Top tech startup news stories you need to know this Thursday, April 12
Good morning! Here are some of the top tech startup news stories today Thursday, April 12.
WeWork is buying China’s Naked Hub for $400 Million. The New York-based startup, WeWork, is acquiring a fellow Chinese co-working startup, Naked Hub, for about $400 million as part of its continued expansion effort in the world’s most populous country. WeWork is currently the largest global co-working company. According to the people familiar with the deal, WeWork will pay about $400 million for the three-year-old startup.
Spotify AB and Hulu are introducing a joint subscription for a discount on the two services at $12.99 a month. Both companies are under pressure to grow their subscriber bases as competition intensifies in both streaming music and web video. Spotify is also working on a new version of its free music service.
Blockchain Startup Kadena Raises $12 Million in SAFT Sale. Blockchain platform provider Kadena announced it has raised $12 million through a Simple Agreement for Future Tokens (SAFT) sale. The funding was led by Devonshire Investors, the private investment arm of the owners of Fidelity Investments with participation from SIG, Asimov Investments, Multicoin Capital and SV Angel.
Boeing and Rolls-Royce invest in UK space engine startup, Reaction Engines. As we reported last night, Boeing and Rolls-Royce are investing $37.5 in UK space engine startup, Reaction Engines. Founded in 1989 by three propulsion engineers: Alan Bond, John Scott Scott and Richard Varvill, the Oxfordshire, United Kingdom-based Reaction Engines produces robust technical designs for advanced heat exchangers, air-breathing engines, and the vehicles they could power. These capabilities may lead to high-speed point-to-point transport that is cost-effective and sustainable.
General Motors’ Cruise acquires founding team of San Francisco startup Zippy.ai. General Motors’ Cruise division has snapped up the founding team of Zippy.ai, a San Francisco startup which sought to build autonomous delivery robots. Zippy is a seven-person team that started working in February with Cruise in San Francisco on its push into self-driving cars. Terms of the deal, which did not include Zippy’s product or intellectual property, were not disclosed.
Israeli cybersecurity startup IntSights releases industry’s first All-in-One enterprise threat intelligence & mitigation platform. Tel Aviv Israel-based cybersecurity startup announced yesterday it has released the first of its kind Enterprise Threat Intelligence & Mitigation Platform that enables proactive defense by transforming threat intelligence into automated security action. Founded in 2015, IntSights is redefining cyber security with the industry’s first and only enterprise threat management platform that transforms tailored threat intelligence into automated security operations.
Vietnamese startup reportedly defrauds $660M with 2 ICO projects. Modern Tech, a startup based in Vietnam’s Ho Chi Minh City, has gone dark after allegedly defrauding 32,000 people out of VND15 trillion (US$660 million) in connection with two initial coin offerings, according to local reports.