Jeff Immelt has struggled to please Wall Street during his nearly 16 years as General Electric’s chief executive. The question now is whether his successor, John Flannery, can deliver on Immelt’s vision while also blazing new trails and reinvigorating the company’s stock performance. Flannery, named the next CEO of GE on Monday, will spend the … Continue reading “Boston Leaders Expect New GE CEO Flannery to Stay on Immelt’s Path”
Author: Jeff Bauter Engel
Jeff, a former Xconomy editor, joined Xconomy from The Milwaukee Business Journal, where he covered manufacturing and technology and wrote about companies including Johnson Controls, Harley-Davidson and MillerCoors. He previously worked as the business and healthcare reporter for the Marshfield News-Herald in central Wisconsin.
He graduated from Marquette University with a bachelor degree in journalism and Spanish. At Marquette he was an award-winning reporter and editor with The Marquette Tribune, the student newspaper. During college he also was a reporter intern for the Muskegon Chronicle and Grand Rapids Press in west Michigan.
Medical Robotics Firm Myomo Begins Trading on NYSE After Unusual IPO
Medical device maker Myomo began trading Monday on the New York Stock Exchange’s small-cap exchange, after taking an unusual path to the public stock markets. Cambridge, MA-based Myomo said Friday it raised $5 million by selling 665,498 shares of its common stock to the public at $7.50 per share. Myomo was selling up to 2 … Continue reading “Medical Robotics Firm Myomo Begins Trading on NYSE After Unusual IPO”
As Businesses Get More Social, Wistia Moves Into Video Editing
Quickly creating and sharing short, personal videos has become a popular method of communication between friends and family, thanks to the rise of Snapchat and other social media apps. Wistia, a Cambridge, MA-based video-hosting company for businesses, sees that same desire growing among business professionals. “They’re trying to create more of that human connection that … Continue reading “As Businesses Get More Social, Wistia Moves Into Video Editing”
GE CEO Immelt to Step Down, GE Healthcare Leader Taking Over
General Electric CEO Jeff Immelt will step down Aug. 1 and be replaced by John Flannery, the head of GE’s healthcare business, the company announced today. The move comes as GE goes through some major changes, including relocating its global headquarters from Fairfield, CT, to Boston, and attempting to transform its business (and its reputation) … Continue reading “GE CEO Immelt to Step Down, GE Healthcare Leader Taking Over”
Boston Tech Watch: Uber, Causeway Media, Cure Forward, Tive & More
This week in Boston tech, we’re tracking a second fund for a venture capital firm co-led by the co-owner of the Boston Celtics, a high-profile hire for Uber, a new cybersecurity startup, and the end of the road for a digital health company. Read on for details. —Causeway Media Partners raised $207.3 million for its … Continue reading “Boston Tech Watch: Uber, Causeway Media, Cure Forward, Tive & More”
Grubhub Gobbles Foodler as Online Food-Ordering Sector Consolidates
The shakeout of the crowded field of online food-ordering and delivery companies continues. Chicago-based Grubhub (NYSE: [[ticker:GRUB]]) has signed an agreement to acquire Boston-based rival Foodler. Terms of the all-cash transaction weren’t disclosed. The deal will add more than $80 million of annualized gross food sales to Grubhub’s business in 2017, according to a press … Continue reading “Grubhub Gobbles Foodler as Online Food-Ordering Sector Consolidates”
Microsoft Confirms Acquisition of Cybersecurity Firm Hexadite
Microsoft announced on Thursday that it has signed an agreement to purchase Boston-based cybersecurity startup Hexadite. The acquisition hasn’t closed yet. The deal was first reported on May 24 by Israeli publication Calcalist, but Microsoft didn’t confirm the acquisition until today’s announcement. No terms were disclosed in the news release, but Calcalist previously reported the price … Continue reading “Microsoft Confirms Acquisition of Cybersecurity Firm Hexadite”
LogMeIn, Riding Stock Growth After Citrix Deal, Launches CRM Product
LogMeIn today introduced a new digital customer service product, continuing the Boston-based company’s efforts to expand its offerings beyond its long-time calling card of remote computer access and troubleshooting software. The announcement marks LogMeIn’s first significant product launch since its $1.8 billion merger with the GoTo business of California rival Citrix Systems, a spokeswoman says. … Continue reading “LogMeIn, Riding Stock Growth After Citrix Deal, Launches CRM Product”
Freight Farms Lands $7.3M as Agriculture Meets Data & Automation
Investors have planted $7.3 million in Freight Farms to help the Boston-based startup bring its micro-farms to more places around the globe—and potentially even beyond. The investors in the Series B round include return backer Spark Capital, also based in Boston. The news was first reported by the Wall Street Journal on Monday. Freight Farms’ … Continue reading “Freight Farms Lands $7.3M as Agriculture Meets Data & Automation”
Lyft, NuTonomy Team Up on Self-Driving Cars as Alliances Proliferate
As companies rev up their work on self-driving vehicles, they’re increasingly forming alliances with each other to help deliver on the technology’s potential—and fend off competitors. The latest example is a partnership announced Tuesday between Lyft, the San Francisco-based ride-hailing app company, and NuTonomy, a Boston-based developer of software for driverless vehicles. The research and … Continue reading “Lyft, NuTonomy Team Up on Self-Driving Cars as Alliances Proliferate”
Tulip Downloads $13M Round, Led by NEA, for Manufacturing Apps
Robots and other automation technologies are a growing presence on factory floors, but there are still opportunities to equip human workers with new tools to help them perform better. That’s part of the pitch from Tulip, a startup with roots at MIT, which today announced it received a $13 million investment to help it sell … Continue reading “Tulip Downloads $13M Round, Led by NEA, for Manufacturing Apps”
Of Catfish & Fickle Lovers: Aste CEO Talks Online Dating’s Downsides
There are millions of fish in the sea, and dating apps have made it easier to quickly find and connect with a lot more of those would-be catches. But the ease of creating an online dating profile—and the lack of oversight by the companies running such services—means that users can, and often do, misrepresent themselves. … Continue reading “Of Catfish & Fickle Lovers: Aste CEO Talks Online Dating’s Downsides”
Boston Tech Watch: Zerto, Flywire, eClinicalWorks, CustomMade & More
Here are some of the latest headlines from the Boston-area tech community, including the acquisition of brain rehab app Constant Therapy, the makeover of online crafts marketplace CustomMade, and the expansion of data-recovery firm Zerto. Read on for details. —Boston University spinout Constant Therapy was acquired by San Diego-based Digital Health Corp for an undisclosed … Continue reading “Boston Tech Watch: Zerto, Flywire, eClinicalWorks, CustomMade & More”
Dell Leads $12M Investment in Security Assessments Firm RiskRecon
It’s hard enough for businesses and organizations to secure their own networks against cyber attackers. But with the rise of cloud computing and increased outsourcing of business operations to third parties, companies must also worry about the cyber defenses of vendors and partners who have access to their sensitive data and other digital assets. Just … Continue reading “Dell Leads $12M Investment in Security Assessments Firm RiskRecon”
Bolt Goes Bigger, Raises $80M for Third Early-Stage Hardware Fund
Bolt just raised over $80 million for its third venture fund, its largest to date. But the hardware investor and manufacturing consultant says it remains committed to backing early-stage startups that sometimes struggle to secure capital and other support. Bolt announced the new fund Wednesday in a blog post. An SEC filing indicates the firm … Continue reading “Bolt Goes Bigger, Raises $80M for Third Early-Stage Hardware Fund”
CounterTack Nabs $20M, Predicts More Demand After Trump Cyber Order
[Updated 5/30/17, 9:39 am. See below.] Cybersecurity firm CounterTack announced today it has expanded its coffers with a new $20 million funding round from investors. It could be good timing for the Waltham, MA-based company. The recent WannaCry ransomware cyber attack and President Donald Trump’s executive order laying out federal cybersecurity priorities could spell new … Continue reading “CounterTack Nabs $20M, Predicts More Demand After Trump Cyber Order”
Boston Tech Watch: Acquia, ShoeBuy, Lola, MassChallenge & More
We’ve got lots of Boston-area tech news to catch up on this week. Here are some of the latest developments: New funds —Scansorial has raised $2.2 million from investors, according to an SEC filing. The Lexington, MA-based company makes Root, a robot intended to help teach software coding in an interactive way. The startup’s technology … Continue reading “Boston Tech Watch: Acquia, ShoeBuy, Lola, MassChallenge & More”
DataRobot Buys Nutonian in Union of Accomplice-Backed A.I. Startups
[Updated 5/25/17, 2:30 pm. See below.] Here is some noteworthy consolidation in the Boston data science and artificial intelligence sectors: DataRobot has snapped up Nutonian for an undisclosed price, in a deal involving two young companies. The deal shows that five-year-old DataRobot is getting more aggressive in its efforts to become a leader in some … Continue reading “DataRobot Buys Nutonian in Union of Accomplice-Backed A.I. Startups”
Report: Microsoft Buying Cybersecurity Firm Hexadite for $100M
Microsoft is acquiring cybersecurity startup Hexadite for $100 million, according to a report by Israeli publication Calcalist. Xconomy has not yet confirmed the report. A Microsoft spokesperson said the company has “nothing to share at this time.” Hexadite CEO and co-founder Eran Barak and the company’s public relations representative have not yet responded to requests for … Continue reading “Report: Microsoft Buying Cybersecurity Firm Hexadite for $100M”
Trump’s Cybersecurity Czar Talks WannaCry, Industry Partnerships
The Trump administration’s plan for strengthening the nation’s cyber defenses is starting to come into focus. Rob Joyce, a special assistant to the president and the White House’s cybersecurity coordinator, spoke in Boston Monday at an event promoting the launch of CyberMA, a Massachusetts affiliate of the national CyberUSA initiative. CyberMA is a MassTLC-led group … Continue reading “Trump’s Cybersecurity Czar Talks WannaCry, Industry Partnerships”
Boston Tech Watch: GE, HubSpot, Fuze, MIT, Vesper, Quickhelp & More
It was a busy week in Boston tech. Here’s a recap of some of the latest headlines: —GE Healthcare and Partners HealthCare announced a 10-year partnership to develop artificial intelligence tools to improve healthcare. The collaboration will initially focus on applying deep learning technology to diagnostic imaging, but could later expand to areas such as … Continue reading “Boston Tech Watch: GE, HubSpot, Fuze, MIT, Vesper, Quickhelp & More”
Tackling Opioid Crisis, Biobot Wins Top Prize at MIT DesignX Event
Biobot Labs, a startup that aims to help governments address the opioid crisis by analyzing sewage samples to understand drug consumption trends, won first place Wednesday night at a demo event for the inaugural session of MIT’s DesignX startup accelerator. DesignX was launched last year by MIT’s School of Architecture and Planning to nurture ventures … Continue reading “Tackling Opioid Crisis, Biobot Wins Top Prize at MIT DesignX Event”
After Saving GE Millions, Tamr Gets GE Ventures Investment
General Electric’s venture capital arm has invested an undisclosed amount in Tamr, the “data unification” software firm based in Cambridge, MA. Boston-based GE (NYSE: [[ticker:GE]]) tapped Tamr in 2014 to help it unify and clean up data from more than 270 separate systems across multiple GE businesses, with the goal of creating an accurate, comprehensive … Continue reading “After Saving GE Millions, Tamr Gets GE Ventures Investment”
Cybersecurity Firm Iboss Expands in Boston, Not Abandoning San Diego
[Updated 5/17/17, 4:53 pm. See below.] Iboss, a San Diego-based cybersecurity firm that opened a small satellite office in Boston last year, has expanded its presence in Massachusetts and decided to designate the local outpost as its corporate headquarters. Iboss held an event Wednesday to announce that it’s moving into a new 20,000-square-foot space in … Continue reading “Cybersecurity Firm Iboss Expands in Boston, Not Abandoning San Diego”
4 Ways MIT Advanced Campus Entrepreneurship This School Year
[Editor’s note: This is part of a series of stories examining entrepreneurship on MIT’s campus and beyond.] MIT has been a prolific generator of entrepreneurs for decades. But in recent years, the Institute has ramped up campus resources for would-be company builders, thanks in part to a more supportive attitude from administrators. Xconomy chronicled those efforts and … Continue reading “4 Ways MIT Advanced Campus Entrepreneurship This School Year”
LevelUp Bags $50M From JPMorgan Chase & Others For Mobile Payments
LevelUp’s story is one of twists and turns and ups and downs. Right now, it looks like the company is on an upswing. Today the Boston-based mobile payments firm announced a $50 million funding round, which includes $37 million in equity funding and $13 million in debt financing, according to an e-mailed statement attributed to … Continue reading “LevelUp Bags $50M From JPMorgan Chase & Others For Mobile Payments”
CyberArk Snaps Up Conjur for $42M to Secure Software Development
CyberArk Software said Thursday it has acquired Conjur for $42 million in cash, a tie-up that unites two cybersecurity firms with offices in the Boston area. CyberArk (NASDAQ: [[ticker:CYBR]]), which is based in Israel and has U.S. headquarters in Newton, MA, makes software to help banks and other businesses manage user privileges, sensitive data, and … Continue reading “CyberArk Snaps Up Conjur for $42M to Secure Software Development”
Boston Tech Watch: TripAdvisor, Ogin, Staples, Gillette, Draft & More
Here are some of the latest headlines from the Boston-area tech sector: —Ogin, the Waltham, MA-based renewable energy company formerly known as FloDesign Wind Turbine, recently went into receivership and put its assets up for sale, the Boston Globe reported. Ogin had raised more than $150 million in venture funding. Read more about the company … Continue reading “Boston Tech Watch: TripAdvisor, Ogin, Staples, Gillette, Draft & More”
Akamai Invests in Wind Farm as Tech’s Renewable Energy Demand Grows
Akamai Technologies, a content delivery network and cloud computing services provider, has invested in a Texas wind farm as it attempts to fulfill a promise to use renewable energy to power half of its global network operations by 2020. Akamai (NASDAQ: [[ticker:AKAM]]) said it is making a 20-year investment in the planned Seymour Hills Wind … Continue reading “Akamai Invests in Wind Farm as Tech’s Renewable Energy Demand Grows”
Owl Labs Grabs $6M Led by Matrix, Teases Video Conferencing Device
Owl Labs, a Boston-based video conferencing startup that employs veterans of iRobot and HubSpot, announced today it has snagged a $6 million Series A funding round led by Matrix Partners. Founded in 2014, Owl Labs said it got seed funding from Playground Global Ventures and was the first company to work out of Playground’s Design Studio … Continue reading “Owl Labs Grabs $6M Led by Matrix, Teases Video Conferencing Device”
“Smart City” Startup Soofa Nabs $2.5M, Led by Underscore and Pillar
Should a bench be more than just a place to sit? For Soofa and its customers, the answer is yes. The Cambridge, MA-based startup makes solar-powered, sensor-equipped benches that double as charging stations for phones and other devices. These “smart” benches can also help municipalities and other partners measure the amount of activity in parks, … Continue reading ““Smart City” Startup Soofa Nabs $2.5M, Led by Underscore and Pillar”
Boston Tech Watch: Polaris, NuTonomy, Techstars, The Engine & More
It’s time to catch up on the latest headlines from the Boston-area tech community: —Polaris Partners said it closed a $435 million fund, the firm’s eighth. Polaris invests in technology and healthcare ventures. —Delphi, Optimus Ride, and Navya have contacted Massachusetts officials about potentially testing autonomous vehicles on state roads, according to a report from … Continue reading “Boston Tech Watch: Polaris, NuTonomy, Techstars, The Engine & More”
Fuze Grabs $30M More, Upping Stakes for Possible IPO
Investors’ appetite for Fuze seems unquenchable. The Cambridge, MA-based software firm just tacked another $30 million onto a recent equity funding round, bringing the round’s total to $134 million. The new money comes from an undisclosed public pension fund based in the U.S. Fuze’s total venture capital haul now stands at $334 million. A Fuze … Continue reading “Fuze Grabs $30M More, Upping Stakes for Possible IPO”
Source: SmartBear Software Sold to Francisco Partners for $410M
SmartBear Software, a Somerville, MA-based provider of tools for software developers and testers, has sold a majority stake in the company to private equity firm Francisco Partners. The terms weren’t publicly disclosed, but a source with knowledge of the deal tells Xconomy the transaction has an enterprise value of $410 million. SmartBear Software was formed … Continue reading “Source: SmartBear Software Sold to Francisco Partners for $410M”
Friend & Flowers Return With Wasabi, Take on Amazon in “Hot Storage”
In the market for cloud storage and related tech services, there is Amazon—and then there’s everybody else. The Seattle-based company’s (NASDAQ: [[ticker:AMZN]]) Amazon Web Services business generated $12.2 billion in sales last year, and it controls an estimated 33 percent of the global market for cloud infrastructure services, according to a recent analysis by Synergy … Continue reading “Friend & Flowers Return With Wasabi, Take on Amazon in “Hot Storage””
Heymann and Bhowmik Launch Converge, Boston’s Latest Venture Firm
Boston’s tech investing landscape has changed a lot in the past couple of years, with a wave of new early-stage funds popping up. That activity continued this week with the unveiling of Converge, a new venture investing firm co-founded and led by Nilanjana Bhowmik and Maia Heymann. Bhowmik (pictured above, right) has been a general … Continue reading “Heymann and Bhowmik Launch Converge, Boston’s Latest Venture Firm”
IRobot, With Stock at Record High, Continues Down Smart Home Path
IRobot today announced new features intended to make its Roomba vacuums “smarter,” continuing the company’s sharper focus on consumer robotics and its goal of enabling the connected home. The Bedford, MA-based firm (NASDAQ: [[ticker:IRBT]]) is adding Wi-Fi connectivity to its cheaper Roomba 600 and Roomba 800 series of autonomous vacuums, a capability that was previously … Continue reading “IRobot, With Stock at Record High, Continues Down Smart Home Path”
Bridj Runs Out of Gas After Deal With Car Company Falls Through
Bridj’s vision of transforming urban transportation is no more, after the Boston-based startup announced over the weekend that it’s shutting down. Bridj—which operated a transit service that used a private fleet of shuttle vans coordinated by mobile app—decided to wind down operations after a deal with an unnamed “major car company” fell through, CEO Matt … Continue reading “Bridj Runs Out of Gas After Deal With Car Company Falls Through”
Veering Off Topic With Adelphic Co-founder Jennifer Lum
Next up in my ongoing series of offbeat chats with local tech execs and investors is Jennifer Lum. Lum is a leader in Boston’s mobile advertising sector, having co-founded or held a key position in three such startups—m-Qube (acquired by VeriSign), Quattro Wireless (bought by Apple), and Adelphic (recently purchased by Time subsidiary Viant). She … Continue reading “Veering Off Topic With Adelphic Co-founder Jennifer Lum”
Boston Tech Watch: Uber Driver Appeals, NFL Wearables, Drone IPO
[Updated 4/26/17, 2:58 pm. See below.] This week in Boston tech, we’re tracking appeals by Uber and Lyft drivers who failed state background checks; a deal between a local wearable device startup and the National Football League Players Association; an Australian IPO by a Massachusetts underwater drone company; and much more. Read on for details. … Continue reading “Boston Tech Watch: Uber Driver Appeals, NFL Wearables, Drone IPO”
Desktop Metal, Backed By $97M, Unveils Its First Metal 3D Printers
After a couple years of work, Desktop Metal took the wraps off its metal 3D printers this week. The startup has drawn $97 million from high-profile investors who are betting the technology could transform the way metal parts get developed and manufactured. So, what’s the big deal? Standard metal-making 3D printers are bulky, cost hundreds … Continue reading “Desktop Metal, Backed By $97M, Unveils Its First Metal 3D Printers”
Amid Automation Debate, A.I. Backers Tout Job Creation Potential
Rapid advancements in robotics and artificial intelligence technologies over the past decade have stoked concern that machines could eventually take over most, if not virtually all, human jobs. But there is another, more optimistic view of how the advance of A.I. and automation will impact the economy—one articulated by people like Mark Gorenberg (pictured right). … Continue reading “Amid Automation Debate, A.I. Backers Tout Job Creation Potential”
As Doctors Adopt Virtual Tools, Human Relationships Grow More Vital
Voice-controlled virtual assistants, virtual reality, and artificial intelligence technologies could all reshape the healthcare industry in the coming years, but forming strong relationships between patients and doctors will be more important than ever. That was a key takeaway from a panel discussion Thursday night at General Assembly’s space in downtown Boston. I moderated the chat … Continue reading “As Doctors Adopt Virtual Tools, Human Relationships Grow More Vital”
Boston Tech Watch: iRobot, Bose, Nasuni, Endurance, Ascend & More
[Updated 4/20/17, 4:26 pm. See below.] Here are some of the latest developments in the Boston-area tech scene: —Bedly, an online housing rental marketplace with offices in Cambridge, MA, and New York, has raised a $2.7 million seed round. The investors include Accomplice, Founder Collective, and individual backers, including Diane Hessan, according to BostInno. [This … Continue reading “Boston Tech Watch: iRobot, Bose, Nasuni, Endurance, Ascend & More”
Freebird Snatches $5M to Help Business Travelers Take Flight
One of the newer players in the Boston area’s travel technology sector is fueling its tank with $5 million from investors. The new funding for Cambridge, MA-based Freebird comes from General Catalyst Partners, Accomplice, and entrepreneurs and executives from the travel industry. General Catalyst and Accomplice also led Freebird’s first round of funding, which totaled … Continue reading “Freebird Snatches $5M to Help Business Travelers Take Flight”
Boston Tech Watch: The Engine, E Ink, GE, OM1, Mobiquity & More
It’s time to catch up on some recent Boston tech headlines: —The Engine, a new startup accelerator program and investment fund launched by MIT, has raised more than $150 million for its first venture fund. MIT committed $25 million, and the rest of the capital came from a mix of pension funds, endowments, wealthy individuals, … Continue reading “Boston Tech Watch: The Engine, E Ink, GE, OM1, Mobiquity & More”
Boston Firms Demo New Robots & Evolving Human-Machine Relationships
[Updated 4/17/17, 11:20 am. See below.] The breadth of New England’s robotics sector was on display Wednesday night at an event in Boston’s Seaport neighborhood, where startups showed off technologies for human transportation, schlepping products around warehouses and factories, underwater exploration, sweeping floors, and more. The showcase was part of the monthly Mass Innovation Nights … Continue reading “Boston Firms Demo New Robots & Evolving Human-Machine Relationships”
Cinch, at Nexus of Fintech and A.I., Wants to Be Your Personal CFO
For most of Sean Collins’s 35 years in the financial services industry, his work has “made large corporations richer,” he says. He’s proud of that work. But he’s excited that now, as co-founder and CEO of Boston startup Cinch Financial, he’s building technology that aims to help regular people manage their money and gain stronger … Continue reading “Cinch, at Nexus of Fintech and A.I., Wants to Be Your Personal CFO”
Pillar’s Russ Wilcox Talks VC, Data Control, Moving Beyond Screens
Russ Wilcox is a jack-of-all-trades in the Boston startup community. In the mid-1990s, Wilcox worked on speech recognition software at PureSpeech. He later co-founded and became CEO of E Ink, an e-reader display maker that took off after it was chosen as the screen for the Amazon Kindle. E Ink was sold in 2009 to … Continue reading “Pillar’s Russ Wilcox Talks VC, Data Control, Moving Beyond Screens”
Over 8,000 Uber & Lyft Drivers Fail New MA Background Checks
More than 8,200 Uber and Lyft drivers in Massachusetts have failed a new and more stringent state background check, according to multiple media reports. Massachusetts officials said Wednesday that 8,206 of the 70,789 applicants—more than 11 percent—were rejected, according to media reports. The most common reasons included having a suspended driver’s license or being licensed … Continue reading “Over 8,000 Uber & Lyft Drivers Fail New MA Background Checks”