Daily Business Report-Oct. 21, 2013
Landmark Aviation prepared this rendering of its planned fixed-base-operation at Lindbergh Field.
Landmark Aviation Breaks Ground on a
Fixed-Base-Operation at Lindbergh Field
Landmark Aviation has broken ground on a 250,000-square-foot fixed-base-operation at San Diego International Airport, a facility that will incorporate a 20,000-square-foot terminal, five hangars and a 250,000-square-foot ramp on 12.4 acres. Several companies will be involved in the project, including Turner Construction Co. Tammy Edmonds Design, KPFF Consulting Engineers, Spurlock Poirier Landscape Architects and TMAD Taylor & Gaines.
“This is a wonderful first step as we begin to develop the north side of the airfield,” said Thella Bowens, president and CEO of the San Diego County Regional Airport Authority, which owns and operates the airport.
Investments in Software Companies Take Big Jump
NEW YORK (AP) — A new report says funding for U.S. startups rose in the third quarter from year-ago levels, as venture capitalists poured money into a growing number of fledging software companies.
According to the report released Friday, total investments in startups rose 17 percent to $7.78 billion from $6.63 billion in the July-September quarter of 2012. The number of deals rose 7 percent to 1,005 from 937.
The software industry’s $3.57 billion in funding accounted for the largest chunk of the total and marked a 77 percent jump from a year ago. It also marked the first time the industry passed the $3 billion mark in 12 years.
Software also accounted for the largest number of deals with 420, including nine of the quarter’s 11 largest investments.
Biotechnology came in a distant second place. Its funding fell 31 percent to $852.1 million for 123 deals, down one deal from the year-ago period.
The largest deal of the quarter was a $257.8 million infusion that went to San Francisco-based Uber Technologies Inc., which provides on-demand car service through iPhones and text messages. The money came from Google Ventures and TPG Capital LP.
San Pasqual Tribe Purchases Woods Valley Golf Club
The San Pasqual Band of Mission Indians have purchased the Woods Valley Golf Club in Valley Center for an undisclosed sum, U-T San Diego reports.
The sale was completed Friday, said Michael Contreras, the president of the tribe’s Economic Development Agency. Located off Woods Valley Road just east of Valley Center Road, the golf course is about four miles from the San Pasqual reservation and the tribe’s Valley View Casino. The golf course covers about 120 acres. The entire purchase includes about 250 acres, Contreras said. The Woods Valley housing neighborhood next to the golf course is unconnected to the purchase.
Achates Power Gets $35.2 Million Boost
Achates Power, a San Diego company that’s developing a cheaper, cleaner internal combustion engine, raised $35.2 million in a third round of venture capital financing. Achates will use the funding to accelerate product development and commercialization of its green engine, which uses an opposed-piston, twoo-stroke compression engine design.
Last year, Achates Power and AVL Powertrain Engineering Inc. were awarded a $4.9 million contract from the U.S. Army Tank Automotive Research, Development and Engineering Center for design and construction of the next-generation combat engine. To serve a wide range of U.S. combat and tactica; vehicles, the engine will deliver superior fuel efficiency, high power densite and low heat rejection and will be multi-fuel capable, the company said.
Forum to Examine New Marketplace Exchange for Health Care
The San Diego North Chamber of Commerce will hold a Covered California forum on Oct. 29 to explain the new marketplace exchange for health care coverage. State and local experts will speak about the new state exchange, and how the new law will be implemented in San Diego County. With the rollout of the Affordable Care Act earlier this month, millions of Californians are now able to choose health insurance coverage offered through Covered California. The forum will be from 5 to 8 p.m. at Bridgepoint Education, 13500 Evening Creek Drive North, in San Diego.
Marcia Dávalos, from the Small Business Majority, will be the keynote speaker, explaining the new law’s affects on small business.
General Atomics Receives $52 Million Contract from the Navy
General Atomics has been awarded a $52 million contract by the U.S. Navy for advanced arresting gear equipment, to be tested for us onboard aircraft carriers. With the new equipment, fighter jets will continue to land on carrier decks as usual, catching hold of a cable, but the mechanism pulling on the cable will be based on an electric motor rather than the standard Mk-7 hydraulic arresting gear. Ultimately, the plan is for the new arresting gear to be installed on the aircraft carrier USS Gerald R. Ford, which is scheduled to be christened in November.
Innovative Technologies to be Screened at Two-Day Conference
The 2013 WBT Innovation Marketplace — an event where developers of new technologies can present their products to prospective investors and licensees — will be held Tuesday and Wednesday at the Sheraton San Diego Hotel & Marina on Harbor Island. The two-day conference will feature more than 70 pre-screened presenters showcasing their innovations to an expected audience of more than 500 attendees. A highlight of the event is a “Hot Markets and Sizzling Sectors” panel focusing on what’s hot, and what’s not in the high-tech world. Also included will be keynote sessions with industry leaders, a student business plan competition sponsored by the RadySchool of Management, and a university poster session, sponsored by UC San Diego, San Diego State University; University of San Diego, and Cal State San Marcos.
The conference is co-hosted by Connect and the San Diego Regional Economic Development Corp.
ARCS Scholars to be Honored at Nov. 1 Luncheon
The San Diego Chapter of ARCS Foundation will honor the 2013-2014 ARCS Scholars at a luncheon to be held on Nov. 1 in the Conference Center at Paradise Point Resort at Mission Bay. 57 ARCS Scholars will be honored this year with the theme, “Recognizing Brilliance.” The honorees include 54 scholars engaged in master’s or doctoral programs in science, engineering, or medical research at San Diego State, TSRI, UC San Diego and University of San Diego and three scholars from the undergraduate engineering program at USD. The luncheon is from 11 a.m. to 1:30 p.m.
Holly Cheong Joins Best Best & Krieger Law Office in San Diego
Holly E. Cheong has joined the eminent domain practice at the San Diego office of Best Best & Krieger LLP. Cheong, an associate, represents public agencies in eminent domain matters. She previously worked for Snell & Wilmer LLP in Las Vegas as a litigator handling commercial, civil and employment cases. Cheong received her law degree from the William S. Boyd School of Law at the University of Nevada, Las Vegas. After law school, she served as a law clerk to Justice Kristina Pickering of the Nevada Supreme Court. Before turning to a legal career, Cheong received a master’s degree in city planning from San Diego State University and worked as an environmental planner for the Southern Nevada Water Authority and as a biologist for the city of San Diego Planning Department.