This month, we welcomed three new companies into our portfolio, celebrated a partnership between Mistral AI and Knowunity, hosted our very first event in our new Berlin office, and much much more. Read on for all our updates!
portfolio announcements
€60m for basecamp to overcome biology's data gap
Basecamp Research (RAC VII) has an ambitious goal: to overcome the enormous data gap that is limiting the potential of AI to solve biology-related problems. How? By building the world’s first and largest purpose-built dataset for genetic and protein function, paired with AI models to essentially create a ‘ChatGPT for biology'. This effort is powered by strategic partnerships with leading research institutions, including Dr. David R. Liu’s lab at MIT’s Broad Institute, where they are collaborating to develop novel fusion proteins that can enable the next generation of genetic medicines.
As a company that is innovating at the confluence of software and science, Basecamp Research fits perfectly into our investment strategy. We’re delighted to contribute to their $60M Series B round, led by Singular, and to empower the team as they enter this next stage of growth!
Read more in TechCrunch.
€11.5m for dunia to create a greener chemical sector
We recently co-led a $11.5M funding round in Berlin-based climate tech company Dunia (RAC VII), together with Elaia. Founded by chemical design and automation experts Alexander Hammer, Marcus Tze-Kiat Ng, and Ahmed Ismail, Dunia is shortening decades-long innovation cycles in chemical R&D processes using science-based AI algorithms and a proprietary “autonomous lab” to accelerate the discovery of new advanced materials.
Long-term, their vision is to help the chemical sector transition from fossil-fuel dependence to green, renewable sources. We're proud to support this vision, with Michael and Marc working closely with the founding team to provide strategic guidance as they scale the company and launch key commercial partnerships within the massive $324Bn power-to-x market.
Read more in C&EN News.
€3m for albatross to transform online recommendations
Last but certainly not least, we're excited to welcome Albatross (RAC VII) into the redalpine family by leading their €3M formation round. Albatross is transforming online user engagement with their AI-driven personalization platform, taking on a major industry pain point - outdated recommendations that lead to high customer churn and missed revenue. Founded by ex-Amazon machine learning experts and tech entrepreneurs Matteo Ruffini, Kevin Kahn, and Johan Boissard, Albatross uses deep learning, multi-armed bandits, and reinforcement learning to provide real-time, dynamic personalization across eCommerce, media, online marketplaces, and more.
"We’re excited to empower such an incredible team with an established track record in AI and personalization right at the inception of Albatross. The platform that Albatross is building has the potential to be a game-changer for the industry, aiming to bring a sophistication to personalization for businesses of all sizes that is currently only seen at companies like YouTube and Netflix," shared redalpine's Marc Moesser.
Read more in Tech.eu.
portfolio news
The latest updates from our portfolio, in no particular order:
Knowunity (RAC VI) and Mistral (Summit Fund) launched a collaboration to optimize learning outcomes for millions of students worldwide. Mistral's large language models will elevate Knowunity's studying platform by delivering responses that are personalized to students' individual learning styles, promoting critical thinking and a deeper understanding through a Socratic questioning method. Find out more on Startup Insider.
To mark their expansion into the U.S., Umiami has rebranded as Swap Food (RAC VI). Founded in 2020, the company delivers sustainable meat alternatives using their proprietary "umisation" process, which replicates the taste and texture of real meat. The rebrand to Swap Food reinforces their mission: making protein alternatives as easy as a simple swap. Read more in Vegconomist.
Infinite Roots secured a €2.6M grant from the German Ministry of Food and Agriculture to develop innovative technology that upcycles whey - the largest by-product of milk production - into fermentation feedstock for its mycelium. In collaboration with the Hamburg University of Technology, Infinite Roots aims to significantly reduce waste across the dairy industry. Read more in Startbase.
N26 (RAC II) accelerated its growth trajectory by launching its stocks and ETFs trading product in 12 new markets across Europe. Customers throughout the continent can now manage their investment portfolio directly within the N26 app. Read more in Fintech Finance News.
event highlights
redalpine + hsg alumni event
It was a pleasure welcoming guests to our new Berlin office for the first time! The event brought together the local University of St.Gallen alumni community, including a number of founders and investors including our very own HSG alumni Oliver, Pascal, and Gianmarco.
As a VC with Swiss roots, it was great to join forces with one of the top universities from the region that is renowned across Europe. We shared our fund strategy, specialized since 2006, which focuses on investments at the confluence of software and science. To showcase this strategy in action, Gianmarco presented a mini deep dive into our investment in fusion energy startup Proxima Fusion. We're already looking forward to our next event!
seed to scale: investment trends shaping healthtech
Daniel D discussed everything healthtech at the DayOne Stakeholder Forum in Basel - from evaluating at the seed stage and common early-stage mistakes, to the current investment climate and scaling challenges. Key takeaways included the importance of prioritizing problem fit, establishing clear value propositions, leveraging founder expertise, and gaining a deep understanding of the market. The discussion also highlighted the necessity for proven traction and scalability in later-stage investments, as well as the tremendous potential of AI-driven healthtech innovation.
swiss private equity & corporate finance association
Rafael took to the stage at the SECA - Swiss Private Equity & Corporate Finance Association VCs on Stage event in Zurich. The latest data from PitchBook’s Global VC Ecosystem Rankings report was a standout takeaway: Switzerland is leading the charge as the fastest-growing country in VC deal value. This is a great sign for the broader DACH realm, with Austria and Germany also showing strong signs of growth!
what we're reading
State of Health Tech 2024 - Bessemer Venture Partners
Why it matters: Healthcare has been slower than other industries to embrace digital adoption, but AI is helping to change that. Traditional healthcare SaaS solutions often face challenges, including resistance to change and the standardization of complex, bespoke processes. However, AI-driven SaaS solutions are using generative AI to bypass these complexities and facilitate implementation and outsourcing, reducing the need for extensive change management. The report highlights once again how integral AI can be in reshaping the landscape of healthcare investments.
where we're going
On 1 November, Luca will be on the jury for the Seed Competition at Startup Nights in Winterthur
On 8 November, Inna will attend the Oxford Saïd Entrepenurship Forum in Oxford
On 5 - 8 November, Rafael will attend SuperInvestor in Monte Carlo
On 20 - 21 November, Oliver will attend Slush 2024 in Helsinki
On 28 November, Daniel D will speak at the Digital Health Pitch Day - Investors and Industry in Munich
On 4 - 5 December, Daniel D will attend HealthTech Forward in Barcelona