Funding
- FTX crypto fraud victims are getting their initial dollar equivalent back plus interest, totaling between $145 billion and $16.3 billion in cash.
- A May Health, a startup providing in-person comprehensive mental healthcare services, has raised a $15 million Series A led by Quiet Capital and Tunch.
- Hyundai has invested $1 billion in Motional, an autonomous vehicle startup, to keep it afloat after its former partner Aptive backed out of the joint venture.
Autonomous Vehicles
- Motional is ceasing all commercial operations, including ride-hailing services and partnerships with Uber and Uber Eats, and pushing back its plans to launch a fully driverless service to 2026.
- Companies are delaying the launch of autonomous vehicles due to high costs and technological challenges.
- Hyundai, which owns Boston Dynamics, is focusing on core technology and robotics rather than commercializing autonomous vehicles.
- Lucid Bots, a North Carolina-based company, has shifted from developing drones for cleaning windows to creating robots for industrial applications such as pressure washing.
- Autonomous vehicle startups that went bust are reimagining their focus on industrial applications, which are more profitable.
Fintech
- Mercury, a startup bank, is expanding into personal banking and launching software for business banking accounts, competing with companies like Brex and Ramp.
- Mercury, a startup bank, is introducing a subscription fee for customers who use their software, ranging from $35 to $350 per month.
- B2B fintech companies are expanding into bill pay and offering more accounts to increase deposits and money flow through their platforms.
- Mercury claims to have over 200,000 customers sending $4 billion in outgoing payments monthly and is looking to maintain competitiveness through pricing or additional services.
Mergers and Acquisitions
- Recent M&A activity includes DocuSign acquiring Lexian, Samsung acquiring Sonio, and Amai acquiring Noname.
- The Noname deal is notable as it sold for less than half of its valuation in late 2021, reflecting the correction of exuberant valuations during that period.
- DocuSign's acquisition of Lexian for $165 million is seen as a strategic move to diversify its offerings and integrate contract workflow automation with its e-signature platform.
Equity Podcast
- Alex Wilhelm, a long-time host of the Equity podcast, is leaving TechCrunch and will no longer be part of the show.
- Becca Scac, the host of the sister show Found, will be taking over as the host of Equity.
- Equity will be back with a new episode on Monday.
