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Uber Freight business

Uber has offloaded its air taxi business Elevate to Joby Aviation, the last of several moonshots to be sold by the ride-hailing company in a pursuit to stick to its core business and reach profitability.

The transaction announced Tuesday is part of a complex deal that includes Uber investing $75 million into Joby and an expanded partnership between the two companies. Last year, Uber and Joby, which is developing an all-electric, vertical take-off and landing passenger aircraft, signed on as a vehicle partner for Uber’s Elevate initiative. Joby was the first partner to commit to deploying air taxi services by 2023.

The $75 million investment comes in addition to a previously undisclosed $50 million investment made as part of Joby’s Series C financing round in January 2020, Uber said. To date, Joby Aviation has raised $820 million. Uber has invested a total of $125 million into the startup.

Under the deal, which is expected to close in early 2021, the two parent companies have agreed to integrate their respective services into each other’s apps.

“Advanced air mobility has the potential to be exponentially positive for the environment and future generations,” Uber CEO Dara Khosrowshahi said in a statement. “This deal allows us to deepen our partnership with Joby, the clear leader in this field, to accelerate the path to market for these technologies.”

While Joby is considered one of the leaders, Elevate did play a role in shaping the nascent industry, including establishing some of the benchmarks used by competitors.

“The team at Uber Elevate has not only played an important role in our industry, but they have also developed a remarkable set of software tools that build on more than a decade of experience enabling on-demand mobility,” Joby Aviation CEO JoeBen Bevirt said in a statement.” These tools and new team members will be invaluable to us as we accelerate our plans for commercial launch.”

One year ago, Uber’s business model could be categorized as an “all of the above approach,” a strategy to generate revenue from all forms of transportation, including ride-hailing, micro-mobility, logistics, and package and food delivery. The COVID-19 pandemic and Khosrowshahi’s focus on profitability prompted the company to dump its moonshots and double down on delivery with its acquisition of Postmates.

Today, Uber is a company focused on ride-hailing and delivery while keeping its hand in micro-mobility, logistics, and autonomous vehicles through a series of deals struck in 2020.

Read Primer, The UK Fintech Raises £14M Series A Funding

The Joby-Elevate terms are similar to two other Uber deals this year. In the spring, Uber led a $170 million funding round in micro-mobility startup Lime. As part of the deal, Lime acquired Uber’s micro-mobility subsidiary Jump. The majority of Jump’s 400 employees were laid off. Earlier this week, autonomous vehicle startup Aurora Innovation reached an agreement with Uber to buy the ride-hailing firm’s self-driving unit in a complex deal that will value the combined company at $10 billion.

Just like Uber’s deals with Lime and now Joby, Aurora isn’t paying cash for Uber ATG, a company that was last valued at $7.25 billion. Instead, Uber is handing over its equity in ATG and investing $400 million into Aurora, which will give it a 26% stake in the combined company, according to a filing with the U.S. Securities and Exchange Commission.

Uber said in October that it sold off a $500 million stake in its Uber Freight business to an investor group led by New York-based investment firm Greenbriar Equity Group. The deal valued the unit at $3.3 billion on a post-money basis. Uber has maintained its majority stake in Uber Freight, unlike the Jump, Elevate, and ATG deals.

Today ChatableApps releases the hearing aid app on iOS, with a larger android update likely to follow. Backed by Mark Cuban, and based on the work of Dr. Andy Simpson, an auditory neural signal processing researcher, the app removes background noise in near-real – time so that one-to-one conversations can be heard better.

And, unlike other business strategies, its developers insist it works with any modern, standard smartphone and earbuds. Originally “preclinical” Chatable Device trials say to show it matches or the efficiency of certain new hearing aids, also exceeds that of eighty-six per cent of participants report the ‘universal ChatableApps hearing assistance “for communication was stronger than their current hearing aid.

When I covered the latest financing round for the startup, ChatableApps co-founder Brendan O’Driscoll explained to me the technology of the business and approach is “wholly special” since noise filtering is not used or other techniques used in DSP. “It is really a deep neural net of learning separation approach to speech and noise that does not apply filters to initial audio but listens and re-prints instead a brand outsider audio stream in near-real time that is just a vocal imitation initial audio modules,’ he said.

Or, put simply, in contrast to traditional background noise approaches removal-trying to label and remove unwanted sounds- AI of ChatableApps, called “VOXimity,” recognizes the voice that we like hear, and create a new (more or less) identical voice book similar to the original but without any other history Sounds …… sounds. The technique is called synthesis of end to end neural speech.

Meanwhile Giles Tongue, CEO of ChatableApps, tells me the team was racing to release the app as soon as possible after it has been realized it could help bridge the gap for people who can’t access a hearing clini during the coronavirus crisis, or because of the inability to liprea face masks prevail.

We agreed to launch the pre-clinical trials after positive immediately because of the urgent call from the audiologists to help people struggling with coronavirus,’ he notes. “With others incapable of doing so lipread because of face masks or incapacity to attend a hearing center in an our technology is a lifeline to support people in an emergency communicate.

The software will also help control distancing from society. “You should blend in telephone next to the talker, put in your Bluetooth buds, walk ten feet apart, and even someone with full clarity can hear, tongue adds.

The team has also revisited the company since we last covered it pricing model ChatableApps. The startup formerly planned to offer a only paid subscription version, but now has a free version, although somewhat level, tight.

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