San Francisco-based technology startup Illumix just closed a $18 million Series A round of funding, and in a rare move for the Shark Tank star, Mark Cuban contributed.
The company develops platforms for augmented reality (AR) experiences and sees itself as a crucial player in the emerging Web3 and metaverse ecosystems.
"We really think about ourselves as the backbone behind your immersive experiences," said Kirin Sinha, CEO and founder of Illumix.
Historically, those experiences were limited to the gaming and entertainment worlds. Now Illumix has its sights on what it calls "location-based entertainment." Sinha explained that the company wants to bring AR to in-person experiences such as sports games, concerts, and theme parks.
On why Cuban decided to invest, despite his aversion to investing in tech firms, Sinha said he thinks "it really comes down to the scope of this opportunity."
"The idea of the digital and physical worlds coming together has been talked about for some time, but we're really seeing that market timing starting to hit," he added.
The former chief executive of Japanese beverage giant Suntory has acknowledged he was investigated on suspicion of possessing an illegal drug but has asserted his innocence despite resigning from his position.
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Nestlé has dismissed its CEO Laurent Freixe after an investigation into an undisclosed relationship with a direct subordinate. The company announced on Monday that the dismissal was effective immediately. An investigation found that Freixe violated Nestlé’s code of conduct. He had been CEO for a year. Philipp Navratil, a longtime Nestlé executive, will replace him. Chairman Paul Bulcke stated that the decision was necessary to uphold the company’s values and governance. Navratil began his career with Nestlé in 2001 and has held various roles, including CEO of Nestlé's Nespresso division since 2024.
Kraft Heinz is splitting into two companies a decade after they joined in a massive merger that created one of the biggest food companies on the planet. One of the companies will include brands such as Heinz, Philadelphia cream cheese and Kraft Mac & Cheese. The other will include brands like Oscar Mayer, Kraft Singles and Lunchables. When the company formed in 2015 it wanted to capitalize on its massive scale, but shifting tastes complicated those plans, with households seeking to introduce healthier options at the table. Kraft Heinz's net revenue has fallen every year since 2020.
