Ask Cambridge Mobile Telematics cofounder Hari Balakrishnan about the $500 million his business raised from SoftBank’s Vision Fund and he’ll bring up two bigger numbers: 1.2 billion and 875 million. The first is an estimate of the number of vehicles globally. The second is the number of insurance policies on those vehicles. Then there’s a … Continue reading “$500M and 1.2B Cars: Cambridge Mobile Telematics Talks SoftBank Deal”
Category: Detroit
SoftBank Vision Fund Pours $500M Into Cambridge Mobile Telematics
Last month, Xconomy asked tech CEOs what $100 million in venture capital can buy. How about $500 million? Cambridge Mobile Telematics said Wednesday morning it has pulled in half a billion dollars in an investment from—you guessed it—the SoftBank Vision Fund. That’s Japan-based SoftBank Group’s reportedly $100 billion fund that has made waves in the … Continue reading “SoftBank Vision Fund Pours $500M Into Cambridge Mobile Telematics”
Pfizer, GSK to Merge Consumer Health Units, Focus on Prescription Drugs
Two of the world’s top drugmakers want to focus on making prescription drugs. Pfizer and GlaxoSmithKline have agreed to merge their consumer health businesses and spin them off into a joint venture, a move that will both create a new consumer healthcare giant and increase the pressure on each company to churn out innovative medicines. … Continue reading “Pfizer, GSK to Merge Consumer Health Units, Focus on Prescription Drugs”
Graphcore Scores $200M to Scale Up A.I. Chip Production
One of the leading contenders in the A.I. chip race, Graphcore, announced Tuesday it pulled down $200 million in a Series D fundraising round that set its valuation at $1.7 billion. The Bristol, U.K.-based startup, founded in 2016, has now secured a total of more than $300 million in financing from venture capital firms and … Continue reading “Graphcore Scores $200M to Scale Up A.I. Chip Production”
15 For ’19: Key Clinical Data to Watch For Next Year (Part 2)
On Monday, Xconomy began our annual look ahead at clinical trials that could define biotech and have profound healthcare effects in the coming year. Today we’re circling back with the rest of the list, which includes studies of drugs for nonalcoholic steatohepatitis, cystic fibrosis, spinal muscular atrophy and more. Read on for the details. [Editor’s … Continue reading “15 For ’19: Key Clinical Data to Watch For Next Year (Part 2)”
A.I. in 2019: IBM Exec on Advances in Training, Trust, Transparency
[Editor’s note: This is part of a series of posts sharing thoughts from technology leaders about 2018 trends and 2019 forecasts.] Today’s artificial intelligence technologies have demonstrated they’re capable of handling specific tasks, such as identifying pictures of cats or spotting cancer in CT scans. Researchers are hopeful the industry’s next breakthroughs will enable A.I. … Continue reading “A.I. in 2019: IBM Exec on Advances in Training, Trust, Transparency”
15 for ’19: Key Clinical Data to Watch for Next Year (Part 1)
It can take decades and billions of dollars to develop a drug, and its fate—and often that of its developer—rests in the outcome of clinical trials. Just look at some of 2018’s biggest biotech stories. The failure of a closely watched cancer immunotherapy combination sent ripples through the sector and led several companies to change … Continue reading “15 for ’19: Key Clinical Data to Watch for Next Year (Part 1)”
U-M’s Desai Accelerator Invests Millionth Dollar Since 2013 Launch
The University of Michigan’s Desai Accelerator, an incubator open to early-stage tech startups regardless of their connection to the school, hit a major milestone this year: It invested its millionth dollar after funding the six companies in its 2018 cohort. The accelerator, a joint initiative between the Zell Lurie Institute for Entrepreneurial Studies at the … Continue reading “U-M’s Desai Accelerator Invests Millionth Dollar Since 2013 Launch”
Bio Roundup: Eli Lilly Tries Tau, Generic Insulin, NASH Cash & More
Pharmaceutical industry critics lament the cost of rare disease drugs, but some of the steepest price hikes have come on widely used insulin. The patent holder, the University of Toronto, gave companies the right to manufacture insulin. But the university also allowed them to patent the improvements they made, which enabled them to slap higher … Continue reading “Bio Roundup: Eli Lilly Tries Tau, Generic Insulin, NASH Cash & More”
Udacity Achieves 50,000 Nanodegree Grads Amid Company Reorganization
Udacity, a pioneer in the online teaching of IT skills, is celebrating a milestone today—50,000 students have now graduated from one of its revenue-generating “Nanodegree” programs. Launched four years ago, the Nanodegree courses allow students worldwide to gain expertise in areas such as data analytics, machine learning, and autonomous flight engineering by completing coursework that … Continue reading “Udacity Achieves 50,000 Nanodegree Grads Amid Company Reorganization”
Farm Startup Bowery Lands $90M to Take Indoor-Grown Greens National
Foodies in New York City may not realize it, but some of the tasty kale, bok choy, and other leafy greens they buy trace their origins to an industrial park in New Jersey. The produce grown by indoor farming startup Bowery never sees soil or natural sunlight before making its way to select restaurants and … Continue reading “Farm Startup Bowery Lands $90M to Take Indoor-Grown Greens National”
The Power of Dreams: Making a Difference as a Detroit Entrepreneur
Those born and raised in Detroit are used to defying expectations, but making your dreams a reality is never an easy task. It involves overcoming both personal and professional hardships, which is why I named my business Make Your Dreams Come True (MYDCT). Inspired by what I wanted to do for both myself and others, … Continue reading “The Power of Dreams: Making a Difference as a Detroit Entrepreneur”
House Members Grill Google CEO Amid Bipartisan Privacy Concerns
Google CEO Sundar Pichai took his turn in the Congressional hotseat on Tuesday, following similar appearances by the chief executives of Facebook and Twitter earlier this year before lawmakers who are increasingly alert to the vast societal impact of Silicon Valley tech giants. House Majority Leader Kevin McCarthy opened a hearing before the House Judiciary … Continue reading “House Members Grill Google CEO Amid Bipartisan Privacy Concerns”
IPOs Will Strip Veils From Uber & Lyft’s Financials, Strategies
The IPO of any private company comes as the resolution of a mystery, as closely held details about its financial performance and strategies are revealed. But the suspense is heightened in the case of San Francisco-based companies Uber and Lyft, which pioneered the huge ride-hailing industry but have yet to come close to turning a … Continue reading “IPOs Will Strip Veils From Uber & Lyft’s Financials, Strategies”
After $2B+ Cisco Buyout, Dug Song Reflects on Duo Security’s Journey
Successful startup founders who are also humble and down-to-earth are a rare breed in the tech industry. But Duo Security co-founder and former CEO Dug Song is a mensch in every sense of the word. Song is best known as the guy who started and nurtured a cybersecurity company worth billions in Ann Arbor, MI—outside … Continue reading “After $2B+ Cisco Buyout, Dug Song Reflects on Duo Security’s Journey”
McAfee CTO On Election Hacking, Cryptojacking, Quantum Security
Election hacking. Information warfare. Adversarial artificial intelligence. All worrisome topics racing through Steve Grobman’s head these days. But the McAfee chief technology officer seems surprisingly upbeat about the prospects of meeting these cybersecurity challenges—or at least putting up a good fight. I met Grobman at a coffee shop in downtown Boston last week. He was … Continue reading “McAfee CTO On Election Hacking, Cryptojacking, Quantum Security”
Bio Roundup: ASH Wrap, CRISPR Baby Fallout, Moderna’s Record IPO
The biggest yearly meeting for blood disease research has come and gone, and yet the stories to come out of the American Society of Hematology’s gathering in San Diego represent just a fraction of what happened in biopharma this week. Even if ASH wasn’t on your radar, the CRISPR baby saga—the apparent birth of gene … Continue reading “Bio Roundup: ASH Wrap, CRISPR Baby Fallout, Moderna’s Record IPO”
Google A.I. Fund Leads $7M Boost For Boston Route Logistics Startup
Google’s A.I.-focused fund Gradient Ventures has made its second Boston-area investment by leading a $7 million Series A round for autonomous dispatch and routing software startup Wise Systems. Wise was founded in 2014 by a group of MIT and Harvard graduates. The company says it uses machine learning to autonomously direct delivery operations by melding … Continue reading “Google A.I. Fund Leads $7M Boost For Boston Route Logistics Startup”
SuperNus ADHD Drug to Head to FDA, But Is It Better Than a Generic?
An experimental attention deficit hyperactivity drug developed by SuperNus Pharmaceuticals has met the main goals of two late-stage studies, bolstering the company’s case that it could provide an alternative to currently available ADHD therapies. But shares of the Rockville, MD-based company promptly fell on concerns of whether the drug is any better than a widely … Continue reading “SuperNus ADHD Drug to Head to FDA, But Is It Better Than a Generic?”
5 Reasons to Seek Geographic Diversity in a Venture Portfolio
Silicon Valley. New York City. Boston. Call them tech hubs or startup capitals, they are drawing in our nation’s venture capital dollars. But when it comes to new investments, venture capitalists can’t be so short-sighted. The opportunities beyond these markets may be richer than many realize. In July 2018, my venture capital firm, Alumni Ventures … Continue reading “5 Reasons to Seek Geographic Diversity in a Venture Portfolio”
Former Biotech VC Steven Burrill Draws 30-Month Prison Term for Fraud
G. Steven Burrill, once a noted biotech investment fund founder, sought-after conference speaker, and life sciences publisher, was sentenced Wednesday to serve 30 months in federal prison for defrauding his investors and evading taxes. Burrill was indicted by a federal grand jury on September 14, 2017. He was accused of diverting more than $18 million … Continue reading “Former Biotech VC Steven Burrill Draws 30-Month Prison Term for Fraud”
Diffbot’s A.I. Engine Draws Global Map of Machine Learning Expertise
A year ago, the leading Chinese Internet company Tencent Holdings pegged the global number of artificial intelligence researchers and professionals at 300,000 or less—just as the unmet demand for such experts was pushing salary offers to as much as $1 million. In February, the Canadian firm Element AI estimated that talent pool at no more than … Continue reading “Diffbot’s A.I. Engine Draws Global Map of Machine Learning Expertise”
Ford Unveils Cutting-Edge Manufacturing Technology at $45M Test Bed
Ford Motor Company is undergoing a transformation from nuts-and-bolts automaker to something that more closely resembles a tech company, and this week, the company offered press tours of its $45 million Advanced Manufacturing Center in Redford, MI. The center, meant to be a sort of digital test bed, didn’t look at all like a traditional … Continue reading “Ford Unveils Cutting-Edge Manufacturing Technology at $45M Test Bed”
Adherium Aims to Improve Asthma Patient Outcomes with Smart Inhalers
Asthma is the third-ranking cause of hospitalization for children under 15 years of age in the U.S., and it’s the leading cause of missed school among children ages 5 to 17. Missed school can lead to missed work and lost income if parents need to stay home to care for their sick kids, potentially leading … Continue reading “Adherium Aims to Improve Asthma Patient Outcomes with Smart Inhalers”
“JK Told Me He Was Planning This”: A CRISPR Baby Q&A with Matt Porteus
Last week, Chinese researcher He Jiankui stunned the world with his claim to have created the world’s first gene-edited humans. He said he had used CRISPR-Cas9 to change the DNA of the embryos of twin girls, to make them immune to HIV infection, then implanted them in their mother’s womb. He announced on video the … Continue reading ““JK Told Me He Was Planning This”: A CRISPR Baby Q&A with Matt Porteus”
BCMA Day: At ASH ‘18, Cell Therapies For Myeloma Take Center Stage
The treatment landscape for multiple myeloma, a deadly cancer of the bone marrow that affects about 30,000 Americans every year, has changed significantly over the past decade. And more changes look to be on the way. Take the results of a Phase 3 study just reported today at the American Society of Hematology’s (ASH) yearly … Continue reading “BCMA Day: At ASH ‘18, Cell Therapies For Myeloma Take Center Stage”
Event-Stream Hack Is Not Cause For Panic About Open-Source Security
News last week that event-stream, the popular open-source code library managed by NPM, had been compromised by a hacker (or hackers) looking to steal Bitcoin led some to question the underlying security of the open-source components that they are using in their software. According to reports, a hacker gained control of the event-stream package by … Continue reading “Event-Stream Hack Is Not Cause For Panic About Open-Source Security”
15Five Lands $8M to Provide Coaching Software to More Managers
[Updated 12/4/18 9:20 am. See below.] San Francisco-based performance management startup 15Five, whose mission is to torpedo annual performance reviews for workers and replace them with supportive weekly coaching by managers, announced today it raised $8 million in a Series A funding round. 15Five gets its name from the feedback and coaching process that its … Continue reading “15Five Lands $8M to Provide Coaching Software to More Managers”
Superpedestrian Rolls Out Smarter, Hardier E-Scooter for Sharing
It’s the diagnosis of Superpedestrian CEO Assaf Biderman that bike- and scooter-share startups know far too little about bikes and scooters. His Cambridge, MA-based transportation technology startup is announcing its foray into scooter sharing today with what it says is a smart, durable, and efficient scooter of its own. Biderman sees the feverish industry—crowded with … Continue reading “Superpedestrian Rolls Out Smarter, Hardier E-Scooter for Sharing”
ASH 2018: Three Up, Two Down as Big Blood Disease Meeting Rolls On
[Updated 4:37 p.m. See below.] Last week, Xconomy previewed the American Society of Hematology’s big meeting in San Diego, the largest medical gathering in the country on blood diseases. We took a deep dive into five specific disease areas under scrutiny, from lymphoma to hemophilia to sickle cell disease and more. News related to those … Continue reading “ASH 2018: Three Up, Two Down as Big Blood Disease Meeting Rolls On”
Volvo Expands In Silicon Valley As Auto Innovation Goes West
As GM announced a wave of auto plant closures in the North American heartland this week at the cost of thousands of jobs, Sweden’s Volvo Cars was expanding its U.S. presence, both in Silicon Valley and at a new South Carolina factory. Like Detroit-based GM (NYSE: [[ticker:GM]]), which is shifting its attention from traditional auto manufacturing … Continue reading “Volvo Expands In Silicon Valley As Auto Innovation Goes West”
Occipital Reaches Turning Point with New 3D Sensor for Drones, VR
Occipital, the San Francisco-based spatial computing startup, first planted its flag in computer vision tech five years ago when it released a plug-in sensor, billed as the first 3D sensor created for mobile devices such as the iPad. Called Structure Sensor, it allows users—mostly software developers and gamers—to capture 3D models or images in order … Continue reading “Occipital Reaches Turning Point with New 3D Sensor for Drones, VR”
Bio Roundup: CRISPR Babies, Blood Diseases, Big Cancer Nod & More
This was one of those weeks when the world seemed to slip into a new era with no going back. A Chinese researcher, He Jiankui, claimed he helped bring to life two genetically engineered babies, twin girls with a gene disabled to make them immune to HIV infection. Even though the technology He used—in vitro … Continue reading “Bio Roundup: CRISPR Babies, Blood Diseases, Big Cancer Nod & More”
GM’s Ammann Takes Reins of Cruise From Co-Founder Vogt, Now CTO
Self-driving car business Cruise has a new leader: Dan Ammann, the General Motors president who led the company’s acquisition of Cruise in 2016, is now being named CEO of the autonomous vehicle subsidiary. Cruise co-founder Kyle Vogt is relinquishing the top role to remain with the company as its president and chief technology officer. Vogt … Continue reading “GM’s Ammann Takes Reins of Cruise From Co-Founder Vogt, Now CTO”
Women Inspire NYC’s Tech Startups to Dream Bigger
As a native New Yorker, it may not come as much of a surprise that growing up I wanted to work in finance. In fact, I put myself through NYU Stern while working for companies like IBM, Prudential, and Merrill Lynch, and joined Goldman Sachs upon graduation. You could say I had made it in … Continue reading “Women Inspire NYC’s Tech Startups to Dream Bigger”
Workers, Investors, Trump React to Cuts as GM Clears Way for Mobility
On Monday, GM made an announcement that rattled Wall Street, automotive analysts, its own workforce, and President Trump . A day after the car manufacturer announced plans to close factories in Michigan, Ohio, Maryland, and Oshawa, Ontario, Trump threatened on Twitter Tuesday afternoon to take away GM’s federal electric car subsidies, which it uses to … Continue reading “Workers, Investors, Trump React to Cuts as GM Clears Way for Mobility”
Under Fire, He Jiankui Says He’s “Proud” to Help Make CRISPR’d Babies
[Updated, 11/28/18, 12:20pm ET. See below.] Is there another CRISPR baby on the way? In his first public appearance since his stunning claim, released on YouTube Sunday, that he helped bring the first genome-edited humans into the world, He Jiankui, a genomics researcher at Southern University of Science and Technology of China in Shenzhen, said … Continue reading “Under Fire, He Jiankui Says He’s “Proud” to Help Make CRISPR’d Babies”
U-M’s Undergraduate Entrepreneurship Program Ranked Best in U.S.
The University of Michigan has spent the better part of a decade beefing up classes and programs that teach students how to start and run their own companies, and those efforts appear to be paying off. Earlier this month, Princeton Review and Entrepreneur magazine rated U-M as the best undergraduate program for entrepreneurship in the … Continue reading “U-M’s Undergraduate Entrepreneurship Program Ranked Best in U.S.”
Genetic Medicine: FDA OKs 2nd Cancer Drug That Targets DNA, Not Tissues
[Updated 11/26/18. See below.] Going deeper into the new world of genetic medicine, the FDA has for the second time approved a drug that targets a tumor’s DNA fingerprint, no matter where in the body that cancer is found. And more could be on the way. The drug is larotrectinib (Vitrakvi), from Loxo Oncology (NASDAQ: … Continue reading “Genetic Medicine: FDA OKs 2nd Cancer Drug That Targets DNA, Not Tissues”
Necessity Vs. Innovation-Based Entrepreneurs
What makes someone an entrepreneur? Most simply defined, an entrepreneur is a person who identifies a need and starts a business to fill that void. But others will argue that a “true” entrepreneur must come up with an innovative new product or service and then operates their business to sell and profit from that innovation. … Continue reading “Necessity Vs. Innovation-Based Entrepreneurs”
ASH 2018: A Guide to the Latest for Blood-Borne Cancers and More
[Note: Ben Fidler co-authored this report.] This weekend, San Diego will host the annual American Society of Hematology conference, the largest U.S. medical gathering to get the latest on blood diseases, and a venue for updates on some of the most cutting-edge biotechnologies that only a few years ago seemed like science fiction. Using the … Continue reading “ASH 2018: A Guide to the Latest for Blood-Borne Cancers and More”
Diversity in Venture Capital: Scenes From Culture Shifting Weekend
While women and minorities make up 70 percent of the population, less than two percent of the tens of trillions of dollars in the asset management industry are entrusted to women or minorities. In recent years, gains have been made among women in venture capital. Diversity beyond gender, though, continues to lag. That’s part of … Continue reading “Diversity in Venture Capital: Scenes From Culture Shifting Weekend”
Michigan Mobility Challenge Awards Funding to Innovation Projects
The Michigan Mobility Challenge, a state grant program for innovative multi-modal transportation projects, has begun handing out money to grantees. From the $8 million in available funds, nine projects totaling $3.7 million have been awarded grants so far. Jean Ruestman, who administers the program for the Michigan Department of Transportation, says she’s thrilled with the … Continue reading “Michigan Mobility Challenge Awards Funding to Innovation Projects”
Immigrants Are Key to Winning the AI Arms Race
If we want to create jobs and economic opportunity here in the U.S., we’re going to need immigrants. Not only have they pioneered our country’s greatest achievements, bringing you everything from hot dogs to YouTube, but today they serve at the cutting edge of our foremost industries. Nowhere is this more true than in the … Continue reading “Immigrants Are Key to Winning the AI Arms Race”
Roundup: Accelerate Michigan, Waymark, ACM, Detroit FinTech Bay, More
The holiday season will soon be upon us, but that doesn’t mean work is slowing down in Michigan’s innovation hubs. Here’s a look at recent technology and entrepreneurship news from across the state. —The Accelerate Michigan Innovation Competition, hosted by Invest Detroit’s ID Ventures on Nov. 13, announced the 2018 winners selected from a field … Continue reading “Roundup: Accelerate Michigan, Waymark, ACM, Detroit FinTech Bay, More”
How Blockchain Is Finding a Place at Your Thanksgiving Table
The food we buy in grocery stores and restaurants has a story to tell about where it came from and each step it took on its journey to your dinner table. Blockchain technology can help tell that tale. The story many food companies want to tell these days is about safety. Earlier this year, an … Continue reading “How Blockchain Is Finding a Place at Your Thanksgiving Table”
X·CON 2018: Photos From Three Innovation Days in November
On November 4-6, Xconomy organized a meeting of the minds—an elite gathering of leaders in technology, business, healthcare, education, and energy—to discuss and demonstrate the key trends in their fields, heading into next year. Our expert speakers and attendees at X·CON 2018 tackled everything from the impact of artificial intelligence on enterprises to the emerging … Continue reading “X·CON 2018: Photos From Three Innovation Days in November”
Human Space Travel as a Platform to Accelerate Biomedical Innovation
A manned mission to Mars is slated for as early as 2024, but there are serious health risks that must be mitigated in order for such a mission to be successful. The most pressing risk identified by NASA is radiation exposure. Instead of stunting our spirit of exploration, there is an urgent need to develop effective radioprotection strategies to … Continue reading “Human Space Travel as a Platform to Accelerate Biomedical Innovation”
Wonolo Scores $32M to Expand Blue-Collar Gig Workers’ Marketplace
Wonolo, which runs a marketplace where companies can find fill-in staffers for jobs like stocking store shelves and warehouse chores, announced Monday that it raised $32 million in a Series C funding round led by Bain Capital Ventures. Bain Capital also invested this year in another tech startup focused on blue collar workers: UpKeep, which … Continue reading “Wonolo Scores $32M to Expand Blue-Collar Gig Workers’ Marketplace”
Bio Roundup: Moderna’s IPO, Arena’s Comeback, E-Cig Survey & More
Thanksgiving is around the corner and this week delivered a bounty of deals that have a number of life science companies expressing their thanks a little early. One deal saw a company land a whopping $800 million upfront for a rights to a drug still in clinical testing. Another biotech landed a $98 million investment … Continue reading “Bio Roundup: Moderna’s IPO, Arena’s Comeback, E-Cig Survey & More”