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

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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 lays off 900 employees

Mortgage company 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. 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

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