Tuesday, May 16, 2017

Bay Area Tech Wire - May 16

BAY AREA TECH WIRE -- May 16, 2017
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Palo Alto-Based Symphony Communication Services Raises $63 Million
o Redwood City-Based OpenGov Raises $30 Million in Third Round
Redwood City-Based WinView Raises $12 Million in Second Round
Los Gatos-Based GrandCanals Lands $4.8 Million in First Round
o San Francisco-Based Nexla Launches After Raising $3.5M in Seed Funding
Symantec Says it's Blocked 22 Million WannaCry Ransomware Attacks
o Briefly Noted:
Yahoo, SwiftStack, EY Entrepreneur Of The Year Finalists

> Job/Event/Marketplace Classified Listings (Full Listings Below Stories)

--Happy People and Bottom-Line Results: How Bankable Leaders Deliver Both
--Baird Global Technology Investment Banking

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o Palo Alto-Based Symphony Communication Services Raises $63 Million

Palo Alto, Calif. -- Symphony Communication Services, the Palo Alto-based developer of a cloud-based messaging and collaboration platform, said on Tuesday it has raised $63 million in a new round of funding, led by BNP Paribas. Several previous investors also participated in the round, which the company will use to accelerate expansion, drive growth in current and new markets and further develop its platform. Symphony, which now has raised $233 million since its inception in 2014, allows enterprise customers to securely communicate with internal and external teams, share documents and content, and conduct meetings with conferencing and screen-sharing. "We are thrilled to have the support of our new and existing investors as we accelerate global platform adoption," said founder and CEO David Gurle, in a statement. The company counts Google and several financial and venture capital firms among its investors.

o Redwood City-Based OpenGov Raises $30 Million in Third Round

Redwood City, Calif. -- OpenGov, a Redwood City-based developer of cloud software designed to help local and state governments improve their performance, said on Tuesday it has raised $30 million in its third round of funding, led by the Emerson Collective, the social impact organization established by Laurene Powell Jobs. The company, which now has raised more than $75 million since its inception in 2012, said it will use the latest proceeds to bolster engineering, sales and marketing activities. "This new investment will help us build more smart solutions for government, harnessing the power of technology to equip public officials with the tools they need to better serve and support their citizens," said co-founder and CEO Zac Bookman. Beginning with its initial software for financial transparency, OpenGov has built software designed to help solve complex government problems. The company now also has tools focused on budgeting, operational intelligence and reporting and open data. The company works with more than 1,500 governments across the U.S, including the state treasurer of Ohio; the city of Minneapolis; Maricopa County, Ariz.; and Washington, DC.

o Redwood City-Based WinView Raises $12 Million in Second Round

Redwood City, Calif. -- WinView, the Redwood City-based developer of a mobile app that lets sports fans compete for prizes by answering in-game questions during live televised sports, said it has raised $12 million in its second round of funding. Graham Holdings, Discovery Communications, Ted Leonsis' Monumental Sports & Entertainment and LionTree Partners took part in the round, which the company will use to further develop and market its app across a range of professional sports, including baseball, basketball and football. Available on iOS and Android, the free, ad-supported app allows users to play along in real time with live televised sports and compete to predict the plays on the field in order to win cash prizes. "[The app] fills a sports culture void by converting fans and TV viewers from spectators into play-along-live participants," said Executive Chairman Tom Rogers, the former chairman, president and CEO of TiVo. "These investments will enable us to take a significant step forward toward reaching our mobile, social and gaming business goals… We also will strive to be part of the in-stadium experience, enabling fans to predict plays from their seats." Launched in 2014, WinView previously raised $8 million. The company also maintains offices in New York.

o Los Gatos-Based GrandCanals Lands $4.8 Million in First Round

Los Gatos, Calif. -- GrandCanals, the Los Gatos-based developer of analytics-driven fulfillment software, said on Tuesday it has raised $4.8 million in its first round of funding, co-led by Cloud Apps Capital Partners and AllMobile Fund. The company said it will use the proceeds to drive adoption of its Fulfillment Intelligence Cloud with retailers and e-commerce companies. Built for direct-to-customer fulfillment, the software aims to improve fulfillment chains and meet rising customer expectations on delivery time, cost and convenience.

o San Francisco-Based Nexla Launches After Raising $3.5M in Seed Funding

San Francisco -- Nexla, the San Francisco-based developer of a data operations platform, said it has launched operations at TechCrunch Disrupt Startup Battlefield in New York after raising $3.5 million in seed funding. Blumberg Capital led the round, which also included participation from Storm Ventures, Engineering Capital and Correlation Ventures. Nexla said its platform, now in public beta, is designed to help companies like Instacart solve the challenges associated with data operations, allowing engineers to focus on other tasks, such as machine learning and advanced analytics. "Just as we are shifting away from painstakingly managing our servers to the simplicity of cloud computing principles, it is time to streamline data operations," said co-founder and CEO Saket Saurabh. "We need to simplify how we manage the flow of data so businesses can derive more value from data." Nexla plans to use the funding to grow its engineering, product management, sales and customer success teams at its San Francisco headquarters.

o Symantec Says it's Blocked 22 Million WannaCry Ransomware Attacks

Mountain View, Calif. -- Symantec, the Mountain View-based Internet security giant, said on Tuesday it so far has blocked nearly 22 million WannaCry infection attempts across 300,000 endpoints. The ransomware attacks, launched on Friday, have been targeting users in various countries by encrypting data files on infected computers and demanding users pay a $300 ransom in bitcoin to decrypt their files. The company has posted a webinar at the link below with details on the WannaCry ransomware threat and how customers can protect themselves.

o Briefly Noted:

(Sunnyvale, Calif.) Sunnyvale-based Yahoo said on Tuesday it plans to repurchase up to $3 billion in company stock through a modified "Dutch auction" self-tender offer. The company said the offer, set to expire on June 13, is aimed at providing liquidity to stockholders who will be forced to sell their shares as a result of the pending sale of Yahoo's operating business to Verizon Communications.

(San Francisco) San Francisco-based SwiftStack, a developer of software that lets users move workloads between private data centers and public clouds like Amazon or Google, on Tuesday named Pankaj Patel to its board of directors. Patel previously served as the executive vice president and chief development officer at Cisco Systems, and currently also serves on the boards of E8 Security, Versa Networks and Presidio.

(San Francisco) EY on Tuesday revealed more than two dozen finalists for its Entrepreneur Of The Year 2017 Awards in Northern California. Winners will be announced at an awards gala June 23 at The Fairmont in San Jose. The complete list of finalists, selected by an independent panel of judges, is at the link below.

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> Happy People and Bottom-Line Results: How Bankable Leaders Deliver Both

Why do I have a hard time getting my employees to listen? Why do I struggle to inspire and motivate them? How can I motivate my employees while driving strong financial results? Many of today's leaders ask themselves these same questions. Here, we share three tips to become more "bankable."


> Baird Commentary: How the IoT Revolution Is Driving Consolidation

In a recent commentary on the ever-evolving Internet of Things (IoT) revolution, Baird's senior technology bankers discuss how the proliferation of IoT-enabled software and services and ongoing industry consolidation. Today's sophisticated IoT software and systems not only connect disparate devices, they collect, verify and cleanse data -- diminishing the long-time challenge of cutting through "noise" inherent to data aggregation and facilitating in-depth analysis and application of the collected information into actionable intelligence. This IoT revolution is quickly catching up to its hype by transforming businesses across many sectors. The value of IoT technology has become imperative, and growing demand is fueling tremendous acquisition interest from a diverse range of buyers, pushing competition higher and accelerating consolidation in the space. Read Baird's insights into this rapidly evolving space and the related M&A activity: http://www.rwbaird.com/news/Unlocking-Intelligence 


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