Tech roundup: Snap opens office in China, startups to watch and more

January 5, 2017

Core Innovation Capital announces $71.5M fund

Core Innovative Capital, a VC firm with headquarters in San Francisco and Los Angeles, announced the launch of its new $71 million fund. The firm, which focuses on fintech startups, is reportedly seeking an additional $3.47 million to bring the fund's size close to $75 million. [SoCal Tech]


Snap opens office in China, acquires Israeli AR firm

Snap, that one company in Venice that always seems to make the news, continued its expansion over the holiday season with a new office in Shenzhen, China. The 20 or so employees will be tasked with conducting research and development for its camera-equipped Spectacles. [LA Business Journal]

Additionally, the company announced its acquisition of Israeli-based augmented reality outfit Cimagine Media, which creates virtual models of products so that customers can better visualize them. The purchase is estimated at between $30-40 million. [LA Business Journal


Vertical Management Systems acquired by NewSpring Holdings

Vertical Management Systems, a fintech software developer based in Pasadena, announced it had been acquired earlier this week by Philadelphia-based NewSpring Holdings. Financial terms of the acquisition were not revealed. VMS develops software designed to help corporations manage issues like fiduciary risk, fee transparency. [Yahoo] names recipients of its prestigious list, a Culver City-based startup that connects good boys and good girls (or at least their breeders) with their forever homes, announced the winners of its prestigious Best Puppy Homecoming Videos of 2016. Winners include Cashmere, a Led Zeppelin-obsessed Miniature Dachshund with a ground clearance level of no more than two inches, and an as-yet unnamed Goldendoodle whose new owner refuses to believe is real. [Press Release]


LA's housing market ranks #1 according to real estate report

According to a report conducted by real estate startup Zillow, 2016 was a fantastic year for the real estate industry, especially in LA. Los Angeles finished as the most valuable metropolitan area with a cumulative worth of $2.5 trillion. Given the boom of real estate tech companies in LA over the past five years, the news isn't exactly surprising. Additionally, renters paid a cumulative $478.5 billion in 2016, which isn't much more than what I paid in rent over the same period of time. [Press Release]


3 LA startups named as startups to watch by Business Insider

Business Insider revealed its list of 33 startups to watch in 2017, and LA was once again well represented. Leading the charge was none other than West Hollywood-based Laurel & WolfHollar, which recently received a round of funding and moved into a new office also made the list, as did Science company Earny. [Business Insider]


Petnostics closes national distribution deal with Meijer

Petnostics, a pet health tech company based in LA, announced a major deal with Meijer, a major grocery store chain operating stores across the midwest. The startup, which won $300,000 on Shark Tank last year users to check the health of their dog or cats almost instantly using smart urine test kits and Petnostics' smartphone app. [Petnostics]


Images via Facebook and Shutterstock.

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