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Showing posts from March, 2019

Daimler Urges EU Regulators To Investigate Nokia Patents

German automaker Daimler has filed a complaint to European Union antitrust regulators concerning Nokia patents in the field of car communications. This move highlights what can be termed as growing tensions between tech companies and auto companies concerning use of essential technologies.

In this age of burgeoning automobile fields like ride-hailing and driverless vehicles, Auto companies and tech companies now work more closer than never, developing technologies to help both parties keep pace. To cite a few cases: As of recent, Volkswagen partnered with AWS, Toyota and Nvidia reached a deal to collaborate on driverless vehicles, Hyundai invested $300 million in Ola Cabs, Daimler -- of importance here -- acquired a majority stake in Virginia based self-driving company Torc Robotics.


“We want clarification on how essential patents for telecommunications standards are to be licensed in the automotive industry,” Daimler said in a statement on Saturday. “Fair and non-discriminatory acce…

Apple Top Chip Designer Departs

According to CNET, a top Apple semiconductor engineer, Gerard Williams III, who has led the company's development of every processor core from the A7 to the A12x, departed the company last month after a nine year stint. This departure comes as Apple boosts efforts to create more of its components and reduce dependence on external suppliers.

The company's latest spat with Qualcomm might be a reason for this. Many phone manufacturers rely on processors made by Qualcomm. Manufacturing its own components gives Apple more control over its own devices and differentiates it from rivals. The company may also be doing this to keep up with competition from the likes of Apple and Huawei who manufacture the bulk of its own modem chips.


Williams' departure might be a notable loss for Apple where he's listed as an inventor for more than 60 of its patents.  Before joining Apple in 2010, he held positions at chip companies Intel, Texas Instruments and ARM.



TransferWise Reportedly Raising $300 Million At $4 Billion Valuation

TransferWise - a U.K. payments startup valued at $1.6 billion from a previous round - is reportedly raising $300 million in new funding at a $4 billion valuation. Reuters reports this, citing people familiar with the matter. A $4 billion valuation would set TransferWise as the top-most valued fintech in Europe, surpassing N26's $2.7 billion valuation from a January round.

Reuters says the latest fundraising round for TransferWise is being organised by Goldman Sachs. TransferWise has already raised some $480 million in debt and equity funding according to Crunchbase data. Investors in the company include Andreessen Horowitz, Sapphire Ventures, Virgin Group, Baillie Gifford, JP Morgan, IVP (Institutional Venture Partners) and LHV Ventures.


According to its website, TransferWise currently moves over $4 billion a month and employs more than 1,400 people across 11 offices globally. The company booked £117 million pounds ($152.6 million) in revenue and $12.4 million in profit for the 1…

1stdibs Raises $76 Million

1stdibs - a marketplace for luxury goods and accessories like jewelry, furnishings, fine arts and vintage clothing - has raised $76 million in Series D funding led by funds advised by T. Rowe Price Associates, with participation from luxury goods holding company Groupe Artémis, former Alibaba executive Michael Zeisser, and Allen & Company.

1stdibs says it plans to use the investment to boost its core business, grow other categories, expand into international markets and make strategic acquisitions. Including this round, 1stdibs - which had $250 million in sales last year - has raised $170 million in equity funding. Other investors in the company include Index Ventures, Spark Capital, and Benchmark.


Founded in 2001, 1stdibs currently works with more than 4,200 dealers from 43 countries. The company switched to a main e-commerce model in 2013 and has seen increased sales since then. 1stdibs is currently led by David Rosenblatt, the former CEO of DoubleClick, an online advertising c…

Toast Raises $250 Million At $2.7 Billion Valuation

Toast - a Boston based restaurant management startup - has raised $250 million Series E funding led by TCV and Tiger Global, with participation from existing investors like Bessemer Venture Partners. This comes on the heels of a $115 million round in July 2018 that valued the company at $1.4 billion. That valuation has nearly doubled with this round to $2.7 billion.

Toast has now raised some $500 million in total, according to Crunchbase data. Other notable backers include T. Rowe Price, Lead Edge Capital, Eight Roads Ventures and Generation Investment Management. The 2013 founded startup has seen some 148% growth in revenues, according to CFO Tim Barash in a statement to TechCrunch.


Toast joins other startups like Rent the Runway, Airwallex, Casper, PayIt, Tarana Wireless, and Doctolib that have raised huge funding recently. According to TechCrunch's post, Toast has committed some $1 billion over the next five years into R&D aimed at building more hardware and software.

TCV …

Apple Discontinues AirPower Wireless Charging Mat

Apple has announced it's discontinuing the AirPower wireless charging mat that it unveiled in 2017 on the same day it revealed the iPhone X. This is rare retreat for Apple which made the AirPower mat with intention to wirelessly charge up to three Apple devices at a time. Apple is not known to cancel already announced devices, making this a kind of surprising one.

Apple said it concluded that the AirPower mat “will not achieve our high standards”, leading to its shutter. “We apologize to those customers who were looking forward to this launch,” Apple’s senior vice president of Hardware Engineering, Dan Riccio, said in a statement. “We continue to believe that the future is wireless and are committed to push the wireless experience forward.”


Just recently, Apple released a new version of the AirPods with support for a wireless charging case. This led to speculations that an accompanying wireless charging mat could be in the works. Apple news focused website Daring Fireball previou…

Daimler Acquires Majority Stake In Torc Robotics

Daimler Trucks has reached a deal to acquire a majority stake in Torc Robotics - a Blacksburg, Virginia based self-driving company founded in 2005 - for an undisclosed sum. Both parties will join forces to work on commercialisation of automated trucks on U.S. roads. Torc's team will collaborate with Daimler Trucks' developers, particularly its R&D team in the state of Oregon for this.

Torc will continue to develop the Asimov automated driving software it's known for at its Virginia facility. It'll still remain a separate entity maintaining its name, team, facilities and existing customers in the state of Virginia. The partnership with Daimler will enable it significantly expand its team and service its customer base in other markets, a press release noted.


Torc Robotics with around 100 employees currently offers an automated driving software solution that's used in self-driving cars and transit vehicles. The company also provides self-driving technology for ar…

A16Z Reportedly Leading $300 Million Round For Carta

On the heels of an $80 million raise that valued the company at $800 million, Carta - a startup that lets founders, investors and employees manage investments and stakes in private companies - is said to be raising $300 million in new funding led by Andreessen Horowitz, with participation from Lightspeed Venture Partners and Goldman Sachs.

The report comes from The Information, which says Andreessen Horowitz (also known as a16z) is leading the round with a $100 million investment. Carta will be valued at $1.8 billion with this round, the tech news site also said. Such valuation would imply a new addition to the unicorn club, one that recently welcomed the likes of Airwallex, Casper and Rent the Runway, with China's Mobvoi also gearing for that.


Carta - which manages billions of dollars in equity for over 10,000 private companies including Slack, Flexport and Coinbase - has already raised nearly $150 million in funding. Its backers include Menlo Ventures, Union Square Ventures, Tr…

The New BMW 1 Series Faces Final Tests In France

The new BMW 1 Series is currently under test at a BMW testing centre in Miramas, Southern France. This would mark the final test for the vehicle before it heads to the markets. Extensive tests will be made on camouflaged pre-series versions of the new vehicle, which BMW says is a result of five years of "intensive" development work.

The new BMW 1 Series will come with features like:
A newly developed 4-cylinder engineMore legroom / interior spaceIncreased luggage compartment capacity (from 360 litres to 380 litres)ARB technology (a wheel slip control system), a feature only previously available on the BMW i3BMW front-wheel drive architecture.
The new vehicle will be officially unveiled at the Los Angeles Auto Show holding from 22 November - 2 December. Have more looks at the upcoming vehicle in the pictures below:








PayIt Raises More Than $100 Million From Insight Partners

PayIt, a Kansas City, Missouri fintech known for its payments platform targeted at public services, has raised more than $100 million in funding from New York-based VC firm Insight Partners. The company had previously raised some $4.5 million prior to this round, according to Crunchbase data.

Investors include Missouri Technology Corporation, KCRise Fund, Royal Street Ventures, Weatherford Partners, Advantage Capital and Zego CEO Adam Blake. PayIt says the new funding will allow it to expand its reach and product capabilities. PayIt partners with the three levels of government: state, local and federal, enabling a digital payments platform for public services.


"As consumers, we increasingly expect world-class mobile experiences in everything we do, from booking hotel rooms to getting rides to ordering groceries," Insight Partners Managing Director Ryan Hinkle said in a statement. "PayIt brings this type of world-class experience to their government partners, saving tim…

Palantir Lands $800 Million Contract With U.S. Army

Palantir has landed a contract with the U.S. Army to deploy a complex battlefield intelligence system for soldiers, The Washington Post reports. The contract is potentially worth over $800 million, the paper noted. According to industry experts, this will mark the first time the U.S. government had sought the services of a Silicon Valley software company to lead a noteworthy defense program with a dedicated line of funding from the U.S. Congress.

According to the Post, The U.S Army chose Palantir and defense contractor Raytheon to contend for the next phase of Distributed Common Ground System (or DCGS-A, for Army), a software that lets its users fetch and analyze information about enemy movements, weather, and terrain to generate real-time reports and detailed maps.


Critics within the Army and Congress are said to have laid complaints for years about the DCGS-A costing too much while not delivering the capabilities and intelligence required by soldiers, leading the U.S. Army to tap P…

Daimler And Geely Form Joint Venture For Electric Vehicles

Daimler and Chinese auto manufacturer Geely has entered a joint venture to "own, operate and further develop smart, the pioneer of small urban vehicles". Daimler and Geely will assemble EV models at a new electric car factory to be built in China, with sales aimed to begin by 2022.

This joint venture comes on the heels of another collaboration by automakers Toyota, Hino, Honda and Softbank. The new joint venture will be headed by six executives: three each from Daimler and Geely. Geely chairman Li Shufu and CEO An Conghui will be among the six.


The new vehicles to be produced by the joint venture will be styled by Mercedes-Benz while Geely provides the engineering facilities. Prior to launch of new models from 2022, Daimler will continue the production of its "smart vehicles" at its Hambach plant in France and at Novo Mesto, Slovenia.

The German auto brand is investing €500 million in the Hambach plant for this effort.




More on Autonomy:
Volkswagen Taps AWS For Cloud…

Softbank, Toyota, Honda And Hino Collaborate

Monet - a joint venture between Softbank and Toyota - has entered into a partnership with Japanese manufacturer Hino Motors and Honda. Hino and Honda will each invest 249.95 million yen ($2.6 million) for stakes of 10%. This partnership involves Monet harnessing data Hino collects from its trucks and buses and that of Honda's.

"Through this collaboration with Monet, Honda hopes to realize the more efficient promotion of acquiring users and social acceptance of mobility services, various experimental projects, and public relations activities for necessary regulatory changes. Honda wants to contribute to the revitalization of the mobility service industry in Japan and solve traffic-related problems facing Japanese society." Honda CEO Takahiro Hachigo said in a statement.


Softbank, Toyota and Honda have made several efforts in the automobile 'mobility' space. Toyota recently collaborated with Nvidia to develop self-driving vehicles. Honda and Softbank are investors…

Casper Reportedly Valued At $1.1 Billion With New Funding

Casper - the New York based startup known for its line of direct-to-consumer sold mattresses and other sleep items - has been valued at $1.1 billion with $100 million in new funding, according to Bloomberg. The report says Casper plans to officially announce the funding soon and that it'll be geared towards international expansion and growth of its physical retail locations.

Casper has already raised some $240 million: $13.1 million Series A funding, $55 million Series B funding and $170 million Series C funding. Investors include Target, rapper Curtis "50 Cent" Jackson, Lerer Hippeau, Norwest Venture Partners, Institutional Venture Partners (IVP), SV Angel, Slow Ventures, and celebrities Leonardo DiCaprio, Tobey Maguire, Adam Levine, and Scooter Braun.


According to Bloomberg, Casper surpassed $400 million in revenue last year. The company is part of a burgeoning list of startups that sell niche items directly to consumers mostly online while also operating physical sto…

Mobvoi Reportedly Seeking $100 Million Funding At $1 Billion Valuation

Mobvoi - A Chinese AI and smartwatch startup known for its development of in-house voice search technologies - is close to securing funding at a $1 billion valuation, Bloomberg reports. It says Mobvoi is seeking to raise $100 million ahead of planed IPO on a proposed board for tech companies in Shanghai.

A $1 billion valuation would imply a new addition to the unicorn club from the Chinese region. Mobvoi has already raised nearly $250 million according to Crunchbase data, from investors including Google, Sequoia Capital China, ZhenFund and Volkswagen. Mobvoi has a noteworthy link with Google, having marked as the tech giant's first direct investment in China after shuttering its search engine in the country in 2010.


Mobvoi was founded in 2012 by ex-Googlers and also counts Google as a partner. Google collaborated with the company in 2015 to get Android Wear into the Chinese market. Beijing based Mobvoi develops vice search technologies that it applies in products like the Chumenw…

Volkswagen Taps AWS For Cloud Efforts

Amazon Web Services continues to be on a tear, with Pinterest's recent IPO prospectus revealing a commitment to spend $750 million on AWS through 2023. Now automaker Volkswagen has tapped AWS to developed what it calls the "Volkswagen Industrial Cloud". The agreement is a multi-year one that'll involve combination of data of machines, systems and plants from all Volkswagen's 122 facilities.

Volkswagen is adopting a portfolio of AWS services including internet of Things (IoT), machine learning analytics and compute services for this effort. The company says the platform it aims to create will "standardize and simplify" exchange of data between its automotive systems and plants. Such platform will aid in deployment of technologies like robotics and analysis of production processes. The platform Volkswagen is creating will also be made open to other industrial companies.


“Volkswagen's and AWS's collaboration will have a profound impact on efficien…

McDonald's Acquires Dynamic Yield

Popular restaurant chain McDonald's has reached a deal to acquire Dynamic Yield, a New York and Tel Aviv based 'personalization' startup. McDonald's says it will utilize Dynamic Yield's technology - which applies machine learning for product and content recommendations - to "provide an even more personalized customer experience by varying outdoor digital Drive Thru menu displays to show food based on time of day, weather, current restaurant traffic and trending menu items."

Dynamic Yield's tech will also enable it instantly suggest and display additional items to customers' orders based on their selections. This will make McDonalds one of the first to integrate "decision technology" into point of sale at brick and mortar solutions. The restaurant chain has already tested this technology in several U.S. restaurants last year.


Once the Dynamic Yield acquisition closes, McDonalds says it'll begin to roll out this technology in its Driv…

UPS Partners With Matternet For Medical Drone Deliveries

UPS has partnered with drone startup Matternet to deliver medical samples via unmanned drones. Deliveries will take place at the hospital and campus of WakeMed in Raleigh, North Carolina. Test flights have already taken place at the campus in August 2018 as part of a pilot program set up by the U.S. Federal Aviation Administration.

The FAA has set up a three-year long program that aims to test practical applications of drones by working with private companies and local governments. UPS will make use of Matternet's M2 quadcopter - one powered by a rechargeable lithium-ion battery, capable of ferrying medical payloads weighing up to about 5 lbs. over distances of up to 12.5 miles. - for the deliveries.


The quadcopter will fly through a pre-determined path - while monitored by a specially trained pilot - to a fixed landing pad at WakeMed’s main hospital and central pathology lab. The three parties involved - UPS, Matternet, and WakeMed - "will use the learnings to consider how …

Airwallex Raises $100 Million DST Global Led Series C

Airwallex - a facilitator for cross-border payments - has raised  $100 million Series C funding led by DST Global, hitting a $1 billion valuation in the process. Existing investors including Tencent, Hillhouse Capital, Horizons Ventures, Sequoia Capital China, Gobi Partners and Square Peg Capital also participated in this round.

Australian founded Airwallex has now raised more than $200 million in total funding, just three years after its start. The company says it'll deploy the new capital to expand its suite of payments products and to support expansion into the US, UK, and Southeast Asia. It'll also further product development with this new funding.


Airwallex notably provides a solution for businesses to process international transactions. Customers can create accounts on Airwallex with local bank details and pay for services globally. Companies like JD.com, Tencent, MasterCard and Ctrip make use of Airwallex to process payments.

“We started Airwallex because we knew there…

Apple Unveils Credit Card

Apple has unveiled the Apple Card, a new type of credit card that's built into the Apple Wallet app on the iPhone, offering customers a similar experience to Apple Pay and the ability to manage their cards right from the smartphone. There'll also be a physical titanium card, but one without a credit card number, CVV, signature or expiration date.

The Apple Card carries no fees and also "interest rates that are among the lowest in the industry" according to Apple. It says the card will offer the "flexibility to schedule more frequent payments" and show a range of payment options and calculate the interest cost on various payment amounts in real-time.


One unique feature of the Apple Card is privacy and security, with a unique card number created and stored on a microprocessor chip on the iPhone for each card. Every transaction will have to be authorized with Face ID or Touch ID and a one-time unique dynamic security code. Users of the Apple Card will be also…

Apple Debuts New TV Subscription Service

Along with a new games subscription service and news subscription service, Apple has premiered a new video subscription service - Apple TV+ - that'll feature new content from the likes of Steven Spielberg, Oprah Winfrey, J.J. Abrams, Jason Momoa, Octavia Spencer, Jennifer Anniston, Reese Witherspoon and more. Exclusive shows, movies, and documentaries are what users will be getting from the new service, signaling more competition for the likes of Netflix and Amazon.

This comes on the heels of YouTube reportedly canceling plans for all its high-end Hollywood dramas and comedies, to focus on music and gaming. In addition, Apple has also unveiled a new Apple TV app and new channels that'll launch in May. Users are now able to subscribe to new Apple TV channels like HBO, Starz and Showtime, and pay for only the services they want with the new version.



The new app will offer suggestions for movies and shows from more than 150 video streaming apps, including Hulu, Amazon Prime, and…

Apple Debuts New News Subscription Service

Apple has unveiled a new news subscription service - Apple News+ - that features more than 300 popular magazines, newspapers, and digital publishers. They include The Wall Street Journal, Vogue, Los Angeles Times, National Geographic Magazine, People, Vanity Fair, The Oprah Magazine, Martha Stewart Living, GQ, Condé Nast Traveler, Rolling Stone, theSlimm, Vox, Extra Crunch from TechCrunch, Grub Street, ELLE and more.

The new news subscription service is optimized for the iPhone, iPad and Mac, showcasing magazines "...in richly designed layouts, featuring animated covers, vivid photography and bold typography", according to Apple. It'll be available in the U.S. and Canada.



Apple will keep supporting the free Apple News service the US, Canada, UK and Australia. The company has also unveiled a game subscription service that'll debut on the iPhone, iPad, Mac and Apple TV later this year.



Apple Unveils Game Subscription Service

Apple has unveiled a game subscription service - dubbed Apple Arcade - that it says will feature more than 100 new and exclusive games, including original titles from popular game creators Will Wright, Hironobu Sakaguchi and Ken Wong at launch. The new games subscription service will focus on paid games, and feature other games from the likes of Cartoon Network, Annapurna Interactive, Bossa Studios, Giant Squid, Konami, Lego, Snowman, Finji and more.

To make it simple, Apple Arcade will be sort of a Spotify for games, with users able to access several paid games on the iPhone, iPad, Mac and Apple TV for a monthly fee. That entails players getting the opportunity to try various paid games without breaking bank. Apple says every game available on the upcoming service will be playable offline, with users able to pick up where they left off in a game, even if they switch to other Apple devices. The company says new games will be added regularly to the service.



Apple Arcade will launch in…

YouTube Said To Cancel Plans For Scripted Shows

According to a Bloomberg report, YouTube has axed plans for high-end Hollywood dramas and comedies, bowing out of competition with the likes of Netflix and Amazon. The report says canceled shows include sci-fi drama Origin and comedy Overthinking with Kat & June, citing people with knowledge of the matter.

A pull-back likely reflects high expenses for scripted shows. Even for a tech giant for YouTube parent Google, original shows could cost much amid competition from video streaming leader Netflix and Amazon which have spent billions of dollars on content production and acquisition. In 2018 alone, Netflix spent $8 billion on content and is expected to spend up to $15 billion this year.


Apple is also getting into the video streaming space, with a service expected for debut soon. It'll reportedly charge $10 per month for access to channels like HBO, Showtime and Starz. According to Bloomberg's report, YouTube concluded its money is better invested in music and gaming after …

Tarana Raises $60 Million From Khosla Ventures And EchoStar

Tarana Wireless - a Santa Clara, California based company focused on wireless network access services - has announced $60 million in new funding from Khosla Ventures and satellite communications giant EchoStar. With this round, Tarana has now raised nearly $200 million in total funding.

As part of the round, EchoStar Chairman Charlie Ergen, Khosla Ventures partner Samir Kaul and OneWeb chairman Greg Wyler are joining Tarana's board. This comes on the heels of former EchoStar EVP Kranti Kilaru joining Tarana Wireless as president.


Tarana currently employs some 165 people and aims to grow its team by 35 employees by mid-year. “We are excited to complete this round of financing, which allows us to finish our product development efforts and start commercial trials with a number of tier 1 operators who are now making plans for that phase.” COO Sergiu Nedevshi said in a statement.

Other investors in Tarana include AT&T, Blum Capital, 1010 Holdings and Deutsche Telekom. The valuatio…

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Velodyne Aims For Reverse Public Listing

Velodyne, the lidar manufacturer backed by among others Ford and Chinese search giant Baidu, is in talks for a reverse listing with Graf Industrial Corp in order to debut on the public markets, according to a source familiar with the matter. Graf is working with an adviser on a possible merger with Velodyne, according to our source. Last year, Velodyne was reported to have hired bankers to spearhead a possible public listing but it seems the company has decided to take the "backdoor" method of going public by merging with a Special Purpose Acquisition Corporation (SPAC). SPACs, in this case, are corporate entities taken public for the sole purpose of merging with another private company.

As a private company, Velodyne has raised some $225 million in funding. The company's last-known private funding gave it a valuation of $1.8 billion, a valuation Velodyne may be seeking to surpass on the public markets. Graf Industrial, the intended SPAC for Velodyne, held an initial pu…

Xpeng Begins P7 Deliveries

Just a short while after unveiling a new electric sports sedan named the P7, Chinese electric vehicle upstart Xpeng has begun making deliveries, notably a few weeks after the company formally opened a new factory to produce the new vehicle. Production has apparently begun at the newly opened plant and Xpeng says it aims to produce 100,000 P7 sedans annually. Xpeng surely moves fast, being a company founded only six years ago. The China-based company launched and begun making deliveries of its first vehicle, the G3 SUV, in 2018, four years after its launch. The P7 sports sedan is the company's second-ever vehicle. A picture below gives an encouraging look of a large number of P7 sedans awaiting delivery into customers' hands;


The Xpeng P7 costs anywhere between $32,000-$49,000 "post-subsidies", quoting Xpeng. It's available in 3 versions and 8 configurations. The vehicle's best feature happens to be its range, which Xpeng pegs at up to 706km on full-charge. T…

Tesla Now World's Most Valuable Carmaker

Electric car maker Tesla has been on a tear as of late, with its share price having shot past $1,100 a pop and given the company status as the world's most valuable automaker. Currently (as of writing), Tesla has a market capitalization hovering around $208 billion, beating the likes of Ford, GM, and Toyota which actually manufacture way more cars and mint much more revenue. Before now, Toyota had been the automaker with the largest public market capitalization. Toyota (as of writing) has a market capitalization hovering around $203 billion, a bit lower than Tesla's.

Investors seem to be drooling for Tesla shares given its valuation despite minting lesser revenue than other traditional automakers. For a quick comparison, Tesla delivered 367,500 vehicles last year while Toyota delivered 10 million, about 27 times Tesla's. Investors seem to have much courage in Tesla's future potential, given it's a company that only debuted on the public markets 10 years ago. The l…

DoJ Indicts VC Michael Rothenberg

The U.S. Department of Justice has announced an indictment of investor Michael Rothenberg, a once high-flying venture capitalist whose wings seemingly got clipped after the U.S. Securities and Exchanges Commission (SEC) accused him of misappropriating $19 million of investors' funds. Rothenberg was slapped with more than $31 million in fines from the SEC as a result, but it appears authorities are still pushing for more, as the Justice Department has filed charges of fraud against him. The DoJ alleges Mike Rothenberg "orchestrated multiple schemes to defraud his victims", victims, in this case, being investors in Rothenberg Ventures, the eponymous venture capital firm Rothenberg founded.

The Justice Department accuses Rothenberg of bank fraud and defrauding investors. As for bank fraud, it's alleged that Rothenberg made false statements about his wealth to his bank while refinancing his home mortgage and obtaining a personal loan. As to allegedly defrauding investor…

Peloton Launches On Roku

Fitness sensation Peloton has formally launched its app on the Roku streaming platform, entailing its live fitness classes can now be streamed by Roku users in the comfort of their homes. The Peloton channel has been made available on the Roku Channel Store, enabling users to stream live fitness sessions for a fee. Payments will be processed on the Roku Pay platform, making signing up much easier for users. Existing Peloton subscribers can also automatically log-in using their credentials and gain access to live fitness sessions.

The coronavirus pandemic has largely driven people away from public gyms towards home fitness activities, and such, online fitness streaming activity has seemingly shot through the roof. According to Roku, streaming on its Health & Fitness category grew more than 130% in May alone. Peloton happens to be a benefit of the large pivot towards home fitness, thanks to its stationary bikes and treadmills with live-streamed fitness sessions that have garnered a…

Uber Reaches To Buy Postmates: Report

Uber is in talks to acquire food-delivery competitor Postmates in a $2.6 billion deal, according to a report from the Wall Street Journal, which notes that a deal could be announced by next week or even sooner. Postmates has been said to be targeting an initial public offering but while also shopping itself around to potential buyers. Uber is notably fresh off an attempt to acquire Grubhub, another food delivery competitor which was, however, sold to British food delivery company Just Eat Takeaway.com.

Postmates has raised about $900 million in funding so far, valued at $2.4 billion as of its last funding round. The company had confidentially filed for a public listing in February of last year but didn't follow up with a public filing. In the past, Postmates is said to have shopped itself to companies including Walmart and food-delivery competitor DoorDash. Postmates is known to be unprofitable, so the public markets may not favor the company as much as a private sale and it seem…

TuSimple Seeks New Funding

Self-driving truck startup TuSimple is seeking up to $250 million in new funding and has hired investment bank Morgan Stanley to help it raise that amount, as first reported by TechCrunch. Morgan Stanley is said to have sent out informational packets to potential investors in a bid to seek funding for TuSimple. Already, TuSimple has raised about $300 million in total funding but happens to be seeking more. The San Diego-based company last raised funding in September of last year.

TuSimple was founded in 2015, at a time when most of the self-driving industry was focused on passenger cars rather than big trucks. The company has managed to secure significant funding and attention since then, with backers including UPS, CDH Investments, and China's Sina Corp. Although based out of San Diego, TuSimple currently tests on public roads in the state of Arizona and also in Shanghai, China. The company is aiming to make a dent in the $800 billion U.S. trucking industry.

As of its last fundi…

Amazon Hands Bonuses To Frontline Workers

The coronavirus pandemic largely boosted the need for e-commerce and, in turn, the fortunes of Seattle-based e-commerce giant Amazon. It's such that Amazon hired 175,000 additional people to keep up with increased demand. Now, Amazon has announced it's doling out $500 million in combined bonuses to its frontline workers, who were employed at the company throughout the month of June. The bonus is divided into various grades, including $500 for full-time warehouse workers, $250 for part-time warehouse workers, $1,000 for warehouse leads, $3,000 for delivery service partners, and $150 for each Amazon Flex driver who drove more than 10 hours in June. The bonuses for warehouse workers also covers Whole Foods employees.

The bonus dole-out was announced by Dave Clark, Amazon's famed logistics chief, who has been instrumental in setting up and overseeing the company's mammoth logistics operations. Amazon dubs the bonus as a "Thank You" bonus for its workers, many of…

Tesla Delivered 90,650 Vehicles In Q2

As anticipated, Tesla just released its production numbers for the second quarter of this year and indicated it delivered 90,650 vehicles, a slight (4.8%) drop from the previous quarter. Tesla actually managed to beat expectations despite a pandemic that led it to suspend operation for weeks at its main production facility. The majority (80,050) of Tesla's deliveries were Model 3 and Model Y vehicles, its less expensive models, while Model S and Model X vehicles, the more expensive ones, accounted for a minority (10,600).

Analysts had anticipated lower delivery numbers as a result of the coronavirus pandemic, with some even forecasting as low as 39,000 deliveries in this quarter. A concord of analysts polled by FactSet indicated an average forecast of 72,000 vehicle deliveries for the quarter.

The release of Tesla's latest production results comes on the heels of the company surpassing Japanese automaker Toyota to become the world's most valuable automaker.





Personal Capital Sells For $1 Billion

Personal Capital, a Redwood City, California-based wealth management startup, has been sold to retirement plan provider Empower Retirement in a deal that adds up to $1 billion. Empower Retirement has reached a deal to acquire Personal Capital for an upfront payment of $825 million in cash plus $175 million in potential "planned growth" incentives. The acquisition seems like a win for Personal Capital, which has raised $265 million in funding as a private company. According to PitchBook data, Personal Capital was valued at $950 million as of its last fundraising in February of last year.

Personal Capital was founded in 2008. The company provides digital-based money management services, similar to the likes of Wealthfront, Betterment, and Acorns. Currently, Personal Capital manages a cumulative $12 billion in assets for some 2.5 million users. Personal Capital has offices in the cities of San Francisco, Atlanta, Denver, and Dallas. The company employs more than 400 people.

In…