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Fox Corp Said To Be In Talks To Snap Up Tubi

According to a report from the Wall Street Journal, media house Fox Corp is in talks to acquire streaming service Tubi in a deal that could value it at more than $500 million. The report notably comes a few months after Tubi was reported to be in talks to raise $150 million in new funding.

San Francisco-based Tubi is one out of several ad-supported streaming services out there. It's available in the US, Canada, and Australia, with more than 20,000 movies and television shows from several Hollywood Studios on its platform. Tubi currently works with more than 250 content partners, to name a few, Warner Bros., Paramount, and Lionsgate. In a recent press release, the San Francisco-based company said it'll boost its content spending this year to over nine figures.

Tubi had 229 employees as of 2019 end, a 78% increase from its 2018 headcount. The company has said it'll add more employees as it works towards both domestic and international expansion.

Fox Corp, the reported acqui…
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Brief: Dropbox Soars On Q4 Result

File hosting company Dropbox just released its financial results for the fourth quarter ended December 31, 2019, reporting $446 million in revenue, up 19% from the same period last year. For the entire year, Dropbox recorded $1.66 billion in revenue, up 19% year-over-year. In light of the results, Dropbox shares rose as much as 16% during trading on Thursday.

As of 2019 end, Dropbox had 14.3 million paying users, compared to 12.7 million as of the end of 2018. Average revenue per user amounted to $125, compared to roughly $120 in the previous year. As of 2019 end, Dropbox had $1.16 billion in cash, cash equivalents and short-term investments, slightly more than $1.09 billion as of the end of 2018.

As for losses, Dropbox recorded $6.6 million in losses in 2019, down from $9.5 million in 2018.

Dropbox has also authorized up to $600 million in share repurchases, representing less than 7% of its market cap as of writing.





Brief: Goldman Sachs Leads $120 Million Series E For Flywire

Flywire, a Boston, Massachusetts-based payments startup, has announced $120 million in Series E funding led by banking giant Goldman Sachs. The company also announced that it has acquired Simplee, a Palo Alto-based company that develops payment systems for the healthcare industry.

The Series E funding brings the total amount raised by Flywire to $260 million. Alongside Goldman, new investors Tiger Management and Adage Capital Management participated in the funding also alongside other existing investors. The investment is said to value Flywire at more than $1 billion.

Flywire develops cross-border payment systems that are tailored for customers in the healthcare, education, travel, and business sectors. The company has processed more than $12 billion in payments for more than 2,000 clients globally since inception.

Armed with its new acquisition, Simplee, Flywire says it'll power payments for four of the top ten US healthcare systems representing more than $10 billion in annual p…

Essential To Cease Operations

Essential Products, a smartphone startup founded by Android creator and former Google executive Andy Rubin, has announced it'll be ceasing operations and winding down after struggling to win customers in a highly competitive smartphone market. The Palo Alto-based company, which was founded in 2015, had raised $330 million in funding (Crunchbase data) from well-known investors such as Tencent, Amazon, and Redpoint prior to this announcement.

Essential's first product was an Android smartphone dubbed PH-1. It was announced in 2017 but discontinued a year later amid reports of poor sales. Essential began working on another unique kind of smartphone dubbed "Project GEM", which was unveiled late last year but hadn't gone into production and apparently won't given Essential is shutting down.



"Despite our best efforts, we’ve now taken Gem as far as we can and regrettably have no clear path to deliver it to customers." Essential's announcement said. &q…

Brief: Casper Surges In Public Market Debut

Online mattress retailer Casper, which filed for an initial public offering (IPO) early last month, just made its debut on the public markets, surging more than 20% from its opening share price despite a lowered valuation from its previous target. Before going public, Casper cut its IPO target share price from between $17 to $19 to between $12 to $13. The $12-$13 share price range implied a valuation hovering around $500 million, way below its last private valuation of $1.1 billion.

Casper posted $312 million in revenue in the first nine months of 2019 but with a $67 million loss in the same period. The company spends heavily on sales and marketing, with the segment making up most of its expenses. Casper, although a pioneer of the direct-to-consumer online mattress industry, is facing competition from a host of similar startups capitalizing on the same trend. In fact, by one count, there are 175 of such startups with very similar offerings.

There's really no strong barrier to ent…

FTC Sues To Block Harry's Acquisition

The U.S. Federal Trade Commission (FTC) has filed suit to block the acquisition of razor startup Harry's by Edgewell Personal Care. The FTC made this known in a recent announcement that termed Harry's' acquisition as one that "would eliminate one of the most important competitive forces in the shaving industry". "The loss of Harry’s as an independent competitor would remove a critical disruptive rival that has driven down prices and spurred innovation in an industry that was previously dominated by two main suppliers, one of whom is the acquirer." The FTC's statement said.

Edgewell Personal Care entered a deal to acquire Harry's for $1.37 billion in May last year. The acquisition happened to come a few years after consumer goods giant Unilever acquired one of Harry's main competitors, Dollar Shave Club, for $1 billion. That acquisition went smoothly, encountering no known regulatory hurdles on its way to completion.

Edgewell is one of a few…

Brief: Asana Confidentially Files To Go Public

Asana, a San Francisco-based software startup led by Facebook co-founder Dustin Moskovitz, has announced that it has confidentially filed an S-1 with the U.S. Securities and Exchange Commission (SEC) to hold a public listing. Its filing comes on the heels of another San Francisco-based firm, albeit a primary care one, One Medical, holding a successful public listing.

According to news site Axios, a spokesperson for Asana confirmed the company would be going public via a direct listing, an alternative route that entails holding a public listing without an underwritten public offering or issuance of new shares as is conventionally done. If it does so, Asana will be the third company to take that route, the other two being Spotify and Slack.

Airbnb, another IPO candidate for this year, is also rumored to be considering a direct listing, hinting of the alternative route being one that may become more common in future time.

Asana has raised some $213 million in total funding (Crunchbase d…

Brief: Goldman Sachs Said To Eye SMB Loans Tie-Up With Amazon

According to a report from the Financial Times, Goldman Sachs is in talks with Amazon to begin offering small-business loans via the e-commerce giant's lending platform. For those not in the know, Amazon operates a lending platform that has existed for years and is adopted as a way to strengthen its ties with small businesses. The loans facilitated through Amazon's platform are used mostly to provide Amazon.com merchants with funding needed to obtain inventory.

According to the Financial Times, Goldman Sachs has begun building out technology that would let it offer loans on Amazon's lending platform and could launch the project as soon as next month, March. Such plans conform with Goldman's plan to diversify, with the company fresh off its investor day, when it pitched embracing the conventional bank model (Goldman Sachs is mainly an investment bank) as it adjusts to a new era where conventional growth engines such as trading don't assure it a top Wall Street stan…

Brief: Darktrace Appoints New CFO

British cyber-security startup Darktrace has announced the appointment of a new CFO by name of Catherine Graham. Graham's appointment is effective beginning from 10th February. Her appointment comes amid reports that Darktrace could be on its way to an initial public offering (IPO).

Graham is a seasoned financial executive with more than two decades of professional experience under her belt. She has held leadership positions at several businesses through periods of fast growth and led four successful IPOs, including that of ed-tech company 2U. She served as CFO at 2U for eight years, leading its capital structure growth during her tenure.

Prior to 2U, Graham was also the founding CFO of Via Net.Works, an internet services provider that raised $186 million in venture capital before going public in early 2000.

“I am delighted to welcome Cathy to Darktrace,” Darktrace CEO Nicole Eagan said in a statement. “As we begin to see real-world attacks leveraging offensive AI, customer deman…

A16z Leads $10 Million Round For Neighbor.com

Neighbor.com, a Utah-based peer-to-peer storage startup, has announced $10 million in Series A funding led by Andreessen Horowitz (also known as a16z), with participation from Uber early employee Ryan Graves and Tonal co-founder Nate Bosshard. Under the terms of Andreessen Horowitz's investment, its managing partner, Jeff Jordan, is joining Neighbor.com's board. Jordan notably serves on the boards of Airbnb, Instacart, Lime, and Pinterest. He also previously held executive roles at eBay, PayPal, and OpenTable.

Neighbor.com is betting on peer-to-peer storage as a way to gain ground in the $40 billion U.S. self-storage market. Its method entails connecting "renters" in need of storage space with "hosts" in their neighborhood who are willing to lease extra space in their home or garage to store stuff. From college students storing a box in a neighbor's closet to homeowners storing cars in their third car garage, Neighbor provides a way for property owners…

SoftBank Leads Alto Pharmacy Investment At A $1 Billion+ Valuation

SoftBank's second Vision Fund has led a new funding round for San Francisco-based drug delivery startup Alto Pharmacy, according to a Reuters reportReuters says the new round totaled $250 million and valued Alto Pharmacy (formerly known as ScriptDash) at more than $1 billion. Other existing investors such as Jackson Square Ventures and Greenoaks Capital also participated in the new funding, according to Reuters.

The investment comes at a stormy time for SoftBank, which has seen some of its portfolio companies struggle and recourse to job cuts to stay stable. The most notable of that cohort is WeWork, which pulled out of a planned initial public offering last year and needed a $9.5 billion bailout from SoftBank to stay afloat.

Alto is among a cohort of tech startups challenging traditional pharmacy chains by taking the drug delivery process online. The company was founded in 2015 as ScriptDash and rebranded itself as Alto in 2017 after a $23 million investment from Greenoaks Cap…

Tony Fadell Backs New Orleans Battery Startup

Tony Fadell, the co-founder of smart thermostat maker Nest and acclaimed co-inventor of the iPod, was among the investors in an $18.5 million Series A funding just announced by Advano, a silicon battery startup based out of New Orleans. He invested alongside the likes of Peter Thiel's Thiel Capital, Y Combinator, DCVC, and Japanese battery materials giant Mitsui Kinzoku. As part of his investment, Fadell has been appointed as a board observer at Advano.

Mitsui Kinzoku, which co-led the Series A, has also formed a strategic partnership with Advano that involves it providing its knowledge of manufacturing and access to its distribution channels to the silicon battery startup. Advano, a 2017 graduate of famed accelerator Y Combinator, is building battery components to enable more powerful, smaller, and longer-lasting lithium-ion batteries.

It's already known that adding silicon to lithium-ion batteries can improve their run-time by significant margins. However, doing so creates …

Brief: GM To Invest $2.2 Billion To Create First Dedicated EV Plant

General Motors (GM) has announced it's investing $2.2 billion in its Detroit- Hamtramck assembly plant to utilize it as a facility that'll produce all-electric vehicles alongside its recently unveiled Origin self-driving vehicle. The Detroit, Michigan-based automaker will also invest an additional $800 million in supplier tooling and other projects related to the launch of new electric vehicles.

GM says its investment will create more than 2,200 U.S. manufacturing jobs. The Detroit- Hamtramck plant will serve as the automaker's first fully-dedicated electric vehicle assembly plant. GM plans to begin rolling out its first all-electric truck by late 2021, with the 'Origin' self-driving vehicle to follow suit. The company is betting big on the  Detroit- Hamtramck facility to help facilitate that.

“Through this investment, GM is taking a big step forward in making our vision of an all-electric future a reality,” GM President Mark Reuss said in a statement. “Our electr…

Brief: Monzo In Funding Talks With SoftBank

British fintech Monzo is in funding talks with SoftBank according to a report from British newspaper The Telegraph. The Telegraph says Monzo CEO Tom Blomfield has twice met with senior executives from the SoftBank Vision Fund, citing unidentified sources. The report comes shortly after Monzo, which has already raised more than $400 million in funding, was reported to be readying additional funding.

Monzo's last raise was a £113 million (roughly $148 million) investment led by Y Combinator Continuity in June last year. That investment valued the five-year-old British fintech at £2 billion ($2.5 billion) post-money.

Monzo's last raise coincided with a limited launch in the U.S., where it's looking to as the next frontier for its digital banking service after amassing more than 3.7 million users in the U.K. Its U.S. launch was limited, with only a few thousand slots available in limited areas. This is being done in preparation for a wider rollout.

Monzo has raised funding fr…

Bird Said To Be In Talks To Acquire Rival Circ

According to a report from the Financial Times, Santa Monica-based e-scooter sharing startup Bird is in talks to acquire Circ, a European rival founded by Lukasz Gadowski, an entrepreneur who also co-founded food delivery giant Delivery Hero. However, such a deal may not be on flashy terms, as the Financial Times reports Circ has been seeking a buyer after struggling to court investments required to further its expansion. Circ (formerly called Flash), which raised €55 million in Series A funding a year ago, had a round of layoffs just two months ago. The layoffs, which the startup attributed to a focus on “efficiency and ops excellence”, is said to have affected around 50 persons.

Purchasing a struggling Circ could be a way for Bird to zoom in on its main rival, Lime, which is widely seen as leading in the European e-scooter sharing market. Bird wouldn't be new to such an acquisition, having scooped up a smaller U.S. rival, Scoot, for a price said to be less than the amount of fu…

Soft Robotics Nabs $23 Million "Oversubscribed" Series B

Soft Robotics, a Bedford, Massachusetts-based robotics startup, has announced $23 million in Series B funding. The funding round, which Soft Robotics termed as "oversubscribed", a description entailing a great deal of interest from investors, was co-led by Calibrate Ventures and Material Impact, with participation from Yamaha, Tekfen Ventures, Honeywell, Scale, Hyperplane and FANUC, a well-known maker of industrial robots.

Soft's new funding follows a similarly-sized $20 million round closed in May 2018, a round it also termed as oversubscribed. Not coincidentally, all the participants in Soft's Series B round except FANUC also participated in that previous round. FANUC, a leading manufacturer of industrial robots, happens to be a strategic investor, having partnered with Soft Robotics to create a product that was unveiled in Japan in December 2019.

Soft Robotics builds robotic automation systems for labor-intensive companies, of which good examples are e-commerce, …

Joby Aviation Secures $590 Million Series C

Joby Aviation, a Santa Cruz, California-based startup that develops electric air taxis, has announced $590 million in Series C funding led by Japanese auto manufacturer Toyota, with participation from new investors Baillie Gifford and Global Oryx alongside existing investors Intel Capital, AME Cloud Ventures, JetBlue Technology Ventures, Capricorn Investment Group, and SPARX Group. The new funding brings the total amount raised by Joby to $720 million.

According to a Bloomberg report, Toyota is providing $394 million of the $590 million total. The automaker isn't just bringing money to the table but says it'll also share its expertise in manufacturing, quality, and cost controls to support the development and production of Joby's electric aircraft. Over the past ten years, Joby has assembled a team of engineers and physicists that have developed a quiet all-electric VTOL (vertical takeoff and landing) aircraft. The aircraft is developed in anticipation of an on-demand urb…

Casper Files To Go Public

Not long after a previous report of online mattress retailer Casper working with banks on an initial public offering (IPO), the company has filed an S-1 registration document with the U.S. Securities and Exchange Commission (SEC) to do exactly that. Its S-1 document was made public just a few hours before this writeup.

Casper's S-1 indicates $312 million in revenue for the first nine months of 2019, up from $260 million in the same period of the previous year. However, the company is not profitable, with losses of $67 million and $64 million in those periods respectively. For the full year 2018, Casper recorded $358 million in revenue but with a $92 million loss.

A substantial portion of Casper's loss stems from high sales and marketing spend after gross profit is accounted for. Sales and marketing make up its highest expense, even surpassing general and administrative expenses in the years 2019, 2018 and 2017. For example, Casper spent $114 million on sales and marketing in …

Uber And Hyundai Debut Flying Taxi Concept

At this year's Consumer Electronics Show (CES), Korean auto manufacturer Hyundai and Uber unveiled a flying car concept that's aimed for use in the "Uber Elevate" initiative, an initiative that's targeted at aerial ridesharing with custom air taxis made by partners to enable that. Hyundai is the first automaker to join Uber Elevate, whose previous partners were all electric vertical takeoff and landing (eVTOL) aircraft manufacturers. Uber aims to launch an aerial ridesharing network by 2023, and has already partnered with seven aircraft makers to enable that.

Hyundai's new concept air taxi vehicle is dubbed "S-A1" and has specifications similar to that of previous electric vertical takeoff and landing (eVTOL) aircraft unveiled by other Uber Elevate partners. It'll be 100% electric, be piloted initially but with plans to later make them autonomous, and is designed with four passenger seats to allow riders board and disembark easily. It's des…

Coupang Said To Be Eyeing 2021 IPO

Coupang, a SoftBank-backed South Korean e-commerce startup, is eyeing a 2021 initial public offering (IPO) according to a Bloomberg reportBloomberg says the company, founded in 2010 and said to be valued at $9 billion, has embarked on tax structuring among other changes as it aims for a public listing next year. Another sign Coupang may be eyeing a soon IPO is its appointment of a Chief Financial Officer (CFO) in December last year. The CFO in case was Alberto Fornaro, a seasoned executive who has held senior financial roles for more than two decades at Korean firms.

Coupang's IPO could be a test of the waters for the SoftBank Vision Fund, which has seen some of its portfolio companies struggle and collectively lay off thousands. Coupang appears to be doing good, with 2018 revenues said to have approached $5 billion. Bloomberg also reports the company had more than $10 billion in gross merchandise value as of December 31 and that sales increased more than 60% year-over-year in …

Two SoftBank-Backed Startups Said To Lay Off Hundreds

According to reports from Business Insider and The Information respectively, Zume Pizza and Getaround, two SoftBank-backed startups, are collectively laying off more than 500 staff, the majority coming from Zume Pizza. Zume is said to be planning to lay off up to 400 employees representing 80% of its staff while Getaround is said to be laying off about 150 employees representing about 25% of its staff.

The reported layoffs come on the heels of another SoftBank backed startup, Fair, cutting 40% of its headcount with its CFO and CEO resigning in the process. With respect to the layoffs, Zume Pizza's case seems grimmer being just a year and two months after it snagged $375 million in funding from SoftBank. Originally a pizza-making automation startup, it later pivoted to food-supply-chain management. According to Business Insider, the layoffs are effectively a cost-cutting measure as Zume readies additional funding.

Getaround's layoffs are also reported as a cost-cutting move. I…

Velodyne Appoints New CEO

Velodyne, the world's biggest manufacturer of lidars for self-driving vehicles, has announced the appointment of a new CEO by name of Anand Gopalan. Gopalan, who served as Velodyne's CTO up until this appointment, is taking over the CEO role from Velodyne's founder David Hall, who is, in turn, transitioning to a full-time role as Chairman of the Board. Under that role, Hall will "remain actively involved in directing the company’s technology, product vision and business strategy", a press statement from Velodyne said.

Gopalan joined Velodyne in 2016 to form an advanced R&D team for the company. Since then, he has led technology and product development efforts at Velodyne. His appointment comes amid reports of the company making preparations for an IPO.

As of late, Gopalan has been an active spokesperson for Velodyne, often promoting its lidar products to audiences around the world. Under his leadership alongside Hall, Velodyne has brought to market a series …

One Medical Files To Go Public

San Francisco-based primary care startup One Medical has officially filed for an initial public offering (IPO). Its S-1 registration document with the U.S. Securities and Exchange Commission (SEC) was filed less than 24 hours ago, indicating a placeholder amount of $100 million (that is the amount intended to be raised from the IPO albeit one that's subject to change). One Medical intends to trade under the ticker ''ONEM'' on the Nasdaq Global Select Market. Investment banks J.P. Morgan and Morgan Stanley are lead underwriters for its IPO.

For context, One Medical operates several health clinics in the U.S., its specialty lying in its clinics being more tech-inclined than conventional, and with concierge services available. The company operates on a membership model, charging $200 annually both by direct-to-consumer and enterprise sales. As of September 30, 2019, One Medical had 397,000 members across nine markets in the U.S. It also had about 6,000 enterprise cli…

Snap Acquires AI Factory

As first reported by Ukranian publication AIN and later confirmed, Snap has acquired AI Factory, a Ukranian computer vision startup whose technology helped power Snapchat's recently debuted "Cameos" feature, a feature that lets Snapchat users create animated selfie-based videos.

According to AIN, Snap paid around $166 million for AI Factory, which was founded by an entrepreneur who sold his previous company, Looksery, also to Snap. Snap is said to have paid $150 million for Looksery, also a computer vision startup whose technology powers Snapchat's widely used "Lenses" feature. After Looksery's acquisition, co-founder Victor Shaburov took up the role of director of engineering at Snap, a role he held for three years before leaving in 2018 to launch AI Factory.

AI Factory is known to have offices in both Ukraine and San Francisco. According to TechCrunch, the firm has a team of around 70, the majority based out of Ukraine. TechCrunch also reports part o…

Monzo Said To Be Raising New Funding

According to Reuters, U.K. digital bank Monzo is close to raising between £50 million to £100 million ($66 million to $132 million) in new funding "within weeks" to help fund its growth. Reuters, citing an unnamed source close to the company, said funding talks have involved both existing and new investors, and could precede a potentially bigger 'Series G' round next year.

In June last year, Monzo closed £113 million in funding led by Y Combinator Continuity, an investment offshoot of famed startup accelerator Y Combinator. That funding came on the heels of Monzo's launch in the U.S. and valued the company at $2.5 billion post-money. Monzo looking to raise more funding hints of rapid growth and substantial investments to support that.

Since its founding in 2015, Monzo has amassed more than 3.5 million users by offering a user-friendly and mobile-first app that facilitates online spending and money management. The company currently has more than 300 employees wor…

NIO Reports Q3 Results

Chinese electric car maker NIO just reported its financial results for the third quarter of this year, indicating $257 million in revenue but with a $357 million loss in the period. The company delivered 4,799 vehicles in the third quarter, compared to 3,553 deliveries in the preceding quarter. In reaction to the earnings reports, NIO's shares are up more than 50%, trading for $4.17 apiece as of writing.

According to Yahoo Finance, NIO's quarterly results surpassed analyst expectations, with revenue projections for the third quarter having hovered at around $231 million. NIO's $257 million in revenue happens to have beat that by a significant margin, but still amid steep losses. NIO has been losing lots of money as it spends to gain ground as a newer entrant to the electric car market.

The company was founded just five years ago and has delivered approximately 30,000 vehicles since inception, a significant number but a much smaller amount compared to that of other EV maker…

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Nikola Raises $250 Million At A $3 Billion Valuation

Nikola, a formerly Utah but now Phoenix-based manufacturer of hydrogen-electric vehicles, has courted a $250 million Series D investment out of a targeted $1 billion raise. CNH Industrial, one of the world's largest capital goods companies, made the investment at a $3 billion pre-money valuation. The $250 million figure actually comprises of $100 million in cash and $150 million in services like product development, manufacturing engineering, and other forms of technical assistance that CNH will provide to Nikola.

CNH Industrial owns FPT Industrial, a leading manufacturer of powertrains for large vehicles, and Iveco, a leading manufacturer of heavy trucks. These two firms will provide strategic expertise for Nikola, which is known mainly for its hydrogen-electric (fuel cell) trucks. Iveco and FPT will provide engineering and manufacturing services to industrialize Nikola’s fuel-cell powered electric trucks, under the terms of CNH's investment. For example, Nikola has made pla…

Rivian Raises $1.3 Billion In Additional Funding

Not long after raising $500 million from Ford and an additional $350 million from Cox Automotive, electric car startup Rivian has announced $1.3 billion in new funding led by T. Rowe Price, with participation from BlackRock and existing investors Ford and Amazon. The additional investment is the fourth Rivian has raised this year, and comes a few months after Amazon announced it'll purchase 100,000 vehicles from the company as part of plans to make its delivery fleet run on renewable energy.

The additional investment brings the total raised by Rivian this year to a whooping $2.85 billion. In a statement, Rivian founder and CEO RJ Scaringe praised the investment as demonstrating "confidence in our team, products, technology and strategy". With the investment, Rivian now stands as one of the top-most financed electric car upstarts in what seems like a crowded market.

Rivian plans to begin selling vehicles next year, which may explain the additional funding at the tail-end…

Apple Lowers Guidance For Fiscal 2019 First Quarter

Going by a recently released letter to investors by Apple CEO Tim Cook, The company has lowered revenue guidance for its fiscal 2019 first quarter which ended on the 29th of December, citing lower than expected iPhone sales in China and "emerging market challenges".

It now expects revenue of approximately $84 billion, a gross margin of approximately 38%, operating expenses of approximately $8.7 billion, other income/(expense) of approximately $550 million and a tax rate of approximately 16.5 percent before discrete items for this period.


In the letter, Apple CEO Tim Cook blames this on two key factors - "emerging market challenges" and lower than anticipated iPhone revenue, primarily in Greater China, the latter which it says accounts for all of revenue shortfall to guidance and more than its entire year-over-year revenue decline. Cook noted that sales outside of the iPhone (Services, Mac, iPad, Wearables/Home/Accessories) combined grew almost 19% from last year.

Darktrace Could Be Heading For An IPO

Darktrace, a U.K. cybersecurity startup that was valued at $1.65 billion after raising funding last year, could be looking towards a public offering, indicated by a closeness to naming a chief financial officer, Bloomberg reports. Companies looking to go public typically appoint a CFO, usually of high-profile, to take on the role of spearheading the company's finances in preparation for a voyage on the public markets. Also, with $231 million in funding and a high valuation to go along, Darktrace seems like a company that's ready to hit the public markets, especially if it's found stability in its business model.

In an interview, Darktrace co-founder and co-CEO Poppy Gustafsson said the company added about 400 employees in the past year, and expects to keep growing at a similar rate. However, she also noted that Darktrace hasn't made a firm decision regarding debuting on the public markets, and said the company doesn't require additional investment for its expansio…

Brief: Dropbox Soars On Q4 Result

File hosting company Dropbox just released its financial results for the fourth quarter ended December 31, 2019, reporting $446 million in revenue, up 19% from the same period last year. For the entire year, Dropbox recorded $1.66 billion in revenue, up 19% year-over-year. In light of the results, Dropbox shares rose as much as 16% during trading on Thursday.

As of 2019 end, Dropbox had 14.3 million paying users, compared to 12.7 million as of the end of 2018. Average revenue per user amounted to $125, compared to roughly $120 in the previous year. As of 2019 end, Dropbox had $1.16 billion in cash, cash equivalents and short-term investments, slightly more than $1.09 billion as of the end of 2018.

As for losses, Dropbox recorded $6.6 million in losses in 2019, down from $9.5 million in 2018.

Dropbox has also authorized up to $600 million in share repurchases, representing less than 7% of its market cap as of writing.





Intel Scoops Up Habana Labs For $2 Billion

Intel has announced it has acquired Habana Labs, an Israel-based startup that makes AI chips. The semiconductor giant is paying roughly $2 billion for Habana, one year after leading a $75 million Series B investment in the company. The acquisition represents another score for Habana co-founder and chairman Avigdor Willenz, a serial entrepreneur who previously founded and led Galileo Technology (acquired for $2.7 billion by Marvell Technologies) and Annapurna Labs (acquired for $350 million by Amazon). Unsurprisingly, both companies were chip makers, crowning Willenz as a whizz in the chip-making sector with sequential successful exits.

Prior to this acquisition, Habana had raised $120 million in funding from investors including Intel Capital, Battery Ventures, Bessemer Venture Partners and WRV Capital. As of November last year (when it last raised funding), Tel Aviv-based Habana had just over 120 employees. The company was founded in 2016, and maintains only two offices globally, one…

Meet goPuff, A Low-key Delivery Company Worth $1 Billion

The food-delivery market is one with intense competition. The likes of DoorDash, Uber Eats, Postmates, Deliveroo, Swiggy, Just Eat, Yelp Eat 24, and more are steadily competing for global market share while also raising huge funding. Just recently, Deliveroo raised $575 million in a round led by Amazon. DoorDash has also raised $600 million Series G funding at a $12.6 billion valuation.

Amid the intense battle, it turns out there's one hot startup that has stayed low key to avoid the eye of rivals, but it seems word is getting out. That low-key hot startup is goPuff, an on-demand delivery service that was valued at $1 billion last November (after an investment), according to regulatory filings reviewed by The Information. goPuff ships products to customers from centrally located facilities -- as opposed to direct pickup from stores -- in 81 U.S. cities.


The company -- based in Philadelphia -- stocks more than 3,000 products at its facilities which it then ships to customers who o…

Uber And Hyundai Debut Flying Taxi Concept

At this year's Consumer Electronics Show (CES), Korean auto manufacturer Hyundai and Uber unveiled a flying car concept that's aimed for use in the "Uber Elevate" initiative, an initiative that's targeted at aerial ridesharing with custom air taxis made by partners to enable that. Hyundai is the first automaker to join Uber Elevate, whose previous partners were all electric vertical takeoff and landing (eVTOL) aircraft manufacturers. Uber aims to launch an aerial ridesharing network by 2023, and has already partnered with seven aircraft makers to enable that.

Hyundai's new concept air taxi vehicle is dubbed "S-A1" and has specifications similar to that of previous electric vertical takeoff and landing (eVTOL) aircraft unveiled by other Uber Elevate partners. It'll be 100% electric, be piloted initially but with plans to later make them autonomous, and is designed with four passenger seats to allow riders board and disembark easily. It's des…

Cloudflare Files For IPO

Not long after a previous report that said Cloudflare was eyeing a September IPO, the San Francisco-based CDN provider has filed for that with the SEC, meaning an IPO next month may just be happening. Cloudflare's S-1 filing comes a decade after its first funding. The company recorded $192.7 million in 2018 revenue, but with an $87.2 million net loss. This is up from $135 million revenue in 2017 and a $10.7 million net loss for the same period.

In the first half of this year, Cloudflare recorded $129.2 million in revenue, but still with losses of $36.8 million. Other key takes from its S-1 filing include:
$94.4 million sales and marketing spend in 2018, up 54% from $62 million in 2017$54.5 million R&D spend in 2018, compared to $33.7 million in 2017Roughly $125 million in cash and cash equivalents as of Q2 end (June 30, 2019)74,000 paying customers as of Q2 endTwo million total [free and paying] customers408 paying customers with annual billings of more than $100,000 (as of Q2…

Reddit Has Begun Tests For Live Video Streaming

As confirmed by Reddit to Wired, the widely called "front page of the internet" has begun tests for live video streaming, marking a significant moment for what has been majorly a text-only platform. In its 14 year history, Reddit has grown from an initial link-sharing site to a destination for online discussion, news aggregation and web content rating. Reddit is so popular and widely used that it's the 14th most visited website globally, according to Alexa data.

Allowing live streaming on its platform shows Reddit is really keen on a turnaround since co-founder Steve Huffman re-joined the company in 2015. With most major social media platforms currently supporting live streaming, it's obvious that it's somewhat necessary for a widely used platform to support live video. Reddit is known for being an internet property with boatloads of user engagement. With the addition of live video streaming, it could be looking towards a spike in both [an already large] user en…