My last ride is going to be with Marvell Technology stock
The first ride in the new year with Marvel Technology stock is finally here.
The company announced yesterday that it had raised $250 million in Series B funding led by J.P. Morgan Chase, which is a big deal for Marvell because it’s the first time it’s raised $1 billion in a Series B round.
That means it can now sell more shares than it’s worth right now.
What’s more, Marvell has a market cap of $4.4 billion, which means it’s got about $600 million in cash on hand.
It’s currently trading at $1.28.
Marvell says the funding will help it “build a powerful ecosystem that delivers innovative, connected, affordable technology solutions to the millions of customers around the world.”
The company’s new CEO and cofounder, Chris Mottola, says it’s aiming to be the “biggest provider of connectivity solutions in the world,” which includes cloud-based video, video conferencing, cloud-connected devices, and smart thermostats.
“It’s a great time to be a Marvell customer,” Mottolasaid in a statement.
The new company has been working to build its new technology and services since 2015, when Marvell acquired the company that makes the original Marvell smart thertopat.
Mottolina says that the new company will “provide a world-class, secure, and affordable platform for all our customers, including our traditional customers, which are primarily home automation, home automation hardware, and security solutions.”
The new Marvell technology is now available for $149.99.
The price drops dramatically when you factor in its cloud-enabled capabilities, which Mottolinasaid include the ability to connect to up to eight devices at once via a single Wi-Fi connection.
And the company also has a cloud-computing service called Marvell Cloud that provides developers with access to Marvell’s proprietary technology, which allows it to “provider a range of solutions, including connected devices, cloud computing, and more.”
The deal was announced at the Future of Automation conference, where Marvell said it was bringing on board a new group of engineers and software developers to help develop the new technology.
Marvel says it expects the new product to be available in “early 2018,” and that it expects to have an announcement about the company’s first product in “late 2018.”