Hyperloop technology expected to be worth $6B by 2026
For some time now, it’s been clear that Hyperloop technology has limitless potential. Whether it be the massive investments made in companies like Hyperloop One or the deals they have struck with countries in the Middle East to completely revolutionize the region’s transportation, Hyperloop technology is a big deal. This week, a report from India was able to put a number on just how big of a deal: $6.34 billion. That's what Components suggests the market will be worth by the year 2026. [Press Release]
LA Cleantech Incubator gets $5M to launch new program
LA Cleantech Incubator, a program headquartered in DTLA, has received $5 million to fund a brand new initiative, titled Energize California. The money comes from the California Energy Commission, and will go toward supporting entrepreneurs and new technologies that could fight the battle against climate change and help make existing technologies more sustainable. [LA Biz]
FoxNet acquires mobile game developer AfterShock
FoxNext, the video game and theme park division of Fox Entertainment Group, acquired Aftershock, the mobile game studio representing the former assets of mobile game publisher Kabam that were not sold to Netmarble. The acquisition represents the end of Kabam’s sale process, which saw the company split itself into different parts and selling each component off separately. [Venture Beat]
California, China sign pact to fight climate change
Following the news that the U.S. would be leaving the Paris Accord, California has decided to take matters into its own hands. This week, Governor Jerry Brown signed an agreement to work with China to lower greenhouse gas emissions by expanding cooperation between China and California. [The Hill]
LA advertising and marketing startups honored
The seventh annual IDEA Awards, an award show run by ThinkLA, announced the winners of a number of media, marketing and advertising awards recently. West Adams-based Omaze took home the award for startup of the year, among other winners. [The Drum]
Oculus found allegedly working on border security startup
Poised to take advantage of the plans from the President of the United States to build some sort of wall on the U.S.-Mexican border is none other than Oculus Rift co-founder Palmer Luckey, according to the LA Times. Luckey, who started working on Oculus in his parents' garage in Long Beach was a vocal supporter of the president during his election campaign and raised thousands of dollars to an organization dedicated to his campaign. [LA Times]
Fundings of the week
Zenlayer, $10 million
Investors: F&G Venture, with participation from NSFOCUS and other investors.
Diamond Bar-based enterprise software developer Zenlayer had some exciting news to share recently. The company, which builds global networking infrastructures that connect users, closed its $10 million Series A. In addition to the company's Diamond Bar headquarters, the company also has offices in Shanghai, Beijing, Shenzhen, Hong Kong and Singapore. [Zenlayer]
Open Listings, $5 million
Investors: Undisclosed
According to a regulatory filing, LA-based real estate startup Open Listings raised $5 million to bring the company's marketplace to more users. The platform allows users to make offers on homes without using a traditional real estate agent. [SoCal Tech]
Images via social media and Shutterstock.
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