LA Tech Updates: EV-Makers Rivian, Fisker, Karma Get Super-charged; Facebook issue crashes TikTok
Rachel Uranga covers the intersection of business, technology and culture. 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.
Francesca Billington is a dot.LA editorial intern. She's previously reported for KCRW, the Santa Monica Daily Press and local publications in New Jersey. Before joining dot.LA, she was a communications fellow at an environmental science research center in Sri Lanka. She graduated from Princeton in 2019 with a degree in anthropology.
- Tesla shares soar, Fisker rumored to go public, Karma gets $100m
- Facebook issues crash TikTok, Pinterest, Spotify
A Super-Charged Electric Vehicle Market: Rivian, Fisker and Karma Rake in Funds
Rivian Automotive is the maker of electric pickup trucks.
Tesla's success has super-charged investor interest in the electric vehicle market.
Exhibit A is the two Southern California-based electric car makers, Fisker and Karma, which secured millions in funding this week as they sought to ramp up production. Then came word Fisker, created by one-time Aston Martin designer Henrik Fisker, is now in talks to go public through a sale to a so-called blank-check acquisition company, Reuters reported on Thursday.
Today, Detroit-based Rivian Automotive, maker of electric pickup trucks that's backed in part by Ford Motor Co., announced that it secured $2.5 billion in funding from private investors.
The race to push out more electric vehicles comes as after Tesla supplanted Toyota as the most valuable car maker. Its shares have been soaring and it now has a market cap that stands at over $285 billion despite controversies and a much lower production volume.
Spartan Energy is bidding against other special purpose acquisition companies, or SPACs as they are called, to bring Fisker public through a reverse merger, according to the report. Spartan is backed by Apollo Global Management, a private equity firm.With a freshly secured $50 million in private funds, Fisker plans to sell the Fisker Ocean luxury electric SUV at a starting price of $37,500 in 2022. Fisker's previous venture Fisker Automotive fell into bankruptcy in 2013 and was bought by a Chinese group that rebranded it Karma. That company, which has been struggling after several layoff rounds and restructuring, is Karma and earlier this week secured $100 million from investors. It hopes to use that to raise a total of $300 million and roll out a line of electric vehicles.
Facebook issue crashes Spotify, TikTok, Pinterestfarm5.staticflickr.com
If you were trying to use a handful of iOS apps including Spotify, TikTok and Pinterest Friday morning chances are you couldn't get in because of a Facebook log-in issue.
The hiccup came from Facebook's software development kit (SDK), which several apps rely on to operate. Developers use SDK for users who want to sign in with their Facebook account.
"Earlier today, a code change triggered crashes for some iOS apps using the Facebook SDK," Facebook's developer site announced. "We identified the issue quickly and resolved it. We apologize for any inconvenience."
The crash hit some of the biggest apps.
"Something's out of tune," Spotify's Status account said on Twitter in the early morning. "We're currently investigating, and we'll keep you posted here!"
It's the second time this year the Facebook interface has caused a crash.
Something's out of tune. We're currently investigating, and we'll keep you posted here!
— Spotify Status (@SpotifyStatus) July 10, 2020
- Fisker to Go Public, Set to Produce Electric Cars by 2022 - dot.LA ›
- Karma Automotive Details Plans to Go Public - dot.LA ›
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California is the world's largest legal pot market, generating nearly $3.1 billion in spending in the Golden State alone. But cannabis-related businesses in the U.S. live in a legal-limbo, operating in this strange gray area between federal laws that make marijuana illegal and states that have decriminalized its use and sale entirely. This has led to sometimes difficult choices, workarounds and issues with which the cannabis and cannabis-linked companies are forced to contend.
Hilary Bricken, Partner of Harris Bricken
Hilary Bricken, Partner of Harris Bricken<p>Since joining Harris Bricken in 2010, Hilary has earned a reputation as an exceptional and fearless business law attorney. Hilary's clients—start-ups, entrepreneurs, and companies in all stages of development—value her bold approach to business strategy. Hilary also appears before city councils and community forums, where she advocates tirelessly for her clients.</p><p>In 2017, the American Bar Association (ABA) named Hilary one of the <a href="https://www.americanbar.org/news/abanews/aba-news-archives/2017/07/aba_young_lawyersdi/" target="_blank">top 40 young lawyers</a> nationwide and before that <a href="http://www.bizjournals.com/seattle/news/2013/12/14/newsmakers-of-2013-deal-makers.html" target="_blank">The Puget Sound Business Journal</a> named her as one of only seven deal makers of the year. She was by far the youngest and the only private practice attorney to garner this honor. Hilary was also named one of "<a href="http://www.bizjournals.com/seattle/print-edition/2015/09/11/2015-40-under-40-hilary-bricken.html" target="_blank">40 Under 40</a>" leading businesspeople by the PS Business Journal. In every year since 2014, Hilary has been chosen as a "Rising Star" lawyer by Super Lawyer's magazine.</p><p>Major media outlets like the New York Times, VICE, the Los Angeles Times, Chicago Tribune, Business Insider, CNN, Rolling Stone, Forbes, MSNBC, and Bloomberg all have turned to Hilary for her on-the-ground perspective on cannabis laws. Hilary's <a href="https://www.youtube.com/watch?v=0M4Fse1Ioaw" target="_blank">Tedx talk</a> on "big cannabis" (see below) has garnered more than 50,000 views and she also authors a weekly column for <a href="https://abovethelaw.com/tag/hilary-bricken/" target="_blank">Above the Law </a>on marijuana policy and regulation.</p>
Tanya Hoke, Managing Director of Galen Diligence
Tanya Hoke, Managing Director of Galen Diligence<p>Tanya has more than a dozen years of experience managing investigative due diligence for clients in industries ranging from pharmaceuticals and manufacturing to financial services and consulting. She has been advising investors in the cannabis industry since 2015, and focuses on issues relating to fraud, money-laundering, compliance, and corporate governance. Tanya is a Certified Fraud Examiner, a Certified Anti-Money Laundering Specialist, and a licensed private investigator. She has served on the National Cannabis Industry Association's Banking & Financial Services Committee and the State Regulations Committee. Tanya received a Bachelor of Arts degree from Swarthmore College and a Master of International Business degree from the Fletcher School at Tufts University, where she serves on the MIB Alumni Advisory Board.</p>
Brad Rowe, Director of Compliance, Operations and Regulations Analyst of Rowe Policy Media
Brad Rowe, Director of Compliance, Operations and Regulations Analyst of Rowe Policy Media<p>Brad has designed, implemented and delivered a dozen public policy research projects over the last six years through his time running BOTEC Analysis, at UCLA and with Avenu/MuniServices Cannabis Compliance and Support Services and Rowe Policy + Media. Brad is Lecturer of Public Policy at UCLA Luskin School of Public Affairs and recently started teaching Cannabis Policy and Society, the first of its kind in the country. </p><p>He serves as Advisor to the UCLA Cannabis Research Initiative, coordinating the Criminal and JuvenileJustice Research team and the California Cannabis Data Collection Project. He sat on the CommunityAdvisory Committee for the Los Angeles County Department of Health's impact assessment on cannabis. </p><p>In 2020 Brad has taken on the cannabis "dosing problem". To help naive and legacy consumers dose new cannabis products predictably and reliably. The HowHi App Data Project provides evidence based insights into the Quality, Duration and Amplitude of the cannabis experience. The variables are crowd-sourced via experiential self-reports on iOS and Android interfaces. </p>
Andrew Freedman, Senior Vice President at Forbes Tate Partners
Andrew Freedman, Senior Vice President at Forbes Tate Partners<p>Andrew brings vast experience from his three years as the State of Colorado's first Director of Cannabis Coordination. During this time, he developed distinctive experience effectively implementing voter-mandated legalized adult-use and medical cannabis while protecting public health, maintaining public safety, and keeping cannabis out of the hands of children.<br><br>Andrew's role in developing a successful operating model for cannabis regulation and stakeholder collaboration was identified as one of the reasons for the State of Colorado's success in implementing adult-use cannabis legalization by the Brookings Institution. Governor Hickenlooper has gone so far as to praise Andrew's work while on national television, stating, "Andrew Freedman, who came in and helped us once it was passed . . . [has] done a remarkable job of creating a regulatory framework."<br><br>Andrew has received national recognition for his leadership. Men's Health Magazine named him one of the 30 most influential health influencers of the last 30 years. He was recognized as one of Fast Company's "100 Most Creative People in Business" in 2016. He has been featured on 60 Minutes, NBC Nightly News, The Today Show, The New York Times, The Washington Post, The Wall Street Journal, The Boston Globe, Governing Magazine, and dozens of local stories throughout the nation and internationally.</p>
Tami Abdollah, Senior Reporter at dot.LA
Tami Abdollah, Senior Reporter at dot.LA<p>Tami Abdollah is dot.LA's senior technology reporter. She was previously a national security and cybersecurity reporter for The Associated Press in Washington, D.C. She's been a reporter for the AP in Los Angeles, the Los Angeles Times and for L.A.'s NPR affiliate KPCC. Abdollah spent nearly a year in Iraq as a U.S. government contractor. A native Angeleno, she's traveled the world on $5 a day, taught trad climbing safety classes and is an avid mountaineer.</p>
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When the founders who lead the ten young startups selected for the 2020 Techstars LA class begin their three month accelerator program Monday, they won't be gathering in the Mid-Wilshire office and shaking hands as every other class has done. Like the rest of us, they will be working at home because of the coronavirus. Dinners, meetings, socializing, and mentoring sessions will all be online.
"A big part of the magic of the program is the relationships that are from proximity and from everyone working together in the same space and so what we're doing is we're endeavoring to create as much as that connection in the virtual world as possible," said Anna Barber, managing director of Techstars LA.
Pod People<p><a href="https://podpeople.com/" target="_blank">Pod People</a> is a full-service podcast production and staffing agency with a network of over 700 audio professionals across the globe.</p><p><a href="https://brdg.app/s/o56p6c" target="_blank">Contact the founder >></a> <br></p>
JoyHub<p><a href="https://www.joyhub.io/" target="_blank">JoyHub</a> 's enterprise software integrates multifamily operator systems into a single, centralized data platform. </p><p><a href="https://brdg.app/s/io9a3s" target="_blank">Contact the founder >></a> </p>
Ayana Therapy<p><a href="https://www.ayanatherapy.com/" target="_blank">Ayana Therapy</a> provides online therapy for minorities with an emphasis on intersectionality. </p><p><a href="https://brdg.app/s/gdwa78" target="_blank">Contact the founder >></a></p>
CLLCTVE<p><a href="http://cllctve.com/" target="_blank">CLLCTVE</a> is a platform connecting college creatives with brands targeting Gen-Z consumers. </p><p><a href="https://brdg.app/s/bgc9pp" target="_blank">Contact the founder >></a></p>
Lactation Lab<p><a href="https://www.lactationlab.com/" target="_blank">Lactation Lab</a> provides breast milk analysis and personalized recommendations for mothers to optimize their child's health and nutrition. </p><p><a href="https://brdg.app/s/t0173z" target="_blank">Contact the founder >></a></p>
Preveta<p><a href="https://www.preveta.com/" target="_blank">Preveta</a> is transforming cancer care by arming clinicians with data and insights to improve outcomes, and blazing a trail for providers to deliver value-based care.</p><p><a href="https://brdg.app/s/odhs9o" target="_blank">Contact the founder >></a></p>
Shop Latinx<p><a href="https://shoplatinx.com/" target="_blank">Shop LatinX</a> is the leading fashion and beauty lifestyle brand with products designed by and for the Latinx community. </p><p><a href="https://brdg.app/s/0luryb" target="_blank">Contact the founder >></a></p>
Sike Insights<p><a href="https://sikeinsights.com/" target="_blank">Sike Insights</a> powers remote teams to work better together. Our first product, Kona, is an AI-powered Slackbot that helps you communicate. </p><p><a href="https://brdg.app/s/d5ejl2" target="_blank">Contact the founder >></a></p>
StatsHelix<p><a href="http://statshelix.com" target="_blank">StatsHelix</a> is a B2B gametech company focused on esports and streaming. </p><p><a href="https://brdg.app/s/j4yp3j" target="_blank">Contact the founder >></a></p>
Thrive Education<p><a href="https://thrive-education.co/" target="_blank">Thrive Education</a> provides remote tele-assessments for learning differences (LDs) such as dyslexia, ADHD, and autism. </p><p><a href="https://brdg.app/s/1dn2dc" target="_blank">Contact the founder >></a></p>
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