Top tech startup news for today, Wednesday, November 6, 2019 – AliPay, WeChat, Tesla, SquareFoot, SoftBank and Goldman Sachs
Good morning! Below are some of the top tech startup news for today, Wednesday, November 6, 2019.
Tesla will unveil its Cybertruck pickup truck on November 21 in Los Angeles. Tesla CEO Elon Musk announced on Twitter today that Tesla will unveil the Cybertruck, its pickup truck on Nov. 21 in LA near SpaceX rocket factory. In summer 2018, Musk teased the new pickup truck saying the truck would include “power outlets allowing use of heavy duty 240V high power tools in the field all day, no generator needed.” In January, he said that Tesla might be ready to unveil it by the summer “It will be something quite unique, unlike anything,” Musk said at the time.
SoftBank posts $6.5 billion loss from its investment in Uber and WeWork. SoftBank reported its earnings yesterday. The Japanese giant had a disastrous quarter posting $6.5 billion loss. The loss has came primarily from its massive bets on Uber and WeWork. In total, the Japanese firm lost $6.5 billion in the quarter, most of it due to a $4.6 billion charge relating to the value of WeWork.
UK startup Banjo Robinson raises $1.29 million pre-seed round for its subscription-based learning model for children platform. Banjo Robinson, a London, England-based subscription-based learning model for children startup, has closed $1.29 million (£1 million) pre-seed funding to further develop their first subscription product which features a globetrotting cat who helps children learn about the world through interactive letters. The round was led by Collab+Sesame, a partnership between Sesame Ventures and the Collaborative Fund. Banjo Robinson is the creation of Kate Boyle, who set out in 2018 to turn learning into a magical game for children around the world.
Tourists to China can finally use the country’s massively popular mobile payment systems. WeChat Pay and Alipay, the two of the most popular mobile payment methods in China, have joined forces together to allow foreigners who have no Chinese bank accounts to be able to make paying using Alipay and WeChat while they are in China.
Cadence Neuroscience Raises $15M in Series A financing. Cadence Neuroscience, a Redmond, Washington-based developer of a novel neuromodulation therapy, secured $15m in Series A financing to develop the technology, conduct clinical studies, and pursue FDA approval. The round was led by Jazz Venture Partners, with participation from Mayo Clinical Ventures, and others. Founded in 2017 by Kent Leyde, Chief Executive Officer, Cadence is an early-stage company developing new medical device therapies for the treatment of epilepsy and other neurological disorders. Its core technology has been developed at Mayo Clinic and is under clinical evaluation.
Brits now need to take a test to fly a drone, or face a £1,000 fine. The U.K. Civil Aviation Authority (CAA) launched a national drone registration program on Tuesday. Under the new rule, its is now mandatory for owners and operators of drones weighing more than 250 grams to register their drones or face a £1,000 fine. The registration fee for new drone is $11.6 (£9). Drones must be labeled with an operator ID, and an online learning course and test must be completed as part of the registration. The launch of the CAA’s program follows a decision by the U.K. government to create a scheme for monitoring drone ownership. In December 2018, reports of drone sightings near Gatwick Airport resulted in hundreds of flights being grounded, causing delays, cancelations and several days of chaos for thousands of passengers.
SquareFoot secures $16 Million in Series B to modernize and transform commercial real estate. SquareFoot, a tech startup that helps companies looking for their next office, has raised $16 million Series B funding round to modernize commercial real estate. The round was led by DRW VC. Existing investors, including Triangle Peak Partners, RRE, Rosecliff, and senior real estate executives, also joined the round. The investment brings the SquareFoot’s total funding to more than $29 million. Founded in 2011 by Aron Susman, Jonathan Wasserstrum, and Justin Lee, SquareFoot solves some of the problems plaguing companies that are looking for their next (and next) office. Growing companies require flexible lease options, a stress-free process, and transparency throughout the leasing journey.