, payroll and benefits Launched in 2019, Ukrainian Startup Fund is a state fund that provides grants to Ukrainian startups on no-equity basis Among its selected deals in 2020 and early 2021: Source: Public data • So far, Ukrainian Startup Fund has held 20 Pitch Days and 85 Ukrainian startups have received investments • The grants range from $25,000 (pre-seed stage) to $50,000 (seed stage) • $3.15m in total has been invested throughout 2020 and early 2021 • The financing is provided to startups and small enterprises as well as individual entrepreneurs Key numbers 15
  16. 16. Software development outsourcing M&A Ukraine remains an R&D destination for global tech leaders • Companies with dedicated R&D presence • Global R&D employs thousands of Ukrainian tech specialists Global R&D destination Global service business bedrock • IT Service exports estimated at US$ 5.7bn in 2020 • 200k+ IT professionals (19% YoY grows) • Revenue of Ukrainian IT Service companies grew at 20-25% YoY before 2020 when it temporarily slowed down due to Covid-19 High M&A activity in 2020 Sustained interest from buy-side: strategics and PE funds Seller`s market Selected PE funds active in the region Selected strategic players active in acquisitions • Limited number of companies are put for sale, much more demand to acquire than interest to sell • Acquirers are looking for: (1) access to ample talent pool, scalability, (2) delivery diversification, (3) vertical capabilities expansion, (4) client portfolio acquisition, and (5) technical / language capabilities Source: AVentures Capital invests in acquires acquires Key deals of 2020 • Ukraine is a part of global consolidation play among software development outsourcing companies • 2020 saw several significant deals closing despite the global pandemic and demonstrating high demand for Ukrainian SoftDev companies from local and global players 16
  17. 17. International companies with R&D in Ukraine Company Global HQ Company bio GitLab San Francisco, US Web-based open-source Git repository manager Very Good Security San Francisco, US Fintech & data security enablement platform ClassTag New York, US Parent-teacher communication platform DataRobot Boston, US AI platform with end-to-end automation for building, deploying, and managing machine learning models. People.ai San Francisco, US AI platform for enterprise sales, marketing, and customer success Calendly Atlanta, US Automated scheduling tool Ukraine is home to over 100 R&D subsidiaries of global companies from a variety of industries, including telecoms, software, gaming and e-commerce. Selected players include: Source: public data Selected facts about R&D activity in Ukraine • The US remains Ukraine’s largest partner for joint R&D activities (around 45% of the companies involved), followed by EU and Israel • Kyiv is the most popular R&D location in Ukraine, concentrating over half of all such bases in the country R&D service business bedrock • Access to the pool of talents (over 16,000 tech students graduate annually) • Low labour and operational costs (salaries of software engineers in Ukraine are 73% lower compare to the US) • 5% of payroll tax (compare to 30-45% in the EU and US 17
  18. 18. Top e-commerce companies: boom of verticals Global players (dropshipping) Local players (locally founded or dedicated presence) Electronics + marketplace Fashion + marketplace Classifieds owned by Rozetka Perfumes & personal care Food delivery services Ride-sharing launches in 2021 Local food chain supermarkets launched online retail channels Competition intensifies in ride- sharing as Chinese DiDi entered the Ukrainian market and will launch in 2021 Online pharmacies have experienced significant growth since the pandemic started Recent trends 18
  19. 19. Emergence of Neobanks • Over 3.3 million users with 130K monthly growth • On track to 5 million users within a year • 80k+ monthly downloads and over 100K clients in 5 months after launch • Plan to reach 1M clients within three years • Previously in beta-mode, the bank launched in Google Play and App Store in February 2021 • The bank has a network of 100 pick-up points in 37 cities and a traction of 25k+ monthly downloads Monobank - #1 neobank in Ukraine Sportbank – financial partner for sports lovers izibank – newly launched neobank 19
  20. 20. Appendix Investors’ portfolio, top product companies and the Deal Table
  21. 21. Investors portfolio (1/3) Early-stage investors Selected Ukrainian portfolio companies by funds Exited 21
  22. 22. Investors portfolio (2/3) Early-stage investors Selected Ukrainian portfolio companies by funds 22 Rocket
  23. 23. Investors portfolio (3/3) Growth stage investors Selected Ukrainian portfolio companies by funds 23
  24. 24. Product companies with most international revenue Tech holding with fast- growing products operating in developed and emerging markets AI-powered spell-check SaaS company Document management SaaS Multifunctional cryptocurrency exchange Leader in Connected Pets IoT market segment Cloud CRM for sales, marketing and service automation Security and cleaning software for Mac Private language tutoring platform Payment and content distribution platform for digital goods Developer of iOS productivity apps Mobile app for face swap in videos and memes Mac software development company Global provider of secure business collaboration software AI platform for enterprise sales, marketing, and customer success On-demand dine-in technology platform Full-service bitcoin and blockchain technology company Second most visited job aggregator in the world Micro-stock photo-bank online marketplace Distribution solution for the live video content Smart security systems manufacturer Mobile based anti-fraud solution 24
  25. 25. Funding deals of 2020 Logo Company Sum raised, US$m Investors Investment type Deal class Brief description GitLab 195.0 Alta Park, HMI Capital, OMERS Growth Equity, TCV and Verition VC Secondary Web-based open-source Git repository manager Ciklum Undisclosed Recognize Partners PE Growth Custom software development company Creatio 68.0 Volition Capital, Horizon Capital VC Growth Low-code platform for process management and CRM Restream 50.0 Sapphire Ventures, Insight Partners VC Series A Distribution solution for the live video content AirSlate 40.0 Morgan Stanley Expansion Capital, General Catalyst и HighSage Ventures VC Series B A no-code business automation platform 4A Games 35.0 Embracer Group Strategic M&A Multicultural video game development studio YayPay 20.5 Quadient Strategic M&A Accounts receivable software that automates payment workflows Mobalytics 11.3 Almaz Capital, Cabra VC, HP Tech Ventures, General Catalyst, GGV Capital, RRE Ventures, Axiomatic, T1 Esports VC Series A eSports company for competitive gamers to analyse and improve their performance. Preply 10.0 Hoxton Ventures, Point Nine Capital, Educapital, The Family, All Iron Ventures, Diligent Capital VC Series A Private language tutoring platform Allset 8.3 EBRD, Andreessen Horowitz, Greycroft, SMRK VC Fund, Inovo Venture Partners VC Series B On-demand dine-in technology platform Scalarr 7.5 EBRD, TMT Investments, OTB Ventures и Speedinvest VC Series A Mobile based anti-fraud solution 25
  26. 26. Funding deals of 2020 Logo Company Sum raised, US$m Investors Investment type Deal class Brief description DMarket 6.7 Almaz Capital, Xsolla, Murat Abdrahmanov VC Series A In-game item trading platform Zakaz.ua 5.6 Chernovetskyi Investment Group VC Series A Grocery delivery service Reface 5.5 Andreessen Horowitz, TQ Ventures, angels VC Series A AI powered app where people can swap faces Allright.io 5.0 Genesis Investments, TMT Investments, TerraVC, Flashpoint, Misha Lyalin VC Series A Online English school for children Liki24 5.0 Horizon Capital, TA Ventures, Genesis Investments, iClub, Mission Tech VC Series A Drug delivery service provider ClassTag 5.0 AlleyCorp, Contour Ventures, Founder Collective, John Martinson, Newark Venture Partners, Smart Hub, TMT Investments VC Seed Parent-teacher communication platform Rentberry 4.5 WeFunder, Angel Investors Marlborough, Srikant Inampudi, Scott White VC Series A Rental service platform providing rental and price negotiation services Upswot 4.3 Common Ocean, CFVVentures, SpeedUp Group, First Southern National Bank, ICBA VC Seed Service providing the direct access to businesses accounting systems Influ2 3.4 One Way Ventures, VentureFriends, Murat Abdurakhamanov, Peter Harrison VC Seed Person-based advertising platform for B2B LetyShops 3.0 AB Capital Group VC Series A Cashback service company IntellectoKids 3.0 Allrise Capital, Genesis Investments, VERSHINA Capital, QUONOTA Investments VC Series A A media, entertainment & education platform 26
  27. 27. Funding deals of 2020 Logo Company Sum raised, US$m Investors Investment type Deal class Brief description Hologryph 3.0 TinyBuild Strategic M&A Game studio Koto 1.9 Angels Angel Seed Fintech service that provides stress-free credit options via a convenient app PromoRepublic 1.5 Innovestor, Business Finland, Genesis Investments, angels VC Seed Social media content automation solution for SMEs DeckRobot 1.5 Alexander Nevinskiy, Matrix Capital, angels Angel Seed Automates slide creation leveraging AI RetargetApp 1.2 BeeVentures, TMT Investments VC Seed AI-powered digital advertising solution Raccoon.World 1.0 Angels, Silicon Valley Sindicate Club, QPDigital VC Seed Rehabilitation centers with software and devices for telerehabilitation 3DLOOK 1.0 ICU Ventures, Murat Abdrahmanov, angels VC Seed Mobile body scanning tech for apparel retail and other industries ABM Cloud 0.6 QPDigital VC Series A Design/ implementation of cloud-based software solutions for SCM StreamHERO 0.6 Adventures Lab, Admitad, angles VC Pre-seed Streaming ad network Power Now 0.5 Anna Osipenko, angels Angel Seed Power bank rental service Portal 0.4 Adriaan Kolff, angles Angel Pre-seed Streamline the remote ops by taking care of international compliance, payroll and benefits. 27
  28. 28. Funding deals of 2020 Logo Company Sum raised, US$m Investors Investment type Deal class Brief description Astromix 0.3 Adventures Lab VC Seed Astrological portal Mriyar 0.3 Angels Angel Seed B2B and B2C service to serve auto parts and auto services markets Elision 0.2 Genesis Investments VC Seed Podcast visualization startup Bicovery 0.1 Farmak Group Strategic Pre-seed Ecosystem with web and mobile applications, which helps a person with bipolar disorder ComeBack Mobility 0.1 Farmak Group, angels Strategic Pre-seed Smart crutch tips to control rehabilitation Neoven Electronics 0.1 Kickstarter Crowdfunding Pre-seed App that allows remote food heating Propertymate 0.1 Techstars Accelerator Pre-seed AI-powered operational system for new developments real estate Jollylook Auto 0.004 Kickstarter Crowdfunding Pre-seed Photography gear company Axdraft n/a Onit Strategic M&A On-demand automation of legal processes for enterprise Daxx n/a Grid Dynamics Strategic M&A Software development company Respeecher n/a ffVC, Acrobator Ventures, ICU Ventures VC Seed Real-time voice cloning technology 28
  29. 29. Funding deals of 2020 Logo Company Sum raised, US$m Investors Investment type Deal class Brief description Hivecell n/a ICU Ventures VC Seed Platform as a service for edge computing Archer Software n/a Cprime, Alten Strategic M&A Software development company S-PRO n/a SARS Capital VC Growth Software development company Hired n/a Vettery Strategic M&A A career marketplace that matches tech talent with innovative companies Love&Live n/a Dmytro Dubilet Angel Pre-seed A group of fashion brands Love&Live n/a ICU Ventures VC Seed A group of fashion brands VAR.energy n/a Alexey Orap Angel Pre-seed Market platform for the procurement of real-time reactive power services OVO n/a Fedoriv Group Angel Pre-seed Fruit and vegetable delivery service Carbominer n/a SMRK VC VC Seed Carbon capture company Esper Bionics n/a SMRK VC VC Seed Robotics company developing bionic hands Hurma System n/a Pragmatech Ventures VC Series A HR service 29
  30. 30. Funding deals of 2020 Logo Company Sum raised, US$m Investors Investment type Deal class Brief description Awesomic n/a Bas Godska, Matias Eklof, Ragnar Sass, angels Angel Pre-seed Web app to get graphic design and UI design tasks Doc.ua n/a Fedoriv Group Angel Pre-seed Online service for finding service Doc.ua n/a Quarter Partners VC Seed Online service for finding service Hotwork n/a Jooble Strategic M&A Search engine for the purpose of finding out suitable jobs Skyworker n/a Murat Abdrakhmanov Angel Pre-seed Recruiting marketplace PatentBot n/a Doubinsky & Osharova' Strategic Pre-seed Trademark registration Flawless App n/a Abstract Strategic M&A macOS app for visual quality check right inside iOS simulator MOSST n/a Simon Benhamu Strategic M&A Non-banking domestic payment system Meredot n/a Overkill VC Pre-seed Wireless charging technology FInline n/a Dragon Capital Strategic M&A Financial affiliate network WareTeka n/a QPDigirtal VC Pre-seed Online logistics ecosystem for small and medium businesses 30
  31. 31. Funding deals of 2020 Logo Company Sum raised, US$m Investors Investment type Deal class Brief description Watched n/a QPDigirtal VC Seed AI-powered reaction recognition platform Delfast n/a SALTIVSKYI MEAT-PROCESSING PLANT Strategic M&A Electric Bikes manufacturing company Augmented Pixels n/a ICU Ventures VC Seed Simultaneous localization and mapping technology 31
  32. 32. Funding deals of early 2021 Logo Company Sum raised, US$m Investors Investment type Deal class Brief description AirSlate 50.0 Silicon Valley Bank VC Debt financing A no-code business automation platform Preply 35.0 Point Nine Capital, Hoxton Ventures, EduCapital, All Iron, Diligent Capital, Evli Growth Partners VC Series B Private language tutoring platform KIVI 13.0 Shenzhen MTC Strategic M&A Smart TV developer People.ai 7.0 Mindrock Capital VC Growth AI platform for enterprise sales, marketing, and customer success Augmented Pixels 2.0 Undisclosed VC Seed Simultaneous localization and mapping technology Careerist 1.3 Internet Initiatives Development Fund, angels VC Seed Career development platform Propertymate 1.0 Pragmatech Ventures VC Seed AI-powered operational system for new developments real estate Raccoon.World 0.7 European Commission VC Grant Rehabilitation centers with software and devices for telerehabilitation Poptop 0.6 DSW Ventures, NorthStar Ventures VC Seed Online event planning platform Shelf.Network 0.6 Unknown VC Seed Arbitrage network for cross-border vehicle trades Hirio 0.4 Ragnar Sass, Martin Henk, Martin Tadgur, others Angel Pre-seed Automatization of the hiring process 32
  33. 33. 33 Funding deals of early 2021 Logo Company Sum raised, US$m Investors Investment type Deal class Brief description IdeaSoft n/a Sigma Software Strategic M&A Software development company Choizy n/a Angel Angel Pre-seed Career guidance edtech startup POLYTEDA CLOUD n/a Silvaco Strategic M&A Physical verification solution and cloud enablement provider Concepter n/a Ajax Systems Strategic M&A Design and product development studio

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