Silicon Beach Report March 21: Faraday Future Sells Gardena Headquarters

By staff-author

March 21, 2019

180

Boost AI enters Santa Monica market; Atlas Capital buys Faraday HQ; Ingersoll joins TenOneTen ventures.

Faraday Future Sells Headquarters

Electric vehicle developer Faraday & Future Inc. has executed a sale-leaseback of its Gardena headquarters, the Business Journal reports. The company is in search of an influx of new capital as it seeks to bring a car to market after a tumultuous 2018, as investors pulled funding and employees were furloughed. The two buildings in Gardena were sold to New York-based developer Atlas Capital for an undisclosed sum.

Boost AI Gains $5 Million for Santa Monica Expansion

Norwegian developer of conversational artificial intelligence Boost AI raised $5 million in a strategic investment round that will bolster its first U.S. expansion. According to Socaltech, the firm will establish an office in Santa Monica, and appoint Jeff Ester as its chief revenue officer. Funding details were not disclosed, but PitchBook Data Inc. notes the firm most recently completed a February 2018 $5 million Series A led by Norwegian firm Alliance Venture.

TenOneTen Ventures Gains New Partner

Minnie Ingersoll, co-founder of San Francisco-based online car marketplace Shift Technologies Inc., is the newest partner at Beverly Grove-based investment firm TenOneTen Ventures. BuiltInLA reports Ingersoll will aid the firm’s vision of investing in seed-stage startups and notes her prior experience includes roles at Google and non-profit Code for America.

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

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