On May 13, 2020, the U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, issued additional guidance (including a new safe harbor) regarding the certification required of all PPP borrowers that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”
Gunderson Dettmer client Tribe Capital led the $13 million Series C investment in Shiprocket, an e-commerce software platform that automates the shipping processes.
Gunderson Dettmer client Cockroach Labs, developer of an ultra-resilient open source database, raised its Series D financing. The $86.6 million financing was co-led by Altimeter Capital and BOND with participation from Benchmark, GV, Index Ventures, Redpoint Ventures, FirstMark and Tiger Capital.
Gunderson Dettmer client Cumulus, a provider of a network operating system that enables web-scale networking, was acquired by Nvidia.
Gunderson Dettmer client Instabug, which provides mobile developers real-time insights throughout the lifecycle of the mobile app, raised its Series A financing. The $5 million financing was led by Accel and included participation from Amr Awadallah, co-founder of Cloudera and Jim Payne, founder and CEO of MoPub.
Gunderson Dettmer capital markets partner Jeff Vetter recently spoke on a panel with Skadden attorneys about public companies and financing options in the currently unpredictable capital markets.
Gunderson Dettmer client Orbis Biosciences, a pharmaceutical company that integrates technology to create products that are safer and more effective than current treatment options, was acquired by Adare Pharmaceuticals.
Gunderson Dettmer represented Andreessen Horowitz in the formation of its second fund focused on investments in crypto networks and businesses, CNK Fund II, L.P. The fund raised $515 million in associated capital commitments.
Gunderson Dettmer client Docupace, a developer of cloud based software that increases the efficiency and profitability of financial services professionals, was acquired by FTV Capital.
ID Ventures, with lead support from the Michigan Economic Development Corporation (“MEDC”), has launched the Tech Startup Stabilization Fund (“TSSFund”) to help stabilize Michigan startups impacted by the economic downturn caused by the COVID-19 pandemic.
Gunderson Dettmer client TenaFe, a solid- state drive (SSD) controller developer, raised a $29 million USD Series A financing co-led by China’s Northern Light Venture Capital (NLVC) and Eight Roads Ventures.
Gunderson Dettmer client Qiming Venture Partners has led two rounds in Yunyinggu, a Shenzhen-based OLED display driver designer. Yunyinggu has obtained CNY 200 million ($28 million USD) in an extended Series C.
These frequently asked questions are intended to provide a high level overview of questions we have been receiving from private company clients in light of the COVID-19 pandemic.
Gunderson Dettmer represented Affinivax, a vaccine development company focused on protections against infectious diseases, in its $120 million Series B financing led by Viking Global Investors. Other investors included Bain Capital Life Sciences and Ziff Capital Partners.
SBA and Treasury Provide Additional Guidance on Necessity Certification for Paycheck Protection Program (PPP)
On April 23, 2020, the U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, issued new guidance on the certification required of all PPP borrowers that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”
Andy Bradley spoke on a live webinar with Carta discussing term sheets, three terms to avoid, and what will change with COVID-19.
This alert is the first in our series of Privacy Topics: Practical Guidance from Gunderson Dettmer – a collection of practical privacy and data security guidance and accompanying materials designed to facilitate your company’s compliance efforts. Today’s alert focuses on the rights of CA-based employees (including job applicants) under the California Consumer Privacy Act (CCPA) as it stands on April 22, 2020.
Gunderson Dettmer client Accel led the $30 million Series C investment in Guru, a collaborative knowledge management platform.
Gunderson Dettmer represented Updata Partners in the formation of its sixth fund, Updata Partners VI, L.P. with over $308 million in capital commitments.
Gunderson Dettmer represented Amgen in connection with the launch of AmMax Bio, in partnership with LifeMax Laboratories. In the transaction, Amgen provided to AmMax an exclusive worldwide license for the right to develop, manufacture and commercialize AMG 820, a monoclonal antibody against the colony-stimulating factor 1 receptor (“CSF-1R”) that has completed Phase I/II clinical studies in solid tumors. AmMax Bio will focus on treating orphan diseases.
Gunderson Dettmer client Yellow Messenger, a conversational AI platform for customer engagement, raised its $20 million Series B financing that was led by Lightspeed Venture Partners.
Gunderson Dettmer client TScan Therapeutics, an immunotherapy company for blood cancers, announced it had entered into a licensing and collaboration agreement with Novartis.
Gunderson Dettmer advised Natera, Inc. in a Rule 144A offering of over $285 million aggregate principal amount of convertible senior notes due. Public Offerings/Public Companies Partners Jeffrey R. Vetter and Jeffrey C. Thacker, corporate partner John Dietz and associates Ryan J. Gunderson, Leanne A. Gould and Matthew K. Rietfors led the team advising Natera.
Gunderson Dettmer client Zetta Venture Partners, the first firm exclusively focused on AI, announced the closing of its third fund, with $180 million in capital commitment.
Gunderson Dettmer client Cohesity, a company dedicated to simplifying data management, raised its Series E financing totaling $250 million led by DFJ Growth, Foundation Capital, Greenspring Associates, and Wing Venture Capital.
This client alert provides an update about the California Consumer Privacy Act (CCPA) as it stands on April 6, 2020. As of this date, the California Attorney General’s office has indicated that it does not plan to delay the July 1, 2020 enforcement date due to the current COVID-19 pandemic. We recognize that many companies are currently busy dealing with the impact of COVID-19. With the CCPA enforcement date fast approaching, we can help make sure you have the resources you need to keep your compliance efforts on track and in line with current best practices. Please note that this is not a comprehensive review of the CCPA and its requirements – for information tailored to your specific circumstances, please contact your Gunderson attorney.
Gunderson Dettmer client Factual announced its merger with Foursquare to create an independent leader in location-based technology data.
Greg Lemmer, Claudia Renert and Chelsea Raiten presented a COVID-19 employment law webinar.
Department of Treasury Releases Updated Paycheck Protection Program Fact Sheet and Loan Application; SBA Publishes Interim Final Rule on Paycheck Protection Program
Yesterday, the U.S. Department of the Treasury released an updated application for small business loans under the new $349 billion Paycheck Protection Program (“PPP”), as well as an updated fact sheet reflecting an increase in the interest rate of the loans from 0.5% to 1.0%.
Tim Erlich participated in this panel alongside Locust Walk discussing COVID-19's strategic implications for biopharma.
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