*socaltech.com <http://socaltech.com> TechNews - Monday, March 13, 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 * - Pres. Biden Addresses SVB Failure <#0083287> - Wired: What Happens To Banking For Tech Startups? <#0083285> - Report: Newsletter Popular With VCs May Have Sparked Bank Run <#0083284> - SpaceX Returns Four Astronauts To Earth <#0083288> - Oro Signs PartsBase For E-Commerce Software <#0083286> - US Treasury Guarantees All SVB Deposits <#0083283> - Silicon Valley Bank Fails, FDIC Takes Control <#0083282> - Venture Banking Market Roiled As VCs Advise Move Out Of SVB <#0083278> *Marketplace* - Pacific Western Bank, Venture Banking Group <#ad797> - Accelerating Growth For Early Stage Innovation. <#ad764> - Pixelgate.net - Internet Access, Web Hosting, Network Services <#ad796> - Network Thinking Solutions - DevOps and Managed Services <#ad774> *Monday, March 13, 2023* *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 *Pres. Biden Addresses SVB Failure* <https://www.socaltech.com/fullstory/0083287.html> Reiterating points from the US Treasury's announcement on Sunday that it will guarantee the full value of all deposits in Silicon Valley Bank, President Biden addressed the failure of SVB at the White House on Monday morning, saying that "all customers who had deposits in these banks can rest assured they'll be protected and they'll have access to their money as of today. (More... <https://www.socaltech.com/fullstory/0083287.html>) *Wired: What Happens To Banking For Tech Startups?* <https://www.socaltech.com/fullstory/0083285.html> Despite the dramatic bank run and failure of Silicon Valley Bank, a new question has emerged out the chaos: what happens to banking for technology startups? According to WIRED, Silicon Valley (and similar, startups across the globe, including Southern California), will still need a bank, with very specific requirements for startup companies that have only been served by a small handful of banks catering to technology companies and VCs. ( More... <https://www.socaltech.com/fullstory/0083285.html>) *Report: Newsletter Popular With VCs May Have Sparked Bank Run* <https://www.socaltech.com/fullstory/0083284.html> Was a newsletter popular with venture capitalists what sparked a bank run on Silicon Valley Bank <https://fortune.com/2023/03/12/silicon-valley-bank-may-be-victim-of-first-social-media-bank-run-says-one-theory/>? According to Fortune, the run on Silicon Valley Bank may have been triggered by posts on The Diff newsletter, run by Bryne Hobart, after speculation on the financial health of SVB, and then the bank's earnings miss.(More... <https://www.socaltech.com/fullstory/0083284.html>) *SpaceX Returns Four Astronauts To Earth* <https://www.socaltech.com/fullstory/0083288.html> Hawthorne, California-based SpaceX successfully returned four astronauts to earth from the International Space Station on Saturday, after a five month deployment to the ISS. NASA said that ASA astronauts Josh Cassada and Nicole Mann, Japan's Koichi Wakata and cosmonaut Anna Kikina of Russia landed in the Gulf of Mexico off the coast of Tampa, Florida at 9:02 p.m. EST on Saturday. The astronauts were recovered--along with the SpaceX Dragon capsule--by the SpaceX recovery ship, the Shannon. (More... <https://www.socaltech.com/fullstory/0083288.html>) *Oro Signs PartsBase For E-Commerce Software* <https://www.socaltech.com/fullstory/0083286.html> West Hollywood-based e-commerce software developer Oro said on Friday that it has signed up online part locater service provider PartBase. PartsBase provides a B2B parts locater service for the aviation, aerospace, and defense industry. Financial impact of the customer win was not announced. Oro said PartsBase has more than 5,000 users who use the service to search for components, market intel, and aviation repair servies. (More... <https://www.socaltech.com/fullstory/0083286.html>) *US Treasury Guarantees All SVB Deposits* <https://www.socaltech.com/fullstory/0083283.html> In a swift move, the U.S. Treasury said on Sunday that it will guarantee all deposits of Silicon Valley Bank--including all deposits in excess of the $250,000 FDIC insurance limit--and will make those funds available on Monday, in a bid to limit the impact of the failure of the largest bank failure since 2008. (More... <https://www.socaltech.com/fullstory/0083283.html>) *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>) *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. *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 *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 *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/ ------------------------------ *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). 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