*socaltech.com <http://socaltech.com> TechNews - Thursday, May 18, 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 * - TuSimple Axes 30 Percent Of Staff <#0083434> - Umbra Space Ties With Ursa Space Systems <#0083433> - Frontier Aerospace Names New Board Members After Series A <#0083432> - Virgin Orbit Gets $17M Bankruptcy Bid <#0083431> - Reveleer Acquires MDPortals <#0083430> - Skyryse Names Chief Legal Officer <#0083429> - SmartBug Media Acquires Chair 10 Marketing <#0083428> - Sunstone Awards $35K To USC Students In Venture Competition <#0083427> *Marketplace* - Accelerating Growth For Early Stage Innovation. <#ad764> - Pacific Western Bank, Venture Banking Group <#ad797> *Thursday, May 18, 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 *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]. *TuSimple Axes 30 Percent Of Staff* <https://www.socaltech.com/fullstory/0083434.html> San Diego-based autonomous driving technology developer TuSimple said this morning that it has cut 30 percent of its global workforce, as part of a restructuring of the company. The company said it only made cuts in the US. TuSimple did not say how many people were affected. The company also said it is no longer seeking "strategic alternatives" for its Asia Pacific subsidiaries. TuSimple has been facing stock delisting after failing to file its quarterly reports on time. (More... <https://www.socaltech.com/fullstory/0083434.html>) *Umbra Space Ties With Ursa Space Systems* <https://www.socaltech.com/fullstory/0083433.html> Santa Barbara-based Umbra, a developer of synthetic aperture radar (SAR) microsatellites says it has entered into a strategic partnership with another space company, Ursa Space Systems. According to the company, Umbra's advanced synthetic aperture (SAR) analytics products will be available through Ursa's suite of subscription and custom intelligence products. Financial details of the deal were not announced. (More... <https://www.socaltech.com/fullstory/0083433.html>) *Frontier Aerospace Names New Board Members After Series A* <https://www.socaltech.com/fullstory/0083432.html> Simi Valley-based Frontier Aerospace, a company developing liquid rocket engines for in-space propulsion, says it has named three board members. According to the company, it named Cary Ralston, Dennis Smith and Jeff Grant to its board. (More... <https://www.socaltech.com/fullstory/0083432.html>) *Virgin Orbit Gets $17M Bankruptcy Bid* <https://www.socaltech.com/fullstory/0083431.html> Mojave-based space launch firm Virgin Orbit has received a $17M bid from fellow space launch company Stratolaunch, as part of the firm's bankruptcy proceedings. According to reports, the bid includes Virgin Orbit's modified 747, as well as other aircraft assets. Stratolaunch is now owned by private equity investor Cerberus Capital Management. (More... <https://www.socaltech.com/fullstory/0083431.html>) *Reveleer Acquires MDPortals* <https://www.socaltech.com/fullstory/0083430.html> Glendale-based artificial intelligence (AI) healthcare software developer *Reveleer <https://www.reveleer.com>* announced that it has acquired *MDPortals*, a developer of "risk adjustment" software. Financial terms of the acquisition were not announced. According to Reveleer, the acquisition will augment its risk adjustment solution. Reveleer is led by CEO Jay Ackerman.(More... <https://www.socaltech.com/fullstory/0083430.html>) *Skyryse Names Chief Legal Officer* <https://www.socaltech.com/fullstory/0083429.html> Los Angeles-based automated flight software developer Skyryse, which is backed by more than $260 in funding from such investors as Fidelity Management & Research Company, Monashee Investment Management, ArrowMark Partners, Venrock, Eclipse Ventures, Cantos, Stanford University, and Bill Ford, Executive Chair, Ford Motor Company, has named a legal head. The company said this morning that it has named Blake Bilstad as its Chief Legal Officer. (More... <https://www.socaltech.com/fullstory/0083429.html>) *SmartBug Media Acquires Chair 10 Marketing* <https://www.socaltech.com/fullstory/0083428.html> Irvine-based *SmartBug Media <https//www.smartbugmedia.com>* said today that it has acquired *Chair 10 Marketing*, a Seattle-based performance marketing agency. Financial details of the acquisition were not announced. SmartBug said the acquisition comes as it sees a sharp increase in demand for paid media services, from both its B2B and B2C clients. SmartBug Media is led by CEO Jen Spencer.(More... <https://www.socaltech.com/fullstory/0083428.html>) *Sunstone Awards $35K To USC Students In Venture Competition* <https://www.socaltech.com/fullstory/0083427.html> Irvine-based private equity investor Sunstone Management says it has awarded $35,000 to the winning team in a competition at the University of Southern California, as part of a venture funding competition. According to the firm, it awarded the $35,000 Sunstone Prize on April 27th to a team at the USC Marshall Greif Center's New Venture Seed Competition. Sunstone says it is in a five year agreement with the USC Marshall School of Business, with a commitment of $175,000. (More... <https://www.socaltech.com/fullstory/0083427.html>) *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 *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>* 4/13/23 Altruist <https://www.socaltech.com/intelligence/?action=showdeal&id=110844> Culver City $112.00 M 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 ------------------------------ *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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