[Updated, 7/5/18. See below] It is with profound sadness that we at Xconomy say goodbye to our longtime friend and editor of Xconomy San Diego, Bruce Bigelow. An outstanding journalist, colleague, and friend, and a fixture of the San Diego innovation scene, Bruce passed away today at age 63 after a brief illness. We are … Continue reading “Xconomy Mourns the Loss of San Diego Editor Bruce Bigelow”
Category: Detroit
Bio Roundup: Big Bucks For Calico, Data Dumps & The IPO Wave Rolls On
If you’re running a privately held biotech, the time to go public is now. Clinical data already in hand or not, biotechs have charged to Wall Street at a record pace over the past two weeks, raising more than $1 billion in offerings that all met or exceeded their projected valuations. And there are no … Continue reading “Bio Roundup: Big Bucks For Calico, Data Dumps & The IPO Wave Rolls On”
Assembler Labs Aims to Get Detroit Entrepreneurs Out of Their Shells
Ian Sefferman is bullish on the Midwest, particularly Detroit. A native of the area, Sefferman started a Seattle-based app marketing company called MobileDevHQ that was acquired by TUNE in 2014. While Sefferman was deciding what to do next, he moved back to Detroit last year to be closer to family and learn more about the … Continue reading “Assembler Labs Aims to Get Detroit Entrepreneurs Out of Their Shells”
IPO Wave Rolls On as Five Life Science Firms Haul In $651M
A week after seven biotechs went public, setting a new record for the Nasdaq, five more life sciences companies have joined the club. The latest crop continued the positive momentum for life sciences offerings, as the group either met or exceeded their projections and raised a total of $651 million. Neon Therapeutics (NASDAQ: [[ticker:NTGN]]) was … Continue reading “IPO Wave Rolls On as Five Life Science Firms Haul In $651M”
BitSight Picks Up $60M to Fend Off Rivals in Cybersecurity Ratings
BitSight Technologies is restocking its war chest to try and win the emerging market for cybersecurity ratings. Today the Cambridge, MA-based tech company announced it raised $60 million in a Series D funding round led by Warburg Pincus, the global private equity firm that has backed the likes of CrowdStrike in cybersecurity, DBRS in credit … Continue reading “BitSight Picks Up $60M to Fend Off Rivals in Cybersecurity Ratings”
May Mobility and Bedrock Deploy Driverless Shuttles in Detroit
In March, May Mobility CEO Ed Olson told Xconomy that his company would beat Waymo, Uber, and Cruise in the race to get autonomous vehicles on the road, and it appears he may be right. May and Bedrock, the Detroit real estate firm associated with Quicken Loans chairman Dan Gilbert, have launched what they call … Continue reading “May Mobility and Bedrock Deploy Driverless Shuttles in Detroit”
New Round Boosts Lyft Valuation to $15B, But Uber Still Looms Large
Ridesharing service Lyft has upped its valuation by about $3.5 billion after adding a $600 million round of funding, which the company said Wednesday morning was led by previous investor Fidelity Management & Research. The new funding round gives Lyft a $15.1 billion post-money valuation, the company said in a blog post. That’s up from … Continue reading “New Round Boosts Lyft Valuation to $15B, But Uber Still Looms Large”
Ford Builds Mobility Operation in Detroit, Releases New Fleet Tools
When I moved to Detroit about a decade ago, the husk of Michigan Central Station loomed over the Corktown neighborhood as an unrelenting reminder of how far the city had fallen—a symbol of its ruinous post-industrial identity as emblematic as the Sphinx was to Egypt. The conventional wisdom back then was that the old train … Continue reading “Ford Builds Mobility Operation in Detroit, Releases New Fleet Tools”
Senators Grill HHS’s Azar on Drug Price Cuts That Have Yet to Come
When President Trump signed legislation last month allowing seriously ill patients the “right to try” unapproved drugs without FDA oversight, he voiced a bold prediction: Within two weeks, he said, drug companies would announce “voluntary massive drops in prices.” Asked for further detail, the Department of Health and Human Services (HHS) declined to elaborate on … Continue reading “Senators Grill HHS’s Azar on Drug Price Cuts That Have Yet to Come”
How the Rise of Beijing and Shanghai Tech May Impact Silicon Valley
When it comes to startup tech hubs, U.S. cities from San Francisco to Austin to Boston come first to mind. But that is starting to change, as Asian cities—particularly in China—are snapping up more tech venture capital funding and exits, according to a new report from CB Insights. Silicon Valley tech startups pulled in the … Continue reading “How the Rise of Beijing and Shanghai Tech May Impact Silicon Valley”
As Cybersecurity Business Expands, Proficio Offers Risk Scoring
In a bid to differentiate itself from the crowd of cybersecurity companies offering network monitoring services, Carlsbad, CA-based Proficio said it has developed a risk-scoring system that assesses its customers’ network security controls. In addition to highlighting each customer’s vulnerabilities to cyber-attack, Proficio said its new ThreatInsight software dashboard offers recommendations on how a customer … Continue reading “As Cybersecurity Business Expands, Proficio Offers Risk Scoring”
Stitch Fix CTO Polinsky Says Its Style Shuffle Game Makes Data Fun
When Cathy Polinsky became chief technology officer of Stitch Fix in late 2016, she knew one of the San Francisco-based company’s key challenges was continually refining its core software algorithm to make sure customers received the right tailored suggestions in their monthly wardrobe boxes. So, she made it into a game. Style Shuffle is a … Continue reading “Stitch Fix CTO Polinsky Says Its Style Shuffle Game Makes Data Fun”
Some of the Best Reads for Casual Friday: Artificial Intelligence
Fridays can be the most productive work day, as you look to shore up everything before the weekend starts. Or, maybe instead, it’s a day filled with long lunches and listless Internet surfing, as you seek out all the interesting articles you missed during the week. Fear not: Xconomy has done the work for you, … Continue reading “Some of the Best Reads for Casual Friday: Artificial Intelligence”
Bio Roundup: Duchenne Data, Roche Buys Foundation, IPO Wave & More
Biotech financing is a cyclical thing. Two years ago, the IPO window was unlatched but a number of companies ended up withdrawing their stock offerings. Others that pushed their IPOs through couldn’t sell shares at the price they wanted. This year, the IPO window is wide open. A total of 93 IPOs have priced as … Continue reading “Bio Roundup: Duchenne Data, Roche Buys Foundation, IPO Wave & More”
Intel CEO Resigns After Board Learns of His Relationship With Employee
Intel (NASDAQ: [[ticker:INTC]]) announced Thursday that CEO Brian Krzanich has resigned in the wake of the company’s recent discovery that he had been involved in a past consensual relationship with an Intel employee. The relationship violated Intel’s non-fraternization policy—the finding of an ongoing investigation by internal and external counsel, the company said in a written … Continue reading “Intel CEO Resigns After Board Learns of His Relationship With Employee”
Latticework Launches Personal Hybrid Cloud for Private Data-Sharing
Were you aghast at revelations that third-party organizations were able to capture millions of Facebook profiles from users who were unaware of the company’s privacy policy terms? If so, a Silicon Valley startup is hoping to entice you with a new option for private data storage of your personal digital life, along with private channels … Continue reading “Latticework Launches Personal Hybrid Cloud for Private Data-Sharing”
Detroit Entrepreneur’s PlayVs is First E-Sports League for High Schools
As a kid in the 1990s, Delane Parnell spent his formative years around Detroit’s 7 Mile and Burgess neighborhood in a home with no Internet. Today, he’s the founder and CEO of a hot Los Angeles-based e-sports startup—and responsible for raising the largest Series A investment round of any African-American tech founder. Parnell is the … Continue reading “Detroit Entrepreneur’s PlayVs is First E-Sports League for High Schools”
Bio IPO Madness: Six Biotech Startups Raise $568M in 24 Hours
The window for biotech IPOs remains wide open and six more companies have charged through it, raising more than $568 million in the span of 24 hours. The first was Eidos Therapeutics (NASDAQ: [[ticker:EIDX]]), which raised $106 million in its stock market debut. The San Francisco company priced its IPO late Tuesday, selling 6.25 million … Continue reading “Bio IPO Madness: Six Biotech Startups Raise $568M in 24 Hours”
CrowdStrike Hauls In $200M, Reports Valuation Over $3 Billion
CrowdStrike, a Silicon Valley cybersecurity company that fends off hackers by patrolling the edge devices connected to a network, announced today it raised $200 million in a financing round that sets the company’s valuation at more than $3 billion. Sunnyvale, CA-based CrowdStrike, as an endpoint protection and response platform, uses next-generation antivirus software, scans for … Continue reading “CrowdStrike Hauls In $200M, Reports Valuation Over $3 Billion”
Sarepta’s Data Are First in Rush for Duchenne Gene Therapy
It’s far too early to say whether gene therapy can treat Duchenne muscular dystrophy, a deadly genetic disease. But the first clinical data have arrived, with Sarepta Therapeutics today reporting encouraging preliminary results from three patients. Sarepta (NASDAQ: [[ticker:SRPT]]), of Cambridge, MA, is conducting an early-stage study of its experimental treatment known as AAVrh74.MHCK7.micro-Dystrophin. The … Continue reading “Sarepta’s Data Are First in Rush for Duchenne Gene Therapy”
New Conquer Cohort Tackling Homecare Staffing, Snapchat Filters, More
A glance at the thermometer confirms summer is officially here—quite oppressively here if you’re in the Midwest—and that means the start of a handful of annual startup incubation programs in Michigan. The Conquer Accelerator, hosted by Spartan Innovations, just launched its 2018 cohort in East Lansing. The five companies accepted into this year’s program will … Continue reading “New Conquer Cohort Tackling Homecare Staffing, Snapchat Filters, More”
Mapping Software Startup Ushr Lands Installation Deal with Cadillac
Ushr, the Livonia, MI, and Lompoc, CA-based startup making high-definition mapping software for use in semi-autonomous and autonomous vehicles, has earned awards and accolades since it launched last year. The latest award has paved a path to get Ushr’s software into future models of a classic American car brand. Ushr has a big hand in … Continue reading “Mapping Software Startup Ushr Lands Installation Deal with Cadillac”
Biotech Beware, Your Culture Is Showing
In a recent survey of 220 scientists, 60 percent of the respondents reported having experienced harassment at a conference at some point in their careers. Even more astounding is the fact that 82 percent of those who reported harassment did not report it when it occurred. That’s why it’s easy to say, “How big of … Continue reading “Biotech Beware, Your Culture Is Showing”
30Ventures Seeks $15M to Fund Startups in Healthcare, Water Tech
30Ventures, one of the newest additions to Wisconsin’s venture capital scene, quietly revealed plans this week to raise up to $15 million for its debut fund, which will back healthcare and water and chemistry-related technologies in the Midwest. The Madison, WI-based firm disclosed fundraising details in a document filed with federal securities regulators on Thursday. … Continue reading “30Ventures Seeks $15M to Fund Startups in Healthcare, Water Tech”
Bio Roundup: Not-BIO Party Foul, CRISPR Drama, Sickle Cell Updates
This week brought a sobering reminder of how far away we are from true gender equality in the life sciences. An industry party held during BIO’s annual meeting in Boston last week featured scantily clad women with company logos painted on their bodies—two years after the infamous party at the J.P. Morgan party in San … Continue reading “Bio Roundup: Not-BIO Party Foul, CRISPR Drama, Sickle Cell Updates”
For Sickle Cell, a Complex Disease, New Drugs Could Bring Complex Costs
Cassandra Trimnell has sickle cell disease. She also loves to travel. For her 30th birthday last year, she and her husband planned a trip to Indonesia, and she figured she would be fine. Growing up in Iowa, she was sick all the time, in and out of hospitals with severe pain episodes, or “crises,” and … Continue reading “For Sickle Cell, a Complex Disease, New Drugs Could Bring Complex Costs”
Austin’s Ambiq Micro Adds $11M for Energy-Efficient Microcontrollers
Austin—Ambiq Micro, which makes energy-efficient chips and sells them internationally, has raised $11.4 million in an equity funding round, according to a securities filing. The company may raise up to $20 million, the filing says. Austin, TX-based Ambiq sells low-powered microcontrollers to companies such as Huawei Technologies and Fossil Group (NASDAQ: [[ticker:FOSL]]) for Internet of … Continue reading “Austin’s Ambiq Micro Adds $11M for Energy-Efficient Microcontrollers”
Benchling Scores $14.5M to Grow Online Lab Notebook for Bio-Researchers
New immunotherapy approaches to cancer treatment, and the CRISPR technology for editing genetic material in cells, are among the most sophisticated research strategies scientists are using in their quest to defeat disease. But as researchers develop these techniques based on manipulating biological molecules, they may still be recording their experimental results by a method untouched … Continue reading “Benchling Scores $14.5M to Grow Online Lab Notebook for Bio-Researchers”
Roundup: Startup Week Detroit, Grand Circus, MWCT, Duo Security, More
Summer is here, and with it, plenty of tech news from across Michigan. Startup Week Detroit kicks off on Monday, while other programs have fast-approaching application deadlines; grants have been awarded; milestones have been achieved; and new hires have been announced. Read on for details. —Techstars Startup Week Detroit, described by organizers as a weeklong … Continue reading “Roundup: Startup Week Detroit, Grand Circus, MWCT, Duo Security, More”
New York Fashion Tech Lab Connects Retail to Crucial Innovations
Amazon is fundamentally disrupting how and where we shop, but in-store retail still has life in it. The Seattle e-commerce giant is “a hefty competitor, but that doesn’t mean brands and retailers don’t have the ability to fight back,” says Kay Koplovitz, co-founder and managing partner of Springboard Growth Capital in New York. In fact, … Continue reading “New York Fashion Tech Lab Connects Retail to Crucial Innovations”
Rockwell Automation Pouring $1B into PTC to Push Connected Factories
Rockwell Automation is investing $1 billion in PTC, as the two companies team up to advance their vision of software-driven factories and industrial operations. The companies said Monday they expect their “strategic partnership” to boost both businesses by strengthening their pitch to customers around the world who are interested in enhancing their physical operations with … Continue reading “Rockwell Automation Pouring $1B into PTC to Push Connected Factories”
Toyota Sees Opportunity to Lead Industry on Safe Mobility Innovations
When a self-driving Uber car killed a pedestrian in Tempe, AZ, a few months ago, it shook up the mobility industry. The accident served as a gut check, and it sent already tenuous rates of consumer acceptance plummeting. One of the main benefits associated with driverless cars is safety, but it’s hard for riders to … Continue reading “Toyota Sees Opportunity to Lead Industry on Safe Mobility Innovations”
Data Centers on Wheels: How Intel Plans to Capitalize on Mobility
Intel sealed its commitment to become a player in the burgeoning autonomous vehicle industry when it bought computer vision company Mobileye for more than $15 billion in 2017. The venerable Santa Clara, CA-based chipmaker is betting that its data analytics and connectivity chops—as well as its semiconductors—combined with Mobileye’s computer vision and mapping functions, will … Continue reading “Data Centers on Wheels: How Intel Plans to Capitalize on Mobility”
Bio Roundup: Wrapping ASCO, Dreaming IPO, Rebooting Axovant & More
Most of the cancer news this week happened at the massive ASCO meeting in Chicago. But not all, as we’ll see in a moment. Also this week, Biogen and Eisai reported good news about an Alzheimer’s drug, but with plenty of caveats. Axovant Sciences, which hit the skids last year because of a massive Alzheimer’s … Continue reading “Bio Roundup: Wrapping ASCO, Dreaming IPO, Rebooting Axovant & More”
Vertex CF Competitor Proteostasis Falters, Galapagos Up Next
Data released Wednesday afternoon looks to have eased a potential threat to Vertex Pharmaceuticals’ burgeoning cystic fibrosis franchise, though news from another challenger looms later this month. Proteostasis Therapeutics (NASDAQ: [[ticker:PTI]]) released data from a 49-patient Phase 1 study testing its experimental cystic fibrosis drug, PTI-801, in combination with Vertex’s (NASDAQ: [[ticker:VRTX]]) FDA-approved CF drug … Continue reading “Vertex CF Competitor Proteostasis Falters, Galapagos Up Next”
Waze for the Sky: GE Drone Venture AiRXOS Takes Flight
Despite all the hype and business investment, drones are mostly flown by hobbyists and the military these days, says Ken Stewart. But if he and other drone supporters have their way, the sky will eventually be dotted with unmanned aircraft delivering packages to consumers, transporting organs between hospitals, conducting search missions in remote areas, inspecting … Continue reading “Waze for the Sky: GE Drone Venture AiRXOS Takes Flight”
Therapy.Live’s PrepareU Offers Proactive Tools to Halt Teen Suicide
Americans are living through interesting times. Our politics have rarely been more polarized, income inequality continues to grow, gun violence is rampant, life expectancy has been in decline for several years, and deaths of despair—those resulting from things like suicide or drug overdose—continue to rise. What’s a thinking, feeling person to do? If you’re Ryan … Continue reading “Therapy.Live’s PrepareU Offers Proactive Tools to Halt Teen Suicide”
Double-Digit Funding Rounds for Fintech Startups BlueVine, Chime, Marqeta
[Updated 6/11/18, 11:13 am. See below.] A trio of Bay Area fintech companies announced fundraising rounds in the double-digit millions over the past week to help build out their alternative services in small business lending, consumer banking, and payment cards. Silicon Valley venture capital firm Menlo Ventures led two of the funding rounds. —BlueVine, an … Continue reading “Double-Digit Funding Rounds for Fintech Startups BlueVine, Chime, Marqeta”
ASCO Wrap: Cancer Combos, Precision Meds, Stock Movers & More
The American Society of Clinical Oncology annual meeting, the world’s largest cancer conference, wraps up today in Chicago. Investors have dissected the data, picked winners and losers, and sent some biotech stocks soaring and others tumbling. In the days before ASCO, Xconomy previewed two major themes: the feverish and flawed race to develop cancer immunotherapy … Continue reading “ASCO Wrap: Cancer Combos, Precision Meds, Stock Movers & More”
Michigan Mobility Challenge Designed to Address Transportation Gaps
Each year, at the end of May, Michigan’s government, industry, and nonprofit leaders get together on Mackinac Island for a few days to discuss the day’s most pressing political issues. It’s a popular place to announce new policies and programs. This year, Gov. Rick Snyder used the Mackinac gathering to unveil the Michigan Mobility Challenge, … Continue reading “Michigan Mobility Challenge Designed to Address Transportation Gaps”
Biotech’s Looming Talent Crisis: 5 Ways to Prepare for the Storm
Finding and keeping great talent has always been a limiting factor for building companies—and even more so in the life science industry, which requires highly specialized skills. As an executive recruiter focused solely on life sciences, I know firsthand the challenges of filling key executive roles, and I’m often the first to see signs of … Continue reading “Biotech’s Looming Talent Crisis: 5 Ways to Prepare for the Storm”
Xconomy’s Napa Summit Is June 14-15: Last Call for Invites
Just 10 days to go—but it’s not too late to request your invitation to Xconomy’s most unique and thought-provoking event of the year: our annual Napa Summit: The Xconomy Retreat on Technology, Jobs, and Growth. We only have a few spots left open, so get your wine on and request your invitation today. You will … Continue reading “Xconomy’s Napa Summit Is June 14-15: Last Call for Invites”
Price Check on Aisle 3: Retailers Turn to Robots to Manage Inventory
Inventory management is crucial to operating a successful retail operation. And as hard as it may be to believe, retailers “don’t really know what’s on the shelves,” says Sarjoun Skaff, founder and CTO of Bossa Nova Robotics. A combination of the sheer number of products a retailer like Walmart has on offer and the pace … Continue reading “Price Check on Aisle 3: Retailers Turn to Robots to Manage Inventory”
Drug Price Watchdog ICER Deems Amgen Migraine Drug “Cost-Effective”
As Amgen approached an FDA decision last month for its migraine-prevention treatment, concern mounted that the drug would come at premium. In setting a price thousands of dollars less than expected, Amgen has won over one of the pharmaceutical industry’s fiercest drug price critics. The non-profit Institute for Clinical and Economic Review (ICER) assessed the … Continue reading “Drug Price Watchdog ICER Deems Amgen Migraine Drug “Cost-Effective””
Biotech Roundup: ASCO Ahead, CAMP4’s Cash, Ambien Tweeting & More
For the next five days, the oncology community’s attention will focus on Chicago. The Windy City is the home for the American Society of Clinical Oncology’s annual meeting, and it kicks off today. Many ASCO attendees will zero in on potential cancer drug combinations. They’re seen as the key to expanding the reach of caner … Continue reading “Biotech Roundup: ASCO Ahead, CAMP4’s Cash, Ambien Tweeting & More”
Japan’s SoftBank Pours $2.5B into GM’s Self-Driving Division
General Motors’ stock price was cruising after news broke this morning that Japanese holding company SoftBank has invested $2.25 billion into the automaker’s driverless vehicle division. Once the deal closes, GM (NYSE: [[ticker:GM]]) will reportedly invest an additional $1.1 billion. According to multiple news outlets, Cruise, GM’s autonomous car operation, is now expected to have … Continue reading “Japan’s SoftBank Pours $2.5B into GM’s Self-Driving Division”
Drugs OK’d To Hit Tumor Genes Still a Basket of One. Are More Coming?
[Corrected 6/4/18, 1:53 a.m. ET. See below.] One year ago, the FDA made biomedical history. A cancer drug, pembrolizumab (Keytruda), was approved to treat tumors with a specific genetic fingerprint regardless of their location in the body. It was the first tissue-agnostic approval of a cancer drug, and it was a big shift for the … Continue reading “Drugs OK’d To Hit Tumor Genes Still a Basket of One. Are More Coming?”
Insurers Are (Slowly) Preparing for Future World of Driverless Cars
When a self-driving Uber vehicle killed a pedestrian attempting to cross a dark, Phoenix-area street in March, it served as a wake-up call to a mobility industry moving at a furious pace to advance autonomous vehicle technologies. The fatality reinforced consumer skepticism of driverless cars, as evidenced by a recent survey conducted by CarGurus (more … Continue reading “Insurers Are (Slowly) Preparing for Future World of Driverless Cars”
IDO Don’ts: After Immunotherapy Failure, Experts Say Slow Down
One year ago, on the eve of the yearly American Society of Clinical Oncology conference, a new class of drugs called IDO inhibitors seemed poised to become the next big thing in cancer care. They were a top choice to combine with the powerful but limited immunotherapies that have emerged this decade to fight many … Continue reading “IDO Don’ts: After Immunotherapy Failure, Experts Say Slow Down”
Smart-Kitchen Startups Give Cooks Digital Help Via Internet of Things
When it comes to connected homes, the hottest spot is located in your kitchen. The Internet of Things, artificial intelligence, and related technologies are being used to connect ovens, refrigerators, and other kitchen appliances to the Web. Feeling unsure about cooking that fish dish? Smart ovens can more accurately calibrate temperatures to avoid over-cooking. There’s … Continue reading “Smart-Kitchen Startups Give Cooks Digital Help Via Internet of Things”