Three startups housed at the EvoNexus incubator at University Research Park and another startup based in Irvine held private meetings with representatives from Huawei Technologies Co., one of the largest diversified electronics makers in the world.
University of California-Irvine spinout Shoelace Wireless; RF chipset developer Abtum Inc.; Edyza Sensors Inc.; and early childhood development e-book and game developer Kadho Inc.—which also traces its roots to UCI—were among the 19 companies across the U.S. selected for the two-day meetings with the Shenzhen, China-based conglomerate.
Huawei ranked No. 228 on the Global Fortune 500 last year, with revenue exceeding $60 billion. Its products range from smartphones and wearables to communication networks and cloud computing.
“Our role at Huawei is to look for new technology partners that we can bring to our product line or our research,” Naveen Dhar, vice president and head of business strategy and planning, Center for Innovation, said during an Aug. 24 networking event following the first day of pitches.
“Our goal really is to cooperate with as many high-quality companies as possible in the area of software, hardware and silicon.”
It’s too early to gauge whether the meetings will prove fruitful for the local crop of startups, though getting in front of an influential player like Huawei is a coup of its own.
“Each company received an hour-long meeting with key decision makers from Huawei and the beginnings of a number of strategic alliances were created,” EvoNexus Chief Executive Rory Moore said in an email to the Business Journal.
The event was sponsored by The Cove, EvoNexus and Irvine Company.
QLogic Cuts
Networking products maker QLogic Corp. has initiated its first round of job cuts following its $1 billion sale to Silicon Valley chipmaker Cavium Inc. that closed last month.
The company plans to cut 69 workers at its former headquarters in Aliso Viejo by Oct. 17, according to a filing with the California Economic Development Department.
The cuts amount to about 18% of the company’s local employment base, which stood at 373 through March, according to Business Journal research.
QLogic makes switches, adapter cards and other electronics used to speed up the flow of data.
Jean Hu, who served as acting chief executive before the transaction, no longer works for the company. She is now chief financial officer at Santa Clara-based Marvell Semiconductor, according to her LinkedIn page.
The sale of QLogic, which was founded in 1994, is the latest in a series of transactions in the local tech sector that underscores the ongoing consolidation in the global industry. Recent headquarters losses include several based in Irvine—chipmaker Broadcom Ltd., laser maker Newport Corp., distributor Ingram Micro Inc., business software maker Kofax Ltd. and circuit board maker Multi-Fineline Electronix Inc.—as well as QLogic rival Emulex Corp. in Costa Mesa.
With consolidation a prevalent story in the tech industry, here’s a quick look at two of the largest golden parachutes affiliated with OC companies.
Broadcom Chief Executive Hock Tan, who’s initiated at least 750 local job cuts at the chipmaker since Broadcom Corp.’s $37 billion February sale to Avago Technologies Inc.—including the entire management team except co-founder Henry Samueli—is in line for a nearly $131 million payout if he leaves the company. Bobby Kotick, who leads Santa Monica-based Activision Blizzard Inc., the parent of Blizzard Entertainment Inc. in Irvine, is set for $84.5 million if he exits.
