Technology

Domo, the business analytics company based out of Utah, today became the latest enterprise tech company to go public, and it did so with a small pop. Trading on Nasdaq as DOMO, the company opened at $23.80/share, up 13 percent on its initial pricing of $21. Last night, the company announced that it had raised $193 million through a sale of9,200,000 shares of Class B common stock at the initial price, valuing the company at around $511 million.

Now, the stock is trading at around $25.60. We&ll update this as the day progresses.

Ita modestly positive start for a company that has seen a rocky road leading up to its IPO: as a startup, the company was valued as high as $2 billion, meaning its IPO valuation saw some 75 percent of that value erased.

There have always been a lot of high expectations for Domo, which was in stealth mode for five years and came out of it with a $1 billion valuation. Josh James, the companyfounder and CEO, previously had founded Omniture, the online marketing and web analytics firm, which was acquired by Adobe for $1.8 billion in 2009.

And Domo itself taps into one recurring theme within the enterprise IT zeitgeist: there are now hundreds of cloud-based services collecting and producing data about our businesses, and so there is a demand for companies that can harness and make sense of that data, and provide good inroads for people to &read& it more easily (companies like Slack also are tapping into this idea, albeit for a different purpose).

Domo itself says that it brings in information from some 500 different sources, by way of APIs and other integrations, to produce data visualizations and other insights into how an organization operates, and while one of its key targets are c-level executives who want &big picture& insights, the product positions itself as suitable for a wide array of users and industries.

But as many have pointed out, this isn&t the whole story. The company has been burning money and its annual recurring revenue hasn&t been that strong compared to how much money it has raised (pre-IPO, nearly $690 million). For the strongest enterprise startups, these are metrics that usually have closer parity, if ARR is not altogether outpacing how much the company has raised. For skeptics, Domo still has to prove itself as a business longer term, and now that itgoing to the public markets for money, it will be doing so with more scrutiny.

According to its S-1 filing, Domorevenues in the year that ended January 31 were $108.5 million, up from $74.5 million, with net losses of $176.6 million (versus $183 million for the same period a year before). The company saysthat as of April 30, 2018, it had more than 1,500 businesses as customers, including 385 with more than $1billion in revenue. The company makes about 80 percent of its revenues from subscriptions with the rest from professional services.

Developing.

Out on the plains of East Texas, not far from Dallas, a company called TMGcore is mining crypto. The company, funded to the tune of $70 million, will be mining multiple cryptocurrencies and is using some unique technology to ensure that it doesn&t eat up an entire cityworth of energy.

&TMGcore will be one of the first companies to utilize 3MNovec fluorochemical coolant at the heart of an enterprise scale cryptocurrency mining apparatus,& said CEO JD Enright. &The companyintelligent mining system uses a Two Phase Liquid Cooling Immersion technology to dramatically decrease cooling costs by up to 90% and lets the company conduct mining operations from anywhere, including the middle of hot and muggy Texas. TMGcore also employs dynamically intelligent mining software that automatically mines the most profitable coin based on realtime market value and difficulty of access for the most profitable deployment of resources in realtime. Our technology is first-to-market and delivers a transformative approach to crypto mining that stands to fundamentally disrupt the market.&

The goal is to create mining infrastructure in the US and to prevent overseas control of the various currencies.

&Giving America a seat at the table is our #1 goal here at TMgcore. Our cooling technology and efficient mining rigs open up more regions of this country to house this type of operation,& said Enright.

The mine is housed in Plano, Texas inside a 150,000 square foot facility and is capable of a &100 megawatt live power load.& Further, the company is running custom ASIC chips increase board density and reduce mining costs significantly. In short, it will be one of the highest tech mining facilities in the world.

From the release:

The company has developed a unique use case with a fluorochemical coolant that delivers smart, safe and sustainable cooling for industrial technology operations. TMGcore will be one of the first companies to utilize this compound at the heart of an enterprise scale cryptocurrency mining apparatus. The companyintelligent mining technology uses a Two-Phase Liquid Cooling Immersion technology to dramatically decrease cooling costs by up to 90%. The system also dynamically adapts its mining efforts toward the most profitable token at any given time, factoring in real-time market price, the difficulty of access and hash rate. TMGcore has also developed custom-made ASIC mining boards that result in a 20% increase in token output.

&Leveraging the magic of this coolant and groundbreaking mining circuitry, we saw a massive opportunity to capitalize on the nascent and highly lucrative mining industry in a physical, tangible and industrial fashion,& said Enright. &TMGcore seeks to deconstruct the mining monopoly in other countries with an American-made, U.S. driven approach that not only pushes the blockchain ecosystem forward but also creates job opportunities for Texas& fast-growing technology community. We understand the importance of the research and development that creates not only innovations but the efficiencies that support the blockchain industry on a global scale.&

&Texas, more so than many other states in this country, has an abundant supply of energy available on their grid with available real estate to house such a project,& said Enright. &Cryptocurrency mining has not really been able to take advantage of Texas& energy supply to date because the state is too hot. By utilizing Novec in this Two Phase Liquid Cooling Immersion technology, we have unlocked Texas& potential to mine for the first time.&

Uber is racing ahead to become the go-to multi-modal transportation service. On the heels of a multimillion-dollar acquisition of JUMP bikes, the launch of UberRENT, its permit application to deploy electric scooters in San Francisco and a partnership with public transit company Masabi, Uber CEO Dara Khosrowshahi has tapped Rachel Holt to lead the companyNew Modalities organization.

As head of new modalities, Holt will be responsible for the ramp-up and onboarding of additional mobility services — be that public transit integration, scooters, car rentals, bikes and whatever else Uber has up its sleeves. That means she&ll also work closely with JUMP CEO Ryan Rzepecki.

&I&m excited to bring my learnings and experiences scaling Uberrides business to bear as we incubate and build new ways to move around the more than 600 cities we serve,& Holt said in an emailed statement to TechCrunch.

Holt has worked at Uber since October 2011, when the company was live in just three cities. In May 2016, she became VP and regional general manager of Uberoperations in the U.S. and Canada.

The move signals the seriousness of Uberefforts to expand beyond traditional ride-sharing, and even autonomous ride-sharing. Khosrowshahi has repeatedly voiced his intent for Uber to become a multi-modal transportation company, so the creating of a new department is not all that surprising. And as Uber gets closer to its 2019 initial public offering, the company is clearly trying to highlight its variety of potential revenue streams.