The Bulletin
16H
Marvell Tech will acquire chip startup Innovium for $1.1bn
Marvell Technology has revealed its plans to acquire chip startup Innovium in a $1.1bn all-stock deal. The acquisition is aimed at bolstering Marvell's share of networking chips sold to large cloud-computing companies. Marvell Chief Executive Matt Murphy told Reuters that the company's long-term plan is to integrate the Innovium and Inphi products to deepen its ties with cloud computing vendors.
18H
Finite State secures $30m for IoT security platform
Finite State has completed a Series B funding round, raising $30m. The company offers organisations cybersecurity controls for connected devices and supply chains. "Cyberattackers see firmware as a weak link," Finite State's CEO told Tech Crunch. Energize Ventures led the round, which included participation from Schneider Electric Ventures. Finite now wants to scale and increase headcount.
20H
Nvidia tracking 8,500 AI startups through its Inception AI programme
Nvidia says it is now tracking more than 8,500 AI startups through its Inception AI programme. The programme is designed to provide support and software to small companies in the AI space. Data is shared among the ecosystem of startups to further accelerate the development of AI solutions. The tracked startups have raised more than $60bn in funding and come from 90 countries, Nvidia said.
20H
Google to launch its own processors in a shift away from Qualcomm
Google has announced the launch of a new model of processor designed in-house. The decision is a clear shift away from Qualcomm's technology, which has powered the search giant's Android devices for more than 15 years. The new processor will be known as Tensor and it will power the Pixel 6 and Pixel 6 Pro phones. Google's upcoming 5a phone will still have a Qualcomm processor.
1D
Nozomi Networks lands $100m for industrial cyber security
Nozomi Networks has secured $100m in new funding. The company delivers security solutions for critical infrastructure such as oil, gas and water. The cash has come from its customers and technology partners, and will help Nozomi develop new products. Its software monitors industrial machines, and warns users about potential hackers. “Attacks have more than doubled year on year,” said its CEO.
1D
Ericsson earns Chinese 5G radio contracts - report
Ericsson has reportedly secured significant 5G radio contracts in China. A Reuters story revealed that the Swedish firm has won a 3% share in a joint 5G radio contract from China Telecom and China Unicom. Nokia, which had been expected to increase its presence, didn't receive any share. "We remain committed to continuing to support China Telecom and China Unicom," said a Nokia spokesperson.
1D
Zoom will pay $85m to settle data privacy class action lawsuit
Zoom has agreed to settle a user privacy violation lawsuit by paying $85m. The lawsuit alleged that Zoom shared the data of millions of users with Facebook, Google and LinkedIn. Zoom also allegedly allowed third-party users to jump into Zoom calls to disrupt them, often with disturbing content. Subscribers to the class action will be eligible for 15% refunds on their core subscriptions up to $25.
1D
Jack Dorsey's Square to buy Afterpay for $29bn
Jack Dorsey's payments company Square has announced its plans to buy Australian fintech company Afterpay in a $29bn all-stock deal. The agreement will create an instalments payment giant as the industry sees significant growth. “Square and Afterpay have a shared purpose,” Dorsey said. “We built our business to make the financial system more fair, accessible, and inclusive.”
4D
Elon Musk's Neuralink raises $205m
Elon Musk's brain machine interface enterprise, Neuralink has completed a $205m funding round. The raise included participation from a number of high-profile backers, including Google Ventures, Peter Thiel’s Founders Fund, and OpenAI CEO Sam Altman, with funding led by Vy Capital. The funds from the round will be used to take Neuralink’s first product to market.
4D
Qualtrics to acquire Clarabridge for $1.125bn in XM consolidation
Experience management platform Qualtrics has agreed a $1.125bn deal to acquire Clarabridge, a leader in the omnichannel conversational analytics space. Qualtrics said the deal will allow it to "tune into, analyse and act on everything customers and employees are saying". Qualtrics counts the likes of GM, Farmers, United Airlines, USAA, Bank of America, Expedia and UnitedHealthcare as customers.
4D
Xiami overtakes Apple as the world’s second-largest smartphone manufacturer
Chinese phone manufacturer Xiaomi has surpassed Apple to become the world’s second-largest smartphone manufacturer, after Samsung Electronics. Xiaomi had a 17% share of global smartphone shipments, ahead of Apple’s 14% and behind Samsung’s 19%. Xiaomi is the second Asian phone maker to reach this podium after Huawei's sales plunged following the enforcement of U.S. sanctions.
4D
EU fines Amazon a record $886m for data privacy violations
Amazon.com Inc has been hit with an $886.55m European Union fine for processing personal data in violation of the EU's General Data Protection Regulation. The Luxembourg National Commission for Data Protection has ordered Amazon to revise certain undisclosed business practices. “We believe the CNPD’s decision to be without merit,” Amazon said in a securities filing.
5D
Google Cloud and SAP partner to accelerate digital transformations
Google Cloud and SAP have teamed up to help businesses achieve their digital transformation goals. The companies said the partnership will help customers execute business transformations, migrate critical business systems to the cloud and augment existing business systems with Google Cloud capabilities in AI and ML. Google Cloud will be a strategic cloud partner for the RISE with SAP offering.
5D
Contently Inc. completes $175m late round of funding
Contentful Inc. has closed a $175m late round of funding that vlaies the business at more than $3bn. The platform helps businesses manage their digital content and content management systems. Tiger Global led the round with Base10 Advancement Initiative and Tidemark also joining Contentful's existing investors. Funds will be used to expand its global footprint and build out its platform.
5D
OpenAI releases Triton, a new programming language for GPU code
Artificial intelligence research firm OpenAI has released Triton, an open-source, Python-like programming language that enables researchers to write highly efficient GPU code to optimise AI workloads. OpenAI is backed by Microsoft and VC firm Khosla Ventures. "Our goal is for it to become a viable alternative to CUDA for Deep Learning," OpenAI scientist Philippe Tillet, told ZDNet.
6D
IBM and SAP combine to enable financial hybrid cloud journeys
IBM and SAP have partnered up to help financial institutions move their operations to the hybrid cloud. SAP's digital services will be available on IBM's Cloud for Financial Cloud, which it made generally available earlier this year and now has more than 100 partners. Customers will be able to leverage a number of services, including SAP Adaptive Server Enterprise, and SAP IQ software.
6D
API platform Algolia closes $150m funding round
Algolia, the API Platform for search and AI-powered website experiences has closed a $150m funding round led by Lone Pine Capital. It values the company at $2.25bn. The round also includes funding from Fidelity Management & Research Company LLC, STEADFAST Capital Ventures, Glynn Capital, Twilio, and existing investors Accel and Salesforce Ventures. Algolia’s total funding to-date is $315m.
6D
Vodafone partners with Unisys to power post-pandemic digitalisation boost
British telecom operator Vodafone has teamed up with IT firm Unisys to launch 'Vodafone Digital Factory'. The partnership's goal is to boost Vodafone's range of IT services as businesses digitise their activity amid the pandemic. Unisys will help Vodafone's corporate clients integrate and develop technologies such as AI, virtual and augmented reality or blockchain, according to Vodafone.
6D
AI startup DataRobot reaches $6.3bn valuation and acquires Algorithmia
Boston-based AI startup DataRobot has reached a $6.3bn valuation after raising $300m in a late-stage funding round led by Altimeter Capital and Tiger Global. The company's software makes building artificial intelligence models easier. In addition to the new funding, DataRobot also announced the acquisition of Algorithmia, a fellow venture-backed developer of tools for simplifying AI projects.
7D
Facebook bets on the metaverse
Facebook's CEO Mark Zuckerberg has announced the company's plans to create a product team to work on the "metaverse," a digital world where people can move between different devices and communicate in a virtual environment. The team will be led by Facebook executive Vishal Shah. "I believe the metaverse will be the successor to the mobile internet," Zuckerberg told The Verge.
7D
TikTok announces Dublin cybersecurity centre
TikTok has announced the establishment of its first cybersecurity 'Fusion Centre' in Dublin, Ireland. The facility will complement its global security HQ in Washington DC and will create around 50 new cybersecurity jobs. TikTok said the centre will advance its on-platform threat discovery to protect our community and accelerate the delivery of next-generation cyber-threat monitoring.
7D
Enterprise software company Medallia bought for $6.4bn
Private equity outfit Thoma Bravo has struck a deal worth $6.4bn to take enterprise software company Medallia Inc. private. Medallia shareholders will receive $34.00 per share in cash, which represents a premium of approximately 20% to Medallia’s unaffected closing stock price on June 10, 2021. The transaction is expected to close in 2021, subject to customary closing conditions.
7D
Intel to make Qualcomm's future chips
Intel's new Foundry Services Business has signed on its first client: Qualcomm Inc. Intel said on Monday its factories will start building Qualcomm chips and laid out a roadmap to expand its new foundry business to catch rivals such as TSM and Samsung by 2025. Qualcomm's new chips will be built using Intel’s upcoming 20A process, but the timeframe for its production has not been revealed.
8D
Gelsinger - Chip shortage to last until 2023
Intel's CEO Pat Gelsinger has warned that the global silicon chip shortage could continue for another two years. “While I expect the shortages to bottom out in the second half, it will take another one to two years before the industry is able to completely catch up with demand,” he said in a conference call. The shortage of chips is having an impact on multiple industry sectors.
8D
Cloud services provider Rackspace to lay off 10% of its workforce
US cloud services provider Rackspace will lay off 10% of its workforce, around 700 employees, as part of a restricting plan. The company has said that 85% of these roles are set to be replaced through its offshore service centres. It will use the money saved to reinvest and expand its product offerings in “fast-growing” areas of the business. Rackspace will spend around $80 million on exit costs.
8D
Vista considers $7.5bn sale of Tibco - reports
Vista Equity Partners is considering the sale of cloud computing data analytics company Tibco Software, according to a CNBC report. Vista bought the business for $4.3bn in 2014, but could be about to make a sizeable profit, with one source suggesting a price tag of $7.5bn. Others have suggested it could be even higher. Talks have yet to start with interested parties, the report added.
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8D
Alphabet launches Intrinsic to train industrial robots with AI
Alphabet has announced a new venture that has come out of its "moonshot" division: Intrinsic. The startup focuses on developing software tools to make industrial robots easier to use, cheaper and more flexible. "Intrinsic is working to unlock the creative and economic potential of industrial robotics for millions more businesses, entrepreneurs, and developers,” said Intrinsic CEO Wendy Tan-White.
11D
Sophos acquires Network Detection and Response specialist Braintrace
Cybersecurity company Sophos has announced the acquisition of Braintrace, which specialises Network Detection and Response technology. Its tech provides deep visibility into network traffic patterns, including encrypted traffic. Braintrace’s developers, data scientists and security analysts have joined Sophos’ global Managed Threat Response and Rapid Response teams.
11D
Uber Freight to acquire Transplace Inc. for $2.25bn
Uber Freight is acquiring shipping software company Transplace Inc. for $2.25bn. The deal will see Uber Freight pay TPG Capital $750m in cash and the remainder in common Uber stock. “The acquisition will combine the world’s premier shipper network platform with one of the industry’s most innovative supply platforms, to the benefit of all stakeholders,” said Frank McGuigan, CEO, Transplace.
12D
Visa snaps up Currencycloud in $962m deal
Visa has agreed to buy British payments start-up Currencycloud for $962m, less than two years after participating in the startup's $80m funding round. CurrencyCloud has some 500 customers in 180 countries that use its APIs to power multi-currency wallets, currency exchange services, and account management. It's one of the many fintechs that power payment apps like Monzo, Starling and Revolut.
12D
FTC warns hardware makers it will fight right to repair restrictions
The Federal Trade Commission has unanimously voted to take on unlawful “right to repair” restrictions in a new policy statement issued Wednesday. The new policy would target hardware manufacturers that strictly inhibit users’ abilities to repair their own devices, such as Apple. The news comes just days after the White House endorsed similar rules in an executive order on economic competition.
12D
Saudi Aramco hit by cyberattack, $50m ransom demanded
Oil and gas giant Saudi Aramco has been hit by a cyberattack, with hackers reportedly demanding a $50m ransom. The Saudi Arabian company has confirmed that what it calls a "limited aount of company data held by third-party contractors" had been stolen. AP reports that one terabyte of information is being held by hackers. Aramco suffered a large-scale cyberattack in 2012.
12D
Microsoft acquires cybersecurity platform CloudKnox
Microsoft has acquired cybersecurity platform CloudKnox Security Inc. Microsoft said CloudKnox helps organisations right-size permissions and consistently enforce least-privilege principles to reduce risk. The deal builds on Microsoft's recent acquisitions of RiskIQ and ReFirm Labs and shows its "focus and execution in acquiring, integrating and expanding the strongest defences for our customers."
12D
Ford, Argo AI and Lyft partner to offer robotaxi services in Austin and Miami
Ford and Argo AI have announced their plans to make 1,000 self-driving taxis available to consumers via the Lyft ride-hailing app. The first robotaxis will roll out in Miami later this year and in Austin shortly after. "Each company brings the scale, knowledge and capability in their area of expertise that is necessary to make autonomous ride-hailing a business reality," said Lyft CEO Logan Green.
13D
BT buys "multi-million pound" stake in Safe Security
UK telecoms giant BT has acquired a "multi-million pound stake" in cybersecurity management company Safe Security, according to a Reuters report. The move is part of its ambition to expand into the security sector. BT will be granted exclusive rights to use and sell SAFE to businesses and public sector bodies in the UK, and will incorporate the platform within its wider global portfolio.
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13D
Revolut pens partnership with Equifax
Revolut has announced a partnership with data analytics company Equifax to improve its US offering. Equifax was chosen for the ability to provide cloud-native differentiated data assets and real-time predictive analytics for a faster, more informed view of customers and prospects. "We're on a mission to build the world's first global financial superapp," said Ronald Oliveira, CEO of Revolut US.
13D
Yapily completes $51m Series B
Yapily has raised $51m to supercharge the roll-out of its open banking API. The fintech works with financial services organisations, allowing companies to access financial data and initiate payments. Sapphire Ventures led the Series B round. Yapily will use the cash to expand across Europe. "We are only starting to scratch the surface of what’s possible," said founder Stefano Vaccino (pictured).
14D
Untether AI raises $125m to advance its AI chips
Untether AI has raised $125m for its AI acceleration chips. It enables the company to extend its leadership position, enhance its software offering, and build its next generation tech. Untether AI says its at-memory compute architecture "breaks through the computational bottleneck and changes the paradigm for AI compute efficiency". Funding was led by an affiliate of Tracker Capital Management.
14D
Dish and AT&T strike up $5bn networking deal
Dish and AT&T have agreed a network services deal worth $5bn. The agreement will see AT&T be Dish's preferred services provider for the next decade. AT&T are replacing T-Mobile as Dish’s wholesale network partner. "This deal will allow us to better compete in the retail wireless market," said a Dish spokesperson. It is expected that the deal will attract attention from the U.S. Justice Department.
14D
Rapid7 acquires threat intel startup IntSights for $335m
Security automation and analytics company Rapid7 has announced the acquisition of threat intelligence startup IntSights for around $335m. Rapid7 will combine its community-infused threat intelligence and deep understanding of customer environments with IntSights’ external threat intelligence capabilities. It will also enhance its cloud-native extended detection and response offering.
14D
AWS severs ties with NSO Group
AWS has cut ties with NSO Group, the surveillance vendor which has come under fire for alleged hacks targeting a series of campaigners, government officials and journalists. "When we learned of this activity, we acted quickly to shut down the relevant infrastructure and accounts," said a spokesperson. NSO has denied the report, saying that its technology is only used to fight crime and terrorism.
15D
Luminar acquires its exclusive chip partner OptoGration
Luminar Technologies, the maker of lidar sensors used in autonomous vehicles, has announced the acquisition of its exclusive chip design partner and manufacturer, OptoGration Inc. For the past five years, Luminar has been closely collaborating with OptoGration, developing, iterating, and perfecting the specialised InGaAs photodetector technology that is required for 1550nm lidar.
15D
Nokia wins first 5G radio contract in China
Nokia has notched up an eye-catching contract award after it sealed its first 5G radio deal in China. It secured a share of one of China Mobile's three 5G contracts, with Huawei and ZTE taking up the "lion's share", according to a Reuters report. While Nokia got a 10% share of one of the contracts, its 5G rival Ericsson won a 9.6% share of one of the other 5G agreements.
15D
SAP to invest $343m in the UK
SAP is to invest $343m in to the UK over the next five years, reports The Telegraph. Germany's biggest software company will launch its Data Cloud service, open new offices in London and Manchester, and increase investment in its internship programme. SAP UK MD Michiel Verhoeven said he expects the company to add "hundreds, if not thousands" of jobs. It currently employs 2,500 people in the UK.
15D
ServiceMax to go public via $1.4bn SPAC merger
Industrial cloud services company ServiceMax Inc. is the latest company to state its intention go public by merging with a blank-cheque company. It announced it will be merging with a SPAC called Pathfinder Acquisition Corp. that’s backed by investment firms HGGC and Industry Ventures. The agreement values ServiceMax at $1.4bn and will see it receive $335m that has been raised by investors.
15D
Zoom to pay $14.7bn for cloud-based call centre provider Five9
Zoom is set to acquire Five9 for $14.9bn. Five9's cloud-based call centre technology is used by more than 2,000 customers worldwide. Zoom says the integration will "transform how businesses connect with their customers". During COVID-19 Zoom has been aggressively targeting deeper relationships with enterprise customers. "We are thrilled to join forces with Five9," said its CEO Eric Yuan.
18D
Auvik raises $250m to run networks in the cloud
Auvik, which provides network management software in the cloud, has raised $250m in new investment. The cash was put forward by private equity firm Great Hill Partners. Auvik uses automation to simplify network management for IT teams, and it currently operates four million devices worldwide. It will spend the money on product development, and increasing its geographic reach.
18D
Worldwide IT spending to hit $4.2trn in 2021 - Gartner
Worldwide IT spending is projected to total $4.2trn in 2021, an increase of 8.6% from 2020, according to Gartner. IT services is among the top three highest growth areas for 2021 primarily due to a boost in infrastructure-as-a-service spending that supports mission critical workloads and avoids on-prem costs. The IT services segment is forecast to total $1.2trn in 2021, an increase of 9.8%.
18D
Scribd to go public at $1bn valuation
Document, book and audiobook subscription firm Scribd is in discussions to go public later this year, Bloomberg reports. The deal would value Scribd at about $1 billion. Scribd initially started as a document-sharing service and was described at one time as the “YouTube for documents.” It later evolved into a subscription service for books, audiobooks, magazine articles, documents and more.
18D
Intel in talks to acquire US chipmaker GlobalFoundries for $30bn - reports
Intel is in talks to buy US chipmaker GlobalFoundries in a deal that could be worth $30bn, making it Intel’s largest-ever acquisition, the Washington Post reports. GlobalFoundries filed to go public earlier this year and the IPO could go ahead if the acquisition isn't finalised. GlobalFoundries spun off of Intel's rival AMD in 2018 and it now accounts for 7% of all foundry business by revenue.