LA tech had an exciting week. Startups continue to scale, and one company has plans for space travel. This is the Built In LA weekly refresh.
Rivian valued at over $100B. The massive total marks the largest public debut for a U.S.-based company since Facebook brought in $16 billion back in 2012. Rivian Automotive shares soared as much as 53 percent in its Nasdaq debut, closing at $100.73 per share. Rivian is also the second most valuable automaker after Tesla. [Built In LA]
Virgin Galactic sold tickets for its space flight program. Around 100 tickets have been sold for the commercial space flight program. The company expects to begin these flights by the end of 2022 with tickets costing $450,000, which is the cheapest on the market. Virgin Galactic is currently hiring across California. [Built In LA]
LA TECH QUOTE OF THE WEEK
AppliedVR raised $36M. AppliedVR brings virtual reality to the medical field. With AppliedVR, those suffering from chronic pain go through an immersive VR program to target and reduce pain in the body. The company’s programming can be used in clinics or at home. The funding will help the company launch a new VR platform and conduct more research. [Built In LA]
Epirus opened a new HQ. The Torrance-based defense systems startup just opened a new 100,000-square-foot headquarters with room for 150 team members. The company hosted a ribbon cutting last week attended by Congresswoman Maxine Waters, Torrance Mayor Patrick Furey and other elected officials. The company was founded in 2018 and grew its workforce by 200 percent last year. [Epirus]
Rct AI gained approximately $10M. Rct AI is building the Metaverse with AI-generated gaming content and blockchain. The company has partnered with more than 20 game studios since its establishment in 2018. One of rct AI’s core products is AI layer powering intelligent NFTs, known as Deterrence. [Business Wire]
Mustard got $1M. Mustard is developing an app that combines shopping and social networking. The app will feature food-related videos that allows users to order a dish after seeing said video. Mustard raised $1 million in a pre-seed funding round from Operate Studio, Newfund, Great North Ventures and Fund LA. [socalTECH]
