Connect with us

SoftBank Vision Fund Rides Hard on Nuro

Published

on

The SoftBank Vision Fund still has more money to invest. The fund invested US$ 940 million in Mountain View-based Nuro, an autonomous delivery startup. In total, Nuro raised more than US$ 1 billion from Japan-based SoftBank Group, Greylock Partners, and Gaorong Capital (formerly called Banyan Capital). The company was founded by former employees of Google’s Waymo division.

Autonomous Vehicle Infrastructure Builds Up

Nuro is focused on creating a self-driving stack and using that with an unmanned vehicle for last-mile deliveries of goods and services. The vehicle can store up to six grocery bags each. In 2018, Nuro partnered with grocer Kroger to attempt a delivery service in Arizona using first a Toyota Prius and then to the delivery vehicle bot. In addition, Nuro also licenses its stack technology. Nuro licensed its technology to San Francisco-based Ike, an autonomous trucking startup. In February 2019, Ike raised US$ 52 million in a Series A round led by Bain Capital Ventures with participation from Redpoint Ventures, Fontinalis Partners (venture firm focused on next-generation mobility), Basis Set Ventures, and Neo.

China’s Sina Corporation led a US$ 95 million Series D round in Tuscon, Arizona-based TuSimple, a self-driving truck startup. In September 2018, Somerville, Massachusetts-based WaveSense, Inc., a developer of radar technology for autonomous vehicles, raised US$ 3 million in seed funding. The round was led by Rhapsody Venture Partners and other investors include Vas Ventures and NOMO Ventures.

Insurance Providers Get Ready

In January 2019, Westlake Village, California-based Avinew, an insurance technology startup focused on autonomous and semi-autonomous vehicles, raised US$ 5 million in seed funding. Crosscut Ventures led the seed round, and was joined by investors including American Family Ventures, Draper Frontier, and RPM Ventures.

Key Automated Vehicle Deployment Models

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

China’s Central Bank Creates Macro-Prudential Management Bureau

Published

on

The People’s Bank of China (PBOC) created a new department to oversee and attempt to eliminate financial risks to the system. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Like its U.S. Peers, Legg Mason Seeks to Trim Costs

Published

on

Legg Mason Inc., a Baltimore-based asset manager, has announced a reduction in workforce as is prepares to streamline operations and save money. Legg Mason’s leadership commented that assets under management fell 5 % year-on-year. Legg Mason currently manages US$ 727.2 billion (as of December 31, 2018), which is down from the previous US$ 767.2 billion. CEO Joseph A. Sullivan noted that a global operating platform will centralize fund administration, IT, and other departments that work with affiliates. Sullivan did not discuss the number of layoffs expected, or specify which areas would be impacted. Legg Mason disclosed they planned to close a quarter of its exchange-traded funds in March 2019. These three ETFs include a U.S. strategy, emerging markets, and a developed markets strategy outside the U.S. However, these funds run around US$ 28 million in assets under management.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Monetary Authority of Singapore Establishes Corporate Governance Advisory Committee

Published

on

On February 12, 2019, the Monetary Authority of Singapore (MAS) revealed the creation of a Corporate Governance Advisory Committee (CGAC). CGAC was formed to advocate for good corporate governance practices among listed companies in Singapore. Bobby Chin, Director of Singapore Telecommunications Limited, will be the Chair of CGAC. According to a MAS press release, “CGAC will identify current and potential risks to the quality of corporate governance in Singapore.”

MAS formed the Corporate Governance Council (Council) in February 2017. The Council was dissolved after it pushed out a publication of its final recommendations on August 6, 2018.

Continue Reading

Popular

© 2008-2018 Sovereign Wealth Fund Institute. All Rights Reserved. Sovereign Wealth Fund Institute ® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. No affiliation or endorsement, express or implied, is provided by their use. All material subject to strictly enforced copyright laws. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. SWFI is a minority-owned organization.