Top tech startup news stories you need to know this Monday, June 11
Good morning! Here are some of the top tech startup news stories for today, Monday, June 11.
South Korean cryptocurrency exchange Coinrail hacked for nearly $40 million. It was another sad day for cryptocurrency investors as bitcoin and all other cryptocurrencies fell by more than 10 percent as South Korean cryptocurrency exchange, Coinrail suffered a breach on Sunday. The cryptocurrecny startup lost 30 percent of its cryptocurrency reserves. The exchange has not yet given an estimate of the loss, but local news outlet Yonhap News reports stolen funds amount to approximately $37.2 million. The crash widens bitcoin’s year-to-date losses to as much as 50%, wiping about $120 billion off its market value this year. As of this writing, Coinrail confirmed 70% of your coin rail total coin / token reserves have been confirmed to be safely stored.
Electric-car startup Byton secures $500 million in new funding. We covered Byton back in January when the startup unveiled its electric SUV concept at the 2018 Consumer Electronics Show (CES) in Las Vegas. Byton is a new Chinese electric-car competing with Tesla in China. Today, the company announced it has secured $500 million in Series B funding with most investors based in China. Some of these investors also have technical experience that could help Byton reach its goal of launching a production electric car in 2019.
Workday acquires financial modelling startup Adaptive Insights for $1.55 billion. Workday acquires Adaptive Insights for $1.55 billion to bolsters business planning efforts. The acquisition will enable it to build out its business planning cloud faster. Workday is a cloud-based platform that offers HR and other back-office apps for businesses.
Startup CureMatch wins $35,000 grand prize in Global Trade Pitchfest. CureMatch, a San Diego startup with technology to help doctors choose the best combination of anti-cancer treatments based on an analysis of each patient’s tumor, took home a $35,000 grant intended to help companies expand overseas. CureMatch, Inc. is a San Diego-based digital health company focused on personalized medicine and combination therapy in oncology. CureMatch’s Decision Support System guides oncologists in the selection of cancer drugs that are customized for individual patients based on their molecular tumor profile. CureMatch enables oncologists to become experts in personalized medicine by providing them with actionable intelligence towards advanced cancer treatment options.
French startup Jambon-Beurre Motorcycle combines fast bikes and high fashion with Gloria launch. Gloria is a French startup’s new high fashion, high speed 120 km/h electric motorcycle. The Gloria electric motorcycle has a build like a 125 cc motorcycle, however the instantly available electric torque gives it the acceleration of a much larger 300 cc motorcycle. It has a top speed of 120 km/h. Gloria is not yet ready for production and full details of the bike are yet to be known.
On-demand dog walking startup The Waggle Company rebrands as Skipper. The Waggle Company, a Charlotte-based on-demand dog walking startup, will change its name to Skipper today ahead of plans to expand to a second city, Austin, Texas. Skipper brings peace of mind to pet owners by offering fully customizable dog walking services through a tech-enabled platform that sends real-time updates and a visit summary report with a GPS-tracked map and pet photos.
China’s Xiaomi lost $1.1 billion in the first quarter. Apple rival and Chinese smartphone and gadget maker Xiaomi said it lost 7 billion yuan ($1.1 billion) in the first quarter, on revenue of 34.4 billion yuan, due to one-off accounting charges. The company lost money in the first three months of the year, the company revealed in new filings ahead of its coming stock listing that is expected to value the company at about $70 billion.