Venture Capital and Emerging Companies

February 17, 2021

PALO ALTO—Covington advised Standard Cognition, which provides an autonomous checkout solution that can be quickly and easily installed in retailers’ existing stores, on its $150 million Series C funding led by SoftBank Vision Fund 2 with participation from existing investors CRV, EQT Ventures, and TI Platform Management, as well as new investors SK Networks, ...

January 27, 2021

WASHINGTON—Covington is advising Veritas Capital on the acquisition of Perspecta Inc. by Veritas portfolio company Peraton for $7.1 billion. The transaction is expected to close in the first half of 2021. Following closing, Perspecta will be combined with Peraton, a trusted provider of highly differentiated space, intelligence, cyber, defense, homeland security ...

January 6, 2021

NEW YORK—Covington represented Ascension Health Alliance and TowerBrook Capital Partners L.P., joint owners of an investment vehicle, in an agreement with R1 RCM Inc., a provider of technology-enabled revenue cycle management services to healthcare workers, for the conversion of the 8% Series A Convertible Preferred Stock held by the joint investment vehicle to ...

December 21, 2020

WASHINGTON—Covington is assisting Veritas Capital-backed Gainwell Technologies in its acquisition of HMS for approximately $3.4 billion. The transaction is expected to close in the first half of 2021. Veritas will look to optimize the HMS solution set across Gainwell and Veritas-backed Cotiviti, Inc. Gainwell will acquire the HMS capabilities focused on the ...

June 27, 2020

WASHINGTON—Covington represented Piramal Enterprises Limited (PEL) in the sale of a 20% stake in Piramal Pharma Limited (Piramal Pharma), a wholly owned subsidiary of PEL that will contain its pharmaceutical businesses, to CA Clover Intermediate II Investments, an affiliated entity of CAP V Mauritius Limited, an investment fund managed and advised by affiliated ...

May 28, 2020

PALO ALTO —Covington advised Commerce Layer in its $6M Series A Preferred VC Financing, led by Benchmark with participation from Mango Capital, DAXN, PrimeSet, SV Angel, and NVInvestments. The investment required the Covington team to also reorganize Commerce Layer by establishing a US parent company for its existing Italian business.  Commerce Layer provides a ...

April 22, 2020

WASHINGTON—Covington represented satellite provider Ligado Networks in its successful application for rights to deploy 5G services over its mid-band spectrum. On April 22, the full Federal Communications Commission (FCC) released a unanimous decision approving Ligado’s application, finding that it will advance economic and security interests nationwide. The ...

April 7, 2020, Covington Alert

Ninety-five percent of employing businesses in the United States are small businesses. As we discussed in detail here, the CARES Act seeks to support small businesses through the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL), in addition to other Small Business Administration (SBA) efforts involving the Emergency Advance: SBA ...

March 30, 2020, Law360

Brian Rosenzweig spoke with Law360 about the lack of funding for equity capital markets  created by coronavirus. Some companies have resulted to at-the-market offerings for funding. Mr. Rosenzweig says, “The ability to be opportunistic on days with less volatility and generate smaller amounts of cash on a more frequent basis through ATM programs is very relevant ...

March 27, 2020, Law360

Brian Rosenzweig is quoted in Law360 regarding the effects of coronavirus on startup business funding. Mr. Rosenzweig says, "There will still be [funding] opportunities, but it will be more competitive.”

February 24, 2020, Financial Times

Tom DeFilipps spoke with the Financial Times about trends he is seeing in investors’ willingness to invest in tech start-ups. Mr. DeFilipps says he has seen little decline in Silicon Valley’s appetite for risky investments. “You have all of this wealth, and there’s just a limited amount you can do with it within the confines of the way people behave in Silicon ...

January 2020

Covington has created a list of Top 10 Questions for Ideation of Digital Health Solutions that can help lawyers contribute to the digital health ideation process. Our clients increasingly apply agile product and business development methodologies when they are developing digital health solutions. "Ideation" is part of that process and involves the rapid ...

October 15, 2019

LONDON—Covington has advised BenevolentAI on its $90 million investment from Temasek, a Singapore-headquartered investment company. BenevolentAI aims to improve the lives of patients suffering from diseases with no effective treatment. The Benevolent Platform® is used by scientists and technologists to find new ways to treat disease, improve the efficacy, and ...

July 25, 2019

PALO ALTO—Covington advised Standard Cognition in its $35M Series B Preferred Stock financing, led by EQT Ventures with participation from existing investors Initialized Capital, CRV, and Y-Combinator. This financing brings Standard’s total funding to date to more than $86M, and its post-money valuation to $535M, more than doubling its valuation from its prior ...

July 12, 2019

PALO ALTO—Covington advised Argo AI, LLC, a technology platform company that is working with leading automakers to deliver a fully integrated self-driving system, in the deal announced today with Volkswagen AG and Ford Motor Company. Volkswagen will be making a $2.6 billion investment, becoming Argo AI’s second investor and building upon a $1 billion investment ...

May 17, 2019

NEW YORK—The Metropolitan Black Bar Association honored Amy Wollensack as its 2019 Private Practitioner of the Year at its 35th Anniversary Gala. This award recognizes an individual who has demonstrated exemplary leadership and service and commitment to the community at large. Ms. Wollensack is co-chair of the firm’s Private Equity Practice Group and a member of ...

April 15, 2019

WASHINGTON—India Business Law Journal has named Ralph Voltmer to its “International A-list.” The list consists of the world’s top 100 India-focused lawyers at international law firms. Mr. Voltmer, chair of the firm’s India Practice, advises clients in cross-border transactions such as mergers and acquisitions, joint ventures, strategic alliances, and financings. ...

April 5, 2019

NEW YORK—Covington represented IFM Tre, Inc. in its sale to Novartis for a $310 million upfront cash payment and up to $1.265 billion in milestone payments (for a total of $1.575 billion). IFM Tre develops chemically distinct systemic, gut-directed, and CNS-penetrant drug candidates to address several indications triggered by NLRP3, including metabolic, ...

April 5, 2019

LONDON—Two Covington transactions were recognized with the IJGlobal 2018 Awards for African Refinancing Deal of the Year and for Middle East & North Africa Power Deal of the Year. The IJGlobal Awards celebrate the top transactions that closed over the past calendar year across the international infrastructure and energy sectors, while recognizing the ...

March 20, 2019, CGTN

Daniel Levine spoke with CGTN news about China's 2019 government work report and the latest draft of a new foreign investment law. He noted that the financial performance of state-owned entities lags that of China's private sector. He added that increased foreign investment could benefit Chinese consumers.

February 21, 2019

WASHINGTON—Covington advised the Chicago Cubs and Northside Entertainment Holdings, LLC in the formation of a joint venture with Sinclair Broadcast Group that will own and operate Marquee Sports Network, a regional sports network based in Chicago. Marquee Sports Network will be the exclusive network of the Chicago Cubs beginning with the 2020 Major League ...

January 30, 2019

PALO ALTO—Covington advised South Korea-based SK Holdings in its $100 million investment in Kinestral Technologies, Inc. The Series D funding round was led by SK Holdings and included existing Kinestral investors like 5AM Ventures, Alexandria Real Estate, Capricorn Investment Group, and Versant Ventures.  Headquartered in the San Francisco Bay Area, Kinestral ...

October 8, 2018

SILICON VALLEY—The Korean American Bar Association of Northern California has awarded Covington partner Catharina Min its inaugural “Trailblazer Award.” The “Trailblazer Award” recognizes the outstanding achievements, commitment, and leadership of a lawyer who has paved the way for the advancement of Korean-American lawyers in the Bay Area. Ms. Min represents ...

April 23, 2018, Law360

Suzanne Bell and Tom DeFilipps are quoted in a Law360 article regarding Bell's arrival to Covington's Technology Transactions practice. Bell says she is excited to join Covington and looks forward to helping it build its tech practice and advise clients on incorporating new technologies into their businesses. “The firm’s collaborative approach will allow me to ...

April 12, 2018, The Recorder

The Recorder highlights the arrival of Suzanne Bell to Covington's Technology Transactions practice. Bell says she was attracted to the firm's strong regulatory practice given the increased intersection between the technology sector and government regulations. Bell adds that she is looking forward to using her experience in technology transactions to assist ...

February 22, 2018

NEW YORK—Latinvex has named Covington partners Nicole Duclos and Gabriel Mesa among “Latin America’s Top 100 Lawyers” in 2018. Ms. Duclos represents clients in international commercial and investment arbitration, as well as transnational litigation. Clients interviewed by Latinvex praised Ms. Duclos’ extensive arbitration experience, noting that she is “ready to ...

October 4, 2017

SAN FRANCISCO—The Recorder has named Covington partner Ingrid Rechtin to its list of “2017 Women Leaders in Tech Law.” This annual recognition commemorates “recent outstanding work by California-based lawyers whose practices focus on technology companies and issues.” In its profile of Ms. Rechtin, the publication highlights her representation of Sanofi in ...

October 2, 2017, The Recorder

The Recorder named Ingrid Rechtin one of its "2017 Women Leaders in Tech Law." In her profile, Ms. Rechtin provides advice to young lawyers in tech. She says, "Be flexible and open to new opportunities. The tech space evolves quickly and as a lawyer you can provide more value to your clients if you have a broader view—across industries, companies of all sizes, ...

May 4, 2017, The Recorder

Catharina Min and Tom DeFilipps are quoted by The Recorder in an article regarding Min's arrival to the firm's M&A practice. Min, who predominantly represents technology industry clients, notes that her interest in Covington was largely due to the firm's regulatory expertise. "They're just at the forefront of so many cutting-edge issues," says Min. "Most of ...

May 4, 2017, Law360

Catharina Min and Tom DeFilipps are quoted in a Law360 article regarding Min's arrival to Covington's Mergers and Acquisitions practice.  According to DeFilipps, who has worked with Min in the past, “Her ability to advise companies navigating an ever-changing technology landscape will enhance the firm’s corporate practice as we continue to build our ...

May 3, 2017

SILICON VALLEY—Catharina Min has joined Covington as a partner in its Corporate practice in Silicon Valley. Recently named among the “Top 50 Multicultural Leaders in Technology” by the National Diversity Council, Ms. Min handles a range of transactions for U.S. and international technology companies, including M&A, private financings, joint ventures, strategic ...

February 28, 2017

NEW YORK—Tom Kuhn has joined Covington’s Mergers and Acquisitions practice, and will focus on media and technology transactions. He will be based in the firm’s New York office. Mr. Kuhn is a seasoned M&A deal maker, with experience both as a lawyer and as a banker. He also advises on corporate governance matters and provides strategic counseling. He has ...

February 27, 2017

NEW YORK—Latinvex has named Covington partners Gabriel Mesa and Nicole Duclos among “Latin America’s Top 100 Lawyers” in 2017. Mr. Mesa counsels corporations in joint ventures and private mergers and acquisitions in Latin America and other emerging markets, as well as in the United States. A client described Mr. Mesa as "an excellent lawyer,” noting that his ...

December 21, 2016

SHANGHAI—China Business Law Journal has named Covington partner Weishi Li to its “A-List” of the top 100 private practice lawyers in China. Ms. Li is one of two life sciences lawyers recognized by the magazine. China Business Law Journal’s inaugural A-list is based on interviews of in-house counsel in China and around the world, as well as partners at Chinese ...

September 13, 2016, Daily Journal

Tom DeFilipps and Doug Gibson are quoted in a Daily Journal article regarding DeFilipps’ move to Covington’s Silicon Valley office. Commenting on the draw to Covington DeFilipps says, “One of the more compelling aspects of the Covington platforms is the way it allows you to meld the strength of its regulatory practice in D.C. and non-U.S. jurisdictions, like ...

September 13, 2016, The Recorder

Tom DeFilipps and Doug Gibson are quoted by The Recorder in an article regarding DeFilipps’ recent move to Covington, where he will serve as chair of the West Coast corporate practice. According to DeFilipps, “Covington presented to me an opportunity to do something that sounded very interesting at this point in my career.” He continues, "I felt as though it was ...

September 13, 2016, ABF Journal

Timothy Hester and Tom DeFilipps are quoted in an ABF Journal article regarding the arrival of DeFilipps to Covington. According to Hester, “Adding Tom to our Silicon Valley office is a major step forward in our plan for continued growth in California.” DeFilipps says, “I am very pleased to join Covington’s growing California practice.” He continues, “I am ...

September 12, 2016

SILICON VALLEY—Tom DeFilipps has joined Covington as a partner in the Silicon Valley office and will serve as chair of the West Coast Corporate practice.  “Adding Tom to our Silicon Valley office is a major step forward in our plan for continued growth in California,” said Timothy Hester, Covington’s chair. “Tom has built a successful Northern California ...

September 12, 2016, Law360

Timothy Hester and Tom DeFilipps are quoted in a Law360 article regarding DeFilipps’ recent arrival. According to Hester, “Adding Tom to our Silicon Valley office is a major step forward in our plan for continued growth in California.” He continues, “Tom has built a successful Northern California corporate practice over many years and has a demonstrated track ...

January 29, 2016

NEW YORK — Latinvex has named Covington partner Gabriel Mesa among its “Latin America’s Top 100 Lawyers” for the third year in a row. Resident in the firm’s New York office, Mr. Mesa counsels corporations in joint ventures and private mergers and acquisitions in Latin America and other emerging markets, as well as in the United States. His work spans venture ...

October 24, 2014

WASHINGTON, DC, October 24, 2014 — Springboard Enterprises honored Covington & Burling partner Ellen Corenswet at its annual Winners’ Circle awards dinner in New York City on October 21. Springboard is a national organization that fosters venture capital investments in women-led high growth companies. The Springboard Winners’ Circle awards are “presented to ...

February 15, 2013, Covington Advisory

January 7, 2013

NEW YORK, January 7, 2013 — Covington & Burling advised Illumina, Inc. on its announced acquisition of Verinata Health, Inc. for cash consideration of $350 million plus up to $100 million in milestone payments through 2015. Upon completion of the acquisition, Illumina will have access to the Verinata’s verifi® prenatal test, the broadest non-invasive prenatal ...

9/13/2012

SAN FRANCISCO, September 13, 2012 — Covington & Burling partner Bruce Deming has been named to the Daily Journal’s list of “Top 100 Lawyers” in California. The list recognizes “lawyers who moved the needle, had an impact on the legal industry, our state, the nation and the world,” said the publication’s editors, who considered more than 1,000 attorneys from ...

June 27, 2012

LONDON, 27 June, 2012 — For the second straight year, Euromoney Legal Media Group named Covington & Burling partner Lisa Peets “Best in Copyright” during its Europe Women in Business Law Awards. Ms. Peets, whose practice encompasses legislative advocacy, trade and intellectual property enforcement, heads Covington’s European intellectual property group, and ...

June 13, 2012

NEW YORK, June 13, 2012 — Covington & Burling is strengthening its transactional capabilities in Latin America with the addition of Gabriel Mesa, a senior corporate lawyer with in-depth experience in the region. Mr. Mesa joins the firm’s New York office as of counsel in the firm’s corporate practice where he is expected to advise corporations in joint ventures ...

May 17, 2012

LONDON, 17 May, 2012 — Euromoney Legal Media Group has named Covington & Burling partners Natalie Diep, Lisa Peets and Hilary Prescott as finalists for its second annual Europe Women in Business Law Awards. Ms. Diep, who advises clients on a wide range of corporate finance issues including mergers and acquisitions, equity offerings, private placements and ...

January 29, 2009, Covington E-Alert

November 26, 2007

LONDON, November 26, 2007 - Covington & Burling LLP has advised SR One, the venture capital arm of GSK, on a Series B investment in Syntaxin Ltd, a biopharmaceutical company developing novel biologic drugs that control cell secretion. The round, which was co-led by SR One and Life Science Partners (LSP) with additional funds from one of Syntaxin’s existing ...

April 20, 2006

LONDON, April 20, 2006 - Covington & Burling has advised Baltic Oil Terminals (Baltic) on its £31.4 million placing and listing on the London Stock Exchange's AIM market.  Baltic, a London-based company, has been established to invest in oil infrastructure projects and upstream activities in Russia and other countries in the former Soviet Union.Baltic will raise ...

October 3, 2005

WASHINGTON, D.C., October 3, 2005 - Covington & Burling announced the election of ten new partners, effective October 1. Stuart Stock, chair of the firm's management committee, commented: "These exceptional lawyers reflect the strength, excellence and diversity of the firm, and the continuing growth of our practices across the firm."  Covington's newest partners ...

September 30, 2004

WASHINGTON, D.C., September 30, 2004 - Covington & Burling announced the election of five new partners, effective October 1. Stuart C. Stock, chair of the firm's management committee, commented: "These fine lawyers very much reflect the strength, excellence, and diversity of the firm." Covington's newest partners and their backgrounds are as follows: Robert ...

May 8, 2002

May 8, 2002 - WASHINGTON, NEW YORK, LONDON & SAN FRANCISCO - Covington & Burling has promoted seven attorneys to counsel positions effective April 1, 2002. The new counsel are Dennis B. Auerbach, Wendy L. Feng, Marie A. Lavalleye, John B. Maclay, Lucinda Osborne, Lisa Peets and Elaine W. Stone. Mr. Auerbach is Of Counsel in the Washington office. His ...

May 18, 1998, Covington Alert