Intel's big buy (maybe?), more headaches for Didi, and tech workers bound back to the Bay Area

July 15, 2021

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Top News

Intel is reportedly exploring a deal to buy GlobalFoundries -- one of the largest specialist chip-production companies -- in a move that would turbocharge the semiconductor giant’s plans to make more chips for other tech companies and rate as its largest acquisition ever. A deal could value GlobalFoundries at around $30 billion, says the WSJ, though it adds that "[a]ny talks don’t appear to include GlobalFoundries executives, as a spokeswoman for the company said it isn’t in discussions with Intel." More here.

Oof. China sent state security and police officials to Didi's ride-hailing business today as a part of a cybersecurity investigation, the country’s internet regulator said. Shares plunged more than 7% in pre-market trading on the news. More here and here.

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Traditional VCs Turn to Emerging Managers for Deal Flow and, in Some Cases, New Partners

Nasir Qadree, a Washington-based investor who just raised $62.1 million for his debut venture fund, recently told us that as his fundraising gained momentum, he was approached by established firms that are looking to absorb new talent.

He opted to go it alone, but he’s hardly alone in attracting interest. Anecdotally, bringing emerging managers into the fold is among the newer ways that powerful venture firms stay powerful. Early last year, for example, crypto investor Arianna Simpson -- who founded and was managing her own crypto-focused hedge fund -- was lured into the heavyweight firm Andreessen Horowitz as a deal partner.

Andy Chen, a one-time CIA weapons analyst who spent more than seven years with Kleiner Perkins, was in the process of raising his own fund in 2018 when another prominent firm, the hedge fund Coatue, came knocking. Today he helps lead the firm’s early-stage investing practice.

It's easy to understand the appeal of such firms, which manage enormous funds and wield tremendous power with founders. Still, as older firms look to recruit from a widening pool of new managers, they might have to wait on the most talented of the bunch; in some cases, they might be out of luck entirely.

More here.

Massive Fundings

Delhivery, a 10-year-old, Gurgaon, India-based fulfillment platform for digital commerce companies, has raised $100 million in funding from FedEx Express, a subsidiary of delivery services giant FedEx. The funding comes less than two months after the startup, which is valued at $3 billion, secured $277 million ahead of an IPO that's expected in the next few quarters. TechCrunch has more here.

Inshorts, an eight-year-old, Noida, India-based company that operates an eponymous news aggregator service, has raised $60 million in a new funding led by Vy Capital. TechCrunch has more here.

Big-But-Not-Crazy-Big Fundings

Abodu, a three-year-old, Redwood City, Ca.-based startup that makes prefabricated backyard ADUs, has raised $20 million in Series A funding led by Norwest Venture Partners. Previous backer Initialized Capital also participated in the financing, along with Redfin CEO Glenn Kelman, GGV investor Hans Tung and numerous other individual investors. TechCrunch has more here.

Lightyear, a two-year-old, New York-based online marketplace where companies can interact with telecom vendors and get a range of price quotes to make a more informed buying decisions, has raised $13.1 million in Series A funding led by Ridge Ventures, with participation from Zigg Capital and a slew of individual investors. The company has now raised $16.8 million altogether. TechCrunch has more here.

Swift Medical, a six-year-old, Toronto-based company whose software aims to streamline clinical and administrative wound care management workflows -- from image capture and risk scoring to assessment scheduling and claims submission, has raised $35 million in Series B funding. Virgo Investment Group led the round, through one of its managed-investment funds. Earlier backers DCVC and BDC Capital’s Women-in-Tech Fund also joined the round, along with numerous others. More here.

Smaller Fundings

75F, a TK-year-old, Minneapolis, Mn.-based company that develops building automation technologies to optimize indoor air quality and energy efficiency in commercial spaces, has raised $5 million in extended Series A funding from engineering giant Siemens AG. The tranche brings the company's total funding to $28 million, including money that came earlier Bill Gates's Breakthrough Energy, the Climate Initiative, and WIND Ventures. Twins Cities Business has more here.

Going Public

Aurora, a start-up developing hardware and software to enable vehicles to drive autonomously, is going public through a SPAC merger, as TechCrunch said early last month would happen. The deal with special purpose acquisition company Reinvent Technology Partners is expected to close this year, setting up the merged company with $2.5 billion in cash. Once completed, Aurora will trade on the Nasdaq under the ticker symbol AUR with a valuation of $11 billion, says CNBC. (Pictured above, Aurora CEO Chris Urmson at a StrictlyVC event in February 2019, when Aurora was only worth a measly $2.5 billion.)

Kakao, South Korea's largest online payment service with 36 million users, was asked by Korean regulators to revise the prospectus for its upcoming initial public offering, the second time in recent weeks that authorities have intervened in a proposed listing. The intervention comes as Korean companies head for a record year of floats. Bloomberg has more here.

Paytm, one of India’s most valuable startups, plans to raise up to $2.2 billion in an IPO, it said in draft papers submitted to the country’s market regulator today. TechCrunch has more here.

Meet the new gatekeeper for Chinese tech firms seeking to IPO in the U.S., courtesy of Quartz.

People

Oliver Daemen, an 18-year-old high school graduate, is set to become the youngest person to travel to space, courtesy of Blue Origin. More here.

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Essential Reads

Jack Dorsey says Square has a new Bitcoin business called TBD, though there's some confusion over whether that's a placeholder for a name “to be determined” at a later date.

New documentary recreates Anthony Bourdain's voice with AI, creeps people out.

Tech workers who swore off the Bay Area are coming back.

Detours

7,777 days.

Why everyone loves this meme so much.

Damien Hirst says to choose.

Retail Therapy

"Space Jam" Jordans.

Waterfall Mansion.

Vestaboards, inspired by split-flap train station displays.

Bytedance's scrapped IPO plans, Klarna goes shopping, and another Thiel protege jumps into politics

Tuesday, July 13, 2021

The news you need to know July 12, 2021 Hello! Welcome back.:) Also, a quick mention that we are pulling the plug for a couple of weeks beginning next week. (Longtime readers know we turn this thing

China's newest proposal, an executive order aimed at big tech, and a look at 'multiplayer' browsing

Saturday, July 10, 2021

The news you need to know July 9, 2021 Wishing you a happy summer weekend, all! If you want to get up to speed on one of the newest emerging funds founded by veteran VCs, check this week's podcast

China cracks down on overseas listings, that JEDI contract is DOA, and Jeff Bezos reaches peak net worth

Saturday, July 10, 2021

The news you need to know July 6, 2021 Hello! Top News China issued a sweeping warning to its biggest companies today, vowing to tighten oversight of data security and overseas listings less than a

36 states sue Google, Robinhood's collision course with regulators, and you know what's cool? Jewelry for your clothes, apparently

Saturday, July 10, 2021

The news you need to know July 7, 2021 Top News Three dozen states and the District of Columbia filed an antitrust lawsuit against Google today, alleging it operates an illegal monopoly with its Google

Intel's big buy (maybe?), more headaches for Didi, and tech workers bound back to the Bay Area

Older messages

Bytedance's scrapped IPO plans, Klarna goes shopping, and another Thiel protege jumps into politics

China's newest proposal, an executive order aimed at big tech, and a look at 'multiplayer' browsing

China cracks down on overseas listings, that JEDI contract is DOA, and Jeff Bezos reaches peak net worth

36 states sue Google, Robinhood's collision course with regulators, and you know what's cool? Jewelry for your clothes, apparently

Instacart's CEO shocker, a Circle SPAC, and PDA on full display in NYC

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