Apple awards US$250mn funding to Corning Inc.
Glass for every generation of iPhone has been made by Corning, withthe latest fund invested by Apple building on the company’s previously received funding of US$200mn in May 2017. The combined investment – totalling US$450mn – supports research and development at the company and will provide state of the art glass processes, equipment and materials.
“Apple and Corning’s rich history dates back more than a decade, and our partnership revolutionized glass and transformed the technology industry with the first iPhone,” said Jeff Williams, Apple’s Chief Operating Officer. “This award underscores Apple and Corning’s shared belief in the vital role that ingenuity plays in creating industry-leading products, and the pride that both companies take in applying American innovation and advanced manufacturing to solve some of the world’s toughest technology challenges.”
Apple’s Advanced Manufacturing Fund aims to foster and support innovative production as well as high-skill jobs to fuel a new era of technology-driven manufacturing in the US. Apple has committed to investing US$5bn into American companies, of which the company has currently invested US$1bn to date.
“We’re proud of what we’ve achieved through our collaboration with Apple, and excited by the new opportunities this additional investment creates,” said Wendell P. Weeks, Corning’s Chairman, Chief Executive Officer and President. “This Advanced Manufacturing Fund award will allow us to develop ground-breaking new glass innovations, while also expanding our manufacturing capabilities. Most importantly, our ongoing collaboration allows us to create vital new capabilities for end users and continue pushing the boundaries of what is possible well into the future.”
For more information on all topics for Procurement, Supply Chain & Logistics - please take a look at the latest edition of Supply Chain Digital magazine.
Image source: Apple
Bukalapak raises $1.5bn in record Singapore IPO, say sources
Bukalapak, currently the fourth largest Indonesian ecommerce company, is said to have raised $1.5 billion in the first IPO by an Indonesian tech unicorn.
Three unidentified, but likely reliable, sources told Reuters the order books for Bukalapak’s IPO were covered by multiples, with one source claiming the issue attracted more than $6 billion in demand despite being listed at the top of its indicated price range.
Bukalapak's 50x growth
Bukalapak was looking to raise just $300 million just a few months ago. The figure grew to $800 million before rising to $1.5 billion as investors jockeyed for a piece of the company.
Covid-19 has had a positive impact on many ecommerce operators, and Bukalapak also has strong investment lines via Singapore sovereign investor GIC and Microsoft, among others. The company focuses on micro, small and medium-sized enterprises.
Indonesia is Southeast Asia’s biggest economy.
Indonesia’s four biggest ecommerce companies
Tokopedia is an Indonesian technology company specializing in e-commerce. It was founded in 2009 by William Tanuwijaya and Leontinus Alpha Edison.
Shopee was first launched in Singapore in 2015, and later expanded its reach to Malaysia, Thailand, Taiwan, Indonesia, Vietnam, the Philippines, Brazil, Mexico, Chile, and Colombia.
Lazada is a Singaporean multinational technology company which focuses mainly on e-commerce. Founded by Maximilian Bittner with the backing of Rocket Internet in 2012, it is currently owned by the Alibaba Group after its acquisition in 2016.
Bukalapak is an Indonesian e-commerce company. It was founded in 2010 as an online marketplace to enable small and medium enterprises go online and has expanded to support smaller traditional family owned businesses.