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Showing posts from January, 2019

Clutter Raising Between $200 Million And $250 Million From Softbank : TechCrunch

image : Clutter According to a TechCrunch report , Clutter, a storage-on-demand service that lets users get their possessions packed up, taken away, stored and returned at the click of an app, is raising between $200 million and $250 million in a round led by Softbank. It says term sheets for the investment are out but are not yet finalised as investors go through due diligence. Clutter, which operates in the Bay Area, Seattle, Southern California, New York and Chicago, has raised $96 million in funding according to Crunchbase . Investors in the company include Alphabet's GV, Atomico, Sequoia Capital, Fifth Wall, Bracked Capital, Wonder Ventures and Four Rivers Group. It last raised $64 million in 2017 at a $240 million valuation according to Pitchbook . Clutter co-founders Ari Mir (left) and Brian Thomas image : Clutter An investment like this could be used to aid expansion into more regions, likely urban areas where people live in smaller spaces with less stor

San Jose Based Zoom Reportedly In Process Of Filing For IPO

Zoom founder and CEO Eric Yuan image : Zoom San Jose based Zoom, a provider of cloud based remote conferencing services valued at $1 billion  is in the process of filing confidentially for an IPO with the Securities and Exchange Commission (SEC) according to Business Insider which cites a source familiar with the company's plans. It says that the registration is stuck due to the current U.S. government shutdown which makes the filing not yet official. Reuters reported in October that the company is preparing for an IPO, joining a host that includes Infor , Megvii , Slack , Cloudflare , Palantir , CrowdStrike  and Slack . It says the company has asked investment bank Morgan Stanley to lead the IPO, which could happen this year. Zoom has raised north of $140 million in funding according to Crunchbase , with investors including Sequoia Capital, Qualcomm Ventures, Horizons Ventures, AME Cloud Ventures, Maven Ventures and healthcare billionaire Patrick Soon-Shiong. Yahoo

Intel Names Interim Robert Swan As CEO

Intel CEO Robert Swan image : Intel Intel has announced it has appointed Robert “Bob” Swan, its interim chief executive officer for seven months running and former chief financial officer, as its new CEO, marking Swan as the seventh person to hold the position in Intel's 50-year history. He is replacing Brian Krzanich, who resigned June last year amid disclosure of a consensual relationship with an employee that was found to be in violation of company policy. Other past Intel CEOs include co-founder Robert Noyce (1968-1975), co-founder Gordon Moore (1975-1987), Andrew Grove (1987-1998), Craig Barrett (1998-2005) and Paul Otellini (2005-2013). Swan joined Intel in September 2016, arriving from General Atlantic and replacing Stacy Smith as the chip manufacturer's CFO. Earlier in his career, he served as CFO of Electronic Data Systems (EDS), eBay and TRW Automotive and as CFO, COO and CEO of online grocery delivery early entree and dotcom bust Webvan. Ex Intel

Tesla Says Model Y Production To Begin By 2020 End

A Tesla employee works at the company's Gigafactory image : Tesla In a Wednesday letter to shareholders, Tesla has said that Model Y, the SUV electric vehicle the company has been teasing and hinting at since 2015 will begin production by 2020 end. The company reported $139 million in net profit for the three months ended December, its second consecutive quarter with positive earnings. “This year should be a truly exciting one for Tesla,” the California based company said in the shareholder letter. “Model 3 will become a global product, the profitability of our business should become sustainably positive, our new Gigafactory Shanghai should start producing cars, and we will start tooling for Model Y production.” An official teaser of the Tesla Model Y image : Tesla Tesla says it expects to be producing about 7,000 vehicles a week at its Fremont factory by the end of the year. The company recently lessened production hours for the Model S and Model X vehicles,

Apple Music Users Will Now Be Able To Stream Songs On American Airlines Flights For Free

image : Apple Beginning Friday, Apple Music subscribers will be able to access the over 50 million songs, playlists and music videos on the streaming service on any domestic American Airlines flight equipped with Viasat satellite Wi-Fi without needing to purchase in-flight WiFi. Apple just made this announcement, marking American Airlines as the first commercial airline to provide exclusive access to Apple Music for travellers via complimentary inflight Wi-Fi. All Apple Music subscribers will have to do to begin streaming is connect to Wi-Fi on any Viasat-equipped American Airlines aircraft at no cost and login with their Apple Music accounts. People not signed up for Apple Music will be able to get it in-flight, sign up onboard and get the normal free access for three months after registering. image : Apple “For most travelers, having music to listen to on the plane is just as important as anything they pack in their suitcases,” Apple Music vice president Oliver Schusser

Stripe Nabs $100 Million Series E At $22.5 Billion Valuation

Stripe co-founder and CEO Patrick Collison Photograph by Kevin Moloney/Fortune Brainstorm Tech Just after Acorns and Clover Health , another startup has raised huge funding, this time, Stripe, the San Francisco based payments company that powers payments for lots of small businesses and also big names like Lyft, Postmates, Expedia, Google, Salesforce, Facebook, Zillow and Microsoft, has raised $100 million Series E funding that values it at $22.5 billion, up from a $20 billion valuation in September. This investment, made by Tiger Global who also led its most previous round was first reported by The Information . A Stripe spokesperson said the funding will be used for growth areas including international expansion with Stripe CEO Patrick Collison also announcing on Twitter of a new board member, former Google Cloud CEO Diane Greene. I haven't said much in the past about @Stripe 's board. We're fortunate to add Diane Greene, our fourth outside director today

iRobot Unveils Robot Lawn Mover

Navigation for the robot lawn mower image : iRobot Massachusetts based iRobot, the company behind the Roomba robot vacuum cleaner and Braava line of robot mops has unveiled a new product, this time a robot lawn mover it says is kit with "state-of-the-art mapping and navigation technologies" that enables high-performance and high-quality mowing. The new robot named Terra  is capable of mapping its course after being schooled, with the use of wireless beacons users get to place around their yard and then drive the robot once around the perimeter. Once this is done, the robot charts its course, navigating the yard while remembering where it needs to cover. If its battery runs low, it will return to its base to recharge and then re-commence mowing until the yard handed to it is completely mowed. image : iRobot Beacon placement for the robot lawn mower image : iRobot The Terra image : iRobot Users can also make use of the iRobot Home App to cust

Waymo Met With Over 12 Auto Companies For Driverless Tech Partnership : Bloomberg

A Waymo self-driving vehicle image : Waymo According to a Bloomberg report , Alphabet's Waymo met with over 12 auto companies including Volvo in 2016, seeking manufacturing partners for its self-driving technology, citing an internal document  unsealed in court this week. The memo, marked "highly confidential", was penned on August 18 2016, the day a report that Uber was partnering with Volvo and that it had acquired former Waymo engineer Anthony Lewandowski's Otto was made by Bloomberg. Waymo self-driving vehicles image : Waymo "Did we try to talk to Volvo? Yes. We have met with over a dozen OEMs this year, including Volvo," Waymo said in the memo. "We were surprised they wanted to partner with Uber given the importance they place on safety, and developing this technology safely. However, the deal with Uber is non-exclusive for both parties." This statement indicates pursuit of auto manufacturing partners by Waymo even b

Argo AI Secures Permit To Test Self-Driving Vehicles In California

An Argo AI self-driving vehicle image : Ford Argo AI, the Pittsburgh based self-driving company backed with huge funding from automaker Ford, has secured a  permit to test autonomous vehicles in the state of California. The permit, issued by the California Department of Motor Vehicles (DMV) ,is for two drivers and one vehicle and marks for the fifth location Argo AI is looking to test its self-driving vehicles. The company currently tests its autonomous vehicle technology in Pittsburgh, Detroit and Miami with testing in Washington, D.C. also starting soon. Argo AI now joins sixty other companies with permits to self-driving vehicles (but with a driver) in the state of California. An Argo AI self-driving vehicle image : Ford They include Baidu, Zoox, GM Cruise, Faraday Future, Drive.ai, Intel, SF Motors, TuSimple, Apple, Samsung, Nuro, Aurora , Udacity, Nvidia, Valeo, Pony.AI, Lyft, Waymo, Volkswagen, Mercedes Benz, Nissan, Bosch, Tesla, Delphi Automotive and Qual

Health Insurance Startup Clover Health Raises $500 Million

Clover Health co-founder and CEO Vivek Garipalli image : Clover Health Despite reports of missed financials and difficulties navigating a slow-moving and challenging insurance industry, San Francisco based health insurance startup Clover Health has announced new funding, pegged at $500 million by TechCrunch . The round is led by existing investor Greenoaks Capital, an SF based VC firm that counts Oyo Rooms, Brex, Sonder, Discord and Robinhood among its bets. The valuation for this round is not disclosed, but for hint, Clover Health was last valued at $1.2 billion when it raised $130 million Series D funding also led by Greenoaks Capital in 2017. The San Francisco based company also counts the likes of Alphabet's GV, Spark Capital, Sequoia Capital, First Round Capital, Floodgate, Refactor Capital, Social Capital and Nexus Venture Partners as investors. First Round Capital founder and partner Josh Kopelman is an early investor in Clover Health, having invested $4 mil

Acorns Raises $105 Million Series E At $860 Million Valuation

image : Acorns Acorns, an Irvine based fintech company that allows individuals round up purchases and automatically invest the change in exchange-traded funds through a mobile app, has raised $105 million series E funding that values it at $860 million, according to its statement. Investors in this round include NBCUniversal and Comcast Ventures who led the round along with TPG, DST Global, Michael Dell's MSD Capital, BlackRock and Bain Capital Ventures. The company has now raised some $207 million in total according to Crunchbase , with its $860 million valuation placing it in a high rank among global fintech companies. A screenshot of the Acorns app image : Acorns In November, We reported of Acorns being in discussions for funding at a $700 million valuation. This round confirms that, although it comes at a higher valuation for the company. Acorns, which has over 4.5 million registered accounts is also entering into a partnership for editorial content and e

Apple Kicks Off 'Entrepreneur Camp' - A Two Week Hands On Experience For Female App Creators

image : Apple Apple has kicked off the inaugural session of 'Entrepreneur Camp', a two-week hands on technology lab where it says participants would work one-on-one with Apple engineers and experts to accelerate their apps. Eleven female-founded app development companies are participating in this session which will involve works on design, technology, App Store marketing and guidance and support from an Apple Developer Relations representative. Apple says the program's curriculum will will harness several of its tech, including optimizing for the custom A12 Bionic chip, integrating core ML and building new experiences with ARKit. Each participating startup is also receiving two tickets to Apple Worldwide Developers Conference (WWDC) and complementary membership to the Apple Developer program for a year. Apple Entrepreneur Camp sessions will be held once a quarter, with each group made up of participants from 20 companies. image : Apple Cupertino based Appl

BMW, Porsche and Jaguar Land Rover Back Roadside Assistance Startup Urgently's $21 Million Series B Round

Virginia based roadside assistance startup Urgently has raised $21 million Series B funding from several investors including Porsche Ventures, BMW i Ventures and Jaguar Land Rover's VC fund InMotion Ventures. Existing investors also participated in the round which Urgently says was oversubscribed. BMW has also selected Urgently for collaboration with the BMW Assist roadside assistance service as the vendor partner to offer roadside assistance services to owners of its vehicles in the U.S. Urgently works similar to Uber and Lyft, with users able to request for nearby roadside assistance services and get charged within the app. It's available in several cities spanning all 50 U.S. states and Washington, D.C and also Puerto Rico. The company boasts 55,000 service vehicles registered on its platform that provide services like fuel delivery, towing, jump start, flat tire replacement and car lockout solutions according to its website. "We look forward to continuing

Most Read Posts

Cashing Out: Jeff Bezos Sells $2.5B Of Amazon Stock

Amazon founder Jeff Bezos has continued his routine selling of Amazon shares to fund his other escapades. For a few years now, he's had an arranged trading plan that sees him regularly sell Amazon stock worth billions of dollars. Jeff Bezos' latest sell-off is of 739,000 Amazon shares worth around $2.5bn, SEC filings show. Another separate filing indicated that he plans to sell as many as 2 million shares that could net him nearly $7bn at current prices. This latest share sell-off from Bezos is noteworthy as one of his last in his position as Amazon's CEO which he's handing off soon to a top lieutenant named Andy Jassy. Jassy is currently CEO of AWS, Amazon's very profitable cloud computing division. Usually, a CEO offloading large amounts of stock in a company he leads draws some displeasure from investors, but as Jeff Bezos would soon no longer be Amazon's CEO, it opens up opportunities to sell larger amounts of shares than usual if the desires. Amazon's

EVs: Ford, BMW Co-Invest In An EV Battery Startup

It's currently of no doubt that electric vehicles represent the future for the automobile market, and many automakers have taken heed to that. Tens of billions of dollars in spending have been earmarked for the R&D and production of electric vehicles by global automakers, with efforts spanning battery development, building new factories, charging stations et al. Now, two of the world's biggest automakers, BMW and Ford, have jointly invested in a startup working on battery technology for electric vehicles. That startup is Solid Power, a Colorado-based startup developing solid-state batteries for EVs. Details: Solid Power has raised a $130 million Series B round  co-led by Ford and BMW. The two automakers were joined by green-focused venture fund Volta Energy Technologies in the round. As part of the strategic round, Ford and BMW have expanded their joint agreements with Solid Power to develop solid-state batteries for their use. In a way, the two automakers are funding and o

Is Apple Brewing A Major Digital Health Play?

That Apple has high ambitions in the digital health space isn't foreign news to anyone following the moves of the company. In fact, its CEO Tim Cook once referred to health as Apple's “greatest contribution to mankind.” Apple's main health product is the Apple Watch for which health represents a major use case and a selling point. The latest Apple Watch series has key health features including the ability to measure ECG (electrocardiogram) and oxygen saturation level in the blood. With all its grand ambitions, the reality is that Apple is progressing very well in the digital health space but yet hasn't gotten a big foothold in it like it's done in other markets. There still exists a large gap for Apple to conquer to make waves in the digital health market and the company seems much hell-bent on covering that gap. Details: A certain revelation has come out that details Apple's grand plans in the health sector, and it's that of a UK startup working on next-ge

Big Pay: AT&T Shareholders Vote Against Execs Pay

To bring back one of our most favorite sayings, "America is the land of many things, including very enormous executive pay". Executives of publicly-traded companies in the US are familiar with very large compensation packages on a scale not seen in other countries, take recent examples including Palantir CEO Alex Karp landing a $1.1 billion payday  and former T-Mobile CEO John Legere getting a $137 million severance pay . But with all the large executive pay packages flying around, it appears that the shareholders of one public company are not okay with it and that company is telecoms giant AT&T.  Details: AT&T in a statement  revealed that the majority of its shareholders voted not in favor of the compensation of its executive officers in 2020. Just under 49% of votes were cast in favor of the compensation, leaving the remaining majority 51%, not in favor.  Last year, AT&T had large pay packages for its top brass including $21 million for CEO John Stankey and $52

Deal: Verizon Sells Yahoo And AOL To PE Firm For $5B

Telecoms giant Verizon has found a buyer for its Verizon Media Unit which includes veteran internet properties like Yahoo and AOL, and that buyer is a major private equity firm. To note, though Yahoo and AOL have long faded from their glory days, they aren't exactly dead properties but ones still with a great deal of users bringing in a few billion in revenue annually. Details: Verizon has struck a deal to sell 90% of Verizon Media to private equity firm Apollo which will pay $5 billion for it, while Verizon retains a  10%  minority stake in the business. The deal takes off many internet properties off Verizon's hands, including bigger ones like Yahoo and smaller ones like technology news site TechCrunch operating under the AOL umbrella. Though it's selling for a seemingly huge price of $5 billion, Verizon paid a combined $9 billion to buy the web properties making up its Verizon Media unit so it doesn't come out on top financially from the sale.  Verizon paid $4.4bn t

Germany's SAP Fined $8M For Violating Iran Sanctions

SAP, the German software giant, has agreed to pay a fine in the US for violating sanctions imposed by the country on conducting business in Iran. It'll pay over $8 million in fines after admitting to handling thousands of exports of its software to Iran violating US law. Details: SAP admitted to exporting US-origin software to Iran beginning in 2010 up until 2017. The exports including delivering software upgrades and patches more than 20,000 times to Iranian users and offering Iranian users access to US-based cloud services. As charged, executives at SAP were aware that the company didn't have geolocation protections to block downloads of its US-origin software in Iran and turned a blind eye to the situation.  SAP was also charged with neglecting to put in place adequate export control for cloud services made by some US-based companies that it acquired and integrated into its software suite. For the charges, SAP admitted guilt and reached a  Non-Prosecution Agreement with the

IPO: Cybersecurity Startup Darktrace Debuts On UK Markets

A major cybersecurity startup from the UK has held an initial public offering (IPO) and debuted to positive investor fanfare on the domestic public markets. That startup is Darktrace, a fast-growing cybersecurity startup founded by a team of mathematicians in collaboration with British intelligence agencies in 2013. Darktrace sells cyber-defense software that's claimed to harness artificial intelligence in spotting and managing cyber threats. It listed on the London Stock Exchange under the symbol "DARK". By the numbers: Darktrace debuted to positive investor fanfare that saw its shares soar by 40% on its first day of trading. It raised £143 million ($198m) from the public float at a valuation of £1.7 billion ($2.3bn) which soared to almost £2.4 billion ($3.3bn) on its debut trading day. Darktrace's IPO prospectus reports $199 million in revenue in its most recent fiscal year ending June 30, 2020. This was up from $137 million in the previous year, 2019, and $79 mill

Earnings: Pfizer Rakes In Cash From COVID Vaccine

Pfizer, one of the few pharmaceutical companies worldwide to produce an approved Covid-19 vaccine, has unveiled its earnings report for the first quarter of this year. As usual, the report provides a solid peek into the company's financials and with very noteworthy nuggets this time around. One key nugget from Pfizer's earnings report is that the company brought in $3.5bn in revenue from its Covid-19 vaccine in Q1' 21. It made up nearly a fourth of the company's total $14.6bn revenue for the period. The Covid vaccine was the biggest single source of revenue for Pfizer in the quarter. It's definitely a good time for the company in that regard, as it elected to keep the profit from the sale of its vaccines unlike some of its competitors which volunteered to waive off any profit-seeking from their vaccines. Unlike some of its competitors also, Pfizer didn't take money from the US government to fund the development of its vaccine under the Trump administration'

Earnings: Covid Vaccines Deliver Big Sales, Profit For Moderna

Moderna was among the few biotech companies that saved the day with the development of an emergency-authorized vaccine to tackle the Covid-19 pandemic. It was a breakthrough for the company, which was before then a cancer-fighting moonshot with minimal revenues and no working product. Being a publicly-traded company, Moderna is mandated to release quarterly earnings reports to the public and it has done so this time around, releasing its financial results for the first quarter of this year 2021. Moderna's latest earnings report shows that of a company that saw big success from its Covid vaccines, as it reported record revenue and its first-ever net profit as a public company. By the numbers: Moderna made $1.9bn in revenue in Q1' 21, compared to a paltry $8mn for the same quarter in 2020. The revenue came wholly from Covid vaccine sales in the US and foreign markets. Moderna reported a huge net income of $1.2bn in the quarter, compared to a net loss of $124mn for the same perio

Court Docs: Fortnite Maker Epic Made $15B In 2018-2020

Fortnite maker Epic Games is having a court battle with Apple over the latter's App Store practices and that battle has led to several documents coming out of the shadows with valuable information about Epic Games not publicly known before.  Among the information revealed in court proceedings between Epic and Apple is the sheer scale of Epic's revenue largely gotten from its hit game Fortnite . Official documents indicate that Epic Games made respective annual sales of $5.6bn, $4.2bn, and $5.1bn in 2018, 2019, and 2020, summing up to just shy of $15bn. Epic's revenue in 2018 and 2019 was revealed in financial documents made public as part of its court battle with Apple while its revenue for 2020 was separately revealed in a court testimony by Epic CEO Tim Sweeney. The vast majority of Epic's revenue comes from Fortnite while its other products like the Unreal Engine and the Epic Games Store bring in a minority of revenues. Specifically, Fortnite brought in $5.5bn a