MIT to raise $150 mln venture fund

MIT said Wednesday it will launch an accelerator program, called The Engine, and raise a $150 million venture fund to support startups innovating in science and technology.


FourKites raises $13 mln from Bain Capital Ventures, Hyde Park, Otter

FourKites has raised a $13 million Series A round led by Bain Capital Ventures and joined by existing investors Hyde Park Venture Partners, Hyde Park Angels, and Otter, according to a press release. The company previously raised $3.5 million of seed and debt funding. Ajay Agarwal, managing director at Bain, will join the board.


Cityworks raises $14.5 mln from Polaris, Blue Cloud

Cityworks said it raised $14.5 million in a round backed by Polaris Partners and Blue Cloud Ventures, according to a press release. The company will continue to be majority-owned by founder and CEO Brian Haslam and his executive team.

Venture funding falls in Q3

Venture investing slumped in the third quarter as money going to U.S.-based startups fell 32 percent, which was led by a big drop in late-stage financings. The quarter saw $15 billion go to 1,810 deals, the smallest sum since the start of 2014, according to PitchBook and the National Venture Capital Association. It is a significant decline from the $22.1 billion that went into 2,034 deals in the second quarter. The third quarter is the first the NVCA has relied on PitchBook data for its venture activity report, dubbed the Venture Monitor.


SQZ Biotech raises $16 mln Series B from NanoDimension, Polaris, others

SQZ Biotech has closed a $16 million Series B round led by NanoDimension and Polaris Partners and joined by other existing and new investors, according to a press release. The company also recently named Kris Elverum as chief business officer to lead business development and strategic partnerships. Elverum joins from Novartis.