Siemens Opens Its Largest Global Research Hub
Siemens has opened the first building complex of its Technology Center (STC) at Garching Research Campus, north of Munich, Germany.
The venture capital firm led by LinkedIn co-founder Reid Hoffman has invested in Entrepreneur First, a London-based hub for startups, alongside Mosaic Ventures and Founders Fund, according to Bloomberg.
Greylock Partners led the $12.4 million funding, which also included Lakestar Capital, and Demis Hassabis and Mustafa Suleyman, the founders of DeepMind, according to a statement from Entrepreneur First. Hoffman will also join the board of Entrepreneur First.
The backing of Hoffman is a significant boost to Entrepreneur First, which finds technical and business talent and then brings them together in order to create startup companies. Hoffman is a partner at Greylock Partners, and in March joined the board of Microsoft, three months after the world’s largest software maker acquired LinkedIn. Hoffman is also on the board of room-rental startup Airbnb.
Founded in 2011 by Alice Bentinck and Matt Clifford, Entrepreneur First follows a similar model to YCombinator, the California-based financier that has backed Airbnb, Dropbox and Reddit. At the U.K. company, accepted candidates receive a monthly stipend, followed by a small seed investment in return for an 8% stake.
Magic Pony, a London-based artificial intelligence startup, is arguably Entrepreneur First’s most significant success story. Twitter paid about $150 million for Magic Pony in 2016, earning Entrepreneur First around $6.5 million from a $16,000 investment.