Startup News: Video-messaging platform Loom purchased by Atlassian
While some startups are contemplating going public in the U.S. IPO market, Loom settled on another exit strategy.
On October 12, the video-messaging platform entered into an agreement to be purchased for $975 million by Atlassian, (NASDAQ: TEAM) a Sydney, Australia-based provider of team collaboration and productivity software. The transaction is expected to close in the third quarter of Atlassian’s fiscal year 2024. As of late last week, Atlassian had a market capitalization of roughly $50 billion.
“Loom’s vision is to empower everyone at work to communicate more effectively wherever they are, and by joining Atlassian, we can accelerate their mission to unleash the potential of every team,” said Joe Thomas, co-founder and CEO of Loom, in prepared remarks.
Founded in 2016, Loom is a video messaging platform that helps users communicate through instantly shareable videos. Known for their ease of use, users simultaneously record their desktop screen, camera, and microphone creating rich documentation of institutional knowledge. With transcripts in 50+ languages and AI features that write titles, summaries, chapters, and tasks, Loom videos become important company know-how to be shared, reused, and self-served across teams.
Redwood Materials debuts online tool for pricing used EV batteries
Redwood Materials, the EV battery recycler founded by Tesla co-founder J.B. Straubel, has launched an online portal that allows car dismantlers to value and sell electric vehicle (EV) battery packs to Redwood for refurbishing.
According to an article describing the new digital tool in the trade publication PV Magazine USA, Redwood aims to help establish a domestic battery supply chain by providing manufacturers with anode and cathode materials to reuse for lithium-ion and nickel-metal hydride battery products.
“To use the digital pricing tool, users sign in or create a free account on the organization’s platform,” the article says. “They receive an instant offer after filling out specific car or EV battery details. Once car dismantlers accept the sale, Redwood manages the transportation process according to the U.S. Department of Transportation’s Hazardous Materials Regulations. This decreases health and safety risks associated with carbon emissions or fires as the EV battery packs move from car dismantler yards to Redwood.”
The new digital pricing tool, according to the article, helps to improve the automotive recycling industry by giving domestic car dismantlers an instant online offer for their EV battery packs.
Founded in 2017, Carson City, Nev.-based Redwood was last valued in August 2023 at $5.27 billion.
Unicorn startups Klarna and Rokt form e-commerce partnership
Klarna is an AI-powered global payments network and shopping assistant. Rokt is a New York City-based e-commerce technology company that is using AI to help make transactions more relevant to shoppers.
Last week, the companies announced a partnership that will allow Stockholm, Sweden-based Klarna to “leverage Rokt's advanced technology to unlock new marketing solutions for retailers and drive even more relevant experiences for consumers on Klarna's AI-powered shopping app.”
According to the press release, the partnership will offer corporate consumer marketing brands the ability to target consumer segments by demographic groups and location, ensuring ads shown are relevant and compelling to the shopper. “This new offering also allows Klarna shoppers to access valuable and relevant offers from brands such as Hulu, HelloFresh, and AdoreMe,” the release stated.
Currently, more than 500,000 global retailers integrate Klarna's innovative technology and marketing solutions to drive growth and loyalty, including H&M, Saks, Sephora, Macy's, IKEA, Expedia Group, and Nike. Rokt's machine-learning technology has powered billions of global transactions annually for the world's leading companies, including Live Nation, AMC Theatres, PayPal, Uber, Hulu, Staples, Lands' End, and HelloFresh.
