## Google's Big Move: Acquiring Wiz for $23 Billion

Google, known for its dominance in search and consumer internet services, is on the verge of its largest acquisition ever – purchasing **Wiz**, a cybersecurity start-up based in New York, for an estimated **$23 billion**. This deal signifies Google's commitment to strengthening its **cloud-computing division**, which currently trails behind competitors like Amazon Web Services and Microsoft Azure.

**Why Wiz?** Wiz was last valued at **$12 billion**, and the acquisition would nearly double Google's previous largest purchase, Motorola Mobility in 2012. The deal comes amidst **increased antitrust scrutiny** from the Biden administration, which has taken a hard line against consolidation in tech and other industries. Google is already facing two separate antitrust cases – one targeting its search engine and another aiming to break up its digital advertising-technology business.

**A Strategic Move:** Despite potential regulatory hurdles, Google appears determined to acquire Wiz, highlighting the company's commitment to building a robust cloud-computing platform. It remains to be seen how regulators will react to this acquisition, but Google is clearly willing to fight for its place in the competitive cloud market.

The search giant’s negotiations to buy Wiz, a cybersecurity start-up, for $23 billion, come as the Biden administration has taken a hard line against consolidation in tech and other industries.

Google's $23 Billion Bet: A Cybersecurity Acquisition Amidst Antitrust Scrutiny

### The Birth of Mangomint
In **2017**, Daniel Lang, Dan Poineau, and Sandra Huber united to create **Mangomint**, a startup focused on providing comprehensive salon and spa operations software. Lang expressed their belief that existing software providers were misguided in developing their own booking platforms, akin to **OpenTable**. Instead, they aimed for an **all-in-one solution** that would handle appointment bookings and automate ongoing communications, from reminders to care instructions.

### Targeting the Right Market
Mangomint primarily serves **small and medium-sized businesses (SMBs)** employing at least five technicians, such as estheticians and nail technicians. Their software automates various tasks, including **client bookings** and promotional emails. The market for their services is projected to grow significantly, with estimates suggesting it could reach **$185 billion by 2030**.

### Impressive Growth Metrics
Lang reported that Mangomint has experienced **over 100% annual recurring revenue growth** and customer expansion for several years, with no signs of slowing down. The company has processed more than **$1 billion in transactions**, with notable clients like **Ouidad, OSEA, Shop Good**, and **Surya Spa**.

![Mangomint Software Flow](https://techcrunch.com/wp-content/uploads/2024/09/mt-flow-1254x785-2.png)
*Image Credits: Mangomint*

### Recent Funding Success
Recently, Mangomint announced a **$35 million Series B funding round** led by **Altos Ventures**, with participation from **Jason Lemkin’s SaaStr Fund**. After initially connecting with Lemkin through a **cold email**, Lang found himself in a productive conversation that quickly led to investment interest.

### The Future of Mangomint
With the new funding, Mangomint plans to hire additional talent and enhance its automation-driven features. They recently launched a new feature that sends tailored **SMS messages, internal notifications**, and **client reminders**, aiming to better engage and retain customers.

Lang emphasized their vision to innovate and provide **new marketing and communication tools** for salons, helping them to increase profitability.

Mangomint seeks to make it easier for spa and salon owners to run their businesses.

How a Simple Cold Email Led Mangomint to Secure $35 Million in Funding

## The EV Startup Landscape

The trend of **EV startups** merging with **SPACs** might seem to be fading, especially with many struggling or becoming **defunct**. However, **Thunder Power Holdings** is an exception, having gone public on the **Nasdaq** in June and is now looking to raise an impressive **$100 million** through a share sale deal.

## Legal Troubles for the CEO

Complicating matters, the company's CEO, **Wellen Sham**, has been indicted by the Taiwanese government on **11 criminal charges**. The legal issues stem from accusations related to **Electric Power Technology Limited**, another company where he serves as chairman. Notably, he owns **75% of Thunder Power’s stock** post-merger.

## Details of the Indictment

In documents filed with the **Securities and Exchange Commission (SEC)**, Thunder Power disclosed that Sham faces allegations of using resources from **Electric Power** for company seminars and issuing misleading press releases. Following these charges, the **Securities Investor and Futures Trader Protection Center** in Taiwan has requested his dismissal from the chairman position at Electric Power. Sham maintains his innocence but has not commented further on the situation.

## Company Background

Founded in **2015**, Thunder Power has been on the radar since its appearance at the **Frankfurt Motor Show**. Despite claims of moving past the concept phase, the company admitted in its initial S-4 filing that it **has not produced a single electric vehicle**. As of May this year, only prototypes exist, built by an affiliate in China.

## Financial Struggles

Since its inception, Thunder Power has reported losses exceeding **$35 million** and claims to have **no revenue**, with just **$921,349** in cash as of June 30, 2024. Recently, they entered a financial arrangement with **Westwood Capital Group LLC**, allowing the sale of up to **$100 million** in shares, although they face strict conditions regarding share prices.

Currently, Thunder Power's shares are trading at under **$0.50**, raising questions about the feasibility of their fundraising efforts in light of ongoing legal issues and financial instability.

It's tempting to think the trend of EV startups merging with special purpose acquisition companies (SPACs) to go public has ended, seeing how many of them

Thunder Power: The EV Startup with a Scandalous CEO Aiming to Raise $100 Million Amidst Legal Troubles

### Salesforce's Acquisition of Own Co.

Salesforce has announced its plan to acquire **Own Co.** for a staggering **$1.9 billion in cash**. This startup specializes in **data backup tools** for cloud-based applications. The deal is expected to close in the **first quarter of 2025**, pending regulatory approval.

![Marc Benioff at Dreamforce 2023](https://image.cnbcfm.com/api/v1/image/108026896-17248871104ED3-MM-B-BLOCK-082824.jpg?v=1724887109&w=750&h=422&vtcrop=y)

### Background on Own Co.

Previously known as **OwnBackup**, the startup was valued at **$3.35 billion** during a **2021 funding round**, which saw participation from **Salesforce Ventures**. This acquisition marks a notable return to significant deals for Salesforce, especially after a period of cautious spending following feedback from activist investors regarding profitability.

### Changing Landscape for Software Companies

The decline in Own's valuation reflects the broader trend affecting software companies. Following a surge in cloud software adoption during the pandemic, interest from investors has waned. Central banks' efforts to combat inflation have prompted a shift in focus towards profitability, impacting single-product companies and startups.

### Expansion Plans

While Own has primarily focused on Salesforce clients, the startup aimed to diversify by partnering with **Microsoft Dynamics** and **ServiceNow**. Salesforce's recent acquisitions also include smaller firms like **PredictSpring** and **Tenyx**, indicating a strategic push to bolster its offerings.

### Financial Implications

Salesforce assures that the acquisition of Own will not hinder its shareholder return initiatives, with expectations that it will enhance free cash flow starting in the second year post-acquisition. CEO **Marc Benioff** emphasized a commitment to ensuring that future acquisitions are beneficial and align with the company's strategic goals.

### Looking Ahead

As Salesforce navigates the acquisition landscape, it remains focused on balancing organic and inorganic growth while maintaining its commitment to profitability and customer satisfaction.

Salesforce's deal machine is clearly working again, following announcements about small acquisitions such as PredictSpring and Tenyx.

Salesforce's Bold Move: Acquiring Own for $1.9 Billion – What This Means for the Cloud Market

### Overview
A Texas-based startup, **Xockets**, is making headlines by suing **Nvidia** and **Microsoft**, alleging **patent infringement** related to its innovative **data processing unit (DPU)** technology. The lawsuit claims that these tech giants are part of an illegal buying cartel that aims to manipulate prices of AI technology.

### The Allegations
Xockets, which is backed by notable figures like the cofounder of Yahoo and the CTO of Intel, claims that Nvidia has infringed on its patents following its acquisition of **Mellanox** in 2020. Xockets argues that Mellanox initially violated its patents after Xockets showcased its DPU technology at a conference in **2015**. The startup specifically points to three of Nvidia’s DPUs — **BlueField**, **ConnectX**, and **NVLink Switch** — alleging they are based on its patented technology.

### Microsoft’s Involvement
Furthermore, Xockets accuses **Microsoft** of benefiting from Nvidia’s infringement as a customer, having **privileged access** to infringing GPU-enabled server systems designed for AI applications. Xockets claims that Nvidia's approach to infringement is a strategy of **“efficient infringement,”** which implies that the company infringes on patents while relying on legal defenses to address the consequences later.

### The Cartel Claims
In addition to the patent issues, Xockets alleges that Nvidia and Microsoft are part of a **buying cartel** through an organization called **RPX**. This cartel, according to Xockets, was created to allow major tech companies to collectively suppress innovation and keep prices low, effectively monopolizing the market for **GPU-enabled generative AI technologies**.

### Legal Actions and Future Prospects
Xockets is seeking damages and an order to prevent Nvidia and Microsoft from continuing their alleged violations of patent and antitrust laws. Despite facing two of the largest companies in the tech industry, Xockets believes it has the resources to pursue this legal battle. Investor and board member **Robert Cote**, an IP lawyer, expressed confidence in Xockets' position against these corporate giants.

### Notable Individuals
**Parin Dalal**, a board member of Xockets, is currently a principal engineer at **Google**. However, Google does not have an official role in this litigation. Both Nvidia and Google have declined to comment on the lawsuit, while Microsoft and RPX have yet to respond to inquiries.

Texas-based Xockets says Nvidia and Microsoft are infringing on its patents for data processing unit technology and forming an illegal buying cartel.

Texas Startup Xockets Takes on Nvidia and Microsoft in Patent Infringement Lawsuit

### Major Funding Milestone 
 AI startup **Safe Superintelligence** has successfully raised a staggering **$1 billion** in its latest funding round. This significant investment marks a pivotal moment in the AI industry, showcasing investor confidence in the potential of advanced AI technologies.

### What This Means for AI Development 
 The influx of capital will enable Safe Superintelligence to accelerate its development processes and expand its innovative capabilities. Investors are particularly interested in how this startup plans to address the challenges and ethical considerations surrounding **artificial intelligence**.

### Industry Impact 
 This funding round not only highlights the growing interest in AI startups but also sets a precedent for future investments in the sector. As more companies seek to harness the power of AI, the landscape of technology is poised for a transformative shift.

![AI Technology](https://example.com/ai-technology-image.jpg) 

Stay tuned for more updates on how Safe Superintelligence will utilize this funding to revolutionize the AI space. 


Comprehensive up-to-date news coverage, aggregated from sources all over the world by Google News.

Groundbreaking $1 Billion Funding for AI Startup Safe Superintelligence

### Get Ready for TechCrunch Disrupt 2024

The **TechCrunch Disrupt 2024** event is just around the corner, taking place from **October 28-30** at **Moscone West in San Francisco**. We are excited to unveil the **200 startups** selected for this year's **Startup Battlefield 200 (SB 200)** cohort. 

### The Selection Process

The editorial team at TechCrunch meticulously reviewed thousands of applications, ultimately narrowing it down to this impressive group of companies. This process highlighted the **creativity, innovation, and talent** thriving within the startup ecosystem, and we can’t wait for you to explore the [**Startup Battlefield 200 listings**](https://techcrunch.com/startup-battlefield/company/?status=all&amp;pg=1&amp;event=2725895).

### Categories of Innovation

These **200 startups** represent groundbreaking innovations across various categories:
- **SaaS, Enterprise, and Productivity**
- **Healthtech and Biotech**
- **Hardware, Robotics, and IoT**
- **Fintech and Edtech**
- **Security, Privacy, and Social Networking**
- **Sustainability, Mobility, and Logistics**

### VIP Experience for Startups

Each startup is granted a **free VIP experience**, which includes:
- Master classes on startup building and management
- Pitch deck teardowns
- Exclusive receptions
- Access to investors and international media

These startups will be the only early-stage companies exhibiting at **Disrupt 2024**, featured prominently on the expo floor throughout the event.

### Join the Esteemed Alumni

The SB 200 cohort joins an elite network of over **1,300 Startup Battlefield alumni**, which includes notable names like **Cloudflare**, **Dropbox**, **Getaround**, and **Discord**.

### The Battlefield Competition

Among the **200 companies**, **20** will be chosen to pitch on the **Disrupt stage** in front of thousands of attendees, competing for a **$100,000 equity-free prize** and the coveted **Disrupt Cup**. The announcement of these companies will occur on the first day of the conference, while the remaining 180 will showcase their pitches on the **Pitch Showcase Stage** in the Expo Hall.

### Don’t Miss Out!

Join us at **Disrupt 2024**, where the future of tech unfolds. Engage with a vibrant community of over **10,000 startup and VC leaders** ready to reshape the industry. [**Secure your Disrupt 2024 pass now**](https://techcrunch.com/events/tc-disrupt-2024/tickets/?promo=post_sb200announcement_09052024&amp;utm_campaign=disrupt2024&amp;utm_content=post_sb200announcement_09052024&amp;utm_medium=post&amp;utm_source=tc) to meet the groundbreaking startups competing in **Startup Battlefield 200**.

Announcing the top 200 startups that'll compete in Startup Battlefield 200 at TechCrunch Disrupt 2024 in San Francisco from October 29-30.

Meet the 200 Innovative Startups Competing in TechCrunch Disrupt 2024's Battlefield

### A Shift in Venture Capital Approaches
A small but vocal group of investors is emerging, forming new funds and adopting innovative strategies to counteract the overwhelming influx of capital into venture capital. This movement is led by individuals like **Nick Chirls**, who recently disbanded his firm, **Notation Capital**, after nearly a decade, feeling disillusioned by the industry's shift towards massive funds and impersonal investments.

### The New Venture: Asylum Ventures
Chirls has launched **Asylum Ventures**, a **$55 million** venture fund focused on investing in very young tech companies. Unlike traditional firms that chase large funding rounds, Asylum aims to make **only four or five investments per year** over extended periods, targeting startups that require modest amounts of funding, as low as **$500,000**. This approach is designed to foster deeper relationships with startups and encourage sustainable growth.

### The Landscape of Venture Capital Today
The venture capital landscape has dramatically changed, ballooning from **$297 billion** in 2013 to **$1.1 trillion** last year. The rapid expansion has led to a focus on backing riskier startups with minimal diligence. Chirls critiques this trend, stating it has stripped the tech industry of its unique qualities. He draws inspiration from **A24**, the independent film studio known for nurturing unconventional projects, and emphasizes the need for a return to supporting smaller, innovative ideas.

### A Call for Sustainable Investment
Other investors, like **Bryce Roberts** from **Indie.vc**, support this shift towards prioritizing sustainable business models over sheer capital accumulation. Firms like **Terrain** are also advocating for founders to explore alternative growth strategies that diverge from the traditional startup funding path.

### The Future of Asylum Ventures
With a track record of successful investments, including companies like **Bison Trails** and **Parsec Cloud**, Chirls believes that this new venture model will resonate well with limited partners who are eager to support more intimate and thoughtful investment strategies. Asylum Ventures is committed to redefining success in the startup ecosystem by focusing on quality over quantity in their investments.

A small but vocal group is forming new funds and taking new approaches to counter the swell of money into venture capital in recent years.

Google's $23 Billion Bet: A Cybersecurity Acquisition Amidst Antitrust Scrutiny

Summary:

Google's Big Move: Acquiring Wiz for $23 Billion

Comments

Other Latest News

How a Simple Cold Email Led Mangomint to Secure $35 Million in Funding

Thunder Power: The EV Startup with a Scandalous CEO Aiming to Raise $100 Million Amidst Legal Troubles

Salesforce's Bold Move: Acquiring Own for $1.9 Billion – What This Means for the Cloud Market

Texas Startup Xockets Takes on Nvidia and Microsoft in Patent Infringement Lawsuit

Groundbreaking $1 Billion Funding for AI Startup Safe Superintelligence

Meet the 200 Innovative Startups Competing in TechCrunch Disrupt 2024's Battlefield

The New Wave of Start-Up Investors Challenging the Venture Capital Norms

Other Latest News

How a Simple Cold Email Led Mangomint to Secure $35 Million in Funding

Thunder Power: The EV Startup with a Scandalous CEO Aiming to Raise $100 Million Amidst Legal Troubles

Salesforce's Bold Move: Acquiring Own for $1.9 Billion – What This Means for the Cloud Market

Texas Startup Xockets Takes on Nvidia and Microsoft in Patent Infringement Lawsuit

Groundbreaking $1 Billion Funding for AI Startup Safe Superintelligence

Meet the 200 Innovative Startups Competing in TechCrunch Disrupt 2024's Battlefield

The New Wave of Start-Up Investors Challenging the Venture Capital Norms