LA Tech Updates: GoodRx IPO?; Trump Gives Green Light for  Microsoft to Acquire TikTok

Rachel Uranga

Rachel Uranga is dot.LA's Managing Editor, News. She is a former Mexico-based market correspondent at Reuters and has worked for several Southern California news outlets, including the Los Angeles Business Journal and the Los Angeles Daily News. She has covered everything from IPOs to immigration. Uranga is a graduate of the Columbia School of Journalism and California State University Northridge. A Los Angeles native, she lives with her husband, son and their felines.

LA Tech Updates: GoodRx IPO?; Trump Gives Green Light for  Microsoft to Acquire TikTok
Photo by freestocks on Unsplash

Here are the latest updates on news affecting Los Angeles' startup and tech communities. Sign up for our newsletter and follow dot.LA on Twitter for more.

Today:

  • Reuters reports GoodRx is looking to go public
  • If American company doesn't buy Tiktok by Sept. 15, Trump said "it will be out of business."

          If U.S. Company Doesn't Buy Tiktok by Sept. 15, Trump Said "It Will be Out of Business."

          TikTok got at least a temporary reprieve in the ongoing battle between the U.S. and Chinese governments over its fate.

          President Donald Trump said Monday TikTok could be bought by an American company after threatening to ban it in the U.S. on Friday. The move opens the door to a Microsoft acquisition but if no deal is reached by September 15th, Trump said TikTok "will be out of business in the United States."

          Trump also added a new wrinkle to the negotiations, saying that "a very substantial portion" of the purchase would have to go to the U.S. Treasury, "because we're making it possible for this deal to happen." It is not yet clear how that would work.

          Trump's remarks follow a recent conversation with Microsoft chief executive Satya Nadella about his firm's intentions to potentially acquire the Chinese-owned company, Microsoft wrote in a blog post Sunday. The President stated he will hold off banning TikTok while Microsoft negotiates with its Chinese parent company, ByteDance.

          According to Microsoft's statement, the two companies are exploring a proposal wherein the Seattle-based software behemoth would purchase and operate TikTok's operations in the U.S., Canada, Australia and New Zealand. The acquisition could also include participation from minority investors.

          In its statement, Microsoft touted its ability to add "world-class security, privacy and digital safety protections" to TikTok, which could assuage the national security concerns of many U.S. government officials over the Chinese government's access to TikTok's data.

          Specific security measures mentioned in Microsoft's statement include ensuring that TikTok's data on American users is transferred to and remains in the U.S., and that any American user data in servers outside the country is deleted.

          Microsoft underscored that the discussions are preliminary. "We do not intend to provide further updates until there is a definitive outcome to our discussions," the statement said.

          The two companies have given notice of their intent to pursue a deal to the U.S. Committee on Foreign Investment in the United States, which is already investigating whether ByteDance's 2018 acquisition of L.A.-based Musical.ly threatens national security.

          Republican Senator Lindsey Graham called the discussions "a win-win in the making" while Senator Marco Rubio, who has been critical of TikTok, has said if the company and its data can be "purchased & secured by a trusted U.S. company that would be a positive & acceptable outcome."

          GoodRx is Reportedly Looking to Go Public

          shallow focus photography of prescription bottle with capsulesPhoto by Sharon McCutcheon on Unsplash

          The prescription marketplace platform GoodRx Inc has filed with the U.S. Securities and Exchange Commission for a potential initial public offering, Reuters reported Sunday.

          The Santa Monica-based company was valued at $2.8 billion in 2018 when private equity firm Silver Lake took a stake. Reuters reported the company is hiring IPO advisers and the listing could come later this year or early 2021.

          Last year, the company purchased HeyDoctor, a telemedicine service that has expanded its care options.


          https://twitter.com/racheluranga
          rachel@dot.la
          🌐Decentralizing Data & Vacations: Sony's Web3 Leap and Sensible Weather's KOA Partnership

          🔦 Spotlight

          Happy Long Weekend Los Angeles!

          Sony Group is making a significant push into the blockchain and Web3 space, leveraging its Sony Pictures and Sony Music divisions along with a new global incubator. The company has developed the Soneium blockchain through Sony Block Solutions Labs, a joint venture aimed at accelerating Web3 innovation. Sony is launching the "Soneium Minato" public testnet and a developer incubation program called "Soneium Spark" to foster ecosystem growth and adoption. The initiative includes strategic partnerships with Web3 companies such as Astar Network, Circle, and Optimism. Sony aims to create a fan community centered on creators and connect diverse values through Soneium, with the ultimate goal of integrating Web3 services into people's daily lives. While the company acknowledges the challenges faced by Web3, including limited user adoption and the need for mainstream use cases, it remains committed to decentralizing the concentrated power of the current internet landscape.

          In completely unrelated and more digestible news Sensible Weather, a leading weather protection provider that we’ve featured many times, has partnered with Kampgrounds of America (KOA) to offer Weather Guarantees at over 450 KOA Campgrounds across the United States. This collaboration allows campers to purchase weather protection for their outdoor experiences, providing peace of mind and potential reimbursements of up to 100% of their nightly rate if weather conditions exceed predefined parameters. The partnership comes at an opportune time, as camping has seen a significant increase in popularity, with active campers growing by 68% over the past decade. If you are looking to do some camping this fall make sure you look into Sensible Weather protections to ensure that unpredictable weather won't dampen (nailed it) your camping experience.


          🤝 Venture Deals

          LA Companies

          • Space and Time, a blockchain data warehouse developer, raised a $20M Series A led by Framework Ventures. - learn more
          • Miris, a provider of spatial content streaming solutions, raised a $26M Seed Round led by IAG Capital Partners. - learn more

          LA Venture Funds

          • Fika Ventures led a $4.55M Seed Round for Revenew, a San Francisco startup that aims to help digital platforms and marketplaces manage their payments and optimize financial operations. - learn more
          • Bonfire Ventures participated in a $25M Series A for Supio, an AI platform for personal injury law firms. - learn more
          • Amplify LA participated in a $2M Seed Round for Pryzm, a startup that provides tools and data to help businesses navigate government contracting more efficiently. - learn more

            ✨ Featured Event ✨

            LA TECH CEO SUMMIT

            LA’s tech leadership is set to reunite after a long break! This two day summit will focus on building strong connections, sharing insights, and fortifying the local tech community.

            Learn More Here

            Register Here


            Download the dot.LA App

            Personality Assessments Improving Workplace Dynamics

            Misunderstandings can have significant and sometimes severe impacts, far beyond the hilarious cake pictured above. Many organizations are increasingly using personality assessments to improve team dynamics and productivity. Tests like the Enneagram, Myers-Briggs Type Indicator (MBTI), and DISC assessment are valuable tools for developing existing teams in addition to hiring new employees. These assessments provide insights into team members' motivations, communication styles, and work preferences, helping colleagues understand each other better. By highlighting the different personalities within a team, these tests can enhance communication, resolve conflicts, and optimize task assignments based on individual strengths. As companies aim for greater efficiency and collaboration, the Enneagram, MBTI, and DISC assessments are becoming essential for transforming established teams into more effective and cohesive units.


            Image Source: iEQ9

            Enneagram

            The Enneagram test is a sophisticated personality assessment that categorizes individuals into nine distinct personality types, each defined by unique motivations, fears,and behavioral patterns. This holistic approach enhances team dynamics in a business setting by fostering self-awareness, improving communication, and facilitating conflict resolution among team members. By understanding different personality types, teams can optimize their composition, tailor professional development, and create a more empathetic and collaborative environment. This framework not only helps leaders adapt their styles to better support diverse team members but also promotes inclusivity and effective collaboration, ultimately leading to improved team performance, productivity, and retention.

            Resources:iEQ9. We recommend getting an Enneagram coach to get the most out of the results.

            Key Features: Focus on core motivations. Accounts for personality shifts under stress or growth. Offers practical, actionable guidance for personal growth. Uses a dynamic, adaptive questioning approach. Claims 95% accuracy rate through advanced techniques.


            Image Source: DiSC Profile

            DiSC (Dominance, Influence, Steadiness, and Conscientiousness)

            The DiSC assessment is a widely used behavioral analysis tool that categorizes individuals into four primary personality types: Dominance, Influence, Steadiness, and Conscientiousness. For businesses, DiSC provides valuable insights into employees' communication styles, work preferences, and motivations. By understanding these behavioral tendencies, teams can improve collaboration, reduce conflicts, and enhance overall productivity. Implementing DiSC in a business setting can lead to more effective leadership, tailored communication strategies, and optimized task allocation based on individual strengths.

            Resources:DiSC Profile.

            Key Features: Designed specifically for workplace applications. Focuses on observable behaviors rather than psychological traits. Widely researched and validated over 40+ years. Provides practical strategies for improving interactions.


            Image Source: The Myers-Briggs Company

            The Myers-Briggs Type Indicator (MBTI)

            The Myers-Briggs Type Indicator (MBTI) is a widely used personality assessment tool that categorizes individuals into 16 distinct personality types based on four dichotomies: Extraversion/Introversion, Sensing/Intuition, Thinking/Feeling, and Judging/Perceiving. For businesses, the MBTI provides valuable insights into employees' communication styles, decision-making processes, and work preferences.This helps promote a more productive workplace, and enables employees to become involved in more meaningful ways, all while leveraging everyone’s unique strengths.

            Resources:The Myers-Briggs Company.

            Key Features: Focuses on preferences rather than traits. Focuses on how people perceive and judge information. Widely used in business and career counseling


            Download the dot.LA App

            🥊📱Startups Battling Election Deepfakes and LA’s First Tech CEO Summit

            🔦 Spotlight

            Happy Friday Los Angeles!

            YouMail, based in Irvine, and Pindrop have partnered to create the Election Communication Defense Grid (ECDG), a platform designed to combat AI-generated and deepfake calls that could interfere with US elections. This collaboration leverages YouMail's extensive sensor network, which analyzes over 20 million phone numbers monthly, and Pindrop's Pulse™ Inspect technology to detect AI-generated speech. The system actively monitors and analyzes potentially problematic political robocalls, having already examined calls from numerous Congress members and political candidates in 2024. When AI-generated calls are identified, YouMail Protective Services swiftly notifies carriers and enforcement agencies to shut down these campaigns, minimizing potential harm. This partnership represents a significant step forward in protecting the public from malicious communication tactics during critical election periods.


            ✨ Featured Event ✨

            LA TECH CEO SUMMIT

            WHEN: Thursday, September 26 -- Friday, September 27, 2024

            LOCATION: Terranea Resort: 100 Terranea Way, Rancho Palos Verdes, CA 90275

            LA’s tech leadership is set to reunite after a long break! Join us for the highly anticipated LA Tech CEO Summit, taking place September 26-27 at the stunning Terranea Resort. This exclusive event offers a unique chance to connect with top tech founders and CEOs, including industry key figures like Adam Miller (Founding CEO of Cornerstone), Ian Siegel (CEO of ZipRecruiter), Shivani Siroya (CEO of Tala), Eddy Lu (CEO of GOAT), and other influential leaders. This two day summit will focus on building strong connections, sharing insights, and fortifying the local tech community. Don’t miss this opportunity to engage with the best minds in LA tech!

            Learn More Here

            Register Here


            🤝 Venture Deals

            LA Companies

            • Starpath, a developer of robotic propellant production factories raised a $12M Seed Round co-led by 8VC and Fusion Fund, and joined by Day One Ventures, Balerion Space, and Indicator Ventures. - learn more

            LA Venture Funds

            • Anthos Capital led a $4M Funding Round for Mudstack, a startup whose software helps game developers organize and share game assets like graphics and code. - learn more

            Download the dot.LA App

            RELATEDEDITOR'S PICKS
            Trending