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Engineering efficiency platform LinearB raises $50m

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Israeli engineering efficiency platform LinearB today announced the completion of a $50 million Series B financing round by Tribe Capital, with participation of new investor Salesforce Ventures and existing investors Battery Ventures and 83North. Sri Pangular, partner at Tribe Capital, will join the LinearB board. This round brings the total amount raised by LinearB to $71 million.

The Tel Aviv based company, founded by CEO Ori Keren and COO Dan Lines, has developed an engineering efficiency tool that correlates data across tools to identify bottlenecks and automate developer workflow optimization. This developer-first approach to automating engineering improvement uses data as the foundation for creating autonomous, self-improving development teams. Engineering organizations use LinearB to reduce cycle time, improve planning accuracy and ensure on-time value delivery.

Keren said, “This round of funding expands our group of investors who recognize the vast potential of our developer-first approach to engineering efficiency. If you’re excited about cutting-edge developer tech, we invite you to join us. We’re looking for talented individuals around the world – software engineers and customer success, sales and marketing experts – who want to create a category-defining platform.”

LinearB said it will use the new funding to expand its engineering team and speed up development of its platform. LinearB will also invest in its customer success, sales and marketing teams to reach new markets worldwide.

LinearB said that over 5,000 software development organizations use its platform as a source for engineering analytics and developer workflow optimization. Adoption of LinearB has grown dramatically in the past year, the company added, from 1,500 development teams to over 5,000. Customers include Bumble, BigID, Cloudinary, Unbabel, and Drata.

Published by Globes, Israel business news – en.globes.co.il – on May 2, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.


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Welspun’s US arm bags a single order worth ₹5,000 cr

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Welspun Corp Ltd has received the highest-ever single order worth ₹5,000 crore for supply of pipes in the US.

The order is for supply of 325,000 tonnes of large diameter coated pipes for transporting natural gas from the Permian Basin to Houston. The order executed from the company’s Little Rock plant, and will be executed over 12 months, starting FY23 second half.

The US arm had received a similar order of 26,000 tonne last April from a long-standing customer in North America and another from Australia.

With this, the company’s order book (excluding Saudi) stands at 704,000 tonnes valued at about ₹10,500 crore.

Vipul Mathur, Managing Director and Chief Executive Officer, Welspun Corp, said the single largest order comes out of the understanding of customer’s needs, quality orientation and execution track record coupled with modern technology and innovation.

The pan-global order book and successive wins in a highly competitive environment validate the company’s global leadership position in this segment, he added.

“We are confident that given the prevailing high energy prices and increasing demand scenario, further opportunities are likely to arise over the mid-to-long term in both the global and the US market. This will enable the company converting opportunities into business and profitable order book at Welspun Corp over the next few years,” it said.

The shares of the company gained nearly 17 per cent to close at ₹244.30 on Friday.

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May 20, 2022

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Rupee vs Dollar Today: Latest news here

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The rupee inched 3 paise higher to close at 77.53 (provisional) against US dollar on Friday, supported by a rebound in domestic equities.

At the interbank forex market, the rupee opened at 77.51 against the greenback and moved in a range of 77.49 to 77.60 in the day’s trade.

The rupee finally ended at 77.53, higher by 3 paise over its previous close of 77.56.

According to Dilip Parmar, Research Analyst, HDFC Securities, the lack of dollar demand and rebound in domestic equities augur well for the rupee.

The dollar is about 2 percent off its recent high, seen last week, as risk-assets rebound after the People’s Bank of China (PBOC) announced a 15 bps cut in the 5-year Loan Prime Rate to support the economy.

The dollar index marked the first weekly decline after six weeks of upward movement, driven by position liquidation and preference for other currencies to emerge at a lower level.

On the domestic equity market front, the BSE Sensex rebounded 1,534.16 points or 2.91 per cent to end at 54,326.39, while the broader NSE Nifty jumped 456.75 points or 2.89 per cent to 16,266.15.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.15 percent to 102.88.

Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth Rs 4,899.92 crore, as per stock exchange data.

Brent crude futures, the global oil benchmark, rose 0.10 percent to USD 112.15 per barrel. 

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530 new COVID-19 cases in Delhi; positivity rate 2.17 pc

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Delhi reported 530 new COVID-19 cases and zero fatality due to the disease on Friday, while the positivity rate stood at 2.17 per cent, according to data shared by the city health department.

With the new infections, Delhi’s COVID-19 caseload increases to 19,02,710, while the death toll stands at 26,199.
A total of 24,458 Covid tests were conducted in the city a day ago, the department said in its latest bulletin.

The capital had on Thursday logged 520 Covid cases with a positivity rate of 2.09 per cent and one death due to the disease.
It saw 532 COVID-19 cases and zero fatality due to the disease on Wednesday, while the positivity rate was recorded at 2.13 percent.
On Tuesday, the national capital had recorded 393 COVID-19 cases with a positivity rate of 3.35 per cent and two deaths.

The number of daily COVID-19 cases in Delhi had touched the record high of 28,867 on January 13 during the third wave of the pandemic.
The city had recorded a positivity rate of 30.6 percent on January 14, the highest during the third wave of the pandemic.
The number of active COVID-19 cases in Delhi stands at 2,229, down from 2,377 the previous day, the bulletin said.

As many as 1,602 patients are under home-isolation, down from 1,755 on Thursday, it said, adding that there are 895 containment zones in the city.
There are 9,581 beds for COVID-19 patients in Delhi hospitals, and 115 of them are occupied, the bulletin showed.

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