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XMichael Milken Is Holding Out For a Coronavirus Testing Kit
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.
Michael Milken, the former junk-bond king and one-time symbol of 1980s Wall Street greed, is less interested in talking about his recent pardon by President Donald Trump than how to rein in coronavirus.
At the Montgomery Summit on Wednesday, the financier and philanthropist said he's considering whether to offer a prize to help accelerate finding a test kit that could seriously slow its spread. He expects a coronavirus testing kit will appear in the next six months.
"Science can accomplish in an hour what might have taken in a year," he said. "We should be much better prepared to deal with this issue, once we get the facts."
Milken said that a prototype could be ready by the time he holds the Milken Institute's annual conference in May and if not, he has slotted a time in July.
The financier, who was convicted of violating securities and tax laws in an insider-trading scheme, emerged from a federal prison decades ago and immersed himself in a bevy of philanthropic pursuits and medical research.
Milken, who founded his eponymous economic institute, compared the fear that's spreading now to what Americans felt when they saw former Los Angeles Lakers star Magic Johnson announce he had HIV and quit the team. At the time, many feared the virus would grow and be spread widely to children. Now, that's rare.
But, he thinks this is a seminal moment where big health companies could come together to mobilize like Ford and other companies did during World War II.
"Let's get them coalesced around and see what they can do, and bring this to an end as soon as possible," he said.
But in the meantime, he said he's worried about the glut of small businesses around the world that could shut down in the wake of a spread.
"For a person that needs your paycheck to pay their rent or to eat, or to pay health care costs...someone's going to need to provide a solution if the employer doesn't keep on," he said.
Monty Summit's @JackiKarsh spoke with Michael Milken to discuss what the @MilkenInstitute is doing to collaborate and help accelerate research, prevention, and the development of the vaccine. #COVID19 #MontySummit2020 pic.twitter.com/ZrWykHOYT3
— The Montgomery Summit (@MontySummit) March 5, 2020
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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.
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Astroforge Raises $13M To Mine Asteroids
Kristin Snyder is an editorial intern for dot.la. She previously interned with Tiger Oak Media and led the arts section for UCLA's Daily Bruin.
Y Combinator startup Astroforge wants to use its new $13 million seed round to mine asteroids.
The Huntington Beach-based company aims to become the first company to bring asteroid resources back to Earth, TechCrunch reported Thursday. Initialized Capital led the funding round and was joined by investors Seven Seven Six, EarthRise, Aera VC, Liquid 2 and Soma.
“When you look at the opportunity here—and the opportunity really is to mine the universe—this is such a huge opportunity that investors are willing to make the bet on a longer time horizon,” Astroforge co-founder Matt Gialich told TechCrunch.
Virgin Orbit veteran Gialich launched the company alongside his co-founder, SpaceX and NASA alum Jose Acain, in January; the four-person firm, which Gialich said is now hiring for seven more positions, hopes to successfully mine an asteroid by the end of the decade. The seed money will fund Astroforge’s first two missions, with its first being a demo flight scheduled for a SpaceX Falcon 9 rideshare launch next year.
While Astroforge is keeping the specifics of its technology close to the vest, the company told TechCrunch that it involves a “high-rated vacuum” and requires a zero-gravity environment, but won’t involve actually landing on the asteroid itself. The company is eyeing asteroids ranging from 20 meters to 1.5 kilometers in diameter that carry high concentrations of platinum-group metals, which limits its potential targets to less than 1 million of the 10 million asteroids near Earth.
Astroforge wouldn’t be the first to attempt this science fiction-esque endeavor, though commercial space mining has faced financial and logistical obstacles that no company has yet overcome. NASA, for its part, is counting on the private sector to realize the U.S.’s space mining ambitions, then-deputy administrator Jim Morhard told dot.LA in 2020.
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Kristin Snyder is an editorial intern for dot.la. She previously interned with Tiger Oak Media and led the arts section for UCLA's Daily Bruin.
Illumix Founder Kirin Sinha On Using Math to Inform Creative Thinking
Yasmin is the host of the "Behind Her Empire" podcast, focused on highlighting self-made women leaders and entrepreneurs and how they tackle their career, money, family and life.
Each episode covers their unique hero's journey and what it really takes to build an empire with key lessons learned along the way. The goal of the series is to empower you to see what's possible & inspire you to create financial freedom in your own life.
Kirin Sinha wanted to be a dancer. When injury dashed that dream, she turned to her other passion: math.
On this week’s episode of the Behind Her Empire podcast, host Yasmin Nouri talks with the founder and CEO of augmented reality (AR) technology and media platform Illumix.
Sinha received degrees from MIT, the University of Cambridge and LSE and founded a nonprofit to help middle school girls with their math skills. She ventured into AR while perusing an MBA at Stanford. Since founding Illumix in 2017, Sinha has raised $13 million from investors including Lightspeed and Maveron Ventures.
Her background in mathematics informs how she problem solves as a CEO, she said. Both math and her dance background taught her to seek out creative solutions.
“A lot of people think that math is very rote and analytical, but at its core it's truly not,” Sinha said. “It's about being creative. It's about having this building block for expressing and understanding the world around you.”
That creativity is bolstered by habits her mother taught her, such as surrounding herself with affirmations drawn onto post-it notes to bolster her spirits. Working in AR, Sinha said she's aware that what people surround themselves with impacts their inner world.
“Your diet is the people around you,” she said. “It's what you surround yourself with. It's the images and the words that surround your day-to-day life. I really spend a lot of time thinking about how can you improve the wider sense of the word diet around you.”
A crucial part of Sinha’s diet is carving out time for a daily walk to dedicate time to ponder Illumix’s future. Reflecting on big-picture goals and challenges allows her to consider how AR changes the ways people engage with the space around them.
Hear more of the Behind Her Empire podcast. Subscribe on Stitcher, Apple Podcasts, Spotify, iHeart Radioor wherever you get your podcasts.
dot.LA Editorial Intern Kristin Snyder contributed to this post.
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Yasmin is the host of the "Behind Her Empire" podcast, focused on highlighting self-made women leaders and entrepreneurs and how they tackle their career, money, family and life.
Each episode covers their unique hero's journey and what it really takes to build an empire with key lessons learned along the way. The goal of the series is to empower you to see what's possible & inspire you to create financial freedom in your own life.
Rael Raises $35M To Grow Its Organic Feminine Care Brand
Kristin Snyder is an editorial intern for dot.la. She previously interned with Tiger Oak Media and led the arts section for UCLA's Daily Bruin.
Rael, a Buena Park-based organic feminine care and beauty brand, has raised $35 million in a Series B funding round, the company announced Wednesday.
The funding was led by the venture arms of two Asian companies: Japanese gaming firm Colopl’s Colopl Next and South Korean conglomerate Shinsegae Group’s Signite Partners. Aarden Partners and ST Capital also participated, as did existing investors Mirae Asset and Unilever Ventures.
Rael described the new round—which takes its total funding to date to $59 million—as “the largest amount raised in the U.S. feminine care category to date.” The company said it plans to use the capital to grow its product offerings, retail partnerships and global marketing reach.
Having already branched into skincare products meant to combat hormonal acne, co-founder and CEO Yanghee Paik said Rael plans on further expanding beyond basic feminine care products. “We aspire to be a clean, holistic personal care brand for women, so we’re graduating from just being another organic feminine care company,” Paik told dot.LA.
Paik and her two co-founders, who are all Korean-American women, launched Rael in 2017 and started out by selling organic pads on Amazon. Paik said she was inspired by the products she would bring back home after trips to South Korea, where the organic category represents more than 30% of the feminine care market (compared to less than 10% of the U.S. market, according to Rael). The startup has since expanded into retail stores like Target and Walmart, and part of its new funding will be dedicated to further growing its retail presence.
These days, Rael is part of an increasing number of companies focused on organic feminine care, with brands like LOLA, The Honey Pot and The Flex Co. all offering organic menstrual products.
“The feminine care industry is not like beauty, which attracted a lot of investors initially,” Paik said. “People are noticing that it’s one of the markets that has not been noticed by investors as much, but has a lot of growth potential because it’s been dominated by big brands. Now there are female-founded smaller brands that are trying to make a difference there.”
As part of Rael’s growth efforts, the company has also brought in Lauren Consiglio, a former marketing executive at Unilever and L’Oreal, as its president.
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Kristin Snyder is an editorial intern for dot.la. She previously interned with Tiger Oak Media and led the arts section for UCLA's Daily Bruin.