Tuesday, January 29, 2019
| BDO - Southern California Technology Industry Team BDO USA, LLP is a professional services firm providing assurance, tax, and advisory services to publicly traded and privately held companies through more than 60 offices domestically and 160 countries globally. Our Southern California technology industry team professionals have deep experience helping online, software, hardware, and cleantech businesses in the local ecosystem to navigate the many issues affecting their businesses and to help them meet their larger strategic goals. Our team provides a wide range of guidance in the key issues effecting technology companies including, M&A advisory, initial public offerings, tax planning and consulting, intellectual property agreements, financial reporting and regulatory compliance matters. For more information, please contact our LA Technology leaders Anthony Ferguson, Tim Clackett, and Kris Kaufmann at LATech@bdo.com. http://www.bdo.com |
LA's Tech Savvy Mayor, Eric Garcetti, Will Not Run For President
Mayor Eric Garcetti, the Mayor of Los Angeles and a big supporter of the Greater Los Angeles area's rise to prominence in the technology startup world, announced on Tuesday evening that he will not be running for President in 2020. Garcetti has been a regularly seen at local technology conferences promoting the growth of "Silicon Beach" and the rest of the LA technology ecosystem. Garcetti launched a nonprofit in 2017 to use the success seen in the City of Los Angeles with technology startups to (More info...)
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Defy Media Creators Likely Out Of Luck
Now defunct, Los Angeles-based multi-channel content network Defy Media is unlikely to be able to pay the $1.7 million it owes more than 50 YouTube creators, after the company's shutdown in November, according to a report. One of the companies which had provided debt funding to Defy Media, Ally Bank, said recently that it expects to experience "a substantial loss" on its loan to the company. Ally Bank said that Defy Media is being liquidated by its board of directors. Defy Media had run the SMO (More info...)
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Vincente Capital Partners Sells Intellectual Technology, Inc.
Los Angeles-based private equity investor Vincente Capital Partners announced on Tuesday that it has sold Carlsbad-based Intellectual Technology, Inc., a developer of software for motor vehicle agencies (DMVs), to Arlington Capital Partners. Financial terms of the sale were not announced. Vincente Capital acquired ITI in November of 2012. According to Vincente Capital, it has retained a minority interest in Intellectual Technology. Although it did not announce financial details, Vincente Capital (More info...)
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HeyTutor Finds $1M From ScOp Venture Capital
Los Angeles-based HeyTutor, an online marketplace for finding tutors, has raised $1M in its Series A funding, the company announced on Tuesday, from Santa Barbara-based ScOp Venture Capital, the venture investment firm led by serial entrepreneur and investor Kevin O'Connor. HeyTutor was founded by Skyler Lucci and Ryan Neman four years ago, when both of them were both just 19 years old. HeyTutor's online marketplace helps connect students with local tutors, and helps tutors get consistent jobs. (More info...)
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FanAI Buys Waypoint Media
Los Angeles-based FanAI, a venture-backed developer of artificial intelligence software used for sponsorship engagement and analytics, has acquired Waypoint Media, the two announced this morning. Financial details of the buy were not announced. FanAI--which is backed by Courtside Ventures, CRCM Ventures, BITKRAFT Esports Ventures, BDS Capital, Catalyst Sports, Deep Space Ventures, Everblue Management, Greycroft GC Tracker Fund, M Ventures, Rosecliff Ventures, and Sterling VC, says it uses AI to (More info...)
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CoverHound Apparently Finds Funding For Insurance Marketplace
CoverHound, the online insurance shopping marketplace with offices in Westlake Village, apparently raised a funding round, according to what appears to be a broken embargo by a Silicon Valley technology news site. According to a spokesperson for Coverhound, the amount of the funding and investors--which had been reported as being worth $55M, and included Hiscox, Chubb, Aflac Ventures, and MS&AD--were "factually incorrect". A corrected funding amount and investors were not provided by the company (More info...)
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ObEN Technology Used In Chinese New Year's Broadcast
Pasadena-based ObEN, which develops technology to help people create a personal, AI-driven avatar which looks and sounds like you, reported a win in China, for a big New Year's broadcast for China Central Television (CCTV). According to ObEN, its technology was used to create "AI hosts" for CCTV's Network Spring Festival Gala, which aired on Monday. ObEN said its AI hosts performed alongside their human counterparts for the broadcast for Chinese New Year. In additiona, CCTV also created a mini-a (More info...)
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Snap Names Interim CFO
Santa Monica-based Snap Inc., the parent company of Snapchat, said Monday afternoon that it has named Lara Sweet as its interim Chief Financial Officer and principal financial officer. Sweet is the company's current Chief Accounting Officer. Sweet replaces Snap's current CFO, Tim Stone, who is leaving on February 5th. According to Snap, it has initiated a search for a permanent Chief Financial Officer. Sweet has been at Snap since 2016, and also previously served as VP Controller; before that, s (More info...)
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BioDuro Acquired By Advent International
San Diego-based BioDuro, a life sciences contract research and development organization, has been acquired by private equity investor Advent International, the companies said over the weekend. Financial details of the majority, strategic investment in BioDuro were not announced. BioDuro has operations in San Diego, Beijing, an Shanghai, and provides synthetic and medicinal chemistry, drug metabolism and pharmacokinetics (DMPK), biologics and biology services, translational oncology services, con (More info...)
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Esri Backs Open Government Data Efforts
Redlands-based Esri, which develops geographical information systems (GIS) software used to map and visualize data, said today that it supports the enactment of the federal Foundations for Evidence-Based Policymaking Act. The new law promotes opening up data usage by the public of government data "by dafulat", making that data machine readable and freely usable. According to Esri, its ArcGIS hub software helps government agencies meet those new open data law requirements. Esri says it already ha (More info...)
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