Good morning! Below are some of the top tech startup news stories for Wednesday, May 8.
PureCars raises new funding; completes spinout. PureCars, an marketing automation and business intelligence platform for the automotive industry, has raised an undisclosed amount funding round to further expand its product offerings via internal development and acquisitions. Investors include Diversis Capital, LLC, and Stage 1 Ventures. The deal was part of a spinout from Raycom Media as a result of their merger with Gray Television. Founded in 2007 and led by Samuel Mylrea, CEO, and Jeremy Anspach, Executive Chairman, PureCars helps dealers to bring more qualified shoppers to their showroom and service lane. PureCars plans to continue to focus on delivering marketing automation and business intelligence software, which utilizes data library and proprietary technology, to dealerships and auto groups across the US and Canada to optimize operational efficiency and increase revenue from variable and fixed operations.
Machine data analytics startup SumoLogic raises $110 million to accelerate growth and expansion. Sumo Logic, a cloud-based machine data analytics platform startup that delivers deliver real-time IT insights for organizations, has closed a $110 million funding round to fuel its business, spanning engineering, sales, and global operations, with an emphasis on extending the platform analytics capabilities of its service. The round, which was led by Battery Ventures, brings total funding to date to $325 million. Other contributions came from new investors including Tiger Global Management and Franklin Templeton, as well as participation from existing investors.
Pfizer acquires clinical-stage biotech startup company Therachon, for about $810 million. Pharmaceutical giant Pfizer is acquiring Therachon Holding AG, a Basel, Switzerland-based clinical-stage biotechnology company focused on rare diseases, with assets in development for the treatment of achondroplasia and short bowel syndrome (SBS), for up to $810 million. Under the terms of the deal, Pfizer will acquire Therachon for $340m upfront with an additional $470m in additional payments contingent on the achievement of key milestones in the development and commercialization of TA-46 for the treatment of achondroplasia, a genetic condition and the most common form of short-limbed dwarfism.
Pearl raises $11 million to analyze dental scans with AI. Pearl, an artificial intelligence startup using AI solutions to assist dental professionals, today announced it has raised $11 million in series A funding led by Craft Ventures and unnamed strategic dental industry partners. Perl is spin-off of GumGum, an artificial intelligence and computer vision company founded by Pearl CEO Ophir. Tanz before step down as CEO last month. Using proprietary x-ray analysis capabilities, Pearl recognizes dozens of dental pathologies, existing restorations and natural anatomy, allowing practitioners to assess robust data across their practice, spend more time with patients and prescribe better treatment options. Pearl has also built a suite of solutions to automate tasks for dental laboratories.
Hackers stole 7,000 bitcoins worth over $40 million from major cryptocurrency exchange Binance. Cyber hackers have stolen 7,000 bitcoins worth over $40 million from Binance, one of the world’s largest cryptocurrency exchanges, the company reported on Tuesday. In a major security beach announcement, Binance said: “We have discovered a large scale security breach today, May 7, 2019 at 17:15:24 (UTC). Hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info. The hackers used a variety of techniques, including phishing, viruses and other attacks. We are still concluding all possible methods used. There may also be additional affected accounts that have not been identified yet.”
Pendo buys British software firm Receptive Software. Pendo, a Raleigh, NC-based cloud tech startup company that helps business customers improve their websites and products, announced Tuesday that it bought a British software firm for an undisclosed amount. The acquisition is meant to shore up Pendo’s software platform. The acquisition also brings demand intelligence to the product cloud, making it a comprehensive platform for digital product teams and product-led organizations to make product decisions, communicate product direction, and deliver product experiences. Pendo currently employs about 225 people.
