While the situation around what to do with the remains of Silicon Valley Bank is being resolved, there's very little deal-making to report.
As you might have heard, the Santa Clara-based financial institution (Nasdaq: SIVB), which was the default bank for startups in Silicon Valley, around the country and throughout the world, was declared insolvent and seized by regulators on Friday. Regulators, venture investors and startup founders fretted through the weekend about the ramifications of the bank's collapse on the startup ecosystem, the financial system and the broader economy.
In the wake of that, it's not surprising that things are fairly quiet at the start of the week on the Bay Area venture and startup front, at least in terms of new deals. Here what's news:
Fundings
- Shennon Biotechnologies Inc., San Francisco, $13 million, Seed: DCVC led the round for this developer of immunotherapy-based cancer treatments. AV8 and Foundation Capital also invested.
Funders in the news
- Rob Johnson joined G2 Venture Partners as an operating partner. Johnson comes to the Portola Valley venture firm three months after he retired as CEO of Vertiv Holdings Inc., an Ohio-based provider of data center products. Before that, he was an operating partner at Kleiner Perkins.
