SVB’s demise leaves gaping hole, March 14, 2023

Plus, medtech’s unique dilemma, and the logic of guaranteeing SVB’s deposits March 14, 2023 [Silicon Valley Bank’s collapse leaves a huge hole in the startup world]( [Silicon Valley Bank]( was the dominant bank for tech startups and venture debt in the valley, cultivating a reputation for close-knit relationships with the power brokers of venture and taking chances on young startups that most banks wouldn’t have the time of day for. What will happen to those startups now? [What’s next for medtech after Silicon Valley Bank’s fall?]( During the early days of the COVID pandemic, [Silicon Valley Bank]( helped medtech startups grow and pivot as testing demand increased and municipalities partnered with diagnostic companies. It bolstered life science companies that didn’t have market fit because their companies were so novel. Traditional banks were more risk-averse and didn’t understand emerging tech the way SVB did. That leaves open the question of how many biotech companies will fund their innovations. [Why guaranteeing SVB’s deposits was the right thing to do]( While the bank about half of funded U.S. startups chose — [Silicon Valley Bank]( — failed to appropriately hedge for the combination of higher interest rates and increased withdrawals, it’s errant to blame this misstep on depositors. They weren’t involved in the financial planning, and, like most of us, base decisions on where to put their money on an institution’s reputation, track record, service and product offerings. [SVB puts subsidiaries up for sale as HSBC buys U.K. unit]( The dissecting of SVB has begun as the bank’s U.K. unit — [Silicon Valley Bank UK Limited]( — is reportedly being purchased by [HSBC UK Bank]( for a single British pound. [10 biggest rounds: AI and solar take the lead]( It feels like it was just about a month ago we were here talking about [Anthropic]( — and that’s likely because it was only a month ago. AI continues to seduce investors and the public in general but other sectors like solar also stepped in for a payday. [Tech jobs: From drones to liposuction, these startups are hiring]( In this week’s edition of Who’s Hiring In Tech, we look at open positions at funded startups in a variety of sectors from our [Crunchbase]( database. [Crunchbase ROI Calculator]( [See the number of new accounts Crunchbase can add to your funnel with our advanced prospecting ROI calculator powered by Crunchbase data.]( [Calculate]( Crunchbase Pro: Searches and Lists Name Type Entries [Fundings in Brazilian Startups over the last 90 days]( Funding Rounds 56 [Acquisitions over $100M in the last 3 months]( Acquisitions 374 [Active Accelerators]( Investors 649 [More Featured Searches and Lists]( [Check out our Crunchbase solutions here]( – prospecting tools made for everyone Recent Investments [Neste]( [1.0B EUR]( / [Post-IPO Debt]( Neste is a sustainable energy company focused on renewable diesel and aviation fuel. Categories: Industrial • Oil and Gas • Sustainability [Ring Therapeutics]( [$86M]( / [Series C]( Ring Therapeutics is a gene therapy company focused on discovering and developing programmable genetic medicines. Categories: Biotechnology • Health Care • Therapeutics Founders: [Avak Kahvejian]( [Erica Weinstein]( [Noubar Afeyan]( Investors: [Alexandria Venture Investments]( [Altitude Life Science Ventures]( [CJ Investment]( [+ 6 more]( [MentorcliQ]( [$80M]( / [Venture Round]( MentorcliQ is an employee mentoring software platform that helps upskill and retain employees. Categories: B2B • Human Resources • Productivity Tools • SaaS Founders: [Andy George]( [Miles Ulrich]( [Phil George]( Investors: [Providence Strategic Growth (PSG)]( (Lead), [Plymouth Growth]( [Rev1 Ventures]( More Fundings Company Amount / Round Lead Investor [Envisics]( $50M / [Series C]( [Hyundai Mobis]( [Iktos]( 16M EUR / [Series A]( [Debiopharm Innovation Fund]( [ZenHub]( $10M / [Series A]( [Yaletown Partners]( [GrayQuest]( 560M INR / [Series A]( [Pravega Ventures]( [Zaggle]( 500M INR / [Debt Financing]( [Vivriti Asset Management]( [Wheel the World]( $6.0M / [Series A]( [Kayak Ventures]( [Olatec Therapeutics]( Unknown / [Grant]( [Michael J. Fox Foundation]( [All Recent Funding Activity]( Recent Acquisitions [Codewars]( Pending acquisition by [Andela]( for Unknown #{Rails.configuration.daily.cb_url} Discover innovative companies and the people behind them. [Follow Us on Crunchbase]( [View Jobs on LinkedIn]( [Follow Us on Twitter]( [Like Us on Facebook]( 564 Market St, San Francisco, CA 94104 © 2023 Crunchbase Inc. All rights reserved. [Privacy Policy]( | [Terms of Service]( [Unsubscribe]( from Crunchbase Daily.