Week Ending 08.17.2018
"GROWTH THROUGH INNOVATION"
SOUTH KOREA BUDGETS A TRILLION WON FOR BLOCKCHAIN TECH IN 2019 AND MORE ↓
MERGERS AND ACQUISITIONS
Cox Automotive, the Atlanta, Georgia-based company which owns the Autotrader website, said it has acquired Clutch Technologies, which uses AI to offer a flexible approach to car ownership through “subscriptions” to different models. Terms weren’t disclosed.
Veritone, the Costa Mesa, California-based software and services company for the AI industry, said it is acquiring content management company Wazee Digitial for USD 15m in cash and stock.
At the same time Veritone’s media subsidiary Veritone One is acquiring podcasting firm Performance Bridge Media for an initial USD 6m. Veritone may pay up to another USD 5m in stock if unspecified 2018 revenue targets at Performance are met. Veritone plans to integrate Performance into its AI platform.
Valence, the Seattle, Washington-based business services firm, said it is acquiring AR/VR studio 8ninths. Valence focuses on new technology, including AI, robotics, AR/VR and blockchain.
Intel, the Santa Clara, California-based computer chip maker, acquired Vertex.ai, a deep learning company. Terms weren’t disclosed.
Other deals included Quisitive
FILINGS
SailPoint Technologies, the Austin, Texas-based identity verification software developer using AI, said shareholders, including private equity firm Thoma Bravo, were raising USD 356.3m in a follow-on of 12.5m shares at USD 28.50 each, effectively flat to the previous close. The private equity fund’s stake falls to 18% after the sale.
Restoration Robotics, the San Jose, California-based company developing an automated system used in surgery for hair loss, said USD 17.5m has now been raised in a follow-on offering after the 1.5m share overallotment was fully exercised. The company originally sold 10m common shares at USD 1.50 each. Earlier the company said it planned to raise as much as USD 25m.
Vita Mobile Systems, the Irvine, California-based mobile digital imaging company using AI, said it plans to uplist to the OTCQB. It currently trades on the OTC Pink.
Nio, the Shanghai, China-based electric vehicle maker, said it plans to raise USD 1.8bn in an NYSE IPO. The Tencent-backed firm is also developing autonomous driving technology. Reuters take is here.
FUNDING
Ubiquity6, the San Francisco, California-based AR/VR company, said it raised USD 27m in a Series B led by Benchmark Capital and Index Ventures.
Clobotics, the Shanghai, China-based AI company, said it raised an additional USD 11m in a Series A from Nantian Infotech VC and Wangsu. The company says it uses machine learning, autonomous drones and other technology to help automate processes in the wind and solar industries.
Observe.ai, the Bengaluru, India-based call center services company using AI, said it raised USD 8m in a Series A led by Nexus Venture Partners.
BioBeats, the London, UK-based healthcare company, said it raised GBR 2.4m (USD 3.1m) in a funding led by Oxford Sciences Innovation, White Cloud and IQ Capital. The company, which counts actor Will Smith as a shareholder, uses wearable technology and a smartphone app to measure stress levels using AI.
Concourse Global, the New York City-based educational services firm using AI, said it raised USD 2m in a seed funding led by early stage venture capital fund Colle Capital.
Malong Technologies, the Shenzhen, China-based AI company, has sold a minority stake to a venture capital fund run by US consultancy Accenture for an unspecified amount.
Rinicare, the Manchester, UK-based healthcare company, said it raised an unspecified amount from Catapult Ventures and NPIF - Mercia Equity Finance. Proceeds would be used in part to further develop its AI technology for intensive care.
Other deals included Metawave
LEGAL & REGULATORY
South Korea’s finance minister Kim Dong-yeon confirmed plans for a KRW 5trn (USD 4.4bn) investment next year in sectors that include blockchain and AI, a 65% year on year jump, according to a CCN report.
PEOPLE
ExoAnalytic Solutions, the Mission Viejo, California-based company tracking space objects with AI, said it brought Doug Loverro, former deputy assistant secretary of defense for space policy, onto its board of directors
Finn Partners, the New York City-based public relations firm, said it promoted Go’el Jasper to managing director in its Jerusalem office. Clients include AI firms.
C3, the Fort Lauderdale, Florida-based business outsourcing company developing AI in the consumer services sector, said it hired Richard Bledsoe as chief revenue officer. He was senior vice-president sales and marketing at VXI, the consumer services firm.
[24]7.ai, the San Jose, California-based company developing AI-based platforms for businesses in the consumer/retail sector, said it hired Paul J. Loftus as chief revenue office.
In June the company hired SaltGrid’s Cosimo Spera as chief data scientist. In May it brought in Brent Bowman, the former CFO of Intel’s Programmable Solutions Division, as CFO.
Slice Labs, the New York City-based cloud computing services company, said it hired Philippe Lafreniere as chief growth officer. He was senior vice president of product marketing at EIS, where he worked with AI. Slice Labs said AI is an area of particular emphasis for its insurance services business.
Marketing Evolution, the New York City-based business services firm using AI, said it hired Michael Cohen as chief data science and analytics officer. He was head of analytics and data science at Oath: Data Products, a division of Verizon, which operates websites including HuffPost, Yahoo News, Tumblr, and AOL.
Atomic Reach, the Toronto, Canada-based marketing company using AI, said it hired Paul Roscoe as vice president of business development and strategic partnerships and Dean Perry as vice president of sales. Roscoe has worked previously at RIM, former maker of the BlackBerry, and Bridgewater Systems. Perry was vice president of sales at Reshift Media.
Other hiring included 10th Magnitude and Curetis
DATA
No new sets of data were released in the areas we track this week