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Client Highlights
Wilson Sonsini Advises Panther Labs on $120 Million Series B
On December 2, 2021, Panther Labs, a cloud-scale security analytics platform trusted by leading brands, announced $120 million in Series B funding. Panther will invest the new capital in accelerating product development, expanding adoption of their solution within security teams of any size, and scaling support and enablement for its customers. This round brings Panther’s total funding to $140 million. The Series B round was led by Coatue Management, with new participation from ICONIQ Growth and Snowflake Ventures along with continued support from Lightspeed Venture Partners, S28 Capital, and Innovation Endeavors, putting Panther at a $1.4 billion-dollar, "unicorn" valuation.
Client Highlights
Wilson Sonsini Advises AppLovin on Upsized Secondary Offering
On December 3, 2021, AppLovin Corporation, a leading marketing software company, announced the pricing of its underwritten public offering of 7,500,000 shares of its Class A common stock, at a public offering price of $83.00 per share, with all shares offered by certain of AppLovin’s stockholders, including KKR Denali Holdings L.P. The offering was upsized from a previously announced offering size of 6,500,000 shares. Wilson Sonsini Goodrich & Rosati advised AppLovin on the transaction.
Client Highlights
Wilson Sonsini Advises Major Investor on Commonwealth Fusion Systems’ $1.8 Billion Series B Funding
On November 30, 2021, Commonwealth Fusion Systems (CFS) announced that it has closed on more than $1.8 billion in Series B funding to commercialize fusion energy. This includes capital to construct, commission, and operate SPARC, the world's first commercially relevant net energy fusion machine. In addition, the funds will enable the company to begin work on ARC, the first commercial fusion power plant, which includes developing support technologies, advancing the design, identifying the site, and assembling the partners and customers for the future of fusion power. Wilson Sonsini Goodrich & Rosati represented a yet-to-be-named major investor in the transaction.
The Series B round was led by Tiger Global Management, with participation by new investors including (in alphabetical order) Bill Gates; Coatue; DFJ Growth; Emerson Collective; Footprint Coalition; Google; JIMCO Technology Fund, part of JIMCO, the Jameel Family’s global investment arm; John Doerr; JS Capital; Marc Benioff’s TIME Ventures; Senator Investment Group; a major university endowment; and a pension plan. Also participating were existing investors including Breakthrough Energy Ventures; The Engine; Eni; Equinor Ventures; Fine Structure Ventures; Future Ventures; Hostplus; Khosla Ventures; Lowercarbon; Moore Strategic Ventures; Safar Partners; Schooner Capital; Soros Fund Management LLC; Starlight Ventures; Temasek; and others committed to the commercialization of fusion energy to mitigate climate change. Since its founding in 2018, CFS has raised more than $2 billion in funding.
The Series B round was led by Tiger Global Management, with participation by new investors including (in alphabetical order) Bill Gates; Coatue; DFJ Growth; Emerson Collective; Footprint Coalition; Google; JIMCO Technology Fund, part of JIMCO, the Jameel Family’s global investment arm; John Doerr; JS Capital; Marc Benioff’s TIME Ventures; Senator Investment Group; a major university endowment; and a pension plan. Also participating were existing investors including Breakthrough Energy Ventures; The Engine; Eni; Equinor Ventures; Fine Structure Ventures; Future Ventures; Hostplus; Khosla Ventures; Lowercarbon; Moore Strategic Ventures; Safar Partners; Schooner Capital; Soros Fund Management LLC; Starlight Ventures; Temasek; and others committed to the commercialization of fusion energy to mitigate climate change. Since its founding in 2018, CFS has raised more than $2 billion in funding.
Client Highlights
Federal Circuit Affirms Moderna Loss Against Wilson Sonsini-Led Arbutus Biopharma in Patent Dispute
On December 1, 2021, the Federal Circuit affirmed the Patent Trial and Appeal Board’s (PTAB’s) earlier rulings that ModernaTX, Inc. (formerly Moderna Therapeutics Inc.) failed to invalidate claims in two Arbutus Biopharma Corp. patents, known as the '069 and ’435 patents, and left the ‘069 patent fully intact. The trading price of Arbutus shares jumped as much as 95 percent after the court posted its opinions on its electronic docket. Wilson Sonsini Goodrich & Rosati represented Arbutus in the matter.
Client Highlights
Firm Advises Lengo Therapeutics on Patent Matters Related to Acquisition by Blueprint Medicines
On November 29, 2021, Blueprint Medicines Corporation announced that it has entered into a definitive agreement under which it will acquire Lengo Therapeutics, a privately held precision oncology company, for $250 million in cash plus up to $215 million in additional potential payments based on the achievement of certain regulatory approval and sales-based milestones. Wilson Sonsini Goodrich & Rosati’s patents and innovations group has served as patent counsel for Lengo Therapeutics since its inception and represented the company in patent matters related to the acquisition.
Client Highlights
Wilson Sonsini Advises Frete.com on $200 Million Series F
On November 10, 2021, Frete.com announced the close of a $200 million funding round led by SoftBank and Tencent. The round brings the Brazil-based Frete.com to a valuation worth over $1 billion. The platform uses digital software to help shippers and carriers to increase safety and productivity when hiring operators. The digital dashboard also reduces paperwork and increases the safety of both goods and carriers through real-time monitoring. With the capital, Frete.com aims to invest in product development and technology to improve the match between cargo and trucks, increase safety, reduce paperwork, and make the ecosystem more sustainable.
The Entrepreneurs Report - Q3 2021
In this latest issue of The Entrepreneurs Report, we’ve compiled a range of data on venture financing transactions in which the firm was involved during Q3 2021, with the objective of identifying relevant trends in activity and valuation levels for the U.S. venture capital industry in general. This edition also highlights the firm’s partnership with Morgan Stanley at Work to integrate Shareworks into Neuron; our recent announcement about a new Salt Lake City office; and data from Beauhurst—a searchable database of the UK's high-growth companies—on UK equity investment in Q3 2021.