Rising Tide Newsletter Q2’2021

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Dear Esteemed Partners and Friends,

It’s been a wonderful quarter – as innovative, exciting, and progressive as one would hope. Brilliant entrepreneurs we seed-financed in the last four years are leading 70+ companies in promising, innovative verticals including Artificial Intelligence, Blockchain, Deep Technology, and Healthcare. The overwhelming majority are on a fast track, having raised $1.6 billion+ in follow-on financing to accelerate growth and international expansion. We are actively managing the portfolio and, are also excited to continue backing standout performers in future rounds. Highlights are briefly summarized in this report.

We hope you’ll enjoy and as always, send us your suggestions at info@rtf.vc. Additionally, hang with us on these social sites for updates through the quarter: Linked-in here; Twitter here.

PORTFOLIO ACQUISITION

Precision NanoSystems Acquired by Danaher Corporation’s Life Sciences Platform

Vancouver, Canada-based Precision NanoSystems (PNI) is a global leader in technologies and solutions for the development of genetic medicines, including mRNA vaccines and therapeutics. Danaher Corporation is best known for producing technology to develop and manufacture genetics medicines that deliver RNA or DNA directly into cells to treat disease at its molecular root cause. PNI will join Danaher’s Life Sciences platform and will be complementary to other businesses in the platform, including Cytiva and Pall.

We are proud to have supported the hard-working team at Precision NanoSystems as their first investor all the way through acquisition. Thank you for a great ride and we look forward to future success. More found here.

SPAC MERGER

Quanergy to Publicly List Through a Business Combination With CITIC Capital Acquisition Corp. to Democratize Smart LiDAR Solutions for the Automotive and IoT Markets

Quanergy Systems, a leading provider of next-generation solid state LiDAR sensors, and CITIC Capital Acquisition Corp. (NYSE: CCAC) (“CCAC”), announced that they have entered into a definitive agreement, providing for a business combination that will result in Quanergy becoming a publicly-listed company. Quanergy has over 350 customers and 40 partnerships worldwide and has established a market leading position due to its integrated solution portfolio that matches best-in-class LiDAR sensors with highly accurate 3D perception software. The transaction is expected to further elevate Quanergy’s position as an industry-leading LiDAR provider, by fully funding and accelerating the Company’s growth strategy.
Learn more here.

EXPANSION FINANCING

NBA Top Shot’s Dapper Labs Raises $305 Million in Latest Round

Dapper Labs the blockchain company behind the NBA’s collectibles marketplace ‘Top Shot’, closed a major round of funding toward its goal: NFTs (Non-Fungible Tokens) for all. The company announced it secured $305 million in private funding — some of it from current and former NBA players, including Michael Jordan — to scale up its virtual NBA trading card site. Today, ‘Top Shot’ is one of the world’s fastest growing marketplaces and has rung up $500 million in sales, registered more than 800,000 accounts, and facilitated over 3 million transactions since its public beta testing phase began in October 2020. This round of financing brings the total capital raised by the company to over $350 million. Learn more here.

Astranis Raises $250 Million From Top Growth Investors

Astranis, the company building the next generation of telecommunication satellites, announced a $250 million Series C financing round, valuing the company at $1.4 billion. Astranis is solving one of the largest challenges facing the modern world: reducing the cost of Internet access to get the next four billion people online. Learn more here.

Tribal Credit Raises $34.3 Million to Fuel Growth and Support Small Medium Enterprises in Emerging Markets

The startup economy is booming in emerging markets but the banking infrastructure that should support it is broken. A huge gap exists between the financial services offered and what startups really need. Using a proprietary AI-driven approval process, Tribal Credit not only provides small medium enterprises with virtual and physical corporate cards, but also offers a digital platform that allows founders and CFOs to give access to and manage the spend of their distributed teams. Learn more here.

PORTFOLIO INSPIRATION

Activ Surgical Announces FDA Clearance for ActivSight™ Intraoperative Imaging Module for Enhanced Surgical Visualization.

Activ Surgical, a digital surgery pioneer, announced the U.S. Food and Drug Administration (FDA) 510(k) clearance of the company's ActivSight™ Intraoperative Imaging Module for enhanced surgical visualization. The hardware agnostic imaging module has been designed to provide surgeons real-time intraoperative visual data and imaging not currently available to surgeons through existing technologies, helping to improve patient outcomes and safety in the operating room. Learn more here.

CUSTOMER STORIES

Parsons Leverages ALICE Technologies to Create a Competitive Bid to Win Edmonton Light Rail Project

The City of Edmonton, Canada plans to expand its public transportation system with construction of a light rail extension. This 8.7-mile rail extension will feature 14 street-level stations and two elevated stations, and the total value of the project is $2.6B. Parsons used ALICE Technologies to help it develop a competitive construction schedule in its bid for the work. Lean more here.

Port and Terminal Automation – Quanergy’s LiDAR Sensor Addresses Port and Terminal Automation

With its long range, high angular resolution, and resistance to the full range of ambient weather conditions, the M-Series LiDAR sensor from Quanergy provides reliable operation—day or night—to ensure safe, efficient ports and terminals. For example, LiDAR can be mounted on the poles to accurately detect the position of ships, trucks, and container for safe docking and loading/unloading materials. View the accompanying video here.

BLOGS

Eridan Communications – Building 5G Radios to Enable Seamless Wireless Connectivity Everywhere in the World. Learn more here.

Molecular Assemblies – Closes $24 Million Series A Financing to Advance Enzymatic DNA Synthesis toward Initial Commercial Access. Learn more here.

Volta Labs – Designs and Develops Automation Tools to Make Impossible Biotechnologies Possible. Learn more here.

PORTFOLIO HEADLINES

Armory Expands Relationship with AWS, Joins AWS ISV Workload Migration Program. Learn more here.
Brave and Origin Collaborate on Exclusive NFT Drop in Celebration of Their Ongoing Partnership. Learn more here.
CoinList: Clover Token Sale Drives 34,000+ New Token Holders. Learn more here.
Covalent Token Sales Sets Registration Record on CoinList. Learn more here.
Datatron: Domino’s Learns as it Goes with New AI Management Platform. Learn more here.
Finaeo Partnering with Brokers International. Learn more here.
Opus12: SBIR/STTR Phase III Success Stories: Turning CO2 Emissions Into Valuable Chemicals: A Key Step Towards a Net-Zero Carbon Economy. Learn more here.
RBC Signals Support of Aurora Propulsion Highlighted in NewSpace International Magazine. Learn more here.
Teampay Partners with Silicon Valley Bank to Offer Seamless Spend Management Controls to SVB Business Card Holders. Learn more here.

Disclosure: This presentation is not an offer to sell securities of any investment fund or a solicitation of offers to buy any such securities. Securities of any fund (the “Fund”) managed by Rising Tide Fund Managers, LLC (the “Rising Tide”) are offered to selected investors only by means of a complete offering memorandum and related subscription materials which contain significant additional information about the terms of an investment in the Fund (such documents, the “Offering Documents”). The portfolio companies described herein do not represent all the portfolio companies purchased, sold or recommended for portfolios advised by Rising Tide. The reader should not assume that an investment in the portfolio companies identified were or will be profitable. Past performance is not indicative of future results. Investors should be aware that a loss of investment is possible. The information in this presentation was prepared by Rising Tide and is believed to be reliable. Rising Tide makes no representation as to the accuracy or completeness of such information. Opinions, estimates and projections in this presentation constitute the current judgment of Rising Tide and are subject to change without notice.