Scott Painter’s next auto venture secures $1 billion debt and equity funding, Air Force adds more than $40 million to SpaceX engine contract and Snap overestimates Spectacle demand leaving hundreds of thousands unsold.

Scott Painter’s Next Auto Venture Secures $1 Billion Debt, Equity Funding

Fair, a flexible car ownership startup launched by Scott Painter, announced it raised an undisclosed round led by BMW i Ventures with participation from Penske Automotive Group and other unnamed investors, the Business Journal reports. The Santa Monica company also secured offers for nearly $1 billion that “in dedicated capital from a group of institutional investment banks that traditionally back auto debt portfolios,” it said in a release.

Air Force Adds More Than $40 Million to SpaceX Engine Contract

The U.S. Air Force announced it has provided SpaceX with an additional $40.7 million to support continued development of the company’s Raptor engine, SpaceNews reports. The Air Force issued SpaceX one of several cost-sharing awards in January 2016 to support development of engines and related technologies for use on future launch systems, ending reliance on the Russian-manufactured RD-180 engine that powers the Atlas 5. Other companies receiving such funding include Aerojet Rocketdyne, Orbital ATK and United Launch Alliance.

Snap Overestimates Spectacle Demand Leaving Hundreds of Thousands Unsold

Snap badly overestimated demand for its Spectacles and now has hundreds of thousands of unsold units sitting in warehouses, either fully assembled or in parts, according to two people close to the company, The Information reports. The disclosure undercuts Snap Chief Executive Evan Spiegel’s recent contention that Spectacles sales of more than 150,000 had topped the company’s expectations.

Technology reporter Garrett Reim can be reached at [email protected]. Follow him on Twitter @garrettreim for the latest in L.A. tech news.