Top startup news for today, Wednesday, February 27, 2019
Good morning! Here are some of the top technology startup news stories for today, Wednesday, February 27.
Microsoft’s M12 led $21 million Series B fund for SpyCloud. SpyCloud, an account takeover (ATO) prevention provider, has secured a $21 million in Series B funding to grow its security research team and database of recovered assets, extend R&D and product development to go deeper into specific vertical markets, expand its sales and marketing organization, and increase its international presence. The fresh round was led by M12, Microsoft’s venture fund, with participation from new investor Altos Ventures and existing investors Silverton Partners and March Capital Partners. Founded in 2016 by Ted Ross, CEO, SpyCloud helps prevent ATO by identifying exposed employee and customer accounts and passwords as early as possible, then notifying and helping companies proactively remediate those accounts automatedly, all before criminals can commit fraud or cause significant harm to finances, IP, sensitive data and brand reputation.
Alphabet’s DeepMind uses machine learning to improve wind power by 20%. Alphabet’s DeepMind, an artificial intelligence (AI) firm, has used machine learning to boost the productivity of wind energy. Using DeepMind’s machine-learning algorithms, Google was able to enable scheduling of set deliveries of energy output from wind turbines. In a blogpost Tuesday, DeepMind’s Carl Elkin and Sims Witherspoon, together with Google’s Will Fadrhonc, said: “In search of a solution to this (carbon-free electricity), last year DeepMind and Google started applying machine learning algorithms to 700 megawatts of wind power capacity in the central United States. These wind farms—part of Google’s global fleet of renewable energy projects—collectively generate as much electricity as is needed by a medium-sized city.”
Sendoso raises $10 million to send out customized gifts to current and prospective clients at scale. Sendoso, a San Francisco-based online-to-offline startup, has raised $10.7 million in Series A funding to help users send gifts, notes and perishables via direct mail. The round was led by David Sack’s Craft Ventures and included participation from Signia Partners, Storm Ventures, Struck Capital and Hack VC. Co-founded in 2016 by Kris Rudeegraap, Sendoso has now raised $13.2 million in total funding. Sendoso charges a monthly subscription fee for its services based on a the client’s number of users and the volume of items they send.lion to date.
Tesla debt of close to $1 billion debt payment is due this Friday. With all the proceeds from its sales of its Model 3, Tesla continues to face cash crunch and swim in debt. The company is on the hook to pay a debt of $920 million in convertible senior notes set to expire on Friday. According to regulatory filings, Tesla has $920 million in convertible senior notes set to expire on March 1, at a conversion price of $359.87 per share. It’s current share price is nowhere near the required to help convert its $920 million in bonds to stock.
Horizon Robotics Raises $600M in Series B Financing for product and technology development. Horizon Robotics, a Beijing, China-based edge artificial intelligence computing platform, raised. $600m in Series B financing to continue to invest increasing resources in product and technology development. The round, which valued the company at $3Bn, was jointly led by SK China, SK Hynix, and several automotive groups and their investment vehicles. Other strategic partners and investors involved in this round include China Oceanwide Group’s Oceanwide Capital, CMBC Capital, CLSA’s CSOBOR Fund, and Oceanpine Capital. Existing shareholders, including Morningside Venture Capital, Hillhouse Capital, V Fund Management and Linear Venture, have also participated in the financing.
Volvo unveils Polestar 2, the first electric car to compete with Tesla Model 3. Volvo is giving Tesla a run for its money with the launch of electric performance car called Polestar. The company unveiled its first fully electric vehicle on Wednesday in a bid to steal buyers away from Tesla’s Model 3. The Polestar 2 is a google-powered all-electric and comes with a native Android infotainment system. It is the first electric car to compete with the Tesla Model 3. According to Volvo, Polestar 2 will start at a price of 39,900 euros ($45,400) and it’s expected to be available in 2020.
Dutch startup SafeSize raises €10 million for its 3D tech to help customers find the perfect shoe. SafeSize, a startup that provides shoe recommendation and fitting advice, has raised €10 million for its 3D technology. Founded in 2012, SafeSize revolutionizes the way people buy shoes anytime, anywhere. With its proprietary 3D foot scanning, 3D shoe analysis and machine learning technologies, they were able to offer a unique Personalized shoe and insole recommendation in store or online. With more than 1000 retail customers around the world, SafeSize is the market leader in the fast-growing Personalized Fit market, helping more than 2 million consumers every year find or customize the right shoe at the right size.