Facebook Acquires Kustomer for $1 Billion - Daily Crunch

A significant acquisition by Facebook, further details regarding Twitter’s new audio feature, and Moderna’s application for emergency authorization of its COVID-19 vaccine are among the key developments. This is your Daily Crunch for November 30, 2020.

Key News: Facebook Completes Acquisition of Kustomer for $1 Billion

Kustomer specializes in providing customer service teams with enhanced data insights and a more comprehensive understanding of their customer interactions. Through this purchase, Facebook intends to strengthen the tools it offers to businesses that utilize the social network, often as a primary digital platform.

While the specific financial details weren't publicly revealed, TechCrunch has verified that the transaction was valued at approximately $1 billion.

Facebook is not alone in seeking acquisitions to bolster customer service capabilities. Earlier in the month, Snap acquired Voca.ai, a company developing AI-powered voice agents for call center environments.

Major Technology Companies

DeepMind, a division of Alphabet, reaches a groundbreaking achievement in AI-driven protein structure prediction — This advancement in the capabilities of DeepMind’s AlphaFold has the potential to significantly accelerate progress in areas such as disease understanding, as well as the future of pharmaceutical research and development.

Twitter’s Audio Spaces testing phase now incorporates transcriptions, speaker management tools, and reporting functionalities — Earlier this month, Twitter announced the upcoming testing of its own platform competing with Clubhouse, known as Audio Spaces.

Experienced operator and venture capitalist Josh Elman joins Apple, focusing on future innovations — Elman will concentrate on the company’s App Store and improving the process of “customers discovering the best apps for them.”

Startups, Funding, and Venture Capital

HungryPanda secures $70M in funding for a food delivery service catering to Chinese consumers abroad — HungryPanda operates a Mandarin-language application specifically designed for Chinese consumers living outside of China.

Materialize receives a $40M investment to advance its SQL streaming database technology — CEO Arjun Narayan emphasized that all companies are evolving into real-time entities, and a streaming database is essential to facilitate this transformation.

Curio Wellness establishes a $30M fund to support women and minority ownership of cannabis dispensaries — This new fund, initiated by the Maryland-based medical cannabis company Curio Wellness, aims to assist entrepreneurs from underrepresented groups entering the cannabis industry.

Insights and Analysis from Extra Crunch

DoorDash anticipates a $11B increase in valuation during its initial public offering — The delivery platform established a share price range of $75 to $85.

A proactive and decisive approach is key for emerging managers to succeed — Investors at Fika Ventures suggest that the film “Cobra Kai” provides valuable lessons for venture capital firms.

The development of smart city infrastructure begins with thorough research — While technology can enhance any city, it’s crucial to assess its potential consequences.

(Extra Crunch is our subscription service dedicated to providing accessible information about startups. And until November 30 — which is today! — you can enjoy a 25% discount on an annual membership.)

Other Notable News

Moderna reports a 94% efficacy rate for its COVID-19 vaccine and will submit a request for emergency use authorization to the FDA today — If approved, Moderna will be able to distribute the vaccine to high-risk groups, such as healthcare professionals.

FCC Chairman Ajit Pai will resign to allow for the incoming Biden administration to appoint a successor — Pai’s leadership of the FCC has been marked by considerable debate.

Original Content podcast: A review of Netflix’s ‘Holidate’ suggests avoiding viewing it with family — However, if you can bypass potential awkwardness, it’s a reasonably enjoyable holiday-themed romantic comedy.

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