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Saturday, August 24, 2019

Startups Weekly: Diamond-encrusted disruption

Hello and welcome back to Startups Weekly, a weekend newsletter that dives into the week’s noteworthy startups and venture capital news. Before I jump into today’s topic, let’s catch up a bit. Last week, I wrote about the flurry of IPO filings. Before that, I noted the differences between raising cash from angels vs. traditional venture capitalists.

Remember, you can send me tips, suggestions and feedback to kate.clark@techcrunch.com or on Twitter @KateClarkTweets. If you don’t subscribe to Startups Weekly yet, you can do that here.

What’s new

Venture capitalists look for companies poised to disrupt markets untouched by innovative technology. Believe it or not, a very small percentage of jewelry shopping is done online, which means there’s a big opportunity — for the right team — to bring jewelry buyers and sellers to the 21st century.CVC Stones 02

Enter Pietra, a new startup that’s just raised $4 million in a round led by Andreessen Horowitz’s Andrew Chen (Substack & Hipcamp investor). Robert Downey Jr.’s VC fund Downey Ventures and Will Smith’s fund Dreamers Fund also participated, as did Hollywood manager Scooter Braun, Michael Ovitz and supermodel Joan Smalls.

I spoke to the founding team, which includes Uber alum Ronak Trivedi and Ashley Bryan, who hails from fashion e-commerce site Moda Operandi. The pair bring a healthy mix of technology and fashion expertise to the mix. Trivedi tells TechCrunch he’s drawn on his Uber experience to recruit engineers from top tech companies and to advocate for fast growth. Meanwhile, Bryan has leveraged her fashion industry connections to establish relationships with luxury designers.

 “Fashion is typically really under-resourced in terms of tech,” Bryan tells TechCrunch. “[The fashion industry] is great at the creativity part but it’s tough, especially with jewelry because you really have to put up a lot of capital.”

Pietra’s plan is to create a high-end marketplace for consumers to connect with jewelry designers. To do this, the team has adopted the standard marketplace approach, taking a 30% marketplace fee from sellers, as well as a 7% fee from buyers commissioning jewelry on the platform.

“Whether you do custom jewelry or engagement jewelry or you do jewelry for celebrities like Drake, you can come on Pietra and connect with a global marketplace,” says Trivedi.

The jewelry market is expected to be worth more than $250 billion by 2020, according to McKinsey research. And where there’s a billion-dollar market, there are VCs. 

“Even though gemstones and jewelry have been at the center of art, commerce, and culture since the dawn of human civilization — going from stone jewelry created 40,000 years ago in Africa to the trade routes between East and West to Fifth Avenue in New York to the Instagram feed on your phone — the technology for discovering, designing, and purchasing jewelry online hasn’t evolved much at all,” writes a16z’s Chen, who overlapped with Trivedi during his Uber tenure.

Pietra completed its official launch this week. It has 100 designers on the platform and counting, along with what the founders say is a lengthy waitlist.

hands signing check 1

In other news

This week I published a long feature on the state of seed investing in the Bay Area. The TL;DR? Mega-funds are increasingly battling seed-stage investors for access to the hottest companies. As a result, seed investors are getting a little more creative about how they source deals. It’s a dog-eat-dog world out there and everyone wants a stake in The Next Big Thing. Read the story here.

Demo Day

Y Combinator graduated another batch of 200 companies this week. We were there both days, taking notes on each and every company. To make things easy on you, I’ve put together the ultimate YC reading list:

Here’s a look at some of the profiles we’ve written on the S19 companies:

Listen

We recorded two great episodes of Equity, TechCrunch’s venture capital podcast, this week. The first was with YC CEO Michael Seibel, in which he speaks to trends at the seed stage of investing, changes at the accelerator program, including its move to San Francisco and more. You can listen to that one here. Plus, we had on Unusual Ventures co-founder and partner John Vrionis, who talked to us about direct listings versus IPOs and the future of DoorDash and Airbnb. You can listen to that one here.

Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple PodcastsOvercast and Spotify.

Tips for B2B startups

Contributors Tyler Elliston and Kevin Barry share advice for B2B companies: “Over the years, we’ve seen a lot of B2B companies apply ineffective demand generation strategies to their startup. If you’re a B2B founder trying to grow your business, this guide is for you. Rule #1: B2B is not B2C. We are often dealing with considered purchases, multiple stakeholders, long decision cycles, and massive LTVs. These unique attributes matter when developing a growth strategy. We’ll share B2B best practices we’ve employed while working with awesome B2B companies like Zenefits, Crunchbase, Segment, OnDeck, Yelp, Kabbage, Farmers Business Network, and many more.” Read the full story here. (Extra Crunch membership required.)



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Graphcore founder Nigel Toon to talk about AI chips at Disrupt Berlin

It’s easy to forget that Silicon Valley starts with ‘silicon’, and that there would be no technology innovation without innovation at the silicon level. And Graphcore is well aware of that as the Bristol-based company is designing its own dedicated AI chipset. That’s why I’m glad to announce that Graphcore co-founder and CEO Nigel Toon is joining us at TechCrunch Disrupt Berlin.

Graphcore has managed to attract a ton of attention from day one. Originally founded in 2016, the startup has raised more than $300 million from top investors, such as Sequoia Capital, BMW, Microsoft, Samsung and a ton of others.

The company last raised a $200 million Series D round led by Atomico and Sofina. It values the company at $1.7 billion.

So what is the magic product behind Graphcore? The startup’s flagship product is an Intelligence Processor Unit (IPU) PCIe processor card combined with a software framework. Essentially, it lets you build your own AI applications more efficiently. Those dedidacted AI chips should perform better than repurposed GPUs.

Tobias Jahn, principal at BMW i Ventures, summed it up pretty well in a statement for the Series D round: “The versatility of Graphcore’s IPU – which supports multiple machine learning techniques with high efficiency – is well-suited for a wide variety of applications from intelligent voice assistants to self-driving vehicles. With the flexibility to use the same processor in both a data centre and a vehicle, Graphcore’s IPU also presents the possibility of reduction in development times and complexity.”

It seems crazy that a tiny startup is competing directly with giant chip companies, such as Nvidia, AMD, Intel, Qualcomm, etc. But this isn’t Nigel Toon’s first company. He has been the CEO of Picochip and Icera, two companies that have been sold to Intel and Nvidia.

Graphcore believes that there’s an underserved niche with a lot of potential. And it feels like there’s a race to create the most efficient AI chip. So I can’t wait to hear Nigel Toon’s take on that race.

Buy your ticket to Disrupt Berlin to listen to this discussion and many others. The conference will take place on December 11-12.

In addition to panels and fireside chats, like this one, new startups will participate in the Startup Battlefield to compete for the highly coveted Battlefield Cup.


Graphcore (graphcore.ai) is a new silicon and systems company based in Bristol, UK and Palo Alto, USA that has developed a new type of processor, the Intelligence Processing Unit (IPU), to accelerate machine learning and AI applications. Since its founding in 2016, Nigel has secured over $300m in funding and support for the company from some of the world’s leading venture capital firms including Sequoia Capital, Foundation Capital and Atomico, from major corporations including BMW, Bosch, Dell, Microsoft and Samsung and from eminent Artificial Intelligence innovators.

Nigel has a background as a technology business leader, entrepreneur and engineer having been CEO at two successful VC-backed processor companies XMOS and Picochip (sold to Nasdaq:MSPD, now Intel), a founder at Icera (sold to Nasdaq: NVDA) and VP/GM at Altera (Nasdaq: ALTR, sold to Intel for $17Bn) where he spent over 13 years and was responsible for establishing and building the European business unit that he grew to over $400m in annual revenues. Nigel was a non-executive director at Imagination Technologies PLC until itsacquisition in 2017 and is the author on 3 patents.



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Friday, August 23, 2019

Is Knotel poised to turn WeWork from a Unicorn into an Icarus?

The day of reckoning for the “flexible office space as a startup” is coming, and it’s coming up fast. WeWork’s IPO filing has fired the starting gun on the race to become the game-changer both in the future of property and real estate but also the future of how we live and work. As Churchill once said, “we shape our buildings and afterwards our buildings shape us.”

Until recently, WeWork was the ruler by which other flexible-space startups were measured, but questions are now being asked if it deserves its valuation. The profitable IWG plc, formerly Regus, has been a business providing serviced offices, virtual offices, meeting rooms and the rest, for years, and yet WeWork is valued by 10 times more.

That’s not to mention how it exposes landlords to $40 billion in rent commitments, something which a few of them are starting to feel rather nervous about.

Some analysts even say WeWork’s IPO is a “masterpiece of obfuscation.”



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India exempts startups from long-standing ‘angel tax’

India today addressed a long-standing challenge that has been affecting the country’s booming startup ecosystem. As part of a raft of measures to boost overall economic growth from a five-year low, Finance Minister Nirmala Sitharaman said New Delhi is exempting startups from Section 56(2) — a provision more popularly known as an “angel tax” in the local income tax laws — that required startups to pay a certain tax if they received an investment at a rate higher than their “fair market valuation.”

Local tax authority in India does not recognize the discounted cash flow method that many investors use to value early-stage startups, and instead value the company for what it is worth currently, which as you can imagine, is very little. Investors assess a startup’s value based on what it could eventually become in the future.

Prior to today’s announcement, the government levied a 30% tax on affected startups. Sitharaman said any startup that is registered with the Department of Industrial Policy & Promotion, a government body, will be exempted from the angel tax. Those not registered will remain subjected to it, she said in a press conference Friday.

More than 24,000 startups are currently registered with the Department of Industrial Policy & Promotion. The law was originally introduced amid concerns that wealthy people could invest in bogus startups as a way to launder money.

“Angel tax was there to stop shell companies from creating capital from nowhere,” Piyush Goyal, a minister for commerce and industry as well as railways, said in a statement Friday.

The angel tax, which was introduced in 2012, impacted only the local investors, becoming a roadblock for many citizens from funding early-stage startups. The announcement today comes weeks after the Narendra Modi government said it would address this issue.

Many prominent investors, startup founders, analysts and other industry executives have long publicly criticized the angel tax, telling the government that it is severely hurting the health of the local ecosystem.

Anand Mahindra, chairman of Mahindra Group, said last year that the angel tax needs “immediate attention or else all chances of building a rival to Silicon Valley in India will be lost.”

Sreejith Moolayil, a founder of health food startup True Elements, said the existence of an angel tax would leave many entrepreneurs like him with no choice but to shut down their companies.

Late last year, India’s tax department sent a flurry of notices to startups demanding them to pay the angel tax on funds they received from individual investors. The notices sparked an uproar, with many calling it “harassment.”

“Hope this will address the concerns of DPIIT registered startups. The proposed cell should look into concerns of all startups including those who are already under notice,” said Ashish Aggarwal, who oversees Public Policy at industry body Nasscom, of today’s announcement.

The government will also set up a dedicated cell to address other tax problems that startups face, Sitharaman said. “A startup having any income-tax issue can approach the cell for quick resolution,” the ministry said in a statement.

Jayanth Kolla, founder and chief analyst at research firm Convergence Catalyst, told TechCrunch earlier that the angel tax was the primary reason early-stage startups in the nation were struggling to raise money from investors.

Even as Indian tech startups raised a record $10.5 billion in 2018, early-stage startups saw a decline in the number of deals they participated in and the amount of capital they received. Early-stage startups participated in 304 deals in 2018 and raised $916 million in funds last year, down from $988 million they raised from 380 rounds in 2017 and $1.096 billion they raised from 430 deals the year before, research firm Venture Intelligence told TechCrunch.

Sitharaman also announced the country was scrapping a recently introduced additional levy on foreign funds. The government would revoke the surcharge, which increased tax on foreign companies investing in India to over 40%, she said. She also promised to pay out all pending tax refunds owed to small and medium enterprises within 30 days. Companies have long complained that the tax authority takes too much time to refund the money owed to them.



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Verified Expert Growth Marketing Agency: Torch

CEO Jeremy OBriant never intended to create Torch, an agile growth marketing agency based in San Francisco. He started his career as a CPA, but after leading a growth team at Sidecar and running growth projects on his own, forming Torch was the most obvious thing to do. He now leads a team that implements “agile growth,” an iterative approach that involves setting clear goals and running smaller experiments over the course of monthly sprints. Learn more about their approach to growth, their ideal client, and more.

“Torch offers custom solutions to whatever you need. They are fast and deliver on what they promise. They are also scrappy and willing to try stuff to solve unique needs.” Head of Product in SF

Torch’s approach to growth

We aim to be the thought leaders of Agile Growth. We didn’t invent the term, but we are certainly becoming the leading voice of the process in the growth marketing world. Agile simply means being able to move quickly and with ease. We start with clearly defined business goals and prioritize growth tactics based on the impact, cost, and efficiency. Then collaborate with growth teams to execute a handful of items in recurring growth sprints, typically on a monthly cadence.”

On their ideal client

“Our ideal partner has product-market fit, is redefining their category, and is ready to scale in a sustainable way. We are very strategic in the types of businesses we work with and steer clear of doing narrow prescriptive tactics. We love to collaborate with partners that are open to taking a fresh strategic look at their entire growth stack and embrace the agile approach to discover the right strategy for their unique situation.”

designer fast facts 37

Below, you’ll find the rest of the founder reviews, the full interview, and more details like pricing and fee structures. This profile is part of our ongoing series covering startup growth marketing agencies with whom founders love to work, based on this survey and our own research. The survey is open indefinitely, so please fill it out if you haven’t already. 

Interview with Torch CEO Jeremy OBriant

Jeremy OBriant

Yvonne Leow: Tell me about your background and how you became a growth marketer. 

Jeremy OBriant: People are often surprised when I tell them I started my career as a CPA. I ended up working in the trenches on several M&A deals and heard lots of founding stories from entrepreneurs.



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Samsung’s Note 10 is available today, starting at $949

{rss:content:encoded} Samsung’s Note 10 is available today, starting at $949 https://ift.tt/33Udof8 https://ift.tt/31HVaf1 August 23, 2019 at 06:20PM

Samsung’s settled into a nice little twice-yearly schedule for releasing flagships. That’s allowed the company double the opportunity to introduce some nice upgrades to their high-end Android handsets. Nearly six months after the release of the S10, the company just dropped the new Note line. Here’s a whole bunch of words I wrote about the 10+, the larger of the devices, which is helping distinguish the two lines with an utterly gigantic 6.8 inch screen.

Interestingly the Note 10 marks a rare (albeit very slight) step down in screen size over the last generation to a still large 6.3 inches. The company says it’s hoping that the smaller device will appeal to first time Note users and maybe even convince Galaxy S buyers to transfer over to S-Pen Station.

Samsung Galaxy Note10

The smaller size also helps keep the device just under $1,000, at $949. Which is become shockingly rarer amongst flagships these days. Even as fewer people are buyer phones, they keep getting more expensive. That certainly applies to the $1,100 Note 10+ and the $1,299 Note 10+ 5G (also available now, as a Verizon exclusive).

[gallery ids="1869169,1869168,1869167,1869165,1869164,1869163,1869162,1869160,1869159,1869158,1869157,1869156,1869152,1869154,1869155"]

The TLDR of last week’s review is that this is a very good phone that gets even better. Nothing particularly revolutionary, but it’s a nice design, great camera and just generally good stuff all the way around. If big and flashy is your thing, Samsung’s got you covered with the new Note.

Ping Identity files for $100M IPO on Nasdaq to trade as ‘PING’

Some eight months after it was reported that Ping Identity’s owners Vista Equity had hired bankers to explore a public listing, today Ping Identity took the plunge: the Colorado-based online ID management company has filed an S-1 form indicating that it plans to raise up to $100 million in an IPO on the Nasdaq exchange under the ticker “Ping.”

While the initial S-1 filing doesn’t have an indication of price range, Ping is said to be looking at a valuation of between $2 billion and $3 billion in this listing.

The company has been around since 2001, founded by Andre Durand (who is still the CEO), and it was acquired by Vista in 2016 for about $600 million — at a time when a clutch of enterprise companies that looked like strong IPO candidates were going the private equity route and staying private instead.

But more recently, there has been a surge in demand for better IT security linked to identity and authentication management, so it seems that Vista Equity is selling up. The PE firm is taking advantage of the fact that the market’s currently very strong for tech IPOs, but there is so much M&A in enterprise right now (just yesterday VMware acquired not one but two companies, Carbon Black for $2.1 billion and Pivotal for $2.7 billion) that I can’t help but wonder if something might move here too.

The S-1 reveals a number of details on the company’s financials, indicating that it’s currently unprofitable but on a steady growth curve. Ping had revenues of $112.9 million in the first six months of 2019, versus $99.5 million in the same period a year before. Its loss has been shrinking in recent years, with a net loss of $3.1 million in the first six months of this year versus $5.8 million a year before (notably in 2017 overall it was profitable with a net income of $19 million. It seems that the change is due to acquisitions and investing for growth).

Its annual run rate, meanwhile, was $198 million for the first six months of the year, compared to $159.6 million in the same period a year ago.

The area of identity and access management has become a cornerstone of enterprise IT, with companies looking for efficient and secure ways to centralise how not just their employees, but their customers, their partners and various connected devices on their networks can be authenticated across their cloud and on-premise applications.

The demand for secure solutions covering all the different aspects of a company’s IT stack has grown rapidly over recent years, spurred not just by an increased move to centralised applications served through the cloud, but also by the drastic rise in breaches where malicious hackers have exploited vulnerabilities and loopholes in companies’ sign-on screens.

Ping has been one of the bigger companies building services in this area and tackling all of those use cases, competing with the likes of Okta, OneLogin, AuthO, Cisco and dozens more off-the-shelf and custom-built solutions.

The company offers its services on an SaaS basis, covering services like secure sign-on, multi-factor authentication, API access security, personalised and unified profile directories, data governance and AI-based security policies. It claims to be the pioneer of “Intelligent Identity,” using AI to help its system analyse user, device and network behavior to better identify potentially malicious activity.

More to come.



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Facebook really doesn’t want you to read these emails

Oh hey y’all, it’s Friday! It’s August! Which means it’s a great day for Facebook to drop a little news it would prefer you don’t notice. News that you won’t find a link to on the homepage of Facebook’s Newsroom — which is replete with colorfully illustrated items it does want you to read (like the puffed up claim that “Now You Can See and Control the Data That Apps and Websites Share With Facebook”.)

The blog post Facebook would really prefer you didn’t notice is tucked away in a News sub-section of this website — where it’s been confusingly entitled: Document Holds the Potential for Confusion. And has an unenticing grey image of a document icon to further put you off — just in case you happened to stumble on it after all. It’s almost as if Facebook is saying ‘definitely don’t click here‘…

ca update grey

So what is Facebook trying to bury in the horse latitudes of summer?

An internal email chain, starting September 2015, which shows a glimpse of what Facebook’s own staff knew about the activity of Cambridge Analytica prior to The Guardian‘s December 2015 scoop — when the newspaper broke the story that the controversial (and now defunct) data analytics firm, then working for Ted Cruz’s presidential campaign, had harvested data on millions of Facebook users without their knowledge and/or consent, and was using psychological insights gleaned from the data to target voters.

Facebook founder Mark Zuckerberg’s official timeline of events about what he knew when vis-a-via the Cambridge Analytica story has always been that his knowledge of the matter dates to December 2015 — when the Guardian published its story.

But the email thread Facebook is now releasing shows internal concerns being raised almost two months earlier.

This chimes with previous (more partial) releases of internal correspondence pertaining to Cambridge Analytica  — which have also come out as a result of legal actions (and which we’ve reported on previously here and here).

If you click to download the latest release, which Facebook suggests it ‘agreed’ with the District of Columbia Attorney General to “jointly make public”, you’ll find a redacted thread of emails in which Facebook staffers raise a number of platform policy violation concerns related to the “political partner space”, writing September 29, 2915, that “many companies seem to be on the edge- possibly over”.

Cambridge Analytica is first identified by name — when it’s described by a Facebook employee as “a sketchy (to say the least) data modelling company that has penetrated our market deeply” — on September 22, 2015, per this email thread. It is one of many companies the staffer writes are suspected of scraping user data — but is also described as “the largest and most aggressive on the conservative side”.

Screenshot 2019 08 23 at 16.34.15

On September 30, 2015, a Facebook staffer responds to this, asking for App IDs and app names for the apps engaging in scraping user data — before writing: “My hunch is that these apps’ data-scraping is likely non-compliant”.

“It would be very difficult to engage in data-scraping activity as you described while still being compliant with FPPs [Facebook Platform Policies],” this person adds.

Cambridge Analytica gets another direct mention (“the Cambridge app”) on the same day. A different Facebook staffer then chips in with a view that “it’s very likely these companies are not in violation of any of our terms” — before asking for “concrete examples” and warning against calling them to ask questions unless “red flags” have been confirmed.

On October 13, a Facebook employee chips back into the thread with the view that “there are likely a few data policy violations here”.

The email thread goes on to discuss concerns related to additional political partners and agencies using Facebook’s platform at that point, including ForAmerica, Creative Response Concepts, NationBuilder and Strategic Media 21. Which perhaps explains Facebook’s lack of focus on CA — if potentially “sketchy” political activity was apparently widespread.

On December 11 another Facebook staffer writes to ask for an expedited review of Cambridge Analytica — saying it’s “unfortunately… now a PR issue”, i.e. as a result of the Guardian publishing its article.

The same day a Facebook employee emails to say Cambridge Analytica “is hi pri at this point”, adding: “We need to sort this out ASAP” — a month and a half after the initial concern was raised.

Also on December 11 a staffer writes that they had not heard of GSR, the Cambridge-based developer CA hired to extract Facebook user data, before the Guardian article named it. But other Facebook staffers chip in to reveal personal knowledge of the psychographic profiling techniques deployed by Cambridge Analytica and GSR’s Dr Aleksandr Kogan, with one writing that Kogan was their postdoc supervisor at Cambridge University.

Another says they are friends with Michal Kosinsky, the lead author of a personality modelling paper that underpins the technique used by CA to try to manipulate voters — which they described as “solid science”.

A different staffer also flags the possibility that Facebook has worked with Kogan — ironically enough “on research on the Protect & Care team” — citing the “Wait, What thread” and another email, neither of which appear to have been released by Facebook in this ‘Exhibit 1’ bundle.

So we can only speculate on whether Facebook’s decision — around September 2015 — to hire Kogan’s GSR co-founder, Joseph Chancellor, appears as a discussion item in the ‘Wait, What’ thread…

Putting its own spin on the release of these internal emails in a blog post, Facebook sticks to its prior line that “unconfirmed reports of scraping” and “policy violations by Aleksandr Kogan” are two separate issues, writing:

We believe this document has the potential to confuse two different events surrounding our knowledge of Cambridge Analytica. There is no substantively new information in this document and the issues have been previously reported. As we have said many times, including last week to a British parliamentary committee, these are two distinct issues. One involved unconfirmed reports of scraping — accessing or collecting public data from our products using automated means — and the other involved policy violations by Aleksandr Kogan, an app developer who sold user data to Cambridge Analytica. This document proves the issues are separate; conflating them has the potential to mislead people.

It has previously also referred to the internal concerns raised about CA as “rumors”.

“Facebook was not aware that Kogan sold data to Cambridge Analytica until December 2015. That is a fact that we have testified to under oath, that we have described to our core regulators, and that we stand by today,” it adds now.

It also claims that after an engineer responded to concerns that CA was scraping data and looked into it they were not able to find any such evidence. “Even if such a report had been confirmed, such incidents would not naturally indicate the scale of the misconduct that Kogan had engaged in,” Facebook adds.

The company has sought to dismiss the privacy litigation brought against it by the District of Columbia which is related to the Cambridge Analytica scandal — but has been unsuccessful in derailing the case thus far.

The DC complaint alleges that Facebook allowed third-party developers to access consumers’ personal data, including information on their online behavior, in order to offer apps on its platform, and that it failed to effectively oversee and enforce its platform policies by not taking reasonable steps to protect consumer data and privacy. It also alleges Facebook failed to inform users of the CA breach.

Facebook has also failed to block another similar lawsuit that’s been filed in Washington, DC by Attorney General Karl Racine — which has alleged lax oversight and misleading privacy standards.



from Social – TechCrunch https://ift.tt/2NoRYku Facebook really doesn’t want you to read these emails Natasha Lomas https://ift.tt/2MA0jCu
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Japan’s ispace now aims for a lunar landing in 2021, and a Moon rover deployment in 2023

One of the private companies aiming to deliver a commercial lunar lander to the Moon has adjusted the timing for its planned mission, which isn’t all that surprising given the enormity of the task. Japanese startup ispace is now targeting 2021 for their first lunar landing, and 2023 for a second lunar mission that will also include deploying a rover on the Moon’s surface.

The company’s ‘HAKUTO-R’ program was originally planned to to include a mission in 2020 that would involve sending a lunar orbital vehicle for demonstration purposes without any payloads, but that part of the plan has been scrapped in favor of focusing all efforts on delivering actual payloads for commercial customers by 2021 instead.

This updated focus, the company says, is due mostly to the speeding up of the global market for private launch services and payload delivery, including for things like NASA’s Commercial Lunar Payload Services program, wherein the agency is looking for a growing number of private contractors to support its own needs in terms of getting stuff to the Moon.

ispace itself isn’t on the list of 9 companies selected in round one of NASA’s program, but the Japanese company is supporting American non-profit Draper in its efforts, which was one fo the chosen. The Draper/ispace team-up happened after ispace’s initial commitment to its 2020 orbital demo, so its change in priorities makes sense given the new tie-up.

HAKUTO-R will use SpaceX’s Falcon 9 for its first missions, and the company has also signed partnerships with JAXA, Japan’s space agency, as well as new corporate partners including Suzuki, Sumitomo Corporation, Shogakukan, and Citizen Watch.



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The myth of “stage agnostic” investing

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

This week we were helmed by Kate Clark, Alex Wilhelm, and yet another extra special guest. Unusual Ventures co-founder and partner John Vironis joined us to talk soil investing (yes, it’s a thing), seed investing, growth investing and all the somewhat meaningless funding stages.

Vrionis was a longtime investor at Lightspeed Venture Partners and has made big bets on a number of companies, including AppDynamics, Heptio, and Mulesoft.

It was a great episode that kicked off with some conversation around DoorDash, the food delivery company that continues to make headlines week after week. We’d like to stop talking about the company, but it intrudes regularly into our notes.

This time DoorDash bought a few companies, purchases that appear set to allow the firm to boost its investment and research into self-driving delivery robots. (Kate saw one in the wild recently!)

Next we went deep into the subject of seed. John, of course, has been a seed investor for years and has lots to say on the topic. Mostly, we discussed Kate’s latest piece on mega-funds making an increasing number of deals at the earliest stage. John doesn’t think “stage-agnostic” investing makes any sense. You need experts at each stage making bets on a specific type of company. In his words, ‘a heart surgeon wouldn’t deliver your baby, right.”

Then we moved onto one of our favorite subjects, namely direct listings, the IPO market, and if money is too often left on the table. The question takes on extra import when we see results like Dynatrace’s IPO, which rose around 50 percent its first day. It seems likely that we’ll see other companies pursue the sort of direct listings that Spotify and Slack managed.

That segued us brilliantly into our final topic: Airbnb and its financial health. The firm, we reckon, is a good candidate for a direct listing itself. We talked over its numbers, and if we were to sum our perspectives, we’d say that Airbnb is about as impressive as we expected.

All that and we had fun, as usual.

Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple PodcastsOvercastSpotify, Pocket Casts, Downcast and all the casts.



https://ift.tt/eA8V8J The myth of “stage agnostic” investing https://ift.tt/2ZoZDSi

Tastemakers raises $1.4M to sell Africa experiences to the world

New York based startup Tastemakers has raised a $1.4 million seed-round—led Precursor Ventures—for its business that connects Africa adventures to global consumers.

Tastemakers’ platform curates, prices, and lists African travel and cultural experiences—from paragliding tours to wine-tasting to concerts.

The startup generates revenues by taking a 20% commission on each transaction. Community managers in Africa screen and select experiences that go up on the site .

Tastemakers will use the investment to grow the number of experiences offered from 200 to 10,000 and build out machine learning capabilities to better match suppliers, experiences, and clients—CEO and founder Cherae Robinson told TechCrunch.

She likened the site to an Airbnb for commoditizing and connecting people to Africa travel experiences at scale.

On the startup’s addressable market, Robinson references a segment of culture curious travelers: people who are travelling to experience things such foreign art, food, music, or dance workshops.

“We looked at who’s doing these kinds of tours and and the number of people booking…and we found that globally, based on triangulating that, there are about 700 million people globally booking culture forward experiences,” said Robinson.

For different reasons—from negative stereotypes or the difficulty of identifying tourist options in Africa—most of these excursions are occurring in other parts of the world, according to Robinson.

She sees Tastemakers’ value proposition as the site that can bring a greater percentage of these culture travelers to Africa.

On revenue potential, Robinson is pretty up front on numbers and goals. “If we can capture 1% of that [700 million] market in the next five years that’s $2.2 billion generated on our platform,” she said, noting an average booking cost of $308. She believes Tastemakers could hit those figures by 2025—and by applying their 20 percent commission—reach income of $434 million.

Tastemakers Africa Ghana III

Precursor Ventures Managing Partner Charles Hudson invested in Tastemakers for its potential as an early entrant in an off the grid travel market attracting more curiosity.

“I just had a sense that Africa was having a moment, and whether its Black Panther or more startups that have a foot in Africa, that there were more people interested in going to Africa,” he told TechCrunch.

“And it’s not like going to New York City…You have providers that are hard to find and hard to book..that are not super well marketed. If you can become an aggregator and curator of those, you could effectively become the largest source of lead generation,” Hudson said.

Tastemakers is looking at  ancillary partnership and revenue share opportunities. It uses Stripe and WorldRemit to process mobile payments for transactions on the site and has done promotional partnerships with Uber Africa. The startup also counts Kempinski Hotels as its biggest lodging partner.

Tastemakers also offers advisory services to sellers on the site, to better determine price-points and on marketing their travel experiences more effectively online.

CEO Cherae Robinson is clear about the company’s for-profit status, but sees upside for Africa beyond generating business from tourism. “I strategically don’t brand Tastemakers as a social impact startup…but we’re driving benefits of the sharing economy to diverse populations both in Africa and in underrepresented communities in the technology and tourism sectors,” she said.

 



https://ift.tt/2KOF8dO Tastemakers raises $1.4M to sell Africa experiences to the world https://ift.tt/2ZahlxR

Summer flash sale ends tonight: 2-for-1 Disrupt Berlin 2019 passes

Summer’s fading fast, but our 2-for-1 summer flash sale on Innovator, Founder or Investor passes to Disrupt Berlin 2019 is fading even faster. Today’s the final day you can get 2-for-1 tickets to join us in Berlin for two jam-packed days of startup goodness and opportunity. Why not do it for the lowest price?

Our 2-for-1 summer flash sale ends tonight, August 23 at 11:59 p.m. (CEST). Buy your 2-for-1 passes right here.

There are so many reasons to attend Disrupt Berlin on 11-12 December — try these five on for size, buy your passes and get ready to take your startup to the next level.

Learn

We’re building out our roster of amazing speakers, and you’ll learn from some of the top innovators, founders and investors. Efe Cakarel, the founder and CEO of MUBI, is just one prime example. MUBI, a decade-old movie-streaming service, has survived — and thrived — in the shadow of Netflix. We’ll find out how Cakarel pulled it off and hear what comes next.

Compete

Don’t miss you opportunity to launch your early-stage startup on a world stage, live in front of an eager audience of investors, tech leaders and global media outlets. We’re talking Startup Battlefield, of course, our epic pitch competition. If you’re chosen, you’ll vie for bragging rights and $50,000. And it won’t cost you a euro to apply or to participate. Apply to compete in Startup Battlefield today.

Network

What can you do with 3,000 startup fans from more than 50 countries? Network, network, network! Our Startup Alley expo floor is fertile soil and rife with opportunity. And CrunchMatch, our free business-matchmaking tool, makes it easier for you to connect with the people who can help move your business forward.

Exhibit

It’s time to showcase your early-stage startup and there’s no better way to do that than to exhibit in Startup Alley. Plant your company in front of more than 3,000 attendees, including investors and tech journalists. You have two Alley options. Buy a Startup Alley Exhibitor Package (note: this package does not qualify for the 2-for-1 flash sale) or apply to our TC Top Picks program and you might just win a free Startup Alley Exhibitor Package, VIP treatment and an interview with a TechCrunch editor on the Showcase Stage.

Save

Our super early-bird pricing can save you up to €600, but when you take advantage of our 2-for-1 summer flash sale, you’ll double your savings on Innovator, Founder or Investor passes. This time-sensitive deal disappears tonight at 11:59 p.m. (CEST). Beat the deadline, buy your tickets right now and we’ll see you in Berlin!

Is your company interested in sponsoring or exhibiting at Disrupt Berlin 2019? Contact our sponsorship sales team by filling out this form.



https://ift.tt/eA8V8J Summer flash sale ends tonight: 2-for-1 Disrupt Berlin 2019 passes https://ift.tt/2KPCB2T

Thursday, August 22, 2019

Silicone 3D printing startup Spectroplast spins out of ETHZ with $1.5M

3D printing has become commonplace in the hardware industry, but because few materials can be used for it easily, the process rarely results in final products. A Swiss startup called Spectroplast hopes to change that with a technique for printing using silicone, opening up all kinds of applications in medicine, robotics and beyond.

Silicone is not very bioreactive, and of course can be made into just about any shape while retaining strength and flexibility. But the process for doing so is generally injection molding, great for mass-producing lots of identical items but not so great when you need a custom job.

And it’s custom jobs that ETH Zurich’s Manuel Schaffner and Petar Stefanov have in mind. Hearts, for instance, are largely similar but the details differ, and if you were going to get a valve replaced, you’d probably prefer yours made to order rather than straight off the shelf.

“Replacement valves currently used are circular, but do not exactly match the shape of the aorta, which is different for each patient,” said Schaffner in a university news release. Not only that, but they may be a mixture of materials, some of which the body may reject.

But with a precise MRI the researchers can create a digital model of the heart under consideration and, using their proprietary 3D printing technique, produce a valve that’s exactly tailored to it — all in a couple of hours.

ethz siliconeprinting 1

A 3D-printed silicone heart valve from Spectroplast.

Although they have created these valves and done some initial testing, it’ll be years before anyone gets one installed — this is the kind of medical technique that takes a decade to test. So in the meantime they are working on “life-improving” rather than life-saving applications.

One such case is adjacent to perhaps the most well-known surgical application of silicone: breast augmentation. In Spectroplast’s case, however, they’d be working with women who have undergone mastectomies and would like to have a breast prosthesis that matches the other perfectly.

Another possibility would be anything that needs to fit perfectly to a person’s biology, like a custom hearing aid, the end of a prosthetic leg or some other form of reconstructive surgery. And of course, robots and industry could use one-off silicone parts as well.

ethz siliconeprinting 2

There’s plenty of room to grow, it seems, and although Spectroplast is just starting out, it already has some 200 customers. The main limitation is the speed at which the products can be printed, a process that has to be overseen by the founders, who work in shifts.

Until very recently Schaffner and Stefanov were working on this under a grant from the ETH Pioneer Fellowship and a Swiss national innovation grant. But in deciding to depart from the ETH umbrella they attracted a 1.5 million Swiss franc (about the same as dollars just now) seed round from AM Ventures Holding in Germany. The founders plan to use the money to hire new staff to crew the printers.

Right now Spectroplast is doing all the printing itself, but in the next couple of years it may sell the printers or modifications necessary to adapt existing setups.

You can read the team’s paper showing their process for creating artificial heart valves here.



https://ift.tt/33VlHY7 Silicone 3D printing startup Spectroplast spins out of ETHZ with $1.5M https://ift.tt/31Zy1Vo

Workplace digital assistant startup Capacity raises $13.2M from Midwestern VCs

Solving information scatter inside enterprises seems to be the founding idea behind dozens of enterprise software startups. Capacity, which recently rebranded from Jane.ai, is raising new cash to tackle the issue with its corporate data search platform.

The company just closed a $13.2 million Series B, funded entirely by Midwestern private investors and angels.

The St. Louis workplace startup helps its customers pull all of their organizational data together into a platform that makes company information more accessible to people inside the company. It’s all done through a chat interface and directory that employees can use to search for information. There’s a pretty high degree of flexibility in customizing how questions are answered and when a line of questioning gets routed to a person onsite.

Alongside Capacity’s name change, the company opened its platform to let developers connect apps to the Capacity network so that more information can be integrated.

asset management hero

“We got to this point where we realized that we’re never going to be the experts in building out every one of these tailored apps, so opening up our developer platform has been crucial to helping expand the number of apps that we’ll be able to connect to,” CEO David Karandish told TechCrunch.

These automated chat bots aren’t silver bullets, but the fact is a lot of this content is usually found in disparate places, and tools that can crawl through documents and pull out the key context solve a pretty clear pain point for companies.



https://ift.tt/2KNPxGE Workplace digital assistant startup Capacity raises $13.2M from Midwestern VCs https://ift.tt/2zhx12G

DoorDash reveals details of its new tipping model

{rss:content:encoded} DoorDash reveals details of its new tipping model https://ift.tt/2TY8r0r https://ift.tt/33Qv77j August 23, 2019 at 12:38AM

DoorDash announced last month that it would be changing its controversial tipping model. Today it’s revealing the basics of how the new system will work.

Under the past model, Dashers (DoorDash drivers and other delivery people) were guaranteed a minimum payment per delivery, with DoorDash paying a $1 base, then providing an additional payment boost when a customer’s tip wasn’t enough to meet the minimum — a system that made it seem like tips were being used to subsidize DoorDash payments.

Under the new system, meanwhile, DoorDash will pay a base between $2 and $10 (the amount will depend on things like delivery distance and duration), with additional bonuses from DoorDash.

Most crucially, as CEO Tony Xu put it in a blog post, “Every dollar customers tip will be an extra dollar in their Dasher’s pocket.”

Now, you might think that’s how tips are always supposed to work, but Xu said the old system was developed “in direct response to feedback from Dashers,” while the new one will result in “greater variability in total earnings from order to order” (that variability several reasons why tipping is a flawed compensation model in general).

So why change?

“We thought we were doing the right thing for Dashers by making them whole if a customer left no tip, but the feedback we’ve received recently made clear that some of our customers who were leaving tips felt like their tips didn’t matter,” Xu said. “We realized that we couldn’t continue to do right by Dashers if some customers felt we weren’t also doing right by them. To ensure that all of our users have a great experience on DoorDash, we needed to strike a better balance.”

Plus, he said, “Dashers will [now] earn more money on average — both from DoorDash and overall.”

The company plans to roll out these changes to all Dashers next month.

DoorDash reveals details of its new tipping model

DoorDash announced last month that it would be changing its controversial tipping model. Today it’s revealing the basics of how the new system will work.

Under the past model, Dashers (DoorDash drivers and other delivery people) were guaranteed a minimum payment per delivery, with DoorDash paying a $1 base, then providing an additional payment boost when a customer’s tip wasn’t enough to meet the minimum — a system that made it seem like tips were being used to subsidize DoorDash payments.

Under the new system, meanwhile, DoorDash will pay a base between $2 and $10 (the amount will depend on things like delivery distance and duration), with additional bonuses from DoorDash.

Most crucially, as CEO Tony Xu put it in a blog post, “Every dollar customers tip will be an extra dollar in their Dasher’s pocket.”

Now, you might think that’s how tips are always supposed to work, but Xu said the old system was developed “in direct response to feedback from Dashers,” while the new one will result in “greater variability in total earnings from order to order” (that variability several reasons why tipping is a flawed compensation model in general).

So why change?

“We thought we were doing the right thing for Dashers by making them whole if a customer left no tip, but the feedback we’ve received recently made clear that some of our customers who were leaving tips felt like their tips didn’t matter,” Xu said. “We realized that we couldn’t continue to do right by Dashers if some customers felt we weren’t also doing right by them. To ensure that all of our users have a great experience on DoorDash, we needed to strike a better balance.”

Plus, he said, “Dashers will [now] earn more money on average — both from DoorDash and overall.”

The company plans to roll out these changes to all Dashers next month.



https://ift.tt/eA8V8J DoorDash reveals details of its new tipping model https://ift.tt/2TY8r0r

Frontier technologies are moving closer to the center of venture investment

As the technologies that were once considered science fiction become the purview of science, the venture capital firms that were once investing at the industry’s fringes are now finding themselves at the heart of the technology industry.

Investing in the commercialization of technologies like genetic engineering, quantum computing, digital avatars, augmented reality, new human-computer interfaces, machine learning, autonomous vehicles, robots, and space travel that were once considered “frontier” investments are now front-and-center priorities for many venture capital firms and the limited partners that back them.

Earlier this month, Lux Capital raised $1.1 billion across two funds that invest in just these kinds of companies. “[Limited partners] are now more interested in frontier tech than ever before,” said Bilal Zuberi, a partner with the firm.

He sees a few factors encouraging limited partners (the investors who provide financing for venture capital funds) to invest in the firms that are financing companies developing technologies that were once considered outside of the mainstream.



https://ift.tt/eA8V8J Frontier technologies are moving closer to the center of venture investment https://ift.tt/2ZmAHuK

Mobile gaming is a $68.5 billion global business, and investors are buying in

{rss:content:encoded} Mobile gaming is a $68.5 billion global business, and investors are buying in https://ift.tt/2Ntuhrl https://ift.tt/2Hfe4lN August 22, 2019 at 07:30PM

By the end of 2019, the global gaming market is estimated to be worth $152 billion with 45% of that, $68.5 billion, coming directly from mobile games. With this tremendous growth (10.2% YoY to be precise) has come a flurry of investments and acquisitions, everyone wanting a cut of the pie. In fact, over the last 18 months, the global gaming industry has seen $9.6 billion in investments and if investments continue at this current pace, the amount of investment generated in 2018-19 will be higher than the 8 previous years combined.

What’s interesting is why everyone is talking about games and who in the market is responding to this and how.

The gaming phenomenon

Today, mobile games account for 33% of all app downloads, 74% of consumer spend, and 10% of all time spent in-app. It’s predicted that in 2019, 2.4 billion people will play mobile games around the world – that’s almost one third of the global population. In fact, 50% of mobile app users play games, making this app category as popular as music apps like Spotify and Apple Music and second only to social media and communications apps in terms of time spent.

In the US, time spent on mobile devices has also officially outpaced that of television – with users spending 8 more minutes per day on their mobile devices. By 2021, this number is predicted to increase to over 30 minutes. Apps are the new primetime and games have grabbed the lion’s share.

Accessibility is the highest it’s ever been as barriers to entry are virtually non-existent. From casual games to the recent rise of the wildly popular hyper-casual genre of games which are quick to download, easy to play, and lend themselves to being played in short sessions throughout the day, games are played by almost every demographic stratum of society. Today, the average age of a mobile gamer is 36.3 (compared with 27.7 in 2014), the gender split is 51% female, 49% male, and one-third of all gamers are between the ages of 36-50. A far cry from the traditional stereotype of a ‘gamer’.

With these demographic, geographic, and consumption sea-changes in the mobile ecosystem and entertainment landscape, it’s no surprise that the game space is getting increased attention and investment, not just from within the industry, but more recently from traditional financial markets and even governments. Let’s look at how the markets have responded to the rise of gaming.

Image courtesy of David Maung/Bloomberg via Getty Images

Games on games

The first substantial investments in mobile gaming came from those who already had a stake in the industry. Tencent invested $90M in Pocket Gems and$126M in Glu Mobile (for a 14.6% stake), gaming powerhouse Supercell invested $5M in mobile game studio Redemption Games, Boom Fantasy raised $2M from ESPN and the MLB and Gamelynx raised $1.2M from several investors – one of which was Riot Games. Most recently, Ubisoft acquired a 70% stake in Green Panda Games to bolster its foot in the hyper-casual gaming market.

Additionally, bigger gaming studios began to acquire smaller ones. Zynga bought Gram Games, Ubisoft acquired Ketchapp, Niantic purchased Seismic Games, and Tencent bought Supercell (as well as a 40% stake in Epic Games). And the list goes on.

Wall Street wakes up

Beyond the flurry of investments and acquisitions from within the game industry, games are also generating huge amounts of revenue. Since launch, Pokemon Go has generated $2.3B in revenue and Fortnite has amassed some 250M players. This is catching the attention of more traditional financial institutions, like private equity firms and VCs, who are now looking at a variety of investment options in gaming – not just of gaming studios, but all those who had a stake in or support the industry.

In May 2018, hyper-casual mobile gaming studio Voodoo announced a $200M investment from Goldman Sachs’ private equity investment arm. For the first time ever, a mobile gaming studio attracted the attention of a venerable old financial institution. The explosion of the hyper-casual genre and the scale its titles are capable of achieving, together with the intensely iterative, data-driven business model afforded by the low production costs of games like this, were catching the attention of investors outside of the gaming world, looking for the next big growth opportunity.

The trend continued. In July 2018, private equity firm KKR bought a $400M minority stake in AppLovin and now, exactly one year later Blackstone announced their plan to acquire mobile ad-network Vungle for a reported $750M. Not only is money going into gaming studios, but investments are being made into companies whose technology supports the mobile gaming space. Traditional investors are finally taking notice of the mobile gaming ecosystem as a whole and the explosive growth it has produced in recent years. This year alone mobile games are expected to generate $55B in revenue so this new wave of investment interest should really come as no surprise.

A woman holds up her cell phone as she plays the Pokemon Go game in Lafayette Park in front of the White House in Washington, DC, July 12, 2016. (Photo: JIM WATSON/AFP/Getty Images)

Government intervention

Most recently, governments are realizing the potential and reach of the gaming industry and making their own investment moves. We’re seeing governments establish funds that support local gaming businesses – providing incentives for gaming studios to develop and retain their creatives, technology, and employees locally – as well as programs that aim to attract foreign talent.

As uncertainty looms in England surrounding Brexit, France has jumped on the opportunity with “Join the Game”. They’re painting France as an international hub that is already home to many successful gaming studios, and they’re offering tax breaks and plenty of funding options – for everything from R&D to the production of community events. Their website even has an entire page dedicated to “getting settled in France”, in English, with a step-by-step guide on how game developers should prepare for their arrival.

The UK Department for International Trade used this year’s Game Developers Conference as a backdrop for the promotion of their games fund – calling the UK “one of the most flourishing game developing ecosystems in the world.” The UK Games Fund allows for both local and foreign-owned gaming companies with a presence in the UK to apply for tax breaks. And ever since France announced their fund, more and more people have begun encouraging the British government to expand their program saying that the UK gaming ecosystem should be “retained and enhanced”. But, not only does the government take gaming seriously, the Queen does as well. In 2008, David Darling the CEO of hyper-casual game studio Kwalee was made a Commander of the Order of the British Empire (CBE) for his services to the games industry. CBE is the third-highest honor the Queen can bestow on a British citizen.

Over to Germany, and the government has allocated 50M euros of its 2019 budget for the creation of a games fund. In Sweden, the Sweden Game Arena is a public-private partnership that helps students develop games using government-funded offices and equipment. It also links students and startups with established companies and investors. While these numbers dwarf the investment of more commercial or financial players, the sudden uptick in interest governments are paying to the game space indicate just how exciting and lucrative gaming has become.

Support is coming from all levels

The evolution of investment in the gaming space is indicative of the stratospheric growth, massive revenue, strong user engagement, and extensive demographic and geographic reach of mobile gaming. With the global games industry projected to be worth a quarter of a trillion dollars by 2023, it comes as no surprise that the diverse players globally have finally realized its true potential and have embraced the gaming ecosystem as a whole.

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