Mon.Jul 13, 2020

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Innovative Companies Turn LA into an AI Hub

L.A. Business Journal

The idea of artificial intelligence may conjure up images of robots and mechanical automation, but for businesses, the technology’s applications are much more wide-ranging.

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Techstars LA Announces 2020 Class

socalTECH

Techstars LA , the startup accelerator run by Techstars in the Los Angeles area, announced its 2020 class on Monday, saying that it has selected 10 companies to participate this year in a "socially distanced" program. According to Anna Barber, the Managing Director of Techstars Los Angeles, the accelerator has selected "10 resilient companies that can grow in an economic downturn and thrive in a world where social distancing remains the reality".

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Innovative Companies Turn LA into an AI Hub

L.A. Business Journal

The idea of artificial intelligence may conjure up images of robots and mechanical automation, but for businesses, the technology’s applications are much more wide-ranging.

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Qualcomm Invests $97M In India's Jio

socalTECH

San Diego-based Qualcomm has just taken a $97M stake in Indian telecom provider Jio , via its Qualcomm Ventures venture arm, Qualcomm said on Sunday. Qualcomm said its investment gives it a 0.15% equity stake in Jio Platforms. Qualcomm said the investment will go towards the buildout of 5G infrastructure and services for Jio's customers in India. Jio has recently raised a total of $15.7 billion in funding.

Invest 124
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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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Former Riot Exec Seavers Joins AppOnboard as CEO

L.A. Business Journal

Sawtelle-based AppOnboard Inc., a provider of codeless app and game-building tools, has named Riot Games Inc. veteran Mike Seavers as its new chief executive.

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Nerio Therapeutics Finds $3.0M

socalTECH

La Jolla-based Nerio Therapeutics , a new, stealth-mode company in the life sciences sector, has raised $3.0M in funding--in what looks to be an ongoing $5.7M funding raising effort. The funding was disclosed in a regulatory filing. The company appears to be another company emerging from COI Pharmaceutiacls , the life sciences incubator and support entity created by Avalon Ventures to support its portfolio companies, as Sanford Madigan, Jay Lichter, and Tighe Reardon are all listed as officers o

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Former Tinder VP Launches Startup Accelerator, Product Club

socalTECH

A former Tinder VP, Jeff Morris, Jr.--who is based in Los Angeles--has launched a brand new startup accelerator called Product Club , which is aiming itself at accelerating a small class of product-focused startups. The new accelerator said it will invest $100K in three companies, taking 5 percent equity, and run its accelerator entirely remote. Morris is currently a venture investor at Chapter One Venture Capital.

Product 113
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8 Team Member Types Test Your Entrepreneur Leadership

Startup Professionals Musings

The most valuable assets of a new startup are the people on the team, and the most challenging task of the entrepreneur and team leaders is to spend their leadership time and energy productively. Cash isn’t always the scarcest resource startups have to invest – more often it’s the leadership capital of under-experienced and over-stretched entrepreneurs and co-founders.

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Poseida Therapeutics Debuts In IPO

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San Diego-based biopharmaceuticals firm Poseida Therapeutics successfully made it to the public markets with an IPO on Friday, raising $224M in an offering on the Nasdaq Global Select Market. The company, which now trades as PSTX, priced its IPO of 14,000,000 shares of its common stock at $16.00 on Friday on Thursday evening, an as of early Monday trading was hovering around $15.94.

San Diego 113
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3 Biotech IPOs Together Rake In Over a Half Billion to Advance Treatments

Xconomy

Three biotech companies collectively raised $584 million in their initial public offerings last week, continuing a streak of IPOs that has the healthcare sector playing a leading role in the robust level of market activity this summer. Of the three companies, the one with investigational therapies that haven’t yet begun being tested in humans raised the most.

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Qualigen Therapeutics Finds $8M In PIPE

socalTECH

Carlsbad-based Qualigen Therapeutics said on Friday that it has raised $8M in new funding, from a single institutional investor. The company--which trades on the NASDAQ as QLGN--said it sold 1,140,570 shares of its Common Shares, 780,198 Pre-Funded Warrants and 1,920,768 Common Warrants at a combined purchase price of $4.165. The company said those Common Warrants have an exercise price of $5.25 per share, are exercisable immediately and have a term of two years.

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Replicated Names GitLab Exec As Chief Product Officer

socalTECH

Los Angeles-based Repicated , a new startup that provides monitoring and managing of Kubernetes-based cloud applications, has name former GitLab executive Mark Pundsack as the company's new Chief Product Officer, according to the company. Replicated, which is led by CEO Grant Miller, focused on enterprise customers who are using the open source Kubernetes framework to deploy their cloud applications.

Product 113
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Fisker To Raise $1B In Reverse Merger

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Los Angeles-based electric car maker Fisker announced this morning that it is in a merger with a public, special purpose acquisition company, called Spartan Energy Acquisition Corp. (SPAC), which will help provide more than $1 billion in gross proceeds to the company--and make it a publicly traded company. According to the company, the merger will provide it $500M in PIPE investments from Moore Strategic Ventures, AllianceBernstein, funds and accounts managed by BlackRock and Federated Hermes Ka