Ground breaks on Seaport building for Ginkgo Bioworks


Software firm Immuta raises $100m, becomes Boston’s newest unicorn

Software company Immuta became Boston’s newest unicorn Wednesday, reaching a valuation of more than $1 billion. The firm said it raised more than $100 million, bringing its total funding to $267 million. Chief executive Matt Carroll said the company now has $200 million in cash on hand, which it will use to fuel a series of acquisitions. As more businesses move their data to the cloud, they face the challenge of providing access to that information in a way that is secure and in compliance with local privacy regulations. Founded in 2015, Immuta’s software helps companies solve that problem by enforcing data policies at scale. “Data security isn’t just about protecting the data, but who accesses the data and for what purpose,” Carroll said. Immuta’s software works with various cloud computing services, including Snowflake, Amazon, Google, and Starburst. Its customers include startups and major corporations across several industries, including financial services and life sciences. The funding was led by NightDragon and includes the venture arm of data cloud firm Snowflake. Immuta doubled its headcount last year and now has about 250 employees. It plans to hire an additional 75 people before the end of the year. About a quarter of Immuta’s employees are based in the Seaport District, a number that is expected to grow, Carroll said. ― ANISSA GARDIZY


US advances probe of Teslas running into emergency vehicles

A US investigation into Teslas operating on partially automated driving systems that have crashed into parked emergency vehicles has moved a step closer to a recall. The National Highway Traffic Safety Administration said Thursday that it is upgrading the probe to an engineering analysis, another sign of increased scrutiny of the electric vehicle maker and automated systems that perform at least some driving tasks. An engineering analysis is the final stage of an investigation, and in most cases, NHTSA decides within a year if there should be a recall or the probe should be closed. The agency said it has reports of 14 crashes into emergency vehicles with 15 injuries and one death. Tesla reported two more crashes to the agency, in California and South Carolina. The probe now covers 830,000 vehicles, almost everything that Austin, Texas-based Tesla has sold in the United States since the start of the 2014 model year. The agency says the investigation will evaluate additional data and vehicle performance and “explore the degree to which Autopilot and associated Tesla systems may exacerbate human factors or behavioral safety risks undermining the effectiveness of the driver’s supervision.” ― ASSOCIATED PRESS


Volkswagen plans to sell its first electric cars in India next year

Volkswagen AG is looking to sell its first electric car, the ID.4 sports utility vehicle, in India in limited quantities next year as the South Asian nation pushes for faster adoption of cleaner vehicles. The German carmaker will begin testing the ID.4 around September for its technical capabilities and if any adaptations are needed for local weather conditions, Ashish Gupta, brand director at Volkswagen’s passenger cars division in India, said in an interview Thursday. Once the testing is over, the company will import a limited number of the electric car next year, he said. Since the Indian government allows automakers to import only 2,500 cars without homologation, Volkswagen will bring its global electric portfolio into the country within that limit to test the market, Gupta said. While it would like to import all 2,500 units, the availability of vehicles is a concern worldwide due to worsening supply chain constraints, he said. Volkswagen is expecting to start local assembly of its electric cars in India around 2025 or 2027, Gupta said. ― BLOOMBERG NEWS


State Street makes it official: No deal to acquire Credit Suisse in the works

State Street Corp. said it’s not pursuing any acquisition or business combination with Credit Suisse Group AG, a day after a Swiss blog reported that it could make a bid for the Zurich-based bank.“There is no basis to the continuing market rumors,” Boston-based State Street said Thursday in an e-mailed statement. “Although we have a long-standing company policy of not commenting on such speculation, we feel a response to these reports is now warranted in this instance.” Wednesday’s report by Inside Paradeplatz, and a subsequent State Street statement that didn’t directly address the possible merger talks, caused the firm’s stock to tumble. Credit Suisse spent much of the past 18 months struggling to emerge from two major problems: the collapse of Bill Hwang’s family office, Archegos Capital Management, and Greensill Capital. Shares of the Swiss firm have lost almost three-quarters of their value over the past eight years, the worst decline among major European banks. ― BLOOMBERG NEWS


UK tweaks Northern Ireland bill as EU readies legal move in response

The UK is making last-minute tweaks to planned legislation to override a portion of its Brexit deal, as the European Union prepares to relaunch legal proceedings as part of the bloc’s response to the move. The EU has drawn up a draft statement to follow a UK move, emphasizing a calm response and reiterating the need to return to negotiations, while reminding the UK that their trade agreement is predicated on the Brexit accord, according to people familiar with the issue. The draft, which is subject to change, has been prepared by the European Commission, the EU’s executive arm, ahead of London presenting a planned bill designed to give ministers the power to unilaterally rewrite post-Brexit rules governing Northern Ireland, said the people who declined to be named on confidential preparations. Prime Minister Boris Johnson plans to press ahead with the legislation as early as Monday, according to another person, with the hope the bill will pass through the UK’s lower House of Commons before Parliament breaks at the end of July. Johnson’s government has long been pushing to rewrite the Northern Ireland protocol, which keeps the area in the EU’s single market while creating a customs border with the rest of the UK. ― BLOOMBERG NEWS

Source link

Leave a Comment

Your email address will not be published. Required fields are marked *