Ask A VC: Jeff Paine, Golden Gate Ventures > Takeaway > Less Copying from the US & More from China

Ask A VC: Key Takeaways from Jeff Paine of Golden Gate Ventures

For our 19^th Silicon Global Online episode, Ask a VC Anything, our featured guest was Jeff Paine, a founding partner at Golden Gate Ventures, which focuses on internet and mobile startups across a variety of sectors in Southeast Asia. In our conversation with Paine, we discussed hot spots for startups in the Southeast Asia region, his firm's wide investment span, and the changing dynamic for startup ideas in the US and China.

 

Key Takeaways:

Online conversation with VC Jeff Paine and Rebecca Fannin, host of Silicon Global Online, October 22, 2020.

Investment Trends: Less Copying from US

Paine noted that he is seeing less copying of American ideas and more copying of Chinese ideas. This is a reversal of a trend that was in place a decade ago, when Silicon Valley-style startups were copied in China and elsewhere in Asia.  

China’s Dragons Enter SE Asia

Chinese tech titans began entering Southeast Asia a few years ago, partly to expand in new markets but also as a reaction to growing tensions in the U.S. again China investment in tech startups and emerging companies with leading edge technologies.   

Covid-19 Impact on Tech Sectors

Hot sectors right now include education and healthcare due in part to the acceleration of growth trends stemming from Covid-19.

Missed Opportunity on WhatsApp?

Paine noted that he’s seen companies in places such as Brazil create businesses around groups on WhatsApp, the ubiquitous messaging app owned by Facebook that claims to support a whopping 2 billion users worldwide. He expressed surprise that we haven’t seen companies in specific countries formed around WhatsApp groups. He implored entrepreneurs to seize the opportunity to leverage WhatsApp groups.

Startup Hierarchy of Southeast Asia: Indonesia

As the country with the largest population, Paine sees Indonesia as the top regional market for startups. Vietnam is not far behind, as Paine was quick to note the country’s impressive Covid-19 response and large population of Korean expats who help to keep the economy buzzing. Paine called Vietnam the most dynamic country in Southeast Asia.

Southeast Asia, Making the Stops

Golden Gate Ventures’ focus on Southeast Asia extends to Singapore, Indonesia, Malaysia, Thailand, the Philippines, and Vietnam. But the firm also invests in companies from Hong Kong, Taiwan, Japan, Korea, and the U.S. if their businesses can tap Southeast Asia.  Startups across a wide variety of mobile and internet sectors that have expansion potential in the region are favored.

Average Check Size

Golden Gate Ventures invests at the Seed, Series A, and Bridge rounds, with typical investments ranging from US $1 million to $5 million. Co-investors are welcomed who can add value and are open to leading or following other investors in the round.

A Wide Scope of Market Sectors

Paine makes it a point to emphasize the wide area of sectors that Golden Gate Ventures targets as investment sectors. The fund’s portfolio contains companies from education, logistics, e-commerce, marketplaces, mobile, fintech, SaaS, entertainment, and media. 

Bio: 

Jeff Paine is a Co-founder and Managing Partner at Golden Gate Ventures, an early stage technology venture capital fund based in Singapore investing in internet and mobile startups in Southeast Asia. Golden Gate Ventures has over $175 million under management and has invested in 35 companies since 2012. Jeff is particularly interested in startups in fintech, consumer internet, marketplaces, mobility, education, healthcare, greentech, B2B SaaS and content distribution platforms.

Paine has been the Director at The Founder Institute of Singapore since 2010 and is currently overseeing its expansion in Southeast Asia and Japan. The Founder Institute is a global network of startups and mentors that has helps entrepreneurs launch great technology companies internationally. Since 2010, The Founder Institute in Singapore Paine has led has graduated more than 100 companies.  

Paine is a Singapore native and holds a Bachelors of Business Administration (Information Systems) from the University of Southern California in Los Angeles.

-- Submitted by Mike Weiss, a contributor to Silicon Dragon

Ask A VC: 8 Takeaways from Han Shen of iFly.vc

 

For our 18^th Silicon Global Online episode, Ask a VC Anything, our featured guest was Han Shen, a founding partner of micro VC iFly.vc, focused on investing in underserved demographics. In our conversation with Han, we discussed how his portfolio companies are doing in light of Covid-19 and US-China tensions, lessons learned from applying Chinese business models to the US startups in his firm’s portfolio. We also delved into Shen’s journey to becoming a VC, and highlights from his career in VC, investing recently raising a second fund of $50 million.

 

Eight Key Takeaways:

 

Online conversation with VC Han Shen and Rebecca Fannin, host of Silicon Global Online, October 15, 2020.

Apply strategies from Chinese consumer tech players to U.S. business models

The venture firm’s U.S. portfolio company, Asian e-grocer Weee!, is applying business models from large Chinese e-commerce company Pinduoduo. One key lesson was how Pinduoduo, during its early growth, mobilized users on social networks like WeChat to sell deals and form group buys. Weee! applied this formula to scale its user base in the U.S. Net-net, Weee!’s user acquisition costs are 80% less than its peers in the online grocery space. Additionally, the CEO of Weee! went to China to study the practices of five top online grocery players, and took a lesson on how to avoid a fast cash burn. 

You can always revisit a turned down deal, for better
Shen’s diligent studies of the grocery business globally since 2014 led to his eventual investment in fast-growth Weee! Shen had initially turned down investing in startup in 2016 due to concerns over how it could scale with a model of mobilizing individuals in different neighborhoods to collect orders and distribute. 
But within two years, Weee! had pivoted to an end-to-end vertically integrated model.  Moreover, the founders had putting all their financial resources into keeping the company alive. In December 2018, iFly.vc signed on as a sole investor. Fast forward to now, and Weee! is cash flow positive with a positive quarter in Q2 2020. Weee! recently closed a $35 million Series C round led by DST Global.

Research, research before pulling the investment lever 
As a team member at Formation 8, Shen met with Oculus and was initially not all that won over by its technology. But earlier in his career at Vantage Point, he had done a study on 3D TV’s, and learned about the tech stack and road map of the 3D space. He was able to see the value in Oculus and pushed for an investment in Series A and B. The investment ended up returning around $200 million back to the LP’s. 

·       Impact of current US/China tensions
The firm focuses on consumer plays in the U.S., so its business and decision-making does not go into highly sensitive areas that are exacerbated by the geopolitical dispute of the two global superpowers.

·       Covid-19 era offers opportunity to outperform
“In a financial crisis, it’s about how much how much disposable income disappears for the time being. But the flip side is that it gives the chance for companies that can outperform the competition to address the needs of the consumer demand. It’s an incredible window to stand out and outperform.”

·       Walk the Deal Before Signing
Fundraising and deal making for the firm’s second fund during Covid-19 has been difficult and slower. Shen’s preferred method for meetings currently is taking long walks with social distancing and masks on so he can really get to know who he’s working with. Many LP’s re-upped from Fund 1, and some commitments came in without an in-person meeting (a first for the VC firm).

·       Persistence Pays Off in Raising Capital
Shen reached out to more than 300 investors in raising his first micro fund for iFly.vc.  He shares this experience with his portfolio companies when pitching isn’t going well for them. This fund-raising experience was a factor in iFly.vc’s thesis to build a concentrated portfolio, where the team can truly afford to give time and bandwidth to the founders they invest in. 

·     The right LPs can contribute $ plus time and expertise

The LP’s behind iFly.vc’s Fund 1 and Fund 2 have provided immense value to the venture firm and its portfolio companies. The micro-VC raised funds from a combination of family offices and high net worth individuals. Most of these investors are successful entrepreneurs including founders from Palantir and Tencent. If you put all the LP’s together who invested in iFly.vc, their collective market cap would be $900 Billion. Shen is able to ask his prestigious LP’s for their valuable time and organizes intimate office hours between the LP’s and iFly.vc’s portfolio company founders.

Bio:

Han Shen’s career in venture capital started in 2009 and has spanned at VantagePoint and Formation 8, where he was the first hire on the investment team and was a driver of the firm’s investment in Facebook-acquired Oculus.  Earlier, he held venture investment consultant jobs at Mohr Davidow and ARCH. Previously in his career, Shen was a technical leader at Rohm and Haas Co. where he developed four patents. In 2016, Han became a founding partner at iFly.vc, which he describes as a micro VC that goes after underserved communities.
A fun fact about Han, he has his pilot’s license!
Shen holds a BS in Chemistry from Nanjing University. In the U.S., he has an MS and PhD in Chemistry from the University of Chicago, and an MBA from Wharton.

-- submitted by Mike Weiss for Silicon Dragon

Ask A VC Anything! Roy Bahat, Bloomberg Beta: 10 Key Highlights

 

For our 17th Silicon Global Online episode, Ask A VC Anything, our featured guest was Roy Bahat. Bahat is the head of early stage fund Bloomberg Beta. You can see the firm’s full investing operating manual on Github! In our fascinating conversation with Roy, we discussed Bloomberg Beta and their system of operating, what defines the future of work, and tech hubs outside of Silicon Valley and the Northeast.

10 Key takeaways: 

Online conversation with VC Roy Bahat and Rebecca Fannin, host of Silicon Global Online.

·       As a new entrant into the early stage venture capital world in 2013, Bloomberg Beta has done things differently. For instance, Bloomberg Beta has made its investing process transparent, using an open source software called Github. Bloomberg Beta put its operating manual on Github, and made it public.

·      Bloomberg Beta focuses on the future of work. This can mean anything that makes work more productive or humane including productivity tools (Bloomberg Beta was an investor in Slack before the IPO) and an entire stack of work-related technology solutions like what is used in data centers, data processing technology, business applications like CRM and HR administration tech, and professional media.

·       For Bloomberg Beta, the future of work can also mean investing in companies with such a profound idea embedded in how they operate that they could set a template for other businesses and industries. An example of this is in Bloomberg Beta’s portfolio company Flexport, a shipping broker that uses AI to broker deals at a fraction of the cost to before.  

·       Bahat believes that the best investments produce disagreement. So, while other firms have a decision-making process of group agreement, Bloomberg Beta wanted to see what it looked like if only one person at the firm had to say yes for an investment to be made. This way, founders can speak to anyone on the Bloomberg Beta team and know that they were speaking to someone empowered to make the important decisions.

·       Bahat remarks, “This philosophy was uniquely suited to early stage investing. The sin at this stage is not investing in something that fails, but in failing to invest in something that becomes the next big thing.” A typical venture fund will take 7-9 years before they’ll know if an individual investment will be successful. Bloomberg Beta is a seed-stage fund, so the firm’s time horizon is 9-11 years. 

·       Bloomberg Beta focuses on the Bay Area and the NY, Boston, DC areas because that’s where their main network is. Currently around 5-10% of their investments come outside of the US.

In 2017, in conjunction with NGO New America, Bloomberg Beta released findings on the future of work throughout the country. This coalition between New America and Bloomberg Beta led Congressman Tim Ryan of Ohio to invite Bloomberg Beta to see the venture capital ecosystem of his constituents. This led to comeback city tours where Bloomberg Beta was able to build a network in underserved places like Ryan’s Youngstown, Ohio. In 2018, Tim Ryan announced a $2.25M Comeback Capital Fund created to bridge the divide between Silicon Valley Investors and Midwestern startups.

Bahat, who does due-diligence on 300-400 companies a year, believes “wasting a founder’s time is a sin.” He visits geographies in the US outside of Silicon Valley and the Northeast that are on the rise, and calls Atlanta, “the most underappreciated tech ecosystem.

Bahat weighed in on growing tensions between the US and China and believes the forces of decoupling are winning. He illustrates this viewpoint with Bloomberg Beta portfolio company InCountry, which provides a cloud service to other software companies that want to customize their national presence by country. This move towards different national internets and away from a singular global “Internet”, is seen by Bahat as a troubling trend. But Bloomberg Beta saw InCountry as a way to capitalize on a movement that has already begun. 

Bahat noted a trend in 2020 that is more in focus than ever. That is the need for diversity on the cap table. Not just in terms of race and gender, but for differing investment perspectives and knowledge. A successful venture-backed company now might explicitly want an investor with experience in a certain geographical area, or expertise in certain technologies. Bahat notes that this is in stark difference to earlier years where one investor might want to take on the whole investment. 

Bio: 

Roy Bahat has been the Head of Bloomberg Beta since 2013. Previously, Roy held positions in several industries including starting as an Associate at McKinsey, a Senior Policy Director with the Office of the Mayor in NYC in 2002-2003, a Vice President at News Corporation, a President at IGN Entertainment, and a Co-Founder and Chairmen at gaming console startup OUYA Inc.
In addition to his role at Bloomberg Beta, Bahat is also a lecturer at the Haas School of Business, where he teaches an annual seven-week course on media to MBA students. He is also an organizer at #walkthevote – a non-partisan movement to support community leaders and voters organizing local “voting parades” to drop off absentee ballots.
Roy can be found on twitter at @roybahat, where he shares his thoughts, what he’s working on at Bloomberg Beta, and a video series called #thisisnotadvice
Roy Bahat holds an A.B. in Social Studies from Harvard, and an M.Phil in Economics (urban economics) from the University of Oxford.

submitted by Michael Weiss at Silicon Dragon

Ask A VC Anything! Draper VC Andy Tang

  

For our 16th Silicon Global Online episode, Ask A VC Anything, our guest speaker was Andy Tang. Tang is a partner at Draper University, a co-founder of Draper Dragon, and CEO of Draper University. In this episode, we discussed the US-China tech “cold war” and its impact on cross-border investors like Tang, how Covid-19 has impacted Draper University and Draper’s portfolio companies, and some new investment and IPO trends that Tang and his partners are looking to capitalize on.  

10 Key takeaways: 

Online conversation with VC Andy Tang and Rebecca Fannin, host of Silicon Global Online.

·         ·      The US-China tech “cold war” can be viewed as a good thing for serious cross-border investors. Since natural cross-border activity still needs to happen, Tang views the current turbulence between the two global superpowers as a way to drive out pure opportunistic players.

 ·        Some US investors will be scared to invest in China and the same will go for Chinese investors looking to invest in the US. But Tang views this as a positive for Draper Dragon and Draper Associates: “The pie will shrink, there will be less competition.”

 ·        Draper portfolio companies that saw revenue drop in Q1 and Q2 2020 due to Covid-19 have already bounced back in Q3. This includes electric vehicle, online payment and semiconductor companies. Tang even saw portfolio companies with travel exposure bounce back in China.

 ·        Covid-19 has acted as an accelerant for three main industries that had been held back by regulation: healthcare, education and government tech.

 ·        In Tang’s view, no matter who wins the 2020 US Election, the sentiment and policy towards China will be similar. Trump going for bans on big Chinese apps such as TikTok and WeChat can be seen as showmanship. Biden might not employ the same tactics but things won’t necessarily get easier for US/China cross-border investors if he wins.

 ·        Although Tang sees the logic for a tit-for-tat ban of WeChat and TikTok (like China has banned Google and Facebook), he views a ban as ineffective in the US due to free speech issues and regulations.

 ·        Draper Dragon selectively figures out where their portfolio companies should go public by gauging the tradeoff between investor reception and regulatory concern. For example, portfolio company Jing Jin Electric (a developer of high performance electric motor systems) was going to go public in the US in 2021 but pivoted to China and its healthier investor appetite.

 ·        Biotech is booming in Hong Kong. Draper Dragon portfolio company Fountain Medical (a large cross-border contract research service for pharmaceutical and medical device clients) will take advantage of the trend by filing for their IPO in Hong Kong.

 ·        Draper Associates closed its 6^th fund in July 2020 and is taking on a barbell strategy of early-stage and late-stage investments. An example of a late-stage investment is Carta, a SaaS company that helps companies and investors manage their cap tables, valuations and investments.

 ·        Tang sees three vital opportunities for Blockchain: an optimized exchange to onboard fiat to crypto currency, a more consumer-friendly graphical user interface, and the creation of a killer app.

 

Bio: Andy Tang, Draper Dragon, Draper University, Draper Associates

Tang is a partner at Draper Associates in Silicon Valley, since 2015.  He was a founding member and is now Managing Director of the Draper Dragon Fund, a China/US cross-border early stage investment fund. In 2015, Tang became the CEO at Draper University, a residential program for young entrepreneurs that has moved online due to Covid-19 for the foreseeable future.

Tang has more than 15 years of operating and early-stage investment experience in high tech. He was a Principal at Infineon Ventures from 2002-2006 and a Managing Director at ABB Technology Ventures from 2011-2014. 

Tang’s current investment focus is on Blockchain/Fintech and Healthcare AI. His portfolio at Draper Dragon includes YeePay (e-payment solutions and value added financial services), Atomwise (healthcare AI for pharmaceutical companies to reduce drug development time), and Telegram (cloud-based messaging).

Andy Tang holds a BSEE in engineering from The University of Texas at Austin, an MSEE in engineering from the Massachusetts Institute of Technology, and an MBA from the University of Pennsylvania’s Wharton School. 

Submitted by Michael Weiss, contributor to Silicon Global Online

Ask A VC Anything! Silicon Valley-India Connector, Mohanjit Jolly

 

For our 15th Silicon Global Online episode, Ask A VC Anything, our featured guest was Mohanjit Jolly. A seasoned venture capitalist, Jolly is a Silicon Valley-India connector, and currently a partner at Iron Pillar Fund. Jolly discussed his passion for making an impact on the Indian venture ecosystem, current technology trends in India, Iron Pillar’s new Top Up Fund, and the impact of Covid-19 on his portfolio companies and India. 

 

10 Key takeaways: 

Online conversation with VC Mohanjit Jolly and Rebecca Fannin, host of Silicon Global Online.

  1. Indian companies have always had disparate teams. As they were already used to remote working, India is quicker to adapt to new working realities than their Silicon Valley counterparts.

2.     2. India ranks as the 3^rd largest country in venture capital spending, and will see north of 100 unicorns over the next five years.

3.     3. The India government’s $1.5 billion fund of funds in early 2017 to invest in venture funds backing Indian startups has been a big boost.

4.     4. Through the democratization of technology and software from Amazon’s AWS, Microsoft’s Azure, and Google’s Cloud, Indian entrepreneurs are now able to build products in tier 2 and tier 3 markets, not just major tier 1 markets.

5.     5. India has the lowest data rates as well as the cheapest but still fully functional smart phones in the world. The natural conclusion is that there is massive pent-up demand for consumption.  Thanks to the push towards 5G, video consumption, gaming and live streaming will all see big upticks in the near future.

6.     6. Startups in the healthcare sector need to play a bigger and better role to impact broader India.  

7.     7. India is NOT a homogenous market. The top 1-2% of the Indian population has high-speed internet, the large middle class is growing, and the bottom 40-50% of the population operates in an agrarian economy. A “bounty at the base of the pyramid” exists. Large companies are developing through online access to content, community and commerce that serve the 600-700 million population of India’s agrarian economy.  

8.     8. The pressure is on India to innovate. India must create 12-15 million jobs a year just to keep the unemployment rate steady.  

9.     9. If there is one country that India is trying to mimic from a technology and technology entrepreneurship standpoint, it’s Israel. Israel is not a large enough market in itself, so the business focus is on expansion globally. More and more Israeli advisors are appearing on Indian companies’ investor decks.

1010. Notable quote by Jolly to Flipkart’s founders, “I look forward to the day that Flipkart will not be called the Amazon of India, but Amazon will be called the Flipkart of the US.” Although Flipkart isn’t there yet, the success of Flipkart spawned a mindset switch among Indian entrepreneurs to think bigger and believe that their company can grow and scale globally.

 Here is a link to the show with Mohanjit Jolly.  See upcoming shows. 

Bio: Mohanjit Jolly, Iron Pillar

Prior to joining Iron Pillar as a partner in 2016, Mohanjit Jolly was a partner at Draper Fisher Jurvetson for nine years, splitting his time between India and Menlo Park. His venture career began in 2002 at Garage Technology Ventures in 1999, after working in tech innovation posts at Mattel and iTek. At DFJ India, which Jolly led from Bangalore, notable investments include online travel company Cleartrip, solar-powered lantern Dlight Design, and Attero Recycling, a recycler of e-waste and lithium ion batteries.

The Iron Pillar fund focuses on venture growth, targeting Series B and C stage companies with $10-$50 million financing rounds. Iron Pillar’s first fund of $90 million is fully committed to eight companies, including one exit in 2019: the sale of portfolio company NowFloats, a service for small businesses to go online in a simple way, to India’s Reliance Industries. 

To support successful companies from its first fund, Iron Pillar raised a Top Up Fund in early 2020. Despite the onset of Covid-19, the fund was oversubscribed in seven weeks, reaching $45 million. The Top Up Fund invested in Uniphore in 2019, a conversational and advanced analytics AI platform specifically going after call centers and customer service verticals. John Chambers, former CEO of Cisco, took a 10% stake in Uniphore in late 2017.

Submitted by contributor Michael Weiss at Silicon Dragon

Ask A VC Anything: A Home for Deep Tech Globally > Jeff Chi, Vickers Venture

For our 6th Silicon Global Online episode, we turned to Shanghai and featured venture capitalist Jeff Chi, vice chairman of Vickers Venture Partners. Jeff described how the firm, which grew out of a successful early bet in 2000 on Chinese search engine Baidu, has emerged as a deep tech investor in breakthrough companies that have the potential to solve big problems.
Jeff described several of the firm's deals: a 'fountain of youth' biotech startup in San Diego that Vickers holds a 3% equity stake at a $12 billion valuation, a biodegradable plastics producer in Georgia, and a geothermal energy business in Canada that operates at a fraction of alternative sources. Vickers recently closed on $200 million toward a fund of $500 million, its sixth since a start in 2005. 

Here are a few takeways from our chat with Jeff Chi online. 

1. Has no regrets about missing the consumer internet boom in China a decade ago. It was too difficult to differentiate the companies and see which one might emerge as a winner. 

2. Instead, Vickers moved to deep tech investing and to a global perspective. "In deep tech, we have a better idea of the market potential so the risk becomes whether the technology can work and the team can execute." 

3. The coronavirus is slowing the investment pace. Usually Vickers does about 10-15 deals per year. For the first quarter, the firm made five deals but the rest of the year will be slower because of market uncertainty. 

4. When Vickers launched, Jeff moved from his home base of Singapore to set up the firm's office Shanghai, a center of the action.  

5. Southeast Asia a decade ago was not happening for startups. But progress is being made, thanks to government funding for startups and the creation of several successful businesses. 

6. Still, Southeast Asia lags China by about 10 years in development of a startup ecosystem and tech company successes. 

7.  He's spending about 80 percent of his time working with portfolio companies on helping them to expand and make connections. And about half of that time currently is spent on helping investee companies deal with the Covid-19 economic crisis.

8. He's encouraging founders to have a runway of at least 12 months before having to raise more funding. It will be very challenging for startups to raise new finance in thish climate. 

9. While many of the firm's companies  have a social impact element, that's not necessarily the investment driver. It's more about the financial returns but often these two go together. 

10. While the firm benefits from an Asian VC angle, having a global perspective helps when evaluating technologies and companies to see possible comparable businesses and to determine how breakthrough the technology might be. 

An on demand recording of the show with Jeff Chi is available: $20 on PayPal or QuickPay with Zelle, events@silicondragonventures.com

 

1st Chinese IPO in U.S. Since Covid-19 Blasts Past Headwinds

China's angel investor and tech
entrepreneur Lei Jun

In the first significant IPO since the coronavirus pandemic and the first Chinese listing since the Luckin Coffee fiasco, Kingsoft's cloud spin-off raised $510 million on Nasdaq at a $3.5 billion market cap, despite the tough stock market environment and negative U.S.-China relations. 
As readers of Tech Titans of China know, Kingsoft is the company that famed Chinese serial entrepreneur Lei Jun ran and spearheaded its transformation from a struggling word processing software maker to a games and computer security business and onward to a public listing on the Hong Kong Stock Exchange in 2007. After that listing, Lei returned as chairman to lead Kingsoft into the mobile internet era. 
Now, the spin-off of Kingsoft Cloud as an independently operated company, the deal is a payday for early backers, Xiaomi founder and angel investor Lei and the parent Kingsoft which owned 54 percent, and Chinese private equity firm FutureX Capital and its founder Cynthia Zhang, with 5.7 percent of the shares. The China-based cloud service provider closed up 40 percent on its trading debut on Nasdaq. 
While unprofitable with an operating loss last year of 1.14 billion yuan ($161 milllion), the company grew revenues in 2019 by 78 percent to RMB 3.96 billion ($560 million). Kingsoft Cloud has growth opportunity in China's large and relatively un-penetrated cloud computing market, but faces steep competition from much larger players. The Kingsoft spin-off will use the capital to invest in technology and product development.  Kingsoft is the third largest provider of internet cloud services in China in a market of $23 billion, according to consultancy Frost & Sullivan. It competes against tech titans Tencent Cloud and Alibaba Cloud.  
It was the busiest week for the IPO market since February, with three upsized IPOs, according to IPO tracker Renaissance Capital. The two others were London-based GAN, an Internet gambling software maker, and oncology biotech Ayala Pharmaceutical in the U.S. and Israel.