Venture Capital Investment in Los Angeles Drops
The flow of venture capital dollars invested into Los Angeles-area companies fell 16.3 percent from a high of $4.17 billion in 2015 to $3.49 billion last year, reports the Business Journal. However, the dip in L.A. funding was smaller than the national drop in venture capital investment, which fell 32.2 percent from $77.3 billion in 2015 to $52.4 billion last year.
Honest Co. Recalls Baby Powder
The Honest Co. is recalling all of its organic baby powder, according the firm’s website. The product is being recalled due to possible contamination with microorganisms, including some species associated with skin infections or eye infections.
Snap Inc. Sued for Alleged Patent Infringement
Snap, Inc., the parent company of Snapchat, has been sued in a patent infringement suit, by Vaporstream, a company which develops secure-messaging apps for corporations, reports SoCal Tech. One of the patents covers a system where an “electronic message is permanently automatically deleted from the system at a predetermined time.”
Digital Media Company Studio71 Raises $56 Million
Digital media company Studio71 raised $56 million from French TV network TF1 Group and Italian broadcaster Mediaset in a deal that values the firm at $425 million, reports Variety. Studio71, majority owned by German broadcaster ProSiebenSat.1, will set up operations in France and Italy.
TechStars LA Joining Music and Healthcare Accelerators
TechStars adding another local accelerator, the TechStars LA program, to its music and healthcare accelerators, according to the company’s blog. The firm has also named Anna Barber as the managing director of its local program.
Send tips on L.A. tech companies and startups to reporter Garrett Reim via [email protected]. Follow @garrettreim on Twitter for the latest in L.A. tech news.
