Language platform Busuu acquires video tutor startup, now plans IPO

Language-learning platform Busuu, which has fast expanded to take on traditional giants like Duolingo, says it has acquired the live video tutoring company Verbling for an undisclosed amount, other than calling it a “double-digit million dollar acquisition.”

As a result, Busuu will now use the Verbling platform to expand into the live video tutoring space for its consumer users and corporate clients.

Busuu says it recently surpassed 100 million users globally, makes it one of the world’s fastest-growing EdTech companies. It says it reach cash flow break-even last year, and plans to generate over $40 million in revenues in 2020.

CEO and cofounder Bernhard Niesner said “we also plan to go public in the future.”

Speaking to TechCrunch, he said: “We are operating in the massive $60bn global language learning market, with digital language learning only representing a tiny 10% market share right now. This digital part will grow fast due to wider consumer adoption driven by better learning outcomes, expected to reach $17bn market value in 2027. Getting access to the capital markets would allow us to accelerate our growth, expand into other learning areas and build a truly globally leading, multi-billion dollar, digital learning business.”

The new Verbling-based ‘Busuu live’ will be a combination of their AI-powered learning content, interaction with other learners plus 1-1 live tutoring with professional teachers.

“We are also excited to leverage our 4bn data points from our learners to provide useful information to our new 10,000+ live teachers about their students. So whenever a teacher starts a live lesson, they will have access to relevant information about the progress of their students within Busuu, so they can fully adapt their lessons to the individual needs of their learners.”

Busuu was originally founded in Madrid in 2008 and in 2012 moved to London, but now plans to open an office back in its ‘home town.’

Niesner said: “The London hiring market has become increasingly more competitive over the last couple of years (also due to Brexit, competition from Facebook and Google etc) while the Spanish startup-ecosystem has made tremendous progress.”

Verbling was founded in San Francisco in 2011 by the Swedish co-founders Mikael Bernstein (CEO) and Gustav Rydstedt (CTO) who met while studying at Stanford University. After attending the Y-Combinator program, Verbling raised over $4.4m from Learn Capital, DFJ and Bullpen Capital. The platform has over 10,000 pre-vetted live teachers and offers interactive 1-1 lessons in nearly 60 different languages.

Mikael Bernstein, Co-Founder and CEO, Verbling said: “We are very excited to be joining forces with Busuu’s talented and experienced team, combining our world-class tutors with Busuu’s AI-powered platform will enable language learners across the globe to reach proficiency even faster.”

Following the acquisition, Verbling’s team members, including co-founders Mikael Bernstein (CEO) and Gustav Rydstedt (CTO) will join Busuu.

For context, the main publicly-listed language learning business is Rosetta Stone but they belong to the old version of language learning and have not yet done their shift to mobile, although they might survive that. There are expectations that both Duolingo and VIPKids (the Chinese English learning unicorn) will go public soon.

Opera and the firm short-selling its stock (alleging Africa fintech abuses) weigh in

Internet services company Opera has come under a short-sell assault based on allegations of predatory lending practices by its fintech products in Africa.

Hindenburg Research issued a report claiming (among other things) that Opera’s finance products in Nigeria and Kenya have run afoul of prudent consumer practices and Google Play Store rules for lending apps.

Hindenburg — which is based in NYC and managed by financial analyst Nate Anderson — went on to suggest Opera’s U.S. listed stock was grossly overvalued.

That’s a primer on the key info, though there are several additional shades of the who, why, and where of this story to break down, before getting to what Opera and Hindenburg had to say.

A good start is Opera’s ownership and scope. Founded in Norway, the company is an internet services provider, largely centered around its Opera browser.

Opera was acquired in 2016 for $600 million by a consortium of Chinese investors, led by current Opera CEO Yahui Zhou.

Two years later, Opera went public in an IPO on NASDAQ, where its shares currently trade.

Web Broswers Africa 2019 Opera

Though Opera’s web platform isn’t widely used in the U.S. — where it has less than 1% of the browser market — it has been number-one in Africa, and more recently a distant second to Chrome, according to StatCounter.

On the back of its browser popularity, Opera went on an African venture-spree in 2019, introducing a suite of products and startup verticals in Nigeria and Kenya, with intent to scale more broadly across the continent.

In Nigeria these include motorcycle ride-hail service ORide and delivery app OFood.

Central to these services are Opera’s fintech apps: OPay in Nigeria and OKash and Opesa in Kenya — which offer payment and lending options.

Fintech focused VC and startups have been at the center of a decade long tech-boom in several core economies in Africa, namely Kenya and Nigeria.

In 2019 Opera led a wave of Chinese VC in African fintech, including $170 million in two rounds to its OPay payments service in Nigeria.

Opera’s fintech products in Africa (as well as Opera’s Cashbean in India) are at the core of Hindenburg Research’s brief and short-sell position. 

The crux of the Hindenburg report is that due to the declining market-share of its browser business, Opera has pivoted to products generating revenue from predatory short-term loans in Africa and India at interest rates of 365 to 876%, so Hindenburg claims.

The firm’s reporting goes on to claim Opera’s payment products in Nigeria and Kenya are afoul of Google rules.

“Opera’s short-term loan business appears to be…in violation of the Google Play Store’s policies on short-term and misleading lending apps…we think this entire line of business is at risk of…being severely curtailed when Google notices and ultimately takes corrective action,” the report says.

Based on this, Hindenburg suggested Opera’s stock should trade at around $2.50, around a 70% discount to Opera’s $9 share-price before the report was released on January 16.

Hindenburg also disclosed the firm would short Opera.

Founder Nate Anderson confirmed to TechCrunch Hindenburg continues to hold short positions in Opera’s stock — which means the firm could benefit financially from declines in Opera’s share value. The company’s stock dropped some 18% the day the report was published.

On motivations for the brief, “Technology has catalyzed numerous positive changes in Africa, but we do not think this is one of them,” he said.

“This report identified issues relating to one company, but what we think will soon become apparent is that in the absence of effective local regulation, predatory lending is becoming pervasive across Africa and Asia…proliferated via mobile apps,” Anderson added.

While the bulk of Hindenburg’s critique was centered on Opera, Anderson also took aim at Google.

“Google has become the primary facilitator of these predatory lending apps by virtue of Android’s dominance in these markets. Ultimately, our hope is that Google steps up and addresses the bigger issue here,” he said.

TechCrunch has an open inquiry into Google on the matter. In the meantime, Opera’s apps in Nigeria and Kenya are still available on GooglePlay, according to Opera and a cursory browse of the site.

For its part, Opera issued a rebuttal to Hindenburg and offered some input to TechCrunch through a spokesperson.

In a company statement opera said, “We have carefully reviewed the report published by the short seller and the accusations it put forward, and our conclusion is very clear: the report contains unsubstantiated statements, numerous errors, and misleading conclusions regarding our business and events related to Opera.”

Opera added it had proper banking licenses in Kenyan or Nigeria. “We believe we are in compliance with all local regulations,” said a spokesperson.

TechCrunch asked Hindenburg’s Nate Anderson if the firm had contacted local regulators related to its allegations. “We reached out to the Kenyan DCI three times before publication and have not heard back,” he said.

As it pertains to Africa’s startup scene, there’ll be several things to follow surrounding the Opera, Hindenburg affair.

The first is how it may impact Opera’s business moves in Africa. The company is engaged in competition with other startups across payments, ride-hail, and several other verticals in Nigeria and Kenya. Being accused of predatory lending, depending on where things go (or don’t) with the Hindenburg allegations, could put a dent in brand-equity.

There’s also the open question of if/how Google and regulators in Kenya and Nigeria could respond. Contrary to some perceptions, fintech regulation isn’t non-existent in both countries, neither are regulators totally ineffective.

Kenya passed a new data-privacy law in November and Nigeria recently established guidelines for mobile-money banking licenses in the country, after a lengthy Central Bank review of best digital finance practices.

Nigerian regulators demonstrated they are no pushovers with foreign entities, when they slapped a $3.9 billion fine on MTN over a regulatory breach in 2015 and threatened to eject the South African mobile-operator from the country.

As for short-sellers in African tech, they are a relatively new thing, largely because there are so few startups that have gone on to IPO.

In 2019, Citron Research head and activist short-seller Andrew Left — notable for shorting Lyft and Tesla — took short positions in African e-commerce company Jumia, after dropping a report accusing the company of securities fraud. Jumia’s share-price plummeted over 50% and has only recently begun to recover.

As of Wednesday, there were signs Opera may be shaking off Hindenburg’s report — at least in the market — as the company’s shares had rebounded to $7.35.

Proxyclick raises $15M Series B for its visitor management platform

If you’ve ever entered a company’s office as a visitor or contractor, you probably know the routine: check in with a receptionist, figure out who invited you, print out a badge and get on your merry way. Brussels, Belgium- and New York-based Proxyclick aims to streamline this process, while also helping businesses keep their people and assets secure. As the company announced today, it has raised a $15 million Series B round led by Five Elms Capital, together with previous investor Join Capital.

In total, Proxyclick says it’s systems have now been used to register over 30 million visitors in 7,000 locations around the world. In the UK alone, over 1,000 locations use the company’s tools. Current customers include L’Oreal, Vodafone, Revolut, PepsiCo and Airbnb, as well as a number of other Fortune 500 firms.

Gregory Blondeau, founder and CEO of Proxyclick, stresses that the company believes that paper logbooks, which are still in use in many companies, are simply not an acceptable solution anymore, not in the least because that record is often permanent and visible to other visitors.

Proxyclick’s founding team.

“We all agree it is not acceptable to have those paper logbooks at the entrance where everyone can see previous visitors,” he said. “It is also not normal for companies to store visitors’ digital data indefinitely. We already propose automatic data deletion in order to respect visitor privacy. In a few weeks, we’ll enable companies to delete sensitive data such as visitor photos sooner than other data. Security should not be an excuse to exploit or hold visitor data longer than required.”

What also makes Proxyclick stand out from similar solutions is that it integrates with a lot of existing systems for access control (including C-Cure and Lenel systems). With that, users can ensure that a visitor only has access to specific parts of a building, too.

In addition, though, it also supports existing meeting rooms, calendaring and parking systems and integrates with Wi-Fi credentialing tools so your visitors don’t have to keep asking for the password to get online.

Like similar systems, Proxyclick provides businesses with a tablet-based sign-in service that also allows them to get consent and NDA signatures right during the sign-in process. If necessary, the system can also compare the photos it takes to print out badges with those on a government-issued ID to ensure your visitors are who they say they are.

Blondeau noted that the whole industry is changing, too. “Visitor management is becoming mainstream, it is transitioning from a local, office-related subject handled by facility managers to a global, security and privacy driven priority handled by Chief Information Security Officers. Scope, decision drivers and key people involved are not the same as in the early days,” he said.

It’s no surprise then that the company plans to use the new funding to accelerate its roadmap. Specifically, it’s looking to integrate its solution with more third-party systems with a focus on physical security features and facial recognition, as well as additional new enterprise features.

Landmark San Francisco Project Sold at Loss by Chinese Developer

Landmark San Francisco Project Sold at Loss by Chinese Developer(Bloomberg) -- China’s Oceanwide Holdings Co. has sold its San Francisco property project for about $1 billion, taking a loss on an ambitious development that was expected to include the city’s second-tallest office tower but has lain idle for months.The Oceanwide Center site, which includes offices, upscale condos and a Waldorf Astoria hotel, faced “huge challenges” on construction and cost controls, the company said in a filing to the Shenzhen stock exchange late Wednesday.It expects to take a loss of about $276 million on the project, it said. The buyer was named as a unit of SPF Capital International Ltd., but no further details were given.Work on one of the San Francisco towers was halted in October. Oceanwide is also struggling to complete a project in Los Angeles that has been plagued by lawsuits from subcontractors and as the Chinese government cracks down on capital leaving the country.The disposal of the troubled project is Oceanwide’s first retreat from the U.S. since it hit financial challenges in mid-2018, caused in part by $1.1 billion of acquisitions during an overseas buying spree by Chinese firms.Still, the sale will “substantially improve” cashflow and alleviate overseas’ business risks, Oceanwide said in the filing. The developer is set to get 4.4 billion yuan ($635 million) in the short term and more in future instalments, it said.Oceanwide also has projects in New York and Hawaii. The developer bought 80 South Street in lower Manhattan in 2015 for $390 million and planned to build a mixed-use high-end condominium and hotel. Progress stalled after there were problems with plans to demolish some existing buildings.Outside real estate, Oceanwide is still in a prolonged process of buying U.S. insurer Genworth Financial Inc.To contact Bloomberg News staff for this story: Noah Buhayar in Seattle at [email protected];Emma Dong in Shanghai at [email protected] contact the editors responsible for this story: Craig Giammona at [email protected], ;Katrina Nicholas at [email protected], Peter VercoeFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.


PG&E Wins Support From Key Bondholders for Restructuring Plan

PG&E Wins Support From Key Bondholders for Restructuring Plan(Bloomberg) -- After spending almost a year at war with some of the biggest names in the financial world, bankrupt utility giant PG&E Corp. has finally got them on its side. Now it just needs to win over California‘s governor.On late Wednesday, California power giant PG&E reached a settlement with a group of noteholders led by bond giant Pacific Investment Management Co. and activist investor Elliott Management Corp., who had repeatedly sought to derail the company’s $46 billion restructuring plan. The deal turns some of PG&E’s most formidable adversaries into backers of its turnaround proposal, bringing the company closer to gaining approval by a state deadline of June 30 and emerging from the biggest utility bankruptcy in U.S. history.There’s just one problem: Governor Gavin Newsom, whose backing is crucial to PG&E’s restructuring, is still trying to block its plan. He rejected the proposal last month, raising concerns about its financing and governance. And the company has “yet to make a single modification” to ease them since, the governor said in a court filing that hit less than two hours before PG&E announced the deal with bondholders.California’s largest utility declared bankruptcy almost a year ago after its equipment was blamed for a series of catastrophic wildfires that killed more than 100 people and saddled the company with $30 billion in liabilities. It has since struck deals with almost every major stakeholder group, including the victims of the blazes it caused and their insurers. Shares, which have lost almost half of their value since the start of 2019, gained as much as 9% in after-markets trading on news of the settlement with creditors.Elected OfficialsPG&E Chief Executive Officer Bill Johnson said in a statement that the company remains “focused on working with key stakeholders, including elected officials and our state regulator, on how PG&E will look, act, and be held accountable as we emerge from Chapter 11.”Meanwhile, Newsom said in his filing Wednesday that the company’s plan, as it stands, still doesn’t comply with state law. He went on to accuse PG&E of trying to take advantage of the Chapter 11 process and to force state officials into approving a “sub-optimal” plan.What Bloomberg Intelligence Says“Settling more than $5 billion in make-whole claims may make even more sense for bondholders, given the likely minimal impact that ongoing appeals may have on PG&E’s ability to exit bankruptcy. A noteholder loss at the bankruptcy court would likely significantly reduce the noteholders’ leverage even though they can appeal.”\-- Negisa Balluku, litigation analystClick here to read the report.Newsom said the company’s plan would pay $1 billion in financing fees and continues to depend on substantial debt and short-term bridge financing that would leave the utility without the resources it needs to invest billions of dollars in safety upgrades. He has also pressed for language that would allow the state to take it over should it fail to meet future safety standards -- a provision that emerged as a major point of contention between the governor’s office and PG&E in negotiations.PG&E said it was aware of Newsom’s concerns and that additional changes to its plan were forthcoming. The company suggested in a filing with state utility regulators last week that it may make “material” changes to the non-financial terms of its bankruptcy exit plan, including governance, as a result of talks with the governor’s office.$1 Billion SavedAs part of its deal with bondholders, PG&E said it would save about $1 billion by refinancing higher-interest debt. Bonds paying lower interest rates would be reinstated and paid as normal. The new mix of debt will “reduce the weighted average coupon of PG&E’s debt, the company said, consistent with the guidance given to the California Public Utilities Commission.”The agreement also gives the noteholders the chance to participate in any subsequent backstop equity commitments of up to $2 billion under certain circumstances.Following the announcement of the bondholders’ deal, Newsom’s office said the governor continues to object to PG&E’s plan.The bankruptcy case is PG&E Corp. 19-bk-30088, U.S. Bankruptcy Court, Northern District of California (San Francisco)(Adds comments from Newsom in fourth paragraph)\--With assistance from Lynn Doan, Rick Green and Scott Deveau.To contact the reporters on this story: Mark Chediak in San Francisco at [email protected];Steven Church in Wilmington, Delaware at [email protected] contact the editors responsible for this story: Lynn Doan at [email protected], ;Rick Green at [email protected], Kara WetzelFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.


Yo Facebook & Instagram, stop showing Stories reruns

If I watch a Story cross-posted from Instagram to Facebook on either of the apps, it should appear as “watched” at the back of the Stories row on the other app. Why waste my time showing me Stories I already saw?

It’s been over two years since Instagram Stories launched cross-posting to Stories. Countless hours of each feature’s 500 million daily users have been squandered viewing repeats. Facebook and Messenger already synchronized the watched/unwatched state of Stories. It’s long past time that this was expanded to encompass Instagram.

I asked Facebook and Instagram if it had plans for this. A company spokesperson told me that it built cross-posting to make sharing easier to people’s different audiences on Facebook and Instagram, and it’s continuing to explore ways to simplify and improve Stories. But they gave no indication that Facebook realizes how annoying this is or that a solution is in the works.

The end result if this gets fixed? Users would spend more time watching new content, more creators would feel seen, and Facebook’s choice to jam Stories in all its apps would fee less redundant and invasive. If I send a reply to a Story on one app, I’m not going to send it or something different when I see the same Story on the other app a few minutes or hours later. Repeated content leads to more passive viewing and less interactive communication with friends, despite Facebook and Instagram stressing that its this zombie consumption that’s unhealthy.

The only possible downside to changing this could be fewer Stories ad impressions if secondary viewings of peoples’ best friends’ Stories keep them watching more than new content. But prioritizing making money over the user experience is again what Mark Zuckerberg has emphasized is not Facebook’s strategy.

There’s no need to belabor the point any further. Give us back our time. Stop the reruns.

Babylon Health is building an integrated, AI-based health app to serve a city of 300K in England

After announcing a $550 million fundraise last August, U.K. AI-based health services startup Babylon Health is putting some of that money to use with its widest-ranging project to date. The company has inked a 10-year deal with the city of Wolverhampton in England to provide an integrated health app covering 300,000 people, the entire population of the city.

The financial terms of the deal are not being disclosed, but Babylon confirmed that the NHS is not taking a stake in the startup as part of it. The plan is to start rolling out the first phase of the app by the end of this year.

Babylon Health is known for building AI-based platforms that help diagnose patients’ issues. Babylon’s services are provided as a complement to seeing actual clinicians — the idea being that the interactions and AI can speed up some of the work of getting people seen and into the system. Some of Babylon’s best known work to date has been a chatbot that it built for the NHS in the U.K., and, in addition to working with a number of private businesses on their employee healthcare services, it is also now in the process of rolling out services in 11 countries in Asia. (In August, Babylon said it was delivering 4,000 clinical consultations each day, or one patient interaction every 10 seconds; covering 4.3 million people worldwide; with more than 1.2 million digital consultations completed to date.)

Even with all these milestones passed — milestones that have helped catapult Babylon to a $2 billion valuation — its latest project will be its most ambitious to date: it will be the first time that Babylon works on a project that combines both hospital and primary medical care into an all-in-one app.

“We are extremely proud of this exciting 10-year partnership with RWT which will benefit patients and the NHS as a whole,” said Ali Parsa, CEO and founder of Babylon, in a statement. “We have over 1,000 AI experts, clinicians, engineers and scientists who will be helping to make Digital-First Integrated Care a reality and provide fast, effective, proactive care to patients. Together with RWT, we can demonstrate this works and help the NHS lead healthcare across the world.”

The plan is for Babylon and the Royal Wolverhampton NHS Trust — the local health authority and body that will oversee the work for the city’s population — to build an app that will not only provide remote diagnoses, but also live monitoring of patients with chronic conditions (using wearables and other monitoring apps) and the ability to connect people with doctors and others remotely.

Other services will include the ability to let patients access their own medical records and review their own consultations; book appointments; renew prescriptions; view a “digital twin” of their own state of health based on medical history and other details; and manage their rehab after a procedure, illness or injury.

The gap in the market that Babylon is tackling is the fact that many countries are seeing populations that are both growing bigger and generally living longer, and that is putting a strain not just on public health services, but also those that are managed completely or partly privately. This has been a particularly painful theme in Babylon’s home market, the U.K., where healthcare is nationalised and is regularly facing budgetary and human capital shortages, but there is no infrastructure (or consumer finance) to supplement that for the majority of people.

The aim, however, goes beyond simply filling NHS gaps; it’s also about trying to build services that fit better with how people live, for example to provide them with certain services at home to save them from coming into, say, a hospital to be treated if the condition merits it.

“We know from our active engagement with patients of all ages and backgrounds that they are keen to use technology that will improve access and give them greater control of their own health, wellbeing and social inclusion,” said Trust Chief Executive David Loughton, CBE, in a statement. “For example, it should be normal for a patient with a long-term condition to take a blood-test at home, have the results fed into their app which alerts the specialist if they need an appointment. The patient chooses a time to meet, has the consultation through the app, works with their specialist to build a care plan, and the app encourages them to complete it whilst assessing the impact it’s having. This is our vision for properly joined-up and integrated care.”

AI has become a major theme in the drive to improve healthcare and medicine overall, primarily through two main areas: providing diagnostic and other services to patients in situations, acting in roles that would otherwise be played by humans; and in research, acting as a “super brain” to help perform complex calculations in the quest for better drug discovery, disease pathology and other areas that would take humans far longer to do on their own.

Well aware of the strains on health systems, startups, investors and other stakeholders have jumped into using AI in the hopes of creating more efficiency and potentially better outcomes. But that doesn’t mean that all the outcomes have actually been better. Google’s DeepMind encountered a lot of controversy around how it handled patient data in its own NHS deals, leading to questions and investigations that have now stretched into years. And BenevolentAI — which has been working on drug discovery — found itself raising money last year in round that devalued the loss-making company by half.

Paul Bate, Babylon’s MD of NHS services, noted in an interview that Babylon is mindful of patient privacy and consent, and notes that the service is opt-in and transparent in its data usage when engaging users. He declined to comment on how and when data will be retained by the NHS or by Babylon (or both) but said it would be made clear in the app when it is launched.

“It’s not a simple answer to say whether one body or another will keep it, but it will be transparent, both for US and the NHS, when it launches,” he added.

This ultrasonic gripper could let robots hold things without touching them

If robots are to help out in places like hospitals and phone repair shops, they’re going to need a light touch. And what’s lighter than not touching at all? Researchers have created a gripper that uses ultrasonics to suspend an object in midair, potentially making it suitable for the most delicate tasks.

It’s done with an array of tiny speakers that emit sound at very carefully controlled frequencies and volumes. These produce a sort of standing pressure wave that can hold an object up or, if the pressure is coming from multiple directions, hold it in place or move it around.

This kind of “acoustic levitation,” as it’s called, is not exactly new — we see it being used as a trick here and there, but so far there have been no obvious practical applications. Marcel Schuck and his team at ETH Zürich, however, show that a portable such device could easily find a place in processes where tiny objects must be very lightly held.

A small electric component, or a tiny oiled gear or bearing for a watch or micro-robot, for instance, would ideally be held without physical contact, since that contact could impart static or dirt to it. So even when robotic grippers are up to the task, they must be kept clean or isolated. Acoustic manipulation, however, would have significantly less possibility of contamination.

Another, more sinister-looking prototype.

The problem is that it isn’t obvious exactly which combination of frequencies and amplitudes are necessary to suspend a given object in the air. So a large part of this work was developing software that can easily be configured to work with a new object, or programmed to move it in a specific way — rotating, flipping or otherwise moving it at the user’s behest.

A working prototype is complete, but Schuck plans to poll various industries to see whether and how such a device could be useful to them. Watchmaking is of course important in Switzerland, and the parts are both small and sensitive to touch. “Toothed gearwheels, for example, are first coated with lubricant, and then the thickness of this lubricant layer is measured. Even the faintest touch could damage the thin film of lubricant,” he points out in the ETHZ news release.

How would a watchmaker use such a robotic arm? How would a designer of microscopic robots, or a biochemist? The potential is clear, but not necessarily obvious. Fortunately, he has a bit of fellowship cash to spend on the question and hopes to spin it off as a startup next year if his early inquiries bear fruit.

Memphis Meats raised $161 million from SoftBank Group, Norwest and Temasek

Memphis Meats, a developer of technologies to manufacture meat, seafood and poultry from animal cells, has raised $161 million in financing from investors including Softbank Group, Norwest and Temasek, the investment fund backed by the government of Singapore.

The investment brings the company’s total financing to $180 million. Previous investors include individual and institutional investors like Richard Branson, Bill Gates, Threshold Ventures, Cargill, Tyson Foods, Finistere, Future Ventures, Kimbal Musk, Fifty Years and CPT Capital.

Other companies including Future Meat Technologies, Aleph Farms, Higher Steaks, Mosa Meat and Meatable are pursuing meat grown from cell cultures as a replacement for animal husbandry, whose environmental impact is a large contributor to deforestation and climate change around the world.

Innovations in computational biology, bio-engineering and materials science are creating new opportunities for companies to develop and commercialize technologies that could replace traditional farming with new ways to produce foods that have a much lower carbon footprint and bring about an age of superabundance, according to investors.

The race is on to see who will be the first to market with a product.

“For the entire industry, an investment of this size strengthens confidence that this technology is here today rather than some far-off future endeavor. Once there is a “proof of concept” for cultivated meat — a commercially available product at a reasonable price point — this should accelerate interest and investment in the industry,” said Bruce Friedrich, the executive director of the Good Food Institute, in an email. “This is still an industry that has sprung up almost overnight and it’s important to keep a sense of perspective here. While the idea of cultivated meat has been percolating for close to a century, the very first prototype was only produced six years ago.”