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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

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Deal: Mindbody Buys Fitness Startup ClassPass

Mindbody , a leading maker of software for managing gyms and fitness studios, is buying one of the hot startups in its industry. It's buying ClassPass , a popular subscription platform for widespread gym access and online fitness classes. Mindbody will buy Classpass for an undisclosed amount . The company, owned by private equity firm Vista, also announced a strategic $500mn investment along with its ClassPass deal. The acquisition was all with privately held shares, Mindbody said. ClassPass is a celebrated startup in the fitness space. It began as a simple website to book fitness classes with registered studios but morphed into a subscription platform for access to such studios and their fitness classes, with many users paying recurring fees as a steady revenue source.  ClassPass was valued at $1bn from a funding round last year. Given the acquisition's pricing terms weren't disclosed, we can't say for sure if it was higher or lower than the $1bn mark, but for a hint,

Tether Fined $41M For Lying About Fiat Reserves

Tether Limited , the organization behind the eponymous Tether (USDT) stablecoin, has been fined a substantial sum for lying about the fiat reserves backing its stablecoin. It was fined $41mn by the US Commodity Futures Trading Commission (CFTC). According to the CFTC's press release , Tether lied to customers that it had sufficient dollar reserves to back every issued USDT token whereas it did not for a long period of time. Over a 26-month sample period from 2016 through 2018, the CFTC said Tether only had sufficient dollar reserves for all its tokens 28% of the time, whereas it lied that it was "fully-backed" all the time. Also, the CFTC said Tether failed to disclose to customers that it had unsecured receivables and non-fiat assets in its supposed cash reserves. The organization further lied to customers that it would undergo routine, professional audits of its reserves but has failed to do any, the CFTC said. For its violations, the CFTC fined ordered Tether to pay a

Deal: Scopely Buys Sony's GSN Games For $1B

Scopely , a top-ranking mobile gaming startup, is expanding its business with a new major acquisition. It's buying GSN Games , a mobile gaming division of entertainment giant Sony, for the sum of $1bn. GSN Games makes popular social casino games such as Bingo Bash and  Solitaire TriPeaks . Social casino games are a genre where gaming studios can extract much revenue if they do it right, and GSN is one of the top contenders in the genre. Scopely will pay $1bn for GSN Games, half of it with cash and the other half with its shares, making Sony a minority shareholder in the mobile gaming company. It's said that Scopely's valuation has climbed to $5.4bn taking into account the shares it'll hand over to Sony as payment. That compares to a $3.3bn valuation when the company raised funding last year.  With GSN, Scopely is stepping up its business substantially by the way of a strategic acquisition. It's a strategy the mobile gaming startup is used to, having made 5 acqui

Microsoft CEO, Other Execs Bag Annual Pay Raises

Microsoft (NASDAQ: MSFT) has raised the annual pay package of its Chief Executive Officer, Satya Nadella , the company's latest proxy statement reveals. Nadella enjoyed a substantial pay raise along with several other Microsoft executives. For the fiscal year ended June 30, 2021, Nadella's compensation was $50mn , up 13% compared to the previous year. The lucrative pay package was split into a $2.5mn base salary, $33mn of stock awards, a $14mn cash bonus, and $110k in "other" compensation. Nadella's pay raise was in line with other Microsoft executives, including President Brad Smith and CFO Amy Hood. They each got annual pay raises in the 20% ballpark compared to 2020. The reported pay packages of Microsoft's top executives for the fiscal year is as follows; Satya Nadella (CEO) - $50mn. Amy Hood (CFO) - $23.5mn Brad Smith (President and Chief Legal Officer) - $20.5mn Jean-Philippe Courtois (Executive Vice President) - $17mn Christopher Young (Executive Vice

Deal: Instacart Pays $350M For A Smart Grocery Cart Startup

In a bid to expand, grocery delivery giant Instacart is making its biggest acquisition yet. It'll buy   Caper AI , a New York-based startup that makes smart grocery carts and cashier-less payments tech that complement them. Instacart will pay $350mn for the startup in a combination of cash and shares. Caper AI is a startup working on exciting stuff; smart shopping carts to make the grocery buying process at brick-and-mortar stores easier and faster. Its smart carts can recognize items placed in them with the help of cameras and weight sensors, then calculate their total cost without the need for barcodes as used in most grocery stores. Payment at the counter is then made quickly with Caper's own payments platform. Caper's "AI Cart". credit: Caper Also, Caper sells what's called a "Caper Counter," a checkout system for convenience stores that uses cameras and weight-based sensors instead of barcodes to sum the total cost of items. Caper Counter. cre

Apple Unveils New MacBook Pros, AirPods

Tech giant Apple has added a new set of products to its roster, including new MacBook Pro laptops and AirPods unveiled at a Tuesday online event.  Apple also unveiled new chipsets for the new MacBook Pros, the M1 Pro and M1 Max . MacBook Pros Apple unveiled two MacBook Pros, a 14-inch and 16-inch model. Both will come with the first chipsets designed by Apple specifically for a MacBook Pro, delivering high performance, expectedly.  Apple has brought back the HDMI port and SD card reader to the new MacBook Pro, in addition to three Thunderbolt 4 ports to connect peripherals. Removing the HDMI port and SD card reader in MacBooks had generated significant complaints by some Apple users, but it appears they'll be pleased again if they get the new MacBook Pros. Other shared features of the new MacBook Pros include; A 1080p front camera. MagSafe magnetic chargers. Six-speaker sound system. Fast charging - 50% charge in 30 minutes, Apple claims. Touch bar replaced by function keys. One

Deal: Australia's Aristocrat To Buy Playtech For $3.7B

The online gambling industry is hot this year, with billion-dollar deals now a frequent occurrence. The latest billion-dollar deal is Playtech , a London-listed online gambling company, selling to Aristocrat Leisure , an Australian gambling machine manufacturer. Playtech was founded in 1999 by Israeli entrepreneur Teddy Sagi . However, he sold off all his shares  in the company in 2018 and won't profit from this deal. Don't cry for him though, he made other shrewd investments that bestowed him with a net worth nearing $6bn ( Forbes estimate ). Aristocrat (ASX: ALL) has agreed to buy Playtech (LON: PTEC) in a deal worth £2.7bn ($3.7bn). The Australian firm will pay $2.9bn to buy all outstanding Playtech shares and assume $800mn of the firm's debt. It's paying 680 pence in cash per Playtech share, a 58% premium to the company's share price before the announcement. Following the announcement, Playtech's share price jerked up, expectedly. It rose 57% on Monday to

Fast Fashion E-Tailer Lulu's Files For IPO

Lulu's , an online retailer of women's apparel, is headed towards the public markets. It's filed an S-1 document for an initial public offering (IPO), showing its intent to list on the Nasdaq exchange. As expected from S-1 filings, Lulu's has provided great insights into its business, with information not publicly disclosed before. Something very noteworthy is that the online shopping boom of this year emanating from the Covid pandemic has largely favored the company. By The Numbers For its most recent fiscal quarter, the three months ended October 3, 2021, Lulu's brought in between $105mn to $106mn in revenue. Its net income for the same period was at the $3mn-$4mn mark. The estimations are because the final, audited results haven't yet been posted. For the fiscal year ended January 3, 2021, Lulu's posted $249mn in revenue and a net loss of $19mn. It shows that the company has swung from losses to profitability this year, with the net profit of between $3m

Antitrust: Facebook Fined $70M Over Giphy Takeover Probe

The UK's antitrust agency has levied a substantial fine on social media giant Facebook related to its acquisition of Giphy , the popular GIF website. It fined the company  £50.5mn ($69mn) for flouting an order requiring it to supply information related to the agency's investigation of the $400mn acquisition. The UK's  Competition and Markets Authority (CMA)  launched a  formal probe  of the Giphy deal last June. The antitrust agency challenged the deal  after probing it,  arguing that it gave Facebook an unfair advantage over rivals that also used Giphy's GIF database. It appears that Facebook failed to comply with demands from the agency's investigation and has been penalized for it. Apparently, the UK's antitrust agency required Facebook to suspend integrating its operations with Giphy's as the agency was investigating the acquisition, but Facebook had failed to indicate it did so despite multiple warnings. "This should serve as a warning to any com

Deal: Walgreens Invests $5.2B In VillageMD, Now Majority Owner

Walgreens Boots Alliance , the giant American pharmacy chain, is doubling down on its investment in one of its healthcare peers; the primary care chain VillageMD . After a previous investment last year, Walgreens is investing an additional sum in VillageMD that'll make it the primary care chain's majority owner. Walgreens has agreed to invest $5.2bn in VillageMD, upping its stake from 30% to 63%. It'll become the primary care chain's majority owner and guide it under its belt to open hundreds of primary care clinics co-located with Walgreens drugstores across the US. The investment is really strategic, giving Walgreens majority ownership in the firm that'll operate most of the primary care clinics attached to its stores. We can refer to it as "full-stack healthcare", where you visit a Walgreens-owned clinic and get prescriptions to buy drugs at a Walgreens pharmacy, though we're aware not everyone is comfortable with one company having that much cont