Latest news with #PaloAlto-based
Yahoo
2 days ago
- Business
- Yahoo
Tesla Sues Ex-Engineer's Startup Over Alleged Theft Of Billion-Dollar Robot Tech: 'Defendants Took A Shortcut: Theft,' Musk's Company Says
Tesla (NASDAQ:TSLA) has filed a federal lawsuit against former engineer Zhongjie "Jay" Li, alleging that he stole trade secrets tied to the company's ambitious Optimus humanoid robot program, and used them to launch a competing Silicon Valley startup, Bloomberg reports. The lawsuit, filed June 11 in the U.S. District Court for the Northern District of California, claims Li downloaded proprietary data related to Optimus's robotic hand systems just before leaving Tesla in September. According to the complaint, the files were stored on two personal smartphones. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Peter Thiel turned $1,700 into $5 billion—now accredited investors are eyeing this software company with similar breakout potential. Learn how you can Just days after his departure, Li incorporated Proception, a Palo Alto-based robotics startup now marketing humanoid robot hands that Tesla claims in the filing are strikingly similar to its Optimus designs. Tesla alleges the resemblance stems from stolen intellectual property rather than original engineering. "Defendants took a shortcut: theft," the company said in the lawsuit, accusing Li and Proception of bypassing "the laborious process of development" by leveraging sensitive material from Tesla's multibillion-dollar research effort. Optimus is Tesla's long-term bet on integrating humanoid robots into both industrial and personal environments. According to CEO Elon Musk, the robot's hand is one of its most complex and valuable components, featuring highly advanced sensors and mechanical dexterity, Bloomberg says. During Tesla's earnings call on Jan. 29, Musk said, "Optimus will be overwhelmingly the value of the company," emphasizing the robot's pivotal role in Tesla's future roadmap. The company claims in the lawsuit that its investment in Optimus runs into the billions, and each step of progress requires extensive research, testing, and capital. Trending: Maximize saving for your retirement and cut down on taxes: . 'Although Tesla does not disclose the precise year-over-year investments in Optimus, the research and development costs are in the billions of dollars. Such an ambitious project demands unparalleled expertise and substantial time and financial commitment to achieve even incremental progress,' the filing reads. Tesla's filing includes an internal email from last August warning employees that company devices and accounts were monitored and that any mishandling of data would trigger investigations. Li lists himself as the founder and CEO of Proception on LinkedIn, where he describes the company's mission as 'tackling one of the most challenging and exciting humanoid projects of our time.' The lawsuit, seeks both compensatory and exemplary damages, along with a permanent injunction barring Proception and its team from using any of Tesla's trade secrets. Tesla has also requested a jury legal team characterized the alleged behavior as a calculated attempt to exploit corporate investments and engineering breakthroughs for personal commercial gain. 'Their conduct is not only unlawful trade misappropriation—it also constitutes a calculated effort to exploit Tesla's investments, insights, and intellectual property for their own commercial gain,' the filing says. As Tesla expands its footprint beyond electric vehicles into robotics and AI, the outcome of this case may send a clear message about how tech giants will defend innovation in an era of increasing startup competition. Read Next: Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? TESLA (TSLA): Free Stock Analysis Report This article Tesla Sues Ex-Engineer's Startup Over Alleged Theft Of Billion-Dollar Robot Tech: 'Defendants Took A Shortcut: Theft,' Musk's Company Says originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
10-06-2025
- Business
- CNBC
39. Navan
Founders: Ariel Cohen (CEO), Ilan TwigLaunched: 2015Headquarters: Palo Alto, CaliforniaFunding: $2 billion (PitchBook)Valuation: $9.2 billion (PitchBook)Key Technologies: Artificial intelligence, cloud computing, machine learningIndustry: Enterprise technology, travelPrevious appearances on Disruptor 50 list: 1 (No. 38 in 2024) Business travel has long been associated with clunky legacy tools and fragmented workflows. But Navan is betting that simplicity, and AI, can modernize the industry. The Palo Alto-based travel and expense startup, formerly called TripActions, has transformed itself into what it calls the first "all-in-one super app" for corporate travel and expenses. It can handle everything from flight bookings to hotel recommendations to real-time expense tracking. Moreover, the platform gives companies a consolidated view of employee travel and spending. The platform has been catching on. Navan said it has grown bookings twentyfold since the pandemic, that it ended 2024 with a record $550 million in revenue, and is on track to hit profitability this year. It now has 11,000 customers, including Unilever, Adobe, Christie's, Blue Origin and Geico. It's also processing corporate travel spending via Navan Connect, a card-linking technology that lets businesses offer automated expense management and reconciliation without having to change corporate card providers. Behind all that growth is a strong push into AI. Navan's virtual assistant, named Ava, now fields about 150,000 support chats a month and resolves more than half without human involvement. The company says the virtual assistant matches human agents on customer satisfaction ratings. Navan also recently introduced Concierge by Ava, a tool that uses real-time data and user travel patterns to suggest hyper-personalized hotel bookings. Those AI features played a starring role last summer during the Microsoft-CrowdStrike outage. The company said Ava helped shoulder the surge in support volume, keeping wait times down and satisfaction scores up. The company also struck unexpected partnerships, including one with competitor Brex to integrate travel booking with BrexPay, and launched co-branded offerings with Citizens and Rho. Still, competition is fierce. Navan is jostling for market share against expense and travel startups like fellow Disruptor Ramp, TravelPerk, and Brex, as well as incumbents like SAP Concur and American Express Global Business Travel. It's a crowded field — and Navan's all-in-one approach means it's fighting on multiple fronts.
Yahoo
10-06-2025
- Business
- Yahoo
PsiQuantum Eyes $750M Raise As BlackRock Doubles Down On Light-Based Supercomputers Amid Nvidia's Quantum Reversal
Quantum computing startup PsiQuantum is seeking to raise at least $750 million in a funding round led by BlackRock (NYSE:BLK), aiming to double its valuation to $6 billion, San Francisco Business Times reports. The Palo Alto-based company is developing a fault-tolerant quantum computer using photonic qubits, leveraging traditional semiconductor manufacturing techniques. According to PsiQuantum's website, the company's approach involves using photons as qubits, allowing for scalability through existing chip fabrication processes. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Maximize saving for your retirement and cut down on taxes: . PsiQuantum is collaborating with the governments of Australia and the U.S. to build quantum computing facilities in Brisbane and Chicago, respectively, Reuters reports. According to the Australian Financial Review, the company has secured $617 million in funding in Australia from federal and Queensland governments to construct a commercial quantum computer. In the U.S., PsiQuantum plans to build a 300,000-square-foot facility in Chicago's Illinois Quantum and Microelectronics Park, supported by more than $500 million in anticipated public funding, The Quantum Insider says. The initiatives underscore PsiQuantum's commitment to advancing quantum computing infrastructure globally. PsiQuantum manufactures its quantum chips at GlobalFoundries' facility in New York, utilizing photonic technology developed for fiber-optic communications, Reuters reports. Trending: Wall Street's Missing This AI Surgical Tech — You Don't Have To. According to The Quantum Insider, the company has introduced the Omega quantum photonic chipset, designed for utility-scale quantum computing, featuring high-performance photonic components. Additionally, PsiQuantum has developed high-speed optical switches and improved photon detectors to enhance quantum circuit performance. To boost efficiency, PsiQuantum implemented a compilation technique known as active volume compilation, aiming to reduce application run times by approximately 50-fold, The Quantum Insider says. BlackRock, which led PsiQuantum's previous $450 million round, is returning as lead investor, signaling sustained institutional confidence. According to San Francisco Business Times, other major backers include Microsoft's (NASDAQ:MSFT) venture arm M12, Atomico, Founders Fund, Playground Global, Temasek Holdings, and FPV Ventures. According to The Information, Nvidia (NASDAQ:NVDA) is in advanced discussions to invest in PsiQuantum, signaling a strategic shift in its quantum computing approach. This potential investment follows Nvidia CEO Jensen Huang's announcement of a new quantum computing research lab in Boston, in collaboration with Harvard and MIT, Reuters January, Huang rocked the sector by suggesting quantum computers were at least 20 years from viability, sending quantum-related stocks tumbling. But just weeks later, during Nvidia's 'Quantum Day' at its GTC conference in San Jose, California, Huang reversed course, admitting his earlier comments were off the mark, according to CNBC. That shift helped reignite interest in companies like PsiQuantum, which now stand to benefit from the renewed optimism and visibility. While competitors such as Google, IBM (NYSE:IBM), Intel (NASDAQ:INTC), Honeywell (NASDAQ:HON), and Rigetti Computing (NASDAQ:RGTI) continue to push their own quantum architectures, PsiQuantum's photonic approach is seen by many as a promising alternative, San Francisco Business Times says. PsiQuantum's funding round reflects growing investor confidence in the company's photonic quantum computing technology. The company's innovative approach may position it as a key player in the race to develop practical quantum computing solutions. Read Next: Here's what Americans think you need to be considered Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article PsiQuantum Eyes $750M Raise As BlackRock Doubles Down On Light-Based Supercomputers Amid Nvidia's Quantum Reversal originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
06-06-2025
- Business
- Yahoo
You.com seeking $1.4bn valuation in new funding round
AI startup is in discussions to secure new funding at a valuation of $1.4bn, The Information reported. The Palo Alto-based startup, which focuses on AI search for business, plans to use the funds to bolster its AI assistant offerings. This development follows its shift from general-purpose AI search to work-related task assistance. The talks come after $50m Series B round in 2024, which included investments from Day One Ventures, DuckDuckGo, Gen Digital, Georgian, NVIDIA, Salesforce Ventures and SBVA. This round increased its total funding to $99m, elevating its valuation to between $700m and $900m. gained attention with the launch of ChatGPT in late 2022, capitalising on the interest in AI-powered search. However, interest waned as competitors such as Microsoft's AI-infused Bing and Google's advanced search responses gained traction. In response, repositioned itself as an AI assistant to enhance productivity while maintaining internet search capabilities. Founded in 2020 by former Salesforce AI leads Richard Socher and Bryan McCann, now highlights its ability to summarise information, answer questions, and support daily workflows. Richard Socher, CEO and chief scientist, said that the platform can generate text, write code, and interact with various tools for precise results, though he did not comment on the current fundraising plans. offers a premium plan at $15 per month (billed annually), providing access to AI models and productivity features, slightly undercutting competitors like Google, Microsoft, and OpenAI, which charge $20 monthly. In addition to its consumer-facing AI assistant, is expanding into the enterprise market. The company provides a suite of AI tools, including agents and APIs, to help organisations enhance employee productivity and explore new revenue opportunities. " seeking $1.4bn valuation in new funding round" was originally created and published by Verdict, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
06-06-2025
- Business
- Yahoo
You.com seeking $1.4bn valuation in new funding round
AI startup is in discussions to secure new funding at a valuation of $1.4bn, The Information reported. The Palo Alto-based startup, which focuses on AI search for business, plans to use the funds to bolster its AI assistant offerings. This development follows its shift from general-purpose AI search to work-related task assistance. The talks come after $50m Series B round in 2024, which included investments from Day One Ventures, DuckDuckGo, Gen Digital, Georgian, NVIDIA, Salesforce Ventures and SBVA. This round increased its total funding to $99m, elevating its valuation to between $700m and $900m. gained attention with the launch of ChatGPT in late 2022, capitalising on the interest in AI-powered search. However, interest waned as competitors such as Microsoft's AI-infused Bing and Google's advanced search responses gained traction. In response, repositioned itself as an AI assistant to enhance productivity while maintaining internet search capabilities. Founded in 2020 by former Salesforce AI leads Richard Socher and Bryan McCann, now highlights its ability to summarise information, answer questions, and support daily workflows. Richard Socher, CEO and chief scientist, said that the platform can generate text, write code, and interact with various tools for precise results, though he did not comment on the current fundraising plans. offers a premium plan at $15 per month (billed annually), providing access to AI models and productivity features, slightly undercutting competitors like Google, Microsoft, and OpenAI, which charge $20 monthly. In addition to its consumer-facing AI assistant, is expanding into the enterprise market. The company provides a suite of AI tools, including agents and APIs, to help organisations enhance employee productivity and explore new revenue opportunities. " seeking $1.4bn valuation in new funding round" was originally created and published by Verdict, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
