Quibi gains more than $100 million in ad bookings; TenOneTen Ventures backs Probably Genetic; Defense Department Offers SpinLaunch Contract

SpinLaunch Gains First Department of Defense Contract

Long Beach-based aerospace firm SpinLaunch Inc. announced June 20 that it had won a contract from the Department of Defense to develop a small satellite launch system prototype. Under the Department of Defense contract, SpinLaunch must conduct flight tests by early 2020 and conduct its first launch by 2022, according to the Business Journal.

Quibi Reports Over $100 Million in Ad Bookings

Short-form video streaming service Quibi, founded by Jeffrey Katzenberg and Meg Whitman, has secured more than $100 million in ad bookings before the official launch of its service, Variety reports. Six advertisers including Google, Procter & Gamble, AB InBev, and Walmart have signed up to show ads on Quibi’s service, which is set to launch in April 2020.

TenOneTen Ventures Supports Probably Genetic

Socaltech reports Los Angeles-based TenOneTen Ventures has backed Bay Area DNA testing startup and recent Y Combinator alumni Probably Genetic in a recent funding round. Probably Genetic wouldn’t disclose how much it raised, but said other investors included Khosla Ventures.

Tech reporter Samson Amore can be reached at samore@labusinessjournal.com or (323) 556-8335. Follow him on Twitter @samsonamore.

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