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CapitalG has promoted three Black leaders. The independent growth fund of Google parent company Alphabet — CapitalG — connects entrepreneurs with portfolio leaders to overcome the hurdles of scaling. “We are CapitalG, Alphabet’s independent growth fund. We invest in companies that have established product market fit and are ready to scale. To date, we have over $3 billion under management supporting businesses including CrowdStrike, Lyft and UiPath,” the company’s website states. As CapitalG looks to broaden its impact, nine leaders, including three diverse hires, have been promoted.
Black-owned Nile Capital Group Holdings has acquired a stake in a leading global investment firm. According to a news release, Nile Capital, a “sector-focused, operationally-oriented private equity firm,” along with ABS Global Investments, has bought the remaining 23% minority interest in ABS from Evercore Inc. ABC will maintain majority ownership while Nile Capital signs on as a strategic investor. Nile Capital was founded by Melvin Lindsey (managing partner); Richard Pell (chief information officer and partner); and Hien Gerbereux (partner). “As investors look for a differentiated source of non-correlated alpha, ABS has provided unique solutions to meet its customers’ needs for over two decades,” Lindsey said in a news release. “Under Laurence and Gui’s leadership, ABS has built a culture of excellence driven by a focus on innovation, talent development, and a commitment to customer success. We look forward to joining forces with the ABS team to build on the strong momentum and...
Back in 2020, Terri Burns made history at GV (formerly Google Ventures) as not only its first Black female partner but also its youngest-ever partner at age 26, as previously shared by AFROTECH™. The promotion came after she joined the investment arm of Alphabet in 2017. Now, the history-maker is spreading her wings to take on building out her own venture. Fortune reports that Burns is launching her firm, Type Capital. “To the next generation of founders… you’re exactly our type,” Burns wrote via Instagram when announcing her new firm. View this post on Instagram A post shared by Terri Burns (@tcburning) According to Fortune, the 30-year-old was moved to start Type Capital after seeing a trend of venture capitalists investing in companies only after seeing fellow VCs show interest first, which she describes as “heat.” Burns aims to change the status quo by taking the lead and pursuing risks “driven by true innovation,” not by other investors. “They’re talking to amazing investors,...
Despite their many differences and approaches, one perspective many athletes share is that to change the game; you have to be in it. As we’ve seen repeatedly, a positive shift in any game does not always come from one person. It takes a combination of skill and investment to move from just getting by to finding success. And while Google doesn’t navigate on courts or fields, the organization is intentionally positioning itself as a game-changing catalyst for Black entrepreneurs. In 2020, the tech giant made a series of commitments to help ease access to funding for Black founders and funders. The Google for Startups Black Founders Fund has since expanded globally, and AfroTech had the opportunity to have an in-depth conversation with Jewel Burks Solomon, Head of Google for Startups U.S., and Jeremiah Gordon, General Counsel and Chief Compliance Officer for CapitalG, about the future of the Black Founders Fund and its intended impact.
Pindrop, a voice security and authentication startup, announced Wednesday that it closed a $90 million Series D funding round. The Atlanta-based company is set to expand globally to provide additional products and partnerships with telecommunications companies. Allegion Ventures, Cross Creek, Dimension Data, Singapore-based EDBI, and Goldman Sachs contributed to the funding round. “At Pindrop, we are bringing trust and security into voice-based interactions to enable the evolution of voice as the next computer interface,” said Executive Chairman and Cofounder of Pindrop Dr. Paul Judge said in a press release. “This investment allows Pindrop to grow globally and expand into securing voice-based IoT devices.” Pindrop isn’t Judge’s first rodeo —t he Morehouse alum co-founded two other startups before creating his latest company in 2011. Judge also co-founded consumer WiFi company LumaHome, which was acquired earlier this year and web security company Purewire, which was acquired in...
The changes artificial intelligence will have on the workforce will be substantial in years to come. And now, according to Tech Crunch , companies that are automating repetitive tasks are seeing big valuations as businesses look to replace their office workers. Tech brands UiPath and Automation Anywhere each develop automation robotics and have recently received notable amounts of funding. UiPath earned $225 million in its last funding round, while Automation Anywhere, whose customers include Google, Unilever and Comcast, received $250 million. Companies across various industries want to automate customer support, scheduling, hiring and employee analytics and investors are pouring into the places that know how to make it happen. Sequoia Capital and Alphabet’s CapitalG led the funding for UiPath and helped bring the company to $408 million in funding and a $3 billion valuation. Goldman Sachs invested in Automation Anywhere’s latest funding round, bringing the robot-maker to a $1.8...