Tuesday, June 7, 2022

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6 reasons to invest in startups from Ukraine

Posted: 07 Jun 2022 02:07 PM PDT

Oleksandr Yaroshenko Contributor
Oleksandr Yaroshenko is head of investor relations at Headway, an edtech startup based in Ukraine.

For more than three months, Ukraine has been engulfed in the flames of a war with Russia. That might look like a red flag from an investor’s point of view, but everything is not so black and white in the country’s tech sector.

Tech companies with Ukrainian roots and core markets in the U.S. and Europe continue to operate uninterrupted after making sure their teams and data are completely safe abroad or in the west of Ukraine. Also, foreign embassies are returning to Kyiv, indicating that Ukraine's capital could soon be safe enough for companies to reopen offices.

IT companies have demonstrated their resilience and ability to deliver results amid the worst of challenges. It is one of many reasons that make Ukraine a successful hub for future unicorns.

Let’s look at six reasons to invest in tech startups that hail from Ukraine.

They have proven their ability to withstand a crisis

The Ukrainian IT sector has shown unprecedented resilience, flexibility and ability to withstand any conditions during these months of war. Having prepared emergency plans in advance, many tech companies quickly relocated their teams to safety during the first days of the war or even before the fighting broke out.

Currently, many companies have spread their teams between offices in the west of Ukraine and abroad to ensure operations continue uninterrupted. They have minimized risk while maintaining discipline and access to the talent pool.

The majority of Ukrainian tech startups are still hiring

Nearly 90% of IT specialists haven't seen any changes to their job or workload since the war began, according to a survey by DOU. This indicates that Ukrainian IT companies have reliable cushions.

More importantly, they continue to hire talent both to support their business and help the economy. The IT sector is the third-largest attractor of foreign currency into the economy in the country, which makes the sector vital for economic stability.

As the development of the IT sector is integral to the maintenance of the country’s GDP, the government fully supports it. For example, during the war, safe regions in the west of Ukraine turned into new hubs for IT companies.

Ukraine has an immense talent pool

Ukraine is one of the most popular centers for the development of IT. It's where EPAM, Luxoft and other outsourcing giants have gathered a significant number of software engineers, business analysts and other technical specialists.

The number of IT specialists has also increased steadily in the last 10 years. For example, in the first half of 2021, the 50 largest Ukrainian IT companies grew their headcounts by 10,000 professionals. It’s also home to tech startups that are leading in their respective sectors — Jiji, Taimi, Reface, MacPaw and Headway, to name a few.

Startups are integral for creating a new layer of tech firms in Ukraine

Ukrainians want to go back home, and some have already done so. Of the nearly 7 million Ukrainians who had crossed the border since the start of the war, 2 million have returned, and more are on the way back. These people are showing they are ready to work hard to rebuild the country.

Another thing to consider is that the world is supporting Ukraine economically, providing a necessary resource base for an economic rebound. Combine that with Ukrainians willing to do their best to live better in their country, and you get very promising prospects for post-war development.

Today's startups will become a foundation for a new layer of technology companies that will add significant value to the Ukrainian economy.

Ukraine is cost-efficient for building tech firms

Ukraine is one of the best countries for running a tech business due to its cost-efficient tax regime for IT companies and cost of living, per research by Doing Business.

The country also has a strong educational infrastructure for the study of tech, mathematics, finance and economics. And due to the increased demand for IT specialists, many large companies are opening their own educational centers and organizing internships. These trends are only gaining momentum.

The entire world is supporting Ukraine

Ukraine has been an underdog in Europe for a long time, and it lacked access to the capital it needed to get on par with its more developed neighbors. As a result, an array of bootstrapped tech companies have been growing rapidly without external capital.

This has helped founders become disciplined when allocating funds or scaling operations for their customers in other countries. The combination of such discipline and export-oriented product development is a fail-proof mix for sustainable growth. It also offers a strong opportunity that can be accelerated with investment.

At the same time, Ukraine's international partners are providing necessary resources for the country’s economic rebound, so companies will have even more potential for global growth. The EU is standing in full solidarity with Ukraine not only by providing its people with humanitarian, political and financial support, but also by setting up a Ukraine Solidarity Trust Fund for rebuilding Ukraine after the war.

The current inflow of international investments, a favorable tax regime and a strong talent foundation combined with the Ukrainian people's desire to come back to their home makes Ukrainian companies desirable investment targets.

Funding radical startups addressing climate change with Natel Energy and Breakthrough Energy Ventures

Posted: 07 Jun 2022 02:00 PM PDT

Gia Schneider raised $65 million on the road to unlock distributed hydro resources. In July 2021, Libby Wayman from Breakthrough Energy Ventures led Natel Energy's $20 million Series B, and on June 8, 2022, the two industry leaders are speaking on TechCrunch Live. We'll take a look at Natel Energy's early pitch deck, and hear how Schneider won over Wayman's firm. This episode comes ahead of TechCrunch's inaugural in-person event: TechCrunch Sessions: Climate.

This event opens on June 8 at 11:30 a.m. PDT/2:30 p.m. EDT with networking and pitch practice submissions. The interview begins at 12 p.m. PDT followed by the TCL Pitch Practice at 12:30 p.m. PDT. Register here for free.

TechCrunch Live records weekly on Wednesday at 11:30 a.m. PDT/2:30 p.m. EDT. Join us! Click here to register for free and gain access to Natel Energy’s pitch deck, enter the pitch practice session and access the livestream, where you can ask the speakers questions.

TechCrunch+ roundup: 11 PLG tactics, addressing copycat stigma, ‘unicorn glut’ theory

Posted: 07 Jun 2022 01:54 PM PDT

Imagine a world where founders boasted about how much growth they’ve driven, as opposed to their fundraising prowess.

The ability to raise capital is less impressive than finding sustainable ways to build a base of paying customers. The right coaching and a strong network can help many entrepreneurs land a sizable seed round, but that money reflects investor confidence, not market demand.

Full TechCrunch+ articles are only available to members
Use discount code TCPLUSROUNDUP to save 20% off a one- or two-year subscription

In a post for TC+, Curtis Townshend, senior director of growth at OpenView, shares 11 product-led growth tactics that foster “customer acquisition, retention and expansion.”

After surveying 14 public B2B software companies, Townshend says firms that built for discoverability and deployed usage-based pricing had a median growth rate of 141%, compared to 21% for traditional SaaS.

These companies were also much more efficient with regard to the Rule of 40 and retaining revenue. “Across the board, the variance in metrics is stark,” says Townshend.

The TechCrunch+ team is growing!

Tomorrow at 8 a.m. PDT/11 a.m. EDT, we’re hosting a Twitter Space with new contributors who are covering climate, crypto, venture capital and more. To join the chat, follow @techcrunch on Twitter.

Have a great week,

Walter Thompson
Senior Editor, TechCrunch+
@yourprotagonist

The guide to great metrics: Product-led principles

Fighting the “copycat” stigma in SaaS: 3 tricks that work

Dalmatian dog startled by white dog wearing hoodie with with spots, pretending to be a Dalmatian

Image Credits: Gandee Vasan (opens in a new window) / Getty Images

Years ago, I found myself at a party with someone who was wearing the same sweater, jeans and shoes, down to the manufacturer. We looked like we’d stepped out of a clothing catalog.

At first, it was funny. And then, as other guests made endless jokes, it became annoying. We spent most of the evening avoiding each other, and I couldn’t wait to leave.

Startups that lack the first-to-market advantage face a similar conundrum, according to Sachin Gupta, CEO and co-founder of HackerEarth, who shares three ways “brands can push back against the stigma of being a copycat platform.”

Fighting the ‘copycat’ stigma in SaaS: 3 tricks that work

The “unicorn glut” theory of startup misery

Tech’s rolling green meadows are seeing fewer new unicorns, but the slowing venture market suggests that past mega-deals are making it harder for early-stage startups to raise funds.

“The biggest issue in venture today isn't interest rates, revenue multiples or any of that,” posted SaaS investor Jason Lemkin on Twitter yesterday.

“We've seen that all before … what's new-ish (at least since 2001) is the massive overhang of growth investments that will take startups years to grow into,” he wrote.

Via The Exchange, Alex Wilhelm agreed with Lemkin’s assessment:

“The unicorn glut is compounding the unicorn traffic jam, and as far as the eyes can see, the great majority of private-market value is frozen.”

The ‘unicorn glut’ theory of startup misery

Armed with experience, insurtech MGAs are paving the way for insurtech 2.0

3d rendering of Maze, Labyrinth. Footpath, Choices, Problems,Strategy Concept. Staircase.

Image Credits: akinbostanci (opens in a new window) / Getty Images

Innovation has long been a part of insurance: Managing general agents were a result of insurers requiring agents far afield to have a measure of independent underwriting and servicing ability.

Now, new insurtech startups developing MGAs are using the lessons learned by their predecessors to make the industry more sustainable, writes Dave Wechsler, who leads insurtech investing at OMERS Ventures.

“MGAs are correcting course, and the new crop of challengers are going in with new principles based on this knowledge.”

Armed with experience, insurtech MGAs are paving the way for insurtech 2.0

To better manage cybersecurity risk, extend zero-trust principles to third parties

Metallic chain connected by a red knotted rope, representing third party cybersecurity risk

Image Credits: cybrain (opens in a new window) / Getty Images

When it comes to cybersecurity, it’s no longer enough to just have your own house in order — 81 individual third-party incidents led to more than 200 publicly disclosed breaches and thousands of ripple-effect breaches throughout 2021, according to a report by Black Kite.

Companies must also asses the cybersecurity risk of third-party vendors before they sign agreements, writes Saket Modi, the co-founder and CEO of Safe Security.

“Businesses should establish zero-trust principles for all vendors, assess risk across external and internal assets with inside-out assessments and measure cyber risk in real time.”

To better manage cybersecurity risk, extend zero-trust principles to third parties

Nimbus launches tiny EV prototype that’s like a motorbike with a roof

Posted: 07 Jun 2022 01:21 PM PDT

As shared e-scooter companies have infiltrated cities and e-bike sales have soared, micromobility has been offered up as a panacea to save us all from the ill humors and packed streets caused by gas-guzzling cars. However, one of the major roadblocks in front of well-intentioned city dwellers who’d love to trade in their cumbersome and environmentally unfriendly vehicles for an e-bike or scooter remains: What happens when it rains?

Nimbus, a California-based electric vehicle startup, wants to solve that problem with a simple solution: Put a roof on it.

The company recently came out of stealth with a prototype for its Nimbus One, a tiny, three-wheeled EV that “combines the convenience and cost of a motorbike with the safety and comfort of a car.”

Rendering of Nimbus One with doors open. View from front of car with black backdrop

The Nimbus One. Image Credits: Nimbus

The thin, pod-like vehicle is only about 2.75 feet wide and 7.5 feet long, which Nimbus says makes it three to five times smaller than a compact car — the better to park and navigate busy urban streets. It also has room behind the driver’s seat for another passenger or storage for things like grocery runs. Nong said the Nimbus’s backseat will have ISOFIX points for baby seats.

The vehicle also tilts, like a motorbike or scooter would, due to Nimbus’s proprietary tilting technology.

“Scooters are fun, but they’re also kind of dangerous, but they lean, so that’s fun,” Nong told TechCrunch, noting the front airbag in the Nimbus. “Our vehicle does the same thing, but it takes the skill out of it. So my mom can get in and start to drive. Have you ever driven a boat? It drives kind of like a boat. You turn left and it pitches to the left.”

The Nimbus One is classified as an auto-cycle in the U.S., which means it’s “the best of both worlds,” according to Nong.

“We don’t have to pass these stringent, very expensive and lengthy processes for getting our vehicles certified,” Nong said. “But also, drivers don’t need a motorcycle license to drive, so anybody with a car license can use our vehicle. They don’t have to wear a helmet.”

Since the Nimbus is made for city driving, not highway driving, it has a top speed of 50 miles per hour. Its 9 kWh battery has a range of 93 miles and a charge time of 1.2 hours on a Level 2 charger or 5.4 hours on household power, according to the company. Taking a page out of Gogoro’s book, Nimbus’s batteries are removable, swappable and can be charged in the owner’s own home.

Interior of Nimbus One tiny, tilting three-wheeled electric vehicle

The Nimbus One’s minimalist interior includes a display screen, Bluetooth-connected speakers, power windows, rapid phone charger, heating and optional air conditioning. Image Credits: Nimbus

The Nimbus One’s minimalist interior includes a display screen, Bluetooth-connected speakers, power windows, a rapid phone charger, heating and optional air conditioning. The vehicle also has a front-collision warning and additional features can be sent to the vehicle with over-the-air updates, according to the company.

Pre-orders for the Nimbus One started over the weekend, and test drives will be offered within a month, said Nong, who noted the company is taking $100 down payment per order. The vehicles themselves will cost around $9,980 to buy outright, but the company also intends to offer them as a subscription service for $200 per month.

Nimbus expects first deliveries from impending pre-orders to come in the third quarter of 2022, but the company hasn’t yet chosen its launch city. Nong said Nimbus will roll out city by city, in part so the company can set up proper after-sales service to maintain vehicles in each city as it grows.

Nong says that while he expects most of Nimbus’ business to come from direct to consumer sales, the startup is also in talks with several shared micromobility operators, other vehicle sharing programs and food and grocery delivery companies. All vehicle functions, like door locks, power windows, speakers and even steering, braking and vehicle speed can be controlled via Nimbus’s central control unit and accessed via API, making the vehicles highly compatible for a vehicle-sharing program. In addition, up to four 2.2 kWh swappable battery packs can be equipped with the vehicle, a feature that has the potential to cut overhead costs associated with charging shared fleet vehicles.

Of course, manufacturing costs for any vehicle have never been higher than they are today, so Nimbus will need to raise another round to make it to production. The startup wants to raise $20 million in equity and $10 million in debt for its Series A, as well as bring on a customer who is also a strategic investor.

Nimbus closed a $4.7 million seed round last August and expects investors from that round — Thiel Capital, the JAM fund, Conscience, Ponooc and Gaingels — to follow on into the next round.

“As cost of living in cities becomes untenable for young people and as they increasingly adopt sustainable energy, Nimbus will provide them with the perfect blend of both: an affordable, lightweight, convenient electric vehicle that serves their basic needs,” Jesse Michels, an investor at Thiel Capital, told TechCrunch. “From a market perspective, it’s the only EV company with 35% margins that should improve with scale. It has the safety profile of a car with the fun and agility of a motorcycle. Longterm, Nimbus should revolutionize urban mobility and do what Tesla is doing up-market, for younger people and urbanites.”

This article has been updated with a quote from Thiel Capital. 

In iOS 16, apps can trigger real-world actions hands-free

Posted: 07 Jun 2022 11:41 AM PDT

New functionality arriving in iOS 16 will enable apps to trigger real-world actions hands-free. That means users could do things like start playing music just by walking into a room or turning on an e-bike for a workout just by getting on it. Apple told developers today in a session hosted during the company’s Worldwide Developer Conference (WWDC) that these hands-free actions could also be triggered even if the iOS user isn’t actively using the app at the time.

The update, which leverages Apple’s Nearby Interaction framework, could lead to some interesting use cases where the iPhone becomes a way to interact with objects in the real world, if developers and accessory makers choose to adopt the technology.

During the session, Apple explained how apps today can connect to and exchange data with Bluetooth LE accessories even while running in the background. In iOS 16, however, apps will be able to start a Nearby Interaction session with a Bluetooth LE accessory that also supports Ultra Wideband in the background.

Related to this, Apple updated the specification for accessory manufacturers to support these new background sessions.

This paves the way for a future where the line between apps and the physical world blurs, but it remains to be seen if the third-party app and device makers choose to put the functionality to use.

The new feature is part of a broader update to Apple’s Nearby Interaction framework, which was the focus of the developer session.

Introduced at WWDC 2020 with iOS 14, this framework allows third-party app developers to tap into the U1 or Ultra Wideband (UWB) chip on iPhone 11 and later devices, Apple Watch and other third-party accessories. It’s what today powers the Precision Finding capabilities offered by Apple’s AirTag that allows iPhone users to open the “Find My” app to be guided to their AirTag’s precise location using on-screen directional arrows alongside other guidance that lets you know how far away you are from the AirTag or if the AirTag might be located on a different floor.

With iOS 16, third-party developers will be able to build apps that do much of the same thing, thanks to a new capability that will allow them to integrate ARKit — Apple’s augmented reality developer toolkit — with the Nearby Interaction framework.

This will allow developers to tap into the device’s trajectory as computed from ARKit, so their devices can also smartly guide a user to a misplaced item or another object a user may want to interact with, depending on the app’s functionality. By leveraging ARKit, developers will gain more consistent distance and directional information than if they were using Nearby Interaction alone.

The functionality doesn’t have to be only used for AirTag-like accessories manufactured by third parties, however. Apple demoed another use case where a museum could use Ultra Wideband accessories to guide visitors through its exhibits, for example.

In addition, this feature can be used to overlay directional arrows or other AR objects on top of the camera’s view of the real world as it helps to guide users to the Ultra Wideband object or accessory. Continuing the demo, Apple briefly showed how red AR bubbles could appear on the app’s screen on top of the camera view to point the way to go.

Longer term, this functionality lays the groundwork for Apple’s rumored mixed reality smart glasses, where presumably, AR-powered apps would be core to the experience.

The updated functionality is rolling out to beta testers of the iOS 16 software update which will reach the general public later this year.

Read more about WWDC 2022 on TechCrunch

Arduino sets its sights on enterprise applications with new funding round

Posted: 07 Jun 2022 11:34 AM PDT

Best known for its open source microcontrollers that have been wildly embraced by the developer community, Arduino now has its sights firmly set on the enterprise world. Specifically, the company believes it's well positioned to gain a foothold among Gen Z and millennial engineers in the work force. Certainly the company's ubiquity in the maker world over the last decade or so means most everyone in the category is, at very least, familiar with the tech.

"Engineers in [Gen Z and millennial] generations grew up using Arduino boards in STEM programs around the world," co-founder and CEO Massimo Banzi said in a release "and they've become accustomed to the accessibility, simplicity and power of the company's open source hardware, software and cloud services. They're now taking those demands into the enterprise as they enter the labor force."

Propelling this push is $32 million in fresh Series B funding from Robert Bosch Venture Capital, Renesas, Anzu Partners and Arm. The move to enterprise is a bit of a strange one, given the company's existing track record with hobbyists and education, but there's certainly a lot of money to be made on the enterprise category, and over the years, I've increasingly seen the company's off-the-shelf boards being integrated into workplace solutions, so it might not be the most unprecedented path for the company moving forward.

"Arduino has a unique opportunity to expand their already robust engineering community to encapsulate the enterprise market," Renesas SVP Chris Allexandre said in the release. "We are delighted to support them in their plans of broadening their customer base and becoming a disruptive enterprise platform."

Apple chooses Joy (Cons)

Posted: 07 Jun 2022 11:14 AM PDT

If you’re the particular kind of person who played Pokémon Crystal on your jailbroken iPhone 3 during your high school math class, then there’s even bigger news coming out of WWDC than the M2 MacBook. On iOS 16, Apple iPhones will support bluetooth pairing with Nintendo Switch Joy-Cons and Pro Controllers, giving you more control while playing mobile games.

According to Apple engineer Nat Brown, Joy-Cons can be paired as one controller using both the left and right sides, or a singular Joy-Con can be used as the controller. Some users have reported bugs when switching between combined and single controls, but some issues are to be expected in the brand new iOS 16 developer beta. Ideally, users are supposed to be able to split and recombine individual Joy-Cons by holding the iPhone’s screenshot and home buttons for a few seconds.

Former GBA4iOS creator Riley Testut, who spotted the Joy-Con compatibility, is now developing Delta, another iOS game emulator. While the emulator isn’t on the App Store, you don’t have to jailbreak your phone to download it, unlike the old days. But if you’re looking to play games like the original Super Smash Brothers on your iPhone, remember that it’s illegal to download copyrighted ROMs online. Personally, at the very least, connecting a Switch controller to my iPhone is going to revolutionize my iOS Tetris gameplay.

Here’s everything Apple just announced at the WWDC 2022 keynote

Instagram now lets you pin up to three posts to your profile

Posted: 07 Jun 2022 10:33 AM PDT

Instagram announced today that it’s launching the ability for users to pin up to three posts, including photos or Reels, to the top of their profile grid. The company says the new feature will give creators more flexibility to express themselves on their profiles. The official roll out comes as Instagram confirmed to TechCrunch in April that it was testing the feature. The ability to pin posts is rolling out globally to all users starting today.

You can pin a post by navigating to a specific photo or Reel and clicking on the three dots in the top right corner and selecting “Pin to your profile.” Once you do so, the post will appear at the top of your profile grid.

“Your profile is your space, so we’re looking for more ways to give you control over that experience,” said Instagram head Adam Mosseri in a video posted to his social channels about the new feature.

The ability to pin a specific post to your profile is a welcome feature for users who want to highlight their favorite posts that may have been buried somewhere farther down in their photo grid. The feature could also be useful for creators who post frequently but want to highlight a specific post. Currently, users have the option to pin Stories to their profile, but this new feature expands this ability to posts.

Although you could previously highlight a post in a Story and then pin that story to your profile, this new feature makes that process a lot easier and more straightforward. It's worth noting that the new feature works similarly to Twitter's "Pin to your profile" feature and TikTok’s “Pinned videos” option, both of which let you pin content to the top of your profile.

Today’s announcement comes as Meta recently launched several features for its Reels products across both Facebook and Instagram. Most notably, it's rolled out a Sound Sync feature on Facebook Reels and added support for longer Instagram Reels of up to 90 seconds, up from the previous 60 seconds limit. The company also introduced several more creative tools, audio tools, templates and other options to make Reels more engaging.

Instagram is testing a feature that lets you pin posts to your profile

Chasing TikTok, Meta rolls out new Reels features and expands Instagram Reels to 90 seconds

It’s correction time for Latin American VC activity

Posted: 07 Jun 2022 10:30 AM PDT

Latin America appears set to chalk up another quarter of falling venture capital activity, adding to a string of successive periods when the value of investments in the region fell.

Leaning on PitchBook data and looking at venture-backed companies in Central and South America, a TechCrunch analysis indicates that investment volume in deal and dollar terms is set to decline in Q2 2022. With a few weeks of data left to collect as June continues, the picture may shift, but it would require a simply incredible run of closed deals to halt the now-regular decline in venture capital investment in Latin America.

This does not mean that deals are not still happening; they are. And falling venture capital interest does not mean that Latin America's promise as a startup hub failed to materialize; huge companies have been scaled there and taken public. And we are not working today to imply that any particular region won't prove a hotbed of startup activity and technological innovation more generally, in time. Instead, we're just looking at the latest ticks in the tape to see where investment is flowing — and slowing — today.

The Exchange explores startups, markets and money.

Read it every morning on TechCrunch+ or get The Exchange newsletter every Saturday.

Signs of softening in the Latin American startup market abound. Not merely in aggregate datasets, something we'll get to in a minute. Even the region's more impressive recent rounds have a touch of sponginess to them. For example, Ecuadorian fintech Kushki recently raised what it called an extension to its Series B. Naturally, it's a little bit hard to call a $100 million round an early-stage extension, but in prior climes, we suspect that the funding event would have been a natural Series C with new participants, instead of a Series C from repeat investors with a "Series B extension" label slapped on top.

After posting quarters of falling venture capital investment, Latin America has turned the corner and is now trending toward quarter-on-quarter and year-on-year declines in Q2 2022 VC activity. The correction has arrived in the region.

For reference, recall that globally, through the first quarter, global venture capital activity was up on a year-over-year basis. We have yet to parse total market data for the part of the second quarter we've already consumed, but if Latin America is a leading indicator, the signs are not positive.

Let's dig into the early data and then discuss the halo effect — or lack thereof — of Latin American giants like Nubank, as well as some regional matters that could complicate the region's startups' access to venture capital.

The Latin American venture capital correction

Let's start with caveats. We are working with an early dataset, which means we're not looking at a full picture. Instead, we're hunting for directional trends to better understand Latin America, while not getting too hung up on particular data points. The data will change.

macOS will soon block unknown USB-C accessories by default

Posted: 07 Jun 2022 10:05 AM PDT

A new security feature in Apple’s upcoming macOS 13 Ventura will automatically block new USB-C devices from communicating with the operating system until the accessory can be approved by the user.

Apple dropped details of the new security feature in its release notes, which appears to be aimed at protecting newer Apple laptops that run its bespoke M1 or M2 chips from potentially malicious accessories.

According to Apple’s description, the feature will be enabled by default and will require the user to approve a USB-C accessory before it can talk to the operating system — essentially an on-screen pop-up asking the user for permission. Apple says this doesn’t apply to power adapters, standalone displays and connections to an approved hub — and devices can still charge even if you don’t approve the accessory. Apple says that accessories that are already connected will automatically work when updating to the new macOS software.

The move to restrict USB-C devices by default is a tacit nod to an evolving range of threats that pose a risk to Apple users. Researchers have shown it’s possible to hide malicious implants in regular-looking charging cables that can hijack computers to laptop-bricking USB devices that are designed to permanently fry a computer’s innards.

The new macOS feature is also near identical to the USB Restricted Mode that Apple introduced in iOS 12, which prevents unauthorized accessories and cables from accessing the data on iPhones and iPads without the owner’s permission, at a time where law enforcement were using phone-cracking devices to skirt Apple’s device security.

Here’s the full description from the release notes (as first spotted by The Verge):

On portable Mac computers with Apple silicon, new USB and Thunderbolt accessories require user approval before the accessory can communicate with macOS for connections wired directly to the USB-C port. This doesn't apply to power adapters, standalone displays, or connections to an approved hub. Devices can still charge if you choose Don't Allow.

You can change the security configuration in System Settings > Security and Privacy > Security. The initial configuration is Ask for new accessories. Configuring an accessibility Switch Control sets the policy to always allow accessory use. Approved devices can connect to a locked Mac for up to three days.

Accessories attached during software update from prior versions of macOS are allowed automatically. New accessories attached prior to rebooting the Mac might enumerate and function, but won't be remembered until connected to an unlocked Mac and explicitly approved.

This USB ‘kill cord’ can instantly wipe your laptop if snatched or stolen

Read more about WWDC 2022 on TechCrunch

Apple’s iOS 16 will fix annoying ‘Tapback’ spam

Posted: 07 Jun 2022 09:58 AM PDT

This spring, Google updated its Messages app to support handling iMessage reactions. That is, instead of spamming a group chat with separate messages whenever someone responded to a text using one of iMessage’s emoji reactions known as Tapbacks, the app would now display the emoji attached to the side of the message, where it belongs. With the launch of iOS 16, Apple appears to be fixing this longstanding annoyance from its side as well.

First spotted by 9to5Mac, the feature was also tweeted out by an Apple employee on Monday as one of the many Messages updates arriving with iOS 16 and macOS Ventura. While the highlights — including message editing, mark unread and retractions — were detailed during Apple’s WWDC keynote address on Monday, the new feature “SMS Tapback Inference” was not among them.

Apple brings ‘undo send’ to iMessage

By design, when iMessage users are chatting with Android users, the conversation becomes an SMS chat. Even one Android user in a group chat will kill the blue bubbles — a design choice that’s helped Apple lock iPhone users into its platform, particularly U.S. teens who find the green bubble “uncool.” But the reality is that all iPhone users will end up in a chat with an Android user at some point, and in those cases, Tapback emoji reactions are turned into spam texts.

Instead of displaying the emoji alongside the message, as intended, users get separate (and very annoying!) additional texts that someone liked, loved or otherwise reacted to a given message when the chat is taking place across mobile platforms. This clutters up group chats, leads to excessive notifications and just generally makes for a poor user experience.

Apple is thankfully addressing this issue, as it will now better interoperate with Android on this emoji reaction feature. Instead of getting an extra text, the emoji reaction will appear alongside the message the user is reacting to — but in green to indicate its Android origins.

Although the newer communication standard RCS supports emoji reactions natively, Apple has yet to roll out RCS support — perhaps because RCS is too similar to iMessage with its features like typing indicators, read receipts, higher quality picture messages and more.

But this feature at least allows cross-platform messaging to be less problematic.

Read more about WWDC 2022 on TechCrunch

Why Primetime Partners is betting on the “ageless” population

Posted: 07 Jun 2022 09:55 AM PDT

Age tech isn't for elderly people only. It's for anyone who wants quality of life as they age. That's where Primetime Partners comes in.

The venture capital firm was started in 2020 by Abby Levy, who co-founded Thrive Global with Ariana Huffington, and Alan Patricof, founder of Greycroft Partners. For Primetime Partners, "age tech" can touch almost every sector of what Patricof calls the "ageless population:" health tech, fintech, consumer tech, prop tech and many more.

Primetime now has 23 portfolio companies, including: RocketDollar, which helps people save more quickly for retirement with alternative asset investing; Home Care Genie, an insurtech that provides products for home care; Aidaly, which helps family caregivers find financial reimbursements; Yes Hearing, a concierge-style service for hearing aids; and Kindra, a direct-to-consumer startup for menopause-related products.

Primetime also conducts its own research about the senior demographic, dispelling many myths along the way. For example, there is a perception that older adults are less online or willing to spend money than their younger counterparts.

But according to Primetime's data, there are 50 million seniors in the United States, and they are the fastest-growing population segment, increasing at three to six times the rate of the rest of the country. From now until 2030, 10,000 to 12,000 people are retiring daily — and they are spending money online. Among those retirees, 75% are likely to make a purchase online and 44% rank the internet as their top preferred source of health information.

The impact of COVID-19

Primetime was launched and getting ready to fundraise just as COVID lockdowns hit the United States. "Alan and I were on the phone in April 2020, saying should we just pause on this until there is a better landscape?" Levy said. "I really credit Alan with saying that now is actually the best time to be moving forward and, in fact, we made four investments while concurrently fundraising because we saw so much opportunity in this space."

Fundraising also moved rapidly. The majority of Primetime's inaugural $50 million fund ($30 million) was raised in about a month and it closed three months later.

COVID also increased interest in age tech by entrepreneurs, Levy added.

"COVID dramatically changed that because every person in our country somehow became a caretaker for someone who was older or became aware of what it is to age in our country or in general," she said, adding "Entrepreneurs and founders, frankly, all have personal stories now, personal pain points, somehow related to aging that were really accelerated or emphasized during COVID."

Primetime's portfolio

Levy said Primetime looks for "companies that tackle big issues, like the issue of social isolation among seniors, retirement and financial security and businesses tackling the fact that there are very few products on the shelves that address menopause, which 50% of the population will experience, including 50 million women over the age of 50 in the U.S. alone."

For example, Catherine Balsam-Schwaber, the founder and CEO of Kindra, told TechCrunch in an email that the company also wants to "destigmatize menopause and dispel the taboo, so women feel informed, comfortable and empowered throughout their menopause journey."

Primetime has also invested in a number of fintech companies, including ones that deal with liquidity, financial planning and retirement. Those are issues that are relevant to any adult, regardless of age. For example, someone in their 30s or 40s might not only need to plan for their own retirement, but also help their parents or other relatives.

RocketDollar CEO Henry Yoshida told TechCrunch that its average users are in their mid-to-late 40s up to their 70s, making a mix of people who are planning to retire and those who have already retired.

Levy highlights the gender and age diversity of founders in Primetime's portfolio. "I think many of these issues are top of mind for women who are caregivers. In our portfolio, 10 of the 23 founders are women, but I want to emphasize that the CEOs are women. It's not just a founding member on a founding team, 10 of the 23 companies have a female CEO."

The fund is also working hard to attract older founders who are 50 plus. "As you can imagine, that's quite challenging because there are a lot of reasons why people in their 50s and 60s who want to take on the intensity, pressure and stress of going through founding a startup," Levy said. "I wish we had more, but we have four businesses that are founded and led by CEOs age 50 plus and we would love more, absolutely."

Limited partners, customers and collaboration

Primetime works closely with portfolio companies on developing marketing and distribution strategies. Its portfolio is split evenly between enterprise and DTC businesses, with some overlap.

Levy said when she co-founded Primetime, her assumption was there were only three types of enterprise customers: health plans or payors; senior living resident operators; and the government. But "as we've progressed, the industry has continued to diversify," she said. "Additional enterprise customers are all the hospital systems, then all of the risk-bearing entities, like an Oak Street or a Landmark, and employers that have also come up as a different customer base."

Employers have also become an important customer base. For example, one of Primetime's employer-focused portfolio companies is called Empathy, which helps them offer bereavement leave.

Several of Primetime's investments focus on the "sandwich generation," or people who are taking care of both children and aging parents or other relatives.

"Family caregiving is a very big topic in our country, especially with 50 million unpaid, untrained family caregivers who on average spend $7,000 out of pocket helping their loved ones every year," Levy said. "We have about four businesses that are in and around family caregiving because we believe it's a tremendous opportunity to serve this audience, and they're a real resource and asset for everybody."

Primetime's limited partners include three nursing home operators and two hospital systems, who also help the fund do due diligence.

"What's interesting is that because of our horizontal or cross-cutting expertise, we have become very friendly with other venture funds that are vertically oriented, that are digital health or healthcare services or fintech, etc." said Levy.

"We've actually been brought into many deals because of the collaborative nature of other funds saying 'hey, you guys are experts in this population, why don't you come in? And if you know anything about venture capital, especially in today's competitive environment, it's very unusual to have that kind of invite."

Hormonal health is a massive opportunity: Where are the unicorns?

Review: Sonos Ray soundbar is an easy upgrade that will leave you wanting more

Posted: 07 Jun 2022 09:40 AM PDT

Sonos went a bit further downmarket recently with the Ray, a smaller and cheaper soundbar than the Beam, itself a smaller, cheaper soundbar than the Arc. But while the Ray performs well, it doesn’t quite earn its premium and leaves one feeling that they should have just gone for something bigger.

No one should have to suffer the sound that comes out of TVs these days, especially when you can get a soundbar for under a bill that will be wildly better. Get into the $150-$200 range and you can get a sub as well and some extra features like smart assistant, Airplay and so on. But Sonos knows that its customers are willing to pay considerably more for its slick integration and advanced features.

At $279, the Ray is priced well above other essentially 2.0-channel systems except for the likes of Bose, another brand that generally gets a pass for inflated price tags. But the truth is it’s not really competing against standalone soundbars — it’s competing against other Sonos options.

If a buyer is considering a Sonos setup, and the Ray in particular, they’re not looking at Anker and Sony soundbars — they’re thinking about joining this exclusive smart speaker club and wondering what the best way is to go about it without spending a fortune.

The Ray is certainly a cheap and practical way to make that happen, and if you are watching dialogue-heavy content in a smaller room, it’s going to be solid. But if you’re looking for a sound that is in any way big, you might as well open your wallet now and upgrade to the Beam.

An exploded view of a Ray.

You can see it tries to spread its sound out, but ultimately the soundstage isn’t large. Image Credits: Sonos

Setting up the Ray was very easy for me: It’s got an optical connection and my remote (I have a fairly recent Vizio TV) worked with its little training system to get the volume and mute buttons online in a minute or two. Not everyone has been so lucky, but that’s the trouble with “smart” speakers; they’re not always smart in the right ways. If you’re looking for HDMI, Bluetooth or 3.5 mm (let alone RCA or some such) you’ll have to move on, it’s optical or Wi-Fi only here.

My reference system is an older Yamaha (also optical) with a great warm sound and compelling virtual surround but, frankly, awful dialogue clarity even with the speech enhancement thing on. The Ray is the exact opposite of that: A bright, voice-forward sound with great clarity in a limited soundstage.

Sound and music from the Ray always seem to be coming from right in front of you, very clearly and with some stereo effect, but none of the remarkable room-filling ambience that I was able to achieve with the Yamaha less than half its price. On the other hand, I didn’t have to keep the remote in my hand to turn it up whenever someone talked and down again whenever a battle starts. (Gandalf is the king of speaking too softly and carrying a big stick.)

But as I said, the Ray’s real competition is the Beam, its big sibling and at $449, considerably more expensive. I didn’t consider a handful of Ones as being an alternative, though they’d probably sound good, because though it would be the same price for two, it’s really a different use case — this is about consumers who want to improve their TV and are Sonos-curious, not those who are ready to spend on a full-home music system.

A Ray soundbar tucked into an entertainment system.

The bar is definitely compact and cute. But the Beam is only two inches or so wider. And what’s with the turtle? Image Credits: Sonos

I alternated between the Ray and Beam on the same content and the Beam, unsurprisingly, was better in every respect (except one — dialogue syncing, since I believe I have a delay in the eARC channel, but I can’t pin that on Sonos). Dialogue sounded just as good, but richer, while ambient sounds and music spread out much more and with a better low end. The Beam also worked better with music, seeming to emanate it into the room generally rather than direct it toward you.

I have a hard time believing that if someone wants to pay a premium to begin with, and they’re thinking hard about buying into a Sonos system, that they would for any reason but a complete lack of money choose the Ray. It’s unfortunate, but despite sounding pretty good, the Ray falls into a trough between cheaper and better (but not as smart) soundbars and the more expensive and much better (and not much larger) Beam.

It’s not that the Ray is bad at all — it’s compact, attractive, easy to set up and sounds good. But it’s in an awkward position: It doesn’t sound good enough to warrant the premium over “normal” soundbars half the price, and if you consider a system like this an investment, it’s absolutely worth stepping up to the Beam.

Where is the Ray a good option? I would say if you’re already in the Sonos ecosystem and perhaps already have some One speakers in the TV room, the Ray essentially fills the role of an excellent center channel; its shortcomings more than made up for by the surround setup. (Sonos offers this as a package deal — $677.)

The Sonos Ray starts shipping next week.

US Secretary of Labor Marty Walsh will discuss the changing face of work at TC Sessions: Robotics 2022

Posted: 07 Jun 2022 09:30 AM PDT

All jokes about robot armies and Skynet aside, robotics are set to profoundly impact the future of how America works. And not in just a few industries, but across an ever-growing swath that includes agtech, automotive, construction, labor, logistics, healthcare and more.

Automation is inevitable, and yet advancements in technology often result in lower wages and employment — a phenomenon known as the displacement effect. As this MIT study — which measured the effect of robots at work — notes, the impact is significant.

Is the U.S. truly prepared for the coming impact? It's a key question and, thankfully, we have the right person to answer it. We're thrilled to announce that U.S. Secretary of Labor Marty Walsh will join us online at TC Sessions: Robotics 2022 on July 21.

Consider this: Amazon already has a fleet of more than 500,000 autonomous mobile robots. And, thanks to the pandemic-induced labor shortage, investors have been throwing money at robotics and automation startups. But what happens to those displaced workers once automation hits full stride?

We'll ask Walsh that question and plenty more during the aptly named presentation, The Changing Face of Work. We look forward to hearing the eminently qualified labor secretary discuss what employers and regulators need to do to brace for these radical changes.

A lifelong champion of equity and fairness, and a proud product of the city of Boston, Secretary Walsh leads the U.S. Department of Labor with a strong connection to working people and a commitment to creating an economy that works for all.

Prior to his appointment, Walsh served as the mayor of Boston from 2014 to 2021, where he led the creation of close to 140,000 jobs and helped secure a statewide $15/hour minimum wage, paid sick leave and paid parental leave. He established universal, high-quality pre-kindergarten for all children and free community college for low-income students.

As head of the Building and Construction Trades Council from 2011 to 2013, Walsh worked with business and community leaders to promote high-quality development. He created a program called Building Pathways that has become a model for increasing diversity in the workplace and providing good career opportunities for women and people of color.

From 1997 to 2014, Walsh served as a state representative for one of the most diverse districts in Massachusetts. There, he focused on creating good jobs, protecting workers’ rights, expanding mental health treatment and investing in public transit.

TC Sessions: Robotics 2022 is a free online event, happening July 21. You can catch all of the sessions and join the robotics community online for speed networking, chats and one-on-one meetings. Simply register here for free.

Apple loosens some of its App Store Review Guidelines with latest update

Posted: 07 Jun 2022 09:10 AM PDT

Timed alongside its Worldwide Developer Conference this week, Apple rolled out a new set of App Store Review Guidelines which, somewhat surprisingly, now loosen restrictions around some requirements that need to be met to publish to the App Store. Typically, Apple updates its guidelines to either introduce new rules or clarify existing rules to developers by adding more details. But this week’s changes instead remove a handful of rules around subsets of apps — including lottery apps, apps used for charitable donations, apps that use location and others.

The changes follow a series of legal challenges and new regulations in select markets over Apple’s control of its App Store, where the company is under pressure to permit third-party payments and increased competition. Both the EU and the U.S. are considering measures designed to level the playing field across numerous fronts when it comes to app stores and the fees they charge.

Most notably, Apple’s new guidelines see it deleting one of its vaguer rules over how an app has to function in order to be permitted on the App Store.

With the update, Apple removed the requirement (rule 4.2.3) that says an app must “include sufficient content in the binary for the app to function at launch.” Though designed to ensure that apps have some sort of minimum functionality and are usable upon installation, Apple has also wielded this rule to block apps that would require another app to function or that first need to call resources from the internet. As to why Apple is now removing this rule is less clear, but presumably, this would now mean that apps could prompt users to download additional resources at launch, as some games already do, and wouldn’t be required to be functional before that download completed. It could possibly pave the way for HTML5-enabled games to return to the App Store, after being restricted in 2019.

Combined with two other changes related to lottery apps, it seems Apple may be looking to loosen its rules around HTML5 when used in this subset of the app market. The company has also now removed rule 5.3.3, which had restricted users from buying lottery or raffle tickets or initiating fund transfers in an app, and rule 4.7, which had restricted lotteries and charitable donations in code that’s not embedded in the binary.

Apple had explained its reasoning in January 2020 around the use of HTML5 in apps, saying that apps that dynamically provide core features and functionality via HTML5 are “best delivered through Safari” — an indication that Apple wanted to restrict these sorts of apps from its App Store. The revised guidelines see Apple changing its tune a bit, which could have broader ramifications for the lottery app industry.

Another updated requirement references the new WeatherKit toolkit for developers, which allows for the creation of apps that use Apple’s own weather data services. With rule 5.2.5, Apple simply says that apps have to follow the attribution requirements provided in WeatherKit’s documentation.

Finally, another rule being dropped (2.5.4) is focused on location data. Apple no longer requires apps using location background mode to remind users that doing so “may dramatically decrease battery life.” This likely has to do more with improvements to the iPhone’s battery capabilities over the years, since the guidelines still restrict multitasking apps from using background location just to keep the app running.

Read more about WWDC 2022 on TechCrunch

Peloton hires Amazon Web Services executive Liz Coddington as new CFO in latest shakeup

Posted: 07 Jun 2022 09:03 AM PDT

Peloton has announced that its chief financial officer, Jill Woodworth, is leaving the company and will be replaced by Amazon Web Services executive Liz Coddington, effective June 13. Woodworth served as Peloton’s CFO since 2018 and will serve as a consultant for Peloton on an interim basis.

Coddington, who now faces the task of turning around Peloton’s finances, most recently served as the vice president of finance for Amazon Web Services. Prior to this role, Coddington held senior leadership roles at companies including Walmart and Netflix.

“Liz is a deeply talented finance executive and will be an invaluable addition to Peloton’s leadership team,” said Peloton CEO Barry McCarthy in a statement. “Having worked at some of the strongest and most recognizable technology brands, she not only brings the expertise needed to run our finance organization, but she has a critical understanding of what it takes to drive growth and operational excellence. I have seen her intellect, abilities and leadership firsthand and am excited to work closely with her as we execute the next phase of Peloton’s journey.”

The change marks yet another departure from the company’s top ranks, after McCarthy, a former Spotify and Netflix executive, took up the reins of the company after former Peloton CEO John Foley stepped down in February 2022. At the same time, Peloton announced that it was cutting 2,800 jobs globally, around 20% of its corporate workforce, "at every level of the organization."

McCarthy took the reins from Foley at a time of uncertainty at the connected fitness brand, culminating with a drop in demand. Although the brand was doing well prior to COVID-related shutdowns and had amassed an almost cult-like following, the widespread closure of gyms proved to be a massive accelerator. This year, meanwhile, has thus far been marked by reports of slowed demand and corrective action.

Peloton’s financial results released on May 10 showed that the company missed revenue estimates by $6 million, reporting $964.3 million, which was down from the $1.26 billion reported in the same quarter last year. Losses for the quarter hit $757.1 million.

Following the earnings release, McCarthy cited three primary goals: "(1) Stabilizing the cash flow (2) Getting the right people in the right roles and (3) Growing again." He noted Peloton hired former Grove Collaborative COO Andy Rendich to manage the company's supply chain and help get inventory more inline with demand.

The company also increased its monthly subscription fees on June 1, with the cost of the all-access plan increasing from $39 to $44 in the United States and from $49 to $55 in Canada. At the same time, Peloton also announced that it was lowering the price of its exercise equipment in an effort to make its hardware more affordable. The company had outlined that the price changes were part of McCarthy's vision to grow the company's community.

Last month, it was reported that Peloton was courting investors to take a 15%-20% stake in a bid to bring in additional cash amid continued struggles. Earlier reports suggested that it was exploring an outright sale to bidders, including Amazon. It's since been suggested that the company is looking to increase revenue prior to executing an outright sale.

Peloton reportedly looks to sell up to a 20% stake amid struggles

Peloton's earnings are even worse than expected

Game studio HiDef partners with Snap to develop a Bitmoji dance social mobile game

Posted: 07 Jun 2022 08:42 AM PDT

A game studio, HiDef, announced today that it is teaming up with camera company Snap Inc. to develop an off-platform Bitmoji-based dance and music social game. The game will leverage Snap's augmented reality tech as well as Bitmoji, the personalized cartoon avatar maker. Bitmoji joined the Snap family over five years ago, and today over a billion avatars have been created.

The Bitmoji-based dance expression game will be a standalone title and is expected to launch in 2023. Snap will also support HiDef's upcoming flagship dance party game IP, which aims to host a dance party for billions across the globe.

Pany Haritatos, head of Snap Games, said in a statement:

We're working with HiDef as a marquee partner because of their leadership in the gaming and entertainment space, as well as our shared goal of engaging audiences through creative expression. Games have already captured the interest of 320 million Snapchatters and we are excited to team up with HiDef on this exciting new music and dance game.

“There are over 1 billion Bitmoji avatars just waiting to dance! We’re honored Snap chose HiDef to bring their community onto the virtual dance floor. Our game will offer a new place for Snapchat’s audience to express themselves creatively through music and dance,” said Chip Lange, CEO at HiDef, Inc.

HiDef was co-founded in 2019 by Jace Hall, Anthony Castoro and Rick Fox, as well as Chief Impact Officer David Washington, to build new gaming experiences via a proprietary technology platform.

Volocopter’s longer-range drone taxi completes its first test flights

Posted: 07 Jun 2022 08:39 AM PDT

Jon Fingas Contributor
Jon Fingas is a contributing writer at Engadget.
More posts by this contributor

Volocopter’s drone taxi is one step closer to entering service. The German firm has revealed that its four-seat electric VTOL aircraft, the VoloConnect, completed its first flight in May. The machine’s initial trip was brief at two minutes and 14 seconds, but the maneuvers proved that the production-level aerodynamics and performance held up in real world conditions. There have been three flights so far.

The 60-mile range and 155MPH flight speed might not sound like much. However, they promise autonomous commuter flights beyond major urban centers — you could fly to a business meeting from the suburbs. The VoloConnect is effectively a companion to the VoloCity, a shorter-ranged eVTOL flier meant strictly for urban jaunts.

The VoloConnect is expected to serve customers starting in 2026, two years after the VoloCity’s projected 2024 rollout. While that’s a relatively long way off, Volocopter is unique in having multiple air taxis conducting real-world flight tests. The company is closer to actual commuter trips than competitors, many of whom have one model or an indefinite timeline for service.

Editor’s note: This article originally appeared on Engadget.

PayPal is finally allowing users to move their cryptocurrency to other wallets

Posted: 07 Jun 2022 08:36 AM PDT

In response to customer demand, PayPal announced today that its users will now be able to transfer cryptocurrency from their accounts to other wallets and exchanges.

"This feature was the most demanded from our users since we began offering the purchase of crypto on our platform," said Jose Fernandez da Ponte, SVP and general manager of blockchain, crypto and digital currencies at PayPal.

The new functionality will allow PayPal customers to transfer supported coins into PayPal, move crypto from its app to external crypto addresses including exchanges and hardware wallets and send crypto to other PayPal users "in seconds."

Customers are responsible for network fees when they conduct external transfers, which depend on the blockchain and vary depending on the crypto asset. Internal transfers — PayPal to PayPal — have no fees.

"If users have crypto somewhere else and want to consolidate, they can bring it to PayPal from external addresses," Fernandez da Ponte. "They can also send crypto to anyone who is in the PayPal system."

PayPal gave its users the ability to buy, sell and hold crypto in October of 2020. Then, in late March of 2021, PayPal announced the launch of Checkout with Crypto, a feature that allowed consumers to check out at millions of online businesses using cryptocurrency. That feature expanded on PayPal's current investments in the cryptocurrency market, which include its partnership with Paxos to power its service that allows customers to buy, sell and hold a range of cryptocurrencies and its acquisition of cryptocurrency security startup Curv. At Consensus last year, Fernandez da Ponte confirmed that offering its users the ability to transfer would be next.

"This is a natural conversion for our users who want to do more with their digital assets," Fernandez da Ponte told TechCrunch this week. "We see ourselves as a conduit between the fiat, or traditional finance, environment and the web3 environment. We are enabling connectivity to other wallets, exchanges and applications."

Giving its customers the ability to move their crypto assets — such as bitcoin, ethereum, bitcoin cash or litecoin — into, outside of and within PayPal is a move that the company could not avoid if it wanted to keep up with the continued crypto adoption and not be at risk for being viewed as behind the times in a fast-changing fintech landscape.

And despite the recent turbulence in the crypto space, Fernandez da Ponte said that PayPal is moving in this direction "as people are [still] adopting cryptocurrencies."

"This move shows we're in this for the long term," Fernandez da Ponte added. "I think it's important to stay the course and continue to invest in the space."

The new functionality is only available to users in the U.S., and for security reasons, PayPal says it has implemented an additional identity verification process for users before they can transfer any crypto. The rollout will be a gradual one with select U.S. users being able to do so starting today, and with other "eligible" U.S. customers — those who complete the identity verification process — in the coming weeks.

PayPal was able to offer the new functionality after transitioning from a “conditional” BitLicense to a “full” one following approval from the New York Department of Financial Services.

NYDFS Superintendent Adrienne Harris said in a statement: "DFS is committed to keeping New York at the center of responsible technological innovation and forward looking regulation.”

My weekly fintech newsletter, The Interchange, launched on May 1! Sign up here to get it in your inbox.

Check out the roundtables at TC Sessions: Climate 2022

Posted: 07 Jun 2022 08:30 AM PDT

We're on the brink of our first deep dive into climate tech at TC Sessions: Climate & The Extreme Tech Challenge 2022 Global Finals on June 14 in Berkeley, California. Join some of the leading scientists, founders, VCs, developers and other visionary climate innovators as we explore the new wave of climate tech and its role in turning back the rising tide of our existential climate crisis.

Don't miss out: Buy your pass today and save — prices go up at the door.

As you peruse the agenda and plan your schedule, keep this in mind: You'll find some of the most insightful and downright interesting programming happening in the roundtable discussions. And that, given the heavy hitters in our speaker lineup (ahem, Bill Gates), is saying something.

The roundtables are smaller, expert-led presentations that give you the time to lean into a specific topic, connect with other attendees, engage in meaningful conversations that can potentially lead to interesting opportunities. Regardless, you're bound to receive valuable insight that can inspire you and help your business.

Take advantage of the knowledge and experience that these experts bring to fighting climate change and check out any (or all) of these roundtables. You'll be glad you did.

Round tables here

Scaling Deep Tech Startups in Climate with SOSV’s HAX Program

Discussion of some of the challenges/hurdles and approaches to overcome scaling and early commercialization of diverse climate tech companies.

  • Essam Elsahwi (CEO, Pulsenics)
  • Beth Esponnette (co-founder, unspun)
  • Susan Schofer (partner and chief science officer, SOSV/HAX)

Climate Investing Insights with Alumni Ventures

Intimate discussion on investing in climate. Topics: Lessons from Climate 1.0; current trends; macro financial impact; zones of opportunity.

  • Matt Caspari (managing partner, Strawberry Creek Ventures/Alumni Ventures)

How to Solve the #1 Contributor to Climate Change- Food Waste with Full Harvest

Every year, one-third of all edible produce is wasted on farms in the U.S. simply because of cosmetic or surplus reasons, contributing to food waste as the No. 1 contributor to climate change globally. Join Christine Moseley as she discusses how to solve the massive food waste problem at the farm level with technology and innovation.

  • Christine Moseley (founder and CEO, Full Harvest)

Planting the Pre-Seeds: Investing Early In Climate Tech with Obvious Ventures

We have seen a surge in investors and entrepreneurs building companies that address the climate crisis. The solutions, however, are far-reaching: cold fusion, electrified transportation, carbon-free cement and emissions accounting software. How are top investors in the space defining climate tech? What are they looking for in entrepreneurs and ideas at the earliest stages? What is their decision-making process? What trends are they seeing in this space?

  • Andrew Beebe (managing director, Obvious Ventures)

CAPEX CAPEX CAPEX with SOSV’s IndieBio

Will burdensome balance sheets and long payback cycles of infrastructure keep the clean tech industry behind?

  • Alex Kopelyan (partner and senior director, IndieBio and SOSV)
  • Jared Moore (founder and CEO, Solid Ox Motors)
  • Parikshit Sharma (partner, SOSV’s IndieBio)
  • Michelle Zhu (CEO, Huue)

Building Trust with Forward-looking Reforestation Carbon Offsets with DroneSeed

With overall demand for carbon offsets increasing and buyers getting more sophisticated, high-quality removal offsets with tangible, verifiable benefits for the climate and local ecosystems are in short supply. At the same time, wildfires are getting bigger, hotter and more frequent, leaving many forested lands struggling to recover naturally. A new approach to forestry-based offsets that focuses on planting trees and the CO2 they will capture as they grow offers a solution to both challenges. Learn about ex-ante (forward-looking) forestry-based carbon offsets, why they represent new, promising approaches to post-fire forest recovery and how they provide a better supply of high-quality carbon removal offsets in the marketplace.

  • Cassie Meigs (director of Account Management, DroneSeed)

Accelerating Climate Solutions from Discovery to Deployment with UC Berkeley

What role should universities play in developing and transferring innovative and equitable solutions to the climate crisis?

  • Kathy Yelick (vice chancellor for Research, UC Berkeley)

Why the Next Big Entrepreneur Must Come from Climate Tech with Fifth Wall

We have arrived at a time where climate change is finally being acknowledged as a true climate crisis. From historic fires in Europe and Australia, record-breaking hurricanes to the destruction of the Great Barrier Reef, nearly every region in the world has been heavily affected. As a result, it is now a financial and moral imperative to make climate technology a main priority of humanity, and for this reason, we need to encourage and support young entrepreneurs developing these technologies. We need the brightest scientists, entrepreneurs and lawyers and financiers involved to make a significant difference to the future.

  • Peter Gajdoš (partner — co-leads the Climate Technology Investment Team, Fifth Wall)

The Future of Green Buildings — Flexible, Smart, Carbon-Free with ProspectSV

Commercial real estate is evolving quickly, from the rise of vehicle charging and renewable energy to a new focus on indoor environments. Let's have a talk about the opportunities coming to build and manage buildings that are adaptive to new demands, responsive to needs, cost-effective and sustainable. We'll also discuss the big frontier — building portfolios ripe for new solutions and services.

  • Doug Davenport (founder, Executive Director, ProspectSV)

Climatech — How to Make it Different This Time? with Khosla Ventures

What can startups learn from the successes and failures of Clean tech 1.0? How do we ensure a lot more successful outcome this time?

  • Rajesh Swaminathan (partner, Khosla Ventures)

Building a Food System for the Next 1,000 Years with Iron Ox

Join Brandon Alexander, CEO and co-founder of Iron Ox, to discuss how his team is revolutionizing the future of farming using A.I. and robotics to make the next generation of our global food system more sustainable, scalable and delicious.

  • Brandon Alexander (co-founder and CEO, Iron Ox)

AI in Farming: The Key to Sustainable Agriculture with Farmwise

There is a lot AI can do to help farmers reduce their environmental impact. We'll dive into climate-smart farming strategies and applications of AI in farming today and tomorrow.

  • Sébastien Boyer (co-founder and CEO, FarmWise)

TC Sessions: Climate takes place in Berkeley, California on June 14 with an online event to follow on June 16. Buy your pass today and join the new wave of entrepreneurs dedicated to fighting climate change.

Is your company interested in sponsoring or exhibiting at TC Sessions Climate 2022? Contact our sponsorship sales team by filling out this form.
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