Foxconn acquires Belkin for $866 million; Relativity raises $35 Million; and Snapchat acquires PlayCanvas.
Foxconn Acquires Belkin for $866 Million
Foxconn, the Taiwanese manufacturing company that makes iPhones, announced the acquisition of Playa Vista-based Belkin for $866 million, the Business Journal reports. The cash deal includes Belkin’s associated brands Linksys, Wemo and Phyn. This is Foxconn’s first purchase of a consumer brand.
Space startup Relativity raised $35 million in Series B funding, in a new round led by Playground Global, and including existing investors Social Capital, Y Combinator Continuity and Mark Cuban, Techcrunch reports. The funding will help the startup expand its automated, 3D-printing process for manufacturing rockets quickly and with greatly reduced complexity, with the ultimate aim of making it easier and cheaper to send satellites into space.
Snapchat’s parent company Snap Inc. has acquired PlayCanvas, a British software startup which powers 3D gaming on mobile browsers and social media services, Business Insider reports. Financial details have not been disclosed, but as of May, PlayCanvas’ shares were transferred to Snap. PlayCanvas was founded in 2011, and has built an open-sourced game engine that powers casual games on Facebook and on browsers.
Technology reporter Eli Horowitz can be reached at [email protected]. Follow him on Twitter @coachhorowitz13 for the latest in L.A. tech news.
