Jan 12, 2018

Scoop: First Alert buys WiFi system maker Luma

Dan Primack, author of Pro Rata

First Alert, a subsidiary of Newell Brands, has quietly acquired Luma, a home WiFi system maker that had raised $22 million in VC funding from firms like Accel Partners and Amazon.

Bottom line: This comes shortly after Luma rival Eero announced layoffs, reflecting the difficulty of competing with NetGear and Google.

More notes:

  • The deal officially closed last week, and the two companies unveiled a joint product offering this week at CES (without announcing the acquisition).
  • No specifics yet on pricing, but this was not any sort of win for Luma shareholders.
  • Luma CEO Michael Bruinisse and chairman Paul Judge will transition out over the next couple months, but the Atlanta-based product and engineering teams will remain in place, per a source familiar with the situation.
  • Per an internal memo from Judge: "Now that Luma is part of a Fortune 500 company (Fortune #208 to be precise), we have much wider distribution, reach and scale."

Go deeper

Jennifer A. Kingson
24 mins ago - Economy & Business

Markets swell as the economy shrinks

Illustration: Eniola Odetunde/Axios

The economy is sputtering, but the markets are thriving — a highly unusual event that shows how the coronavirus has thrown all bets off.

Why it matters: The disconnect adds to the wealth gap. The richest 10% of households — who own 84% of stocks — are getting richer, while millions of out-of-work Americans cross their fingers that pandemic unemployment benefits will be extended.

Go deeper (3 min. read)Arrow
Axios
Updated 7 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 10,836,500 — Total deaths: 520,605 — Total recoveries — 5,723,808 — Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 2,735,554 — Total deaths: 128,684 — Total recoveries: 781,970 — Total tested: 33,462,181 — Map.
  3. Public health: The states where face coverings are mandatory — Regeneron stops trial after drug fails to help patients — What we know about the coronavirus immune response — Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
  4. Business: Top business leaders urge the White House to develop mandatory mask guidelines.
  5. Politics: Herman Cain hospitalized for COVID-19 after attending Trump Tulsa rally — Biden downplays jobs number, rebukes Trump for ignoring health crisis.
  6. Economy: The economy may recover just quickly enough to kill political interest in more stimulus.
  7. States: Texas mandates face masks in public spaces — Florida reports more than 10,000 new coronavirus cases, and its most-infected county issues curfew.
Go deeper (<1 min. read)Arrow
Orion Rummler
8 hours ago - Health

Fauci: Coronavirus surges mark a "very disturbing week" in the U.S.

Fauci testifies to the Senate Health, Education, Labor and Pensions Committee on June 30. Photo: Al Drago/AFP via Getty Images

NIAID director Anthony Fauci told medical journal JAMA on Thursday that it has been a "very disturbing week" for the spread of the novel coronavirus in the U.S.

What's happening: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Caitlin Owens reports.

Go deeper (1 min. read)Arrow