By Nancy Dahlberg
1 Magic Leap is raising money again.
Magic Leap, the Plantation-based augmented reality company, is raising its Series E round, Variety first reported on Monday. No word on how much the company is raising, but a company spokesperson called it “significant.”
To date, Magic Leap has raised $2.6 billion from Alibaba, Google, AT&T and others, including $280 million from NTT Docomo in April.
“Magic Leap is in the midst of a significant financing round, which will become our series E when complete,” the company’s spokeswoman told Variety. The round is expected to close in coming months and the company has already closed a major portion of it, part equity and part convertible debt that will convert when the round closes. Existing investors, new investors and strategic partners will be participating, including JPMorgan Chase.
The spokeswoman told Variety the company has been busy with international expansion. productizing its 2nd generation device and developing its Magicverse.
2 Cyxtera is spinning out its cybersecurity into a separate business.
Coral Gables-based Cyxtera Technologies will separate its cyber business into a new company called AppGate. The transaction is expected to be completed in Q1 of 2020. By spinning it off, Cyxtera, founded by Manny Medina in 2017, can primarily run its data centers, while the new company will focus on scaling cybersecurity products, the South Florida Business Journal first reported.
Both Cyxtera and AppGate will continue to be owned by Medina Capital and London private equity firm BC Partners and will work as strategic partners.
"Customers and partners are looking for a clear leader in the emerging Zero Trust cybersecurity landscape, and we believe the time to accelerate mind and market share is right now," Medina, Cyxtera's CEO, told the Business Journal. "The new company will intensify our efforts in this arena, bringing a dedicated focus to helping protect enterprise and government information systems from today’s emerging threats, and providing the ability to act with precision and agility in a rapidly changing market.”
Cybersecurity industry veteran Mike Aiello was named AppGate’s CEO. Read more in the South Florida Business Journal.
3 UM poised to be first campus with 5G+ tech
The University of Miami could become the nation’s first campus to adopt 5G+ millimeter wave and Multi-access Edge Computing technology, which could speed up computing time and power Magic Leap’s UM hub, according to a Miami Herald report.
AT&T hopes to complete the roll out the technology on the Coral Gables campus in spring 2020.
“In collaboration with AT&T, the University of Miami will soon be able to support 5G+ and Edge technology on its Coral Gables campus, placing the university at the forefront of digital transformation impacting every field,” said Ernie Fernandez, vice president of Information Technology and chief information officer, on UM’s news site.
“This transition leads to faster access to data processing and could mean new machine learning opportunities and more types of connected devices,” AT&T said in its news release.
The super tech will likely help to power Magic Leap’s UM hub where Magic Leap One headsets can be checked out by the UM community in order to develop applications for Magic Leap’s “Magicverse.” More than 30 applications that use Magic Leap technology have been developed at UM, the South Florida Business Journal reported.
4 Gallant to be on Shark Tank. Can I get a woof woof?
Gallant, a biotech startup that banks your dog's stem cells, will be appearing on Shark Tank on Sunday, 11/17 at 9pm ET. Gallant’s founder and CEO Aaron Hirschhorn, who is based in Miami, will appear in front of the Sharks to convince them why they should invest in Gallant.
To be sure, this isn’t your typical Shark Tank pitch. Will they bite?
Gallant has developed a non-invasive way to collect stem cells, which have been used to treat ailments ranging from torn ligaments to arthritis to kidney disease.
Hirschhorn already has a track record of scaling a successful business, because he previously merged his company DogVacay with Rover to create the industry-leading pet-sitting platform.Last month, Gallant announced it has raised $11m in funding from investors including Maveron, Bold Capital Partners, Bling Capital and Science Inc.
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