Pony.ai's License to Test Autonomous Vehicles in California Revoked ❌
Scott D. Clary | Daily Business, Tech & Finance Newsletter
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Pony.ai’s License to Test Autonomous Vehicles in California Revoked ❌
Chinese-based autonomous vehicle technology company Pony.ai has lost its license to test its autonomous vehicles with a safety driver in California.
The California Department of Motor Vehicles revoked the company’s testing permit after finding it failed to monitor the driving records of the safety drivers.
While reviewing the AV startup’s testing license, the DMV found numerous violations on the driving records of the company’s safety drivers.
Pony.ai currently has 41 autonomous vehicles and 71 safety drivers registered on its permit in California.
“Because of the critical role of safety drivers to facilitate the safe testing of autonomous technology and the need for these drivers to have a clean driving record as established by the DMV’s autonomous vehicle regulations, the DMV is revoking the permit, effective immediately,” a DMV spokesperson said.
Pony.ai confirmed the revocation of its permit, saying the DMV took issue with the driving records of three of its safety operators. The company said that it is proud of its safety record and that in the over 6.8 million real-world autonomous miles, no injuries have occurred.
Chipmaker Broadcom to Acquire VMware For $61 Billion 💵
Broadcom Inc. has announced that it will acquire cloud service provider VMware in a $61 billion cash-and-stock deal to further diversify its chip-making business into enterprise software.
The deal is currently the second biggest acquisition announced globally so far this year, after Microsoft Corp’s $68.7 billion deal to buy video game maker Activision Blizzard in January.
“Building upon our proven track record of successful M&A, this transaction combines our leading semiconductor and infrastructure software businesses with an iconic pioneer and innovator in enterprise software as we reimagine what we can deliver to customers as a leading infrastructure technology company,” said Hock Tan, President and Chief Executive Officer of Broadcom.
“We look forward to VMware’s talented team joining Broadcom, further cultivating a shared culture of innovation and driving even greater value for our combined stakeholders, including both sets of shareholders,” Tan added.
According to the deal, each VMware shareholder will get $142.50 in cash or 0.2520 shares of a Broadcom common stock for each VMware share held.
Tether Introduces a New Stablecoin Pegged to The Mexican 🇲🇽 Peso
Tether (USDT-USD) has announced the launch of a new stablecoin pegged to the Mexican peso, marking the stablecoin issuer’s entry into the Latin American region.
The token will initially be supported on the Ethereum, Tron, and Polygon (MATIC) blockchains, according to the company. MXNT is Tether’s first foray into Latin America, which joins the stablecoin issuer’s other pegged coins — USDT (U.S. dollar), EURT (Euro), and CNHT (China’s Yuan).
Tether took note of the unique opportunity in Mexico, crediting the multibillion-dollar flow of remittances into the country and the problems involved with internal money transfers.
The company also says that the move will add value to the emerging market by providing a testing ground for onboarding new crypto users in the region.
Paolo Ardoino, CTO of Tether, said, “Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico. MXN₮ can minimize volatility for those looking to convert their assets and investments from fiat to digital currencies. Tether customers in this entirely new market will be able to benefit from the same transparent customer experience.”
Customer Support Management Platform Assembled Raises $51 Million in Series B 💰
Assembled, a workforce management platform for modern support teams has raised $51 million in its Series B funding round.
The funding was led by global venture capital firm New Enterprise Associates (NEA), along with participation from existing investors Emergence Capital and Basis Set Ventures.
Founded in 2018, Assembled is a modern workforce management platform that helps modern organizations scale customer support.
The platform helps teams forecast, schedule, and unified metrics, capturing data to build for themselves with a mix of spreadsheets and internal tools.
The platform also provides a way to forecast inbound support query volumes and to map that into staffing plans that cover multiple channels like chat, email, phone, and social media.
Assembled will use the fresh infusion of capital to accelerate product development and hiring while the company continues to scale its platform for enterprise customers.
In addition, the startup will launch an initiative called “CX Scholars,” which will commit a percentage of the company’s revenue to continue education for support workers.
Around the Web 🌐
Blockchain Investment Fund Old Fashion Research Launches $100M Venture Fund: Old Fashion Research (OFR), a multi-strategy blockchain investment fund, has raised a $100 million multi-strategy fund to drive crypto adoption in emerging market regions, including Latin America and Africa. Led by several former executives from Binance, OFR invested in over 50 blockchain projects in its first year.
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