Thursday, July 6, 2017XCOR Aerospace Fails To Launch, Lays Off Rest Of EmployeesAmong a largely successful rush to establish a vibrant commercial aerospace industry in Southern California, it appears one company--Mojave-based XCOR Aerospace--has failed to launch. XCOR has apparently laid off all of its employees, due to the inability of the company to raise money. XCOR--which has been working on developing a "space plane" since at least 2005--said the layoffs came due to "adverse financial conditions", although it apparently is still looking for funding. XCOR has yet to hav (More info...)
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PointPredictive Raises Series A For Fraud Fighting AI SoftwareSan Diego-based machine learning startup PointPredictive announced on Thursday that it has closed a Series A funding round. The funding was led by Mosaik Partners. Size of the investment was not announced. PointPredicive is developing fraud and risk management software for the automotive lending, consumer lending, and mortgage lending markets. Mosaik Partners' Miles Kilburn joins the company's board with the funding. PointPredictive's CEO is Tim Grace.
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Clearlake Sells Syncsort, Vision Solutions To CenterbridgeSanta Monica-based private equity investor Clearlake Capital Group said on Thursday that it has agreed to merge Syncsoft Incorporated and Vision Solutions, two enterprise software companies that it already owns, and sell the resultant company to Centerbridge Partners. Clearlake said the deal is worth $1.26 billion. Clearlake acquired Syncsoft in 2015, and Vision Solutions in 2016. The new company will be headquartered in Pearl River, New York, and will operate under the Syncsort name. Clearlake (More info...)
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Kangarootime Gets SeededLos Angeles-based Kangarootime, a startup developing cloud-based software for childcare centers, has raised a seed funding round, the company said this week. The funding came from Skyview Ventures LLC, Mucker Capital, and the Tech Coast Angels. Kangarootime says it develops software that allows childcare centers and other educational centers to digitize their operations, including allowing parents to check their children in and out of centers, pay tuition, view and share photos, and more. Kangar (More info...)
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Yes, You Can Get A Scholarship To College To Play OverwatchAre you a competitive, e-sports player specializing in Overwatch, the popular title developed by Blizzard? The University of California, Irvine, said on Wednesday that it will offer up an e-sports scholarship to the school, where it will provide $2500 a year to players who attend the school--and commit to another 15-20 hours per week working on practice, team meetings, competitions, and other efforts. The scholarship also includes access to coaches, personal trainers, and a team psychologist, ac (More info...)
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Digital Domain Expands In China, Taps Tech Veterans For PostsLos Angeles-based visual effects company Digital Domain said on Wednesday that it is expanding in China, and has opened up new studio in Beijing. The company said it has named Frank Ming Wei--former President of YouKu.com--as Executive Director, Vice Chairman and CEO of Greater China, and also named three board members--including one from SoftBank. The three board members include Pu Jian (CITIC Limited), Alan Song (managing partner of SoftBank China Ventures Capital), and John Lagerling (formerl (More info...)
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Miso Robotics Raises $3.1M For Burger Flipping RobotPasadena-based Miso Robotics, a developer of burger-flipping, artificial intelligence-driven robots aimed at the restaurant industry, has raised $3.1M in a funding round. The funding came from Newport Beach-based Acacia Research Corporation, along with others. According to Acacia Research, the new funding will go towards delivering "Flippy" the robotic kitchen assistant to the market. David Zito is CEO of Miso Robotics, and the company was co-founded by John Miller, who also founded the Cali Gro (More info...)
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Axonics Ups Series C Funding By $20.5MIrvine-based medical device maker Axonics Modulation Technologies has raised $20.5M more in its Series C funding, bringing the funding in the round to a total of $35M. According to Axonics, the second closing included Gilde Healthcare, and La Jola-based CICA. The funding also included Cormorant Asset Management. As part of the funding, Gilde Healthcare's Geoff Pardo joins the company's board. Axonics Modulation Technology is developing a system for the treatment of urinary and bowel dysfunction; (More info...)
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Ambry Genetics Acquired For $1 BillionAliso Viejo-based Ambry Genetics, a developer of a suite of genetic tests for inherited and non-inherited diseases, has been acquired by Japanese company Konica Minolta, a deal worth $1 billion. According to Konica Minolta, it will pay $800M on closing, plus up to $200M in earnout, for Ambry Genetics. Konica Minolta said the transaction is partially funded by Innovation Network Corporation of Japan (INCJ). Ambry Genetics was founded in 1999. The company's founder, President and Chairman is Charl (More info...)
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NantWorks Buys Its Own Healthcare System, Integrity HealthcareLos Angeles-based NantWorks, the umbrella company managing the investments of billionaire Dr. Patrick Soon-Shiong, said on Wednesday that it has acquired the majority stake in Integrity Healthcare, which manages the Verity Health System. Verify Health Systems is a nonprofit, healthcare system which owns such hospitals as St. Francis Medical Center in Lynwood and St. Vincent Medical Center in Los Angeles, plus O'Connor Hospital in San Jose, St. Louise Regional Hospital in Gilroy, Seton Medical Ce (More info...)
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Newegg Runs Another Sale In Answer To Amazon Prime DayLos Angeles-based online electronics retailer
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