Last week the Dallas-Fort Worth metro saw large movements in the tech sector that demonstrates why the area is an up-and-coming tech hub. From large funding rounds to Mark Cuban launching a new company, catch up on the latest. This is the Built In DFW weekly refresh.
BackBox secured $32M. The Tel Aviv-based company announced its latest funding round along with a new CEO, Andrew Kahl. With the fresh funding, BackBox will open a new headquarters in Dallas and building out its team. BlackBox, which creates security and automation software that helps companies with large computer networks backup data, will keep its research and development team in Tel Aviv, while the Dallas location will be its hub for customer support, marketing and engineering. [Built In DFW]
DFW Tech Quote of the Week
PepsiCo announced a Dallas digital hub. PepsiCo announced that it will open new digital hubs in Dallas and Barcelona, and expects to add 500 new digital and data jobs over the next three years — at least 150 of which will be based in Dallas. The Dallas hub will focus on developing global solutions for North American-based businesses and will also use AI to optimize manufacturing facilities. No timeline was given on when the hub will be operational. [Built In DFW]
Mark Cuban is launching an online pharmaceutical company. The Mark Cuban Cost Plus Drug Company is building an $11 million, 22,000-square-foot plant in Deep Ellum and is aiming to sell 100 common prescription medicines at a lower cost than traditional pharmacies. Cuban’s company seeks to cut out pharmacy-benefit management companies who, in recent years, have been incentivized to charge higher prices for prescription medications. [Dallas Innovates]