Pivotal Systems Corp., a Fremont-based company that makes equipment used in semiconductor manufacturing, filed a plan Tuesday to raise about $40 million by going public on the Australian Securities Exchange.
The company's products are used in processes that require very precise and repeatable gas flows.
It plans to begin trading on June 28 and use the funds raised for expansion and to repay a $6.5 million bank debt.
The stake of San Jose-based majority owner Firsthand Venture Investors (NASDAQ:SVVC) will be reduced to 43 percent after the offering. Pivotal's senior management team will own about 11.6 percent.
Here are other Bay Area deals involving venture-backed companies and their investors that were disclosed at midweek:
Fundings
• Open Door Labs Inc. (dba Opendoor), San Francisco, $325 million: General Atlantic, Access Technology Ventures, and Lennar Corp. led the Series E round for this online real estate marketplace. They were joined by Andreessen Horowitz, Coatue Management, 10100 Fund, Invitation Homes, Norwest Venture Partners, Lakestar, GGV Capital, New Enterprise Associates and Khosla Ventures. (Read more here.)
• YugaByte Inc., Sunnyvale, $16 million: Dell Technologies Capital and Lightspeed Venture Partners led the round for this creator of a transactional database for globally distributed applications.
• Broncus Medical Inc., San Jose, $15 million: Intuitive Surgical Inc. (NASDAQ:ISRG) invested $15 million in Series A funding in this developer of diagnostic and therapeutic technology for lung disease.
• LevaData Inc., Sunnyvale, $12 million: Tola Capital led the Series B round of this provider of cost management software solutions.
• Paradromics Inc., San Jose, $7 million: Arkitekt Ventures and Synergy Ventures led the seed round in this company that's developing brain-machine interfacing technology for neuro disorders. They were joined by investors including It-Farm, Dolby Ventures, Alpha Edison, Loup Ventures and Fusion Fund.
• b8ta Inc., San Francisco, undisclosed amount: Macy’s Inc. (NYSE: M) acquired a minority equity stake in this retail-as-a-service startup whose backers include Comcast Ventures and Khosla Ventures. (Read more here.)
IPOs
• Bloom Energy Corp., Sunnyvale, $100 million: The 17-year-old fuel cell maker plans to list on the New York Stock Exchange with the symbol of "BE." (Read more here.)
Funders in the news
• San Francisco-based Alta Partners has raised $130 million for a new fund focused on biotherapeutics and tech-enabled healthcare services.
2017 revenue
| Rank | Prior Rank | Business name |
|---|---|---|
1 | 1 | Apple Inc. |
2 | 2 | McKesson Corp. |
3 | 3 | Chevron Corp. |