Billion Dollar Blend

Lux Capital Ditches Late Stage Fund, Bikraft Levels Up With Second Token Fund, and a Cardiac Diagnostics Startup Raises Big to Fund Its Innovation.

Author

Adam from VC Brags
April 07, 2023

Welcome Shareholders,

In this daily edition of the Brags Newsletter, we'll cover how Lux Capital is trying to streamline its late-stage investment strategy, Bikraft looks to power the Blockchain with its second token fund, and a funding round breathes new life into a Cardiac Diagnostics Startup.

So sit back, grab a snack, and enjoy!

Venture Today 👏

  • Life Science and Frontier Tech-focused VC Lux Capital is planning its newest fundraising efforts without a dedicated late-stage vehicle.

Lux Capital plans to raise over $1 billion for Lux Ventures VIII, which will combine early and late-stage investing strategies into one unified pool. Since its inception in 2000, the firm has amassed $4 billion across nine previous funds. While the fund would continue maintaining an interest in later-stage opportunities, founder Josh Wolfe emphasized that its primary focus would be on early-stage investments at the crossroads of sciences and tech.

Lux Capital is among the latest early-stage-rooted firms to abandon dedicated late-stage funds, as the late-stage and exit environments have been subdued over the past year. Recently, Y Combinator closed its continuity fund, retreating from late-stage investing and cutting 20% of its team. Several firms, like Founders Fund and Vibe Capital, have either downsized their funds or returned capital to investors in response to a softening market.

Who's Raising?

  • Gaming Foucsed VC Firm Bikraft said it had secured $220.6 million in commitments for its second token fund, nearing its $240 million target.

The company's first token fund raised $75 million, targeting blockchain gaming and digital entertainment startups. Founded in 2016 by Jens Hilgers, Bitkraft invests in game studios, platforms, and related tech across Web2 and Web3, from seed to Series B.

Managing approximately $600 million in assets (one-third for Web3), the registered investment advisor's funds include esports-focused, general venture capital, and two "token" funds. Bitkraft's recent investments feature Eve Online developer CCP Games and blockchain-based mobile game developer Jungle, with funding being made through a mix of equity and token purchases.

Startup of the Day

  • After canceling plans to go public through a SPAC last year, cardiac diagnostic developer HeartFlow has successfully raised $215 million in an Oversubscribed Series F round led by Bain Life Sciences.

The round also included participation from Janus Henderson Investors, Baillie Gifford, Capricorn Investment Group, Hayfin Capital Management, HealthCor, Martis Capital, USVP, and Wellington Management. HeartFlow plans to use the proceeds to build on recent milestones, such as the FDA clearance obtained last year for AI-powered software that creates 3D CT scans of the heart's coronary arteries, identifying potential blockages.

In 2021, the American Heart Association and the American College of Cardiology added coronary computed tomography angiography (CCTA) and fractional flow reserve via CT (FFR-CT) to their chest pain diagnosis guidelines. HeartFlow recently presented a study showing its noninvasive CCTA, and FFR-CT surpassed traditional heart diagnostics like stress tests and catheter-based blood pressure measurements.

Fresh Finds

  • Zerocoder's all-in-one plan offers a comprehensive suite of design and web development tools, including Web Applications, Mobile Applications, Landing Pages, and extensive graphics options, all without the need for coding expertise.

  • Zerocoder's streamlined processes enable users to create and launch their Minimum Viable Product (MVP) in just seven days.

  • Zerocoder connects users with a top vetted talent for development and design projects, incorporating no-code, low-code, and AI development approaches like OpenAI chatbot integration for platforms such as Bubble.

Memes and Other Things

Founders Dilemma

The Headlines

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