Adobe Acquiring Figma, Verily Raised $1B, and More Bay Area Tech News

Here’s the latest news out of the Bay Area tech scene.
Written by Charli Renken
September 19, 2022Updated: September 20, 2022
Figma's logo on a laptop screen resting on a desk.
Photo: Shutterstock

Summer may be over, but the San Francisco tech scene is still running hot. Last week, we saw several multi-million dollar funding rounds, some exciting acquisition news and we wrapped up our Future 5 coverage of early-stage startups. Here’s what you might have missed if you didn’t log on last week. This is the Built In SF Weekly Refresh. 

Adobe announced it will acquire Figma for $20B. Figma is a design platform made for teams to brainstorm, design and build products over the web. The merger is expected to close sometime next year. Upon closing, Figma’s co-founder and CEO Dylan Field will continue to lead his company’s team. [Built In SF]

Twitter shareholders voted to approve Elon Musk’s $44B bid to buy the company. The vote came after Musk’s attempt to back out of the deal and Twitter’s subsequent lawsuit against him for breaking the agreement. [CNBC] 

Bay Area Tech Quote of the Week

“Vestaboard creates spaces that build human connections. The digital age has left people looking down at their phones, consumed with countless notifications and endless scrolling. Vestaboard gets employees, customers and visitors looking up from their phones for moments of inspiration and information.” — Dorrian Porter, founder and CEO of Vestaboard

Vestaboard was featured as a Future 5 company. An early-stage startup based in Menlo Park, Vestaboard is a mounted messaging board that can display messages of up to 132 characters and is changeable from virtually anywhere. We featured them last week as part of our Future 5 series highlighting emerging tech companies innovating in their fields. [Built In SF]

Verily raised $1B. Verily is a life sciences company under Alphabet that creates data-driven healthcare products for individual consumers. The round, led by Alphabet, will allow Verily to fuel growth in an increasingly competitive market, including investments in new partnerships, global business development and potential acquisitions. [TechCrunch]

Ratio launched from stealth with $411M. The fintech platform for SaaS companies announced $11 million in venture funding and a $400 million credit facility after launching last week. Ratio’s platform is an all-in-one service with capabilities like payments, predictive pricing, financing and a frictionless quote-to-cash process. [PR Newswire]

Goldman Sachs gave Fortanix $90M. The data-first cybersecurity company helps companies secure their data through encryption and decoupling security from infrastructure. Instead of making systems more secure, Fortanix secures the data itself, keeping the data as it moves through environments. [Built In SF]

In other funding news: SaaS business data analytics platform Sightfull closed $18M in Series A funding led by Dell Technologies Capital.

Roofr, a software company that arms roofers with a variety of digital tools, raised $12M in Series A funding led by Bullpen Capital.

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