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Tuesday, Jun 6, 2023

Silicon Beach Report June 27: Honk Technologies Raises $18M

HyreCar announces IPO; Google Filestore revealed; Honk Technologies raises $18M.

Honk Technologies Raises $18M

Honk Technologies Inc., a roadside assistance app based in Santa Monica, announced June 27 that it raised $18 million in its latest funding round, Socal Tech reports. Fundraising was led by Structure Capital, Venture51 Capital Fund, and Altpoint Ventures, a subsidiary of Altpoint Capital Partners LLC. The last funding round Honk held, in 2015, raised $12 million.

Google Filestore Beta Coming Soon

At June 26 event in downtown Los Angeles, Google announced it will launch a cloud storage option for networks called Cloud Filestore. TechCrunch and Google report the service is geared towards media and software companies that work with large file transfers or rendering. Filestore will cost $0.30 per gigabytes transmitted monthly, and offer transfer speeds with low latency and high input/output operations per second (IOPS). The Filestore beta is expected to launch in July.

HyreCar announces IPO

Car sharing site HyreCar Inc. disclosed its IPO on June 27, an expected 2,520,000 shares to be sold for $5.00 each. The shares are estimated to begin trading today under the ticker “HYRE” in the Nasdaq Capital Market. HyreCar has also proposed an option to underwriters allowing them 45 days to purchase up to 378,000 extra shares of common stock for a lower price. Underwriting for this IPO was provided by Network 1 Financial Securities Inc.

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

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