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Octane Event Draws Record Crowd to Talk Business

Octane’s efforts to boost Orange County’s diverse tech scene were evident as Silicon Valley venture capitalists mingled with local entrepreneurs and executives at the organization’s flagship conference.

The Technology Innovation Forum, held June 1 to 2 at the Newport Beach Marriott, drew more than 850 attendees and 700 companies to the coast, linking qualified investors with industry experts and potential strategic partners.

“With a record attendance, including top names from the Orange County investment community, we’re very pleased with the outcome and success of TIF 2017,” said Octane Chief Executive Bill Carpou. “We’ve received incredible feedback from our partners and attendees and hope to continue the momentum going into summer.”

The conference featured two simultaneous tracks of panel discussions, a new event element that focused on trendier topics, such as artificial intelligence, cybersecurity and esports, all growing hubs in OC, as well as more traditional interest areas, like OC’s startups scene, foreign investment and the future of tech.

The forum, billed as the largest conference in Southern California focused on high-growth technology innovation and investment, also featured 10-minute pitches from eight companies at the Aliso Viejo-based organization’s LaunchPad accelerator.

Octane late last year invested $5 million in three ophthalmology companies through its Visionary Venture Fund, which launched in February. The fund has raised about $30 million (see more on Octane, page 44).

More Ingram Cuts

Irvine-based Ingram Micro Inc., which was acquired late last year by Chinese conglomerate Tianjin Tianhai Investment Company Ltd. for $6 billion, has enacted another round of job cuts in Texas.

The world’s largest distributor of technology products, with annual sales of about $42 billion, cut 140 workers at its Touchstone Wireless Repair and Logistics business in Fort Worth. That’s about 40% of its operation there and leaves about 210 employees at the facility.

The cuts are due to a “reduction in customer volumes” in its Lifecycle Services business, Ingram said in a statement sent to the Business Journal. The unit is part of Ingram Micro Mobility, which provides device lifecycle services, from warehousing and software loading to orders and accounts receivable management, fulfillment, and reverse logistics, which includes repair, refurbishment and recycling of wireless devices.

The mobility segment was coveted by Chief Executive Alain Monie and led to Ingram’s $840 million buy of Indianapolis-based wholesale distributor BrightPoint Inc. in late 2012. The acquisition improved operational efficiencies, but more importantly carried higher-margin business lines and ultimately reshaped Ingram Micro’s story on Wall Street from a plodding giant that prompted little investor excitement to a big mover eyeing new markets.

Ingram has cut more than 1,000 workers in Texas in less than a year, according to the Dallas Business Journal, which isn’t affiliated with our publication.

Growing E-Commerce

A shell company in Irvine is readying a play to enter the growing internet economy of Vietnam.

Vemanti Group Inc., a penny stock on the Pink Sheets trading under the symbol VMNT, has signed a Memorandum of Understanding to acquire a majority interest of Two Group JSC, an internet technology holding company based in Ho Chi Minh City.

Financial details of the agreement weren’t disclosed.

Two Group runs four operational and revenue-generating wholly-owned subsidiaries focused on e-commerce, local search, social media and streaming content.

Southeast Asia is primed to become one of the world’s fastest-growing e-commerce regions, eclipsing $25 billion in revenue by 2020, according to Frost & Sullivan.

Canadian Launch

Irvine-based Vizio Inc. launched a line of premium smart TVs for the Canadian market.

The SmartCast P-Series Ultra HD HDR XLED Pro Display collection features “high-dynamic range” display and smart-streaming capabilities.

The models will be updated this summer to allow users to browse featured content and a curated list of apps directly on the screen through a remote or via a mobile device through the SmartCast Mobile app.

Vizio’s masterful supply chain execution, coupled with distribution deals with big-box retailers such as Costco and Walmart, positions the brand to annually compete against Samsung for the title of the top smart TV seller in North America.

Vizio’s proposed $2 billion sale to Chinese conglomerate LeEco collapsed in April amid “regulatory headwinds,” the companies said at the time.

The Business Journal reported for months that the deal was in jeopardy as LeEco burned through cash after expanding product lines and markets, including a disastrous launch in the U.S., where the company expanded aggressively and then cut hundreds of workers. That led to a restructuring and a revamped strategy to focus solely on Chinese-language customers.

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