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Faraday's $1-billion auto plant

The company plans to introduce its first car in 2017

BS Reporter 

Faraday Future, an electric-vehicle start-up, has chosen Nevada in the US for the company's planned $1-billion factory. "We hope to bring $1-billion investment to North Las Vegas and open our first manufacturing facility there, creating 4,500 jobs," Jia said in a letter to Nevada's legislature. The company plans to introduce its first car in 2017, Bloomberg News said.

Indochino plans more stores

After opening seven showrooms in the past year, Vancouver-based menswear start-up Indochino is planning to add 150 showrooms in five years and expand to the UK and Asia. The firm has appointed a new chief executive officer, Drew Green, to take over from co-founder Kyle Vucko. Green formerly ran Shop.com and Shop.ca. Vucko will remain in an advisory role, according to a Bloomberg News report.

Cognitive develops new tech


Cognitive Systems Corp has unveiled a technology for tracking wireless signals that it says can be used for detecting intruders, managing crowds or finding victims of natural disasters. The firm said its Amera technology senses motion in physical space by detecting small changes in the wireless signals invisibly connect smartphones and other devices to broader networks. The company has secured three core patents in the US and Europe, Reuters said.

Ruangguru raises funds

Indonesian education tech start-up Ruangguru has raised a seven-digit series-A funding round. The round was led by Venturra Capital, a venture capital fund. East Ventures, which led the start-up's seed round in 2014, participated as well. As in the seed round, the series-A funding amount was undisclosed. With the funding, the firm is looking for talent across several roles, especially in technical, business development, education development and digital marketing, according to a Tech in Asia report.

Luxe adds subscription service

Luxe, a San Francisco-based start-up that provides valet parking through an app, has launched a subscription service for all its users. Through the app, subscribers can pay a set monthly rate instead of per ride, an option the year-old company had previously tested with certain users.



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First Published: Mon, December 14 2015. 00:31 IST
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