Term Sheet — Wednesday, September 12

REBOOT REPRESENTATION

Good morning, Term Sheet readers.

Women comprise just 11% of senior leadership roles in tech companies. So what are large tech companies doing, if anything, to help change this stat?

Melinda Gates’ Pivotal Ventures teamed up with McKinsey & Company to conduct research on tech companies’ internal efforts to close the gender gap. The firms surveyed 32 tech companies, which included Google, Microsoft, LinkedIn & Snap.

Last year, the tech companies spent $500 million on philanthropic giving, but only 5% of that amount went toward programs aimed at correcting tech’s gender imbalance. The report also found that less than 0.1% (~$335,000 in 2017) of the surveyed tech companies’ grants focus on women of color specifically.

As a result, 12 of the 32 participating companies have agreed to form a tech coalition that aims to close the gender gap for women of color in tech. They aim to double the number of underrepresented women of color graduating with computer science degrees by 2025, and they’re collectively pledging $12 million toward this goal over three years.

“Without deliberately focusing on women’s representation in programs that prepare people for careers in tech, companies risk replicating the same gender ratios we see in the sector today,” the report states.

Through her investment firm Pivotal Ventures, Gates has become increasingly involved in issues surrounding women in tech. She quietly entered the venture capital world by investing in female-led or minority-focused venture firms like Aspect Ventures, Female Founders Fund, and Defy Partners.

“I am a big believer in disruptive innovation, but it’s been incredibly disappointing to watch how few women-led businesses are getting funded,” Gates told Coins2Day in May. “Ultimately, if we want more innovation and better products, we’ve got to put more money behind women and minorities. That wasn’t happening, so I decided to step in and see what I could do to help a little bit.”

A GOLDMAN WHISTLEBLOWER: The New York Times yesterday published a report that Goldman Sachs’ incoming CEO silenced a senior banker when he raised concerns around unethical practices.

In 2014, James C. Katzman, was leading Goldman’s West Coast M&A practice when he called the bank’s whistleblower hotline. His grievances included an effort by Goldman to hire a customer’s child and colleagues’ repeated attempts to obtain and then share confidential client information, according to the NYT.

His claims were never independently investigated, and senior investment-banking executives at the firm — including David Solomon, now Goldman’s incoming chief executive — urged Katzman to move past his complaints. Katzman refused. In 2015, he left the bank and was required to sign a confidentiality agreement. Read more.

HIRING SPREE: Uber just hired marketing executive Rebecca Messina as its first-ever global chief marketing officer. As it prepares for an IPO in 2019, the tech company is filling some of its key exec roles. With a new CEO, a new CFO, and now a CMO, Uber is hoping for a fresh start.

Before joining Uber, Messina was global chief marketing officer at spirits company Beam Suntory. Prior to that, she spent 22 years at the Coca-Cola Company in a variety roles that included senior VP of marketing and innovation for venturing & emerging brands.

In an interview with Business Insider, Messina said the company is on a path to rebuild trust. “It's been recognized that in Uber's trajectory, what got the brand here won't get the brand where it wants to go,” she said. “So I think there was no time better than now. With trust built, we can build meaning on top of that. Trust is the first fundamental.”

VENTURE DEALS

• Atrium, a provider of legal services for fast-growing companies, raised $65 million in funding. Andreessen Horowitz led the round, and was joined by investors including General Catalyst, YC Continuity and Sound Ventures.

• Pendo, a developer of a SaaS-based platform that helps companies measure the customer experience within their applications, raised $50 million in Series D funding. Sapphire Ventures led the round, and was joined by investors including Geodesic Capital, FirstMark Capital, Battery Ventures, Spark Capital, Meritech Capital and Contour Venture Partners.

• PingCAP, a China-based distributed database company , raised $50 million in Series C funding. FOSUN and Morningside Venture Capital led the round.

• Q4 Inc., a Canada-based provider of cloud-based investor relations and capital market solutions, raised $38 million in Series C funding. Napier Park Financial Partners led the round, and was joined by investors including OpenText Enterprise Apps Fund, Information Venture Partners and Espresso Capital.

• StreamSets, a San Francisco-based provider of data ingest technology for big data applications., raised $35 million in Series C funding. Harmony Partners led the round, and was joined by investors including Tenaya Capital, Battery Ventures, and New Enterprise Associates.

• AutoGrid, a Redwood City, Calif.-based provider of artificial intelligence-driven optimization and controls for the energy industry, raised $32 million in Series D funding. Investors include CLP Holdings Group, innogy, Ørstead and Tenaska.

• RapidRatings, a New York City-based provider of financial health analysis, raised $30 million in funding from FTV Capital.

• Corelight, a San Francisco-based provider of network visibility solution for cybersecurity, raised $25 million in Series B funding. General Catalyst led the round.

• Seed CX, a Chicago-based licensed cryptocurrency exchange that offers institutional trading and settlement, raised $15 million in Series B funding. Bain Capital Ventures and OKCoin USA co-led the round.

• Cloud&Heat, a Germany-based provider of solutions for the cloud computing market, raised 10 million euros ($11.6 million) in funding. ETF Partners led the round, and was joined by investors including Inven Capital.

• Ravelin, a London-based fraud and risk prediction company, raised 8 million pounds ($10.4 million) in Series B funding. BlackFin Capital Partners led the round, and was joined by investors including Amadeus Capital Partners, Passion Capital and Playfair Capital.

• Migo, a mobile app for on-demand rides, raised $9 million in Series A funding. Investors include Clayton Venture Partners, the venture capital arm of Enterprise Holdings Inc., Hyundai CRADLE, Thayer Ventures, Second Avenue Partners, Via-ID, Rolling Bay Ventures and B37 Ventures.

• Lively, a direct-to-consumer lingerie startup, raised $6.5 million in Series A funding. Investors include GGV Capital, NF Ventures, and former Nautica CEO Harvey Sanders.

• Ripe Technology INC, a San Francisco-based provider of enterprise blockchain technology for the food and agriculture industry, raised $2.4 million in funding. Maersk Growth and Relish Works led the round.

• Dealpath, a San Francisco-based provider of cloud-based technology for evaluating and managing real estate transactions, raised funding of an undisclosed amount from JLL Spark.

HEALTH AND LIFE SCIENCES DEALS

• OncoResponse, a Houston, Texas-based immunotherapy company, raised $40 million in Series B funding. RiverVest Venture Partners led the round.

• ImmusanT Inc, a Cambridge, Mass.-based developer of treatments for celiac disease, raised funding of an undisclosed amount. The investor was JDRF T1D Fund.

PRIVATE EQUITY DEALS

• GEF Capital Partners made an investment in Blue Source, a provider of climate change and environmental products and services. Financial terms weren't disclosed.

• Stella Point Capital made an investment in Vereco, a Laguna Niguel, Calif.-based provider of healthcare document services. Financial terms weren't disclosed.

• ShoreView Industries made an investment in MDC, a Glendale Heights, Ill.-based provider of vertical interior spaces. Financial terms weren't disclosed.

• InterVision Systems, a portfolio company of Huron Capital, acquired Infiniti Consulting Group, a Folsom, Calif.-based provider of cloud services and IT consulting solutions. Financial terms weren't disclosed.

OTHER DEALS

• Nielsen Holdings Plc (NYSE:NLSN) will expand a review of strategic alternatives to include a sale of the entire TV ratings company, according to Reuters. Read more.

IPOs

• NIO, a Shanghai, China-based electric vehicles maker, says it plans to raise $1.2 billion in an IPO of 160 million ADSs priced at $6.26, the low end of its $6.25 and $8.25 range. The firm posted revenue of $7 million in the six months ending June, with loss of $502.6 million. Tencent (15.2% pre-offering) and Hillhouse Capital (7.5%) back the firm. Morgan Stanley, Goldman Sachs, and J.P. Morgan are underwriters. It plans to list on the NYSE as “NIO.” Read more.

• Viomi Technology, a Guangdong, China-based maker of smart home appliances, said it plans to raise $114 million in an IPO of 11.4 million ADS priced between $9 to $11. It posted revenue of $132 million and earnings of $14.1 million in 2017. Xiaomi backs the firm. Morgan Stanley and CICC are underwriters. It plans to list on the Nasdaq as “VIOT.” Read more.

• ARYA Sciences Acquisition, a New York-based blank check company planning to acquire a healthcare business, filed for a $125 million IPO. Perceptive Advisors backs the firm. Jefferies is underwriter. It plans to list on the Nasdaq as “ARYAU.” Read more.

• PJSC Sovcombank, a Russian bank, is targeting a $300 million IPO as early as next spring. Read more.

EXITS

• SS&C Technologies Holdings Inc agreed to buy Intralinks Holdings Inc, a New York-based data sharing platform, for $1.5 billion. Siris Capital Group is the seller.

• APG and Corsair Infrastructure Partners agreed to acquire a majority stake in Itínere, a Spain-based operator of five toll road concessions. The sellers include Gateway Infrastructure Investments LP. The deal values Itínere at 1.3 million euros ($1.5 million).

• Pamlico Capital acquired Personify Inc, an Austin-based provider of constituent management and engagement software solutions to nonprofit organizations, from Rubicon Technology Partners. Financial terms weren't disclosed.