Tag Archives: Funding

Amazon's second headquarters clears key Virginia funding vote
March 17, 2019 12:06 am|Comments (0)

People move about in front of the rostrum before a news conference about the announcement that Crystal City has been selected as home to Amazon’s new headquarters in Arlington, Virginia, U.S., November 13, 2018. REUTERS/Kevin Lamarque

WASHINGTON (Reuters) – A financial package worth an estimated $ 51 million for Amazon.com Inc’s second headquarters in northern Virginia was approved by the Arlington County Board on Saturday, helping the company clear a key hurdle amid protests.

Amazon in November picked National Landing, a site jointly owned by Arlington County and the City of Alexandria, just outside Washington, along with New York City for its so-called HQ2 or second headquarters.

The company has since scrapped its plans to build its headquarters in New York.

Reporting by Nandita Bose in Washington; Editing by Daniel Wallis

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Amazon's second headquarters clears key Virginia funding vote
March 17, 2019 12:06 am|Comments (0)

People move about in front of the rostrum before a news conference about the announcement that Crystal City has been selected as home to Amazon’s new headquarters in Arlington, Virginia, U.S., November 13, 2018. REUTERS/Kevin Lamarque

WASHINGTON (Reuters) – A financial package worth an estimated $ 51 million for Amazon.com Inc’s second headquarters in northern Virginia was approved by the Arlington County Board on Saturday, helping the company clear a key hurdle amid protests.

Amazon in November picked National Landing, a site jointly owned by Arlington County and the City of Alexandria, just outside Washington, along with New York City for its so-called HQ2 or second headquarters.

The company has since scrapped its plans to build its headquarters in New York.

Reporting by Nandita Bose in Washington; Editing by Daniel Wallis

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Venture capital funding of cybersecurity firms hit record high in 2018: report
January 17, 2019 12:13 pm|Comments (0)

NEW YORK (Reuters) – Venture capital investments in cybersecurity firms hit a record high last year amid a surge in cyber crime over the last few years, according to a report released on Thursday by U.S.-based Strategic Cyber Ventures.

Total venture capital funding in the space totaled $ 5.3 billion in 2018, up 20 percent from $ 4.4 billion seen in 2017.

“We’re seeing mega-breaches happening on an extremely frequent basis,” Chris Ahern, data scientist and principal at Strategic Cyber Ventures, told Reuters on Wednesday.

“I don’t think that’s going to stop anytime soon. And investors are seeing that as an opportunity for investment.”

Cybersecurity has become the focus for governments and corporations around the world as digital crime increases.

The latest quarterly data from cybersecurity firm ThreatMetrix showed that it detected 210 million attacks in the first quarter last year, with another 151 million seen in the second quarter. Compared with 2015, cyberattacks have surged more than 100 percent, illustrating an overall heightened risk landscape over the last two years, ThreatMetrix said.

U.S. cybersecurity firms took the bulk of investments, accounting for 46 percent of investments in 2018, according to the Strategic Cyber Ventures report. Asian and European companies took 22.6 percent of global investment, up from 12.7 percent in 2014.

“We’ve seen this trend in the broader tech ecosystem as well, with many large international funds and investment outside of the U.S.,” the report said.

“Simply put, amazing and valuable technology companies are being created outside of the U.S.”

That said, Ahern sees a bit of a pullback in investments for this year. “There is still a lot of money being put to work in 2019. I do think investors are a little bit weary, there’s a bit of vendor fatigue,” he added.

Asked about the biggest cybersecurity threat in the world, Strategic Cyber Ventures co-founder and chief executive officer Hank Thomas told Reuters that he considers the People’s Liberation Army — China’s armed forces — as the largest cyber threat actor in the world.

“They’re playing the long game. They have been able to use cyber to facilitate all sorts of things beyond just information warfare,” said Thomas, who is a former U.S. army intelligence officer focused on cyber, signals intelligence, information operations, and military intelligence planning.

Strategic Cyber Ventures has a $ 100 million portfolio that includes four cybersecurity companies.

Reporting by Gertrude Chavez-Dreyfuss; Editing by Phil Berlowitz

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Lyft raises another $500 million in additional round of funding
November 23, 2017 12:06 pm|Comments (0)

(Reuters) – Uber rival Lyft Inc is raising an additional $ 500 million in funding, according to a U.S. share authorization document filed in Delaware news website Axios said. (bit.ly/2BhebbU)

The additional funding round, led by Alphabet Inc’s CapitalG, is an extension of the $ 1 billion round announced in October.

Lyft spokesman Adrian Durbin, confirming the funding round, in an e-mailed statement said, “Increasing the potential for this round will allow us to further accelerate our commitment to serving passengers and drivers.”

In October Lyft had said that the previous round of funding boosted its valuation to $ 11 billion from $ 7.5 billion. The fresh funding would raise its valuation to $ 11.5 billion.

Reporting by Sangameswaran S in BengaluruEditing by Greg Mahlich

Our Standards:The Thomson Reuters Trust Principles.

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Snapchat's Stock Plunge Should End Insane Tech Funding, but It Won't
November 8, 2017 6:06 am|Comments (0)

Four years ago, almost to the day, it was obvious that Snapchat should have taken the money: $ 3 billion Facebook offered to acquire it. But, no, the company’s founders insisted that it would be a bad move. Co-founder and CEO Evan Spiegel and, presumably, others were sure it was worth more. Not according to the earnings release today by parent Snap Inc.

Snap’s 2017 third quarter results were egregious. It was like watching the Coyote in a Road Runner Cartoon stop off the edge of a cliff and keep moving for a bit until, looking down, it realized the situation.

Revenue was up by 62%, which is wonderful. Only, analysts expected nearly $ 237 million in revenue instead of the $ 207.9 million the company had. There was little change in the number of users, and when you depend on advertising revenue to grow the business, that’s really bad. The quarter’s net loss of $ 443,159,000 was more than 3.5 times larger than the same period last year.

The company uses the non-standard measure of “adjusted EBITDA” to measure its, uh, success. Net income or loss excluding interest income and expense, other income or expense, depreciation, amortization, stock-based compensation and the related payroll tax expense, and “certain other non-cash or non-recurring items impacting” the bottom line. Even with that twisting, there was a $ 178,901,000 loss, which tells you just how many contortions it takes to massage the real loss.

Wall Street is not happy and Snap’s stock price dropped by 20 percent inside an hour. Spiegel and his co-founder, Bobby Murphy, are probably not happy either: Between them, their stock holdings lost $ 1 billion in value before the Coyote could finish the long drop with that soft pooft at the end.

If only Snap were an aberration on the West Coast tech scene. But it’s not. There’s billions of investment money in Uber, which is in the red a couple of billion dollars a year at this point. Juciero and its crazy-expensive juicers and juice packs finally packed it in a couple of months ago when it was clear few people were crazy enough to spend many hundreds on a machine and then $ 140 to $ 200 a month on juice. Heck, you could invest the cash and start your own small juice bar at that rate. And Juciero had only $ 118.5 million in venture money.

There’s an old saying: owe the bank $ 100 dollars and it owns you; owe it $ 100 million and you own the bank. This is what Silicon Valley and U.S.-style tech investing has come to. Forget a Microsoft of Apple or even a Facebook, where the companies went public after they were making real money. They build businesses that understand the profit concept, not almost eternal indebtedness that was supposed to turn the corner one day.

Here’s the difference: Snap’s founders lost a lot in paper worth on a company that, if you took away all the venture money, would be out of business. Microsoft launched Bill Gates who, back in 1986 when he was 30, was “probably one of the 100 richest Americans,” according to Fortune. Now he’s the richest man in the world.

Investors have been entranced by companies that seem like they should be worth billions and billions because they have scalable architecture and, doggonit, people like them. But it’s not enough to have a likeable business. Attention isn’t enough. Do VCs and money people not know the history of the dot com bubble? “Eyeballs,” a former crazy measure of success, don’t count for squat unless you have a solid business model that can create revenue and, eventually, profit.

Entrepreneurs would be better off to forget the nonsense that has passed for business acumen all too often and instead focus on the three basic questions: What needs to people have, what can you do to solve them, and how will you get paid? If you can’t answer all three, better keep working on the idea.

But, too many investors will keep hoping for the magical company that will make their fortunes, and too many entrepreneurs will want to be the mighty captain of industry. Things won’t change until a couple of these unicorns go spiraling into the desert floor so hard and fast that it makes a Coyote landing look like a short drop to a fluffy mattress.

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Report: Oculus Founder Palmer Luckey Is Funding A Pro-Trump Political Group
December 22, 2016 9:43 am|Comments (0)

Oculus Rift founder Palmer Luckey has reportedly admitted to financially backing the pro-Trump political organization Nimble America.


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BlockApps Expands Ethereum's Presence in China; Announces New Funding and Key Partnerships
September 25, 2016 2:15 am|Comments (0)

Gary Liu, the chief architect and hybrid cloud business director of Alibaba Cloud Computing, mentioned the “strong client demand for Ethereum-based …


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BlockApps Expands Ethereum’s Presence in China; Announces New Funding and Key Partnerships
September 23, 2016 11:45 pm|Comments (0)

Gary Liu, the chief architect and hybrid cloud business director of Alibaba Cloud Computing, mentioned the “strong client demand for Ethereum-based …

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CoreOS Funding Hits $48M as Container Momentum Builds
May 9, 2016 4:05 pm|Comments (0)

VIDEO: Brandon Philips, co-founder and CTO of CoreOS, discusses his firm’s new funding, projects and Cloud Native Computing Foundation efforts.


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Health Tech Startup CliniCloud Secures $5M Seed Funding From Tencent
February 12, 2016 12:45 pm|Comments (0)

Going to the doctor and waiting for a short check-up can be frustrating and expensive. For common conditions like asthma or a cold, a stethoscope and thermometer are usually first used to make a diagnosis. But what if you could do it yourself from home?


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