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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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      "text": "We note the recurring role of Viking Global, a hedge fund that is Ginkgo’s largest investor, in funding related party entities at inception or at a later stage.",
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      "text": "Allonnia Launches from Ginkgo Bioworks' Ferment Consortium with $40M Series A to Address Critical Problems in Waste Remediation with Synthetic Biology, Appoints",
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      "text": "Ginkgo Bioworks' Ferment Consortium Launches Ayana Bio to Produce Plant and Fungal Bioactives for Herbal Medicines and Nutraceuticals",
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      "text": "Ginkgo Bioworks Launches Motif Ingredients with $90 Million Series A Financing",
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      "text": "Ginkgo Bioworks' Ferment Consortium Launches Verb Biotics, a Probiotics Innovation",
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      "text": "In addition to the initial USD $100 million Series A investment by Bayer, Ginkgo, and Viking Global Investors LP, Ginkgo is providing access to its organism design technology, laboratory, and office spaces, as well as outfitting a new facility specifically for Joyn Bio. Bayer is providing exclusive access to its own archive of microbial strains and the necessary",
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      "text": "We examined each of these “Platform Ventures” in detail and believe they are simply fronts that Ginkgo and its investors created and funded in order to manufacture foundry revenue via round-tripping. Ginkgo’s filings repeatedly refer to each of these related parties as a “vendor-customer relationship.” However, given that Ginkgo 1) created each of these entities, 2) financed each of them directly or via its own investors, 3) sits on their boards, and 4) simultaneously recycles back funds via prepayments and other mechanisms under R&D services agreements, their purpose is self-evident.",
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      "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, https://www.sec.gov/Archives/edgar/data/0001830214/000119312521246097/d177007d424b3.htm; Scorpion Capital analysis and estimates",
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