Top tech startup news stories you need to know this Wednesday, May 2
Good morning! Here are some of the top tech startup news stories today Wednesday, May 2.
Tesla sued for $2 billion by hydrogen truck startup over alleged patent infringement. Nikola Motor Company has filed a lawsuit in Arizona alleging that Tesla’s all-electric semi infringes on the hydrogen truck startup’s patents. The lawsuit claims Tesla willfully copied these patents in creating its electric truck, and Nikola is seeking $2 billion in damages in return.
Cisco is acquiring business intelligence startup Accompany for $270 million. Cisco just announced that it has reached an agreement to acquire AI-driven business intelligence startup Accompany for $270 in a cash and stock in the deal. The startup uses artificial intelligence to build databases of people and relationships at companies.
The CEO of a health startup backed by Eric Schmidt and top VCs has been fired amid allegations he intimidated employees. HealthTap founder and CEO Ron Gutman has been fired by his board of directors amid allegations that he intimidated and threatened employees. “This leaves us with no choice but to fire you,” the letter to HealthTap CEO Ron Gutman reads.
Facebook to offer dating service for the first time, take on Tinder. You can now find love on Facebook. Facebook is getting into a matchmaking business. Facebook CEO, Mark Zuckerberg, announced Tuesday that the social giant is launching a new dating app. This makes it the first time the world’s largest social media network has actively tried to help people form romantic relationships. Facebook plans to share more about the features in the next two months. The details are still scarce, but the announcement was enough to send shares of Match and IAC/InterActieCorp plunging.
Microsoft Ventures rebrands as M12, together with its VC partners, awarded $3.5 million to most innovative companies harnessing the power of artificial intelligence. Microsoft has decided to change the name of its venture capital (VC) fund from Microsoft Ventures to M12 to highlight its ongoing commitment to the innovators and entrepreneurs its support. In a separate announcement on Tuesday, M12 also announced at Collision Conference the four winners of its global startup competition, Innovate.AI: Envisagenics, Hazy, ZenCity and Voiceitt. Together with its VC partners, Madrona Venture Group, Notion and Vertex Ventures, M12 awarded the four winners a combined $3.5M in venture funding and up to $2M in Microsoft Azure credits to help progress the future of artificial intelligence.
Cambridge University graphene spin-out startup Paragraf closes $3.9 million. Paragraf, a new graphene startup spun out of Cambridge University has closed a $3.9 million seed round. The funding is led by the university’s commercialization arm, Cambridge Enterprise, with participation from Parkwalk Advisors, Amadeus Capital Partners, IQ Capital Partners and angel investors.
Facebook plans to introduce a “Clear History” feature, which wipes all your web browsing data from your Facebook account. Users will be able to delete which pages they have visited and what they have clicked on.
Trusted Key, a blockchain startup founded by Microsoft and Oracle executuves, raises $3 million. Trusted Key, digital identity enterprise blockchain, today announced a $3 million seed round led by Founders Co-op, with participation from Pithia, a new venture capital firm in Seattle focused on funding blockchain startups.
ZenCity, an AI civic engagement startup, earns $1 million from Microsoft and other investors. ZenCity has won a $1 million prize from Microsoft’s venture capital arm and other investors for artificial intelligence startups. ZenCity provides a platform that aggregates and analyzes citizen sentiment and feedback for local government.