Updated Apr 17, 2018

Startup gets $20 million to make tech gear in pricey San Francisco

Tempo is making printed circuit boards in San Francisco. Photo: Tempo Automation.

Manufacturing printed circuit boards in San Francisco sounds crazy given the high cost of labor and real estate, but Tempo Automation has raised $20 million to do just that.

The bottom line: Tempo isn't building production runs like one would get from Shenzhen. Instead, it is focused on getting quick prototypes to Bay Area tech firms looking to rapidly iterate on a design.

The latest: The new $20 million in funding is designed to help fund a 42,000-square-foot factory — Tempo's second — in San Francisco's SOMA neighborhood. It's already running at capacity at its current 8,000-square-foot facility. The money should allow the company to nearly double its current staff of around 60.

The round was led by P72 Ventures with participation from existing investors Lux Capital, Uncork Capital and AME, and new investors Dolby Ventures, Industry Ventures and Cendana.

What it's up to: CEO Jeff McAlvay says he can't give client names, but says his factory has cranked out parts for phones, robots and even rockets and autonomous cars.

“One of the things I enjoy is the range of products that we get to play a small part in bringing to market," McAlvay told Axios.

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JPMorgan Chase to pull support for some fossil fuels

Illustration: Sarah Grillo/Axios

JPMorgan Chase said Monday that it won’t directly finance new oil and gas development in the Arctic and will significantly curtail its financing of the extraction and burning of coal.

Why it matters: JPMorgan is the world’s largest funder of fossil-fuel companies, according to a report by the Rainforest Action Network (RAN). The announcement follows similar moves by other big banks and investment firms, including Goldman Sachs and BlackRock.

WHO won't call coronavirus a pandemic as cases spread

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The World Health Organization will not yet call the coronavirus a pandemic, claiming that needs across affected countries are too varied and the classification would increase fear, per a briefing Monday.

The big picture: As South Korea and Italy stepped up emergency measures in efforts to thwart the spread of the virus, WHO expressed concern about infections with no clear link to China. COVID-19 has killed at least 2,620 people and infected almost 80,000 others, with all but 27 deaths occurring in mainland China.

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