By Evan Vitale
It’s already the first week of August and there are plenty of stories making headlines in the world of venture capital news.
According to The Economic Times, Infosys has begun discussions for what will be its first investment in an Indian venture capital fund – Stellaris Venture Partners. The software services company could invest up to $15 million in the fund, launched by a team of venture capitalists, who are aiming for a final corpus of $100 million from both local and global investors.
The full story is here: http://bit.ly/2atauRL
Meanwhile, CognitiveScales has landed $21.8 million in venture capital, according to Silicon Hills News, which covers Austin and San Antonio, Texas.
Norwest Venture Partners and Intel Capital co-led the round. CognitiveScale plans to use the money to expand its salesforce and on research and development of its product portfolio.
As part of the deal, Norwest’s Promod Haque and Intel Capital’s Vibhor Rastogi will join CognitiveScale’s Board of Directors.
Read the article here: http://bit.ly/2aSRvTe
Business Insider is reporting that Uber has just suffered its largest setback and is selling its Chinese unit to its top rival in the country, Didi Chuxing.
Uber has suffered through extreme regulatory scrutiny, driver assaults, controversy over background checks and of digging up dirt on critics, and more. But this is something else. China is the world’s most populous country, with a market consistently touted by Uber as a source of opportunity.
Uber’s withdrawal is the greatest setback in the company’s seven-year history — and a rude awakening for many in the venture-capital-funded startup ecosystem.
Check out the full story here: http://read.bi/2atDlqj
Finally, UC San Diego Inventions has gained $6 million in venture capital backing, according to PR Newswire.
“MouthSense” and “SmartFoam,” two new inventions by engineers in the Jacobs School of Engineering at the University of California San Diego, have attracted funding from NextWave Venture Partners, a venture-capital firm specializing in the commercialization of early-stage technologies.
“Developing imaginative and problem-solving products at our public university is an obligation we have to those who invest in us,” said Paul Roben, associate vice chancellor for innovation at UC San Diego. “These inventions, among many others, are an indication that our ‘innovation ecosystem’ is thriving.”
UC San Diego is second in the UC system for inventions and patents, with 97 inventors and 192 foreign patents in 2015.
The full press release can be found here: http://prn.to/2axnObg