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  "documentTitle": "Ginkgo Bioworks (DNA)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2021-10-06 00:00:00",
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  "notes": "The slide uses a table to expose the pattern of Ginkgo creating related party companies to potentially inflate revenue.",
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      "text": "Ginkgo discloses revenue and/or deferred revenue from four “Platform Ventures” – its term for de novo related party companies it created.",
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      "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, Ginkgo press releases",
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      "text": "Platform Venture, Founded, Purpose, Initial capitalization. Joyn Bio LLC, 2017, Engineered microbes, $25MM. Motif FoodWorks, 2018, Substitutes, $119MM. Allonnia, 2019, Waste remediation, $52MM. Kalo, 2021, Beauty, $77MM. Verb, 2021, Probiotics, $22.5MM. Ayana, 2021, Bioactives, $7.5MM.",
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      "text": "Ginkgo discloses revenue and/or deferred revenue from four “Platform Ventures” – its term for de novo related party companies it created. It discloses two others that were just created a few weeks ago in September, buried at the end of its prospectus, but for which related party revenue hasn’t yet been reported, though it is no doubt inevitable.",
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