This is the TechSummit Rewind, a daily recap of the top technology headlines.
SoundCloud saved with emergency funding, CEO steps down
SoundCloud has closed the necessary funding round to keep the struggling music service afloat. New York investment bank Raine Group and Singapore’s sovereign wealth fund Temasek have stepped in to lead a $169.5 million Series F funding round.
CEO Alex Ljung will step aside as the company’s chief executive, with former Vimeo CEO Kerry Trainor replacing him. Ljung will remain SoundCloud’s chairman. Mike Weissman will become COO as SoundCloud co-founder and CTO Eric Wahlforss will remain as chief product officer.
Raine will get two board seats for bailing out the company, held by partner and former music industry attorney Fred Davis and the firm’s vice president of music investments Joe Puthenveetil.
“This financing means SoundCloud remains strong & independent. As I said, SoundCloud is here to stay.”
Alex Ljung, SoundCloud chairman
Toyota, Intel, others to form auto big data consortium
Toyota, Intel, Ericsson, Japanese auto parts maker Denso, and telecom company NTT DoCoMo are forming the Automotive Edge Computing Consortium.
The group plans to use data to support emerging services like intelligent driving, creating maps with real-time data, and driving assistance based on cloud computing, according to Toyota.
“It will define requirements and develop use cases for emerging mobile devices with a particular focus on the automotive industry.”
Toyota, in a statement
Facebook buys computer vision startup focused on adding objects to video
Facebook has acquired a German company called Fayteq that builds software add-ons for video editing that can remove and add whole objects from captured video using computer vision.
Snap financial documents confirm acquisition of social maps app Zenly for $213M
Snap confirmed that it purchased social maps app Zenly for $213 million, according to the company’s 10-Q SEC document.
The document also details that the company paid $135.2 million for an “advertising measurement services company.”
Additionally, Snap spent $62.1 million acquiring a “component of a business from a social advertising software company” along with a startup that operates a “cloud hosted platform for building content online.”