Follow the Money: ReCode Nets $1M, Monarc Gets $700K, PanOptis Makes Exit

You’ll also find news about Kanarys, Trend Forward Capital, Pegasus Resources, TPG Capital, SWK Holdings Corp., Lone Star Funds, and U.S. Renal Care in this roundup of investment, merger, and acquisition activity involving investors and businesses with ties to North Texas.

funding

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ReCode Therapeutics raises $1M in funding

ReCode Therapeutics, a Dallas-based development-stage medical research company, raised $1 million as part of a new funding round, the company said in a government filing.

ReCode’s goal is to raise up to $3 million. 

ReCode, which was spun out of UT Southwestern Medical Center, is developing a way to deliver a treatment through a sub-microscopic particle to prevent mutations that cause diseases like cystic fibrosis, muscular dystrophy, and some cancers. 

Monarc Inc. gets $700K in investments for robotic quarterback

Dallas-based robotics company Monarc Inc. has submitted Form D filings with the federal government listing multiple investments.

Monarc makes what it calls “Seeker,” billed as the world’s first robotic quarterback to aid in sports training.

In the filings, the sports technology company said that $500,000 of a $750,000 debit offering has been raised, and that two separate $100,000 investments were equity funding.

Kanarys raises $575K toward social enterprise platform

Dallas-based social enterprise technology and services company Kanarys Inc. has raised $575,000 in pre-seed funding.

The company described  the funding is a necessary step to lay the groundwork to launch its platform and add data analyst and AI/machine learning talent to the team. CEO and co-founder Mandy Price told Dallas Innovates that another round of funding is anticipated to “optimize and execute on our user acquisition strategy” and platform.

Price said Kanarys was “thrilled” to have raised the more than half million dollars in funding, citing statistics that show African American female founders only raise approximately $42,000 on average, and out of the $100 billion in VC funding available, less than 0.2 percent goes to African American female founders.

Trend Forward Capital invests in workload automation software provider

Trend Forward Capital, the investment arm of Irving-based cybersecurity company Trend Micro, has invested an undisclosed amount in Turbonomic, a Boston-based provider of workload automation software for hybrid cloud.

According to FinSMEs, Turbonomic plans to use the funding to accelerate go-to-market initiatives in Asia by leveraging Trend Micro’s global relationships. 

Last month at the annual Consumer Electronics Show in Las Vegas, Trend Forward Capital held a number of events, including its Forward Thinker Award that offered $10,000 cash prizes to each of six winning finalists. It’s planning a startup event in Dallas this May.

Pegasus Resources get $300M equity commitment

Fort Worth-based mineral and royalty company Pegasus Resources LLC announced that it has secured an additional $300 million equity commitment from EnCap Investments LP. 

Houston-based EnCap’s investment brings its total commitment to $600 million, according to a report in PE Hub. In November 2017, Pegasus received an initial commitment of $300 million from EnCap.

Pegasus is focused on acquiring and managing mineral and royalty properties in the core of the Delaware and Midland Basins.

TPG closes Asia VII fund with $4.6B in commitments

Fort Worth- and San Francisco-based private equity firm TPG Capital has closed its latest Asia-focused fund with commitments amounting to $4.6 billion.

The fund is TPG Capital Asia VII, which has committed more than 40 percent of the capital across 12 companies, according to a report in LiveMint.

Other funding

A subsidiary of Dallas-based SWK Holdings Corp., a healthcare-focused investment firm, has entered into a $20 million senior secured term loan agreement with Cheetah Medical Inc., a Massachusetts-based provider of non-invasive fluid management devices. The money is coming from SWK Funding LLC. The money will go to retiring Cheetah’s existing debt and investing in sales and marketing efforts, PE Hub reported.

Dallas-based Lone Star Funds, a global private equity firm, announced that it has completed the final closing for its Lone Star Fund XI LP. It’s the 11th dedicated opportunity fund, with available capital of $8.2 billion, including third-party commitments and anticipated co-investments from associated entities, Lone Star said in a release.

MERGERS & ACQUISITIONS

PanOptis acquired by New York-based finance firm

Plano-based intellectual property management and finance company PanOptis has been acquired by funds managed by affiliates of New York-based Brevet Capital, a specialty finance provider that focuses on the government sector.

No financial terms of the acquisition were released.

Established in 2013, PanOptis consolidates telecommunications patent portfolios and facilitates access to technology for makers of smartphones, according to a report in PE Hub. PanOptis acquired Unwired Planet in 2016.

Investment group agrees to buy U.S. Renal Care

Plano-based U.S. Renal Care Inc. is going to be acquired by an investor group that includes Bain Capital Private Equity, Summit Partners, and Revelstoke Capital Partners.

No financial terms of the deal were release, according to PE Hub.

U.S. Renal Care is a provider of dialysis service for patients who have end-stage renal disease. It has 335 dialysis facilities in 32 states and the Territory of Guam.


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