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Cartwheel Collects $1M From Portillo's, Others For On-Demand Delivery

socalTECH

Los Angeles-based Cartwheel, a startup that develops on-demand delivery management software, says it has raised $1M in a seed funding round, which came from TenOneTen Ventures, Act One Ventures, as well as famed hot dog restaurant chain Portillo's Hot Dogs, along with other angels.

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Iteris Swaps CFO, Reports Accounting Issues

socalTECH

Santa Ana-based Iteris , which develops traffic management products and technology, said late Tuesday that it has replaced its CFO, and may face a "material weakness" in its internal controls over financial reporting. According to Iteris, it will require additional time to complete its audit for the fiscal year ended March 31, 2014.

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X1 Claims Strong Growth

socalTECH

Pasadena-based enterprise search software developer X1 --one of the longest running offshoots of Idealab--reported today that it had a "record" sales year for the company in 2014. The company said its biggest purchase was a $1M contract from a large, US government agency for a 20,000 seat install of its software. READ MORE>>.

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SolarReserve Gets Project Approval In Arizona

socalTECH

Santa Monica-based utility-scale solar power plant developer SolarReserve announced Tuesday afternoon that it has received an approval from Maricopa County, Arizona, for a 150 megawatt solar energy project. The company said the approval came on Monday, from the Board of Supervisors of Maricopa County, Arizona. READ MORE>>.

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San Diego Sees Strong Cybersecurity Growth As Firms Seek Talent

Xconomy

The center also asked the San Diego Regional Economic Development Corp. EDC), which conducted the study, to analyze how cybersecurity has changed since 2014, when the first cybersecurity industry analysis led to the creation of the Cyber Center of Excellence. Combs worked previously at the EDC and helped prepare the 2014 report.

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Teledyne Gains $18.8M From DARPA

socalTECH

Thousand Oaks-based Teledyne Technologies has garnered an $18.8M, contract from DARPA, the Defense Advanced Research Project Agency, the firm reported last week. According to Teledyne, the contract went to its Teledyne Scientific & Imaging subsidiary, and will go toward developing terahertz electronic devices and integrated circuits.

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Ostendo Raising Funds to Advance Virtual Reality Display Technology

Xconomy

Ostendo declined my request to talk with CEO Hussein El-Ghoroury about the new funding and about the virtual reality display technology the company has been developing for over a decade. In August, 2014, the Defense Department said it had awarded a $58.3 Ostendo’s investors were not identified in the regulatory filing.