糖心视频

Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

Subscribe to the Crunchbase Daily

Electric vehicle-maker Faraday Future to go public via SPAC

Los Angeles-based electric carmaker is through a merger with blank-check acquisition firm Property Solutions Acquisition Corp.

The deal values the merged company at around $3.4 billion. Faraday the agreement will provide an estimated $1 billion of gross proceeds, which is expected to be enough to fully fund the production of its luxury electric car, FF 91, within 12 months of transaction close.

Founded in 2014, Faraday has previously raised at least $2.3 billion in known funding, per Crunchbase data. Following the closing, the combined company will be listed on the under the ticker symbol FFIE.

Funding rounds

• OwnBackup nears $1.4B valuation: closed a $167.5 million Series D that values the cloud data protection platform at nearly $1.4 billion. The round was co-led by , and , with participation from existing investors , and . The backup and disaster recovery system developer now has raised more than $267.5 million to date. The company鈥檚 cloud data protection and backup system is used by nearly 3,000 customers.
• Lyra Health lands $187M for mental health benefits: Mental health care benefits provider raised $187 million in a Series E funding round, less than six months after gaining unicorn status with a $110 million Series D. (Read more)
• Nubank raises $400M: , the Brazil-based upstart online bank, has $400 million in Series G funding at a valuation of $25 billion.
• Ula bags $20M: Indonesia-based , a wholesale e-commerce marketplace for small business owners, raised $20 million in a Series A funding round led by and
• Literati notches $40M Series B from big-name investors for book subscription service: , an Austin-based company that offers an online book club and subscription service, said it raised $40 million in Series B funding led by of with additional funding from former CEO and venture investor and of , , , , and . basketball star also participated in the round. Curry is one of the celebrities on the Literati platform promoting a curated book selection.
• Flowhaven raises $16M:聽Media licensing management startup raised $16 million in a Series A round from investors including , , and . The company counts and among its customers.
• Concert Health lands $14M: , a San Diego-based behavioral health medical group, closed on a $14 million Series A round led by .
• Yotta raises $13.2M for prize-driven savings accounts: New York-based fintech startup Yotta announced the close of a $13.2 million Series A funding led by Base10 Partners with participation from Y Combinator, Core Innovation Capital, and Slow Ventures. The startup offers a savings account that’s linked to the potential to win monetary prizes: For every $25 they deposit, Yotta users earn one recurring ticket into weekly sweepstakes number draws.
• Verusen raises $8M for connected supply chains: , an Atlanta-based startup offering AI-driven supply chain technology, said it raised $8 million in Series A funding co-led by and . The round also included new investment from and continued participation from , , and .
• Abound raises $6M: , headquartered in San Francisco, announced $6 million in funding led by . The company provides a benefits API for businesses that serve independent workers.
• Cutback Coach raises $3.1M: , a San Francisco startup developing a program focused on building healthier habits around alcohol consumption, raised $3.1 million in seed funding led by of .
• Cowrywise banks $3M: , a Nigeria-based digital wealth management and financial planning tool, secured $3 million in pre-Series A funding led by .

M&A

SAP buys BPA developer Signavio: 聽has acquired German business process automation developer . Terms of the deal were not released, but reported this week it could be worth $1.2 billion. The deal gives SAP cloud-native BPA tools, which can help automate tasks in areas such as marketing and workflow. Signavio has raised nearly $230 million since being founded in 2009, according to Crunchbase data.

GetwellNetwork acquires Docent Health: Patient engagement platform it has acquired , a platform that provides intelligent, real-time text messaging that guides patients to the “next best step” following medical care. Terms of the deal were not disclosed. Docent has raised in known venture-backed funding, while GetwellNetwork has raised .

Other news

Former Magic Leap CEO launches startup: , the former CEO of augmented reality company , has called to focus on artificial intelligence and interactive storytelling.

Illustration: