Northrop Grumman and Lockheed Martin win swarming cruise missile development contract; GumGum to exceed $100 million in revenue in 2017; and founder of Timehop left Snap after less than a year.
The U.S. Air Force Research Laboratory has tapped Lockheed Martin and Northrop Grumman to produce swarms of autonomous cruise missiles capable of wreaking havoc on enemy air defenses, Aviation Week reports. Lockheed’s missiles and fire control team in Dallas and Northrop’s group in Redondo Beach, beat five other contenders to win five-year, indefinite-delivery, indefinite-quantity contracts worth up to $110 million each.
Online advertising platform GumGum announced that it will end the year with record revenues, surpassing $100 million, which amounts to year-over-year growth of 53 percent, according to a press release. International expansion to Europe, Australia, Japan and Latin America helped drive more than 400 percent revenue growth in international revenue.
Timehop founder Jonathan Wegener, who joined Snap Inc. in January to work on Snapchat’s product, has already left the company, Recode reports. Wegener, whose old startup Timehop surfaces your social media memories years after you posted them, said he wanted to work on building an unannounced startup and product.