LA Tech Updates: Microsoft Reportedly Looking to Buy TikTok; HBCUvc and PledgeLA's New Partnership

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: Microsoft Reportedly Looking to Buy TikTok; HBCUvc and PledgeLA's New Partnership

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:

  • Trump could order ByteDance to divest of TikTok today, Bloomberg reports
  • HBCUvc and PledgeLA offer $5,000 grants to founders from HBCUs

        HBCUvc and PledgeLA offer $5,000 grants to founders from HBCUs 

        HBCUvu, a non-profit increasing racial diversity in venture capital, has partnered with PledgeLA to provide $5,000 grants to startup founders from historically Black colleges and universities. The program, dubbed the The Summer Lab Fund, is now accepting applications through August 6.

        Supported by Crosscut Ventures, the fund will award equity-free grants to technology and tech-enabled startups founded by HBCU students and alumni. Selected startups will also receive mentorship and support from participating sponsors as well as access to HBCUvc and PlegeLA networks.

        The funding opportunity, launched last week, is managed and operated by the current cohort of PledgeLA VC interns who were matched at firms across Los Angeles in a 10-week program.

        PledgeLA is a cohort of tech companies and VC firms created by the Annenberg Foundation and the mayor of Los Angeles. Last week, the organization released results from its annual survey on diversity in tech companies across the city.

        Current intern Evan Hamilton told dot.LA the plan is to establish the Lab Fund as an annual project. Although it only has three spots now, he said, if demand is high enough they will look to raise more funds.

        "What I really hope for, as a result of this, is to encourage that pipeline of investors to go to HBCUs to find interesting entrepreneurial talents because as we've seen many times, most folks are in hoodies coming from Stanford," Hamilton said.

        "Five thousand dollars is a nominal amount of money, but what it does is give someone that ability to say, 'I am an entrepreneur, I have been funded,'" Hamilton said. "It really doesn't take a lot to validate a lot of the thoughts, feelings and opinions that people have. If we're doing this correctly, we're going to help these companies grow, even the ones that aren't able to receive funding."

        He said it hopes to dispel preconceived notions and encourage investors to look toward HBCUs for talent.

        After applications close on August 6, interns will form an investment committee to present and review the interested companies, which come from industries including entertainment tech, retail, education services and sports. Winners of the fund will be announced August 14.

        PledgeLA intern Liza Katsman hopes the thinking behind this initiative will one day extend beyond the HBCU ecosystem. She pointed out that entrepreneurs of different backgrounds - that had largely been excluded from tech companies - bring new perspectives and ideas that can turn into successful products or services.

        "Diversity and inclusion is not just the right thing to do," Katsman said. "It's the smart thing to do."

        dot.LA is a member of PledgeLA.

        Trump and Microsoft Are Looking at TikTok 

        Amazon Tells Employees to Delete TikTok, Then Claims Directive Was Sent in Error

        Microsoft is in talks to buy TikTok as President Donald Trump plans to ban it, various media reported Friday.

        TikTok has come under increasing pressure from the administration that Chinese Internet company ByteDance is sharing data with Beijing and has threatened to ban it.

        Bloombergreported the Trump administration had planned to order ByteDance to divest of the Culver City-based company as early as Friday.

        Microsoft could alter the question of ownership. It's unclear how advanced the talks are.

        The White House could immediately be reached for comment.

        But in an emailed statement a spokeswoman for TikTok said, "While we do not comment on rumors or speculation, we are confident in the long-term success of TikTok."

        Trump's move would not come as a surprise. He told reporters on Friday: "We're looking at TikTok, we may be banning TikTok. We may be doing some other things. There's a couple of options."

        Earlier this month, Trump suggested he would ban the app as punishment over China's handling of the coronavirus. Those comments came after Secretary of State Mike Pompeo told Fox News that the United States is considering whether to restrict TikTok and other social media apps amid concerns that information was being shared with China's communist government.

        "We are taking this very seriously and we are certainly looking at it," Pompeo said.

        In March, another Chinese company, Beijing Kunlun Tech sold the West Hollywood-based gay dating app Grindr for more than $600 million after the Committee on Foreign Investment in the United States forced it to divest.

        Two months later, Beijing-based parent company ByteDance appointed Kevin Mayer, once widely considered Bob Iger's heir apparent at The Walt Disney company, to head TikTok in a move that would help distance itself from its Beijing parent company.

        TikTok, has around 30 million active users and has increasingly become a favorite of advertisers to sell their products among the youth-oriented social media app.


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        OpenAI's $6.6B Power Play: The Future of AI Just Got a Massive Boost 💰🚀
        Image Source: Open AI - Sam Altman

        🔦 Spotlight

        OpenAI is making some exciting moves! The company just completed a massive $6.6 billion funding round, pushing its valuation to an impressive $157 billion. Thrive Capital led the charge, with big names like Andreessen Horowitz and Founders Fund also joining in. This investment will allow OpenAI to further scale its operations and advance AI technologies like GPT-4 across various sectors such as healthcare, entertainment, and business.

        But that’s not the only exciting news. OpenAI has also secured an additional$1 billion credit facility, giving the company even more financial flexibility to execute its ambitious growth plans. This safety net ensures that OpenAI has the resources to scale safely and effectively while continuing to lead the AI space.

        AI is becoming integral to industries worldwide, and OpenAI’s products—like ChatGPT—are seeing rapid adoption. From education to enterprise solutions, the company is driving significant advancements in how AI is integrated into everyday life.

        Following Microsoft’s $10 billion investment earlier this year, this latest round underscores the market’s confidence in OpenAI’s potential. With its strong focus on responsible AI deployment and ethical scaling, the company is set to shape the future of AI in a way that benefits a broad range of industries and addresses global challenges.

        As AI evolves, OpenAI remains dedicated to pushing boundaries while ensuring that its innovations prioritize safety, scalability, and social impact. Keep an eye on this space—big things are on the horizon!


        🤝 Venture Deals

        LA Companies

        • Impulse Space, a Redondo Beach-based company specializing in in-space transportation services, raised $150M in Series B funding led by Founders Fund, bringing its total funding to $225M, to expand its team and advance production of its Helios and Mira vehicles. - learn more
        • Nusano has secured over $115M in Series C financing, led by The Wasatch Group, to accelerate the commercialization of its radioisotope production technology, aimed at improving cancer treatment and medical diagnostics. - learn more
        • Future Trash, a multidisciplinary creative studio, has raised a $5M Seed funding round from TIRTA and General Catalyst to develop original intellectual property (IP) within Fortnite, focusing on building unique in-game content and experiences. - learn more
        • XType, the leading software company for multi-instance management on the ServiceNow platform, has raised a $21M Series A funding round led by Norwest Venture Partners to accelerate innovation and expand its platform capabilities on the ServiceNow platform. - learn more
        • 3Laws Robotics, a robotics company focused on building AI-powered platforms to enhance the safety, security, and operational efficiency of robotic systems, has raised a $4.1M Seed funding round led by TenOneTen Ventures. - learn more

        LA Venture Funds
        • Watertower Ventures participated in the $8M Series A funding round for DocJuris, a leader in AI-based contract review and negotiation software that automates key tasks to streamline the contract process for enterprise teams and general counsels. - learn more
        • Progression Fund participated in a $3.7M Seed funding round for Permanent, a company focused on advancing sustainable agriculture by developing solutions that improve soil health and productivity. - learn more


        LA Exits

        • Loom, an educational community platform that empowers women by providing comprehensive resources on reproductive health, sexual wellness, and parenting education, has been acquired by women's health brand Perelel, marking a significant expansion in the women's health and wellness sector. - learn more

        Download the dot.LA App

        ⚠️📲🌩️ Your Digital Lifeline: Top Tech Apps for Natural Disasters

        Living in LA means being ready for anything—quakes, wildfires, crazy weather, you name it. Luckily, there’s a suite of tech apps designed to keep you informed, connected, and safe when disaster strikes. From real-time alerts to staying in touch with loved ones, these apps have you covered. Here’s the ultimate list to help you handle whatever chaos comes your way in LA County.

        Get Real-Time Alerts

        Image Source: MyRadar

        FEMA App
        • What it does: Provides real-time alerts from the National Weather Service, along with shelter and disaster recovery info.
        • Key features: Weather alerts, shelter locator, and preparedness resources.
        • Available on:iOS | Android
        MyRadar Weather Radar
        • What it does: Offers real-time, animated radar for tracking severe weather and storms.
        • Key features: Live radar, storm tracking, and severe weather alerts.
        • Available on:iOS | Android
        Clime: NOAA Weather Radar
        • What it does: Delivers real-time radar and weather updates, with wildfire and flood tracking.
        • Key features: Customizable weather alerts, disaster tracking.
        • Available on:iOS | Android
        American Red Cross Emergency App
        • What it does: Provides real-time alerts for over 35 types of emergencies, plus disaster preparedness tips.
        • Key features: Alerts, safety check-ins, and emergency tips.
        • Available on:iOS | Android
        My Earthquake Alerts & Feed
        • What it does: Sends real-time earthquake alerts, with maps and detailed data.
        • Key features: Earthquake alerts, customizable notifications, detailed maps.
        • Available on:iOS | Android
        Citizen
        • What it does: Delivers real-time alerts for emergencies, including natural disasters and crime near your location.
        • Key features: Safety alerts, live incident reports, and community updates.
        • Available on:iOS | Android

        Stay Connected with Loved Ones

        Image Source: Life360

        While social media apps like Facebook and X provide real-time updates, additional tools can help with communication and location sharing, ensuring you stay connected and safe.

        Nextdoor
        • What it does: Connects neighbors with real-time local updates on emergencies and community events.
        • Key features: Neighborhood alerts, local info, resource sharing.
        • Available on:iOS | Android
        WhatsApp
        • What it does: Enables secure messaging, location sharing, and video/voice calls with family and friends.
        • Key features: End-to-end encryption, location sharing, voice/video calls.
        • Available on:iOS | Android
        Zello Walkie Talkie
        • What it does: Turns your phone into a push-to-talk walkie-talkie for communication in low-signal areas.
        • Key features: Push-to-talk, works over Wi-Fi/data, group communication.
        • Available on:iOS | Android
        Glympse – Share Your Location
        • What it does: Lets users share real-time locations with family and friends without needing an account.
        • Key features: Location sharing, ETA updates, private tracking.
        • Available on:iOS | Android
        Life360
        • What it does: Tracks real-time location of family members and provides emergency SOS alerts.
        • Key features: Family location tracking, emergency alerts, crash detection.
        • Available on:iOS | Android

        Stay Mobile

        Image Source: PlugShare

        For navigating road closures and traffic during disasters, Google Maps and Waze are essential tools that offer real-time updates and alternate routes. Along with these go-to options, there are additional apps that can help you stay mobile when it matters most.

        GasBuddy
        • What it does: Locates nearby gas stations and provides real-time updates on fuel availability and prices.
        • Key features: Gas station locator, fuel prices, availability checks.
        • Available on:iOS | Android
        PlugShare
        • What it does: Provides a comprehensive map of public EV charging stations worldwide. It offers real-time availability, pricing, user reviews, and photos of charging stations, helping you find the best nearby options.
        • Key features: Real-time station availability, detailed station info, user reviews, and trip planning.
        • Available on:iOS | Android

        Traditional Preparedness Tips

        In addition to these tech apps, it’s crucial to prepare for natural disasters with traditional methods:

        • Build a disaster kit: Gather essential supplies like food, water, first aid supplies, and a flashlight.
        • Develop an evacuation plan: Determine where you will go and how you will get there in case of an emergency.
        • Keep emergency contacts handy: Make a list of important phone numbers.

        Maximize Battery Life and Data During Emergencies

        During disasters, power outages and increased network traffic can affect your device's battery life and data usage. Consider the following:

        • Keep your devices charged: Use portable or solar-powered chargers to extend battery life.
        • Conserve data: Use Wi-Fi hotspots when available to avoid excessive data charges.

        These apps are your go-to tools for staying informed, connected, and ready for anything in Los Angeles County. Whether you need real-time alerts, navigation assistance, or ways to keep in touch with loved ones, having these apps on hand can make all the difference when it matters most.

        Download the dot.LA App

        Luxurious Second Home Ownership without the Headache: How Pacaso is Changing the Landscape of Real Estate

        🔦 Spotlight

        Pacaso addresses the pain points of second home ownership, offering a luxurious, flexible, and financially sound alternative to traditional second homes and ultra-luxury hotels. Co-founded in 2020 by entrepreneur Austin Allison and former Zillow executive and prominent LA tech figure Spencer Rascoff, Pacaso, an unicorn startup, has redefined vacation home ownership with its unique co-ownership model. Rascoff's contributions to the LA tech scene extend beyond real estate; he also founded 75 & Sunny, an LA-based startup studio and venture fund, and co-founded dot.LA, an LA tech news and events company.

        LA residents adore Pacaso for its lush vacation destinations that also make for smart investments. Pacaso offers everything from serene weekend getaways in Aspen to sophisticated escapes in Paris. Each residence, valued between $200k to over $2M for 1/8th, boasts meticulous design, high-end furnishings, and premium amenities. Unlike traditional second home ownership, which involves high costs, maintenance, and underutilization, or ultra-luxury hotels, which lack the personal touch and investment potential, Pacaso's co-ownership model offers a superior solution. Co-owners enjoy the benefits of a high-end vacation home without the full financial burden and hassle of sole ownership, making it a smarter and more flexible choice for discerning buyers.


        Image Source: Pacaso

        Cabo, Mexico

        $822,000 (1/8th ownership)

        5 bds. l 5 ba. l 4,969 sq ft

        View Here


        Image Source: Pacaso

        Paris, France

        $600,000 (1/8th ownership)

        2 bds. l 2.5 ba. l 1,410 sq ft

        View Here


        Image Source: Pacaso

        Malibu, California

        $750,000 (1/8th ownership)

        3 bds. l 3 ba. l 1,880 sq ft

        View Here


        Image Source: Pacaso

        Park City, Utah

        $755,000 (1/8th ownership)

        4 bds. l 4.5 ba. l 2,584 sq ft

        View Here

        Head to Pacaso to learn more about its innovative co-ownership model that addresses the common challenges of second home ownership!


        🤝 Venture Deals

        LA Companies

        • Oak Essentials, the natural skincare brand founded by Jenni Kayne, has raised an undisclosed amount in Series A Funding from Silas Capital and Unilever Ventures. This investment will drive the brand’s expansion, focusing on product development, boosting marketing efforts, and expanding distribution channels. - learn more
        • Playhouse MD, an upcoming children’s healthcare platform that incorporates play to enhance health outcomes, has raised $4M in funding, according to a recent SEC filing. - learn more
        • FluidLogic, a high-performance hydration system provider, raised $15M in a Series A Extension led by Solyco Capital to support product development and innovation for adventure sports and outdoor endurance categories, with consumer products launching in early 2025. - learn more
        • Reflect Orbital, which uses in-space reflectors to direct sunlight to solar farms and large-scale lighting applications after sunset, has raised $6.5M in seed funding led by Sequoia Capital. The funding will help the company develop production vehicles and expand its team as it builds space-based energy infrastructure. - learn more

        LA Venture Funds
        • Smash Capital led a €20M Series B round into Vilnius-based Ovoko, an e-commerce platform for buying and selling used car parts across Europe, marking Smash Capital's first investment in Lithuania. The funds will support Ovoko's product development, market expansion, and team growth as it aims to dominate the European market for second-hand automotive components. - learn more
        • M13 led a $9M Series A Funding Round for Zenlytic, the world’s first self-serve business intelligence platform. - learn more



        LA Exits

        • Continuum Global Solutions’ healthcare vertical has been acquired by Everise, a customer service management company, enhancing Everise’s capabilities in pharmacy benefit management and expanding its growth prospects in the healthcare sector. - learn more
        • Radical Semiconductor, a company specializing in processing-in-memory technology, has been acquired by BTQ Technologies, a leader in post-quantum cryptography. This acquisition strengthens BTQ’s ability to secure data in the post-quantum era by integrating Radical Semiconductor's advanced technology portfolio. - learn more

        Download the dot.LA App

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