*socaltech.com <http://socaltech.com> TechNews - Wednesday, February 7, 2024* 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) KPMG (http://home.kpmg/us/en/home/about/offices/los-angeles-1.html) Level up with KPMG ------------------------------ *Headlines * - SUMA Wealth Collects $2.2M <#0083829> - Rain Raises $300M <#0083828> - Virgin Galactic Reports Flight Anomaly <#0083827> - Snap Cuts Staff By 10 Percent <#0083826> - TuSimple Gets WSJ Scrutiny Over Chip Exports To China <#0083824> - Tyra Bioscienes Scores $200M In PIPE <#0083823> - Noteit Claims 50M Users <#0083825> *Marketplace* - Pacific Western Bank, Venture Banking Group <#ad797> - Pixelgate.net - Internet Access, Web Hosting, Network Services <#ad796> - IP Protection for Technology and Business - SoCal IP Law Group LLP <#ad750> *Wednesday, February 7, 2024* *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]. *SUMA Wealth Collects $2.2M* <https://www.socaltech.com/fullstory/0083829.html> Los Angeles-based *SUMA Wealth <https://www.sumawealth.com>*, a fintech company led by Beatriz Acevedo, says it has raised $2.2M in a funding round. The funding was led by Radicle Impact, and also included Vamos Ventures, OVO fund and American Heart Association Impact fund, plus Ulu Ventures, Female Founders Fund and Chingona Ventures. The company has now raised $5.5M in total.(More... <https://www.socaltech.com/fullstory/0083829.html>) *Rain Raises $300M* <https://www.socaltech.com/fullstory/0083828.html> Los Angeles-based Rain, a developer of financial services provided to employees to allow them to access a line of credit before they are paid, says it has raised $300M in a financing round. The funding came in the form of a credit facility from Clear Haven Capital Management. The company said it will use the funding to grow its customer base. Rain says it offers up "convenient access to their hard-earned wages in real-time, whenever they work instead of waiting until payday. (More... <https://www.socaltech.com/fullstory/0083828.html>) *Virgin Galactic Reports Flight Anomaly* <https://www.socaltech.com/fullstory/0083827.html> Orange County-based Virgin Atlantic reports that it discovered an anomaly after the company's most recent spaceflight. According to the company, it found an "alignment pin" detached from the company's mothership during its last flight, "Galactic 06". According to the company, it informed the Federation Aviation Administration (FAA) of the anomaly and is conducting a review. (More... <https://www.socaltech.com/fullstory/0083827.html>) *Snap Cuts Staff By 10 Percent* <https://www.socaltech.com/fullstory/0083826.html> Venice, Caifornia-based Snap Inc., the parent company of Snapchat, says it is cutting 10 percent of its staff. According to an 8-K filing by Snap, it has "a plan to reduce our global headcount by approximately 10% of our global full time employees." The company said it would take a charge of between $55M to $75M as part of the cuts. The company said it is making the cuts to "ensure we have the capacity to invest incrementally to support our growth over time". (More... <https://www.socaltech.com/fullstory/0083826.html>) *TuSimple Gets WSJ Scrutiny Over Chip Exports To China* <https://www.socaltech.com/fullstory/0083824.html> San Diego-based autonomous trucking systems developer TuSimple is the subject of an in depth article probing the company over missing shipments of advanced semiconductors, and potential re-direction of those chips to China--potentially running afoul of US export rules. The article spurred a long, in-depth response from TuSimple claiming that "here is no intention by TuSimple to transfer those computer chips to China". (More... <https://www.socaltech.com/fullstory/0083824.html>) *Tyra Bioscienes Scores $200M In PIPE* <https://www.socaltech.com/fullstory/0083823.html> Carlsbad-based Tyra Biosciences ,a company developing precision medicines for targeting Fibroblast Growth Factor Receptor (FGFR) biology, has raised $200M in a private placement (PIPE). The publicly listed company said the funding was led by RA Capital Management, and also included Boxer Capital, BVF Partners, Nextech Invest Ltd (on behalf of one or more funds managed by it), OrbiMed, 5AM Ventures, plus a number of other un-named investors. Todd Harris is CEO of TYRA. (More... <https://www.socaltech.com/fullstory/0083823.html>) *Noteit Claims 50M Users* <https://www.socaltech.com/fullstory/0083825.html> Culver City-based social networking app developer *Noteit <https://apps.apple.com/us/app/noteit-widget-by-sendit/id1570369625>*, which calls itself a "Snapchat Replacement", claims it now has 50 million users. The company--which says it is targeting "Gen Alpha"--says its app is focused on "focusing solely on the people who matter most to you" and real-time photo sharing. The software is developed by Iconoic Hearts, which is led by CEO and founder Hunter Rice.(More... <https://www.socaltech.com/fullstory/0083825.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. *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 *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 ------------------------------ *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 * 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. 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