Top tech startup news for today, Monday, August 26, 2019
Good morning! Below are some of the top tech startup news for today, Monday, August 26, 2019.
Alibaba-backed AI startup Megvii files for Hong Kong IPO. Megvii, a Chinese artificial intelligence startup backed by Alibaba has filed for an initial public offering (IPO) in Hong Kong. Megvii is better know for its facial recognition technology. Late last yearr, Megvii raised $600 million from Alibaba and others for its facial recognition system FacePlusPlus. Founded in 2011 by Qi Yin, Wenbin Tang, and Yang Mu, Megvii is an Artificial Intelligence company specialized in providing enterprises and developers with intelligent solutions and data services, and is dedicated to the mission of “Create machines that can see and think”. Based on its original deep learning system Brain++, Megvii seeks to build AI Engine, a core fundamental technology powering various AI application. It is leveraging on recognition, control, optimization and other algorithms to connect individuals, objects and scenarios, building a product platform of IoT OS.
Sleeper raises $7.3 million to take on Yahoo and ESPN. Sleeper, a new San Francisco-based fantasy football startup is aiming to beat ESPN and Yahoo by catering to women and casual fans. The startup announced it raised $5.3 million in venture capital, bringing its total funding to $7.3 million. Sleeper was founded in 2015 by Ken Wang, Nan Wang, and Weixi Yen, Sleeper is a sports app that everyone can enjoy, not just the diehard sports fan. Sleeper offers well-designed fantasy leagues that any can use.
Pony.ai partners with Toyota to accelerate the development and deployment of autonomous vehicles. Pony.ai is teaming up with Toyota on an autonomous driving pilot to accelerate the development and deployment of autonomous vehicles. Together, the two companies will explore a variety of possibilities to provide safe mobility services for all. In April, Pony.ai tested its robo-taxi program on its employees at its second HQ in Guangzhou, China, with promise for self-driving trucks in the nearest future. At Auto Shanghai 2019, Pony.ai also announced PonyPilot, a test project for a product-ready autonomous driving fleet within a geo-fenced area in Guangzhou, China.
CrowdStrike launches $20 million Falcon Fund. CrowdStrike, a cybersecurity company that provides cloud-based endpoint protection, has launched a $20m early stage investment fund. Started in partnership with Accel, Falcon Fund will focus on seed and Series A investments in startups that are building applications on the CrowdStrike Falcon® platform. The fund will act as a co-investor and strategic partner alongside lead investors looking for innovative startups solving pressing security and IT challenges for customers. Through the CrowdStrike Store, startups and partners can develop new solutions without the need to build or deploy new endpoint agents or invest in expensive platforms for storage and analytics.
Syncsort acquires Pitney Bowes’ Software Solutions business, for $700 million. Syncsort, a leader in Big Iron to Big Data software, acquires Pitney Bowes’ Software Solutions Business, for $700 million to create a leading data management platform. The acquisition brings to Syncsort location intelligence, data enrichment, customer information management and customer engagement solutions that are complementary to its existing portfolio. The combination expands its offerings in data quality software and complements existing Syncsort Trillium products. The deal is expected to close by the end of the calendar year, pending regulatory approvals and other customary closing conditions.
Stylitics secures $15 million in Series B funding for AI-driven outfitting and styling platform for retailers. Stylitics an AI-powered visual merchandising and outfit recommendation platform, today announced it closed a $15 million Series B round of funding to grow its sales and marketing function while fueling the development of new types of shoppable, content-driven e-commerce and in-store experiences for brands, retailers, and publishers. The round, which was led by PeakSpan Capital, with participation from Trestle LP, brings its total funding to $21 million. The startup also partners with major retailers including Ann Taylor, Chico’s, and Macy’s to deliver dynamic look-based outfit content onto e-commerce sites and in-store experiences.