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Tag: Saab

Saab to spend $75 Million to expand in Grayling Michigan.

Saab to spend $75 Million to expand in Grayling Michigan.

October 15, 2024 Craig Etkin

Grayling, Michigan — According to state and local development sources, Saab plans to invest $75 Million to build out new space in Grayling. The company plans to occupy the new space in Grayling, on or…

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Spot AI, a leader in AI camera systems, today announced the launch of its Video AI Agents, marking a significant milestone in bringing agentic AI capabilities from the digital to the physical world. Video AI Agents help organizations instantly surface and resolve incidents across safety, security, and operations, delivering measurable ROI across manufacturing, education, retail, and auto services. In addition to the launch of its flagship product, Spot AI has secured $31 million in new equity funding, bringing the total raised to $93 million. The latest round saw new investor Qualcomm Ventures participate alongside existing investors Scale Venture Partners, StepStone Group, Redpoint Ventures, and Bessemer Venture Partners. The round also saw participation from GSBackers, MVP Ventures, and Cheyenne Ventures.

In a statement Rish Gupta, CEO of Spot AI said, “Eighty percent of our understanding of the world happens through eyes. That’s why we’re dedicated to helping our customers turn their video cameras into additional teammates.” “Our AI Agents see your physical space, use advanced AI to reason about what’s happening, and take actions in real-time. This funding allows us to push the boundaries of what’s possible and bring the power of AI from the screen to the physical spaces where we live and work.”

Spot AI today serves 1,000 customers across 17 industries, indexing more than twice the amount of video uploaded daily to YouTube, to make video data as accessible and actionable as any other type of data in industries facing safety risks, operational hurdles and productivity loss due to labor shortages and security breaches.

Source: http://www.intelligence360.io/ and https://intelligence360.news/

Armis, the cyber exposure management & security company, announced the close of a $200 million Series D round of investment, increasing its total company valuation to a new high of $4.2 billion. Armis’ latest funding round was led by both top-tier investors General Catalyst and Alkeon Capital, along with existing investors Brookfield Technology Partners and Georgian. The additional capital will enable Armis to continue with its 5 year strategy to build a multi-generational cybersecurity company, fuel strong organic product innovation and global go-to-market programs, while simultaneously taking advantage of game changing inorganic growth opportunities that may arise.

This new round of funding comes after Armis recently announced it had surpassed the 200 USD million in Annual Recurring Revenue (ARR) mark, growing ARR by an additional $100 million in less than 18 months. The company is targeting a future IPO, and building a multi-generational company with the next major milestones being reaching the $500 Million ARR milestone along the journey to $1 billion ARR and beyond.

Yevgeny Dibrov, CEO and Co-Founder of Armis, commented on the latest round of investments and the long-term potential they unlock: “My Co-founder Nadir Izrael and I are incredibly grateful for the support of General Catalyst and Alkeon Capital as well as Brookfield and Georgian. Their investment and belief in Armis’ future reflect the strength of our platform and the market need for a comprehensive Cyber Exposure Management platform – from asset management and Cyber Physical systems security to Remediation of vulnerabilities and issues from IT to cloud and the CI/CD pipeline. We remain confident that this is just the beginning for Armis, and we look forward to delivering on our vision of a safer digital world.”

Source: http://www.intelligence360.io/ and https://intelligence360.news/

Joby Aviation, a company developing electric air taxis for commercial passenger service, announced today the pricing of its underwritten public offering of 40 Million shares of common stock at a public offering price of $5.05 per share. All of the shares of common stock are being offered by Joby. In addition, Joby has granted the underwriters a 30-day option to purchase up to an additional 6 Million shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds from the offering, are expected to be $202 million. Joby currently intends to use the net proceeds that it will receive from the offering to fund its certification and manufacturing efforts, prepare for commercial operations and for general working capital and other general corporate purposes. The offering is expected to close on October 28, 2024, subject to satisfaction of customary closing conditions.

Joby became the first eVTOL company to receive airworthiness approval from the U.S Air Force in December 2020. Flying our aircraft on-base and having access to government testing facilities provides an opportunity to develop our operational capabilities in advance of commercial launch. In 2023 Joby Aviation launched production at their Pilot Production Plant in Marina, CA, with the first aircraft rolling off the line in June to begin flight testing. Today, Joby Aviation's team of more than 1,500 passionate engineers, experts, and leaders, are all focused on bringing our pioneering vision to life. The company is developing a world-class manufacturing facility in Marina, CA and have offices and workshops in Santa Cruz, San Carlos, Washington, D.C., and Munich, Germany.

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