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Showing posts from March, 2020

Palo Alto Networks Scoops Up CloudGenix

Cybersecurity company Palo Alto Networks has taken its acquisition spree one step further, this time, announcing it has reached a deal to acquire CloudGenix, a San Jose-based provider of software-defined wide-area network (SD-WAN) services. Palo Alto Networks will pay $420 million in cash to acquire CloudGenix, a price that seems like a good win given CloudGenix raised around $100 million in total funding. CloudGenix's last known funding was a $65 million Series C closed in April last year. The company's investors include well-known venture capital firms like Intel Capital, Bain Capital Ventures, Mayfield Fund, and Charles River Ventures.

Palo Alto's new acquisition is expected to close during the company's fiscal fourth quarter. As is usually the case, the acquisition deal is subject to the satisfaction of regulatory conditions. CloudGenix's purchase represents the first acquisition made by Palo Alto Networks this year, after the purchase of five startups in 2019…

Via Valued At $2.3 Billion With New Funding

On-demand transportation startup Via has been valued at more than $2 billion after an investment from Exor, a Netherlands holdings company controlled by the Agnelli family, a famed Italian business dynasty. Exor has announced an agreement to invest $200 million in Via in exchange for an 8.87% stake on a fully-diluted basis. This implies a valuation of around $2.3 billion, a laudable feat for Via, whose last known funding came in 2017. Under the terms of Exor's investment, the holdings company is getting a board seat at Via which will be occupied by one of its executives, Noam Ohana. Ohana leads Exor Seeds, the early-stage investment arm of Exor.

The new investment included, Via has now raised around $600 million in total funding. The company's last known funding was a $250 million investment led by automaker Daimler in late 2017. Via has also raised funding from the likes of Hearst Ventures, 83North, RiverPark Ventures, and Millhouse LLC, an investment firm controlled by Russ…

Kabbage Furloughs Majority Of Employees For A Month

Atlanta-based small business lending startup Kabbage has furloughed the majority of its employees for a month, according to a source familiar with the matter. The company also happens to have laid off all employees in its Bangalore office without severance packages, the source says. Kabbage is one of several tech companies that now happens to have laid off or furloughed employees amid a business slowdown stemming from the coronavirus outbreak. Being a small business lender, Kabbage with no doubt has been affected by the resulting lockdown from the outbreak. Small businesses around the U.S. have been hit hard and won't likely be tapping more loans to facilitate day-to-day business at a time when they're hardly generating revenue.

According to our source, the furloughs were announced by way of a video conference call, being a time when the entire company is currently working remotely. Even though Kabbage instituted a furlough (a sort of temporary leave) as opposed to a permanen…

Tech-Tainment Luminaries To Note

Technology and entertainment are undoubtedly intertwined. Without tech, there likely won't be entertainment and without entertainment, tech may as well be boring. The entertainment industry is very large, being one that's worth more than $700 billion in the U.S. alone. Such entertainment encompasses many fields, including movies, TV subscriptions, theater revenues, ticketing, and the likes. There's also the field of gaming, which is itself worth tens of billions of dollars on a global scale. With the entertainment industry being so large, it's no surprise that it has produced many storied luminaries ranging from movie directors and producers to the actors/actresses who star in their movies, game developers, music label owners, video streaming companies and the likes.
In this article, we're presenting ten of such luminaries who have clinched noteworthy successes in the field that intersects entertainment and technology. These people include movie producers who have…

15 Adroit VCs Who Should Be On Your Radar

Venture capital is really a game and just like every game, there's always wins and on the other end fails. Making a venture investment means knowingly taking a risk, albeit calculated, with money in hopes of reaping sizeable gains in future time. This hope usually fares along with a potential downside that a venture fails and all the money invested in a company reaps little or no returns. As is widely known, the majority of venture-backed companies don't fare well, in precise words, they fail. Both small and large companies aren't immune to failure as we've witnessed so many examples from both sides.

Like every game, some persons, however, have acquired an eye for grabbing good wins even though some failures may abound. In the venture capital world, they're many like that. The names Peter Thiel, Marc Andreessen, John Doerr, Arthur Rock, Michael Moritz and Doug Leone might ring a bell, that bell being that they're storied venture capitalists that have made shre…

Microsoft To Acquire Affirmed Networks

Just a day ago, Microsoft announced it has sealed an agreement to acquire Affirmed Networks, a Massachusetts-based venture-backed company that develops cloud-based 5G software. The announcement came just a day after Affirmed Networks announced a CEO change. According to Bloomberg, Microsoft's acquisition deal values Affirmed Networks at $1.35 billion, which if certain, will be Microsoft's biggest known acquisition since it bought out GitHub for $7.5 billion in 2018. Bloomberg reports Affirmed Networks raised funding at a $1.35 billion valuation just last month, so Microsoft paying that exact amount for the company doesn't seem far-fetched.

According to Pitchbook data, Affirmed Networks has raised more than $200 million in funding since its inception in 2010. Investors in the company include Deutsche Telekom, CRV, Matrix Partners, Qualcomm Ventures, Vodafone Ventures and Bessemer Venture Partners.

With 5G on the rise, it shouldn't be startling that Microsoft is spendin…

TuSimple And ZF Partner To Develop Self-Driving Tech

TuSimple, a San Diego-based self-driving trucking company, and ZF, a German car parts giant, have announced a partnership to develop and commercialize technology for driverless trucks. The partnership is set to begin by next month, April, and is expected to cover large automotive markets including Europe, China and countries in North America. TuSimple and ZF say they'll co-develop production-quality parts such as cameras and radars that'll be adopted for driverless rides. Under the terms of the deal, ZF will ultimately serve as the default supplier for TuSimple's self-driving system, which will be marketed to commercial vehicle operators.

As part of their partnership, ZF will also contribute engineering support to validate and integrate TuSimple's self-driving system into vehicles. The partnership marks a significant point for TuSimple, which plans to kickstart commercial driverless operations by next year. The company has already begun pilot rides by delivering goods…

OfferUp And Letgo To Merge

OfferUp and Letgo, two leading U.S. mobile marketplaces, have announced an intention to merge their US businesses. The merger announcement comes alongside an announcement of $120 million in new funding led by OLX Group, with participation from existing investors including Andreessen Horowitz and Warburg Pincus. OLX Group, an offshoot of South African internet giant Naspers and an investor in both OfferUp and Letgo, will own 40% of the combined company following the merger.

The merger is subject to regulatory approval. The combined business will operate under the OfferUp brand. Letgo's business outside North America will continue to be separately owned and operated by OLX Group as has been the case. Under the terms of the merger, Letgo co-founder and President Alec Oxenford will be joining the combined company's board while OfferUp CEO Nick Huzar will continue to head the combined entity. In addition to a board seat, Oxenford will also serve as senior advisor to OLX Group and …

15 Adept Entrepreneurs We Don't Often Hear About

In the tech world, we often hear about the Zuckerbergs, the Gates, the Musks, Jack Dorsey, Jeff Bezos and the likes. They often dominate the news circles, with one happening or the other. If Bezos isn't winning, or getting bashed for Amazon's warehouse practices, then Musk is tweeting, Gates is pursuing philanthropy or Dorsey is doing stuff only Dorsey does. However, there exist several other entrepreneurs with big successes whom we often don't hear about. Some of these guys get a little of the limelight while some don't at all. Some are a bit popular but mostly in tech circles. Outside the core tech scene, these names might not ring a bell just like a name like Gates will.

These entrepreneurs have made strides in fields ranging from gaming to fintech to cybersecurity, chip-making, real estate tech, driverless cars and several other areas. They are many, hundreds or even thousands of them but in this article, we're presenting only 15 out of many we feel don't …

Most Read Posts

Tesla Seals New Lithium Supply Deal

Electric carmaker Tesla has announced that it's entered into a binding agreement to purchase lithium ore mineral from Piedmont Lithium Limited, a publicly-traded lithium company that's based out of Australia. The agreement between both companies is initially for a five-year period, in which Tesla has committed to purchasing roughly one-third of Piedmont's annual output 160,000 tonnes of lithium ore mineral for each year as well as additional amounts that the electric carmaker has the option to request. The agreement is conditional on deliveries of the lithium ore beginning sometime between July 2022 and July 2023.Piedmont says it expects the Tesla deal to generate between 10-20% of total revenues from its proposed lithium project for the initial five-year period. That project, in particular, is the 'Piedmont Lithium Project', a lithium ore mining project being spearheaded by the company in the US state of North Carolina. A deal between Piedmont and Tesla represents…

Robinhood Bags Extra $460 Million

Stock trading app Robinhood has bagged yet another round of funding, with the company just having raised $460 million in new funding as an extension to a recently closed $200 million funding round. With the new funding, it's such that Robinhood has raised nearly $1.3 billion in funding this year alone. Overall, the company has now raised some $2.2 billion in total funding since its inception. Among investors who provided Robinhood's new funding include Andreessen Horowitz, Sequoia Capital, Ribbit Capital, DST Global, and D1 Capital Partners. The fundraise signals a very strong investor appetite for Robinhood, as the company benefits from surging retail trading activity during the coronavirus lockdown.This year has seen Robinhood top 13 million users and score $180 million in second-quarter revenue due to increased trading activity. The company added 3 million new funded accounts in the first four months of this year. As Robinhood has raised more funding, so has its valuation b…

Hims On Cusp Of Reverse Listing

Hims, a telemedicine upstart, is on the cusp of a deal to go public by merging with blank-check firm Oaktree Acquisition Corp, according to a report [paywall] from Bloomberg, which states that a deal could be announced as early as next week. According to Bloomberg, Oaktree Capital Group, the asset management firm which controls the blank-check firm, is in discussions with investors to raise about $75 million in new funds to fund a merger with Hims, which could be valued at up to $1.6 billion from the deal.Hims is a telemedicine upstart that's best known for offering online prescriptions to treat conditions that are usually stigmatized, such as sexual dysfunction. The company facilitates online consultations with doctors and deliveries of prescription drugs to patients. Also, Hims sells its own line-up of skincare products and vitamins. As a private company, Hims, which was founded in 2017, has raised nearly $200 million in funding and was valued at $1.1 billion from its most recen…

Peeking Into Postmates' Finances

Food delivery service Postmates in on the cusp of a deal to merge with counterpart Uber, which is coughing up $2.65 billion in stock to take over the company. As the merger nears, appropriate filings have been made with the U.S. Securities and Exchanges Commission (SEC), giving a peek into Postmates' finances, information not publicly revealed up until now. Filings with the SEC show that Postmates recorded roughly $321 million in revenue in 2019, but with a net loss of $420 million in the same year. In 2018, the San Francisco-based company reported roughly $156 million in revenue and a net loss of $129 million in that same year. As at the end of 2019, Postmates had $186 million in cash on its balance sheet, after having raised about $900 million in funding up until that point as a private company. In 2019, a year that Postmates sought to go public, the company burned through $335 million in sales and marketing expenses, its highest ever, and compared to $85 million for the same ac…

Brief: Apple Buys Scout FM

Technology giant Apple has bought Scout FM, a popular app that creates radio stations for podcast listeners. The acquisition was first reported [paywall] by Bloomberg, which notes that Apple acquired the company earlier this year. The financial terms of the acquisition aren't disclosed. As a private company, Scout FM had raised $1.4 million in known funding from investors including Bloomberg Beta, Betaworks, Precursor Ventures, and Advancit Capital. Apple's acquisition of Scout FM is one of several known purchases the company has made this year. The Cupertino, California-based tech giant has acquired more than half-a-dozen companies in 2020, including Fleetsmith, a mobile device management startup; Mobeewave, a payments company; virtual reality company NextVR; weather app Dark Sky; and artificial intelligence company Xnor.ai. Apple usually keeps its purchases tight-lipped, with most of them revealed by external media.

Big-Name Investors Pile On Cloud Paper

Cloud Paper, a Seattle-based startup whose core product is toilet paper made from bamboo, has raised $3 million in seed funding from a host of investors led by venture capital firm Greycroft. Along with Greycroft, investors who participated in the seed round include; Salesforce founder Marc Benioff, entrepreneur Mark Cuban, Uber CEO Dara Khosrowshahi, music star Ciara, Code.org CEO Hadi Partovi, movie stars Robert Downey Jr and Gwyneth Paltrow, Riot Games founder Marc Merill, and NFL Quarterback Russell Wilson. Cloud Paper says it'll use the new funding to further its business and expand into other tree-free product areas. Toilet paper is conventionally made from materials cut down from trees. In fact, it's estimated that humans use the equivalent of 270,000 trees worth of toilet paper each day. Cloud Paper, with a goal of tackling deforestation, is now providing an alternative in the form of toilet paper made from soft bamboo. Although bamboo itself is a plant, it typically g…

Peter Thiel Eyes Blank-Check Firm

Palantir co-founder and famed entrepreneur Peter Thiel is looking to strike gold once again, this time with a blank-check firm that'll seek to merge with another company. Thiel, along with Hong Kong-based businessman Richard Li, have created a new blank-check firm named Bridgetown Holdings that's seeking to raise $575 million on the public markets. The blank-check firm's sponsor is a joint venture between Thiel Capital, Peter Thiel's personal investment vehicle, and Pacific Century Group, a Hong Kong-based investment firm founded by Richard Li. The Bridgetown blank-check firm is led by Chief Executive Daniel Wong and Chairman Matt Danzeisen, who is himself notably married to Peter Thiel, while Wong, the chief executive, is a senior vice president at Li's Pacific Century Group. Bridgetown will have other board members including OpenAI CEO Sam Altman and RRE Ventures partner John Hass.Peter Thiel is apparently seeking to add yet another blank-check firm to what has b…

EU Fights Apple Tax Fine Reversal

The European Commission has said that it'll appeal an Irish tax penalty reversal that was recently granted to Apple after the technology giant won an appeal to a $15 billion tax penalty that was levied against it by the European Union's second-highest court. The tax penalty in concern was levied against Apple in 2016 over allegations that the European nation of Ireland granted selective tax breaks to the company, which maintains its European headquarters in Ireland. That penalty was later appealed by Apple as well as the Irish government, which both came out victorious in July of this year. Now, the European Commission's Executive Vice President, Margrethe Vestager, has said that it'll appeal the penalty reversal in the EU's highest court. Vestager is taking forward the matter to the European Court of Justice, officially the supreme court of the European Union. "If Member States give certain multinational companies tax advantages not available to their rivals,…

Gemini Expands Into UK

Gemini, the popular US-based cryptocurrency exchange founded by the Winklevoss brothers, has officially fully expanded into the UK, now supporting cryptocurrency trading and custody transactions in pounds sterling (GBP), the UK's official currency. Gemini's launch, as expected, comes on the heels of the UK's Financial Conduct Authority (FCA) granting the company an Electronic Money Institution (EMI) license, a license that normally grants a firm the permission to store clients' money for longer periods and to also issue cards, e-wallets and other instruments that facilitate the usage of their clients' money. Gemini overall is one of the first crypto businesses to be given such a license in the UK.With Gemini's launch, users can now make crypto purchases with British pounds and also make pound deposits to fund their accounts on the go without any major need to transact in foreign currencies or incur exchange rate fees. Institutional investors in the UK are not s…

VW's Traton Partners With TuSimple

The Traton Group, a heavy-duty truck subsidiary of German automaker Volkswagen, has entered into a partership with self-driving trucks upstart TuSimple. Under the terms of the partnership, both parties have launched a development program to operate autonomous trucks in a specified route in the European nation of Sweden. Traton has also purchased a minority stake in TuSimple under the terms of the partnership.The partnership between Traton and TuSimple represents the latter's first in Europe and actually spans several countries. Traton is aiming to test driverless truck fleets powered by TuSimple's technology across countries including Sweden and Germany, with both companies focused on Level 4 automation for their truck fleet. Traton is particularly aiming to develop self-driving truck fleets to help tackle a shortage of drivers in Europe. It's estimated that there lies a shortage of 60,000 truck drivers in Germany alone. Along with tackling driver shortage, adopting self-d…