Here are the top tech news from the world of technology
Tiger Global is raising a fresh $3.75Bn VC investment fund
Global investment giant is starting 2021 exactly the way it started 2020, raising a fresh funding corpus for investing in global startups. According to Techcrunch, Tiger Global is raising a new funding corpus worth $3.75Bn, which is expected to be closed in March. Back in India, Tiger Global had invested in several startups in 2020 including unicorn startups like Zomato and Unacademy. Tiger Global had raised virtually the same amount of funds ($3.75Bn) exactly a year ago.
Google wraps up FitBit acquisition, promises data protection
Google’s FitBit acquisition has now become an official thing, after the acquisition got regulatory approvals. The deal, which is worth $2.1 Bn, was facing regulatory hurdles especially in Europe. Google announced the news in its blog post. In the blog post Google promised that it is committed to data privacy, arguing that the deal was never about procuring ‘data’ but improving FitBit devices.
Trump puts Xiaomi under blacklist, labels its ‘communist Chinese Military Company’
Outgoing Trump administration has decided to put one more Chinese company under the dock. Xiaomi, which is the world’s third largest phone manufacturer, is the latest Chinese company to face backlash from Trump administration. Trump has labeled the Chinese company as “Communist Chinese Military Company,” which will technically make it vulnerable to several restrictions including banning American companies from investing in such companies.
BMW too shuts down its subscription services
BMW is reportedly shutting down its subscription services that was launched in the year 2018. Started as a small pilot project, Access was supposed to test water in the subscription market, trying to gauge whether people want to subscribe fleet of luxury BMW cars rather than owning it. Turns out that BMW is not too happy with the customer traction. Over the years, many other well-known auto companies have started their subscription but didn’t taste much success.