After Facebook posted a record profit of almost $7 billion in the fourth quarter on nearly $17 billion in revenue last week, an early investor, former advisor to CEO Mark Zuckerberg, and current shareholder said he’s making it a mission to “fix’’ the 15-year-old tech giant. Roger McNamee, in a podcast interview with The New … Continue reading “Privacy Watch: Facebook Rebounds, But Privacy Concerns Accelerate”
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Bio Roundup: Alzheimer’s Fail, Drug Price Plan, Gene Therapies & More
Pharmaceutical companies typically raise prescription drug prices at the start of each year and this year was no different. The increases were the latest reminder that, despite President Trump’s fiery campaign rhetoric, the administration had done little to actually lower drug prices. But a new plan aimed at the secretive rebate deals between pharma companies … Continue reading “Bio Roundup: Alzheimer’s Fail, Drug Price Plan, Gene Therapies & More”
Retailers Brace For Possible Economic Headwinds in 2019
Even as retailers struggle with a technology-disrupted business model and changing consumer desires, at least a generally positive overall economy and low unemployment rates seemed to keep shoppers’ wallets open. But a 2019 that started with stock market losses, a recently ended (but longest-ever) government shutdown, and other headwinds might now force consumers to pull … Continue reading “Retailers Brace For Possible Economic Headwinds in 2019”
Equidate, Re-Named Forge Global, Boosts Series B to $85M
Equidate, one of the trading platforms that help employees sell their shares in pre-IPO unicorn companies, rolled out a new name today and announced a $35 million expansion of its $50 million funding round publicized in July. Re-branded as Forge Global, the five-year-old company plans to continue broadening the services it developed as many venture … Continue reading “Equidate, Re-Named Forge Global, Boosts Series B to $85M”
Billie, Subscription Shaving Products Service for Women, Raises $25M
Billie, a monthly subscription service for shaving and body care products for women, has raised $25 million. The New York-based startup said Tuesday that the new funding round, which is being led by Goldman Sachs Private Capital Investing group, brings its total investment to $35 million. Previous investors Silverton Partners, Female Founders Fund, and Lakehouse … Continue reading “Billie, Subscription Shaving Products Service for Women, Raises $25M”
Healthcare Technology Bubble Concerns Are Likely Overblown
By nearly every measure, 2018 was a banner year for the venture capital industry, particularly in the healthcare technology sector. Over $130 billion of venture capital was invested across all sectors in the U.S., easily eclipsing the prior high-water mark in 2000 and nearly 4.8 times what was invested a decade ago. While certain sectors … Continue reading “Healthcare Technology Bubble Concerns Are Likely Overblown”
Norwest VC Eyes Waves of Change in A.I., Marketing, Cloud for 2019
Venture capital firms invest in potentially disruptive technologies with the hope of profit, then keep watch for further advances that could overtake their existing portfolio companies. All this is done while they guide startups through other external challenges such as fundraising droughts and overall market downturns. Scott Beechuk, a partner at Norwest Venture Partners, is … Continue reading “Norwest VC Eyes Waves of Change in A.I., Marketing, Cloud for 2019”
America Should Welcome Immigrant Entrepreneurs
When I came to America in 1987, as a wide-eyed University of Texas grad student, I arrived with just a suitcase and a few hundred dollars — money that my mother, back in India, had scraped together by selling her beloved jewelry collection. Three decades later, I’m a successful biomedical researcher and serial entrepreneur with … Continue reading “America Should Welcome Immigrant Entrepreneurs”
What $1M in Bay Area Startup Dollars Buys You in 12 Other Cities
The cost of doing business is always on the mind of startup executives. Salaries, rent, and other expenses like software licenses can often make or break a company. Much of the math comes down to how much money you can raise for your business, and startups often look to San Francisco and Silicon Valley to … Continue reading “What $1M in Bay Area Startup Dollars Buys You in 12 Other Cities”
Bio Roundup: Bosley’s Editas Exit, Bridge Bucks, CRISPR Crime & More
In a week of big personnel moves, none was more surprising than Editas Medicine CEO Katrine Bosley’s departure. After guiding the CRISPR-Cas9 genome-editing startup from scientific breakthrough toward the development of a potential cutting-edge medicine, slogging victoriously through a legendary patent fight, and reaching the cusp of an historic clinical trial, the well-traveled Bosley is … Continue reading “Bio Roundup: Bosley’s Editas Exit, Bridge Bucks, CRISPR Crime & More”
Autonomic CEO Gavin Sherry on Mobility, China, and Data Privacy
In a tech culture that looks toward self-driving cars as the pinnacle of mobility innovation, we’re still debating whether fully autonomous vehicles are an imminent reality for our roads or an ever-receding Shangri-La. But looking back from the viewpoint of 2019, it’s worth considering whether the really pivotal, world-changing advances in transportation have not already … Continue reading “Autonomic CEO Gavin Sherry on Mobility, China, and Data Privacy”
2019 Will See Progress on Personalization’s Last Frontier: Education
Today, technology and data science have combined to create artificial intelligence—data-driven algorithms that seemingly provide us with options for a fully personalized life. Gone are the days of Henry Ford’s “You can have any color so long as it’s black.” There are way more than three major network TV channels. We live in an era … Continue reading “2019 Will See Progress on Personalization’s Last Frontier: Education”
Detroit Trends in 2018? More Traction, Diversity, and Collaboration
Editor’s note: This is part of a series of posts sharing thoughts from industry and technology leaders about 2018 trends. A few trends come to mind that continue to shape and define the startup ecosystem in Detroit: —Marketplaces continue to evolve and attract funding (initial and follow-on), and gain traction that has to be recognized and respected. … Continue reading “Detroit Trends in 2018? More Traction, Diversity, and Collaboration”
Bio Roundup: Aimmune Drama, Shutdown Blues, Perlmutter Talks Cancer
The partial government shutdown, now the longest in U.S. history, began to take a bite out of biotech this week, served with a hot side dish of confusion. On Tuesday, Aimmune Therapeutics (NASDAQ: [[ticker:AIMT]]) said the shutdown would delay the review—and potential approval—of its experimental treatment for peanut allergy. Aimmune said it received a letter … Continue reading “Bio Roundup: Aimmune Drama, Shutdown Blues, Perlmutter Talks Cancer”
What’s Your Emergency? Law Enforcement’s Increasing Interest in Tech
Fort Worth, TX—Data analytics and visual search technologies are increasingly being used by law enforcement agencies, growth that has captured the attention of tech giant Motorola. The Chicago-based tech company, which has long sold narrow-band radios to law enforcement, has been building its arsenal of software and camera technologies through a series of acquisitions. The … Continue reading “What’s Your Emergency? Law Enforcement’s Increasing Interest in Tech”
Merck And The Future of Immuno-Oncology: A Chat With Roger Perlmutter
Cancer immunotherapy is, in a word, tantalizing. It might save the life of someone at death’s door and keep the cancer at bay for years. Or it might not work at all. There’s no telling what a patient will experience. “There’s a real poverty of understanding of how the machine that is us works,” says … Continue reading “Merck And The Future of Immuno-Oncology: A Chat With Roger Perlmutter”
A VC’s Take: Global Volatility Hurts U.S. Venture Ecosystem
As Xconomy’s editors looked back at the year just passed, we asked technology leaders to comment on the trends they’d observed in 2018, and the developments they expected in 2019. Some leaders responded with their views on the business impact of the Trump era, pointing to specific policy positions such as tax code revisions, curbs … Continue reading “A VC’s Take: Global Volatility Hurts U.S. Venture Ecosystem”
Pensa, AI-Enabled Drones Maker for Inventory Monitoring, Raises $5M
[Updated, 1/18/19, 1:10 pm CT] Austin—The grocery store shelf has yet to be plugged into the increasingly digital food supply chain. Instead, inventory is typically tallied by employees by hand in a slow and laborious process. “It’s one big black hole with groceries, not knowing what is exactly on the retail shelf and available for … Continue reading “Pensa, AI-Enabled Drones Maker for Inventory Monitoring, Raises $5M”
E-Commerce Startups, Legacy Stores Grapple With Changing Retail Scene
The changing of the guard transforming retail is accelerating. Sears, the nation’s first “everything store,” is teetering toward bankruptcy after years of stagnation as industry leaders prepare to gather in New York at the National Retail Federation’s annual conference. Yet, new startups—aided with tech tools like artificial intelligence, chatbots, and the like—are trying to reinvent … Continue reading “E-Commerce Startups, Legacy Stores Grapple With Changing Retail Scene”
GeneCentric Promotes Michael Milburn to CEO & President
Four months after joining GeneCentric as chief scientific officer, Michael Milburn has been promoted to CEO and president of the Durham, NC, company. He succeeds founder, CEO, and president Myla Lai-Goldman, who is taking on the newly created role of executive chairperson of the board of directors. GeneCentric develops tests that match a cancer drug … Continue reading “GeneCentric Promotes Michael Milburn to CEO & President”
Tech Companies Share Shutdown Losses, With Little Chance of Back Pay
As federal agency employees miss their first paychecks today due to the partial government shutdown that began Dec. 22, federal contractors and their workers—including technology professionals—face a loss of income that they may never recover. Big technology companies such as Oracle (NYSE: [[ticker:ORCL]]), Microsoft (NASDAQ: [[ticker:MSFT]]), and Amazon (NASDAQ: [[ticker:AMZN]]), as well as smaller tech … Continue reading “Tech Companies Share Shutdown Losses, With Little Chance of Back Pay”
Bio Roundup: #JPM19 Notes, Loxo Buyout, Black Diamond’s Cash & More
Diabetes drugs are Eli Lilly’s bread and butter, but the pharmaceutical giant hasn’t lost its appetite for cancer drugs. It grabbed hold of a few more this week by betting $8 billion on Loxo Oncology. Loxo (NASDAQ: [[ticker:LOXO]]) has made a name for itself by becoming one of just two companies ever to earn an … Continue reading “Bio Roundup: #JPM19 Notes, Loxo Buyout, Black Diamond’s Cash & More”
Notes from the JPM19 Vortex: Price Apocalypse, Celgene Fallout & More
[Editor’s note: Ben Fidler and Sarah de Crescenzo coauthored this report.] It is here, and then it is gone. But by the time everyone staggers to the airport or back home to sleep in their own beds, the annual few days of the J.P. Morgan Healthcare Conference and everything that mushrooms around it seem just … Continue reading “Notes from the JPM19 Vortex: Price Apocalypse, Celgene Fallout & More”
Uncertainty Grows for Biotech as Government, FDA Shutdown Drags On
The partial government shutdown could soon become the longest shutdown in history, and biotech firms that have submitted regulatory filings are facing greater uncertainty about their future plans. More than 40 percent of FDA workers and thousands at the SEC are furloughed, and FDA Commissioner Scott Gottlieb is resorting to Twitter to post updates about … Continue reading “Uncertainty Grows for Biotech as Government, FDA Shutdown Drags On”
FAANG, Public Trust, Valuations, in 2019: The Read from Menlo Ventures
The market caps of some of the most successful tech titans reach as high as $1 trillion. Yet in 2018, perceptions about these dominant companies often reflected uneasiness and doubt—and for some, so did their stock performance. Maybe the mood shift has to do with the fact that the public and government leaders no longer … Continue reading “FAANG, Public Trust, Valuations, in 2019: The Read from Menlo Ventures”
Apollo 8: Holding the Mirror Up to Our Planet—Milestones of Innovation 16
The fiftieth anniversary of Apollo 8’s orbital visit to the moon underlines the importance of emotion and changes of perception in the history of innovation. Then and later, commentators said that the technological marvel reversed some of the gloom from the assassinations of Martin Luther King and Robert Kennedy, the Chicago police beating of dissidents … Continue reading “Apollo 8: Holding the Mirror Up to Our Planet—Milestones of Innovation 16”
Big Deals, Life Sciences Push U.S. VC in 2018 to Dot-Com Boom Levels
[Updated 1/18/19, 3:27 pm. See below.] Venture capital investments rose in 2018 to levels not seen since the heady days of 2000, the last year U.S. startups collectively took in more than $100 billion. That’s according to PitchBook and the National Venture Capital Association’s Venture Monitor report, released this week, which tallied nearly 9,000 deals … Continue reading “Big Deals, Life Sciences Push U.S. VC in 2018 to Dot-Com Boom Levels”
Beta Bionics Secures $63M as AI-Driven “Pancreas” Heads to Key Tests
Beta Bionics, a startup developing a medical device that monitors and manages blood sugar levels in diabetes patients, has closed $63 million to back late-stage clinical tests of its AI-powered technology. The cash tops off a Series B round of funding announced last year. The Boston company, which counts diabetes drug giants Eli Lilly (NYSE: … Continue reading “Beta Bionics Secures $63M as AI-Driven “Pancreas” Heads to Key Tests”
The Power Combo of A.I. Devices with Cloudlets Comes with Cyber Risks
When we have a chance to view it from a distance, the year 2018 may be seen as a period when innovations in a number of technological fields came together to transform not only the future of computing, but also the very structure of the Internet. First, entrepreneurs vying to invent self-driving vehicles, virtual assistants, … Continue reading “The Power Combo of A.I. Devices with Cloudlets Comes with Cyber Risks”
Microsoft, Kroger Advance Grocery Tech to Fend Off Amazon
From the cloud on down to the floors of supermarkets, the rivalry between Microsoft and Amazon spans many sectors in software, gadgets, and increasingly, retail. The Seattle-area tech giants are battling—both with one another, and other competitors—to further digitize grocery shopping. The latest salvo came on Monday from Microsoft (NASDAQ: [[ticker:MSFT]]), which announced new details … Continue reading “Microsoft, Kroger Advance Grocery Tech to Fend Off Amazon”
Bio-JPM Roundup: Lilly Buys Loxo, Sage’s Stock Soars, ALS Cash & More
The flow of biotech news is particularly heavy today, and for good reason. The annual J.P. Morgan Healthcare Conference, one of the biggest gatherings for the biopharmaceutical industry, kicked off today in San Francisco, and many companies, whether they’re speaking at the event or not, use this time to get their news out. Xconomy is … Continue reading “Bio-JPM Roundup: Lilly Buys Loxo, Sage’s Stock Soars, ALS Cash & More”
Tech Leaders Weigh In on Tim Berners-Lee’s “Contract for the Web”
Looking back over the past two years, it seems that public perceptions of tech companies have shifted, compared with the eager acceptance that often prevailed as innovations from these businesses transformed social interactions, transportation, and other aspects of life. In early 2017, a more critical mood began to take hold as Uber’s allegedly biased employment … Continue reading “Tech Leaders Weigh In on Tim Berners-Lee’s “Contract for the Web””
Bio Roundup: $74B for Celgene, Two CAR-T Tales, Ready for SF & More
In 2018, my Exome colleagues and I published hundreds of stories about health, medicine, the biopharma industry, government policy, and more. You’ll find a few of our favorite stories in this review of some of the year’s best from across the Xconomy network. Topics ranged from the worries over CRISPR genome editing and Wild West … Continue reading “Bio Roundup: $74B for Celgene, Two CAR-T Tales, Ready for SF & More”
From Immigration to Taxes, Execs Talk Trump Effect on Innovation
When it comes to developing and promoting innovation, external factors beyond the control of company founders, investors, and other business leaders can also determine whether a startup succeeds or fails. In 2018, geopolitical events—in particular, President Donald Trump’s hard-line stances on trade and immigration, and the repeal of net neutrality rules—were top of mind for … Continue reading “From Immigration to Taxes, Execs Talk Trump Effect on Innovation”
For CAR-T Cancer Fighters in the Real World, Two Roads Diverge
[Corrected, 1/4/19, 3:55pm ET. See below.] A generation ago, cancer treatments made from a patient’s own living immune cells would have been science fiction. Now they’re here. The first two products, approved in 2017 and known in shorthand as CAR-T, have brought some people with otherwise untreatable blood cancers back from the brink of death. … Continue reading “For CAR-T Cancer Fighters in the Real World, Two Roads Diverge”
In a Huge Biopharma Shakeup, Bristol-Myers to Buy Celgene For $74B
Bristol-Myers Squibb has agreed to acquire Celgene in a deal that would create one of the largest biopharma organizations in the world and send ripples throughout the life sciences sector. Bristol (NYSE: [[ticker:BMY]]) on Thursday morning inked a deal to buy Celgene (NASDAQ: [[ticker:CELG]]) in a deal that values the Summit, NJ, drugmaker at $74 … Continue reading “In a Huge Biopharma Shakeup, Bristol-Myers to Buy Celgene For $74B”
Novan Promotes Stafford as Stasko Steps Down as President
Novan (NASDAQ: [[ticker:NOVN]]) has promoted Paula Brown Stafford to president and the newly created role of chief operating officer. Stafford, chief development officer of the Morrisville, NC, skin drugs developer since 2017, takes over the role of president held by company co-founder Nathan Stasko. Two years ago, Stasko relinquished the CEO post and became president … Continue reading “Novan Promotes Stafford as Stasko Steps Down as President”
Copps: Key Ingredient As A.I. Permeates Daily Life is Building Trust
The promise, and pitfalls, of artificial intelligence became more apparent in the last year, and for Dave Copps, founder of A.I. companies such as Brainspace and Hypergiant Sensory Sciences, the pace of adoption will only accelerate in 2019. What can help to smooth the transition to our new machine learning-enabled future is an effort on … Continue reading “Copps: Key Ingredient As A.I. Permeates Daily Life is Building Trust”
Three Ways 5G Is More Than Just Fast Video Streaming
In 2019, we will finally see commercial deployment of the much-anticipated 5G (fifth-generation) wireless network. 5G brings us closer to the possibility and promise of ubiquitous, un-tethered connection between every device and every entity. The projected exponential increase in bandwidth, low latency, ultra-reliable connections, and highly configurable network solutions enabled by 5G will go beyond … Continue reading “Three Ways 5G Is More Than Just Fast Video Streaming”
New Year to Bring New Data Security Threats, Cyber Investor Warns
Bob Ackerman is one of the venture capitalists whose funding has long fed the growth of the burgeoning cybersecurity industry. So, you might imagine that his outlook on data protection for 2019 would be more optimistic than in past years, because businesses now take advantage of a broad choice of security services to protect themselves. … Continue reading “New Year to Bring New Data Security Threats, Cyber Investor Warns”
NY’s Research Institutions Must Keep Working Together in ‘19
[Corrected, 1/7/19, 5:15 pm. See below.] [Editor’s Note: Euan Robertson, the Director of Strategic Planning & Special Projects at Columbia Technology Ventures, co-wrote this article.] It is a commonly held belief that academic research institutions, including those in New York City, are fierce competitors. In some ways, that may be true: Universities battle with each … Continue reading “NY’s Research Institutions Must Keep Working Together in ‘19”
In 2019, the Dam Will Break: Student Debt Predictions and Solutions
With the density of colleges and universities in the Boston area, we don’t often recognize how inaccessible higher education has become for the majority of the country. In fact, seven out of 10 college graduates today have outstanding student loans. And while many of us believe that education is a “must-have,” it’s alarming how structurally … Continue reading “In 2019, the Dam Will Break: Student Debt Predictions and Solutions”
From Alnylam to Zayner: Xconomy’s Top Innovation Stories of 2018
2018 was a year of ups and downs for the business and technology community. It was a year of big exits—both IPOs and acquisitions—for tech and life sciences companies. Venture funding remained strong, but more money went to fewer (and later-stage) companies overall. As the year winds down, we’re reflecting on the big innovation trends … Continue reading “From Alnylam to Zayner: Xconomy’s Top Innovation Stories of 2018”
Saxena: More Than a Tool, A.I. Must Be Used With Society in Mind
[Updated 12/27/18, 9:54 am] Manoj Saxena is bullish on artificial intelligence. As chairman of Austin, TX-based A.I. startup CognitiveScale and managing director of The Entrepreneur Fund, which makes investments in early-stage machine learning companies, Saxena believes A.I. can transform how we work and play—creating opportunities for business. But he’s also aware that the technology, if … Continue reading “Saxena: More Than a Tool, A.I. Must Be Used With Society in Mind”
CFOs: Prepare To Become Your Company’s Data Czar This Year
In mid-2018, Tom Bogan was the leader of business planning software company Adaptive Insights as it planned its own next steps. The Palo Alto, CA-based company was on the point of raising about $115 million in a June IPO that would have set its market value at around $705 million, according to PitchBook. But like … Continue reading “CFOs: Prepare To Become Your Company’s Data Czar This Year”
Boston A.I. Leaders Call for Focus on Diversity, Global Mindset in 2019
It was an eventful year for the artificial intelligence industry. The sector saw more big venture capital deals and acquisitions, while researchers kept plugging away on technology advances. Meanwhile, A.I. developers continued to grapple with issues around transparency, trust, and ethics. As part of Xconomy’s series of year-end posts, we asked a pair of CEOs … Continue reading “Boston A.I. Leaders Call for Focus on Diversity, Global Mindset in 2019”
VCs May Face Backlash if Profits Come at Expense of Responsibility
Venture capital is, by nature, an optimistic industry, and venture capitalists have historically gone about their work comfortable that they were making positive societal contributions. When looking at VC activity over the past half century, one can see venture capital’s role in championing endeavors that advanced knowledge, improved health, increased worker productivity, and preserved natural … Continue reading “VCs May Face Backlash if Profits Come at Expense of Responsibility”
Bio Roundup: 2019 Trials, Pilgrim Price Chat, Pre-Xmas Sales & More
It’s beginning to look a lot like, well, the last roundup of the year, with plenty of news to pack in before our holiday breather. Whew. Before you fly off, or drive, or simply unplug, check out our preview of what could be next year’s top clinical studies; the tumult in big pharma’s on again-off … Continue reading “Bio Roundup: 2019 Trials, Pilgrim Price Chat, Pre-Xmas Sales & More”
Gilbert Foundation to Pursue Gene Therapy for Neurofibromatosis
The Gilbert Family Foundation, a charitable organization founded by Quicken Loans chairman Dan Gilbert and his wife Jennifer, is making its first foray into gene therapy research. The foundation will spend $12 million in an initiative to develop new treatments that target the underlying genetic abnormalities in neurofibromatosis type 1 (NF1), a disorder that can result … Continue reading “Gilbert Foundation to Pursue Gene Therapy for Neurofibromatosis”
Dova Terminates CEO Alex Sapir, Names David Zaccardelli Successor
Alex Sapir, president and CEO of Dova Pharmaceuticals (NASDAQ: [[ticker:DOVA]]), was terminated from the post on Dec. 16, the company said in a securities filing. No reason was given the termination of Sapir, who held the CEO post for less than two years. Durham, NC-based Dova said Sapir will remain an employee until Dec. 29. … Continue reading “Dova Terminates CEO Alex Sapir, Names David Zaccardelli Successor”