Mon.Aug 23, 2021

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Fisker to Raise $625 Million to Fund Second EV Model

L.A. Business Journal

Manhattan Beach-based Fisker Inc. is lining up capital to start production on a second electric vehicle in late 2023 after unveiling a debt offering of $625 million.

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7 Personal Decisions That Delineate Your Best Startup

Startup Professionals Musings

Most aspiring entrepreneurs I know are just waiting for that unique idea to strike them that will kickstart their new venture, put them in control of their lifestyle, achieve financial independence, and maybe even change the world. Unfortunately, these goals are often mutually exclusive, and focusing on the wrong ones won’t bring you that business success and satisfaction you crave.

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Twitch, Zynga Founders Back ForeVR in $7 Million Raise

L.A. Business Journal

Hollywood-based virtual reality gaming studio ForeVR Games Inc. raised $7 million in additional seed financing to grow its studio and slate of offerings.

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OpenGate Capital's Kongsberg Precision Cutting Systems Makes Acquisition

socalTECH

Los Angeles-based private equity investor OpenGate Capital said that one of its portfolio companies, Kongsberg Precision Cutting Systems, has acquired another company, MultiCam, from private equity investor Rosewood Private Investments. Financial terms of the acquisition were not announced. MultiCam is a manufacturer and distributor of Computer Numerical Code (CNC) cutting machines.

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Can You Ask for Office Rent Relief? How to Manage Your Lease During COVID-19

Office leases are one of companies’ largest expenses, and if your whole team is working from home with no clear end in sight, you may be wondering what to do about your lease.

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Long Beach Reemerges as an Aerospace Hub

L.A. Business Journal

From startups to established titans, aerospace companies are expanding their presence in Long Beach.

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Millennium Space Systems Shows Off Satellite Deorbiting Technology

socalTECH

El Segundo-based Millennium Space Systems, which was acquired by Boeing in 2018, said this morning that it has demonstrated its technology, which allows companies to "deorbit" their satellites in significantly less time than normally required after a satellite's usable life. The company said it demonstrated use of its deployable tape technology in de-orbiting a satellite in only eight months, rather than allowing a satellite to deorbit by itself in what is expected to take at least seven years.

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Virgin Orbit To Go Public Through SPAC

socalTECH

Long Beach-based Virgin Orbit, the satellite launch technology company which is related to Sir Richard Branson's Virgin Galactic space tourism business, says it will become a publicly traded company through a Special Purpose Acquisition Company (SPAC). According to Virgin Orbit, it will become a publicly traded company on the Nasdaq by merging with NextGen Acquisition Corp.

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Sketchy Expands Online Learning Platform for Undergrads

L.A. Business Journal

Saud Siddiqui and Andrew Berg said they shared an uncommon way of studying for their classes at UC Irvine School of Medicine.

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Rocket Lab Expecting To Be Public By Wednesday

socalTECH

Long beach-based Rocket Lab is expecting to be a public company by Wednesday, thanks to a special purpose acquisition company (SPAC) merger with Vector Acquisition Corporation, the two said this morning. According to the two, Rocket Lab will be renamed Rocket Lab USA, Inc., and will commence trading on the Nasdaq as RKLB and RKLBW on August 25th. The deal is the latest in high flying technology companies in the area--particularly those in the electric vehicle and aerospace industry--going public

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Emotive Hires Matt Cooley As President, COO

L.A. Business Journal

317 Labs, which does business as Emotive, named Matt Cooley as the company’s new president and chief operating officer.

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Ferret Finds $4M For AI Tools

socalTECH

Los Angeles-based Ferret, a startup working on artificial inteligence software to help people determine who they can trust, has raised $4M in a seed funding round, according to the company. The company said the funding came from Artesian, plus over 30 angel investors, including Lanyon Advisory and Paul Grinberg, chairman of the Axos Bank. The company said it is developing machine learning algorithms which help users determine who they can trust in real time.

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Bird Revenue Rebounds From Pandemic Lows

L.A. Business Journal

Bird Rides Inc. is starting to rebound from the deep financial blows caused by the pandemic.

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Rocket Lab Inks 2 Rideshare Deals

L.A. Business Journal

Long Beach-based Rocket Lab USA Inc. is gearing up for its next rideshare mission.