Thu.Feb 13, 2020

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Seqster Gets Investment From Takeda

socalTECH

San Diego-based Seqster , which develops software used f[link] health data management, said today that it has received an investment from Takeda Pharmaceuticals. Size of the investment was not announced. According to Seqster, it will use the new funding to accelerate adoption of its technology, which is used for managing clinical trials and patient engagement.

Invest 169
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Los Angeles-based ‘deep tech’ investment firm Riot Ventures is raising a $75M fund

TechCrunch LA

Riot Ventures , the Los Angeles-based, early-stage and deep technology investment firm is going out to market to raise a $75 million second fund to finance the development of startups in LA and beyond, according to fundraising documents viewed by TechCrunch. The firm has largely flown under the radar, but it has been investing in startups applying innovations in automation, artificial intelligence, computer vision, computational biology, material sciences and robotics to industrial products and

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GumGum Gets $22M More For Advertising AI Software

socalTECH

Santa Monica-based GumGum , which develops artificial intelligence software for the advertising and media market, has raised $22M more in a funding round, the company said on Thursday. According to the firm, the new $22M funding came from Morgan Stanley Expansion Capital, NewView Capital, and Upfront Ventures. All three of those investors are existing investors in the company.

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GumGum Gains $22 Million

L.A. Business Journal

Artificial intelligence and advertising firm GumGum raised a $22 million Series D funding round from existing investors.

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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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Amazon's Bezos Spends $165M For Beverly Hills Mansion

socalTECH

In the latest move by a tech billionaire into the neighborhood, Jeff Bezos , the founder of Amazon , has paid a record $165M for a mansion in Beverly Hills. The mansion had previously been owned by David Geffen, who had owned the property since 1990. It's unclear how much the move will benefit Southern California's technology industry, as many other tech moguls with property in Beverly Hills have not necessarily gotten involved with the growing technology industry here despite having residences

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Eisai Pulls Weight Loss Drug From Market After FDA Flags Cancer Risks

Xconomy

Eisai is withdrawing weight-loss drug lorcaserin after a post-marketing study found a higher incidence of cancer in patients who took the medicine. The FDA said Thursday that its request for removal of the product from the market is voluntary, but Eisai has already started the process for doing so. The withdrawal follows an FDA alert issued last month that lorcaserin may contribute to a higher risk of cancer.

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Warning: Contractors must really be independent!

Berkonomics

Our challenge is getting more difficult. How many of us have “hired” independent contractors over the years, a bit worried over the gray area between employee and contractor as defined by the IRS? Or separately the State of California? I’ve experienced the results of a wrong decision, and the IRS and state agencies are not forgiving in their pursuit of penalties, interest and most damaging, assessing a company with the on both employer and employee taxes when reclassifying the person as an emp

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Soylent Swaps Out CEO

socalTECH

Los Angeles-based food replacement and nutrition products maker Soylent announced this week that it has swapped out its CEO, Bryan Crowley , and replaced him with its CFO, Demir Vangelov. According to Soylent, the move is part of an effort by the company to "re-focus on our core products" and to help it improve its current product line and bring "some truly innovative ideas off the shelf and into the market".

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Smith Micro Buys Business From Circle Media Labs

socalTECH

Aliso Viejo-based Smith Micro Software says it has acquired the operator business of Circle Media Labs , a developer of parental control software. Smith Micro said the asset deal was worth approximately $13.5M in cash, and included customer contracts and a perpetual software license. The company says it the operator business is expected to report 2019 revenues of $4M.

Media 113
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Karma Automotive Chops 60 In Irvine

socalTECH

Irvine-based electric vehicle maker Karma Automotive is laying off 60 more workers in Irvine, as the startup continues to shed workers, according to a Worker Adjustment and Retraining Notification Act (WARN) report issued on Wednesday. The new cuts come on top of an earlier layoff involving 200 workers at the company. Karma said in a statement, that it was "necessary to realign resources in some business functions" saying it wants to go beyond "just creating and selling luxury electric vehicles.

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