Connect with us

Latest News

SpaceX’s new $850 million raise confirmed in SEC filing

Published

on

SpaceX hasn’t issue any public statement about the $850 million in fresh funding CNBC reported it raised last week, but a filing with the U.S. Securities and Exchange Commission (SEC) published today confirms the round. SpaceX’s funding was said to value the company at around $74 billion, with a per-share value moon the round set at around $420.

Investment firm Sequoia led the considerable raise, and has now put over $600 million into the Elon Musk-led space company overall between this and a round it participated in in 2020, according to Bloomberg. CNBC’s report also said that a secondary sale of existing shares generated an additional $750 million in capital for the company, putting the total new money available for SpaceX’s use at $1.6 billion – not too far shy of the $2 billion it raised at a valuation of $46 billion last August.

That probably seems like a lot of money to raise in such less than a year. But few companies – private or otherwise – have the kind of capital needs of SpaceX. While it’s been able to build a thriving launch business on the money raised during the first part of its now nearly two-decade existence, that hasn’t slowed the rate at which it’s been undertaking big new projects with tremendous upfront costs.

Currently, SpaceX is rapidly building new prototypes of its Starship, a next-generation reusable rocket with multiple times the cargo capacity of its current Dragon spacecraft and Falcon 9 cargo nosecone. It has flown a number of prototypes – and lost two in the process due to missed landings. The company typically has at least two new prototypes under construction simultaneously, and had been operating at that pace for many months now, with a highly manual production process for both the rockets and the new engines that power them.

Meanwhile, it’s also building out Starlink – the global broadband internet satellite constellation that it wants to scale from its current 1,000+ size, to more than 12,000 for final, world-spanning coverage reach. To scale it quickly and get its service operational (which it now is, to select areas in North America), SpaceX has been launching its own dedicated Falcon 9 rockets with 60 Starlink satellites on each. Since the company is its own customer for the majority of those missions, they’re entirely operating expenditure. Musk has estimated that fully deploying Starlink will take around $10 billion.

Both of these projects – Starship and Starlink – carry massive upfront costs, but they also have a lot of potential long-term upside; hence the skyrocketing valuation as both efforts begin to produce positive results, between Starship’s high-altitude tests, and Starlink’s initial service availability.

Latest News

At Least 6 Protesters Killed In Latest Myanmar Unrest

Published

on

A crackdown on anti-government protests in Myanmar showed no signs of letting up, a day after after Southeast Asian foreign ministers issued a tepid call to end to the violence.

Continue Reading

Latest News

Identiq, a privacy-friendly fraud prevention startup, secures $47M at Series A

Published

on

Israeli fraud prevention startup Identiq has raised $47 million at Series A as the company eyes international growth, driven in large part by the spike in online spending during the pandemic.

The round was led by Insight Partners and Entrée Capital, with participation from Amdocs, Sony Innovation Fund by IGV, as well as existing investors Vertex Ventures Israel, Oryzn Capital, and Slow Ventures.

Fraud prevention is big business, which is slated to be worth $145 billion by 2026, ballooning by eightfold in size compared to 2018. But it’s a data hungry industry, fraught with security and privacy risks, having to rely on sharing enormous sets of consumer data in order to learn who legitimate customers are in order to weed out the fraudsters, and therefore.

Identiq takes a different, more privacy-friendly approach to fraud prevention, without having to share a customer’s data with a third-party.

“Before now, the only way companies could solve this problem was by exposing the data they were given by the user to a third party data provider for validation, creating huge privacy problems,” Identiq’s chief executive Itay Levy told TechCrunch. “We solved this by allowing these companies to validate that the data they’ve been given matches the data of other companies that already know and trust the user, without sharing any sensitive information at all.”

When an Identiq customer — such as an online store — sees a new customer for the first time, the store can ask other stores in Identiq’s network if they know or trust that new customer. This peer-to-peer network uses cryptography to help online stores anonymously vet new customers to help weed out bad actors, like fraudsters and scammers, without needing to collect private user data.

So far, the company says it already counts Fortune 500 companies as customers.

Identiq said it plans to use the $47 million raise to hire and grow the company’s workforce, and aims to scale up its support for its international customers.

Continue Reading

Latest News

Zynga acquires Echtra, maker of Torchlight 3, to double down on RPG games

Published

on

Games company Zynga has been on an acquisition tear the last several years to beef up its activity in particular in mobile and casual-puzzle games, spending over $3 billion to pick up a range of startups across Europe (specifically Turkey and Finland) in the process. Today, however, it’s taking a turn towards more immersive, highly graphic cross-platform experiences. The company has announced that it is acquiring San Francisco’s Echtra Games, the role-playing game publisher behind Torchlight III, which is available on Steam, XBox One, PS4 and Nintendo Switch.

The team will be working on releasing a new title in partnership with Zynga’s NaturalMotion studio, the company said. No other details on that were released for now.

Financial terms of the deal were not disclosed. It’s also not clear who backed Echtra, if anyone.

But Echtra is in some ways a classic example of a gaming startup built out of a burning idea, rather than cold, calculated moneymaking — perhaps the best kind of company you can have.

Max Schaefer, the co-founder and CEO, had previously been at Runic Games, the developer of the original Torchlight series, as well as Diablo and others. Runic was shuttered by its owner, Perfect World, and so in 2016, Shaefer went on to form a new company, Echtra, with some of his Runic colleagues and others in the industry because he saw more life left in the franchise.

The plan will be to bring on Echtra’s team and expertise both to continue building the franchise and to more generally help Zynga build out more of a footprint in cross-platform games, and also gaming technology, in particular around tools built on Unreal Engine, the platform of choice at the moment for RPG and other immersive applications.

“Max and his team at Echtra Games are responsible for some of the most legendary game properties ever created, and they are experts in the action RPG genre and cross-platform development.  I’m excited to welcome the Echtra Games team into the Zynga family,” said Frank Gibeau, Chief Executive Officer of Zynga, in a statement. “This acquisition will be instrumental in growing our iconic licenses and brands from mobile to PCs and consoles, while helping to further expand Zynga’s total addressable market.”

“Echtra Games is delighted to be joining the Zynga family,” added Max Schaefer. “We share Zynga’s vision that cross-platform play is an essential part of the future of RPGs and interactive entertainment and are eager to apply our vast experience and talents to this effort.”

Gaming has been one of the bright spots in the last year — no surprise, since people are spending so much more time indoors and at home because of the pandemic. Zynga, as a consequence of that, has also been on a roll in recent times, with its fourth quarter earnings, released last month, beating analyst expectations. Its revenues of $616 million are the highest ever quarterly bookings posted by the company. Acquisitions are major part of its strategy these days, the company said at the time.

Going for more immersive RPG titles outside of mobile is an ambitious and potentially more expensive undertaking and is a very notable swerve away from the company’s acquisitions in recent years, which have included a majority stake in Turkey’s Rollic for $228 million, Peak for $2.1 billion, 80% of Small Giant Games for $718 million; and Gram Games for $299 million.

Continue Reading

Trending

Copyright © 2020 Latin America Business News

en_USEnglish
es_COSpanish en_USEnglish