MIT launches new venture fund and accelerator, 'The Engine'
MIT President L. Rafael Reif announced the creation of The Engine this week, a new venture fund and accelerator designed to support startups working on scientific and technological innovation with the potential to impact society. Reif said The Engine will meet an underserved need in Kendall Square and Greater Boston, helping breakthrough innovations leave the lab by providing adequate resources and support for entrepreneurs. [MIT News]
Cambridge-based Akamai reaches 12-month high
Watch out, Wall Street. Security and cloud performance giant Akamai Technologies surprised analysts on Tuesday when it beat their expectations on earnings and revenue in the company’s third quarter financial report this week. As a result, Akamai’s stock price was up more than 15 percent to over $68 per share — the highest it’s been since last October. Why the sudden recovery? Akamai said it’s because of an expected revenue drop from two major media accounts (Netflix and Apple) who are building their own content distribution networks and becoming less reliant on Akamai’s services. [BostInno]
Dublin-based startup Deposify expands to Boston
Deposify, a deposit management service for landlords and tenants, announced this week that it had chosen Boston for its U.S. headquarters. The Dublin-based startup plans to hire 15 employees over the next year and a half. The company provides mobile trust accounts and helps landlords and tenants manage exchanges through mobile banking and payment options. [The Boston Globe]
Athenahealth pivots focus away from sales, toward culture
After a bumpy quarter, Watertown-based health IT company athenahealth is placing a new focus on culture to improve how it sells its electronic medical record software. With net income for the three months ending Sept. 30 at $13.9 million, the company still does not expect to hit 30 percent year-over-year growth in new clients. As a result, the company will focus more on improving company culture, which they believe is key to maintaining growth. Though athenahealth has picked a new “chief people officer,” the company will not disclose the name of the person chosen to fill the role. [Boston Business Journal]
Draftkings settles long-running lawsuit from N.Y. for $6M
Boston’s DraftKings Inc. settled a lawsuit from the New York attorney general Tuesday, overcoming a legal challenge that threatened to drive the fantasy sports startup out of business. DraftKings and its main competitor, FanDuel Inc., each agreed to pay $6 million to settle state Attorney General Eric Schneiderman’s claims that the companies misled consumers about the chances of winning money in their contests. [The Boston Globe]
Boston’s latest angel fund Operator.VC makes its first tech investment
Operator.VC, the new angel fund headed by Boston tech veterans Mike Volpe and Yoav Shapira, announced its first investment this week in Privy, a startup that offers email marketing tools. Operator.VC led the funding round, with contribution from KiwiVenture Partners II’s Bill Cohen and Todd Breeden. [BostInno]
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