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Andrew Ng's latest AI project: a $175 million fund
Investors include NEA, Sequoia, Greylock Partners, and SoftBank
Benchmark Capital's lawsuit against Travis Kalanick is over
SoftBank deal paved the path for dismissal.
How the ride-hail companies are all connected
It's a hyper-competitive industry in which rivals are often partners.
Travis Kalanick offered to sell half his Uber shares
He'll finally become the billionaire he's often reported to be.
Report: Weinstein Co. could sell for less than $500 million
The Weinstein Co. film studio, founded by disgraced Hollywood producer Harvey Weinstein
Private equity buys into subprime lender OneMain
Apollo and Varde are buying a 40% stake from Fortress.
China's Didi Chuxing acquires Brazilian ride-hailing company 99
And with this, it's back to competing with old rival Uber.
SoftBank agrees to buy large stake in Uber
Uber will also get a $1 billion investment from SoftBank at the $70 billion valuation.
Sequoia Capital is talking about a $5 billion fund
It would be the Silicon Valley-based firm's largest-ever raise.
Lemonade raises $120 million round, led by SoftBank
Real estate insurer now worth more than $500 million.
Tech IPOs faced unexpected headwinds in 2017
Top tech startups found even more ways to put off traditional IPOs.
Uber inks deal with Singapore's largest taxi operator
Uber has agreed to sell a majority stake in its Singapore rental car business.
Current Uber employees have restriction on stock sales to SoftBank
Deadline to tender is December 28.
Uber deal reflects SoftBank's growing power in Silicon Valley
Venture firms do not want to cross Masa Son.
SoftBank's ride-hail ambitions turn to India
It's reportedly in talks to up its stake in Indian ride-hailing company Ola.
SoftBank to up its Sprint stake in wake of failed T-Mobile deal
The Japanese conglomerate says that the No. 4 U.S. carrier is a strategic part of tis future.
How the T-Mobile-Sprint deal died
Softbank chief Masayoshi Son turned down a revised offer at a dinner in Tokyo last night, according to a source
T-Mobile, Sprint break off merger talks
The two companies said they have ended discussions after being unable to come to a satisfactory deal.
SoftBank asks Uber shareholders to keep quiet
It's an "anti-collusion clause" or a "gag order," depending on your point of view.
SoftBank wants to become a major AI player
Masayoshi Son has tapped a $93 billion investment fund for the "singularity."
Abu Dhabi's Mubadala sets up VC shop in Silicon Valley
$400 million VC fund launched, in partnership with SoftBank.
WeWork founder says we've lost community
The office leasing company partners with biographer Walter Isaacson
Indian Uber rival Ola is raising more than $2 billion
It has already closed $1.1 billion of the Tencent-led funding round.
Travis Kalanick fills two remaining Uber board seats
But the arbitration with Benchmark Capital is ongoing.
Top quotes from Bloomberg Global Business Forum
Top lines from Mike Bloomberg, Bill Clinton, Emmanuel Macron, Justin Trudeau and more.
Self-driving car startup Zoox talks funding with SoftBank
Deal could value Zoox at upwards of $4 billion.
Mastercard is WeWork's newest enterprise customer
The two companies have inked a deal that will include testing new payments technology and mentoring select startups.
Meet Uber's newly chosen CEO
Uber's board has handed the keys to Iranian-born Dara Khosrowshahi, Expedia's CEO and a Barry Diller protégé.
SoftBank invests $3 billion into WeWork
Combined with previously announced funds for international expansion, SoftBank's investment reaches $4.4 billion.
Uber ponders new investment as board battle rages
Such a deal could create as many problems as it solves.
The Uber situation has somehow devolved even further
Uber's board is looking at 3 investors offering to buy its shares.
Charter Communications has yet another suitor
Altice is sniffing around what could be a $200 billion deal.
SoftBank says it's interested in investing in Uber or Lyft
Confirming earlier reports of its interest in Uber.
WeWork invests $500 million to grow in Southeast Asia and Korea
The company is in the midst of an aggressive expansion in Asia.
The SoftBank Group has finally made a good tech investment around real estate.
After investing $4.4 billion in what is essentially a bespoke office space rental business (WeWork) and another $450 million in Zillow for rich people (Compass), the gargantuan Japanese tech investor is leading a $120 million round of funding for Lemonade, a startup providing renters and homeowners insurance.
Additional investors in the round include previous backers Alphabet’s investment firm, GV, General Catalyst and Sequoia Capital.
Insurance is a pretty tricky business that depends on a lot of data science to right-size coverage — and Lemonade is one of the first completely new entrants in the market to design a soup-to-nuts insurance business for the smartphone era.
Much of what the company does is automated by chatbots or managed by algorithmically enhanced policy management tools (I hesitate to say AI-enabled, because these things aren’t intelligent, they just process data well).
That can help keep costs down for the company, but Lemonade also depends on a business model innovation that purports to keep its customers more honest when filing claims. When they enroll, policyholders all select a charity through the app to which they will donate a portion of their unspent premiums at the end of a term.
The idea is that users won’t file unnecessary claims if they know that the money isn’t just going to be kept by a faceless corporate entity and will, instead, support a cause they care about.
The company said that it would use the money to become the first consumer-facing insurer to expand internationally and also would be launching new coverage products for its customers in 2018. One area where it won’t be adding policies is in auto insurance, which, according to chief executive Daniel Schreiber, was facing too much headwind despite its size to be interesting to a new insurance company.
Lemonade already covers 90,000 policyholders for policies worth tens of billions of dollars, said Schreiber.
Several other startups are making the jump to the formerly staid and sleepy insurance business. Trōv, Cover, Hippo and Swyfft all offer services to make insuring possessions or property faster and easier.
“By combining big data and AI with a seamless user experience, Lemonade is truly revolutionizing the insurance industry,” said David Thevenon, a senior investment professional within the SoftBank Group, in a statement.
A spokesperson for SoftBank said the firm was passing on most inquiries until it closes its fund and that its investment professional responsible for the deal was traveling and would not be available for comment.