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Weekly news of 16th of October

Italian tech startup MotorK eyes $175 mln Amsterdam IPO


Italian software company MotorK aims to raise 150 million euros ($175 million) with an initial public offering (IPO) of shares on the Amsterdam stock exchange before the end of this year, reports Reuters.

MotorK offers a software platform for car dealers to help them manage sales and marketing activities. It said it would use the proceeds to invest in developing new products and to gain market share through acquisitions.

With over 250 employees spread over seven countries across Europe and in Israel, the company said its platform was used by over 660 dealer groups and 13 equipment manufacturers.


Corporate travel startup TripActions raises $275 mln


U.S. corporate travel and expense tech startup TripActions raised $275 million at a valuation of $7.25 billion, its second major fund raising event announced this year, reports Reuters.

TripActions made a strong comeback from a sharp downturn in business due to the coronavirus pandemic last year that forced it to lay off a quarter of its staff. It has raised $780 million over the course of the pandemic. The latest round was led by San Francisco-based venture capital firm Greenoaks.

TripActions competes with American Express Global Business Travel and Concur Travel. Last year the company launched a credit card called TripActions Liquid and built an expenses platform that makes it possible for employees to never file an expense report again.


Tata Motors to invest $2 bln in EVs  


Tata Motors will invest over $2 billion in its electric vehicle (EV) business over the next five years, reports Reuters. The news comes after the Indian automaker announced it had raised funds from private equity firm TPG.

Earlier, Tata Motors said TPG’s Rise Climate Fund and Abu Dhabi state holding company ADQ had agreed to invest about $1 billion to expand the company’s EV business for which it would form a separate unit. TPG and ADQ would hold between 11% and 15% in the new EV entity, valuing it at about $9.1 billion. The unit will invest in new models, dedicated battery electric vehicle platforms, charging infrastructure and battery technologies.

Shares in the Indian automaker, which owns British luxury brand Jaguar Land Rover, rose nearly 20% in Wednesday morning trade to its highest level since February 2017.

Investments in EVs globally by 2025 could total $330 billion, consulting firm AlixPartners said in June, adding that it expects EV sales to increase to about a quarter of total global vehicle sales by 2030 from about 2% today.


Coding platform GitLab lifts IPO pricing range


Coding platform GitLab is now targeting a valuation of $10 billion in its U.S. listing after raising the price range for its initial public offering, reports Reuters.

Seven-year-old GitLab creates online tools to reduce the software development cycle time – the duration between a task being assigned to a developer and its completion.

The company was started as an open-source project in 2011 by co-founder Dmitriy Zaporozhets in his house in Ukraine and counts industry leaders such as Nvidia Corp, Siemens and Goldman Sachs among its customers.

Khosla Ventures-backed GitLab operates on a fully remote working model that allows the headquarter-less company’s 1,350 employees to work from more than 65 countries.


Israeli AI chipmaker Hailo raises $136 mln


Hailo, an artificial intelligence-focused, Israel-based chipmaker, raised $136 million in a private funding round led by Poalim Equity and Gil Agmon, reports Reuters. A source closed to the company said the financing was done at a valuation of $1 billion, making Hailo a unicorn.

The funds will be used to address growing interest in its AI Processor for Edge Devices, allowing the company to further develop its next-generation products and expand into both new and existing global markets.