TechCrunch |
- Hear how Columbus, Ohio startups are hiring tech talent
- Datadog finds serverless computing is going mainstream
- LatchBio empowers scientists with a code-free platform for handling big biotech data
- Pinterest acquires AI-powered shopping startup The Yes, co-founded by former Stitch Fix exec
- Latest Android update brings new features to Gboard, accessibility apps and more
- Terra’s Do Kwon looks for redemption with Luna token rebirth
- New report examines the number of downloads it takes to hit the top of the App Store
- DOJ case against ex-OpenSea exec could label NFTs as securities, former SEC lawyer says
- Athleisure icon Ty Haney raises $9.8M in fresh funding for her blockchain rewards startup
- Ford wants to sell EVs online only and at a set price
- What connects the stock market contraction to startup valuations?
- Robot, chicken
- Carbon Health lays off 8% of staff
- Pitch Deck Teardown: Encore’s $3M seed deck
- ‘Social good’ cloud provider Blackbaud takes millions from the NRA
- Fresh tickets available to TC’s Annual Summer Party — get one while you can!
- Gemini lays off 10% of workforce as the ‘crypto revolution’ enters its ‘contraction phase’
- Announcing the full agenda for TC Sessions: Robotics happening this July
- Foxconn confirms ransomware attack disrupted operations at Mexico factory
- Chasing TikTok, Meta rolls out new Reels features and expands Instagram Reels to 90 seconds
| Hear how Columbus, Ohio startups are hiring tech talent Posted: 02 Jun 2022 01:53 PM PDT Columbus, Ohio's technology job scene really took off in the early 2010s when the state made investments that enabled entrepreneurs to more easily start companies. Fast-forward to today, and companies of all sizes are attracting talent from all over the country thanks in part to Columbus' low cost of living and young, skilled pool of talent. On this special episode of TechCrunch Live, I spoke with three local leaders about who's hiring, how companies are retaining employees and what the city's jobs market will look like in the future. The panel included Erika Pryor, founder of EPiC Creative + Design, a marketing coaching and marketing curriculum design company; Alex "Fro" Frommeyer, CEO of digitally native dental insurance company Beam Dental; and Ryan Landau, founder and CEO of Purpose Jobs, a company based in the midwest that connects talent to companies. The panelists highlight that finding great tech talent is no longer something to be found just on the coasts, but right here in Columbus. The ecosystem has also rallied around companies and people to help them learn tech skills and find new opportunities. And as they mention, a unique aspect of the city is having larger, more established companies creating innovation spaces and investing in helping employees create the next "great tech organization" in their sector. Looking to the future, the panelists say getting the word out about Columbus' talent, tech ecosystem and available jobs will be key. As more capital is coming into the space, the city's ecosystem is leaning into distributing more of that amongst women and people of color as well as a leveling out of wealth across demographic groups so that more companies are created that in turn produce more jobs. They also see external validation in companies like Facebook, Amazon and the news on Intel building facilities nearby, which they believe will inspire other companies to establish a main headquarters, or perhaps a second headquarters, in the area. |
| Datadog finds serverless computing is going mainstream Posted: 02 Jun 2022 01:35 PM PDT A new report from Datadog has found that serverless computing could be entering the mainstream with over half of all organizations using serverless on one of the three major clouds – Amazon, Microsoft and Google. The company found in a 2020 report that while some customers were using Lambda, Amazon's function as a service (FaaS), the other clouds lagged behind. This year's report showed that Datadog users were using serverless tech across all three clouds, with Amazon leading the way with over 70% and Microsoft and Google each over 50%, showing that it has caught on in a big way across all of the major cloud platforms. Another key point in the report was that companies were often using serverless technology in conjunction with containers, two technologies that seem well suited to each other. Containers often have a limited shelf being deployed for as long as needed, while serverless offers the beauty of automated resource deployment. In fact, the report found that 20% of Lambda users were deploying Lambda functions via a Docker container. That's a marriage of serverless and containers that maybe we didn't envision, but it's coming into its own. When the report looked at the growth of using this approach, it found that it grew from 0% of Lambda users using this method of deployment in January 2021 to 20% by January 2022, a trend that is on a significant upward trajectory.  Image Credits: Datadog While the report surfaced other interesting tidbits, it also found that the vast majority of Lambda functions coming through its systems were being used to invoke a single API gateway and nothing more, something that is in line with what DigitalOcean's Gabe Monroy told us at the launch of his company’s FaaS product last month. "A developer can run a Django application or Ruby on Rails application running in containers on our platform, and then supplement that with some function-oriented APIs running alongside that same application connecting to the same data stores that they need to," Monroy told us at the time. The beauty of serverless overall is that developers don't have to worry about provisioning at all and can just code, says Ilan Rabinovitch, SVP of product and community at Datadog. "Every one of the cloud providers is starting to offer ways in which you run your containers as a serverless mechanism where you don’t have to worry about that infrastructure, and even on the function side, they’re making it possible for you to push containers as the deployment mechanism. So instead of uploading a zip file to run a Lambda function, you upload a Docker container, and they’ll run that for you too," Rabinovitch explained. Alex Cuoci, product manager for serverless at Datadog, says the increase in tooling across platforms is making serverless more accessible, and that’s why they are seeing more usage. "What we’ve heard from our customers, and we tried to emphasize this in the report is that these new technologies reduce the time and resources for teams to adopt serverless for the first time, which has opened it up a lot more to organizations and teams," Cuoci said. Serverless represents the ideal state of cloud computing, where you only use exactly what resources you need and no more. That's because the cloud provider delivers only those resources when a specific event happens and shuts it down when the event is over. It's not a lack of servers, so much as not having to deploy the servers because the provider handles that for you in an automated fashion. When people began talking about cloud computing around 2008, one of the advantages was elastic computing, or only using what you need, scaling up or down as necessary. In reality, developers don't know what they'll need, so they'll often overprovision to make sure the application stays up and running. The company created the report based on data running through its monitoring service. While it represents only the activity from its customers, Rabinovitch sees it as quality data given the broad range of customers it has using its services. "We do think we’re well represented across the industry, and we believe that we’re representative of real production workloads," he said. That means most likely people aren't monitoring workloads where they are only dabbling in serverless, and that adds even more value to the data.
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| LatchBio empowers scientists with a code-free platform for handling big biotech data Posted: 02 Jun 2022 01:26 PM PDT Biologists and other scientists are confronted these days with a deep sea of data and a bewildering panoply of tools to apply to it — many of which require a specialist to operate. Hiring one is a challenge and farming out the work may take months … but LatchBio offers an option that can have you running your data through AlphaFold and other top-tier tools in seconds. The company just raised $28 million to build out its increasingly relevant platform. Fundamentally, the issue is just that scientists are not all data scientists. “Biologists, as amazing as they are at biology, pipetting and lab stuff … they suck at programming,” said Alfredo Andere, co-founder and CEO of LatchBio. But the revolution in biotech is powered by the huge increase in data coming from every experiment. It might have been feasible to process it yourself with basic tools a few years ago, but the volume has increased a thousandfold and more, and every new discovery (like cheaper genome sequencing or new ways of applying that data) balloons it further. “If you do a CRISPR experiment, after you do the edit in the wet lab you sequence it in an Illumina machine. It gives you back a file with the RNA string and the edits you made — but it’s not one of them, it’s 10,000 of them,” Andere continued. “If you’re just a biologist, you need to learn to use CRISPResso, use the command line, install the dependencies, feed it the right data … ” The only realistic way to handle this volume of raw data now is to hand it over to a computational biologist — a rare breed and seldom available on short notice. “The problem we saw over and over is these people are really hard to find — it’s like 20 biologists to one computational biologist. So they send their data, and they wait, sometimes for months,” said Andere. Andere and his co-founders, CTO Kenny Workman and COO Kyle Griffin, came from a Big Tech background but became disillusioned with the industry they were working in. “At Google, we had these amazing data pipelines, but they were for serving ads. Then we saw these biotech companies curing disease, but they had the worst data pipelines in the world,” he said. So why not apply the same power and ease of use found in a Google-tier tool but designed for use by scientists who can’t write a line of code? That’s the intention of the company’s Latch platform, which focuses on ease of use and flexibility above all else. “You really have to make it easy for the biologists: You need tooling that lets them upload, then fill in like three parameters and click run,” said Andere. “Like AlphaFold — it’s a very heavy model. We saw this at Berkeley; they literally spent weeks trying to install it on a GPU cluster, and they couldn’t. It’s just so complex. We gave them our platform, you put an amino acid sequence in and you run it. We had [genetic sequencing pioneer] George Church himself in the other day — in literally 30 seconds we had him running AlphaFold on the platform.”  Running AlphaFold on Latch in four easy steps: add, fill out a couple fields, hit run and done. Image Credits: LatchBio If this all seems to infantilize scientists a bit … ask one. Biologists will likely be the first to say they don’t want to deal with code. Good scientists are smart people but they generally want to focus on what they do best not learn a new discipline just to make sense of the avalanche of data. There are other scientists whose proper job that is! The trouble appears when you consider how diverse the fields of biology and biotech are. Every domain, like proteomics, epigenetics and the dozens of subdomains under each, has scores of unique software tools and processes. While some platforms and methods, like Jupyter notebooks and the like, have emerged as de facto standards across many fields, they’re geared toward the bioinformatics people not the ones wearing goggles in wet labs. “Biology is so complex that you can’t have the generalizable tools we’ve built for software engineering,” said Andere. “So you have a chicken and egg situation: Biologists won’t use it if there are no workflows, and there are no workflows if people aren’t using it.” They got out of this situation by, as he put it, buying a chicken. They built out popular workflows themselves and gave them to biologists, then used that feedback to improve their SDK so that they could go to the computational types with something easy to use. The alternative, Andere noted, is often something like like cloning GitHub repos and other notebooks, or salvaging code from papers and personal sites. Computational biologists aren’t gluttons for punishment any more than their pipette-wielding cousins, so anything that makes it easier on them is welcome. Adding their process to Latch using the SDK means the scientists filling up their inbox can do it themselves. The hope, and one of the main goals of this fundraise, is that the comp bio community will continue to engage with LatchBio’s platform, allowing the company to move upstream from more popular workflows to making existing biotech infrastructure more accessible. Many companies have their own tools and stacks, but like the rest they are often only operable by experts. If that could change, it frees up those valuable data experts to build rather than simply implement. “A 50,000-person company isn’t a customer right now because they have a hundred or 200 computational biology people. But if only those companies can build it, and smaller companies can’t, that’s the opportunity,” said Andere. “We get Series A and B companies that can’t do it themselves, and we work closely with them. We’re growing quickly and soon that Series D company starting to build its own will be like, ‘why do it when LatchBio works?’ Companies will pay a lot to not have to build this in-house.”  The LatchBio founders in the lab. Image Credits: LatchBio The company expects ARR of $1 million by the end of the year, and contracts are stacking up. But Andere emphasized that the platform will always be free for academics (even though their licensing situation can be a pain), who as a rule prefer to wait a month over spending five figures. The $28 million A round was co-led by Coatue and Lux Capital, with Hummingbird Ventures, Caffeinated Capital, Haystack and Fifty Years participating. Andere said they hope to not just build out the product but hire the best software engineering team in biotech. “I think young people are tired of working at optimization and quantitative companies — there’s no company in biotech that represents being among the best software engineers in the world, while also working on world-changing problems,” he concluded. Naturally LatchBio aims to be just that. |
| Pinterest acquires AI-powered shopping startup The Yes, co-founded by former Stitch Fix exec Posted: 02 Jun 2022 01:12 PM PDT As Pinterest sets its eyes on improving the online shopping experience on its platform, the company announced this afternoon it’s acquiring the AI-powered shopping service for fashion known as The Yes, founded by e-commerce veteran and former Stitch Fix COO Julie Bornstein and technical co-founder, Amit Aggarwal. Deal terms were not disclosed, but the acquisition will help to establish a new strategic organization within Pinterest to help drive the company’s shopping efforts, including the development of features for both shoppers and retailers, the company says. The Yes arrives at a time when Pinterest is attempting to navigate a shift in how people shop online. While users once relied on Pinterest’s pinboard of images to find inspiration, today, they’re more drawn to creator content, video and highly personalized feeds. The Yes may be able to help with the latter, given the technology it runs under the hood. Founded in 2018, The Yes built a personalized daily shopping feed that learns a user’s style as they shop from across hundreds of fashion merchants. Primarily focused on women’s fashion — including apparel, handbags and accessories — the app was different from Bornstein’s earlier efforts at Stitch Fix, which had included human stylists picking out items to ship to more passive shoppers who wanted to be surprised by new finds in their monthly boxes. The Yes, on the other hand, catered to those who actually browse and shop online in a more active manner. It also offered a broad selection of brands ranging from Gucci, Prada and Erdem to contemporary brands like Vince and Theory to direct-to-consumer brands like Everlane and La Ligne to everyday brands like Levis, as TechCrunch previously reported. Of interest to its new acquirer, The Yes had also built out an extensive fashion taxonomy that used human expertise and machine learning to power its fashion-finding algorithms. Pinterest learned this system could be developed further to expand beyond apparel in order to reach other categories that are popular across its site — like home, beauty, and food. This all likely ties in, too, to Pinterest’s growing efforts to attract creators to its platform who now publish videos and livestreams designed to encourage Pinterest’s users to shop the products they’re recommending. As users watch content and then turn to Pinterest’s feed, they could discover more products and the algorithm would get smarter as they browse. Upon the deal’s closure, Pinterest says Bornstein will report directly to Pinterest co-founder and CEO, Ben Silbermann, and will be tasked with leading shopping vision and strategy across Pinterest in her new role as senior vice president of Shopping at Pinterest. This will also involve the creation of a new organization dedicated to taste-driven shopping efforts on Pinterest. In addition, The Yes’s 40-person team will also join Pinterest following the transaction’s close. “The Yes team are experts in building an end-to-end shopping experience,” said Silbermann, in a statement. “They share our vision of making it simple to find the right products that are personalized for you based on your taste and style. We're very excited about The Yes’s talented team and technology as we build dedicated shopping experiences on Pinterest,” he added. Pinterest saw this deal as a way to bring a combination of top talent, expertise and technology to help accelerate its vision to make Pinterest a new home for taste-driven shopping, the company told TechCrunch. “I've spent my career at the intersection of shopping, fashion and technology and have seen firsthand the valuable impact of building technology that enables brands to join a platform with ease while enabling customers to share their preferences,” Bornstein said. “Joining forces with Pinterest to broaden our reach utilizing such an inspirational platform is an exciting and ideal next step for our team and technology.” As a result of the acquisition, The Yes will shut down its app and site and will focus solely on Pinterest. The company expects the deal to close in the second quarter of 2022. |
| Latest Android update brings new features to Gboard, accessibility apps and more Posted: 02 Jun 2022 01:03 PM PDT Google has announced several new features that are coming to Android phones, including updates for Gboard stickers, Play Points and accessibility apps. Most notably, the company is bringing custom text stickers to all Android devices, after first launching them on Pixel phones in March. When you type, you'll now be able to turn text into a custom sticker. Google says users will be able to type what they want to say and then select a design to share their message. The new custom text stickers will soon be available to users in the United States who are typing in English. The company is also rolling out more than 1,600 new Emoji Kitchen combinations to help users express themselves by making new hybrid emojis. Google is also adding new rainbow-based stickers to allow people to celebrate Pride Month.  Image Credits: Google Google is also bringing improved background noise reduction to the Sound Amplifier app, which is designed for people with hearing loss. The app uses your phone to amplify and filter important sounds around you. With the new update, the app brings faster and more accurate sound, along with a revamped user interface that Google says is easier to use. There are also new updates for the Lookout app, which is designed for people with low vision or blindness and uses your phone’s camera to provide information about the world around you. The app is getting a new “Images” mode that uses Google’s latest machine learning model to enable users to hear a description of an image. There are also updates to the app’s Text mode, Documents mode, Food label mode and Explore mode to make Lookout more accurate. The app also now works offline without the need for a Wi-Fi or data service connection.  Image Credits: Google “We're introducing a set of updates to help your phone stand out as much as you do,” said Angana Ghosh, the director of product management at Android, in a blog post. “From more expressive ways to message your friends, to subtle but smart upgrades to entertainment and accessibility, we ensure that every interaction with your Android device is more helpful than the last. These updates add to countless ways Android already helps you connect with others and the world around you.” Lastly, users who have Google Play Points can now use them to get in-app items without leaving their games or apps. You have the option to cover the entire cost of the purchase with your Play Points or split it between Play Points and another form of payment. The new update is rolling out over the coming weeks in countries where Play Points is available. |
| Terra’s Do Kwon looks for redemption with Luna token rebirth Posted: 02 Jun 2022 12:35 PM PDT  Image Credits: TechCrunch Is Terra’s Do Kwon the Bernie Madoff of crypto? Hello and welcome back to the Chain Reaction podcast, where we unpack and explain the latest crypto news, drama and trends, breaking it down block by block for the crypto curious. This week, Terra relaunched its Luna token after the dramatic implosion of its cryptocurrency and the associated stablecoin. The new token was airdropped to holders of the previous coin, which has now been renamed Luna Classic. But simply dropping a new coin into customer wallets doesn’t undo the tens of billions of dollars’ worth of damage done by the ecosystem’s collapse. We talked about the new token and the increasing legal struggles that Do Kwon and Terraform Labs might soon find themselves engaging with as South Korean authorities reportedly start poking around. Other than news surrounding Terra, we talked about some of the latest managerial efforts of Coinbase, which is increasingly finding itself in a tough position. We also dug into the latest efforts of OnlyFans founder Tim Stokely who just launched an NFT startup. Our guest: Outdoor Voices’ founder Ty HaneyIn our interview this week, we sat down with Ty Haney. Haney is best-known as the founder of athleisure wear empire Outdoor Voices, but after stepping back from the company recently, she’s been dabbling with NFTs and trying to plot a new crypto future for brands with her startup Try Your Best. We talked about her new effort and the challenges of building a sustainable business in crypto in the midst of a market downturn. Chain Reaction podcast episodes come out every Thursday at 12:00 p.m. PDT. Subscribe to us on Apple, Spotify or your alternative podcast platform of choice to keep up with us every week. |
| New report examines the number of downloads it takes to hit the top of the App Store Posted: 02 Jun 2022 12:29 PM PDT New analysis indicates it’s gotten harder to get an app to the top of the App Store, in terms of downloads, over the past several years. According to new data from app intelligence firm Sensor Tower, the number of downloads needed for an app to break into the No. 1 position on Apple’s iPhone App Store in the U.S. has climbed by 37% since 2019. Specifically, it estimates an app now requires approximately 156,000 downloads on a given day to hit the top spot, up from 114,000 daily downloads back in 2019. But to be clear, downloads alone don’t move an app to the top of the charts. It’s only one of several factors that Apple’s ranking algorithm takes into account for managing its Top Charts.  Image Credits: Sensor Tower In the early days of the App Store, Apple soon realized that downloads alone would give developers an easy way to buy their way to the No. 1 spot. It then expanded its ranking algorithm to make it more complex — and more of a mystery. Another firm, Apptopia, believes it has reverse-engineered the current version of this algorithm, which is said to consider numerous factors like velocity, app usage, quantity of new users and more. That said, downloads are still a part of the equation here, and an interesting factor to examine, given how little information there is about how Apple’s App Store ranks actually work. Among the new findings, Sensor Tower noticed that Apple appeared to have adjusted the ranking algorithm to address the impacts of the COVID-19 pandemic in 2020. It reports that in 2020, the number of downloads it was taking an app to hit No. 1 on the U.S. App Store hit a record high of 185,000, up 62% year-over-year. That would be in line with the overall boost seen in app downloads and usage that was occurring as consumers stayed at home under government lockdowns, while schools, stores and workplaces closed. Getting to the same position on Google Play was easier at that time, however, as the number of daily downloads required grew just 5% year-over-year to reach 87,000 in 2020.  Image Credits: Sensor Tower Since then, the number of daily downloads needed to reach No. 1 has declined on both marketplaces as post-COVID trends (or rather, post-lockdown trends) have normalized app usage. This year, Sensor Tower estimates apps must reach a median of 156,000 daily installs to reach No. 1 on the App Store, as noted above, but Android apps now need just 56,000 installs, down 33% from the 83,000 required in 2019. Breaking into the top 10 on the U.S. App Store also requires more effort than hitting that same position on Google Play. Per the report’s findings, it now takes approximately 52,000 daily downloads to get into the Overall Top 10 on the App Store, up 2% from the 51,000 required to reach the Top 10 in 2019. But Android apps only need 29,000 daily downloads, which is down 9% from 2019 levels.  Image Credits: Sensor Tower  Image Credits: Sensor Tower Still, these figures are approximations reached from trends across the respective app stores. When looking at figures in more detail on a per-category basis, there are different trends to be found. For instance, on the App Store, it’s tougher to break into the Top 10 free iPhone apps for those ranked in the Entertainment category than others like Shopping, Social Networking, Travel or Finance. Android is similar in that it also sees Entertainment as needing more daily installs, but this is followed by the Shopping, Tools, Finance, then Communication categories.  Image Credits: Sensor Tower  Image Credits: Sensor Tower It’s worth pointing out that these trends only hold true for mobile apps, not mobile games. That’s an entirely different matter. When looking at mobile games, Sensor Tower found iPhone games now require a median of 93,000 downloads to hit No. 1 while Android games need 37,000 installs. These figures are down from 2019 levels, dropping by 46% and 68%, respectively. The report also notes that, historically, it’s taken fewer installs for games to get into the Top 10. So far in 2022, iPhone games have needed 26,000 daily downloads to reach the Top 10, down 40% from 43,000 in 2019. And Android games needed just 16,000 daily installs, down 52% from 33,000 in 2019. While much of the new report is focused on the U.S. market, Sensor Tower did examine how the U.S.’s Top 10 compared to other countries. Here, it found that it’s much tougher for non-game apps in China to reach the Top 10 — requiring more than twice the number of daily downloads as in the U.S. at 108,000 (China) versus 52,000 (U.S.) But on Android, it’s India that is the most difficult market to top, requiring 292,000 daily downloads to reach the Top 10 in the free charts for non-game apps.  Image Credits: Sensor Tower  Image Credits: Sensor Tower While the data here is worth investigating, this analysis doesn’t take into account the other factors apps and games require to climb the charts, so it’s not a complete picture of how or why apps can climb to the top of the app stores. In addition, there have been some hints that Apple may have been adjusting its algorithms even more in recent weeks, as bigger apps like Facebook, Netflix, Snapchat and others have taken ranking hits since around mid-April, Apptopia told us last month, when we inquired how relative unknown apps had been finding their way to the Top 10. This could be a test or a more permanent change meant to give smaller apps a chance to stand out and be discovered amid the tech giants, but more time will be needed to conduct that analysis. Still, this sort of tweaking could help to highlight a variety of apps that are benefitting from marketing, promotions, and other trends. This might explain why Planet Fitness is No. 2 on the Top Free Charts in the U.S. today, for instance — the company gave teens free gym passes for the summer. Meanwhile, DIRECTV’s recent consolidation of its apps has driven it to No. 3, while the newcomer social networking app LiveIn, popular among teens, is now sitting higher than Facebook and Snapchat at No. 7. |
| DOJ case against ex-OpenSea exec could label NFTs as securities, former SEC lawyer says Posted: 02 Jun 2022 12:11 PM PDT There has been no shortage of conversations surrounding the NFT market after the seemingly quiet industry was elevated to the forefront of the crypto space in the last year as adoption accelerated. Until now, there hasn't been any major blowback against the industry, aside from snide comments from people outside of the NFT space declaring there's no real reason people would pay thousands of dollars in cryptocurrency for a digital image. But on June 1, all hell broke loose after Nate Chastain, a former executive at the largest NFT marketplace, OpenSea, was arrested and charged "with wire fraud and money laundering in connection with a scheme to commit insider trading in [NFTs]," according to a press release from the U.S. Attorney's Office for the Southern District of New York, TechCrunch reported. What's noteworthy is that the government is calling this "insider trading," a phrase reserved for the trading of company stocks or other securities by people with access to internal information about the business they work for. So is this insider trading, or perhaps an attempt to brand NFTs as securities? That's not for me to decide (for many reasons — namely that I am not a lawyer). However, the case could determine whether NFTs are indeed securities — and if that label really matters for the future of the digital assets. Alma Angotti, partner and global legislative and regulatory risk leader at consulting firm Guidehouse, told TechCrunch that it's possible that NFTs can fit under the umbrella of stocks and securities. "It could very well be a security under the Howey Test — if you're buying a piece of an NFT and hoping the price will go up so you make money from it, that's not very different [from securities]." Angotti previously served as an enforcement official at the U.S. Securities and Exchange Commission, the U.S. Department of the Treasury's Financial Crimes Enforcement Network, and the Financial Industry Regulatory Authority. She now leads Guidehouse's cryptocurrency, digital assets and fintech projects. "Misappropriating your employer’s confidential information is fraud, and once you move the proceeds of that fraud through the monetary system, it's money laundering," Angotti said. "This [charge] is not at all surprising." Damian Williams, the U.S. attorney for the Southern District of New York, echoed this in the press release:
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| Athleisure icon Ty Haney raises $9.8M in fresh funding for her blockchain rewards startup Posted: 02 Jun 2022 12:05 PM PDT Outdoor Voices founder Ty Haney made a name for herself by making sportswear the hottest trend among non-athletes. Now, the 33-year-old entrepreneur is betting she can bring together another underrated duo — consumer brands and crypto. Haney joined TechCrunch’s Chain Reaction podcast this week to talk about her latest venture, Try Your Best (TYB). The startup uses blockchain technology to help brands build customer loyalty without having to rely on buying up pricey ads on third-party social media platforms, Haney explained. Brands use TYB, which is built on the Avalanche blockchain, to build their own on-chain communities of loyal customers, Haney said. Through TYB, these brands can reward their customers for participation in the community with virtual coins, similar to loyalty points, that they can redeem in exchange for physical products. “We’re allowing brands to create an owned community channel, where they’re bringing in whatever amount of people from their existing audience into this channel,” Haney said. In contrast, when brands use platforms like Instagram to build communities, they don’t own the relationships with their customers and can be acutely affected by platformwide changes to ad pricing and user interface. On the Chain Reaction podcast, Haney announced for the first time that her new company was about to close its second institutional funding round. Since we recorded the episode, TYB has closed on the $9.8 million round with new investors Unusual Ventures and Sogal Ventures leading the funding alongside existing investor Castle Island, a spokesperson for the company told us. Haney, who left Outdoor Voices in 2020 amid mounting losses and internal disagreements with the then-chairman of the company’s board, first launched TYB in pilot mode this past spring. TYB came out of the gates with $2 million in funding from blockchain-focused Castle Island, a relatively modest sum compared to the $60 million-plus in venture capital dollars Outdoor Voices raised since its inception in 2014. Haney has since commented on some of the lessons she learned from running Outdoor Voices in the past, saying that the company grew too fast and fundraised too quickly. With TYB, Haney hopes to apply some of those lessons in building a new company that leverages her experience building strong relationships with customers. The platform has already debuted with a sold-out NFT drop for one of its partners, Joggy, a wellness brand launched by Haney herself that sells CBD-based wellness products. Each Joggy collectible sold for $250 to 500 founding customers total, Haney said. These 500 customers will have access to 5% of Joggy’s revenue as it continues to grow and will eventually receive a free product and friends and family discounts, Haney said. Haney designed these perks with a key takeaway in mind that she said she gleaned from her time running Outdoor Voices. “From a brand-building perspective, community really works,” Haney explained, but she added that most consumer companies don’t have the right toolkit to make the most of their community. At Outdoor Voices, managing thousands of customer relationships across a fragmented set of channels, including Slack, SurveyMonkey and Google Docs made the strength of the community difficult to measure and made customer feedback challenging to collect, she said. The second big insight she’s bringing to her new startup is that traditional customer acquisition channels for consumer brands are too expensive and ultimately “not netting valuable customers.” Outdoor Voices recognized four times as much value from customers it brought in through high-touch, experiential strategies such as local events compared to online advertising, Haney added. “[Outdoor Voices] would spend 30% to 40% of our dollars raised directly to the big [social media] platforms. I think it makes much more sense to take, let’s say, 5% of that and distribute that directly to the people who are going to continue spending dollars at your brand,” Haney said. She learned that bringing customers into the product development process and letting them choose colorways and prints for the brand’s new designs often led to high-converting collection drops and resulted in the stickiness of its most popular styles, including the iconic Exercise Dress. The community channels for each brand TYB works with will be exclusively available to customers who hold those brands’ NFT collectibles, Haney explained. Once customers are part of the community, they can earn loyalty points that work differently based on each brand’s preferences, such as Joggy’s revenue-based rewards program. TYB has also created a play-to-earn mechanism called a “rep card” wherein a brand can set a specific mission or goal for its customers to increase engagement and can reward them based on their progress toward that goal — for example, an athletic-wear brand working with TYB could reward its customers for exercising seven days in a row, she said. For now, Haney said TYB’s main focus is providing experiential features to its NFT collectible holders rather than expecting the assets to accrue value based on brand recognition alone. “We are not optimizing for the flip or the secondary market of a collectible. We are really focusing on brands introducing collectibles that have utility. And so I intentionally use the word collectible, because I do know that NFTs kind of have baggage, and we do have to reintroduce what this technology can do that that people will be more willing to adopt,” Haney said. TYB is working with 30+ brands in its pilot program, Haney said, including Hill House Home, creator of the viral “nap dress,” and jewelry company Vada. She added that the company has around 300 potential customers in its pipeline, which isn’t limited to just companies with a DTC model. “There certainly are companies that already have a very enthusiastic, engaged fan base, and we’re starting there,” Haney said, noting that she wants the first few launches to achieve demonstrable success. Unsurprisingly, Haney has her sights set on more ambitious long-term goals for TYB. “I’m very passionate about bringing this younger, in particular, younger female audience into the web3 space because of the potential for real financial upside,” Haney said. “And for me, there’s no better way to do that than by the brands that they love.” Chain Reaction podcast episodes come out every Thursday at 12:00 p.m. PDT. Subscribe to us on Apple, Spotify or your alternative podcast platform of choice to keep up with us every week. |
| Ford wants to sell EVs online only and at a set price Posted: 02 Jun 2022 11:44 AM PDT Ford said that it wants to restructure its dealership model to sell its EVs online only and at a non-negotiable price to match Tesla's profit margins. "I feel like when that second quarter last year profit came out for Tesla and they showed like a $15,000 premium, it totally changed my world," CEO Jim Farley said at the Bernstein Strategic Decisions Conference on Wednesday. "It was an epiphany. It was like the angel sung, it was like, oh! my god, we can make more money on EVs than our ICE." Farley’s comments in a lengthy interview came one day before the automaker announced it would spend $3.7 billion to hire 6,200 union workers to staff several assembly plants in Michigan, Ohio and Missouri in a bid to sell 2 million EVs a year by 2026. Farley said he expects massive consolidation among dealers, suppliers and automakers as the industry begins building more EVs. His comments come at a precarious time for car prices due to the supply chain crunch and instances of dealerships gouging customers for new vehicles. In the future, dealers won't hold any inventory, he added. Instead, the vehicles will ship directly to the customer, with remote pickup and delivery. "Their business will change a lot," Farley said. "There will be a lot of winners and losers, and I believe, consolidation." He did not give a timeframe for the shift to online sales or elaborate on Ford's plans for its dealer network. Transitioning to an online-only sales model would entail numerous challenges, because automakers have limited control over their dealership networks. Car dealers are protected by state laws and spend millions of dollars annually on lobbyists to maintain their status. Tesla operates retail stores but has no dealerships, which is a key advantage in cutting middleman costs and retaining profits. Meanwhile, Ford is changing more than just the way it sells cars. In a historic restructuring in March, Ford separated its EV business from its combustion unit. Profits from the combustion business, which is called Ford Blue, will fund the growth of the EV unit, called Ford Model e. Farley likened his vision for the automaker’s sales model to Target's strategy of leveraging its physical stores to compete with Amazon. "Target could have gone away, but they didn’t," he said. "They used their expertise as a physical retailer to their advantage, but they modernized the e-commerce piece." "It’s exactly what we have to do on the retail side," Farley said. "We've got to go to a non-negotiated price. We’ve got to go 100% online so that the inventory goes directly to the customer with 100% remote pickup and delivery." Farley said Ford is working with dealers to transition into the future. "I believe on the retail side, we can do things post-warranty and remix the marketing spend to have a better experience,” he said. "I think our dealers can do it, but the standards are going to be brutal. They’re going to be very different than today." |
| What connects the stock market contraction to startup valuations? Posted: 02 Jun 2022 11:37 AM PDT In an analysis of the market, Justin Kahl and David George of Andreessen Horowitz showcase data on how public companies have seen their revenue multiples shrink by an average of 60%, with large sector variability. They use this central data point to suggest how startups should navigate the downturn, with the primary objective of climbing back to their previous valuation. But are valuations really down? For all startups? If so, why, and what can we expect in the short and mid-term? What connects stock market contraction to startup valuations?Startup valuations are only loosely connected with the stock market. Risky, early-stage companies acting on a non-significant number of customers have little correlation with the bigger picture. However, there is still a link, and it is worth analyzing. Valuations are, or should be, a reflection of risk and return. These parameters are only slightly affected by the erratic and unpredictable behavior of the stock market. The main factors affecting the sell-side (startups) during a market downturn are greater difficulty in closing enterprise customers and lower likelihood of a large exit through a corporate sale. But when we look at the buy-side, things are more dramatic, which explains why lower stock prices are a more pressing concern for investors than for startups.
Startup valuations are only loosely connected with the stock market. On the buy-side, the companies that invest in VC funds generally have their shares traded on an exchange or are a pension or mutual fund, which see the value of their holdings diminish significantly due to lower share prices. This is the most critical impact of downturns: Venture capital funds will have a more challenging time raising money to invest, which translates into less capital being available to founders. However, it will take months (probably up to a year) to see the impact of this on the startup market. Of course, knowing this, VCs will adjust their portfolios and try to invest less per ticket in the hope of benefiting from being the only ones with available capital when things get tight. Let's take a second and look at these two sides in depth, starting with the buy-side. The buy-sideCorporate venture capitalThe first money that disappears as stock prices fall is that of corporate venture capital. Already under pressure from shareholders, public companies will withhold long-term bets on the startup sector. |
| Posted: 02 Jun 2022 11:30 AM PDT If you've visited our site at all in recent months, you're probably aware that we've got a couple of big events coming up. We'll be in Berkeley in a couple of weeks for our first climate event, which will feature Amp Robotics CEO Matanya Horowitz discussing the role of automation in recycling/material reclamation. Super interesting topic. I'm looking forward to that one. And on July 21 we'll be holding our fifth TC Sessions: Robotics event — with a twist. The entire event is going to be online. For free. I'm excited to get this event out in front of as many eyes as possible, so thanks in advance to everyone who attends and helps spread the word here. As I've mentioned on these pages before, it's an event I've been thinking about for a long time. The last TC Sessions: Robotics was also TechCrunch's last in-person event before the pandemic shut us down. March 2020 was a strange time, but we still managed to put on an event I'm proud of. The minute it ended, I started brainstorming for the next one. After skipping 2021, I've effectively been planning this thing for two years, with help from our editorial and events staff, and I won't hesitate to call it the best event lineup I've been involved in putting together. I'll be chatting with Marty Walsh, the United States Secretary of Labor. We often find ourselves at events like these discussing the future of work with the companies that design robotics and automation systems, so I'm looking forward to a deep conversation with someone who has such a rich background in the world of trade unions. Bonus: He was also the mayor of Boston until March 2021, so he's got a deep connection and insight into one of the world's top robotics hubs. Also, he apparently introduced a bill to make The Modern Lovers' “Roadrunner” the official rock song of Massachusetts, which gets some serious bonus points in my book. I'll also be speaking with Dean Kamen, the inventor of Segway and iBot, as well as the founder of STEM education organization, FIRST, which is probably best known for its global robotics competitions. And later in the day, I'll be chatting with Amazon Robotics VP Joseph Quinlivan. If you follow robotics at all, you know how profound a shadow Amazon casts over the rest of the industry.  TC Sessions: Robotics + AI at UC Berkeley on April 18, 2019. Image Credits: TechCrunch One dream panel we managed to get together is a conversation between MIT CSAIL director Daniela Rus and CMU's new head of robotics, Matthew Johnson-Roberson. It's going to be a great one, with two very smart people talking about the future of robotics research. Another dream panel? Rodney Brooks and Clara Vu will be talking about the latest in HRI. The CEOs of Boston Dynamics (Rob Playter) and Sarcos (Kiva Allgood) will be on a panel to discuss how their firms are commercializing advanced robotics research. We're also going to be diving into the process of bringing AI research out of the lab and into the startup space with Pieter Abbeel of UC Berkeley and Covariant, Joyce Sidopoulos of MassRobotics and Milo Werner of VC firm The Engine. Fulfillment being the massive topic it is, I'm also really excited to have Rick Faulk of Locus Robotics, Jessica Moran of Berkshire Grey and Melonee Wise of Zebra Technologies/Fetch to discuss that world. It wouldn't be a TC event without some VCs, so we're bringing together DCVC's Kelly Chen, Playground Global's Bruce Leak and Founders X Ventures' Helen H. Liang to discuss what they're the most bullish about in robotics investing. If all of that doesn't excite you, I don't know what to tell you. Though we're going to sweeten the pot a bit with some great robotics demos that we've got in the works. More info on those soon. There's honestly never been a better time for an event like this. Robotics investment and innovation have exploded during the pandemic. Go here to view the entire agenda and register for your free tickets.
 Image Credits: Getty Images / rozdemir01 A new report out this week from the Association for Advancing Automation states workplace robotics orders surged 40% in the U.S. for Q1 of 2021, versus the same time last year. Things may be opening up, but the labor crunch isn't going away any time soon, and companies are increasingly looking at automation as a solution for staffing crunches. And while VC investments have slowed down generally, as I mentioned in a recent newsletter, this world is bucking that trend. Robotics, AI and automation are on track to have another banner year, because after decades of discussing the future, it's finally here. I'm excited that we've got the opportunity to share some of that with you. And did I mention it's going to be free?  Image Credits: Furhat One of the more interesting pieces of news this week is the return of Misty Robotics. I'd met with the company a few times at CES over the years, and was excited to watch them progress. This is a tough business, though. Earlier this year, the company was acquired by the strangely named Swedish firm Furhat Robotics, which promised "unified visions" between the two. This week's Misty relaunch points the way forward. Fittingly, like Sphero, the Colorado-based company that birthed it, the new Misty is set to pivot toward the potentially lucrative world of education. Specifically, the company will be focused on STEM learning and various research sectors, including conditions like Alzheimer's and autism. Here's what Furhat CEO Samer Al Moubayed had to say about the move:
 Refraction AI delivery robot in front of 6th and Congress Chick-fil-A in Austin, Texas. Image Credits: Refraction AI Matthew Johnson-Roberson, who's going to be speaking at TC Sessions: Robotics, as mentioned up top, also spoke with Rebecca this week about his robotic delivery firm, Refraction AI. The company is teaming up with Chick-fil-A for deliveries in downtown Austin. Refraction is aiming for a delivery time of 10-12 minutes using its REV-1 robots. "One of the things I didn't anticipate is the critical nature of the quality of the food delivery experience for big brands," Johnson-Roberson says. "They live or die by the fact that people think their food shows up and it's always good and tasty, and it's repeatable."  Miso Robotics’ burger-grilling kitchen assistant, Flippy. Image Credits: Miso Robotics Speaking of chicken-based fast food chains, Wing Zone is becoming the latest in a long line of restaurants looking at Miso to help automate its kitchens. The company said late last week that it will be incorporating the Flippy 2 robot into the build of all future locations. Here's COO David Bloom:
 Image Credits: Bryce Durbin/TechCrunch Hey turkey, don’t be a chicken. Subscribe to Actuator. |
| Carbon Health lays off 8% of staff Posted: 02 Jun 2022 11:09 AM PDT Adding to the myriad unicorn layoffs we have seen recently is now Carbon Health, a healthcare company offering virtual care, which said in a letter Thursday that it laid off 250 people, or 8% of its workforce. CEO Eren Bali also tweeted out the news, noting that "We hired some of the most talented and mission-driven people on Earth. Any company would be lucky to have them. Please reach out to us at alumni@carbonhealth.com if you're hiring, and we will connect you.” Bali started Carbon Health six years ago after leading education marketplace Udemy. In subsequent years, Carbon Health went on to raise over $500 million in venture-backed investments, according to Crunchbase data. The most recent was a $350 million Series D round in July 2021, led by Blackstone Group, that reportedly put the company at a $3.3 billion valuation. We covered its $100 million Series C round in November 2020. In his letter to employees, Bali outlined two reasons for the decision to let go of staff — despite its continued and fast growth over the years. The first was winding down some of its business lines related to COVID. In 2020, Carbon Health developed both pop-up clinics and at-home test kits. According to growth metrics reported when it raised capital last year, Carbon Health's patient volume increased 129% between its Series D and its Series C raise in November 2020. Since the pandemic started in early 2020, the company kept up the pace by doubling its full-time staff to 1,600 employees as it opened over 80 clinics in 12 states and expanded its virtual clinics to 23 states. One of its goals with the Series D had been to grow to 1,500 clinics by 2025. The other reason Bali gave for the decision to lay off staff was a shift to focus on profitability, writing, "we have been more focused on top-line revenue growth, patient acquisition, patient retention and service expansion, and we have been less focused on profitability. While that was the right decision in 2020 and 2021, the macro environment with more volatile capital markets means it is vital that we become less focused on growth and more focused on profitability." Impacted employees were told via 1:1 conversations and offered separation packages that included extended healthcare coverage, removed equity cliffs for options and outplacement support. As noted, Carbon Health joins a list of unicorns that had to scale back their workforces, some as a result of growth during the pandemic, including Loom, Hopin and Picsart. Health tech companies having layoffs this year included Halycon Health, Mfine, Kry, Thirty Madison, divvyDOSE, Noom, Ahead and Truepill, according to Layoffs.fyi, which keeps a database of reported layoffs. |
| Pitch Deck Teardown: Encore’s $3M seed deck Posted: 02 Jun 2022 11:00 AM PDT For this week’s Pitch Deck Teardown, I’m (virtually) traveling to Sweden to take a look at the $3 million seed round raised by developer tool startup Encore. The company is creating what it calls a software development platform for the cloud. It reportedly raised from Crane Venture Partners with Acequia Capital, Essence Venture Capital and Third Kind Venture Capital joining the round. I wanted to take a look at this deck in more detail, in particular, because it tells a really elegant story in a market where it’s extraordinarily hard to differentiate yourself — both to your customers and to investors! Pitching a dev tool in a way that tells the story well enough to understand but without dropping deep into a rabbit hole is a particularly hard challenge, and that’s the needle Encore threads ever so efficiently in this 24-slide pitch deck. We’re looking for more unique pitch decks to tear down, so if you want to submit your own, here’s how you can do that. Slides in this deck
Three things to loveThis is a relatively small round, and Encore is still very early in its journey, and I can 100% understand how it could totally “get away with” some of the things I’ll bring up in this teardown. It also tells a really good story in an engaging manner — so let’s start with the good! Easy-to-understand problem space [Slide 7] Encore’s product space slide is particularly elegant. Image Credits: Encore One quibble here that isn’t really serious enough to warrant its own item in the “things that could be improved” section: These slides are formulated as if the company is talking to its customers. “Lets you focus” makes sense if you’re talking to a prospective sale. Remember, though, that you aren’t selling the product to the investors — you’re selling shares in your company. “Lets developers focus” would work better and is an opportunity to name who your target audience is as well. Clear value proposition [Slide 12] Encore’s value proposition is extremely clear. Image Credits: Encore In slides 11 and 12, Encore nails down why its product has such a powerful value proposition: Flicking to this slide, it tells the story of how getting a product feature or a bug fix to a production app suffers hours of avoidable delays. The subtext is clear: This is avoidable by using Encore’s tools. If the company can put the money where its mouth is — i.e., if it really does reduce time to deployment from hours to minutes — and if it can prove a direct link to development efficiency, the value to software companies is immense. That’s it; that’s the story — it doesn’t really matter what Encore even does, exactly, if it can show that developers save significant amounts of time and it can find a route to market, this is a company that could get huge. Telling the same story in a different way [Slide 14] Image Credits: Encore As a company, one way to gain efficiency is to ensure that you focus your developers’ attention on the things that really matter, which is worth reiterating on multiple slides. In the rest of this teardown, we'll take a look at three things Encore could have improved or done differently. In particular, I’m curious about why it focuses so heavily on its product, when — in my experience — investors generally don’t care as much as you might think. A more curious part is how the business is working now (in the form of traction and finding a repeatable business model) and what it is hoping to accomplish with the money raised in this round. We’ll also share Encore’s full pitch deck so you can see the whole thing in context. Three things that could be improvedThere is a lot to love about Encore’s deck: It simplifies a complex product story into a few easy-to-digest slides and shows why there’s an opportunity in the market. But if I were to invest in this company, I would have a few questions right off the bat. Let’s take a closer look at what raises the red flags: |
| ‘Social good’ cloud provider Blackbaud takes millions from the NRA Posted: 02 Jun 2022 10:47 AM PDT Blackbaud, which bills itself as the “leading cloud software company powering social good,” counts the National Rifle Association as a customer receiving its highest level of care and engagement, raking in more than $1 million yearly from the infamous firearms industry lobbyist. The two have been in business since 1997, according to internal documents viewed by TechCrunch, just recently hitting 25 years together. It is classified under “Cause & Cure” and “Civil Liberties” internally. Blackbaud provides the NRA with fundraising, grant making and other organizational support services. With records showing recurring annual payments to Blackbaud of at least $1 million, the NRA is one of very few customers (under 0.1%) the company designates “Enterprise Strategic” and gives the white-glove treatment:
This level of service naturally encompasses items included on other levels, such as “managing sentiment,” direct engagement with customers, targeting of cohorts for fundraising and outreach campaigns, and so on. In other words, the NRA isn’t just using Blackbaud as a payment processor or bookkeeping solution — this is a deep and collaborative partnership. Neither Blackbaud nor the NRA responded to requests for comment. It must be said that objectively speaking, Second Amendment rights lobbyists can be and are considered by many to be supporting civil liberties. But the NRA is better known for its ghoulish, cynical obsession with putting handguns and assault weapons in the hands of as many as possible with as few restrictions as possible as to the gun or the person. Its influence is directly tied to the reduction or obstruction of even the lightest gun control laws. Whether and how it is ethical as an organization supportive of civil liberties to do business with the NRA is a complicated question — and one that need not be answered here, because the level of involvement between it and Blackbaud is plainly contrary to the latter’s own stated priorities. Blackbaud speaks loudly of its commitment to social good and ESG, or environmental, social and governance issues. And indeed it does promote and involve itself with numerous laudable institutions and efforts.  Blackbaud’s giving goals — gun rights not listed. Image Credits: Blackbaud It is careful, like many organizations, not to make any statements easily identifiable as political in nature, instead focusing on the principles involved. And nowhere does the company state that fighting gun proliferation is among their priorities. Yet it is hard not to feel deep hypocrisy in statements like this one. “Our Hearts are with the Victims of the Horrific Acts of Violence in our Nation” — and simultaneously with the NRA, which it helps fight for the right to commit those acts as efficiently as possible and without any pesky paperwork. But you won’t find the NRA in the list of organizations Blackbaud suggests visiting or supporting nor that the company takes millions from the firearms advocate. In fact you won’t find the NRA listed anywhere on the site as a client, donation recipient, recommended charity or in any form that I could see — searches for it also come up empty. Though internally, Blackbaud matches donations to the NRA Foundation as well as charities and support groups. In an email to employees, Blackbaud’s CEO wrote after the mass shooting in Uvalde that “I share in your shock, anger, and grief over the string of horrific, violent acts in the U.S.,” and under the heading “What Blackbaud is doing” listed a victims fund it donated to. No mention of the NRA being more lucrative than 99.9% of its other customers and whether that presents any kind of moral or professional conundrum. Again, to narrowly define civil rights and exclude firearms from the category entirely is not the idea — it just seems unethical to publicly support the victims of gun violence while privately supporting and being supported by the NRA. In fact, the Uvalde School District is also a customer of Blackbaud, a source within the company said, following its acquisition of Everfi. In internal discussion threads viewed by TechCrunch, employees express dismay at that last fact and that Blackbaud matches support to the NRA. While an executive explains this is considered a matter of allowing free choice, they fail to mention that the NRA is one of the company’s biggest customers, something the employees do not appear to be aware of. In 2020 TechCrunch reported that Blackbaud also counted far-right organizations the Heritage Foundation and the Center for Security Policy as customers. Both are still active users of the service, with Heritage producing some $169,000 ARR — putting it in the second-highest service tier, with a “highly personalized approach.” As I wrote then, Heritage “has been behind lobbying efforts against climate change action, equal rights for LGBTQ Americans and immigration modernization efforts. It has worked on behalf of the oil and tobacco industries, opposed health care reform and recommended the likes of Betsy DeVos and Scott Pruitt to the administration.” CSR is focused on anti-Muslim propaganda, promoting ideas like “Sharia-supremacists” infiltrating Hollywood. Such customers have prompted employees at the cloud services company to ask that Blackbaud drop these and other companies whose actions contradict the idea of supporting social good, according to a source within the company. But unlike the recent conflict at Salesforce, where employees referred to co-founder Marc Benioff’s prominent progressive stances on many issues to justify ceasing business with the NRA, Blackbaud’s leadership reportedly harbors no such relevant political leanings. |
| Fresh tickets available to TC’s Annual Summer Party — get one while you can! Posted: 02 Jun 2022 10:07 AM PDT Heads-up, party people. We've just released another round of tickets to the most fun, relaxed and opportunity-filled networking event of the year. We're talking about TechCrunch's Annual Summer Party, of course. Tradition holds that we join forces with a top Silicon Valley company to host this fabulous fete, and this year, we've partnered with Mayfield — a global venture capital firm with a people-first philosophy. It has a 50-plus-year history of investing at the inception stage in iconic enterprise, consumer and human and planetary health companies. Join us under the stars for a casual evening of cocktails, canapés and conversation with people who hail from every part of the startup spectrum. The daily grind makes it easy to forget that a simple conversation over a drink and nibbles can be an even more effective way to connect and explore meaningful ways to collaborate. Or just get to know and appreciate your colleagues. Here's the when-where-and-how-much details you need to know:
If you're looking to stand out from the crowd and garner maximum exposure to the VCs who will be attending the event, then book an Early-Stage Startup Exhibitor Package for just $995. Pro tip: The Exhibitor Package includes four tickets to the party. Bring your crew or invite a client. But don't wait — there are only five spots left. This is our fourth ticket release, and if the last three rounds are any indication, these babies won't be around for long. Buy your ticket now, because you can't buy them at the door. Speaking of doors, we'll have great door prizes — like TechCrunch swag and tickets to TechCrunch Disrupt. Are you feeling lucky? Leave the daily grind behind, join the Summer Party and enjoy an evening of community and opportunity. Cheers! Did you try to buy a ticket and came up empty? We release tickets to the Summer Party on a rolling basis. Sign up on the website, and we'll let you know when the next batch goes on sale. Is your company interested in sponsoring TechCrunch's Summer Party? Contact our sponsorship sales team by filling out this form.
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| Gemini lays off 10% of workforce as the ‘crypto revolution’ enters its ‘contraction phase’ Posted: 02 Jun 2022 09:51 AM PDT Crypto platform Gemini has cut approximately 10% of its workforce, per co-founders and twin brothers Cameron and Tyler Winklevoss. In a post announcing the news, the duo attributed the layoffs to "turbulent market conditions that are likely to persist for some time." All employees will be provided a separation package and healthcare benefits. The company closed its physical offices, the co-founders wrote, "so that these conversations will be held remotely to protect the privacy of each impacted individual. Our highest priority throughout will be to treat everyone affected with compassion and respect." The drawback comes as the crypto market at large feels in flux. Other major crypto companies have also been slowing hiring in response to a downturn in prices — Coinbase, Gemini's close competitor, announced plans last month to reverse its prior headcount growth projections, and Latin American crypto exchange Bitso let go 80 employees last week. Exchanges may be hit the hardest by a recent slowdown in crypto trading volumes from retail investors, but not all crypto companies are as concerned. Fidelity's digital asset arm said earlier this week that it will double headcount this year to meet growing demand for crypto trading from institutional investors. Meanwhile, FTX, the second-largest crypto exchange, is giving the impression of playing offense, as it expands into equities trading to diversify its business amid risk in the crypto market and eyes the acquisition of an Indian gaming startup. FTX was last valued at $32 billion in January. Despite reacting to the market changes, Gemini's co-founders also addressed that there's a somewhat expected volatility in what they called the “crypto revolution.” "Its path can best be described as punctuated equilibrium — periods of equilibrium or stasis that are punctuated by dramatic moments of hypergrowth, followed by sharp contractions that settle down to a new equilibrium that is higher than the one before," the co-founders wrote in the post. They go on to say that crypto has entered a temporary downturn, otherwise known as the contraction phase, further "compounded by the current macroeconomic and geopolitical turmoil." The company did take advantage of the venture capital boom, last year raising $400 million in a growth equity round led by $7.1 billion. In January, the startup acquired Blockrize for an undisclosed amount and teased plans to launch a credit card with bitcoin rewards. It's unclear if layoffs impact the Blockrize team, and if so, how it impacts Gemini's product roadmap. Subscribe to TechCrunch's crypto newsletter “Chain Reaction” for news, funding updates and hot takes on the wild world of web3 — and take a listen to our companion podcast! |
| Announcing the full agenda for TC Sessions: Robotics happening this July Posted: 02 Jun 2022 09:30 AM PDT We're extremely excited we can finally unveil the agenda for this year's TC Sessions: Robotics happening 100% online on July 21. It’s a tremendous labor of love for our team, and something we've been thinking about since the last time we held the show, way back in early March 2020. It's difficult to put into words how much the world has changed since then, and the world of robotics, AI and automation has fundamentally transformed along with it. It wasn't that long ago when every conversation about the space came with the same caveat: this will change the way we live five to 10 years from now. As the world shut down and suffered labor shortages, it became clear that suddenly that time is now. During the pandemic, we've charted the massive growth across all sectors of robotics, and while VC money is slowing for nearly every startup category, robotics investments continue at a pace not seen before 2020. Frankly, there's never been a better time to put on a robotics event, and fittingly, we can confidently say that we've never put on a robotics event as good as this. We've got headliners like the U.S. secretary of labor, Marty Walsh; inventor Dean Kamen; and Amazon's VP of Global Robotics, Joseph Quinlivan. MIT CSAIL director Daniela Rus will be in conversation with CMU's head of robotics, Matthew Johnson-Roberson, as will robotics HRI experts Rod Brooks and Clara Vu. We'll also be speaking with top VCs and the CEOs of Boston Dynamics, Sarcos, Locus Robotics, Fetch and more, along with demos from researchers and bleeding-edge startups like Agility. Best of all, you can catch all of these sessions and join the robotics community online with speed networking, chats and one-on-one meetings by registering here for free. There's never been a better time to talk robotics, and we feel confident in saying there's never been a better group of experts to discuss it with. You'll find the full schedule for the July 21 event below. We hope you're as excited as we are. July 21The Changing Face of Workwith Secretary Marty Walsh (U.S. Department of Labor)Robotics are set to profoundly impact the future of how America works. Automation is an inevitability, but is the U.S. truly prepared for the coming impact? Labor secretary Marty Walsh will discuss what employers and regulators need to do to brace for these radical changes. Funding the Futurewith Kelly Chen (DCVC), Bruce Leak (Playground Global) and Helen H. Liang (Founders X Ventures)As funding has dried up for many startups, robotics have weathered the storm quite well. The pandemic has fueled investments in the category as more companies look toward automated solutions, and the trend shows no sign of slowing anytime soon. Lab Workwith Matthew Johnson-Roberson (Carnegie Mellon University) and Daniela Rus (CSAIL, MIT)If you’re looking for the bleeding edge of robotics and AI research, you’ve come to the right place. MIT CSAIL head Daniela Rus and CMU’s new head of robotics, Matthew Johnson-Roberson, will join us to discuss how schools are helping redefine robotics. The Fulfilling World of Warehouse Roboticswith Rick Faulk (Locus Robotics), Jessica Moran (Berkshire Grey) and Melonee Wise (Zebra Technologies)Logistics and fulfillment may well be the hottest category in robotics at the moment. Locus Robotics, Zebra Technologies (Fetch) and Berkshire Grey are helping define the space. Their automation is working to improve delivery times, manage inventory, assist their human counterparts and stay competitive. Automating Amazonwith Joseph Quinlivan (Amazon)Amazon’s huge bet on robotics dates back to its 2012 acquisition of Kiva Systems. Over the past decade, it’s a gamble that has paid off immeasurably as the retailer has become the 800-pound gorilla in any conversation about warehouse automation. VP Joseph Quinlivan will discuss what the company is doing to maintain its edge. TechCrunch Robotics Pitch-offThe industry's brightest entrepreneurs will take the stage in front of a live audience and a panel of industry experts, pitching revolutionary technologies. Founders — apply here. Education FIRSTwith Dean Kamen (FIRST)From the Segway to iBot to AutoSyringe, Dean Kamen has made a name for himself as one of the biggest inventors of the past 50 years. In 1989, he decided to give back with the launch of FIRST, an organization that promotes STEM education. He’ll discuss his creations and the work he’s doing to inspire the next generation of inventors. From Cage to Stage: Commercializing AI and Roboticswith Pieter Abbeel (UC Berkeley, Covariant), Joyce Sidopoulos (MassRobotics) and Milo Werner (The Engine)What does it take to bring a robot or AI process from the lab to market? Learn from experience with The Engine general partner Milo Werner, academic-commercial crossover specialist Joyce Sidopoulos of MassRobotics and Pieter Abbeel, who splits his time between UC Berkeley and Covariant, the well-funded AI outfit he founded. Shaping Robots, Environments and People for Harmonywith Rod Brooks (Robust.AI) and Clara Vu (Veo Robotics)As robots and AI begin to pervade everyday life, we must take lessons from industry and academic research on how to coexist safely and productively. Rod Brooks and Clara Vu both bring years of expertise to the question and can speak to what’s needed in hardware, software and beyond to bring the lives of robots and humans closer together. Putting Robots to Workwith Kiva Allgood (Sarcos) and Robert Playter (Boston Dynamics)We’ve seen the demos and the viral videos, but moving from research to real world is its own complex journey. The CEOs of Boston Dynamics and Sarcos will discuss the process of bringing their robots to market, from pilot testing to scaling manufacturing.
We can’t wait to see you online at TC Sessions: Robotics with these visionaries along with the global robotics community on July 21! Register now to get your access to all of these sessions and so much more here!
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| Foxconn confirms ransomware attack disrupted operations at Mexico factory Posted: 02 Jun 2022 09:28 AM PDT Smartphone manufacturing giant Foxconn has confirmed that a ransomware attack in late May disrupted operations at one of its Mexico-based production plants. “It is confirmed that one of our factories in Mexico experienced a ransomware cyberattack in late May," Jimmy Huang, a Foxconn spokesperson told TechCrunch. "The company’s cybersecurity team has been carrying out the recovery plan accordingly.” The affected production plant is Foxconn Baja California, located in the city of Tijuana at the border with California, which specializes in the production of medical devices, consumer electronics and industrial operations. The company told TechCrunch that while operations at the plant were disrupted as a result of the ransomware attack, the factory is "gradually returning to normal." "The disruption caused to business operations will be handled through production capacity adjustment," Huang added. "The cybersecurity attack is estimated to have little impact on the Group’s overall operations. Relevant information about the incident is also provided instantly to our management, clients and suppliers.” Foxconn declined to say whether any data was accessed as a result of the attack, nor did it provide any information on who was responsible. However, the operators of the LockBit — a prominent ransomware-as-a-service (RaaS) operation — have claimed responsibility for the May 31 attack and is threatening to leak data stolen from Foxconn unless a ransom is paid by June 11. LockBit’s demands remain unknown and Foxconn refused to comment on whether it had paid the ransom demand. Cybersecurity firm Mandiant said in an analysis on Thursday that Russia-based Evil Corp, a notorious hacking group that was sanctioned by the U.S. Treasury's Office of Foreign Assets Control in December 2019, had been using LockBit in a bid to blend in with other affiliates. It remains unclear whether the Foxconn attack is linked to the sanctioned hacking group, which developed and distributed the Dridex malware. This isn't the first time that Foxconn has been hit by ransomware. In December 2020, the company said that some of its systems based in the U.S. had been attacked by the operators of the DoppelPaymer ransomware who demanded a payment of $34 million in bitcoin. |
| Chasing TikTok, Meta rolls out new Reels features and expands Instagram Reels to 90 seconds Posted: 02 Jun 2022 09:24 AM PDT As it continues to chase TikTok, Meta today announced a series of updates and new features for its Reels products across both Facebook and Instagram. Most notably, it’s offering a Sound Sync feature on Facebook Reels and adding support for longer Instagram Reels of up to 90 seconds, instead of 60 seconds, previously. The expansion follows TikTok’s move into YouTube territory with videos that can now be 10 minutes, instead of just three as before. The company is also rolling out several more creative tools, audio tools, templates and other options to make Reels more engaging, as TikTok’s influence — and money-making potential — continues to grow. For starters, Meta is now leveraging existing features designed for Instagram Stories and bringing them to Reels. Among these are the Poll, Quiz and Emoji slider stickers commonly found on Instagram Stories. These will become available as Reels features, as well. While it may make sense to repurpose some of its most popular creative tools for Reels, in doing so, Meta runs the risk of blurring the line between its various products to the point where Reels doesn’t feel all that differentiated from Stories — instead, it could end up seeming more like an extension. Another new Instagram Reels feature is the ability to import your own audio — an option that would allow users to add commentary or a background sound from any video at least five seconds long that’s stored on their Camera Roll. Plus, Instagram is introducing templates, a new tool that will allow users to create new Reels using the same structure as one they just watched. This was spotted in testing back in April and is somewhat similar to TikTok’s own templating option, which is a simpler way to get started with video creation. With Reels Templates, users are able to pull in both the audio and clip sequence, however. This helps users to recreate more complex formats just by adding their own content and trimming their clips.  Image Credits: Meta Separately, Facebook Reels is gaining a number of new features, as well. One key addition here is the launch of Sound Sync, a tool that will automatically sync users’ video clips to a favorite track. Syncing video to sounds has been a defining characteristic of TikTok’s short-form video platform, and a technology the company has expanded on over the years with further music-related creative effects, like those including visualizations, animations, and interactivity. Facebook Reels users will also be able to add voiceovers to their videos, which is already common on TikTok. A few other features are aimed at appealing to more professional creators, like desktop-based video clipping tools that will make it easier for creators who publish long-form, recorded, or live videos to test out other formats, like Reels. They’ll be able to turn their content into Facebook Reels using Creator Studio, for example. Meanwhile, gaming video creators will gain tools that will let them generate short-form, vertical Reels directly from their Live content, with dual views for both gameplay and the creator cam. Creators will also now be able to create, edit and schedule their Facebook Reels from the desktop.  Image Credits: Meta Facebook will also push suggested Reels in its Feed globally, as well as in Watch and Groups, in an effort to ramp up discovery and help creators obtain broader reach. It reminded creators, too, that Reels are prioritized and ranked based on whether they’re featuring original content. While these changes may help to expand the variety of reels that are produced by creators, what Meta is arguably lacking when it comes to Reels is quality. Feeds are often dominated by boring or dated trends — like recordings of people trying out AR or beauty filters, or videos synced audio clips that feature random or uninteresting videos uploaded from users’ phones. Pets and uninspired travel video clips are also common on Reels, as is engagement bait, where the sole purpose of the video is to drive users to the comments. Some Reels creators simply pose for the camera but have nothing to say — a tactic that may have helped them build a following when Instagram was a photo-centric app that rewarded the attractive, but is less of a draw in the TikTok era, where users are demanding authenticity, not perfection. Despite these issues, creators can still — for now, at least — rely on Facebook and Instagram’s massive reach of billions to garner attention and engagement. But the overall feel of browsing Reels remains quite different from TikTok. On the latter, commentary, insights, vlogs and serendipitous but highly personalized discovery continues to reign. To address this larger issue, Meta has been paying creators directly to make Reels through its creator fund and recently announced that it will pay out bonuses to creators for original content, too. But some are beginning to suspect TikTok’s rise combined with Meta’s hampered ability to acquire competitors under increased regulatory oversight will put an end to Meta’s time at the top as the leading social platform. Meta says many of the new features are available today including audio tools for Facebook Reels like Voiceover, Sound Sync, text-to-speech; plus Quiz, Poll, and Emoji slider stickers, Templates, and importing your own audio for Instagram Reels. The rest will roll out in the weeks ahead to global markets where Reels is available. We also asked if the expansion to 90-second Instagram Reels would be an issue for creators who cross-post to Facebook Reels, where the limit is still 60 seconds, but Meta said those longer, cross-posted Reels will be supported. |
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