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Showing posts from October, 2019

DJI Debuts A New Lightweight Drone

Mavic Mini image: DJI Popular drone maker DJI has debuted a new drone, this time a lightweight one that weighs just 249 grams. The new drone, named the Mavic Mini , is the smallest and lightest drone DJI has ever made, and costs $400 (for the standard package; that is the drone itself, one battery, a remote controller, extra propellers and all required tools and wires). There's a higher package, costing $500, that includes all the components of the standard version plus a Two-Way charging Hub, three batteries, three sets of extra propellers, a propeller cage and a carrying case. Already available for pre-order, the Mavic Mini will begin shipping on the 11th of November. The Mavic Mini comes with several features that are standard for DJI drones. They include a high-grade camera that's able to capture footage at a resolution of up to 2.7k, Wi-Fi transmission to enable stable control and an HD live feed when in use, and GPS receivers and downward visual sensors to

Report: Apple Will Use Qualcomm 5G Chips In 2020 iPhones

Apple SVP of Worldwide Marketing, Phil Schiller image: Apple According to a new report from the Nikkei Asian Review , Apple is adopting Qualcomm's X55 5G chip for three iPhones that it's expected to launch next year, and is already mobilizing suppliers to assemble its first ever 5G iPhones. According to Nikkei, Apple has also set a target of shipping at least 80 million of the new 5G phones. Apple is betting on 5G-enabled phones to help it topple Huawei's current position as the second-largest smartphone maker, Nikkei reports. If such report stands true, then 5G-enabled phones from a much-patronized manufacturer like Apple will also likely be an incentive for global carriers to roll out 5G telecoms infrastructure. Nikkei's report kind of corroborates with a previous one from Bloomberg  that said Apple will wait until at least 2020 to release a 5G phone. The X55 is the most advanced chip designed by Qualcomm, which Apple had fought a long-standing business

Scopely Raises $200 Million, Now Valued At $1.7 Billion

Steve Case's Revolution Growth participated in the funding Photo by Steve Jennings/Getty Images for TechCrunch Scopely, an LA-based mobile games developer, has announced $200 million in Series D funding led by NewView Capital, with participation from Baillie Gifford and the Canada Pension Plan Investment Board (CPPIB) alongside existing investors like Greycroft, Revolution Growth, and Sands Capital Ventures. According to a Bloomberg piece , the funding values Scopely at $1.7 billion, up from $710 million in early 2018. Scopely says it'll use the new funding to accelerate mergers & acquisitions and expand its game portfolio.The funding comes after the Los Angeles-based company crossed more than $1 billion in lifetime revenue, as made known in an official press release. Scopely also says it's "profitable and growing", after having previously said it was on pace to eclipse $400 million in annual sales. Scopely, since its founding in 2011, has devel

Alphabet Has Reportedly Offered To Buy Fitbit

image: Fitbit Not long after a previous report of Fitbit exploring putting itself up for sale, Reuters has reported that Google parent Alphabet has made a offer to acquire the smartwatch maker. A situation where Google's parent Alphabet acquires Fitbit isn't far-fetched, and was one actually speculated in a previous Reuters report . In that report, which first touched on the topic of Fitbit putting itself up for sale, Reuters said Fitbit held discussions with Qatalyst Partners, a famed investment bank known for its involvement in several big tech deals, which in turn argued that Fitbit could be of acquisition interest to Alphabet as well as private equity firms. With Reuters' new report, it turns out Qatalyst may have just been right with its argument. Alphabet acquiring Fitbit would not be a surprising move, given it has yet to develop any wearable offerings even when it has joined other major tech companies in making smartphones and several smart home products. 

Care.com Said To Be Exploring Sale

Care.com CEO Sheila Lirio Marcelo image: BlissDom on Flickr According to a Bloomberg report , Care.com, a popular online marketplace for babysitters and caregivers, is working with financial advisers on a strategic review, which includes exploring a potential sale. This report comes after several hassles at the Waltham, Massachusetts-based company, whose share price tumbled after a Wall Street Journal story  raised concerns that it wasn't adequately vetting its caregivers. A few months after the Journal's story was published, Care.com's CFO, Michael Echenberg, announced he was resigning. Its CEO, Sheila Lirio Marcelo, followed suit, announcing she would step down in August, although she continues to hold the position as the company seeks a new chief executive. After the Journal's story, Care.com made amendments to its vetting process by issuing a new set of guidelines to govern that, and also took steps to boot fake day-care center listings off its platform.

Microsoft Wins $10 Billion Military Cloud Contract

Microsoft CEO Satya Nadella image: Microsoft The U.S. Department of Defense (DoD) has announced it has awarded a $10 billion 10-year running cloud contract to Microsoft. The contract involves provision of enterprise cloud services that'll support the DoD's business and mission operations. The Department of Defense opened bids for the contract nearly two years ago, and happens to have selected Microsoft over several other cloud providers that competed for the contract. Being a very large one, the $10 billion contract's bidding process involved dramatic competition between top cloud players like Microsoft, Amazon and Oracle. Oracle even went as far as suing the U.S. government , claiming the contract's single-vendor nature (to be awarded to only one company) was unfair and illegal. The bidding process started out with several cloud providers including Microsoft, Amazon, Oracle, IBM and Google, but was later streamlined to only Microsoft and Amazon, which the

Hyundai Debuts Robotaxi Service

image: Hyundai Hyundai has announced a new robotaxi service that'll launch in the city of Irvine, California on the 4th of November. The new robotaxi service, dubbed BotRide , is developed in collaboration with Pony.ai, a well-known self-driving startup, and Via, a popular ride-sharing service. Pony.ai is responsible for the self-driving technology while Via caters to the app required to match passengers with the self-driving vehicles. The vehicle adopted by BotRide is the Hyundai Kona electric SUV, a fleet of which will be available for free rides to Irvine residents. The Hyundai Konas that'll be used will be equipped with sensor hardware and proprietary software from Pony.ai, designed to navigate roads autonomously as the case has been with several robotaxi services. Via on the other hand is responsible for algorithms that'll enable multiple riders share the same vehicle. BotRide will be accessible via dedicated iOS and Android apps. In-app, passengers will be d

Gojek Plans Dual Listing After CEO Departure

Gojek co-founder Nadiem Makarim Photo by World Economic Forum / Sikarin Thanachaiary via CC BY-NC-SA 2.0 license The new co-CEOs of Gojek, Indonesia's largest startup, have said they plan to take the company public, likely via a dual listing (a situation where a company trades on more than one stock market). They made this known in a brief to reporters on Thursday, a brief that came shortly after its co-founder and long-running CEO Nadiem Makarim announced he's stepping down to join Indonesia's cabinet. Gojek co-CEO Andre Soelistyo, in his brief, didn't specify a particular time for an IPO, but said it could be “a few years” away. “We don’t have a set target yet when, but we’re already moving along,” He said. Soelistyo noted that Gojek would like to provide opportunity for Indonesian investors to participate, and said the company was also considering a secondary listing in a not-yet-decided location. Soelistyo alongside Kevin Aluwi, two Gojek veterans, ha

Fair Cuts 40% Of Staff, As CFO Departs

Fair founder and CEO Scott Painter Photo by Stephen McCarthy/Collision via Sportsfile Fair, a Softbank-backed car leasing startup that recently raised $500 million in debt financing, said today that it'll be cutting 40% of its staff. Atop that, its CFO, Tyler Painter, is also leaving, to be replaced in the interim by another executive. Deducing from an official memo [first reported by TechCrunch ], profitability is apparently the major reason for the layoffs, with Fair stating that it "must demonstrate a path to sustainable growth and profitability". "As one of the pioneers in automotive fintech, we now need to focus on being a profitable company." Fair's memo said. "....While we are proud of our growth, we are here for the long term. This means that we’ve decided to take proactive steps now to ensure we are a profitable public company later." It read. At a time investors have soured to money-losing startups, it's no surprise a c

Bill McDermott Lands New CEO Gig At ServiceNow

Bill McDermott image: Silicon Valley Leadership Group Just after stepping down from SAP where he served as CEO for 9 years, Bill McDermott has been announced as the new CEO of ServiceNow. McDermott will officially join ServiceNow as CEO by year-end, replacing current CEO John Donahoe, who is in turn taking the position of CEO at athletics powerhouse Nike, where he already holds a board seat. McDermott's new appointment means he's getting to head another large software company shortly after stepping down from another. Heading ServiceNow will add to his series of executive stints, which includes top positions at Siebel Systems, Gartner and Xerox alongside SAP. McDermott is replacing Donahoe, who has been ServiceNow's CEO for only two years. Before joining ServiceNow, Donahoe held CEO roles at Bain & Company and eBay. Currently, he also holds the role of chairman at PayPal. At Nike, he's set to replace Mark Parker, who is stepping down after 13 years as

Revolut Taps Mastercard For U.S. Launch

Revolut CEO Nikolay Storonsky Photo by Kimberly White/Getty Images for TechCrunch Revolut has announced a partnership with payments giant Mastercard that'll enable it launch Revolut cards in the U.S. by the end of this year. The announcement happens to occur shortly after Revolut announced it's hiring 3,500 additional staff  to expand into 24 new countries, starting in Australia, Brazil, Canada, Japan, New Zealand, Russia, Singapore and the U.S. Revolut is leveraging on two well-known payments firms for its planned expansion, having previously announced an extended partnership with payments company Visa to enable it expand into new markets. With Mastercard -- a Visa competitor -- now on board, Revolut seems to be in for a good ride in the financial services scene. Just like Visa, Mastercard has also been a Revolut partner since 2015, the year it launched. Both payments companies have enabled Revolut to build out its payments network and issue cards to customers acros

Apple Begins Selling Locally Assembled iPhone XRs In India

image: Apple Apple has began selling iPhone XRs assembled in India, as indicated by boxes of the smartphone with an “Assembled in India” tag sighted on Monday at several of the country's electronics retailers. The sighted iPhone XRs starts from 49,900 Indian rupees ($704) for the 64 GB version, as first reported by Reuters . The “Assembled in India” iPhones corroborate a previous report that Foxconn, a well-known Apple supplier, was looking to start assembling high-end iPhones in India. Apple assembling iPhones in India isn't quite surprising. Assembling locally is not only a way to avoid high levies usually placed on fully-imported devices, but could also be a way to meet local sourcing demands for Apple, which is said to be looking to open its first retail store in India. There's also an ongoing trade war between the U.S., where Apple is based, and China, where most of its phones are manufactured. Companies like Apple are looking to use India as an export hub to

Casper Said To Be Working With Banks On IPO

Casper CEO Philip Krim Photo by Noam Galai/Getty Images for TechCrunch According to a Bloomberg report , Casper, an online mattress retailer valued at $1.1 billion earlier this year, is working with investment banks Morgan Stanley and Goldman Sachs on a U.S. initial public offering (IPO). Bloomberg reports the New York-based company could go public as soon as this year or the first half of next year. According to Bloomberg, Casper could be valued at more than its last private valuation ($1.1 billion) on the public markets. Despite bleak performances of some high-profile IPOs this year, several companies are still aiming to public before this year's end. The bleak performances of some IPOs were fueled in part by substantial losses and concerns around growth potential of the newly-public companies. Casper had previously said it topped $400 million in revenue last year, but there's no word on if it's profitable or not. The New York-based company seems to be aimi

Ford Debuts 12,000-Wide Charging Network In North America

image: Ford Ford has announced  the launch of a large charging network spanning 12,000 locations and 35,000 charging plugs in the North American continent, a charging network that easily makes for the largest in the region (based on publicly available information). The move is aimed at making it easier for customers to charge their Ford vehicles when the automaker begins delivering all-electric models next year. Ford touts the planned 12,000-wide charging network as "making public chargers as common as some of the most popular pharmacy or coffee chains." Ford isn't actually building the charging network on its own, instead it's collaborating with EV charging companies Electrify America and Greenlots to create a charging network consisting of 35,000 charging plugs that users of its electric vehicles can be directed to via an app or an in-vehicle touch screen. Ford is preparing to launch fully electric vehicles (designed from the ground up) for the first tim

Report: Airbnb's Q1 Loss More Than Doubled To $306 Million

Airbnb co-founder and CEO Brian Chesky Photograph by Kevin Moloney/Fortune Brainstorm Tech According to a report from The Information , Airbnb's operating loss in the first three months of this year more than doubled to $306 million, attributable in part to increased sales and marketing spend which The Information says was $367 million, a 58% increase from the same period last year. The Information reports Airbnb's sales and marketing spend surpassed that of any other category, including product development, which grew by 51% from the same period last year. Operations and support, which includes customer service, climbed 30% year-on-year according to The Information. Citing undisclosed financial data, The Information reports Airbnb's revenue grew 31% year-over-year to $839 million, while expenses climbed 47%. Its report also says Airbnb has more than $3 billion in cash on its balance sheet despite the losses, and that it has a $1 billion line of credit it has

Tesla Gets Clearance To Begin Manufacturing In China

Tesla CEO Elon Musk image: Daniel Oberhaus (2018) Tesla has been added to a government list of approved automotive manufacturers in China, entailing it's been granted a license to begin producing cars in the country. China is the world's biggest electric vehicle market , so it's no surprise Tesla is doubling down on that region. Rather than having to export cars produced in the U.S., which are usually subject to tariffs, Tesla began constructing a new auto manufacturing facility; the Gigafactory 3 , in December last year. The factory, located in Shanghai, is rumored to be heading for completion by year end . Earlier this month, news outlet Reuters reported  that Tesla targeted to begin producing cars at the Chinese factory this month. Although there's no certainty on that, Tesla just getting approval to begin producing in China sounds like a correlation to a situation where it'll begin rolling out cars from its Chinese factory in soon time. Tesla, whose

EU Imposes Interim Restriction Order Against Broadcom

EU Competition Commissioner Margrethe Vestager Photo by David Fitzgerald/Web Summit via Sportsfile The European Union (EU) has issued an interim antitrust order against Broadcom, ordering the chip manufacturer to halt certain exclusivity deals it has with six customers. "Broadcom's behaviour would cause serious and irreparable harm to competition." the EU said in a press release  that announced the antitrust order. Interim antitrust orders of this type are uncommon but applicable in some cases. Essentially, such orders are imposed when the EU observes actions by companies that it considers "at first sight to be illegal". It's sort of a temporary restrain, albeit one that gives the concerned company a right to defend itself before an official decision is taken. The EU says it received information that Broadcom, which controls a significant share of the chipset industry, "may be imposing exclusivity and quasi-exclusivity restrictions on its cust

Uber, Lyft Decline To Testify Before U.S. Congress

Uber CEO Dara Khosrowshahi image: Mike Bloomberg on Flickr Uber and Lyft, the two biggest ride-hailing companies in the U.S., declined to appear today (Wednesday) at a U.S. Congress hearing on matters related to the ride-hailing industry, a congressional committee said. The two companies had been requested to appear as part of an inquiry from the House Committee on Transportation and Infrastructure, a standing committee of the U.S. House of Representatives, on safety and labor practices in the ride-hailing industry. The inquiry happens to be at a time U.S. lawmakers are looking to pass legislation that will impact the ride-hailing industry. In an official statement , Peter DeFazio, a U.S. rep who serves as chair of the House Committee on Transportation and Infrastructure, took a jab at Uber and Lyft, casting nets on several topics including increase in traffic congestion, labor issues, background checks, wages, and even sustainability of the ride-hailing business model. 

Level Home Emerges From Stealth With $71 Million In Funding

image: Level Home Key points: Level Home has secured $71 million in funding from the likes of Walmart, real estate giant Lennar, and Hut 8 Ventures. Level Home's smart lock; the Level Lock, fits inside existing deadbolts, meaning it can convert any door to a smart one The Level Lock supports Apple HomeKit Level Home was founded in 2016, and is based in San Francisco A new and seemingly interesting smart lock startup; Level Home, just emerged from stealth, with an announcement of $71 million in funding and a new product; the Level Lock (pictured above). Level Home's $71 million in funding comes from strategic investments led by Walmart and Lennar Homes, a Miami-based construction and real estate giant that's known to be the largest home-builder in the U.S . Level Home was founded in late 2016 by John Martin, who serves as CEO, and Ken Goto (CTO), two former Apple employees. It seems Apple employees have a thing for starting smart lock startups as another well-k

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