Catherine Shu, reporting for TechCrunch;
After launching its first car last year, Alibaba is digging deeper into the automobile industry. The Chinese Internet and e-commerce behemoth is the lead investor in smart car tech developer WayRay’s $18 million Series B round, the startup announced.
Founded in 2012, WayRay makes holographic navigation systems. According to its funding announcement, WayRay has already spent $10 million of its own capital, as well as previous venture funding, on the technology that underpins Navion, an augmented-reality dashboard that overlays directions and other information onto a driver’s view of the road. The company plans to launch a consumer version of Navion in 2017.
Kevin McSpadden, reporting for E27;
Ant Financial, the Jack Ma-owned fintech company, has acquired the US-based money transfer service Moneygram in a deal worth about US$880 million.
The acquisition marks a significant step into the Western market for Ant, which has never acquired a US-listed company. Ant was spun off from Alibaba ahead of the e-commerce giant’s IPO in 2014 and has grown into the most dominant fintech company in Asia.
Koubei, is a search engine for food, restaurant, entertainment, house rental, house buying, working, travelling, and more.
Owned by Alibaba and was launched in 2004.
Steven Millward, reporting for Tech in Asia;
Alibaba today confirmed months of rumors that it has raised US$1.1 billion in funding for its spin-off Koubei business, which helps people find deals at restaurants, KFC, gyms, karaoke bars, and other local venues. (Hat-tip to TechCrunch’s Jon Russell for noticing this.)
Jon Russell, writing for TechCrunch;
Alibaba is continuing its efforts to get into and modernize offline retail after the e-commerce giant lodged a $2.6 billion offer to fully acquire Intime.
Kate Conger, reporting for TechCrunch;
Despite hiccups, Yahoo’s planned sale to Verizon appears to be moving forward — but some portions of the company will be left behind and renamed Altaba Inc.
Yahoo is hanging on to its 15 percent stake in Alibaba and its 35.5 percent stake in Yahoo Japan, and those assets will survive as an investment company under the new name Altaba Inc., as the rest of Yahoo integrates with Verizon. The assets had previously been nicknamed Remain Co.
Alibaba is currently valued at $233.14 billion, a good reason why
Yahoo! Altaba Inc. will still be holding on to it.
It’s sad to see an Internet icon to go out like this.