Software company Near Intelligence Holdings Inc. plans to go public via a merger with special purpose acquisition company KludeIn I Acquisition Corp.
Pasadena, California-based Near Intelligence said the deal will give it a market capitalization of nearly $1 billion, assuming there are no redemptions by KludeIn (Nasdaq: INKA) stockholders and a successful private placement of $95 million of common stock. The transaction is expected to generate gross proceeds of $268 million.
Near Intelligence will keep its name and will trade on The Nasdaq Stock Market under the ticker symbol “NIR.”
Near Intelligence's existing equity holders, including Sequoia Capital, Telstra Ventures, J.P. Morgan and Greater Pacific Capital, have agreed to convert all their ownership stakes into equity of the company, of which they will own about 68% after the deal closes.
Founded in 2012, Near Intelligence processes privacy-led data intelligence on people, places and products to help organizations reach, understand and market to consumers. It processes data from more than 1.6 billion unique user IDs in 70 million places in 44 countries.
In other L.A.-area tech news:
- ZoomInfo Technologies Inc. (Nasdaq: ZI) has acquired Santa Monica-based employee review platform Comparably for an undisclosed amount. Vancouver, Washington-based ZoomInfo said the acquisition adds another key source of company, employee and customer data to its data and intelligence platform. ZoomInfo plans to use Comparably’s proprietary data to further build its TalentOS by enriching recruiter search options and providing recruiters with access to millions of candidates and employers.
- Croquet Corp. has launched what it says is the first open metaverse operating system, Croquet OS, which features a bit identical shared virtual machine operating within the browser of any device. The Los Angeles company has also introduced the alpha version of its Microverse IDE, a virtual world development environment. Formed in 2019, the company said its products can enable web developers to create multiuser web and Web3 virtual worlds in the metaverse that can be published anywhere.
- ChargeFuZE, the L.A. operator of a network of high-speed phone-charging kiosks, has raised $5 million in seed funding led by investors including Beverly Pacific; TR Ventures; VA2; Jason Goldberg, co-founder and president of Carro; and Al Weiss, former president of worldwide operations for Walt Disney Parks and Resorts, among others. The startup said it plans to use the funding to scale its team and continue to add partners, which currently include Simon Property Group, Live Nation Entertainment, Unibail-Rodamco-Westfield, Brookfield Properties and Oak View Group. ChargeFUZE said its network will soon span to more than 40 states, including more than 50 professional sports stadiums.
- Manhattan Beach sneaker startup Psudo Inc. has completed a $3 million seed financing round managed by SternAegis Ventures. Founded in 2020 by husband and wife duo Michael and Kortney Rich, Psudo makes small-batch sneakers using yarn made from recycled water bottles, and uses 3D sublimation printing to create prints and patterns. The company said it will use the funding to invest in its product pipeline and distribution channels, including wholesale; its sustainable supply chain; and omnichannel marketing strategy.
- L.A. gaming and esports platform Joystick has raised $8 million in a seed round and is currently raising a $110 million funding round, according to VentureBeat. The company, founded by TikTok star Michael Le and tech entrepreneur Robin DeFay, aims to empower users to become business owners, esports pros or content creators in the world of blockchain, allowing users to pay a fixed fee and keep 100% of their revenue.
- Space simulation and analytics company Slingshot Aerospace Inc. has named Erin Defossé its chief operating officer and promoted Belinda Marchand to chief scientist. The company, based in Austin, Texas, and El Segundo, said Defossé will lead the commercialization of the company's technologies and oversee its continued development and growth, while Marchand will lead the astrodynamics and data science team developing foundational capabilities for the the company’s products. Defossé began his 30-year career as a spacecraft mission design engineer for NASA’s Jet Propulsion Laboratory and was a senior executive at Aceable, a learning platform aimed at youth and mobile professionals. Marchand joined Slingshot Aerospace in July 2021 as director of astrodynamics and R&D.
