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The Daily Dish (09/16/21)

Discord Raises $500 Million at a $15 Billion Valuation 

Discord has raised $500 million in fresh funding led by investment firm Dragoneer Investment Group, with the recent round valuing the firm at $15 billion.

Baillie Gifford & Co, Coatue Management, Fidelity Management & Research Co, and Franklin Templeton also participated in the investment round alongside existing investors.

The platform has grown rapidly during the pandemic. While the app gained popularity initially through the video-game community, it has expanded across communities for events ranging from comedy clubs to karaoke parties.

Media outlets reported in April that Discord was in talks with Microsoft for a sale for a valuation of around $10 billion, but the deal reportedly fell through.

Hong Kong Based Prenetics Planning to list for $1.7 Billion SPAC Deal 

Biotechnology company Prenetics is planning to go public through a SPAC merger with Artisan Acquisition, in a deal that is expected to value the combined company at $1.7 billion.

Prenetics is a diagnostic and testing company that operates in 10 countries. The deal is expected to close as early as the fourth quarter this year and will make the company the first Hong Kong unicorn to be publicly listed.

The deal is expected to generate up to $459 million in gross proceeds, which is expected to help with strategic acquisitions, geographical expansion, and R&D.

The company has conducted more than 5 million Covid-19 tests for clients that include the Hong Kong government and London Heathrow Airport. High-profile companies like Alibaba, Prudential, and Ping An are strategic investors in the company.

Reddit Reads

DMYQ Delivers New Architecture a Year Earlier Than Expected

IonQ beat its technology roadmap projection by more than a year by demonstrating its ReconfigurableMulticore Quantum Architecture (RMQA). Moreover, IonQ has also delivered another chip technology ahead of schedule – RMQA will be implemented on a new quantum chip platform called Evaporated Glass Traps (EGTs).

STEM Announces South America’s First Virtual Power Plant

Stem, Inc announced the development of South America’s first virtual power plant (VPP) as well as the completion of their first smart energy storage system in Chile.

Bank of America Believes that Lucid is the Tesla of EV Startups 

Bank of America has just initiated coverage on Lucid stock with a ‘buy’ rating and a price target of $30.

Analysts of the firm compared the EV maker to Tesla and Ferrari and noted that Lucid’s business model resembles that of the two established automakers.

Lucid supplies components for Formula E, which resembles the business model of Ferrari while the firm’s luxury EV launch strategy mirrors that of Tesla.

Lucid stock is down 25% since its SPAC merger with Churchill Capital in July and is trading close to $20.

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