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Showing posts from May, 2020

YouTube Pledges $1 Million For Police Reform

YouTube CEO Susan Wojcicki. Photo credit: Thomas Hawk on Flickr, under Creative Commons license In the wake of the recent death of George Floyd , a Minnesota-based man, from what was apparently a case of police brutality and an incident that has now led to massive protests across the US , mega video site YouTube has pledged to donate $1 million to the  Center for Policing Equity , a non-profit research firm that basically works together with law enforcement agencies across the US to help improve local policing efforts. YouTube made its $1 million donation known in a Sunday tweet  but didn't initially make mention of which organization the donation was headed to. Later on, in a brief YouTube post , the company revealed the donor receptor as the Center for Policing Equity. We stand in solidarity against racism and violence. When members of our community hurt, we all hurt. We’re pledging $1M in support of efforts to address social injustice. — YouTube (@YouTube) May 3

Jeff Bezos Backs UK Freight Startup

Amazon CEO Jeff Bezos. Photo credit: Amazon Amazon chief executive Jeff Bezos was among the investors in a $15 million Series A round raised by Beacon, a UK-based freight startup, as indicated by an announcement from the company. Another notable investor in the Series A is San Francisco-based venture capital firm 8VC. Beacon is a supply chain startup that provides real-time data on cargo delivery and also a marketplace for shipping services. The company was founded two years ago by two former Uber executives. Uber's two founders, Travis Kalanick and Garrett Camp, alongside former Google CEO Eric Schmidt have previously invested in Beacon. Jeff Bezos backing Beacon is notable, given that Amazon's mammoth e-commerce business relies majorly on a large and sophisticated supply chain to operate. Amazon could be a potential Beacon customer or partner, it seems. Bezos isn't new to investing in startups, having backed among other startups the likes of Convoy, Nextdoor, So

NASA Taps 8 Firms To Make Ventilators

NASA Administrator Jim Bridenstine. Photo credit: NASA/Aubrey Gemignani In the middle of a coronavirus pandemic, NASA has vetted and formally selected eight companies that'll manufacture ventilators based on a recent design  that was put together by engineers at the famed NASA Jet Propulsion Laboratory (JPL). The prototype design, which was created by JPL engineers in 37 days, recently received an emergency authorization  from the U.S. Food and Drug Administration (FDA). After receiving more than 100 applications, NASA has selected only eight to manufacture the new ventilator which is tailored for coronavirus (COVID-19) patients. NASA's new ventilator is called VITAL, short for Ventilator Intervention Technology Accessible Locally. It's designed to use one-seventh the parts of a traditional ventilator, due in part to relying on parts readily available in global supply chains. It's simpler and more affordable, although less sophisticated than traditional vent

SpaceX Sends Astronauts Into Orbit

NASA astronauts Bob Behnken (left) and Doug Hurley (right). Photo credit: SpaceX Following a three-day delay that originated from inconvenient weather, SpaceX today attempted and successfully launched two NASA astronauts, by the names of Doug Hurley and Bob Behnken, into the Earth's orbit en-route to the International Space Station (ISS). The successful launch marks the return of human spaceflight to the U.S. after nearly a decade of hiatus, given that the last time human astronauts launched from U.S. soil was in 2011. A SpaceX Falcon 9 launch rocket successfully launched the two NASA astronauts who were aboard a SpaceX Dragon re-usable spacecraft at about 3:22 p.m. EDT on Saturday. The launch took place at NASA’s Kennedy Space Center in the U.S. state of Florida. Some minutes after liftoff, the Falcon 9 rocket, having launched the Dragon capsule into orbit, successfully glided back into the Earth and landed atop SpaceX's  Of Course I Still Love You drone ship so

Tencent In Talks For Warner Music Stake

Tencent CEO Pony Ma. Photograph by Vivek Prakash/Fortune, under Creative Commons license According to a report from the Wall Street Journal  [paywall] , Chinese tech giant Tencent is in talks to purchase a minority stake in the Warner Music Group, an entertainment multinational that's notably one of the "big three" music recording companies globally. The Warner Music Group was a formerly publicly-traded company up until its sale to industrial group Access Industries in 2011. Fast-forward till now and Access Industries is looking to take the company public once again. It seems that ahead of its planned public listing, Access is looking to sell a minority stake in Warner to a private investor, which happens to be Tencent in this case. The Journal reports Tencent is discussing an investment of $200 million in the music recording company. According to the Journal, the Warner Music Group aims to raise as much as $1.8 billion from its public offering, and with Tenc

Didi's AV Unit Nabs $500 Million Round

Didi chief executive Cheng Wei. Photo credit: World Economic Forum / Benedikt von Loebell, under Creative Commons license Chinese ride-hailing giant Didi Chuxing has announced  it's secured $500 million in funding for its autonomous vehicle (AV) subsidiary, which was spun off as an independent entity in August of last year. The funding, which was led by the second iteration of the SoftBank Vision Fund, apparently marks the largest single investment for a Chinese self-driving company. It comes not too long after another Chinese self-driving company, Pony.ai, secured $462 million in funding led by Japanese automaker Toyota, which is notably also an investor in Didi. Didi first began developing and testing self-driving vehicles in 2016. With the new funding, the company says it'll deepen its investments in R&D as well as strategic industry partnerships. Currently, Didi has licenses to test autonomous vehicles in three Chinese cities as well as in the U.S. state

Uber Introduces Hourly Rides

Uber chief executive Dara Khosrowshahi. Photo credit: World Economic Forum / Faruk Pinjo, under Creative Commons license Following what was termed as a "successful pilot" across several countries, Uber has announced that it's formally introducing hourly rides for users at a cost of $50 per hour. The feature is targeted primarily at persons who require long rides to facilitate work and other related activities, a key example being delivery drivers. With the new feature, Uber riders will be able to pre-plan their trips rather than having to re-request a trip at each location they visit. To help ensure comfort, Uber says hourly riders will primarily ride in newer and more spacious vehicles. Dubbed Uber Hourly , Uber is initially making the new feature available in select cities across the US, beginning on the 2nd of June.

Helbiz Debuts Rome's First E-Scooter Fleet

Helbiz CEO Salvatore Palella. Photo credit: Helbiz Helbiz, a New York City-based shared e-scooter company, has debuted the first-ever electric-scooter fleet in the Italian city of Rome, having been able to do so thanks to a formal partnership with the city. Helbiz will be launching a fleet of 1,000 shared e-scooters in Rome, which will add to the company's already existing fleet of 2,500 shared electric-bikes in the same city. The city of Rome has permitted shared electric bikes but not e-scooters up until this point. To use the e-scooters, Helbiz will charge customers its usual price of 1€ for the initial unlocking + 0.15€ for each minute of a ride. The company also offers a monthly subscription option that lets users unlimitedly ride its e-scooters or e-bikes provided the ride time is under or equal to 30 minutes. Currently, Helbiz operates its shared e-bike and e-scooter services in more than 20 cities globally. The cities include Milan, Rome, Washington DC, Alexand

VMware's Q1 Results

VMware CEO Pat Gelsinger. Photo credit: Cody Glenn/Web Summit via Sportsfile, under Creative Commons license Cloud computing company VMware just released its financial results for the first quarter of this year, indicating $2.7 billion in quarterly revenue, up 12% year-over-year. Net income for the quarter came at $386 million, up slightly from $380 million in the same quarter of last year. Operating cash flow for the quarter amounted to $1.37 billion. “In these unprecedented times, we delivered solid performance and strong execution in Q1 FY21,” VMware's CEO, Pat Gelsinger, noted in a press statement. For the first quarter, VMware's Subscription and SaaS revenue grew 39% year-over-year, having amounted to $572 million. Licensing revenue also grew 16% year-over-year during the quarter.

Wipro Appoints New CEO

Thierry Delaporte.  Photo credit: Wipro Indian tech outsourcing giant Wipro has announced  its appointment of a new chief executive by the name of Thierry Delaporte, who was, before this appointment, notably the chief operating officer and a board member at French outsourcing multinational Capgemini. Delaporte's appointment is effective on the 6th of July, 2020. He's replacing Wipro's current CEO, Abidali Neemuchwala, who is stepping down from his position formally on the 1st of June, 2020. Under Delaporte's role as CEO, he'll report to Wipro's current chairman, Rishad Premji, who is notably the son of the company's famed founder, Azim Premji. As Delaporte is heading to Wipro from a French company, it's no surprise that Wipro says he'll be based in the city Paris as chief executive, despite the fact that Wipro maintains its headquarters far away in Bengaluru, India.

Okta's Q1 Results

Okta CEO Todd McKinnon. Photo credit: TechCrunch on Flickr , under Creative Commons license Cloud security company Okta has released its financial results for the first quarter of 2020, indicating $183 million in revenue, a 46% year-over-year increase, of which subscription revenue accounted for the majority of as is usual. Losses for the quarter, however, amounted to $52 million, around the same figure recorded in the same quarter last year. Net cash flow for the quarter amounted to a record of about $39 million. For the second quarter of this year, San Francisco-based Okta is projecting revenue of between $185 million to $187 million and between $4 million to $5 million in losses. For the full fiscal year, the company expects revenue of between $770 million to $780 million, representing an expected year-over-year growth rate hovering around 30%. As of April end, Okta's cash and cash equivalents stood at about $1.5 billion.

Cisco Snaps Up ThousandEyes

Cisco CEO Chuck Robbins. Photograph by Stuart Isett/Fortune, under Creative Commons license Cisco has reached a deal to acquire ThousandEyes, a cybersecurity startup based in San Francisco, as indicated by a recently released press statement . ThousandEyes is a cybersecurity startup that's funded by investors including Salesforce Ventures, Sequoia Capital, Alphabet's GV, and Sutter Hill Ventures. Cisco didn't disclose the acquisition price in its press statement, but a report from Bloomberg that came a few hours before the release of the official press statement pegged the acquisition price at nearly $1 billion. Such a price seems like a very good deal, given ThousandEyes is known to have raised about $111 million in private funding since its inception. Such a price wouldn't also be surprising, given ThousandEyes early this year announced that it had surpassed $100 million in annual recurring revenue (ARR). According to ThousandEyes, its revenue grew 80

Apex Legends Draws Record Viewers

Photo credit: Electronic Arts Apex Legends, the popular 'battle royale' game published by gaming powerhouse Electronic Arts (EA), just kicked off its Season 5 update and apparently drew record viewers and players alike. In a press statement, Electronic Arts announced  that Apex Legends Season 5 has driven the highest player retention that it's ever experienced for a season launch, with "players playing for longer periods of time per day than ever before." According to EA, trailers for Apex Legends Season 5 have drawn more than 47 million views till date. Among other things, Apex Legends Season 5 introduced new features, content, and a new character into the popular battle royale game. Apex Legends aims to set itself apart from other battle royale games through unique storylines and content, bolstered by a sizeable development team in the cities of Los Angeles and Vancouver, Canada. Currently, Apex Legends is known to have about 70 million registered

Gemini Teams Up With Samsung

Gemini CEO Tyler Winklevoss. Photo by Noam Galai/Getty Images for TechCrunch, under Creative Commons license Crypto exchange Gemini, which is led by famed tech twins Cameron and Tyler Winklevoss, has announced a partnership with Samsung Electronics that entails integrating its crypto services with Samsung's own crypto wallet app. Thanks to the partnership, users of the  Samsung Blockchain Wallet will be able to connect to Gemini to trade and as well store cryptocurrency. Gemini is notably the first cryptocurrency exchange to partner with Samsung. The Samsung Blockchain Wallet is Samsung's own crypto wallet that's targeted primarily at mobile users. Samsung is apparently banking on a partnership with Gemini as one that can attract more users or better retain already registered users. The Samsung Blockchain Wallet is currently available for Samsung users but only on select Samsung Galaxy smartphones, which are the  Galaxy S20 Series , Galaxy Z Flip , Galaxy

Zuora Poaches SAP Cloud CFO

Photo credit: SAP Cloud-based subscription management company Zuora has poached the chief financial officer (CFO) of German software giant SAP's cloud division to become its own chief financial officer, effective on the 22nd of June, 2020. Redwood City, California-based Zuora made this known in a recent press statement . Todd McElhatton, who currently serves as senior vice president and chief financial officer of the SAP Cloud Business Group, will join Zuora to oversee its accounting and finance teams. Under his role, he'll report directly to Zuora's CEO, Tien Tzuo. Todd McElhatton notably brings more than two decades of rich corporate finance leadership to Zuora's table. Over the span of his career, McElhatton has held finance roles at companies including SAP, Oracle, VMware, and HP. At all the aforementioned companies, he served as chief financial officer of several of its divisions but never as CFO of a whole company. Apparently, he'll now get to do that

Box Adds Carl Bass To Board

Carl Bass. Photo credit: Christopher Michel on Flickr , under Creative Commons license Cloud storage company Box has announced  the addition of Carl Bass of Autodesk fame to its board. His appointment comes on the heels of the addition of another Box board member by the name of Bethany Mayer. Both board appointments apparently fall under an agreement made by Box with activist investor Starboard Value LP to add new independent directors to its board. Box has taken to add tech veterans to its board as part of the agreement. Carl Bass most recently held the positions of president and CEO at engineering and construction software powerhouse Autodesk. Before that, he served as Autodesk's chief technology officer and chief operations officer. Altogether, Bass spent 24 years at Autodesk. In his career, Bass has co-founded not one but two companies that were acquired by Autodesk. First was Ithaca Software, which Autodesk acquired in 1993, followed by Buzzsaw, which Autodesk ac

Coinbase Snaps Up Tagomi

Coinbase CEO Brian Armstrong. Photo credit: Steve Jennings/Getty Images for TechCrunch, under Creative Commons license Crypto company Coinbase has announced  it's reached a deal to acquire Tagomi, a New York-based cryptocurrency brokerage that has raised funding from the likes of Founders Fund, Sequoia Capital, Digital Currency Group, and 8VC's Joe Lonsdale. Tagomi is known to have raised $28 million in total funding since its inception. According to Forbes , Coinbase is ponying up between $75 million and $100 million to acquire Tagomi, and impressive is the fact that Tagomi launched only 18 months ago. Coinbase is apparently acquiring Tagomi to boost its institutional crypto trading business. Having found sizeable success in the consumer crypto trading realm, Coinbase has turned to institutional trading to further bolster its business. Among the company's institutional services include crypto asset management, compliance services, and advanced trading capabilit

KKR Sets Up $2.5 Billion Data Center Venture

KKR co-founder and Co-CEO Henry Kravis. Photograph by Stefen Chow/Fortune, under Creative Commons license Famed private equity firm KKR has announced  it's embarking on a new data center venture via the formation of a new company, Global Technical Realty (GTR), a company will set up and offer data center services in Europe. KKR is committing $1 billion in equity for the venture, plus additional commitments over time that'll eventually add up to about $2.5 billion, according to a press statement. The new company, GTR, will be led by Franek Sodzawiczny, a veteran data center entrepreneur who previously founded and led Zenium, a data center operator that was acquired in 2018 for about $442 million. Zenium was acquired by CyrusOne, a data center-focused real estate investment trust. Before founding Zenium, Sodzawiczny also co-founded Sentrum, a large U.K.-based data center operator. GTR has initiated a partnership with Mercury Engineering, a European engineering cont

Amazon In Talks To Acquire Zoox: Report

Zoox CEO Aicha Evans. Photo credit: Steve Jennings/Getty Images for TechCrunch, under Creative Commons license Amazon is in talks to acquire self-driving startup Zoox, according to a report from the Wall Street Journal . The Journal reports Amazon and Zoox are negotiating a deal that would value Zoox at less than the $3.2 billion valuation which the company got in its last financing round. Zoox, which was founded in 2014, has as of late struggled to raise more funding despite already having raised some  $955 million in funding. Developing self-driving cars is expensive, and even with nearly $1 billion raised, Zoox's total funding isn't on par with some of its peers such as GM Cruise, Alphabet's Waymo, and Ford's Argo AI. An Amazon acquisition would hypothetically give new life to Zoox, which as opposed to fitting already existing cars with self-driving equipment like many of its peers do, has decided to build its own self-driving cars from the ground up. Ama

Katy Perry, Oprah Winfrey Back Apeel

Katy Perry is an investor in Apeel. Photo credit: Thomas Helbig on Flickr , under Creative Commons license Apeel Sciences, a Santa Barbara-based company that's developing technology to extend the freshness of produce and, in turn, reduce food waste, has announced  it's raised $250 million in new financing led by GIC, notably the sovereign wealth fund of Singapore, with participation from other investors including Upfront Ventures, Viking Global Investors, and celebrity backers Oprah Winfrey and Katy Perry. The new financing values Apeel, an eight-year-old company, at more than $1 billion. Apeel Sciences was notably kickstarted in 2012 by a grant from the Bill & Melinda Gates Foundation. Apeel has developed a plant-derived chemical solution that is applied to the surface of fruits and vegetables to help preserve them. Punningly, Apeel terms the plant-derived solution as adding an extra "peel" to the surface of fruits and vegetables. The company c

Sony Debuts New Digital Camera

The Sony ZV-1 camera. Photo credit: Sony Popular electronics brand Sony has debuted yet another digital camera, this time a lightweight, pocket-sized digital camera called the ZV-1 , which is primarily targeted at content creators. Among the camera's features include the ability to lock on to and track subjects and objects, high resolution, enhanced audio quality, and Bluetooth connectivity. The ZV-1 can also be transformed into a webcam by connection to a personal computer via USB. The Sony ZV-1 weighs 294 grams and measures 105.5mm x 60.0mm x 43.5mm. Among its hardware parts include a 3.5mm standard mic jack, the latest Bionz X image processor, a wind-screen accessory that minimizes wind interference, a tiltable LCD screen, and a directional 3-capsule microphone made by Sony. The ZV-1 will be released in early June for a slightly discounted price of $750. Beginning from the 28th of June, however, the retail price of the camera will be $800.

Insitro Nabs $143 Million Series B

Insitro founder and CEO Daphne Koller. Photo credit: James Duncan Davidson/TED, under Creative Commons license Insitro, a San Francisco-based drug discovery startup, has announced  $143 million in Series B funding led by venture capital firm Andreessen Horowitz, with participation from the likes of Canada Pension Plan Investment Board, T. Rowe Price, BlackRock,  Alphabet's GV, Two Sigma Ventures, and Third Rock Ventures. Under the terms of the financing, Vijay Pande, a partner at Andreessen Horowitz, has taken a board seat at Insitro. Insitro says it'll put the new funding towards building out its drug discovery technology, pursuing new drug discoveries, R&D, and establishing new partnerships. With this funding, Insitro has now raised a total of $243 million in equity financing since its inception. Insitro is one of a series of drug discovery startups that have emerged recently and are capitalizing on the growth of machine learning techniques and resources gl

SpaceX Set For Human Spaceflight

NASA astronauts Bob Behnken (left) and Doug Hurley (right). Photo credit: NASA After months upon months of preparation, the famed aerospace company SpaceX is apparently set to launch human astronauts into space, its launch being the final major test required for SpaceX to be certified by NASA for operational manned crew missions to and from the International Space Station. SpaceX is ready for a final major test flight with two NASA astronauts, Bob Behnken and Doug Hurley, onboard the SpaceX Dragon spacecraft. This test flight notably marks the return of human spaceflight to the US, given that the last time a manned crew spaceflight launched from U.S. soil was in 2011. SpaceX is set to launch its historic crewed spaceflight on Wednesday, the 27th of March, at NASA’s Kennedy Space Center in the U.S. state of Florida. As planned, once the Dragon  spacecraft docks at the International Space Station with the two astronauts on board, it's set to return back to the Earth at

Bithumb Names New CEO

Back Young Heo. Photo credit: Bithumb South Korean cryptocurrency exchange Bithumb has announced its appointment of a new CEO by the name of Back Young Heo, who has actually previously held the role of chief executive at Bithumb. Young Heo led Bithumb as CEO between the months of April to December 2018, a notably brief tenure, and is now back at the helm of the company. His appointment comes at a time when Bithumb is tightening and upgrading its anti-money-laundering efforts and policies. In March of this year, the government of South Korea passed a bill to formally regulate cryptocurrency, a bill which stipulated that all Korean crypto exchanges comply with by March of next year. Bithumb is apparently putting much effort into being in compliance with the passed bill. The company says it plans to hire professionals with compliance experience in traditional finance and as well invest substantially in its anti-money-laundering and fraud detection efforts. Heo's appointme

Sony Xperia 1 II Gets Release Date

Photo credit: Sony Sony has announced a release date for its new flagship smartphone, the  Xperia 1 II , the date being the 24th of July. Pre-sales for the new smartphone will begin on the 1st of June. The smartphone is priced at $1,200, a very premium price. People who pre-order the smartphone before the 28th of June will get free wireless noise-canceling earbuds made by Sony, the Sony  WF-1000XM3   in particular which is normally priced at $230. Among the specifications and features of the Sony Xperia 1 II include: A triple camera array 6.5-inch 4K OLED screen 4,000mAh battery with fast charge Qualcomm Snapdragon 865 processor The new smartphone succeeds the  Sony Xperia 1 , which launched in July of last year in the U.S. The Xperia 1 is priced at $950, about 20% less than the cost of its successor.

Fetch Rewards Poaches Groupon Veteran

David Jesse, Fetch Rewards' newly appointed CPO. Photo credit: Fetch Rewards Fetch Rewards, a Madison, Wisconsin-based mobile shopping startup, recently  announced  its appointment of a new chief product officer (CPO) by the name of David Jesse, a tech veteran who has previously worked at the likes of eBay, Gaia Interactive, and Groupon. Jesse most notably worked at Groupon, having been the company's first head of product management and design. Under that role, he helped scale Groupon from a relatively smaller startup to one with tens of millions of users and billions of dollars running through its platform. Prior to Groupon, Jesse served as a Vice President at Gaia Interactive, a San Jose-based gaming company. Prior to Gaia, he spent seven years at eBay in a variety of roles. His appointment at Fetch comes on the heels of the company poaching another tech veteran, by the name of David Berk, to serve as is chief technology officer (CTO). Berk joined Fetch from groc

US Blacklists Many More Chinese Firms

US President Donald Trump. Photo credit: Gage Skidmore on Flickr The United States Department of Commerce has blacklisted some 33 more Chinese companies and organizations over alleged ties to human rights abuses and Chinese military activities. The Department of Commerce announced the blacklists in two separate press statements, the first  on alleged ties to military activities and the other  on alleged ties to human rights abuses. Precisely, nine Chinese entities were blacklisted on alleged ties to human rights abuses, with the remaining twenty-four on alleged ties to military activities. Among the blacklisted entities included well-known Chinese technology companies like CloudMinds, Qihoo 360, and NetPosa. CloudMinds is a Chinese robotics company that develops both robots of its own and software that helps power other robots. As a company, CloudMinds has raised more than $300 million in funding from investors including SoftBank and Foxconn. Qihoo 360 is a publicly-traded

Triplebyte Wants To Make Private Info Public

Triplebyte Co-Founder & Chairman Harjeet Taggar. Photo by Kimberly White/Getty Images for TechCrunch, under Creative Commons license Triplebyte is a fairly popular job site primarily targeted at software engineers. An alumnus of famed startup accelerator Y Combinator, Triplebyte, a San Francisco-based company, has raised some $48 million in total funding. Triplebyte's service is fairly simple; you take a technical test, get assessed, and then depending on your performance, you're placed on a list where you can get noticed by software companies that Triplebyte charges for access to that list. Triplebyte can be described as an online staffing firm but primarily for software engineers. Recently, Triplebyte decided to engage in something that didn't go well with many. The company has apparently decided to take on LinkedIn with its own business and employment-oriented online network and to do that, it wants to make private profiles on its platform -- which a

Reliance Jio Raises $1.5 Billion From KKR

Reliance Industries Chairman, Mukesh Ambani. Photo credit: World Economic Forum / Valeriano Di Domenico, under Creative Commons license US-based private equity firm KKR has announced that it's reached a deal to invest about 115 billion Indian Rupees ($1.5 billion) in Reliance Jio, an Indian telecom outfit led by famed businessman Mukesh Ambani. KKR's newly announced investment comes on the heels of another private equity firm, General Atlantic, having reached a deal to invest $870 million in Reliance Jio. Over the past few weeks, US-based companies including Facebook, Silver Lake Partners, and Vista Equity Partners have also reached respective deals to invest sizeable amounts in Reliance Jio. Altogether, including KKR's deal, Reliance Jio has secured some $10.3 billion in funding over the past four weeks, with more than half of that ($5.7 billion to be precise) coming from Facebook. Reliance Jio is the telecom outfit of famed Indian conglomerate Reliance Indus

Nvidia Reports Record Data Center Sales

Nvidia CEO Jensen Huang. Photo credit: Nvidia, under Creative Commons license Chip company Nvidia just reported its financial results for the first quarter of this year, indicating a record of $1 billion in data center quarterly sales for the first time ever. During the quarter in total, Nvidia recorded roughly $3 billion in revenue, up 39% year-over-year. Also in the same quarter, Nvidia paid dividends of $98 million. Record data center revenues look very good for Nvidia, as the segment is beginning to account for a larger slice of the company's total sales. For long, most of Nvidia's sales have originated from one segment, being gaming . Adding yet another segment in the form of data center sales will apparently boost investor confidence in Nvidia's business prospects because as they say, "Don't put all your eggs in one basket." Datacenter operators have long continued to push new chips into their servers to increase usage capabilities and Nv

Monday.com's Valuation Jumps To $2.7 Billion

Monday.com co-founders Roy Mann (left) and Eran Zinman (right).  Photo credit: Monday.com The valuation of Monday.com, a privately-held Israeli SaaS company, has jumped to $2.7 billion after a secondary share sale by some of the company's existing investors, as first reported by Bloomberg . A $2.7 billion valuation implies a 42% jump from Monday.com's last private valuation of $1.9 billion. Monday.com is an internet-based workspace collaboration tool and has seen increased demand due to a coronavirus pandemic that has led many to work primarily online. Such is the case that growth linked to the pandemic has “accelerated” the company's plans to double its workforce by the end of this year, according to a statement from its CEO, Roy Mann. Currently, Monday.com has over 10,000 paying enterprise customers across over 180 countries. The company is known to have raised some $234 million in equity funding since its inception. Notable investors in Monday.com include Sap

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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