Friday Fundings: BYD, K Health, and Multiverse
BYD Raises $3.9 Billion in Stock Sale
Electric Car Maker BYD (BYDDF) raised $3.9 billion in a stock sale as investors rush to get into the electric car space. The company, based in China, is backed by Warren Buffett and makes batteries, plug-in hybrids, and fossil-fuel-powered vehicles along with its electric cars.
BYD’s Hong Kong-listed stock has quintupled in the past year, and it now has a market capitalization of $91 billion. Its growth has been on pace with NIO (NIO), another Chinese electric-car maker. Both companies seek to compete with Tesla (TSLA), which has a $806 billion market cap. Investors have recently been scouring the EV market for the “next Tesla,” and they are betting that if China makes good on its pledge to become carbon-neutral by 2060, the Chinese market could see significant growth.
K Health Secures $132 Million for Virtual Pediatric Care
Throughout the pandemic, many people have started visiting their doctors online. K Health is betting that trend will continue even after the pandemic subsides. The startup works on data-driven digital primary care, and it is on its third round of funding in just a year. K Health raised $132 million in its last Series E funding round, bringing its total funding to $273.3 million since the company was founded in 2016.
The K Health platform uses artificial intelligence to transform anonymized health data into a predictive model that can help people compare themselves to people with similar symptoms and medical history in their gender and age bracket. The “symptom tracker” at the heart of K Health is free for patients to use. After tracking symptoms, patients can talk with a board-certified physician through the platform.
K Health launched a virtual pediatric service with this latest round of funding. K for Parents will work in a similar way to the existing platform and offers remote care for children between the ages of 3 and 17.
Tony Blair’s Son’s Apprenticeship Startup Raises $44 Million
Multiverse, a UK startup formerly known as WhiteHat, raised $44 million to expand into the United States market. The company is helmed by Euan Blair, the son of former UK Prime Minister Tony Blair, and matches people who have not graduated from college with companies that can offer them apprenticeships and internships.
One of Multiverse’s main goals is to help companies diversify their workforces. Blair said he would like to see the best jobs available go to people who might not have grown up with wealth and connections. Multiverse will use this funding round to power its expansion into the United States. It will first open a headquarters in New York before also opening regional hubs in Dallas, Chicago, and Atlanta.
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