Browsing: News

0 Tindall onboard as digital human startup FaceMe finalises $10m raise

AI-startup FaceMe has wrapped up its US$10 million ($15m) raise and confirmed its post-money valuation of $US50m ($74m).

As first reported by the Herald on November 28, the round was led by Sydney-based Alium Capital, with noteworthy US investor Richard Socher also onboard. Socher was founder of MetaMind, a natural language processing and image recognition startup sold to Salesforce for US$32.8m in 2016.

Today, the Auckland-based maker of virtual assistants revealed three local investors also participated: Ice Angels, the Crown-backed NZVIF and the prolific Sir Stephen Tindall.

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0 Mercury Energy sells smart meter business for $270m

Mercury New Zealand has sold its Metrix smart metering business to intelliHUB for $270 million.

Metrix, which currently has an installed base of around 460,000 smart meters, now adds to intelliHUB’s independently contracted and controlled meters. intelliHUB will now manage almost two million smart meters.

intelliHUB says the acquisition will significantly expand its smart meter footprint and its capability to roll out ‘innovative smart metering solutions in Australia and New Zealand’.

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0 Cleantech start-up Mint Innovation raises $5.2M

Cleantech start-up Mint Innovation has raised almost $5.2 million from mostly Kiwi investors as it starts preparing for commercial deployment.

The biotech firm has developed techniques using chemistry and microbiology to recover valuable metals from electronic waste, which makes it easier for the recyclers to secure as much value as they can. Mint Innovation has been running a pilot project in Auckland and now wants to scale up with a view to launching commercial operations in 2020.

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0 NZVCA appoints New Chair

Andrew Frankham, Director & CFO of Direct Capital is the new chairman of the New Zealand Private Equity and Venture Capital Association. He succeeds Matt Riley, Executive Director of Waterman Capital.Andrew Frankham, Director & CFO of Direct Capital is the new chairman of the New Zealand Private Equity and Venture Capital Association. He succeeds Matt Riley, Executive Director of Waterman Capital.

David Bell, CFO of Oriens Capital, has been reappointed as NZVCA Treasurer.

Andrew has been with Direct Capital since January 2010, overseeing all aspects of investment structuring, financial reporting, tax and compliance and investor relations. Prior to that he was Group Finance Manager for an Auckland private equity expansion investor.

‘Andrew is a highly respected advocate for private equity markets in New Zealand and shares our understanding that private equity and venture capital firms accelerate the ambition of New Zealand business owners through operational improvement and investment performance,’ says NZVCA Executive Director, Colin McKinnon.

Mr McKinnon adds: ‘We are fortunate in New Zealand to share many examples of private capital partnering with companies to improve growth and performance, to share expertise and capital. This ultimately delivers improved productivity, creates jobs and contributes to the national economy.’


0 Green investment fund faces challenges of size and scope

ANALYSIS: The new board of New Zealand Green Investment Finance, a new $100 million Government-funded venture, faces a complex task.

It effectively has two different goals, which do not sit comfortably together.

As well as boosting funds flowing into projects which cut the carbon footprint of the New Zealand economy, it also tasked with turning a profit.

This could create a conflict, not because green technology is inherently unprofitable, but because the company is meant to act as a means to boost projects which the market is failing to back.

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