Thursday, June 29, 2017LA and Southern California's Surge In Venture Capital FundsTo the newly initiated, it might seem that Southern California is not particularly well known for its venture capital funds--however, for those insiders keeping track, Southern California is actually seeing an unprecedented upsurge in local venture capital firms seeking to make funding available to entrepreneurs, particularly at the seed and Series A stage. We've summarized the funds that have announced new funds in the last nine months or so, or that are in the midst of raising funds--a total o (More info...)
posted on Thursday, June 29, 2017(Full story)
Upfront Ventures Raises $400M In New FundLos Angeles-based venture capital investment firm Upfront Ventures has announced its latest fund, Upfront VI, to the tune of $400M, the company said on Thursday. According to Upfront, the new fund brings its total combined funds under management to nearly $2 billion. Upfront said that it continues to look mostly at Seed or A-round investments, with a median check size of $2.8 million, but said it also invests earlier or even leads B-rounds if it know the team well or the market. In a blog post a (More info...)
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Cybersecurity Training Effort In El Segundo Aimed At Next GenerationAn all week, cybersecurity training effort being held this week in El Segundo--run by AT&T and the Air Force Association (AFA)--is educating teenagers on cybersecurity careers and skills, in hopes of building the next generation of cybersecurity efforts. The camps, part of the AFA's CyberPatriot National Youth Cyber Education Program, are ongoing at AT&T's offices in El Segundo all this week.
The camp--which started on Monday and runs until Friday--is teaching teenagers on everything from cyb (More info...)
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Theragene Pharmaceuticals Buys Assets From Eiger BiopharmaceuticalsSorrento Valley-based Theragene Pharmaceuticals and Palo Alto-based Eiger BioPharmaceuticals announced a deal on Thursday, where Eiger would sell its non-strategic assets to Theragene. The two companies said Theragene would pay $3.1M upfront to Eiger, split between $240,000 in cash plus up to $2.85 million in Theragene common stock, plus up to $15M in future milestone payments, royalties, and licensing fees.
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InvestCloud Launching Fintech Incubator In LondonLos Angeles-based cloud-based financial tools developer InvestCloud says it is launching a new, fintech startup incubator in London, at its European headquarters. According to InvestCloud, it will open up a new "Innovation Center" which will offer both startups and established financial firms to deliver wealth management software supported by its platform. InvestCloud was founded and is led by CEO John Wise, a British entrepreneur who started Investcloud in his Los Angeles garage in 2010. The co (More info...)
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Elon Musk's Tunneling Project Completes First SegmentElon Musk, the tech billionaire behind SpaceX and Tesla Motors, said on Wednesday that his tunneling project has completed its "first segment of tunnel" in LA. Musk as been discussing an idea to dig tunnels underneath Los Angeles to cut down on traffic jams and commute times. Musk did not provide details on how long or where that first segment of tunnel will lead to; apparently, the digging operations before now had been confined to the SpaceX parking lot.
No longer waiting for Godot. It has (More info...)
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Cabin Launches LA To San Francisco Moving Hotel With $3M FundingNeed to get from LA to San Francisco, and back, but tired of waiting in airplane lines or driving yourself? A new, Bay Area startup, Cabin, says it has created a new way to get back and forth from San Francisco, which it bills a "moving hotel". The company says its moving hotels--luxury sleeper buses with a lounge, Wi-Fi, and bathrooms--will allow users to check in at 11pm, and wake up in the morning at their destination. The service will start at $115 to "fall asleep in San Francisco and wake u (More info...)
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Imprimis Pharmaceuticals Sells Off Facility In PASan Diego-based pharmaceuticals developer Imprimis Pharmaceuticals said that it sold off its Folcroft, Pennsylvania facility, and related assets in the sinus business, in a deal worth $450,000. According to Imprimis, the deal will help it focus its resources on its core ophthalmology business. Imprimis said the move was an "important step towards reducing non-strategic overhead expenses."
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Dendreon Acquired By Sanpower Group For $819.9MSeal Beach, California-based Dendreon, a developer of treatments for metastatic prostate cancer, has been acquired by Chinese conglomerate Sanpower Group, in a deal worth $819.9M in cash, the company announced this morning. Dendreon--owned by an affiliate of Valeant Pharmaceuticals--develops PROVENGE, a treatment for prostate cancer, and was led by CEO James Caggiano. Valeant acquired Dendreon out of bankruptcy in 2015, for $296M.
posted on Thursday, June 29, 2017(Full story)