Daimler to cut out suppliers to fund software hiring spree

Daimler will cut out traditional parts makers in order to fund a software development push that will involve hiring thousands of coders to build an operating system that rivals Tesla’s.

The Mercedes-Benz owner would buy fewer electronic components and “replace supplier development costs with personnel, building and computing costs”, Ola Kallenius, the company’s chief executive, told the Financial Times.

“Down the road, once we have gotten farther in this endeavour, I believe we could actually operate at a lower fixed cost level,” the Swedish boss added.

We will pay less money to suppliers and then employ people in other places.

The German group, which is in the middle of a painful restructuring as it struggles to pay for a late foray into electric vehicles, wants to own more of the complex technology that powers modern cars.

“We want to have one comprehensive operating system that goes from our

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How the chief of Cigna’s $250 million fund judges healthcare founders

  • Tom Richards, head of Cigna’s global business development, shared his criteria for healthcare bets with Business Insider. 
  • Cigna likes to bet on companies that are tackling specific problems that Cigna is also facing. As a huge health plan, it’s often a customer to the same vendors it bets on.
  • When it comes to the leadership team, Richards puts a premium on flexibility such as how they’ll respond to customer needs and change the solution accordingly. 
  • Visit Business Insider’s homepage for more stories.

Tom Richards, Cigna’s global head of business development, oversees the health plan’s $250 million venture fund for bets on up-and-coming startups. 

Richards has led the health plan’s strategy and M&A since 2013, according to his LinkedIn, though Cigna Ventures recently launched in 2018. Over the years, he’s developed a checklist for evaluating companies, including their founders and leadership teams. 

Fueled by the need to stay home, startups that

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Guggenheim Fund Reserves Right to Put Up to 10% in Bitcoin Trust

(Bloomberg) — Count Guggenheim Partners LLC among those institutional investors casting an eye on cryptocurrencies.

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Guggenheim is reserving the right for its $5.3 billion Macro Opportunities Fund — which aims for total return via fixed income and other debt and equity securities — to invest in the Grayscale Bitcoin Trust. The trust’s shares are solely invested in Bitcoin, and track the digital asset’s price less fees and expenses.

“The Guggenheim Macro Opportunities Fund may seek investment exposure to Bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust,” the firm said in a filing Friday to the U.S. Securities and Exchange Commission.

Investments in Bitcoin would put Guggenheim and its Chief Investment Officer Scott Minerd in with the likes of Paul Tudor Jones and Stan Druckenmiller, who have already said they’ve put money into the digital asset. The largest cryptocurrency has had

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Breakingviews – Indonesia builds sovereign fund with daring design

Reuters
Reuters

MUMBAI (Reuters Breakingviews) – Indonesia is putting its own stamp on investing. International buyout firms and Gulf nations are being wooed to invest into a new sovereign fund, which will back state assets and job-creating infrastructure projects. The structure is a mashup of Singaporean and Indian models. It’s an ambitious effort to finance President Joko Widodo’s development plans, but also faces limits on how much outside money will take the plunge.  

Jakarta’s initiative represents a departure from typical national investment funds. They were originally set up by commodity exporters such as Norway and Kuwait or economies with current-account surpluses such as China, and seek to deploy capital overseas and save for a rainy day. More recently, poorer countries have tried to attract foreign cash and support domestic spending.

The planned Indonesia Investment Authority, as it is widely known, will start with $5 billion of taxpayer money and stakes

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Hit by Cryptocurrency Curbs, Chinese Fund Managers Look Elsewhere to Ride Bitcoin Bull | Technology News

By Samuel Shen and Alun John

SHANGHAI/HONG KONG (Reuters) – As the price of bitcoin soars, Chinese cryptocurrency asset managers are looking to expand in places such as Hong Kong and Singapore, skirting an intensified crackdown at home.

Cryptocurrency-focused hedge funds have grown assets under management and registered hefty gains this year thanks to bitcoin’s recent surge to over $18,000, close to its 2017 high.

At the same time, Beijing has been tightening already strict scrutiny over cryptocurrencies as the People’s Bank of China (PBOC) prepares to launch its own digital currency, partly a response to the threat from currencies like bitcoin, officials say.

Beijing banned virtual currency trading in 2017, stopping a free-wheeling emerging crypto industry, and causing China’s share of global bitcoin trading to slump to less than 4%, from nearly 17% in 2017, according to CoinShare, Europe’s biggest digital asset manager.

Consequently, Chinese businessmen are looking elsewhere

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Co-Founders Of The Newly Launched Plus Venture Capital (+VC), Sharif El-Badawi And Hasan Haider, On How They Expect Their US$60 Million Fund To Boost And Bolster The Region’s Startup Ecosystem


8 min read

Opinions expressed by Entrepreneur contributors are their own.


You’re reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

Plus Venture Capital (+VC) is a newly launched early-stage tech startup fund for the MENA and its diaspora, and it’s being led by two familiar names in the region’s startup ecosystem. Sharif El-Badawi and Hasan Haider, the former Managing Partners of 500 Startups’ MENA fund (500 Falcons) are behind the new US$60 million fund that aims to target 120 investments over the next three years.

At this point, it’s fair to wonder whether now is the right time to start up a new investment venture given the impact of the ongoing COVID-19 pandemic on the region’s economies, but the co-founders’ confidence in their enterprise stems from their thorough knowledge of the ecosystem in which they plan to operate. For instance, according to Haider, the sustainability

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Sales readiness platform MindTickle raises $100 million led by SoftBank Vision Fund 2

MindTickle, a startup that is helping hundreds of small and large firms improve their sales through its eponymous sales readiness platform, said on Monday it has raised $100 million in a new financing round.

SoftBank Vision Fund 2 led the Pune and San Francisco-headquartered startup’s new financing round, which is a combination of debt and equity. Existing investors Norwest Venture Partners, Accel Partners, Canaan, NEA, NewView Capital, and Qualcomm Ventures also participated in the round, which according to a person familiar with the matter, valued the eight-year-old startup at roughly $500 million, up from about $250 million last year.

The vast majority of this $100 million fund is equity investment, said Krishna Depura, co-founder and chief executive of MindTickle, in an interview with TechCrunch. He declined to disclose the specific amount, however, or comment on the valuation.

We used to live in a seller’s world, where buyers had a small

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French drugmaker Sanofi has just invested $59 million in biotech investor Jeito Capital to fund innovation in the biopharma pipeline



logo: FILE PHOTO: Sanofi logo is seen in Paris Reuters


© Reuters
FILE PHOTO: Sanofi logo is seen in Paris Reuters

  • Sanofi, one of the world’s biggest pharmaceutical companies, has invested €50 million in new French-based VC Jeito Capital.
  • Jeito CEO Rafaèle Tordjman, managing director of innovation at Jeito Capital, spoke with Business Insider about how the fund plans to invest the money.
  • Jeito’s first fund has already invested in two companies, with plans to invest in a further 4-5 in the next year.
  • Visit Business Insider’s homepage for more stories.

France’s Sanofi, one of the world’s biggest pharmaceutical companies, has invested €50 million ($59 million) in venture capital firm Jeito Capital, Jeito CEO Rafaèle Tordjman said on Friday.

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Jeito Capital, a Paris-based venture capital firm, plans to invest in biopharma and biotech companies across all different funding stages. Sanofi is the world’s fifth-largest drugmaker by prescription sales. Its better known over-the-counter brands include anti-acid products such as

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