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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Ideanomics acquires VIA Motors for up to $630M
Ideanomics announced that it is acquiring Orem, Utah-based VIA Motors, a developer of commercial electric vehicles and associated technology, in a deal valued at up to $630 million.
The transaction includes $450 million up front and up to $180 million in potential milestone payments tied to future vehicle deliveries and customer growth.
VIA designs and plans to manufacture commercial electric vehicles for the global fleet market. New York-based Ideanomics describes itself as “a global company focused on the convergence of financial services and industries experiencing technological disruption.” The company operates an Ideanomics Mobility division focused on adoption of electric vehicles by commercial fleet operators. It also operates Ideanomics Capital, focused on technology for the financial services market.
ByteDance buys Pico
ByteDance, parent company of TikTok, has acquired Pico, a China-based virtual reality company that is one of the leading global makers of VR headsets, for an undisclosed sum.
Check Point acquires email security company
Cybersecurity provider Check Point Software Technologies has acquired New York-based cloud email security company Avanan.
Founded in 2015, Avanan helps companies protect cloud-based email and collaboration tools—something that has become more important as the COVID-19 pandemic has made remote work common and increased the use of such cloud communication services. The email security space has seen several deals already this year.
Avanan had raised $41.4 million in funding, according to Crunchbase data.
Terms of the deal were not disclosed.
— Chris Metinko
Fundraising
Ola Electric eyes fundraise up to $500M: India-based EV maker Ola Electric is in talks to raise between $250 million and $500 million in a new financing round, according to a TechCrunch report citing unnamed sources. Falcon Edge Capital is reportedly in advanced talks to the lead the round, which would set a valuation for Ola of between $2.75 billion and $3.5 billion.
— Joanna Glasner
Illustration: Dom Guzman
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