This Week in ‘Raises’: Acelyrin Lands $300M, Ares Management Secures $3.7B

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

This Week in ‘Raises’: Acelyrin Lands $300M, Ares Management Secures $3.7B
Modified by Joshua Letona

A Woodland Hills-based biopharmaceutical startup raised fresh funding to accelerate phase 3 development of Izokibep, a unique IL-17A inhibitor to treat inflammatory diseases. But Los Angeles-based investment manager Ares Management oversubscribed its inaugural fund from investors including the San Diego Padres and McLaren Racing.

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Venture Capital

Woodland Hills-based biopharmaceutical startup ACELYRIN, INC. raised $300 million in a Series C financing round led by Access Biotechnology.

RayzeBio, Inc., a San Diego-based radiopharmaceutical company, raised $160 million in a Series D financing round co-led by Viking Global Investors, Sofinnova Investments and Wellington Management.

Led by Acorn Capital, Liquid Instruments, a Solana Beach-based developer of modern test and measurement devices designed to address the needs of the manufacturing, defense, and education sectors, raised $28.5 million in a Series B funding round.

Los Angeles-based youth transportation startup HopSkipDrive raised a $37 million Series D funding round. Investors include Energy Impact Partners, Keyframe Capital, FirstMark Capital, Alumni Ventures and Transform Capital.

Morpheus Space, a downtown Los Angeles-based startup developing space propulsion technology, raised $28 million in a Series A funding round led by Alpine Space Ventures.

Privacy-driven social network MeWe raised a $27 million investment round led by McCourt Global.Funds

Funds

Los Angeles-based investment manager Ares Management raised $3.7 billion for its first sports, media and entertainment fund. The fund will exclusively invest in sports leagues, sports teams and sports-related franchises and media and entertainment companies. Investors include Atlético de Madrid, the San Diego Padres, McLaren Racing and Inter Miami CF.

HCAP Partners, a San Diego-based private equity firm, closed its second fund of $353 million to continue investing in underserved businesses in the lower middle market.

Raises is dot.LA’s weekly feature highlighting venture capital funding news across Southern California’s tech and startup ecosystem. Please send fundraising news to Decerry Donato (decerrydonato@dot.la).

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Genies Wants To Help Creators Build ‘Avatar Ecosystems’

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

Genies Wants To Help Creators Build ‘Avatar Ecosystems’

When avatar startup Genies raised $150 million in April, the company released an unusual message to the public: “Farewell.”

The Marina del Rey-based unicorn, which makes cartoon-like avatars for celebrities and aims to “build an avatar for every single person on Earth,” didn’t go under. Rather, Genies announced it would stay quiet for a while to focus on building avatar-creation products.

Genies representatives told dot.LA that the firm is now seeking more creators to try its creation tools for 3D avatars, digital fashion items and virtual experiences. On Thursday, the startup launched a three-week program called DIY Collective, which will mentor and financially support up-and-coming creatives.

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Here's What To Expect At LA Tech Week

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

Here's What To Expect At LA Tech Week

LA Tech Week—a weeklong showcase of the region’s growing startup ecosystem—is coming this August.

The seven-day series of events, from Aug. 15 through Aug. 21, is a chance for the Los Angeles startup community to network, share insights and pitch themselves to investors. It comes a year after hundreds of people gathered for a similar event that allowed the L.A. tech community—often in the shadow of Silicon Valley—to flex its muscles.

From fireside chats with prominent founders to a panel on aerospace, here are some highlights from the roughly 30 events happening during LA Tech Week, including one hosted by dot.LA.

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AmazeVR Wants You To Attend K-Pop Concerts Virtually

Kristin Snyder

Kristin Snyder is an editorial intern for dot.la. She previously interned with Tiger Oak Media and led the arts section for UCLA's Daily Bruin.

AmazeVR Wants You To Attend K-Pop Concerts Virtually
Photo courtesy of AmazeVR

Virtual reality startup AmazeVR now has $17 million to further expand its VR concert experience.

The West Hollywood-based company’s latest funding amounts to a bet that virtual shows, a staple of the pandemic, are here to stay. Mirae Asset Capital led the Series B funding round, with Mirae Asset Financial Group subsidiary (Mirae Asset Venture Investment), CJ Investment, Smilegate Investment, GS Futures and LG Technology Ventures investing again. Mobile game maker Krafton joined the group—but South Korean entertainment company CJ ENM’s stake reveals AmazeVR’s plans to expand into K-pop world.

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