*socaltech.com <http://socaltech.com> TechNews - Friday, March 10, 2023* Edited by Benjamin F. Kuo ISSN: 1524-6736 http://www.socaltech.com/News <https://www.socaltech.com/News> ------------------------------
*Sponsored By * Pacific Western Bank, Venture Banking Group (http://www.pacwest.com/lending-solutions/venture-lending) Stubbs Alderton Markiles, LLP (http://www.stubbsalderton.com). Business. Technology. Law. Vision. KPMG (http://home.kpmg/us/en/home/about/offices/los-angeles-1.html) Level up with KPMG ------------------------------ *Headlines * - Silicon Valley Bank Fails, FDIC Takes Control <#0083282> - Venture Banking Market Roiled As VCs Advise Move Out Of SVB <#0083278> - Believer Company Finds $55M <#0083280> - Grow Credit Names New Compliance VP <#0083279> - Report: Bird Revenues Up On Accounting Technicality <#0083281> - Evofem Biosciences Swizzles CFO <#0083277> - Carrick Capital Partners Backs AI Robo-Lawyer Firm LegalSifter <#0083276> - Sure Launches Point of Sale Insurance <#0083275> - Ring Rolls Out Wide Angle Doorbell Cam <#0083274> *Marketplace* - Network Thinking Solutions - DevOps and Managed Services <#ad774> - Accelerating Growth For Early Stage Innovation. <#ad764> - From Idea to IPO - KPMG’s Emerging Growth Practice <#ad760> - IP Protection for Technology and Business - SoCal IP Law Group LLP <#ad750> - Pacific Western Bank, Venture Banking Group <#ad797> *Friday, March 10, 2023* *Pixelgate.net - Internet Access, Web Hosting, Network Services <http://www.pixelgate.net>* We put the "Service" back into Internet Service Provider. http://www.pixelgate.net *Silicon Valley Bank Fails, FDIC Takes Control* <https://www.socaltech.com/fullstory/0083282.html> Silicon Valley Bank, arguably the flagship icon of Silicon Valley's venture capital market, has failed, and has been taken over by the FDIC, after a run on the bank by its customers, according to the New York Times. The report says SVB has become the largest bank to fail since the 2008 financial crisis. SVB's nearly $175 billion in customer deposits is now under control of the Federal Deposit Insurance Corporation (FDIC). (More... <https://www.socaltech.com/fullstory/0083282.html>) *Venture Banking Market Roiled As VCs Advise Move Out Of SVB* <https://www.socaltech.com/fullstory/0083278.html> In a sign of the jittery startup investment market, some venture capital funds have apparently advised some portfolio companies to move their funds out of Silicon Valley Bank, which caused a trading halt on the bank's stock this morning. According to TechCrunch, the recommendations by those VCs may have triggered a bank run. Local venture investor Mark Suster posted a long thread in Twitter in defense of the bank. According to CNBC, the bank apparently is looking for a buyer. (More... <https://www.socaltech.com/fullstory/0083278.html>) *Believer Company Finds $55M* <https://www.socaltech.com/fullstory/0083280.html> Los Angeles-based videogame startup *The Believer Company <https://believer.gg>* said this week that it has raised $55M in a Series A funding round. The funding came from Lightspeed, Andreessen Horowitz, BITKRAFT, Cleveland Avenue, Riot Games, 1Up Ventures, Michael D. Eisner’s Tornante, and others. The startup is led by veterans of Riot Games, with former Riot Games VP Michael Chow serving as the CEO.(More... <https://www.socaltech.com/fullstory/0083280.html>) *Grow Credit Names New Compliance VP* <https://www.socaltech.com/fullstory/0083279.html> Santa Monica-based Grow Credit, a startup which offers up financial products aimed at helping people raise their credit scores, said this week that it has named Jeffrey Anderson as its Senior Vice President of Compliance. The company said Anderson will oversee the company's compliance with laws, regulatory requirements, internal policies, and procedures. Anderson was most recently Vice President and Legal Risk Officer at Discovery Financial Services, where he had been for 35 years. (More... <https://www.socaltech.com/fullstory/0083279.html>) *Report: Bird Revenues Up On Accounting Technicality* <https://www.socaltech.com/fullstory/0083281.html> A report today looks at the revenue gains that Santa Monica-based *Bird <https://www.bird.co>* reported for its fourth quarter, and concludes that Bird still has a long way to reach profitability.(More... <https://www.socaltech.com/fullstory/0083281.html>) *Evofem Biosciences Swizzles CFO* <https://www.socaltech.com/fullstory/0083277.html> San Diego-based Evofem Biosciences said this morning that it has named Albert Altro as the company's new interim Chief Financial Officer, replacing current CFO Jay File. The company said that File is leaving the company to "explore other opportunities". Evofem says that Altro focuses on servicing primarily middle market privately held corporations, as well as debtors-in-possession, secured and unsecured creditors, private equity groups and strategic buyers. (More... <https://www.socaltech.com/fullstory/0083277.html>) *Carrick Capital Partners Backs AI Robo-Lawyer Firm LegalSifter* <https://www.socaltech.com/fullstory/0083276.html> Carrick Capital Partners, which has offices in Newport Beach and San Francisco, said today that it has made an investment in artificial intelligence (AI) powered legal documents company LegalSifter. Financial details of the investment were not announced. As part of the deal, Carrick's Jim Madden and Ivan Whittey join the company's board, along with Varun Mehta, CEO of Factor, another Carrick Capital company. LegalSifter focuses on uses AI for drafting legal contracts. (More... <https://www.socaltech.com/fullstory/0083276.html>) *Sure Launches Point of Sale Insurance* <https://www.socaltech.com/fullstory/0083275.html> Los Angeles-based digital insurance provider Sure said today that it has launched a product which offers up merchants a "one-click' insurance and protection product. The company said its insurance offerings can be used for everything from e-commerce returns, travel insurance, and product warranty protection. The company said its new product, Retrace, includes a return shipping protection product which offers its customers return shipping protection at the point of sale. (More... <https://www.socaltech.com/fullstory/0083275.html>) *Ring Rolls Out Wide Angle Doorbell Cam* <https://www.socaltech.com/fullstory/0083274.html> Santa Monica-based *Ring <https://www.ring.com>* is giving its users a new, better view on people arriving on their doorsteps, with its new *Battery Doorbell Plus*. The new product--which costs $179.99--includes a camera which has a 150-by-150 degree field of view, enough to see packages placed on a doorstep and someone's feet. The company said the product is available for preorder today.(More... <https://www.socaltech.com/fullstory/0083274.html>) *Network Thinking Solutions - DevOps and Managed Services <http://www.networkthinking.com>* Network Thinking Solutions provides DevOps and Managed Services for Los Angeles, Ventura and Santa Barbara counties. NTS helps development teams implement, manage and monitor CI/CD, Load Balancing, Docker and Auto Scaling technologies. NTS also provides Desktop Managed Services for your business team which includes Antivirus, Threat Protection, Ransomware Detection and Zero Trust Policies. Please reach us at [email protected] to start a conversation or visit our website https://networkthinking.com/devops/ *Accelerating Growth For Early Stage Innovation. <http://www.preccelerator.com>* The Preccelerator® Program is an accelerator for early-stage startups offered to select companies out of the Santa Monica office of Stubbs Alderton & Markiles, LLP that provides initial capital, sophisticated legal services, interim office space, mentorship, a targeted curriculum, investment strategy counseling and access to a strategic perks portfolio with the objective of helping you grow your idea from business concept to funded startup. www.preccelerator.com *From Idea to IPO - KPMG’s Emerging Growth Practice < [email protected]>* KPMG provides Bookkeeping, Audit, Tax, and Advisory services to assist you at any stage of your life cycle. Whether you are starting your business, strengthening your business, expanding into new markets, or pursuing an exit, we have a global network of experienced resources that can take you to the next level. For more information, please contact Ryan Youhan at [email protected]. *IP Protection for Technology and Business - SoCal IP Law Group LLP <http://www.socalip.com>* Patents. Trademarks. Copyrights. Trade Secrets. IP Filings. IP Strategy. IP Litigation. IP Transactions. US and Worldwide. Offices in Westlake Village and Santa Barbara. [email protected] www.socalip.com *Pacific Western Bank, Venture Banking Group <https://www.pacwest.com>* Pacific Western Bank is a commercial bank with over $41 billion in assets headquartered in Los Angeles, California, with an executive office in Denver, Colorado. Our venture banking team specializes in financial products and services for startups, venture-backed businesses, and their venture capital and private equity investors. We are dedicated to delivering high-touch, tailored solutions, helping innovators take their business to the next level. No matter the size or stage of your business, you can expect guidance, resources and flexibility, making them the perfect team to support your evolving needs. For more information, visit www.pacwest.com, or follow them on LinkedIn and Twitter. ------------------------------ *Recent Funding <#funding>* 2/10/23 Fabric8Labs <https://www.socaltech.com/intelligence/?action=showdeal&id=110604> San Diego $50.00 M 1/31/23 Saviynt <https://www.socaltech.com/intelligence/?action=showdeal&id=110563> El Segundo $205.00 M 1/23/23 ADARx Pharmaceuticals, Inc. <https://www.socaltech.com/intelligence/?action=showdeal&id=110494> San Diego $46.10 M 1/19/23 PLAI Labs <https://www.socaltech.com/intelligence/?action=showdeal&id=103242> Culver City $32.00 M 1/19/23 Oro Inc. <https://www.socaltech.com/intelligence/?action=showdeal&id=103241> Los Angeles $13.00 M 1/19/23 ContractSafe <https://www.socaltech.com/intelligence/?action=showdeal&id=103240> Malibu $27.50 M 1/17/23 Sensible Weather <https://www.socaltech.com/intelligence/?action=showdeal&id=103239> Santa Monica $0.00 M 1/10/23 CRISPR QC <https://www.socaltech.com/intelligence/?action=showdeal&id=103238> San Diego $1.60 M 1/10/23 Cari Health <https://www.socaltech.com/intelligence/?action=showdeal&id=103237> San Diego $3.20 M 1/09/23 PBS Biotech <https://www.socaltech.com/intelligence/?action=showdeal&id=103236> Camarillo $22.00 M 12/07/22 Drata Inc. <https://www.socaltech.com/intelligence/?action=showdeal&id=103235> San Marcos $200.00 M 10/21/22 Kudos Technologies <https://www.socaltech.com/intelligence/?action=showdeal&id=103234> Woodland Hills $7.00 M 9/22/22 TheoryCraft Games <https://www.socaltech.com/intelligence/?action=showdeal&id=103233> Los Angeles $50.00 M 9/09/22 Arena Club <https://www.socaltech.com/intelligence/?action=showdeal&id=103232> Los Angeles $9.00 M ------------------------------ *Upcoming Events* Submit your events at least two weeks in advance to: http://www.socaltech.com/submitevent.html ------------------------------ ------------------------------ ------------------------------ *Sponsored By * Stubbs Alderton Markiles, LLP (http://www.stubbsalderton.com). Business. Technology. Law. Vision. KPMG (http://home.kpmg/us/en/home/about/offices/los-angeles-1.html) Level up with KPMG Email [email protected] for more information about sponsoring this newsletter. ------------------------------ You are receiving this email because you subscribed to the socalTECH.com TechNews from our web site, or otherwise requested a subscription. If you do not want to receive this newsletter go to: http://listserv.socaltech.com/mailman/listinfo/socaltech or email us at [email protected] ------------------------------ Legal Notices ---- While SOCALTECH LLC has used its best efforts in collecting and preparing the information published herein, SOCALTECH LLC does not assume, and hereby disclaims, any liability for any loss or damage caused by errors or omissions, whether such errors or omissions resulted from negligence, accident or other causes. All contents Copyright (c) 2017 SOCALTECH LLC. 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