Deals in Brief

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Prudential Financial Acquires Assurance IQ

Prudential Financial, Inc, a provider of insurance, investment management, and other financial products and services to both retail and institutional customers, has acquired Assurance IQ, Inc, a profitable, direct-to-consumer platform that transforms the buying experience for individuals seeking personalised health and financial wellness solutions.

Terms of the acquisition include a total upfront consideration of $2.35bn, plus an additional earnout of up to $1.15bn in cash and equity, contingent upon Assurance achieving multi-year growth objectives.

Assurance becomes a wholly owned subsidiary of Prudential.

Assurance co-founders Michael Rowell and Michael Paulus will continue to focus on the growth of Assurance. Rowell will remain CEO of Assurance and report to Andrew Sullivan, who will assume the role of executive vice president and head of US Businesses as of December 1, 2019. Paulus will remain president of Assurance.

Emotibot Secures $45m

Emotibot Technologies Ltd, a China-based AI solutions provider, has secured $45m in a Series B+ financing round.

The round was led by an undisclosed strategic partner, Chinese private equity firm V FUND and private equity fund Lingfeng Capital.

Additionally, Keywise Capital, Puhua Capital and investment company VIA Capital Group also participated.

Disperse Nets $15m Ltd, a UK-based AI-powered construction transformation systems, has secured $15m in Series A funding led by Northzone Ventures.

In addition, Revolt Ventures, Kindred Capital and Frontline Ventures also participated in the funding round.

Felix Neufeld is the founder and CEO of Disperse.

Merrick to Acquire 100% Outstanding Capital Stock of AI Medical Systems

Merrick, a manufacturer of biotechnology products and automated medical robotic systems, announced a definitive agreement to acquire all of the outstanding capital stock of AI Medical Systems, GmbH, a Switzerland-based designer and manufacturer of dependable, life improving Artificial Intelligence and machine learning software coupled with robotic hardware, for approximately $2.3bn.

Merrick's acquisition of AI Medical Systems includes their proprietary first-to-market artificial intelligence algorithms and machine learning.

Following the transaction, Merrick will report the AI Medical business as part of its Software & Automated Machinery product line in the Medical Devices segment.

Philip Odegard is the founder of AI Medical Systems.

The transaction, subject to customary closing conditions, including receipt of certain regulatory approvals, is expected to be completed in the fourth calendar quarter of 2018.

Aerodyne Secures $30m

Aerodyne Ventures Sdn Bhd (Aerodyne Group), a Malaysia-based provider of AI-powered DaaS (Drone as a Service) & SaaS solutions, has secured $30m in Series B venture funding.

The round was led by InterVest Co, Ltd.and Kejora Ventures.

In addition, VentureTech, Gobi Partners Inc and 500 Startups Management Company LLC also participated in the funding round.

LeapMind Attracts $32.31m 

LeapMind Co, Ltd, a Japan-based provider of solutions for companies that utilise deep learning technology, has secured up to $32.31m in Series C funding.

Aioi Nissay Dowa General Insurance, Mitsui & Co Ltd, SBI Investment Co, Ltd and Toyota Motor Corporation (Japan) participated in the round.

LeapMind has raised a total funding of $46.06m to date.

Aurora Nets $18m

Aurora Insight Inc, a US-based company providing insight into the radio spectrum, has secured $18m in venture funding led by Alsop Louie Partners and True Ventures.

Alumni Ventures Group, Intellectus Partners, Promus Ventures, Tippet Venture Partners, LP, Rise of the Rest Seed Fund and ValueStream Ventures also participated in the funding round.

Brian Mengwasser is the co-founder and CEO of Aurora Insight.