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Rivian, the Irvine-based electric vehicle company making a splash on Wall Street this week, has chosen the former home of sci-fi author Ray Bradbury as its hub to sell its electric trucks.
"The site of our Venice hub has been everything from an electric substation, author Ray Bradbury's private home and even an art gallery," Rivian spokesperson Rachel Maniago told dot.LA. "We embrace the idea of adaptive reuse with our spaces; taking places that exist and bringing them to life in new, inventive ways." Read more >>
Here's what else we're reading in the news:
- L.A.-based vegan meat-maker Beyond Meat reported a slump in revenue in the third quarter due to higher transportation costs.
- DRIFE, an L.A.-based decentralized blockchain-based ride-hailing platform company, has hired former Uber director Daniel Mangabeira Dantas as a strategic investor and policy advisor.
- BenjiLock, an L.A.-based maker of high-tech padlocks, has been named a CES 2022 Innovation Award Honoree.
- Faraday Future Intelligent Electric Inc. has received the Certificate of Occupancy for the major manufacturing area of its Hanford manufacturing plant.
- Meet the New Jersey-based company that is growing rare Omakase berries in vertical farms in L.A., New Jersey and New York City.
- A new survey found that 69% of Californians say the wealth gap between the rich and the poor is getting wider, and their confidence in the economy is not great, either.
The Irvine-based company, founded by RJ Scaringe, isn't the first EV startup to rethink the dealership model, especially in dense areas. But the company is the first to take the lifestyle model some retailers have been embracing into what's been largely a stodgy automotive industry.
AppliedVR is attracting investors — this week it raised $36 million — with its unconventional method of treating pain without drugs. It uses virtual reality. Now, the Los Angeles-based startup is awaiting approval from the FDA for one of its signature products to manage chronic lower back pain through its VR platform, and aims to ease people off high doses of opioids.
The wine subscription company behind Summer Water and Wonderful Wine Co started trading on the New York Stock Exchange on Thursday and received a tepid welcome from investors. The stock climbed to a high of $14.20 before closing more than 5% below its debut price of $13 per share.
Former Zillow executive and serial entrepreneur Spencer Rascoff loves Los Angeles.
So much that he named his venture capital fund, 75 & Sunny, as an ode to L.A.'s yearlong balmy weather. This week, he joins the LA Venture podcast to talk about what helped him grow personally and professionally into one of the most revered investors in Southern California.