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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

Alert: Nikola Founder Trevor Milton Indicted On Fraud Charges

The founder of embattled electric car startup Nikola Corp. has been formally indicted on fraud charges by the US Justice Department months after resigning from the company. Trevor Milton by name, he's been accused of securities and wire fraud in connection with a scheme to defraud and mislead investors. Milton is accused of misleading investors by making false statements regarding Nikola's products and capabilities. Notably, most of the investors allegedly misled were on the retail side. The DOJ alleges that Milton made false claims regarding "nearly all aspects" of Nikola's business. Milton founded Nikola in 2014 and led it through a public listing via a merger with a special-purpose acquisition company (SPAC) last year. The DOJ threw an apparent jab at SPACs in his indictment, asserting that he made 'many' of his false and misleading claims  during a period where he would not have been allowed to do so under rules that govern traditional IPOs were he

Earnings: AMD Doubles Revenue, Triples Profit

In this earnings season, companies all over are dropping their latest quarterly results and we're here equally reporting on them. We've touched on social media companies Snap Inc and Twitter , electric carmaker Tesla , and iPhone maker Apple . Now, the next is chipmaker AMD Inc . AMD has dropped its earnings for the second quarter of 2021, showing strong prospects as revenue doubled year-over-year and net income more than tripled.   Details AMD posted $3.9bn in revenue in Q2, up 99% year-over-year and 12% from the preceding quarter. For the same period, the company's net income was $710mn , up 352% year-over-year and 28% from the preceding quarter. Doubling its revenue and nearly quadrupling net income indicates AMD has a strong yet fast-growing business. It's bound to grow even more as the company is set to complete its acquisition of rival chipmaker Xilinx . AMD makes money selling high-performance chipsets used in computers, consoles, data centers, and the likes

Antitrust: Amazon Fined $900M By EU For Privacy Violations

Tech behemoth Amazon is for the nth time in the crosshairs of the European Union (EU). The latest saga in that arena is that Amazon has been fined a record-breaking amount for alleged privacy violations, according to an SEC filing from the company. Amazon has been fined the sum of €746 million ($888mn) by the Luxembourg National Commission for Data Protection (CNPD) for not complying with data privacy laws. It's the largest fine imposed under Europe's data protection law.  The fine originates from the CNPD accusing Amazon of processing customers' personal data in violation of the EU's famous-cum-infamous General Data Protection Regulation (GDPR) laws.  In June, it was reported ( WSJ )  that the Luxembourg data protection agency had sanctioned Amazon's privacy practices and proposed a fine topping $425mn to the EU's other two-dozen or so national data protection authorities. Now, it appears that the final fine is much larger than that.  Before now, the bigges

Deal: Qualtrics Buys CX Startup Clarabridge For $1.1B

Months after getting spun out of SAP into a separate public company, Qualtrics , a major provider of online survey software, has made a major acquisition. It's agreed to buy Clarabridge , a startup that does similar work to Qualtrics in the field fondly referred to as "customer experience (CX)". Qualtrics will pay $1.1bn all with shares to buy Clarabridge. The acquisition is a major strategic play for the company, pairing Qualtrics' customer survey business with Clarabridge's similar business of measuring customer sentiment from various sources like social media posts and customer support calls. Basically, Qualtrics is in the business of weighing customer surveys directly and Clarabridge in the business of doing so indirectly . Pairing both businesses represents a major strategic play for Qualtrics. In an investor presentation, Qualtrics said that Clarabridge has $100mn in annual revenue, implying an 11x multiple that it's paying to buy the company. That&#

Deal: Amgen Buys Biotech Startup Teneobio In $2.5B Deal

It appears that this Covid era has led to a boom for companies that work on  antibodies , which are protective proteins produced by the human immune system to tackle foreign substances, usually viruses. Antibodies are very useful in the research and treatment of viruses such as Covid. There are companies that specialize in antibodies and one of them, BioLegend , was recently bought for a whopping $5.3bn . Now, another such company, Teneobio , is getting bought for a big amount. Teneobio has agreed to be acquired by Amgen , an American biotech giant. Amgen is paying $900mn upfront for the company, then an additional $1.6bn in cash contingent on the company hitting certain milestones. It sums up to a $2.5bn deal . Teneobio is a clinical-stage biotech startup working on antibodies aimed at treating cancer, autoimmunity, and other infectious diseases. As it's still in the clinical trial stage with no viable product yet, it appears that Amgen is betting big on Teneobio's trials b

Antitrust: UK Probes Facebook's $1B Kustomer Acquisition

The UK's antitrust agency has launched a probe into Facebook's latest acquisition, that of chatbot platform Kustomer Inc , which Facebook agreed to buy last November for a reported $1bn. The UK's Competition and Markets Authority (CMA) on Friday, the 30th of July, released a statement  indicating it had opened an inquiry into Facebook's purchase of Kustomer, regarding if it'll result in "a substantial lessening of competition" within the market Kustomer operates in. Such probes aren't out of the norm and are routine for big acquisitions. For Facebook, it speaks to the fact that antitrust agencies are watching the company's moves, especially regarding acquisitions. To note, two of Facebook Inc's biggest products outside the main Facebook platform, Instagram and WhatsApp , were acquisitions. In fact, it's primarily acquisitions that have propelled the company's growth. As with such probes, the UK will first seek comments from the public

Hollywood: Reese Witherspoon's Media Co. Sold In $900M Deal

A media company founded by superstar actress Reese Witherspoon has sold for a large amount to a company still in its infancy that hasn't even been named yet. That company is Hello Sunshine , a media company that produces content distributed across various platforms; movies, TV shows, podcasts, et al. Hello Sunshine has been sold to a newly-formed media venture t hat's backed by investment capital from Blackstone , the private equity giant.  The venture is led by ex Disney honchos Kevin Mayer and Tom Staggs .  As it is, the Blackstone-funded venture is acquiring a majority stake in Hello Sunshine from a group of external investors while anchor shareholders like Witherspoon and her founding partners will roll over and retain their equity stakes in the newly-formed venture. Officially, the deal's financial terms weren't disclosed, but a report from The Wall Street Journal says it's a $900mn deal. According to the report, the Blackstone-funded venture will pay $500mn

Earnings: Shopify Beats Estimates, Reaches Major Milestone

In this season of earnings results and we at The Techee  reporting on them, we're here with a beat on Shopify , which has released its earnings statement for the second quarter (April-June) of this year. In Q2, Shopify beat revenue expectations from analysts and as well achieved a major financial milestone by crossing $1bn in quarterly revenue for the first time. Shopify had $1.1bn in revenue in the quarter, up 57% year-over-year. Net income for the same period was $897mn , most of which was due to a $778mn gain in equity investments, likely from Shopify's stake in Affirm , a major 'buy now, pay later' lender. As usual, most of Shopify's sales ( $785mn ) came from "Merchant Solutions", which groups additional services the company offers atop recurring subscriptions charged to online retailers. Sales from subscriptions came at $334mn in the quarter. Gross Merchandise Volume (GMV), representing the total worth of transactions made on the Shopify platform,

Alert: Square Buys Australia's Afterpay For $29B

It's a big day in the fintech world. There's been a major acquisition with a major American fintech company, Square , buying Australia's foremost fintech startup, Afterpay , a 'buy now, pay later' lender. Square has reached an agreement to buy Afterpay for a whopping $29bn , marking one of Australia's biggest buyouts. It's a big deal that a startup founded barely seven years ago is selling for $29bn.  Square will pay the $29bn all with shares. It means that shares of Afterpay, which are traded on the Australian Securities Exchange, will be exchanged for Square stock traded on the New York Stock Exchange (NYSE). Afterpay is Australia's foremost 'buy now, pay later (BNPL)' lender in online retail. For the uninitiated, the 'buy now, pay later' business is a relatively young one providing alternatives to credit cards for consumers to shop online. It provides loans for consumers to shop online and then pay back in installments. Usually, credi

Markets: US SEC Takes Aim At Chinese IPOs

The US Securities and Exchange Commission (SEC) has taken a swipe at Chinese initial public offerings (IPOs) after regulatory hiccups in China have affected many Chinese stocks listed on US markets and American stockholders holding them. The SEC has issued new guidance on Chinese companies seeking to list shares in the US, requiring them to make certain disclosures to investors or otherwise refrain from listing in the US markets. First of all, usually, Chinese companies listing in the US don't actually sell shares of the operating companies but that of shell companies with contractual relationships with the operating companies. These shell shares, known as American Depositary Receipts (ADRs) , are used to circumvent restrictions on foreign ownership of Chinese shares imposed by the country's government. Now, the SEC in a statement has made it clear that Chinese companies seeking to list in the US must provide clear descriptions of the shell operations involved in such listing