TechTaffy

tech:

taffy

Automation technology company Festo investing $900 million to expand operations in Ohio

By TechTaffy Desk

Festo will invest $90 million in an expansion of its Regional Service and Manufacturing Center in Mason, Ohio. The company, a German-based global corporation specializing in advanced automation technology, will expand its existing offices in Mason by approximately 350,000 square feet, and add 350 jobs over the next five years. Construction will be conducted in two phases with expected completion by 2024.

The City of Mason, REDI Cincinnati and JobsOhio are collaborating on incentives for Festo. The expansion is contingent upon their approval. Festo, which maintains U.S. and North American regional headquarters in New York, announced its move to Mason in 2013 with a $50 million, 150,000 square-foot facility that opened in 2015.

Festo will also mark a leadership transition at its Mason campus. Yannick Schilly, chief operating officer and vice president of product supply for North America, will be succeeded by Dr. Nikolas Gebhard, who has been with the company since 2012.

[Image courtesy: Festo]

Just in

Series A

Tembo raises $14M

Cincinnati, Ohio-based Tembo, a Postgres managed service provider, has raised $14 million in a Series A funding round.
Around the web

Raspberry Pi is now a public company — TC

Raspberry Pi priced its IPO on the London Stock Exchange on Tuesday morning at £2.80 per share, valuing it at £542 million, or $690 million at today’s exchange rate, writes Romain Dillet. 
Fundings

AlphaSense raises $650M

AlphaSense, a market intelligence and search platform, has raised $650 million in funding, co-led by Viking Global Investors and BDT & MSD Partners.
Around the web

Elon Musk’s xAI raises $6B to take on OpenAI — VentureBeat

Confirming reports from April, the series B investment comes from the participation of multiple known venture capital firms and investors, including Valor Equity Partners, Vy Capital, Andreessen Horowitz (A16z), Sequoia Capital, Fidelity Management & Research Company, Prince Alwaleed Bin Talal and Kingdom Holding, writes Shubham Sharma. 
IT

Capgemini partners with DARPA to explore quantum computing for carbon capture

Capgemini Government Solutions has launched a new initiative with the Defense Advanced Research Projects Agency (DARPA) to investigate quantum computing's potential in carbon capture.