Kogan.com shares fall 14% and HEO Robotics secures $12 million in Series A funding.

In case you missed it or are looking for a quick update to get back in the loop, here is a quick roundup of the latest developments in the Tech space.

SoftBank’s chip designer Arm files for IPO, valuation hinges on AI hype investors.

Reported by the AFR and Bloomberg, Arm Holdings, owned by SoftBank, has filed for a significant Initial Public Offering (IPO) in the US. The chip design company's IPO is led by Barclays, Goldman Sachs, JPMorgan Chase, and Mizuho Financial Group. Notably, SoftBank founder Masayoshi Son could benefit from its success after the Vision Fund's $30 billion loss last year. The IPO might also influence other companies' IPO plans, like Instacart and Klaviyo.

Arm's IPO, expected to be the largest since Rivian Automotive's 2021 offering, underscores its strategic role in AI and AI chips. The anticipated valuation ranges from $60 billion to $70 billion, despite SoftBank's increased ownership. This IPO is set to reinvigorate the IPO market, benefiting from the demand for AI technologies.

Arm's chip designs are crucial for devices, yet its IPO reflects its pivot towards AI chips. SoftBank's control of Arm post-IPO underscores its strategic importance, and its success could ripple across the technology landscape.

Kogan.com shares fell nearly 14% in early trade on Tuesday.

StarUp Daily reported that Kogan.com's shares dropped nearly 14% in early trading due to disappointing 2023 financial results. Sales fell by 28%, revenue by 32%, and gross profit by 26%. The company's net profit after tax improved to $25.9 million from last year's $36.2 million loss. Kogan.com grappled with excessive inventory and pandemic-related costs, leading to a 57% reduction in inventory.

Despite declining revenue, the company's efforts to manage costs resulted in a 2.2% gross margin increase for the year. The CEO, Ruslan Kogan, aims to shift towards platform-based sales, with most income now generated from this side of the business. This strategic shift is intended to position the company as a higher-margin, lower-risk business akin to a software company.

Satellite inspection startup raises $12 million Series A.

Sydney's satellite monitoring startup HEO Robotics has secured $12 million in a Series A funding round, led by AirTree Ventures and supported by Salus Ventures, reported by the StartUp Daily. HEO Robotics offers visual inspection services for satellites and space debris using existing Earth observation satellites. The funding comes as satellite numbers increase globally, reaching nearly 8000 in the next decade.

However, Australia's space ambitions have recently faced challenges. Plans for a $71 million space innovation hub were halted, alongside cutbacks in federal government funding, including the cancellation of the $1.2 billion National Space Mission for Earth Observation program. The Space Industry Association of Australia expressed disappointment, highlighting the setbacks in maintaining Australia's space industry presence.

Tesla says data breach affecting 75,000 people in May was an inside job.

Tesla has revealed that the May data breach impacting 75,000 people was carried out by two former employees who violated the company's IT security and data protection policies. The breach's discovery followed German news outlet Handelsblatt obtaining the confidential information. Tesla took legal action to halt further information sharing, and Handelsblatt agreed not to publish due to legal constraints.

Tesla has confiscated the ex-employees' devices and obtained court orders against them. The breach exposed sensitive data like Social Security numbers, names, addresses, phone numbers, and emails of current and former employees. The stolen data, known as "Tesla Files," included over 23,000 internal documents highlighting acceleration and brake issues.

Although no misuse of the data has emerged, Tesla is collaborating with law enforcement and experts. Those who may be affected are advised to secure themselves by ordering credit reports, placing fraud alerts, and freezing credit reports with Credit Bureaus.

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