The Briefing: Intel Plans Mobileye IPO, Better.com Lays Off 900, And More

Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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Intel plans Mobileye IPO

Intel is forging ahead with plans for a public offering for its autonomous driving unit, Mobileye. A potential IPO could set a valuation of over $50 billion for Mobileye, according to a report in The Wall Street Journal.

Intel acquired Israel-based Mobileye back in 2017 for around $15 billion. The company previously went public in 2014.

Founded in 1999, Mobileye develops a variety of autonomous mobility technologies, including a fully autonomous vehicle as well as offerings that employ its AI and sensor technology to improve vehicle safety.

— Joanna Glasner

Better.com lays off 900 employees

Mortgage company Better.com laid off around 900 employees last week over a Zoom call, The Daily Beast reported.  The layoffs, which affected employees in the U.S. and India, come amidst the company’s deal to go public via a special-purpose acquisition company. Better.com CEO Vishal Garg also accused those employees of “stealing” by working only two hours a day in messages posted to an anonymous professional network, Fortune reported.

— Sophia Kunthara

Funding rounds

Heap picks up $110M: San Francisco-based Heap, a digital analytics platform, raised $110 million in a Series D round. Sixth Street Growth led the financing, which sets a $960 million valuation for the 8-year-old company.

— Joanna Glasner

Ursa Major lands $85M round: Berthoud, Colorado-based propulsion company Ursa Major closed an $85 million Series C led by funds and accounts managed by BlackRock—as space tech continues a record year of investment. The company plans to use the new round to accelerate the production of its rocket engine programs.

Founded in 2015, Ursa Major has now raised nearly $134 million, according to Crunchbase data.

— Chris Metinko

METiS Therapeutics lands $86M: Cambridge, Massachusetts-based METiS Therapeutics, a startup using AI and machine learning for drug discovery, announced it has raised $86 million in  a Series A financing led by PICC PE and China Life.

— Joanna Glasner

Illustration: Dom Guzman