Bulletins

Luminar's lidar will go public via a SPAC

Luminar, which builds lidar sensors for autonomous vehicles, plans to go public via a SPAC with $400 million in funds raised through the Gores Group.


Investors include Alec Gores, Peter Thiel, and Volvo, and the company will launch on the Nasdaq with the ticker "LAZR."

Luminar, which is following a growing trend in tech by using a SPAC, has marketed itself as a cost-effective solution to giving cars the tools they need to see the world around them in high resolution. In May, Volvo announced Luminar sensors would be on its 2022 vehicles. The company was formed in 2012 by its then 17-year-old founder Austin Russell and has also inked deals with Toyota and Audi.

Protocol | Enterprise

Take that, Slack: ServiceNow gets a little closer to Microsoft Teams

ServiceNow is expanding its decade-long partnership with Microsoft as both companies intensify their rivalry with Salesforce.

Microsoft and ServiceNow's "coopetition" is aimed at a higher goal: undermining Salesforce, which is fast becoming the main rival for both vendors.

Photo: Uwe Anspach/Getty Images

For ServiceNow, Microsoft is the lesser of two evils compared to Salesforce.

After ditching Slack for Teams following the Salesforce acquisition, ServiceNow is deepening its decade-long partnership with Microsoft, promising co-development of new products and fresh integration capabilities within Teams, it plans to announce Thursday.

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Joe Williams

Joe Williams is a senior reporter at Protocol covering enterprise software, including industry giants like Salesforce, Microsoft, IBM and Oracle. He previously covered emerging technology for Business Insider. Joe can be reached at JWilliams@Protocol.com. To share information confidentially, he can also be contacted on a non-work device via Signal (+1-309-265-6120) or JPW53189@protonmail.com.

While it's easy to get lost in the operational and technical side of a transaction, it's important to remember the third component of a payment. That is, the human behind the screen.

Over the last two years, many retailers have seen the benefit of investing in new, flexible payments. Ones that reflect the changing lifestyles of younger spenders, who are increasingly holding onto their cash — despite reports to the contrary. This means it's more important than ever for merchants to take note of the latest payment innovations so they can tap into the savings of the COVID-19 generation.

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Antoine Nougue,Checkout.com

Antoine Nougue is Head of Europe at Checkout.com. He works with ambitious enterprise businesses to help them scale and grow their operations through payment processing services. He is responsible for leading the European sales, customer success, engineering & implementation teams and is based out of London, U.K.

Protocol | Fintech

Crypto has a payment for order flow problem, too

The SEC is concerned about payment for order flow in stocks and options. But crypto, which it is struggling to regulate, is a "Wild West."

What are you paying for your bitcoin?

Illustration: Jeremy Bezanger / Unsplash

Two of the SEC's major concerns are payment for order flow, the potentially conflict-ridden system where retail brokers get paid by market makers for sending them orders, and cryptocurrencies, the largely unregulated digital tokens that are generating a booming market in speculative trading.

What if you put them together?

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Tomio Geron

Tomio Geron ( @tomiogeron) is a San Francisco-based reporter covering fintech. He was previously a reporter and editor at The Wall Street Journal, covering venture capital and startups. Before that, he worked as a staff writer at Forbes, covering social media and venture capital, and also edited the Midas List of top tech investors. He has also worked at newspapers covering crime, courts, health and other topics. He can be reached at tgeron@protocol.com or tgeron@protonmail.com.

People

A Theranos lab worker says blood tests were like ‘flipping a coin’

The testimony from whistleblower Erika Cheung could form a crucial piece of the prosecutors' fraud case against former Theranos CEO Elizabeth Holmes.

The former Theranos headquarters in Palo Alto.

Photo: Andrej Sokolow via Getty Images

Did Theranos' blood-testing technology work? That was the key question prosecutors hammered away at as the fraud trial of former CEO Elizabeth Holmes continued Wednesday in a San Jose courtroom.

The company's proprietary Edison machines routinely failed quality control tests to the point that former lab employee Erika Cheung said she sometimes refused to run patient samples on the devices, she testified in court.

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Biz Carson

Biz Carson ( @bizcarson) is a San Francisco-based reporter at Protocol, covering Silicon Valley with a focus on startups and venture capital. Previously, she reported for Forbes and was co-editor of Forbes Next Billion-Dollar Startups list. Before that, she worked for Business Insider, Gigaom, and Wired and started her career as a newspaper designer for Gannett.

Protocol | Policy

Big Tech builds bit by bit. The FTC is challenging that.

The FTC on Wednesday unveiled the findings of a study on the small deals that helped Big Tech grow without regulatory scrutiny, and took steps to treat such acquisitions more skeptically.

The FTC is putting more scrutiny on the small deals that built Big Tech.

Photo: Ian Hutchinson/Unsplash

The Federal Trade Commission on Wednesday took a dive into the kinds of deals that make Big Tech, well, big.

The commission unveiled findings from an investigation into hundreds of small acquisitions that companies such as Facebook, Amazon and Google undertook with little government oversight, which helped those titanic businesses reach their current size and power. Some of those transactions evaded regulator scrutiny thanks to loopholes in the law, the report found.

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Ben Brody

Ben Brody (@ BenBrodyDC) is a senior reporter at Protocol focusing on how Congress, courts and agencies affect the online world we live in. He formerly covered tech policy and lobbying (including antitrust, Section 230 and privacy) at Bloomberg News, where he previously reported on the influence industry, government ethics and the 2016 presidential election. Before that, Ben covered business news at CNNMoney and AdAge, and all manner of stories in and around New York. He still loves appearing on the New York news radio he grew up with.

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