2023 Momentum Year in Review

January 19, 2024

To our Clients and Friends,

We are pleased to provide our annual Momentum Year in Review. As we reflect on 2023, we are grateful and inspired by our clients, who continue to persevere and find opportunities during challenging times. Across the technology sector, and the full range of investment, intellectual property and exit transactions, we remain committed to the entrepreneurs, their companies, and the investor community. We will continue to have your back in 2024.

– The Momentum Team

Representative Company-Side Clients

Venture Financings, Other Private Placements, and Public Offerings

Acceldata, provider of a platform for data observability, in its US$50 million Series C financing
AKSS in its investment in Trademo, provider of a data platform for supply chain intelligence and trade data
Anzenna, developer of an employee-focused cybersecurity engagement platform, in its financings
Apex Space, a designer of customizable satellite buses for spacecraft, in its US$16 million Series A financing
Apex Space in its US$6 million venture debt financing
Applied Materials in its series seed investment in Leadoptik
ArmorCode, provider of a cybersecurity platform for analyzing connected app and software infrastructure vulnerability data, in its US$40 million Series B financing
AtmoCooling, a developer of technology for cooling large outdoor areas, in its SAFE financing
Ballistic Ventures in its investment in SpecterOps
Binarly, developer of an AI-powered firmware supply chain security platform, in its convertible promissory notes financing
Botin Innovation, developer of an AI-enabled cooking robot, in its series seed preferred stock financing
B. Riley Securities as sole placement agent in the private placement financing of Series A preferred stock and warrants of Ribbon Communications Inc., a global provider of real time communications technology and IP optical networking solutions
Bytewax, provider of an open source Python platform for building scalable dataflows, in its follow-on SAFE financing
Capital K in its Series A investment in ClimateCrete
Character Technologies, provider of an AI-driven dialogue application, in its US$150 million Series A financing
Cormint Data Systems in its Series A and Series B financings
Covalent Metrology in the extension of its financings
D3 Global, a Web-3 domain name company, in its seed financing
Distributional, a provider of testing platforms for AI and machine learning models, in its US$11 million seed financing
Doc2Doc Lending, a lending platform for doctors, in its financing
Empathy Rocks (d/b/a mpathic) in its financings
Expanso, developer of a platform for enterprise computation, in its US$7.5 million seed financing
Fall Line Capital in its Series A investment in Bonsai Robotics and Guardian Agriculture
F-Prime and Eight Roads in the US$51 million Series A financing of Shinobi Therapeutics
Gaiascope, a pioneer in wholesale electricity price forecasting, in its seed financing
Hammerspace in its US$56.7 million venture financing
Hayden AI Technologies, developer of an AI-enabled technology for smart traffic enforcement, in its Series B preferred stock financing and convertible promissory note financing
Hippocratic AI (a/k/a HealthGPT), developer of an AI-driven healthcare information and support service, in its US$61 million seed financing
ID.me in its US$50 million upsized credit facility
Infinite Timelines, developer of an AI-powered content monetization platform and podcast network, in its SAFE financing
Khloris Biosciences, developer of an iPSC-based vaccine for the treatment and prevention of cancer, in its US$15 million Series B financing
Lelantos, developer of IoT-compatible gas sensors, in its SAFE financing
Mitsui & Co. in the Series B financing of KOIOS Medical, an AI-based cancer diagnosis software company
Lucid Motors in its US$450 million investment in and technology collaboration with Aston Martin Lagonda
Morty, developer of a platform for finding, tracking, and reviewing immersive social outings, in its series seed preferred stock financing led by Protagonist and including General Catalyst, Animo Ventures, and Wedbush Ventures
New Legacy in the Series A preferred stock financing of Urban Sky Theory, developer of stratospheric flight and remote sensing systems
Okulis in its series seed preferred stock financing
Pando, provider of an AI-enabled supply chain and fulfillment platform, in its US$30 million Series B financing led by Iron Pillar and Uncorrelated Ventures and including Nexus Venture Partners, Chiratae Ventures, and Next47
Preveta, developer of AI-driven software for clinicians to manage chronic care in patients, in its US$6 million venture debt financing by TriplePoint
RunKit, maker of interactive javascript notebooks, in its Series A-1 financing
Secuvy, developer of a contextual intelligence platform for privacy-as-a-service, in its series seed preferred stock financing
Semsee, a developer of software for the insurance industry, in its SAFE financing
SK Innovation in the US$139 million Series B financing of Amogy
Skorpios Technologies, developer of integrated communications products, in its Series H preferred stock financing and debt financing
Sofinnova Ventures in the Series C preferred stock financing of Star Therapeutics, developer of therapies for rare diseases
Spectro Cloud, provider of enterprise Kubernetes management, in its convertible promissory note financing
Superfluid Dx in its Series A recapitalization financing
True Global Ventures in its convertible notes investment in Chronicled, developer of a blockchain-based ledger network for trading partners in the life sciences industry
UltraDx Bio in its seed financing
Vend Park, provider of an end-to-end digital parking solution, in its US$3.8 million seed financing
Waverley Capital in the seed financing of Hook Media, a digital marketing and UX design consultancy
Yodayo, provider of an online AI art platform, in its series seed preferred stock financing
Zeev Ventures in the Series A preferred stock financing of Inspira Education Group, convertible promissory note financing of Sunbit, and Series B-2 preferred stock financing of Themis-Tech (dba Flare)

M&A Transactions

Alpine Pet Holdings, a consumer platform for natural pet products, in its acquisition of My Perfect Pet, Inc.
Bitwave, provider of enterprise finance solutions for digital assets, in its acquisition of Gilded, a cryptocurrency payments and reporting platform
Broadcom in its US$69 billion acquisition of VMware
Crocus Technology in its US$420 million acquisition by Allegro MicroSystems
Trinity Hunt Partners portfolio company Dataprise, a provider of managed IT, cybersecurity, and cloud solutions, in its acquisitions of PEI and RevelSec
Entrust Group in its acquisition of OpenAlt, an online customer trading platform
Fall Line Endurance Fund in its US$45.5 million take-private of Greenlight Biosciences, a public benefit corporation using RNA to address human health and agriculture issues
Fang Holdings, a leading real estate internet portal in China, in its US$92 million take-private of China Index Holdings, provider of a real estate information and analytics service platform
FieldWare, a provider of case management and remote check-in software tools for government customers, in its acquisition of Orion Communications, provider of communications solutions for government public safety agencies
Fielmann Group, a leading European eyewear retailer, in its acquisition of SVS Vision
Fluence Analytics, provider of analytics solutions for polymer and biopharma companies, in its acquisition by Yokogawa Electric Corporation
Gladly in its acquisition of Thankful AI, a provider of AI-powered customer service solutions
Grainite, a converged streaming application platform, in its sale to MongoDB
HID Global in its acquisitions of Connexient, GuardRFID, and Janam Technologies
Invecas, a leading provider of design engineering, embedded software and system-level solutions, in its acquisition by Cadence Design Systems
Ironwood Pharmaceuticals in its US$1 billion acquisition of VectivBio
Menlo Microsystems, developer of high-power RF MEMs switches, in its acquisition of the assets of Kionix, a manufacturer of MEMS systems
Mindtickle, provider of a sales readiness and operations platform, in its acquisition of Enable.us, provider of Digital Sales Room technology
Mineral HR, a provider of predictive HR and compliance cervices, in its sale to Mitratech
PowerSchool, a provider of cloud-based software for K-12 education, in its US$300 million acquisition of SchoolMessenger from West Technology Group
Roostify in its acquisition by CoreLogic
Samsung Display in its US$218 million acquisition of eMagin Corporation, a designer of OLED microdisplays for high-resolution, AR/VR, and other near-eye imaging products
Securitize, a digital assets securities firm, in its acquisition of Onramp Invest, developer of a digital asset wealth platform for financial professionals
Splashtop in its acquisition of Foxpass, a provider of cloud-based, identity-centric network and server access solutions for IT and DevOps systems
Stellar Labs, operator of a B2B online exchange for business aviation, in the divestiture of its hosting business
Strava in its acquisition of Fatmap, developer of a hi-res 3D global map platform for the great outdoors
Tetra Tech in its acquisition of Amyx, a provider of cybersecurity solutions
Thyas, an immune cell therapy company, in its domestication to the United States from Japan and concurrent acquisition of Evade Therapeutics, a biotech company focused on allogeneic stem cell therapies
TSI Semiconductor, a semiconductor technology development and production fab and portfolio company of InterVest Capital Partners, in the US$140 million sale of its assets to Bosch
Zeda (fka PrinterPrezz), a provider of advanced 3D manufacturing and nanotechnology solutions, in its acquisition of The Orthopaedic Implant Company, a manufacturer of high-value orthopaedic implants

Welcome

The Momentum team was thrilled to welcome Brian Brooks back to O’Melveny in 2023. A giant in the fintech and crypto sector, Brian is former Acting US Comptroller of the Currency and has served as a prominent business executive and investor, including as chief legal officer of Coinbase, CEO of Bitfury, and a partner at Valor Capital Group. Brian is an invaluable resource to our fintech and crypto clients and investors, helping them unpack thorny regulatory issues and set their businesses on the right path.