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October 31, 2024 - Deals
Bifrost AI Raises $8 Million In Series A Funding Led By Carbide Ventures
Bifrost AI, a San Francisco-based provider of a generative 3D data platform, raised $8 million in Series A funding led by Carbide Ventures, with backing from Airbus Ventures, Peak XV’s Surge, Wavemaker Partners, MD One, and Techstars. Led by CEO Charles Wong and CTO Aravind Kandiah, Bifrost's platform enables AI teams to swiftly generate complex 3D datasets for training and validating AI systems across sectors like aerospace, maritime, and national security. The new funding will support Bifrost in advancing its product commercialization, empowering industries to simulate and test AI capabilities in diverse, high-stakes environments.
INVESTORS: Carbide Ventures, Airbus Ventures, Peak XV’s Surge, Wavemaker Partners, MD One & Techstars
ROUND: Series A
AMOUNT: $8,000,000
HQ: #SanFrancisco #California
#VentureCapital #CarbideVentures #AirbusVentures #PeakXVsSurge #WavemakerPartners #MDOne #Techstars #CharlesWong #AravindKandiah #TradedVC
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Vince Holding Corp Acquires Operating Business Of October's Very Own For $3Vince Holding Corp. has acquired the operating business of October’s Very Own (OVO), marking its first expansion beyond Vince as it builds a broader multi-brand retail platform.
Founded by Aubrey “Drake” Graham, Oliver El-Khatib and Noah “40” Shebib, OVO will retain its creative team and Toronto headquarters. Vince will operate OVO’s 12 stores, e-commerce and wholesale business, while also acquiring a 5% interest in OVO’s intellectual property.
Authentic Brands Group paid approximately $118 million in cash and stock to Drake for a 51% stake in OVO’s IP. Drake will use those proceeds to pay off OVO’s convertible debt and liabilities, leaving the operating company with approximately $5 million in net cash.
Vince is then acquiring that operating business from Drake for just $3, while paying an additional $6 million for a 5% stake in the OVO IP and associated royalty economics.
In effect, Vince is paying roughly $6 million for 5% of the OVO brand economics while acquiring an operating company with approximately $5 million in net cash for a nominal $3 purchase price.
HQ: New York, New York
#VentureCapital #VinceHoldingCorp #OctobersVeryOwn #OVO #TradedVC