Business news 11.09-17.09

A cybersecurity business in Seattle founded by a former Amazon lead engineer receives $3.5 million

Software firm Strac raised $3.5 million to develop technology that integrates with a company’s website or mobile app to protect critical consumer data.

Aatish Mandelecha, a former chief engineer at Amazon where he spent 11 years and contributed to the development of its payments system, started the Bellevue, Washington-based firm in 2021. Hans Hermans and Peter Hu, the company’s original engineers, also worked for Amazon. Strac, which has fewer than 10 people, was a member of the Winter 2022 cohort of Y Combinator.

With a 28 percent internal valuation reduction, Stripe is the most recent fintech to struggle

As the market slump starts to hammer the fintech sector particularly hard, Stripe is the most well-known fintech business to endure a big valuation fall. The payments processor’s internal share value has decreased by 28% since it was last valued at $95 billion, sources told the Wall Street Journal.

Stori, a Mexican finance business, raises $50 million in equity, becoming a unicorn

Stori raised an extra $50 million in equity at a $1.2 billion valuation. It provides credit cards to underprivileged areas in Mexico. Additionally, $100 million in loan financing has been arranged. In addition to participation from other current and new investors, such as Lightspeed Venture Partners, General Catalyst, Vision Plus Capital, Goodwater Capital, and Tresalia Capital, the equity portion of the deal was co-led by BAI Capital, GIC, and GGV Capital.

One Medical will be purchased by Amazon for $3.9 billion

Today marks a significant advancement for Amazon’s interest in the healthcare sector and its position as a major player there. The business recently revealed its plans to acquire One Medical, a primary care organization that uses in-person, online, and virtual interactions in its services. When One Medical went public in 2020, Amazon said that it will acquire the business for $18 per share, which would give it an enterprise value of $3.9 billion.

Ford increases battery capacity and LFP chemistry to grow its international EV business

The automaker said it wants to increase battery capacity, shorten its supply chain, and employ lithium iron phosphate (LFP) batteries for certain of its EVs. The automaker is investing $50 billion to scale its battery-electric portfolio through 2026. Automakers vying for market share in the expanding EV category are increasingly using LFP batteries since they are a less expensive cell chemistry.

Tesla sold over 75% of its Bitcoin holdings

It appears that Elon Musk is not attempting to hoard Tesla’s bitcoin during a crypto winter.

The electric car manufacturer disclosed during its Q2 earnings report that 75% of its Bitcoin assets were liquidated this quarter. For $963 million, the business sold the coins.

According to Tesla, its remaining “digital assets” are worth $218 million.


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