Ancient Fossils of Land-Dwelling Animals Found in Australia Dating Back 380 Million Years

Posted on February 6, 2024 by Igor Mitreski

Paleontologist at Flinders University brian chu and his colleagues described a new genus and species of Devonian tetrapod fish based on several nearly complete skulls and postcranial skeletons.

rebuilding the life of Harajikadectes zumini. Image credit: Brian Choo, Flinders University.

“Tetrapodomorpha “It consists of tetrapods and their closest fish relatives, the oldest records of which are from the Pragians of China,” said Dr Chu and co-authors.

“This group diversified greatly in both marine and freshwater habitats during the Middle to Late Devonian, giving rise to several distinct lineages, including the earliest quadrupeds.”

“Tetrapods flourished after the Devonian limbless fish tetrapods experienced a marked decline in diversity during the Carboniferous, but only survived into the early Permian before disappearing from the fossil record. There were only a handful of representative animals.”

This new species of tetrapod lived about 380 million years ago and was up to 45 to 50 centimeters long.

with scientific name Harajikadectes zuminithis fish is particularly distinctive for its large opening at the top of its skull.

“These spire-like structures are thought to facilitate air breathing at the surface, and modern African bichir fish have similar structures for taking in air at the surface,” said Dr Chew. Ta.

“This feature appears in multiple tetrapomodorf lineages at about the same time during the middle to late Devonian period.”

“In addition to Harajikadectes zumini Large spiracles also appeared from central Australia. gogonathus El Pisto Stegarian from Western Australia Tiktaalik — are the closest relatives of four-limbed quadrupeds. ”

“And it shows up in unrelated places.” Pickeringius Western Australian stingray fin fish first described in 2018. ”

with Dr. Chu Harajikadectes zumini fossil. Image credit: Flinders University.

Professor John Long from Flinders University said: “This synchronous emergence of air-breathing adaptations may have coincided with a period of reduced atmospheric oxygen during the mid-Devonian.”

“The ability to supplement gill breathing with oxygen from the air may have provided an adaptive advantage.”

“We discovered this new form of lobe-finned fish in one of the most remote fossil sites in all of Australia, the Harajika Sandstone Formation in the Northern Territory, about 200km west of Alice Springs. It dates from the mid-Devonian period. Late period, approximately 380 years ago.'' 1 million years old. ”

“It's difficult to pinpoint the location. Harajikadectes zumini sit in this group of fishes because they appear to have convergently acquired a mosaic of specialized features characteristic of widely separate branches of the tetrapod radiation. ”

of findings will appear in Journal of Vertebrate Paleontology.

_____

brian chu other. A new species of pedunculated tetrapod fish that lived in the middle to late Devonian period of central Australia. Journal of Vertebrate Paleontology, published online on February 5, 2024. Doi: 10.1080/02724634.2023.2285000

Source: www.sci.news

Nibiru Chain Raises $12 million in Funding to Further Develop Developer-Focused L1 Blockchain

Posted on February 5, 2024 by Igor Mitreski

Dallas, Texas, February 5, 2024, Chainwire

Nibiru Chain, a general-purpose layer 1 blockchain, has successfully closed its latest funding round, securing $12 million in preparation for an ambitious growth phase. Venture investments include funding from Kraken Ventures, ArkStream, NGC Ventures, Master Ventures, Tribe Capital, and Banter Capital.

“Nibiru has taken all the best-in-class technology and research developed over the past few cycles and crammed it into the best new chain we've ever analyzed. Built-in development toolkit, easy-to-use API , language SDK, and is optimized for developers using native Oracle. MV Capital couldn't be more excited to partner with Nibiru as it moves to a new level of cryptocurrency adoption. – Tom Dunleavy, CIO and Partner at Master Ventures Capital

Nibiru’s community sale on CoinList sold out its initial allocation of $3 million in 9 minutes. His additional $3 million extension also sold out within 11 minutes. Ultimately, the sale earned 842% of the pre-funded excess interest and attracted 42,713 registrants and over 5,000 buyers of NIBI, the network's staking and utility token.

Onboarding next-generation blockchain applications

Nibiru Chain stands out for its innovative technology and developer- and user-centric focus. Key partners expressed their enthusiasm:

“We look forward to supporting the distinctive Layer 1 model designed by Nibiru, which allows for maximum interoperability while incentivizing developers and users through smart contract loyalty mechanisms. Core primitives are being built in parallel with the core foundation to enable functionality.” – Brandon Gath, Managing Partner, Kraken Ventures

This is the perfect platform for developers who prioritize security and performance. Boasting 40,000 transactions per second (TPS), 1.4 seconds block time, and robust security, Nibiru Chain's versatility spans multiple sectors including real-world assets (RWA), gaming, DeFi, and more. Developers build on her Nibiru Chain with confidence, leveraging CosmWasm smart contracts to enhance security and ease of use with EVM.

Additionally, developers can leverage Nibiru’s “Development Gas” royalty mechanism to ensure a sustainable model for long-term growth. The core of Nibiru Chain is to create the best environment for developers and users.

“Nibiru's integrated super application, native oracle, and data indexing greatly reduce the difficulty of technical choices for Web3 projects, while reducing the likelihood of security incidents. Increased trust, which in turn increases the growth and prosperity of the Nibiru ecosystem. – Allen Su, General Partner, ArkStream Capital

Looking to the future – Nibiru Chain’s 2024 roadmap

In 2024, Nibiru Chain aims to expand its ecosystem. Key developments include gamified engagement airdrops, integration with major liquidity centers, listing on multiple top-tier centralized exchanges, implementing parallel optimistic execution, and achieving full EVM compatibility. , includes several initiatives.

This is the year when Nibiru Chain’s flagship dApps are scheduled to launch, including Nibi-Perps, Nibi-Swap, and NUSD. These releases will be major milestones in his Nibiru Chain's journey towards a user and developer-centric platform.

About Nibiru Chain

Nibiru Chain is a breakthrough L1 blockchain and smart contract ecosystem with superior throughput and unparalleled security. Nibiru aims to be the most developer-friendly smart contract ecosystem, and by innovating at each layer of the stack (dApp development, infrastructure, consensus, comprehensive development toolkit, and value generation) is leading the way in implementing Web3.

For more information, please visit: Nibiru.fi

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Source: the-blockchain.com

Spotify reportedly seals new deal with Joe Rogan potentially worth $250 million

Posted on February 3, 2024 by Igor Mitreski

Spotify Technology announced a new multi-year deal with comedian and podcaster Joe Rogan on Friday, with the goal of leveraging the show’s popularity to increase advertising revenue.

The estimated $250 million multi-year deal with Rogan includes a guaranteed minimum upfront payment and a revenue-sharing agreement based on ad sales. According to a report from the Wall Street Journal, the company declined to confirm the terms of the deal, but stated that the reported value was incorrect.

The Joe Rogan Experience Podcast, which premiered in 2009, has been exclusively available on Spotify since 2020 and is promoted as the most listened to podcast globally.

Spotify also announced plans to make Joe Rogan’s show available on other platforms, including Apple, Amazon, and YouTube.

Joe Rogan interviews prominent politicians, businessmen, and celebrities on his podcast, such as director Quentin Tarantino, singer Miley Cyrus, and Tesla CEO Elon Musk.

The Sweden-based company is focused on increasing advertising revenue on its platform through the Spotify Audience Network, an advertising marketplace for podcast publishers and creators.

“Since podcasts became exclusive to Spotify, overall podcast consumption on the platform has increased by 232%,” the company stated, noting that revenue from the previous year had risen by 80% compared to 2021.

Spotify first introduced podcasts in 2015 and has since made significant investments in the medium. It acquired podcast networks Gimlet Media and Anchor FM in 2019 and secured exclusive contracts with reality TV star Kim Kardashian and former US President Barack Obama. However, the company has since scaled back its ambitions and laid off 200 Gimlet Media employees.

Source: www.theguardian.com

James Dyson’s donation of £6 million to primary schools given the go-ahead despite reservations

Posted on January 23, 2024 by Igor Mitreski

The Government has approved a donation of £6 million from Sir James Dyson to fund the expansion of a local state primary school, Malmesbury Anglican Primary School in Wiltshire, near Dyson’s research and development campus, despite concerns about the potential impact on nearby schools.

Education Secretary Gillian Keegan announced the approval on Monday, revealing that the donation will fund a ‘first class’ Science, Technology, Engineering, Arts and Mathematics (STEM) center, additional classrooms, and space for 210 more pupils, with an opening date in September 2027, subject to planning permission by Wiltshire Council, bringing the total capacity to 630 students.

The James Dyson Foundation, which is responsible for the donation, has not officially welcomed the approval and is considering the details of the decision carefully.

In a letter to the Times last year, Mr Dyson expressed his disappointment with his charity’s donations being blocked and described the difficulty of getting things done in the UK.

This claim was denied by Downing Street, but local opposition from Laura Mays, Wiltshire Council’s cabinet member for children’s services, suggested that there is already enough space in three local schools to meet demand.

Reports indicate that many employees at Dyson’s UK headquarters in Malmesbury would like to send their children to the school, but the current size does not accommodate this.

Education Secretary Gillian Keegan expressed her appreciation for the generous donation from the Dyson Foundation, emphasizing the support it will provide for local students and the development of future scientists and engineers.

Malmesbury Primary School’s headteacher, Steve Heal, expressed gratitude for the foundation’s support, highlighting the long journey to reach this point and the innovative curriculum created in collaboration with Dyson.

Laura Mays, following the government’s announcement, emphasized the importance of providing opportunities for all students and assured that the council will work with all parties involved to ensure the best outcome for all students.

Former education secretary Kenneth Baker supported Dyson’s efforts and questioned the government’s decision to reject the proposal, suggesting that it could discourage other industries and entrepreneurs from investing in technical education in schools.

Source: www.theguardian.com

Biden administration allocates $623 million to enhance electric vehicle charging infrastructure, White House reports

Posted on January 11, 2024 by Igor Mitreski

President Joe Biden’s administration has announced $623 million in funding to increase electric vehicle charging points in the U.S. amid concerns that the transition to zero-carbon transportation is not keeping pace with goals to tackle the climate crisis.

The money will be distributed as grants to dozens of programs across 22 states, including EV chargers for multifamily housing in New Jersey, fast chargers in Oregon, and hydrogen fuel chargers for cargo trucks in Texas. In total, funds pulled from the bipartisan infrastructure law are expected to add his 7,500 chargers across the United States.

“We’re building the charging network to win the EV race,” said U.S. Secretary of Transportation Pete Buttigieg.

“The electric vehicle revolution is not coming, it is here. I very personally recognize the importance of the fact that America led the world in the automobile revolution. We’re in the middle of a second automotive revolution, and it’s important that America has one again.”

There are about 170,000 electric vehicle chargers in the U.S., a significant increase from a network that was nearly invisible before Biden took office, and the White House is helping the transition away from gasoline and diesel vehicles. The company has set a goal of selling 500,000 chargers.

Biden’s climate change adviser, Ali Zaidi, said that “America is leading the way globally on electric vehicles” and that the U.S. is on track to “meet and exceed” the administration’s charger goals. He said there was. He added: “This expansion will continue over the coming years and decades until we reach net zero in the transport sector.”

Sales of electric vehicles are growing in the United States, with more than 1 million EVs sold for the first time last year, accounting for 9% of all car sales. But that rate of growth has slowed somewhat, with companies like Ford, General Motors and even Tesla scaling back their EV ambitions in recent months.

U.S. motorists are faced with an ever-expanding selection of EVs, but most are still more expensive than their gasoline equivalents, meaning they are out of reach for many buyers. research has discovered The median household income for EV buyers is $186,000.

Research shows that nearly one-third of potential EV buyers discount their purchase due to lack of charging infrastructure, despite accounting for most of the total vehicle trips in the United States. Masu. 3 miles or less. Even if Biden’s goal of 500,000 chargers is met, this is far fewer than is needed to support a gradual transition away from polluting cars. Estimate It is predicted that more than 28 million chargers will be needed by 2030.

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“In the U.S., EV penetration is growing at almost twice the rate of charger installations,” said Brent Gruber, executive director of J.D. Power’s electric vehicle business. said last year. “Construction of new charging stations is not keeping up with demand.”

Earlier this week, the Environmental Protection Agency announced nearly $1 billion in grants to replace diesel-powered school buses with electric and low-emission vehicles. EPA will disburse the funds to 280 school districts serving 7 million children nationwide. Charging infrastructure is also an issue in efforts to phase out diesel buses.

Source: www.theguardian.com

Ancient sponge fossil unearthed in Ireland by paleontologists dating back 315 million years

Posted on January 5, 2024 by Igor Mitreski

Remarkable new species over 50 cm (20 inches) tall Chiatophicus varori is the largest known member of its genus theatophicus and one of the largest sponges in the order mesh.

Chiatophicus varori. Image credit: Botting other., doi: 10.1016/j.geobios.2023.07.004.

“theatophicus “This is one of the most widely distributed Ordovician and Silurian sponge genera, recorded throughout the Iapetus region and tentatively in Bohemia,” said lead authors Ballen and Moher. said Dr Eamon Doyle, geologist at the Cliffs UNESCO Global Geopark, and colleagues. .

“This genus was widely distributed in offshore marine environments from the Middle Ordovician to the Middle Devonian, but has not previously been recorded in rocks from that period.”

named Chiatophicus varorithe newly identified species lived during the Carboniferous period, about 315 million years ago.

When alive, the vase-shaped sponge had a circular opening at the top surrounded by a ring of eyelash-like structures.

Probably similar to modern times Venus flower basket spongefound in the Pacific Ocean and often featured in deep-sea wildlife documentaries.

“This is a very large example of a type of fossil sponge that was previously only known from much older rocks elsewhere in the world,” Dr Doyle said.

“This is the first record of a sponge fossil of this type found in Ireland and its excellent state of preservation is extremely rare.”

specimen of Chiatophicus varori collected from Kilkee Cyclosem, Central Clare Group, Namuria, County Clare,Ireland.

“Sponges originally consisted of a rectangular network of tiny needles made of silica, held together by a thin organic membrane,” Dr Doyle said.

“Normally they fall apart quickly after death, and often only scattered remains of the needles are preserved as fossils, so we were delighted to find these nearly intact specimens. .”

“This wonderfully preserved fossil dates back to a time when the Atlantic Ocean had not yet begun to form, and the area now known as County Clare was part of an early ocean located near the equator.”

“Discoveries like this help raise awareness of the amazing geological heritage we have here on our doorstep in County Clare, and inspire a new generation of palaeontologists – geologists who specialize in the study of fossils. will help encourage people to visit and learn more about the unique geology of Ireland's west coast. ”

“We were surprised by the size and well-preserved condition of this fossil. This was completely unexpected,” said lead author Dr. Joseph Botting, a researcher at Amgefa Shimul Museum in Wales and the Nanjing Institute of Geology and Paleontology. said.

“This discovery provides important insight into the evolution of sponges and how some species are able to survive in niche environments where most other species cannot live. It is unusual for a specimen to be found.”

“This is a fantastic discovery and a reminder that new and interesting fossils are still being discovered that help us understand the story of life on Earth,” said the co-authors, from the Amgefa Cymru Museum in Wales. said Dr. Lucy Muir, a researcher at . .

team's paper Published in Journal October 2023 issue geobios.

_____

Joseph P. Botting other. 2023. A late surviving extra-large reticulated sponge from the Carboniferous of Ireland. geobios 80: 1-13; doi: 10.1016/j.geobios.2023.07.004

Source: www.sci.news

A ‘Giant’ Predator Roamed the Waters of Greenland 518 Million Years Ago

Posted on January 4, 2024 by Igor Mitreski

It has fins on the sides of its body, a unique head with long antennae, a huge jaw structure in its mouth, and can grow to over 30 cm (11.8 inches) in length. Timole Bestia Copley It was one of the largest animals in the ocean during the early Cambrian period.

reconstruction of Timole Bestia Copley Among the pelagic ecosystems preserved in Sirius Passet. Other species shown in the foreground are key salt kia, silicalis, Kerygmacella, Paulo end point, Kleptosurand Isoxis; There are also two radioactive substances in the background. Tamisiocharis And Unplected Belid. Image credit: Robert Nicholls/BobNichollsArt.

Timole Bestia Copley They lived in the early Cambrian oceans over 518 million years ago.

The fossilized remains of this animal were discovered in Fossil locality of Sirius Passet in northern Greenland.

“We previously knew that the main predators of the Cambrian were primitive arthropods, including the bizarre-looking anomalocariids,” said Dr Jacob Binther, a palaeontologist at the University of Bristol.

“but, Timole Bestia Copley is a distant but close relative of a living caterpillar; or Chetognath. These are much smaller marine predators today, feeding on small zooplankton. ”

“Our study shows that these ancient marine ecosystems were fairly complex and had food chains that tolerated multiple layers of predators.”

“Timole Bestia They were the giants of their time and would have been near the top of the food chain. As such, they are as important as major carnivores in the modern ocean, such as Cambrian sharks and seals. ”

Inside a fossilized digestive system Timole Bestia CopleyDr. Vinther et al. Isoxis.

“We can see that these arthropods were a food source for many other animals,” says palaeontologist Dr Morten Lunde Nielsen of the Korean Polar Research Institute, the University of Bristol and the British Geological Survey.

“They were very common in Sirius Passet and had long protective spines pointing both forward and backward.”

“But it is clear that they could not completely avoid that fate. Timole Bestia I munched on them in large quantities. ”

holotype of Timole Bestia Copley.Image credit: Park other., doi: 10.1126/sciadv.adi6678.

“Arrowworms are one of the oldest animal fossils from the Cambrian period. Arthropods appear in the fossil record about 521 to 529 million years ago, but arrowworms appear in the fossil record at least 500 million years ago. It can be traced back to 38 million years ago,” Dr. Vinter said.

“Both arrowworms and more primitive arrowworms, Timole Bestia, was a swimming predator. Therefore, we can infer that they were likely predators that dominated the oceans before arthropods took off. ”

“They probably had a dynasty for about 10 to 15 million years before being replaced by other more successful groups.”

“Timole Bestia “This is a hugely important discovery for understanding where these jawed predators came from,” said Dr Luke Parry from the University of Oxford.

“Today, the caterpillar has formidable setae on the outside of its head to catch prey, but Timole Bestia There is a jaw in the head. ”

“This is the bearded bug that we can see under a microscope today, and it is an organism that shared an ancestor with the bearded bug more than 500 million years ago.”

“Timole Bestia And other fossils like it provide a link between closely related organisms that look very different today. ”

“Our discovery confirms how the beetles evolved,” said Dr. Taeyoon Park, a paleontologist at the Korea Polar Research Institute.

“The abdomen of living arrowworms has a unique nerve center called the ventral ganglion. It is completely unique to these animals.”

“I found this saved. Timole Bestia and another fossil called Amiskwia”

“People are, Amiskwia As part of the evolutionary stem lineage, it was closely related to the caterpillar. ”

“The preservation of these unique ventral ganglia gives us even more confidence in this hypothesis.”

team's work It was published in the magazine scientific progress.

_____

Taeyoon S. Park other. 2024. Chaetognus in the giant stem group. scientific progress 10(1); doi: 10.1126/sciadv.adi6678

Source: www.sci.news

Epic Games CEO Criticizes Google’s $700 Million Settlement with US States as Unjust to Android Users

Posted on December 24, 2023 by Igor Mitreski

Google agreed to pay $700 million and allow more competition within the Android app store as part of a settlement with all 50 states and millions of U.S. consumers, but Epic Games CEO Tim Sweeney denounced the deal as “unfair to all Android users and developers.” ”

The exact terms of the settlement, first reached in September, were announced just days after Google was handed a major legal defeat in a related lawsuit with Epic Games, best known as the maker of Fortnite.

As part of the lawsuit, U.S. District Judge James Donato is expected to order sweeping changes that could upend Google’s lucrative app store.

In its settlement with states, Google targeted consumers who may have overpaid for apps as a result of Google’s practices, according to terms detailed in documents filed Monday in San Francisco federal court. It plans to contribute $630 million to the settlement fund.

This equates to just $6 per person when divided evenly among 102 eligible U.S. consumers.

All eligible consumers will receive a minimum of $2. The state said at least 70% of consumers should automatically receive their share of the settlement.

The remaining $70 million will be earmarked for the state to use to cover various fines and legal costs.

Google also agreed to a series of time-bound changes to its app store practices.

This includes allowing developers to use other in-app purchase systems for the next five years, dialing back the use of so-called “horror screens” when Android users try to use competing app stores (but This includes making it easier for users to use it. Download apps directly from developers.

A coalition of state attorneys general says Google’s dominance in the Android software market – taking up to 30% fees from big developers in the Play Store – has resulted in higher prices and fewer choices for consumers. He claimed to be inviting.

The settlement with the state attorney general is unfair to all Android users and developers. This supports a misleading and anti-competitive fear screen that Google intentionally designed to disadvantage competing stores and direct downloads. https://t.co/HIVhGpxYn4

— Tim Sweeney (@TimSweeneyEpic) December 19, 2023

Epic used the same argument in its successful battle with the company.

In a series of scathing tweets, Sweeney criticized the states that accepted the deal.

“The settlement with the state attorney general is unfair to all Android users and developers,” he wrote, adding that the settlement was “intentionally designed by Google to disadvantage competing stores and direct downloads.” It supports a misleading, anti-competitive and scary screen.”

“Previous U.S. lawsuits have made a strong case for $10.5 billion in damages, as well as a 30% fee that Google wrongly collected,” Sweeney added. “I think they would have been satisfied if they had continued to fight for a few more weeks until they won a resounding victory in court. It was a disappointing outcome.”

The terms of the settlement could not be disclosed until the end of the separate Google v. Epic case. Epic was particularly opposed to the settlement when it was first announced in September.

The settlement still needs formal approval from Donato, who presided over each state’s case, before it becomes effective.

During the trial, Donato accused Google of “disturbing” efforts to delete employee chat logs it was ordered to keep.

This is a scandal. Not only was the fine an order of magnitude larger than it should have been (recall that in 2012 RI AG won a $250 million settlement with Company G, which didn’t even split with anyone for not blinking). ), the fine was reduced midway through the statutory period. It’s like the Department of Justice… https://t.co/tO4fFbX2ZN

— Luther Lowe (@lutherlowe) December 19, 2023

Luther Rowe, an antitrust watchdog and longtime Google adversary, said: described the settlement as a “scandal” That could derail another major antitrust battle, the Justice Department’s landmark case targeting Google’s online search business.

“Not only was the fine an order of magnitude larger than it should have been, but[RI AG]won a $250 million settlement in 2012 with Company G, which didn’t even split with anyone for not blinking. (remember), the fine was lowered in mid-2012. The US v. G case was designed to make it seem as though it was unreasonable for the Department of Justice and the state in the case to bring it to the finish line. It seems as if the

Elsewhere, Wilson White, Google’s vice president of government affairs and public policy, said he was “pleased” to resolve the dispute with the state and that efforts to challenge the Epic lawsuit verdict were still “not over.” ‘ he claimed.

“We are pleased to be able to reach an agreement on that basis and to advance Android and Google Play for the benefit of millions of developers and billions of people around the world. We look forward to making these improvements that will help.” White said in a blog post..

Washington, D.C. Attorney General Brian Schwalb was among those touting the settlement as a victory for consumers.

“For too long, Google’s anticompetitive practices in app distribution have deprived Android users of choice and forced them to pay artificially high prices,” Schwalb said in a statement.

with post wire

Source: nypost.com

Analyzing HomeCooks’ $3.2 million seed deck: Understanding the pitch deck

Posted on December 23, 2023 by Igor Mitreski

Originally Facebook The group was started by people during the 2020 coronavirus lockdown to make healthy meals for those close to them. home cook has evolved into a comprehensive marketplace for chefs. We facilitate the entire process from chef preparation to delivery, offering over 200 meal options. The company recently raised $3.2 million in crowdfunding on Seedrs.

HomeCooks positions itself as the “Etsy of food” and has grown rapidly and now serves approximately 7,000 customers. Take a look at how the company told its story with its crowdfunding campaign.

Quick spoiler alert here: This deck is way too long at 25 slides, but it’s also one of the best pitch decks I’ve seen in this heat of the moment.

This deck slide

The company shared 25 slides in their entirety without any edits or edits. The situation is as follows.

cover slide
mission slide
“Food Etsy” slide
How Eater Slide works

…

social impact slides
end slide

3 things to love

This is not a perfect pitch deck, but it has to be an incredibly good one. Below are some highlights.

threading the market needle

There is So There are many reasons why marketplaces are so difficult to succeed…

[Slide 17] Homecooks argues that the audience will grow with supply. Normally he would call BS, but the numbers support their claims. image credits: Home Cook

sustainability perspective

…

[Slide 14] Yass! image credits: Home Cook

It’s an incredible team

…

[Slide 20] good . . . Fuck! That’s impressive! image credits: Home Cook

Bravo.

In the rest of this teardown, we’ll look at three things HomeCooks could have improved or done differently, along with its full pitch deck.

Source: techcrunch.com

Owner of Pornhub settles sex trafficking investigation with US government for $1.8 million

Posted on December 23, 2023 by Igor Mitreski

Paid by Pornhub’s parent company Aylo Holdings $1.8 million to the US government To resolve charges of profiting from sex trafficking. The company, formerly known as MindGeek, will enter into a deferred prosecution agreement, which means a monitor will be appointed to monitor Aylo and its compliance efforts for three years.

Aylo-owned Pornhub and other adult content sites have come under fire for failing to control third-party uploads of adult content. In the worst-case scenario, sex trafficking victims may end up appearing in these adult girlfriend videos against their will or without their knowledge.

This particular investigation by the US Attorney’s Office for the Eastern District of New York focuses on a network called GirlsDoPorn (GDP), which has been posting videos to Pornhub and other Airo websites since 2009. By 2019, a federal grand jury in the Southern District of California had issued an indictment. GDP and other charges related to sex trafficking. But Mr. Airo’s own court papers filed this week show that he profited from the contents of GDP. In a press release, authorities said they were “not aware” that Airo hosted videos in which many women had no idea they were being filmed or that these videos would be shared with the public. or should have known,” he said in a press release. The release also states that many of these women filed complaints with Airo between 2016 and 2019 and that the videos were posted without their consent. However, the network’s videos were removed from Pornhub and other sites months after GDP was convicted of sex trafficking.

“This resolution would not only monitor the world’s largest online content distribution companies and ensure their lawful conduct, but also establish industry-wide standards for safety and compliance,” U.S. Attorney Brion Pierce said in a statement. I will do it,” he said.

2020, Pornhub introduced A number of new features have been added, including preventing video downloads and requiring users to authenticate before posting videos.platform too hired a law firmKaplan Hecker & Fink LLP will conduct an independent review of the company’s content compliance.

The newly renamed Aylo had a turbulent few years. MindGeek’s CEO and COO both left the company before the company was sold to a brand new private equity firm, strategically named Ethical Capital Partners.

Earlier this week, Pornhub, Stripchat and XVideos were added to the list of platforms subject to the most stringent regulations under the European Union’s Digital Services Act (DSA). The law requires platforms to comply with certain child protection regulations, among other safeguards. Once the EU code of conduct on age-appropriate design is finalized, it could mean these platforms will have to carry out strict age checks. This means users must verify their age and identity through official means (instead of simply checking a box indicating they are an adult).

Already in the US, many states, including Louisiana, Mississippi, Virginia and Utah, require adult websites to perform age verification checks before allowing users access.

When either of these measures first went into effect in Louisiana, Pornhub required visitors to verify their age. LA wallet app, a digital wallet for Louisiana driver’s licenses. However, when these laws were expanded to other states, Pornhub chose to completely block access in those locations.

“Since [adding age verification]traffic in Louisiana decreased by approximately 80%,” Pornhub wrote in the article. statement. “Those guys didn’t stop looking for porn. It just transitioned into place.”

privacy advocate People are speaking out against these measures because of the potential consequences of sharing government IDs to use the internet. Although these measures are intended to protect children, they have the unintended effect of compromising their online anonymity. Additionally, it is not at all uncommon for hackers to break into government databases, and if these verification tools are not secure, data about who is accessing what kind of content on the internet can easily fall into the wrong hands. There is a possibility that the

This puts MPs in a difficult position. It is difficult to promote internet regulation and safety without creating a slew of new problems.

Source: techcrunch.com

Akron Energy secures $110 million investment to expand Bitcoin mining operations and launch AI cloud services in Norway

Posted on December 22, 2023 by Igor Mitreski

Akron Energy data center infrastructure company has closed a $110 million private funding round to expand its business, CEO Josh Payne exclusively tells TechCrunch.

The round was led by Bluesky Capital Management with participation from Kestrel 0x1, Nural Capital, and Florence Capital.

The company was founded in 2021 and started with a 5-megawatt site in Australia. Since then, its output has grown to over 130 MW, and it has expanded to other countries and regions such as the United States and Europe.

“These sites are attractive to both Bitcoin miners and AI.” [or] It’s a machine learning client that requires very high-powered computing,” Payne said. By the way, statistics show that 1 megawatt can power 400 to 900 homes per year. Nuclear Regulatory Commission.

Approximately $80 million will be used to acquire an additional 200 megawatts of capacity across new data centers in Ohio, North Carolina, and Texas as part of the company’s plan to increase its total megawatt capacity by 130% by mid-2024. be exposed. This is in addition to an existing 100-megawatt facility in Ohio that Akron purchased in June, Payne noted.

“The United States is an attractive market for us in many ways, primarily due to huge domestic customer demand, a mature and robust energy industry with multiple flexible deregulated markets, and a strong political and・Regulatory stability and attractiveness to institutional investors,” Payne said. “The United States has a wealth of underutilized and stranded generation assets that are connected to some of the lowest-cost power sources in the world, many of which are renewable.”

Payne said the majority of the company’s U.S. data center portfolio is made up of institutional-grade Bitcoin mining companies. “We are essentially landlords who own the underlying infrastructure assets.”

Akron’s business model is focused on strategically acquiring distressed data center assets around the world. “The current and future demand for data center capacity of all types seen around the world, especially in the United States, is unprecedented and huge. We have energy-intensive platforms that require significant amounts of electrical infrastructure.”

The remaining $30 million will be used to develop an artificial intelligence cloud services project at Akron’s data center in Norway to help serve the generative AI and large-scale language model training markets. “Over the past year, we have seen a significant acceleration in market demand for generative AI and large-scale learning model applications,” he said.

However, there is a lack of specialized physical infrastructure to power computers and support most of these products. Akron aims to fill that gap by providing the underlying infrastructure layer that the AI sector relies on.

Over the past year, with spot ETF approval looming, on top of Bitcoin’s potential growth and adoption in the mainstream institutional market, there has been a “meteorous rise in AI applications,” such as Akron’s Specialized data centers are “poised to continue to grow exponentially,” Payne said.

Source: techcrunch.com

Lisbon startup raises $19 million by streamlining customized goods production

Posted on December 22, 2023 by Igor Mitreski

The advent of the Internet, combined with the ability to customize items such as clothing, revolutionized marketing, especially for products, back in the day. We think we’re all familiar with the “March” phenomenon by now, no? Benefiting from this long-term trend are customized product startups focused on small and medium-sized businesses.
visawas able to raise a large funding round even in this relatively flat market in 2023.

Following the $38.6 million (€32 million) Series C that I reported on in 2020, the Lisbon, Portugal-based startup is currently in the process of completing its $18 million ($19.78 million) Series “C2” (not yet fully completed). (not Series D). ) to enter the US market. This round was led by the previous lead investor Indico Capital Partners. This was again joined by fellow Portuguese investors, Iberis Capital and Rinse Capital.

This brings Bizay’s total funding to €72 million (approximately $79 million), but a spokesperson demurred when asked what the company’s current valuation was. However, outside observers are likely to estimate the current valuation to be between $180 million and $220 million.

It’s no surprise at all that customer products continue to perform well. Companies love to push out branded products, and advances in technology have made it easier and easier for markets to serve them. As of 2022, the global custom apparel market size (clothing only) is valued at over $48 billion. Be expected It is expected to grow to reach $70 billion by 2028. Even just a customized T-shirt. projected It is expected to be worth more than $3 billion by 2025.

According to Bizay, the company’s “special sauce” is its supply chain system for product customization, which combines merchandising, packaging, apparel, and a wide range of product customizations, allowing it to significantly reduce costs and deliver products They say they have succeeded in increasing the number of categories. Right down to a customized company bird watch if you wish.

Bizay co-founder Jose Salgado said by phone: It’s a way for them to express themselves.

And Salgado said if, for example, the Texas Broncos want 50,000 customized T-shirts, the company is “investing a lot of effort.”

“We can be competitive not only for small quantities, but also for medium and large quantities. We have done extensive work in research and development and have understood how to scale up. It’s about these huge setup costs. It’s about allowing suppliers to produce multiple orders at the same time within the same operation. This results in significant cost savings.”

He noted that the company has “no factories, no machinery, no inventory,” but instead enables a fairly complex value chain to deliver its products. We choose the best suppliers. So the supply chain has been optimized to a very large extent,” he told me.

It’s clear that there are opportunities for e-commerce not just for small and medium-sized businesses.

Also, part of what’s happening in the world is the explosion of the creative economy. For example, influencers are connecting their various social platforms to customized product platforms to make insane amounts of money.

Early this year, #Make and buy TikTok With over 71 billion hashtag views, it’s clear that influencer marketing is alive and well.

In fact, fans of Sheffield band ‘Bring Me The Horizon’ can buy one. Personalized BMTH T-shirt Simply connect your Spotify account or email to the band’s product website.

Of course, Bizay often competes with a number of print-on-demand shops, from Printful to Printify to Gelato to Gooten to Art of Where. The question is how to differentiate between these countless players.

Salgado disputes that these companies focus on a single technology, saying that many of them are vertically integrated and therefore rely on in-house production. . and independent of quantity and requirements,” he said.

Stephane Morais, Managing General Partner at Indico Capital Partners, added in a statement accompanying the financing: . We believe this can be replicated in the US market and will once again support the team in executing that expansion.”

So much for company customized goods, we all know that getting goods from a bankrupt company is schadenfreude, and that’s often the more glamorous part of this world.

With the collapse of brands like Silicon Valley Bank, phrases like “SVB goods” have reached the peak in search trends and eBay sellers List up a $1,000 SVB-branded blanket and a $249 wine and cheese board with the SVB logo.

Perhaps Bisray’s Series D will result in it scooping up all of the failing intellectual property of failed companies and launching its own store of “memorabilia of failure.”

Source: techcrunch.com

NASA Transmits Cat Video 31 Million Kilometers into Space

Posted on December 21, 2023 by Igor Mitreski

Video of cat Taters chasing laser light sent from space

NASA

NASA has broken its own record by transmitting ultra-high-definition video from deep space to a distance of 31 million kilometers. The video was not of a distant celestial body or spaceship, but of a cat called Tater chasing the light from a laser pointer.

Abhijit Biswas NASA’s Jet Propulsion Laboratory (JPL) speaks new scientist Taters were selected for the first transmission at that distance.
first television test broadcast Also featured was a cat, Felix, a cartoon feline. Lasers He says the inclusion of his pointers is a visual reflection of the use of lasers in transmission.

“Apparently this cat really likes chasing laser pointers, and somehow it all came together in this video,” Biswas said.

The 15-second video was sent by NASA.
Deep Space Optical Communications (DSOC) The experiment was carried out aboard the Psyche spacecraft, which was launched in October to intercept the asteroid of the same name.

DSOC is really a proof of concept and I hope everyone believes that this can be done. This technology is already being used to transmit data between the Moon and Earth, but only over a distance of 384,400 kilometers. He said it should be possible to test longer distances than the Taters test in the future.

One problem is making sure the laser light is aimed precisely at the receiving station. “It’s a very narrow beam. At the distance Psyche is now, it [is] just a few hundred kilometers [wide by the time it reaches Earth]” says Biswas. “So if you take the slightest turn, you’ll end up in the Pacific Ocean or somewhere else. You’ll miss it completely. So there was a lot of anxiety about that.”

The video was transmitted at near-infrared wavelengths by a laser transceiver and took 101 seconds to travel from the spacecraft to Earth. The 267 Mbit/s message was received by the following equipment:
hale telescope After being filmed at Palomar, it was transmitted via the Internet to JPL in Southern California, where the video was played in real time. This data rate makes DSOC faster than most national broadband connections.

topic:

Source: www.newscientist.com

Medallion Platform Raises $13.7 Million to Connect Artists Directly with Fans

Posted on December 21, 2023 by Igor Mitreski

medallion is a platform for artists to have a dedicated digital hub to promote album releases, tour dates and merch drops, as well as sell digital collectibles and share exclusive content to connect deeper with fans. You can also foster connections. The company announced today that it has closed $13.7 million in Series A funding, co-led by Dragonfly and Lightspeed Faction.

Musicians are increasingly seeking direct ownership in their communities and avoiding third-party platforms that can complicate managing interactions with fans. From a fan perspective, there are many ways to follow and connect with artists, but with minimal online interaction.

Matt Jones, co-founder and CEO of Medallion, said: “Streaming has opened up access to music and social media, creating new channels for direct distribution, but artists and fans “The full potential of direct connections has not been exploited.” “Medallion’s artist-centric approach and focus on digitally native fan experiences are helping usher in a new era of transformation for artists.”

Medallion hopes to use this significant funding to address what many artists consider to be a major gap in the music industry: the lack of control and lack of direct connection when it comes to online relationships with fans. I am. The company plans to use this new capital to introduce new early access opportunities such as listening to previously released music and offering advance tickets, among other member benefits such as “video premieres and new updates.” He explained. Artists will soon be able to sell new exclusive and limited edition digital collectibles/NFTs such as poster bundles and trading cards.

Medallion recently introduced a new earning opportunity for artists in the UK, Australia and Germany: ‘Digital Deluxe’. This allows artists to sell digital versions of their music albums with built-in music players and downloadable audio, images, and videos. Artists can also sell physical items through an integration with Shopify.

Medallions are free for artists to use, but will account for a portion of all sales on the platform, an amount that was not disclosed. It is built on blockchain and allows users to sign in using email or their wallet provider (Rainbow, Coinbase, WalletConnect).

Additionally, Medallion is a white-label platform, meaning artists can customize their digital spaces with their own color themes, backgrounds, and more. When fans set up an account, they claim something like a unique digital collectible or membership card called a “medallion” that grants free access to the community. For example, Greta Van Fleet’s symbol is her spinning 3D gold ring.

Artists communicate with fans through social media posts, and fans can respond with comments. Some artists may also request that the community submit concert footage, photos, etc. to share with the community and further encourage fan engagement.

There are currently 20 artists using Medallion to power their fan communities. jungle, Greta Van Fleet, Illenium, disclosure, Tiga, mount joy, Tycho, my morning jacket, girl in red clothesand Sigur Ros,especially

“We have partnered very closely with a small number of select artists over the past year to help us test and refine core product features. This platform is not yet open to all artists. However, we continue to invest in technology and platforms that will ultimately allow us to expand across the industry. At the moment, we are primarily focused on being among the top 10,000 artists on streaming platforms and being highly engaged. I work with independent-minded artists who have huge fan bases,” Jones said.

The company plans to expand the platform’s availability to hundreds more artists in 2024, but it won’t be widely available until 2025 or later.

The medallions are presented by Jones, Mark McIntyre (CTO), Josephine Yu (CPO), Jesse Belin (VP of Operations), Adam Ray (CFO and General Counsel), Ash Pampati (VP of GTM), Co-founded by Tom Milway (Vice President). Design) are all technology, e-commerce, and music industry veterans with experience at Songkick, Instagram, YouTube, Spotify, Grailed, Warner Music Group, and Live Nation.

Other investors in the round include Coinbase Ventures, Infinite Capital, J17, The Chernin Group, Third Prime, and Zeal Capital, as well as music industry investors Bill Silva Entertainment, Black Squirrel, Foundations Artist Management, Method; Includes TAG Music. Medallion also has support from top artists such as Jungle, Mount Joy, Guy Lawrence (Disclosure), and Tiga.

The company has raised $22 million to date.

“Artists are beginning to understand that they are brands, not just content creators, and as a result, they are building multimodal businesses that go beyond just music and content,” said Dragonfly General Manager Partner Rob Haddick said in a statement.

Source: techcrunch.com

Cloudline, supported by Schmidt Futures, secures $6 million to promote aviation autonomy for a sustainable future.

Posted on December 21, 2023 by Igor Mitreski

South African aerospace startup Cloudline is aiming to lead the global frontier of carbon-free autonomous flight and has secured $6 million in funding. The funding comes from supporters including philanthropic venture Schmidt Futures, founded by former Google CEOs Eric Schmidt and Wendy Schmidt. Other supporters include Pan-African Funds such as Raba Partnership, Verod-Kepple Africa Ventures, and 4Di, as well as other venture companies.

The founder and CEO of Cloudline, Spencer Horne, originally intended to build a transportation system that would use lighter-than-air unmanned aerial vehicles to deliver large payloads and connect isolated communities to global supply chains. His interest in the Moonshot project stems from his childhood fascination with trains and passion for transportation technology, particularly aviation.

After spending time at McKinsey and establishing a professional network, Horne returned to Africa to contribute to the field of aeronautics. In 2016, he founded Cloudline at the intersection of technology, transportation, and community impact. The company has since developed an autonomous airship that provides a cost-effective alternative to drones, helicopters, and satellites for real-time data collection in hard-to-reach locations.

Cloudline’s airships can travel more than 400 km with a full payload of 40 kg and fly for up to 10 hours using helium gas and solar power, producing zero emissions and significantly reducing operating costs. The company also combines various sensor data in a single flight, offering solutions for utilities, conservation efforts, and more.

The company has seen a significant increase in revenue and is expected to experience substantial growth in the coming years after signing multi-million dollar enterprise deals. The first-mover advantage and integration of software and hardware give Cloudline a strong market position, particularly in development for the African continent’s specific needs.

Source: techcrunch.com

Bestwell secures $125 million in funding to aid in the advancement of workplace savings programs for companies

Posted on December 21, 2023 by Igor Mitreski

Bestwell, which provides infrastructure for employers to promote workplace savings programs, has raised $125 million in what the company calls a “pre-emptive” funding round.

Lightspeed Venture Partners led the round, with participation from existing backers Fin Capital, Primary Venture Partners, and FinTech Collective, as well as new investors Blue Owl and HarbourVest.

The New York-based fintech company declined to reveal its valuation.

As part of this round, Justin Overdorff, Lightspeed’s lead fintech partner, joined Vestwell’s board of directors.

bestwell CEO Aaron Schumm founded the company in 2016 and launched its cloud-native platform in 2017. In this latest round, he raised $227.5 million.

Shumm declined to provide specific revenue numbers, but told TechCrunch via email that the startup: “We achieved revenue growth of over 1,000% in three years.”

“ARR and sales will also increase by more than 100% in 2023,” Schumm said, noting that the company is “on the path to profitability in the near term.”

bestwellHe added, “Prior to this pre-empted Series D funding, it was funded through profitability.” The company’s last raise was a $70 million Series C round in 2021.

More than 1 million employees at 300,000 companies use the Vestwell platform, which the company says has contributed to nearly $30 billion in asset savings over time. The company operates in partnership with financial institutions such as Morgan Stanley and JPMorgan, state governments, and payroll companies, and generates revenue for Bestwell through per-employer or “per-saver” monthly fees. . Bestwell says that as a partner extension, it enables an array of programs that include retirement, health, and education, including 401(k), 403(b), IRA, 529 Education, ABLE disability programs, and emergency savings programs. There is.

Earlier this year, JPMorgan used Bestwell to expand its 401(k) product.

“We help these companies migrate away from outdated legacy platforms, giving them a competitive edge when entering severely underserved markets,” Schum said. states.

Schum said Bestwell’s public-private partnerships are increasingly driving the company’s business by giving state governments a way to provide a “personalized savings experience.”

“We are now a leading partner in this space, currently powering 80% of the Live State Auto IRA savings programs in this country,” he said.

The company will use the new funding to expand its National Savings and other public savings program initiatives, enhance existing products and develop new products. About half of the new funding will go toward acquisitions, Schumm said. July, Bestwell Acquires student loan benefit provider Gradifi It was acquired from Morgan Stanley for an undisclosed amount.

Vestwell has just over 350 employees and has grown its team size by approximately 40% in the last year.

Lightspeed’s Oberdorf said the company was “deeply impressed with Bestwell” and impressed by the company’s “groundbreaking infrastructure-first approach to solving America’s systemic savings problem.” He said he received it.

“They are undeniably a dominant player and a true disruptor when it comes to the world of savings. Lightspeed is excited about our investment. I am proud to join the board and look forward to accelerating this I look forward to working closely with Aaron and his team to bring the company together. ”

Want more fintech news in your inbox? Sign up for Interchange here.

Source: techcrunch.com

Toyota to recall over 1 million vehicles due to potential airbag issue | Global News

Posted on December 21, 2023 by Igor Mitreski

Toyota will recall 1.12 million vehicles worldwide due to a defect affecting airbags.

The recall applies to 2020-2022 model year vehicles, including Avalon, Camry, Corolla, RAV4, Lexus ES250, ES300H, ES350, RX350 Highlander, and Sienna Hybrid, that do not have a functional Occupant Classification System (OCS) sensor. It may disappear.

A short circuit in the sensor on these models could prevent the airbag from deploying as designed.

Sensors ensure that the airbag does not deploy if a small adult or child is seated in the front seat.

Toyota Lexus, a brand owned by Toyota Motor Corporation, will inspect the OCS sensor and replace it if necessary, free of charge to owners.

The Japanese auto giant plans to notify customers by mid-February 2024 if their cars are subject to a recall.

Toyota announced a recall of 3,500 RAV4 models in the United States in July 2022 due to interference between internal parts that could cause OCS sensors to falsely detect occupants.

According to the National Highway Traffic Safety Administration, airbags in the front of vehicles have saved more than 50,000 lives in the United States over 30 years.

read more:
Tesla recalls more than 2 million cars in the US over Autopilot concerns

Older airbags have evolved over the years to deploy the same for all drivers and occupants.

This could cause injuries and, in rare cases, death to children, small adults and unbelted passengers who get too close to the airbags when they deploy, authorities said.

Source: news.sky.com

Soum, a re-commerce marketplace, secures $18 million to expand in the MENA region.

Posted on December 21, 2023 by Igor Mitreski

The global recommerce market is poised to grow as consumers more and more Some settle for second-hand goods to save costs and observe conscious consumption. The global recommerce market is expected to continue into the future. growth Markets like Saudi Arabia are growing rapidly soom aims to reach users in the Middle East and North Africa (MENA) region.

Soum was founded in 2021 in the Kingdom of Saudi Arabia and is currently aiming to expand its growth to other MENA countries, starting with the United Arab Emirates. The plan is fueled by recent $18 million Series A funding.

The round was led by Saudi Arabia’s Jahez Group, with participation from New York-based Isometry Capital, along with existing investors Khwarizmi Ventures, AlRajhi Partners, and Outliers Venture Capital. This follows the acquisition of $4 million in seed funding in 2021.

Beyond expansion, the startup, which features electronics in its top list, is also increasing the categories it covers by including products such as cars and collectibles.

“We are expanding into different regions and are looking at the entire MENA region.To realize our vision of being the place to sell everything from mobile phones to cars, we are developing new We have also started testing categories.” Fahad Al Hassanco-founder of Soum bader al mubarak and Fahad Albassam.

“We want to make buying and selling easier and accessible to everyone,” said Al Hassan, who previously worked as a consultant at PwC and as a strategic manager at the Saudi Ministry of Internal Affairs and Reform. .

Abdulaziz Alhouti, chief investment officer of Jahez Group, the parent company of Jahez, a Saudi food delivery platform that went public in 2021, commented on the round to TechCrunch: It’s a good job, but as the digital age advances, we need something more convenient, frictionless, sustainable, and reliable. This is the preposition that Soum brings to the table. ”

Soum manages the entire process from listing to delivery. Shipping is supported by third-party logistics partners. To list a product, sellers must submit images of the product for pre-approval. The startup also processes and holds payments until the buyer confirms receipt as a fraud precaution.

Al Hassan said that most products take three to four days to be delivered, and if users are not satisfied with the product, they can initiate a return within 24 hours. The company plans to extend the return period for some products to one week or even one month.

The startup makes money through commissions every time a product is sold. Prices are determined based on a variety of factors, including supply and demand.

“The commission is 10-20% of the product price. The more valuable the product, the lower the percentage, and the more frequent the seller, the lower the percentage. Therefore, multiple factors are taken into account,” Al Hassan He said, adding that more than 30,000 properties are listed on Sumu every month. iPhones and laptops are the best-selling products.

Al Hassan expects further growth for the company as the adoption of indigenous solutions continues and Saudi Arabia promotes local solutions to break away from dependence on international markets. Additionally, the country is said to be in the midst of a technology boom, with data showing a rapid increase in the number of e-commerce transactions. business and the spread of electronic services.

Source: techcrunch.com

GreyOrange remains in the spotlight after raising $135 million

Posted on December 21, 2023 by Igor Mitreski

Over the past few years, I’ve asked countless people in the robotics industry, “What’s next for warehousing/distribution?” An already popular category got even hotter during the pandemic, as online shopping went from a convenience to a necessity.

While Amazon has led the field with in-house systems for more than a decade, companies like Locus, 6 River Systems, and Fetch (now owned and branded by Zebra) are partnering with top retailers. are tied. But the question “what’s next?” by no means signals the end of the spotlight on fulfillment. Despite the economic slowdown in investment, this is a huge category and it’s only getting bigger.

GreyOrange was founded in 2011 and is headquartered outside Roswell, Georgia, about 20 miles north of Atlanta. This was the year before his Kiva deal with Amazon shocked the industry. Over the past decade, the company has acquired a number of high-profile clients, including Walmart Canada, Nike and Swedish fast-fashion retailer H&M.

Image credits: gray orange

The company does not have any major problems in raising funds. GreyOrange announced a $140 million Series C in 2018 and today announced that it has raised $135 million in Series D growth funding. Anthelion Capital led the round, with return investment from Mithril, 3State Ventures, and Blume Ventures.

The company has been working for years to build full-stack solutions for warehousing, fulfillment, and 3PL needs. This includes his AMR (autonomous mobile robots), forklift and box picking systems like Kiva, as well as proprietary first-party (“hardware agnostic”) fleet management software.

CEO Akash Gupta said the round will be partially directed toward delivering the system to customers.

Source: techcrunch.com

Claim, the Social Network with Rewards, Secures $4 Million in Funding

Posted on December 20, 2023 by Igor Mitreski

Claim, a platform that doubles as a rewards app and social network, has raised $4 million in a seed funding round led by Sequoia Capital. The startup is on a mission to make shopping fun, rewarding, and social. The app was released as an invitation-only beta version in January, and is currently being used primarily by college students in Boston.

Claim also allows users and their friends to earn cash back, exchange rewards, and redeem together. The platform is a social network that aims to focus on real-world value and communal experiences, rather than manufactured content and reposts.

The startup was founded in November 2021 by CEO Sam Obretz and CTO Tap Stevenson. The two met when they were roommates at Yale University and came up with the idea for Claim when they met again at Harvard Business School. Obretz and Stevenson originally started by thinking about what it means to own something digital.

“We started Claim because we were really interested in what it meant to own something online,” Stevenson said in an interview with TechCrunch. “We saw this with web3 and the sport is also emerging as a collector’s item. There has always been a place online where you can own something, but there has never been a generalized format. So I We started thinking about what it meant to actually remove all the friction of owning something online, and that led to complaints over time.”

The two started by envisioning a platform that could be used in the real world and where you could earn rewards linked to your credit card. We then decided that we needed to allow users to use and exchange rewards with their friends. When they came up with these ideas, Obretz and Stevenson realized they were tapping into a social mechanism that doesn’t widely exist today.

Claims are similar to the idea of trading cards, but create a new kind of value-based experience for brands for consumers. The company says it has turned consumer rewards into a multiplayer game by allowing users to save money and create new experiences together.

Image credits: Claim/Claim Co-Founders Sam Obletz and Tap Stephenson

If it’s a brand you love and your friend hasn’t checked it out yet, you can give them a special treat like a free acai bowl from their favorite coffee
shop or a t-shirt from their favorite streetwear brand. You can exchange rewards, try new places together, and earn status from spending with brands. Once a week, Claim also does “drops” where users open new offers at the same time. Users can decide whether to redeem, gift, or exchange rewards with friends.

While Claim aims to be beneficial to consumers, the startup also aims to help marketers and brands reach new customers without being bombarded with ads on Google, Instagram, and TikTok. We also place emphasis on On Claim, consumers discover brands through rewards from friends. The startup believes that when reaching new customers, being able to try out a product is more beneficial than advertising.

“We make it super easy for marketers,” Obretz says. “We can find customers based on where they shop and where their friends shop. For users who have never done it before, we offer rewards for trying your brand for the first time. This is very important because it brings in genuine new customers. It also allows you to show how effective that reward was based on their spend. That’s why we created It’s this very simple marketing tool.”

The startup currently works with merchants ranging from Fortune 500 companies like PepsiCo to local restaurants like Boston’s Life Alive.

Claim’s early results are promising, with one partner on the platform achieving 97% of new customer goals in half the time expected, and another partner acquiring customers within 30 days with a 35% return rate. says.

Claim is currently focused on Gen Z as its overall user base. This is because people in this group are interested in authenticity and think they are tired of advertising, especially since it seems like every post on social media these days is sponsored. The startup hopes to continue testing in Boston, where it currently has more than 10,000 users, before eventually expanding nationwide.

As for the new funding, the company plans to use it to hire new talent and grow its team of eight people over the next year. Claim will also use the funding to focus on testing and learning from an engineering perspective before expanding into new markets.

The startup’s seed round follows an unannounced $2 million pre-seed round led by Susa Ventures and Box Group. Claim’s funding round included participation from 6th Man Venture, Reflexive Capital, A* Capital, GSW Ventures, The Kraft Group, and others.

Source: techcrunch.com

African-Owned Al Mada Ventures Raises $110 Million Fund for the African Market

Posted on December 20, 2023 by Igor Mitreski

Al Mada Holding

The Group is one of Africa’s largest private investment funds. The privately held company, headquartered in Casablanca, operates in a variety of sectors, including banking, telecommunications, renewable energy, and the food industry. For many years, Al Mada’s approach has focused on acquiring majority stakes in Morocco’s largest private companies, with its portfolio spread across 27 markets, 25 of which are in Africa.

As part of its strategy and to remain relevant, the company is expanding its influence in these businesses, driving innovation within its portfolio, and increasing market share across the various sectors in which it operates while staying at the forefront of disruptive technologies that may emerge in the near future.

Last March, Al Mada launched a venture capital firm, aligning these observations with its objectives. Al Mada Ventures (AMV) was spun out. With a capital pool of $110 million (approximately AED 1.1 billion), Al Mada’s overarching plan was to create an Africa-focused company to address the gap in growth-stage investments. However, rather than relying on capital from DFIs or foreign institutional investors, the company uses capital raised exclusively from Africa. Apart from the anchor, Evergreen Fund’s limited partners include top-tier corporates and institutional investors based on the continent.

Mr. Laaresi co-founded the Cathay AfricInvest Innovation Fund (CAIF) before being selected to lead the Moroccan venture. The fund is a $100 million pan-African VC fund created through a partnership between private equity firm AfricInvest Group and Europe-based venture capital firm Cathay Innovation.

Source: techcrunch.com

Okta Purchases Security Firm Spera for Over $100 Million

Posted on December 20, 2023 by Igor Mitreski

Identity and access management company Okta acquires security company Spera.

According to Okta, the Spera acquisition is expected to close during the fiscal first quarter, beginning in early February, and will build on Okta’s existing identity threat detection and response (ITDR) capabilities and provide customers with the system management and technology to improve the identification of personal information, detect and remediate risks.

Terms of the agreement were not disclosed, but Calcalist report Okta is paying Spera approximately $100 million to $130 million, depending on milestones.

“As a leading identity partner, we remain committed to providing our customers with the tools and knowledge they need in an increasingly challenging environment, and we look forward to seeing how Spera Security enhances our ITDR efforts to help our customers. We’re excited to deliver safer outcomes.” Post published this morning on Okta blog To read.

Spera, which my colleague Frederic has covered previously, was co-founded several years ago by entrepreneurs Dole Fredel and Ariel Kadicevic. Based in Palo Alto and Tel Aviv, the platform provides tools to identify silos across Software-as-a-Service and infrastructure apps, discover vulnerabilities across user populations, and address regulatory, attack vector, and industry challenges. Helps prioritize security issues based on best practices.

As Frederick said in the interview, services like Spera also serve a purpose beyond security, helping businesses reduce licensing costs by helping them find dormant accounts that can be turned off.

Spera, which has about 25 employees, had raised $10 million before acquiring Okta. Investors included YL Ventures and angel investors from tech giants like Google, Palo Alto Networks, Akamai, and Zendesk.

Okta believes Spera will enable customers to better assess the identity infrastructure and security posture of their apps and services, helping to attract new customers to the Okta platform.company quote Gartner research suggests that by 2026, 90% of organizations will have some kind of embedded ITDR strategy, compared to the current rate of 5% to 20%.

“With Spera Security, we provide our customers with richer insights and technology to better manage their identity security posture and quickly identify, detect, and remediate risks,” the blog post continues. “They can take advantage of specific suggestions from Spera Security, such as identifying SSO. [single sign-on] or M.F.A. [multifactor authentication] Improve your security posture and remediate potential threat vectors before they become critical by excluding privileged and service accounts. ”

Okta’s acquisition of Spera comes after Okta acquired the a16z-backed password manager Uno and after a rosy fiscal quarter for Okta. 6 billion dollar company beat Wall Street’s expectations for the fourth quarter suggest that publicly traded companies are on the right track, at least in the eyes of shareholders.

Source: techcrunch.com

NASA’s Laser Technology Beams Ultra-HD Cat Video from 19 Million Miles Away

Posted on December 19, 2023 by Igor Mitreski

NASA has made a significant advancement in deep space communications by successfully transmitting high-definition video from 19 million miles away. This breakthrough paves the way for advanced data transmission in space exploration. The video was transmitted from a cat named Taters and marked a historic milestone for NASA’s laser communications demonstration.

The Deep Space Optical Communications Experiment on December 11 transmitted ultra-high-resolution streaming video from a record-setting distance of 19 million miles. This milestone is part of a NASA technology demonstration aimed at streaming extremely high-bandwidth video and other data from deep space to enable future crewed missions beyond Earth orbit.

NASA Deputy Administrator Pam Melroy stated, “This achievement confirms our commitment to advancing optical communications as a key element in meeting future data transmission needs. Increasing bandwidth is essential to achieving future exploration and science goals, and we look forward to continued advances in this technology and the transformation of how we communicate during future interplanetary missions.”

The 15-second test video was transmitted using a Flight Laser Transceiver at a maximum bit rate of 267 Mbps and took 101 seconds to reach Earth. The instrument transmitted a coded near-infrared laser to the Hale Telescope at the Palomar Observatory, where it was downloaded. Each frame of the video was transmitted “live” to NASA’s Jet Propulsion Laboratory in real time.

The video was sent via a Deep Space Optical Communications (DSOC) technology demonstration flight laser transceiver that was installed at NASA’s Jet Propulsion Center in April 2021 and later integrated with NASA’s Psyche spacecraft. The technology aims to transmit data from deep space 10 to 100 times faster than the most advanced radio frequency systems used in today’s deep space missions.

The ultra-high-definition video features a cat named Taters and was transmitted from deep space on December 11, 2023. The video was part of a technology demonstration known as Deep Space Optical Communications (DSOC) as the Psyche spacecraft heads towards the asteroid belt between Mars and Jupiter.

The system has demonstrated faster data downlink speeds and increased pointing accuracy during weekly checkouts. The project demonstrated downlink bit rates of 62.5 Mbps, 100 Mbps, and 267 Mbps, comparable to broadband Internet download speeds. The team was able to download a total of 1.3 terabits of data during that time, marking a significant technological achievement.

Source: scitechdaily.com

Breakr, a music marketing startup, secures new funding and allocates $3.5 million to support creators

Posted on December 19, 2023 by Igor Mitreski

The last thing I wrote was breaker — a platform that connects record labels, artists, and brands with social media influencers to run large-scale campaigns in a programmatic manner — when it closed a $4.2 million round in 2021. In the past two years, Breaker has hired over 30,000 influencers and generated $3.5 million in deals with creators. Now, to fuel growth, Breaker has secured an additional $1.9 million in his investment at a valuation of $20 million.

Slow Ventures will lead the expansion, which the company will use for recruiting and product development. Breakr is led by Marc Benioff, a16z/TxO, former Tik Tok CEO Kevin Mayer, RGA Ventures, Charles Hudson (Precursor Ventures), Complex founder Rich Antoniello, and Ro Tony. To date, it has raised $8.7 million from an impressive list of investors including (Plexo). Capital), Ant Selah (WdrCo), and Quiet Capital.

While Breakr’s user growth highlights the scale of the creator economy, the modest size of this funding round and the total deal value over the past two years suggests that many of the sector’s business models are still It shows that it is in its early stages.

Still, there is much hope. goldman sachs I estimate that Total addressable market for creator economy could reach $480 billion by 2027.

Players who pay attention to and do business with Breakr will also tell their stories. These include Def Jam, Samsung, Billboard, Rolling Loud, Live Nation, Meta, Tidal, Epic, Kit Kat, P&G, Celsius, Mountain Dew, White Claw, and more. Labels and brands use Breakr to connect music to their campaigns. Meanwhile, musicians include Megan Thee Stallion, Future, Rick Ross, Gunna, J.I.D., Sleepy Hallow, Ozzy Osbourne, Black Pink, Young Thug, Kanye West, Brent Fayers, Toby Nwigwe, Includes the Pink Panther, Armani White, Charlie Ona Friday, and Nas. Investor).

There are many platforms on the market today that connect creators, brands, and content (not just music but other media) to build influencer campaigns. Breakr’s unique selling point is that it effectively treats this basic concept as a programmatic opportunity, similar to how online advertising is created, sold, and distributed today.

“Breakr wants to be Google Ad Words, powered by creators,” co-founder Anthony Brown told TechCrunch. “With the underlying audience data, a ton of liquidity, and intelligence capabilities, I think going to Breakr and spending $15,000 should be as easy as setting it and forgetting it on Google. We believe.”

The company recently started with a more hands-on approach and exited closed beta as a self-service SaaS platform. SaaS platforms are backed by wallets that act as escrow accounts. You can pay money from your wallet for your involvement and services provided.

“This move to a SaaS model aligns with our goal to streamline and democratize the influencer marketing process, making it more accessible and efficient for a wide range of users inside and outside the music industry.” Brown explained.

Currently, Breakr is set up like a three-sided marketplace. On the creator side, individuals submit their profiles to the platform to be considered for campaigns.

On the music side, artists (or labels) submit music to specific campaigns. And once the music is selected, it will be promoted to new audiences. Musicians may pay to have their music used, but as a result, they also take a cut of some of the revenue generated by the campaign.

On the marketing side, brands look for influencers to run promotions and access each influencer’s 40 data points (language, voice location, type of interests, etc.). You can also check those influencers’ past content and engagement rates, or more pointedly, scrutinize their brand safety and see if the influencer in question is dabbling in fake followers. You can also run some diagnostics (to determine how much of a factor, if any, it’s for them).

“The creator economy, especially the music sector, is rapidly evolving with a shift to direct, curated, and scalable relationships between digital marketers and creators. Traditional management tools are becoming obsolete and more efficient is paving the way for relationship-focused technologies. These include platforms that move away from high-cost, short-term campaigns and make it easier to deliver personalized content and offers to creators. “This trend toward continuous, evergreen marketing has proven to be effective, emphasizing the importance of ongoing engagement over one-off interactions,” said Brown.

While music marketing is the company’s main bread and butter, Breaker hopes to eventually branch out into other areas such as film and television.

Source: techcrunch.com

Nearly 36 million Xfinity customer records hacked, says Comcast

Posted on December 19, 2023 by Igor Mitreski

Comcast has confirmed that hackers who exploited a security vulnerability rated critical gained access to sensitive information of approximately 36 million Xfinity customers.

The vulnerability, known as CitrixBleed, was discovered in Citrix networking devices commonly used by large enterprises and has been widely exploited by hackers since late August. Citrix made the patch available in early October, but many organizations did not apply the patch in time. Hackers used the CitrixBleed vulnerability to hack high-profile victims including aerospace giant Boeing, Industrial and Commercial Bank of China, and international law firm Allen & Overy.

Comcast’s cable TV and Internet division, Xfinity, has become the latest victim of CitrixBleed, the company has confirmed. Notice to customers on monday.

The US telecommunications giant said hackers who exploited a CitrixBleed vulnerability accessed its internal systems from October 16th to October 19th, but the company did not detect any “malicious activity” until October 25th. Stated.

By Nov. 16, Xfinity had determined that “information may have been obtained” by the hackers, and in December that it had determined that this included customer data, including usernames and “hashed” passwords. concluded that they were scrambled and stored in an unreadable manner. To humans. It is not immediately clear how the password was scrambled or what algorithm was used, as some weak hashing algorithms can be cracked.

The company said the hackers may have also accessed the names, contact information, dates of birth, last four digits of Social Security numbers, and security questions and answers for an unspecified number of customers.

Comcast said it “continues to analyze our data and will provide additional notifications as appropriate,” suggesting other types of data may have been accessed as well.

The notice did not say how many Xfinity customers would be affected, and Comcast spokesperson Joel Shadle declined to comment when asked by TechCrunch.in Filings with the Maine Attorney General, Comcast confirmed that approximately 35.8 million customers were affected by this breach.Comcast Latest earnings report The company has more than 32 million broadband customers, suggesting this breach affected most, if not all, Xfinity customers.

Whether Xfinity received a ransom demand, how the incident affected the company’s operators, and whether the incident was reported to the U.S. Securities and Exchange Commission, as required by the regulator’s new data breach reporting rules. It is still unclear whether it was submitted. A Comcast spokesperson declined to comment.

Xfinity says it requires customers to reset their passwords and recommends the use of two-factor or multi-factor authentication (which the company does not require by default) for all customer accounts.

Source: techcrunch.com

Activision Blizzard settles California workplace discrimination lawsuit for $54 million

Posted on December 19, 2023 by Igor Mitreski

California Department of Civil Rights settlement Activision released a joint statement with Blizzard late last week, two years after state regulators filed a lawsuit alleging sex discrimination, pay inequality and a culture of sexual harassment at the video game company.

Activision Blizzard, publisher of hit games such as the “Call of Duty” series and “World of Warcraft,” has agreed to pay $54 million and take steps to ensure fair pay and fair promotion. I promised. Approximately $46 million of the funding will be used to compensate employees, particularly women who were employees or contractors of the company from 2015 to 2020. Details of the settlement have been finalized but still require court approval.

“If approved by the court, this settlement agreement would be a significant step forward and provide direct relief to Activision Blizzard employees,” said California Department of Civil Rights Director Kevin Kish. The agency was previously known as the Department of Fair Employment and Housing, but changed its name last year. Activision Blizzard operates from its headquarters in Santa Monica, California.

The agency filed a lawsuit in Los Angeles County Superior Court in 2021, alleging the company violated rules set forth in the state’s Equal Pay Act and Fair Employment and Housing Act. The California Department of Civil Rights announced it was dropping the allegations as part of the settlement. agreement “Allegations of systematic or widespread sexual harassment at Activision Blizzard have not been substantiated by a court or independent investigation.”

The settlement also says an investigation by the California Department of Civil Rights found no evidence of wrongdoing by the company’s board, executives or CEO Bobby Kotick.

Activision Blizzard was cited in February for failing to “put in place the necessary controls to collect and review employee complaints of workplace misconduct,” ultimately preventing that information from being disclosed to investors. agreed to a $35 million settlement with the SEC.

The California lawsuit includes employee strikes, inflammatory statements from executives, stock price volatility, and ongoing concerns that the company fosters a toxic workplace culture to the detriment of employees. It ushered in a dramatic era for Activision Blizzard.

A series of events ultimately led to Microsoft’s move to acquire the company. Regulators finalized the $68.7 billion deal in October. Activision Blizzard’s longtime CEO Bobby Kotick has become deeply embroiled in years of controversy and plans to leave the company at the end of the year.

Source: techcrunch.com

Google to pay $700 million as part of Play Store dispute resolution

Posted on December 19, 2023 by Igor Mitreski

Google today announced that it will pay $700 million in a Play Store settlement reached in September, including $630 million to U.S. consumers and $70 to a fund to be used by U.S. states.

In September, the company reached a tentative settlement in a class action lawsuit originally brought by U.S. states and consumers in 2021. However, the search giant released details of the settlement today.highlighted complaints Google has a monopoly on app distribution on Android Via the Play Store.

In November 2022, Google began piloting a user-choice billing program in the United States, allowing developers to use alternative payment methods for in-app purchases. The company announced today that it will expand its domestic program as part of the settlement. Google says developers will be able to display different costs for in-app purchases based on the billing method a customer chooses.

The company too Said He said the sideloading process will be streamlined, without providing any details about the new process. However, the company emphasized that it plans to change its messaging regarding sideloading.

“While we maintain that it is important to our safety efforts to inform users that sideloading on mobile can carry unique risks, as part of the settlement we will further strengthen the process of sideloading.” We’re simplifying and updating our language to inform users about the potential risks of downloading.”For the first time, apps are available directly from the web,” said Wilson White, vice president of government affairs and public policy at Google. I am.

Google pointed out that blog post I also made Android 14 Easier app upgrade process More control over third-party app stores via API.

This development comes as Google lost an antitrust battle with Epic. Google plans to appeal the ruling, reiterating in a blog post today that it “disallows the choice and competition our platform enables,” but the case is “not over yet.”

The trial revealed Google’s dealings with the following companies: spotifythere are no fees for in-app purchases on the Play Store.

Source: techcrunch.com

Lingrove secures $10 million funding to expand its carbon-negative wood alternative

Posted on December 18, 2023 by Igor Mitreski

These days, even niche industries are concerned about people seeking greener material and process options, from washing machine waste to synthetic wool. ring glove uses laminates (thin layers of wood or other materials) with carbon-negative options that they claim will improve performance while still looking the same.

Laminate or veneer is common in every home and car. These are thin decorative pieces of wood that are placed over the molded or printed bodies of dashboards, appliances, and even home trim. It’s everywhere, but unfortunately, it’s not always sustainably sourced or manufactured.

Lingrove has developed an alternative to wood veneer from flax fibers and plant-based resins. This will be a material that is carbon negative yet has “very high stiffness, durability, and durability,” meaning it will be better for feel, temperature, and other materials (such as coffee). ). They call it “ekoa” (yes, in lowercase) and hope to expand into cars and other interior surfaces with a new $10 million funding round.

The Series B round was led by Lewis & Clark Agrifood and Diamond Edge Ventures, with participation from Bunge Ventures and SOSV.

The company claims that its materials are not only environmentally friendly and comparable or better in terms of strength etc., but can also have a positive impact on indoor air quality. Recycled plastics and other repurposed materials are often used for things like cabinetry and trim, but such surfaces often lack the desired appearance, hardness, and other qualities, and in some cases, There can be quite a bit of fumes (that’s the “new car smell”). ).

Image credits: ring glove

“We have healthy air, low carbon, high performance and beautiful products,” said CEO Joe Luttwak. “The use of industrial raw materials can be environmentally beneficial in some cases. However, many of their byproducts still emit VOCs. [volatile organic compounds] These negatively impact indoor air quality and cannot produce high-performance materials. ”

ekoa material has excellent performance, does not allow strange gases to seep into your kitchen or car cabin, and looks almost the same as regular wood. It can be fine-tuned to have different shades and opacity, has all the benefits of engineered laminates while generally being carbon negative, and can be crushed and reused when disposed of.

Image credits: ring glove

You may be wondering, like I did, why not just use real wood, i.e. things like sawdust and wood chips that already come out of the industrial wood treatment process. According to Luttwak, these are perfectly good structural materials, the ones in the center of the board, but they are not decorative. There’s a reason things like MDF boards tend to have at least one side covered in veneer. The interior wood glue mixture is unappealing and not particularly resistant to solvents, oils, etc.

Veneers aren’t the hottest or most exciting business to work on, but innovation is happening in a corner of the industry where smart alternatives can scale up to millions of products and at least reduce waste a little. It’s always reassuring to see that.

The new investment should help the startup go from small-scale in-house manufacturing to fulfilling all pre-orders and expanding into the automotive world.

Source: techcrunch.com

Verdane invests $65 million in media monitoring startup Meltwater

Posted on December 18, 2023 by Igor Mitreski

melt waterwhich first made its name in media monitoring and has since become active in business intelligence using AI and big data analysis techniques, is welcoming new investors. VardhanThe Norwegian private equity firm, which earlier this year closed a more than $1 billion fund to invest in the expansion of high-tech companies, acquired an 11% stake in Meltwater, valuing the company at €542 million. 92 million dollars), with a stock value of approximately 542 million euros (approximately 592 million dollars). $65 million. But that’s not the only sticking point in the deal.

The investment will be made through Verdan, which will acquire a significant stake in Fountain Venture, an investment vehicle controlled by Meltwater’s founder and current chairman, Jørn Risegen.

Meltwater was listed on the Norwegian Stock Exchange until early this year.Mr. Risegen oversaw the company’s taking private. early this year The remaining stake was held through Fountain in a deal with two private equity firms, Alter and Merlin. (This go-private deal was the last disclosed valuation and the one currently cited by Meltwater.) Verdhan invested in Fountain Venture rather than directly in Meltwater. This is because, in partnership with Fountain, we plan to jointly invest in startups active in the following areas in the future. love.

Joakim Kaempferd, president of Verdun, said the partnership will also allow the company to acquire a stake in HR firm Jobilon, but Meltwater has much larger assets.

“The trade here is really a portfolio trade,” he said. “We have acquired Mr Jorn’s investment company and have an implied direct stake in Meltwater and Nordic recruitment company Jovilon, with Meltwater being the largest asset in our portfolio.” Jovilon’s current ARR is approx. 5 million euros, but Meltwater, which was founded in Norway but is now headquartered in San Francisco, has an ARR of about 500 million euros, he added.

The deal highlights several important themes in Europe’s technology industry and the world of venture capital.

The first is the fact that tech companies continue to put significant pressure on their valuations. Meltwater’s current market cap is just under $600 million, which is actually less than the funding the company raised over the years (more than $700 million) when it was a private startup. pitch book data), and less than half of its valuation when it went public in December 2020 at more than $1 billion.

The second is the nature of the trade at the moment and the efforts investors are making to avoid risk. The European market is particularly tight at the moment. Venture capital firm Atomico conducts deep research into Europe’s funding landscape each year (along with a number of third-party research firms and other companies participating in the ecosystem), and estimates that funding will be halved in 2023. It turned out that That has fallen to just $43 billion, with private equity firms participating more heavily in deals to make up for the decline from VCs.

In this context, it is noteworthy that Verdane chose to invest in Fountain Venture rather than directly in Meltwater. This would give Verdan a stake in Meltwater, as well as Jovilon and any other stake that Fountain and Lysegen might be interested in. Then you lose the leverage of focusing on just one business. Verdane itself has only recently begun spreading its wings into investing in startups across Europe and beyond. Partnering with a partner to help lead the way is a much lower-risk approach to more ambitious initiatives.

From a technology perspective, companies like Meltwater are at a crossroads these days. The company’s roots lie in humans physically sifting through stacks of newspapers every day, cutting out the parts that mention company names, collating them, and sending them to their customers so they can better track their status. It probably came from business. It was featured in the media.

The decline of print media digitized that effort, but then the rise of social media turned it into a broader game, sentiment analysis, where words became structured and usually unstructured data. Ta. The influx of a whole new set of tools to glean insights from data has turned a media challenge into a technical challenge. Meltwater built his AI in-house and acquired a series of companies in his analytics integration efforts. (The most high-profile of these acquisitions was undoubtedly DataSift, a groundbreaking company that was an early Twitter friend of his and used to monetize Twitter’s firehose.) has worsened.)

But now it has a much bigger competitive threat. Companies like OpenAI and generative AI innovations will once again change the game from a search (consumer and business) perspective and how all kinds of business intelligence work is performed.

Unsurprisingly, Lyseggen said Meltwater’s focus feels like a throwback to what is essentially a solved problem, although it could well be made more efficient by competitors. Despite this, we believe there are further opportunities for our company.

“I see OpenAI’s ChatGPT as the ‘Netscape moment’ that ushered in this new era,” he said. This is interesting. Although Netscape isn’t part of what we use today, it certainly changed the way the world searches for information. “AI is changing the game as players challenge the old guard. We think Meltwater’s tech stocks are already the most modern and AI-centric of its category. We’re going to continue to do that and we’re really looking forward to it. We’re working very hard.” Meltwater today announced that it produces approximately 1 billion daily transactions for its communications, marketing and PR clients. announced that they were analyzing the document.

Source: techcrunch.com

Tamara, a BNPL platform and shopping giant in Saudi Arabia, achieves $1 billion valuation following $340 million Series C funding round

Posted on December 18, 2023 by Igor Mitreski

Tamara, the buy-now-pay-later platform for consumers in Saudi Arabia and the Gulf Cooperation Council region, has recently completed a C round of funding that raised $340 million. This recent funding brings the company’s valuation to $1 billion, making it the first fintech unicorn startup in the region. SNB Capital and Sanabil Investments led the Series C round, alongside other backers such as Shorooq Partners, Pinnacle Capital, and Impulse. This round includes primary capital and some secondary equity transactions, marking one of the largest investments in fintech in the region. Tamara has raised a total of $500 million in equity funding, including secondaries, and over $400 million in debt funding.

Established in 2020, Tamara has quickly gained traction and currently boasts over 10 million users in Saudi Arabia, UAE, and Kuwait. The platform allows consumers to shop, pay in installments, and make bank transfers, and it has partnered with 30,000 merchants, including popular names like SHEIN, IKEA, Jarir, Noon, eXtra, and Farfetch.

The rise in popularity of buy-now-pay-later services in Saudi Arabia has seen significant growth, driven by the booming e-commerce market. According to a report from last year, the number of registered customers for BNPL services increased from 76,000 in 2020 to 3 million in 2021 and 10 million in 2022. With Saudi Arabia’s huge potential for digital payments, the market is expected to grow significantly in the next few years.

CEO Alsukhan emphasized the importance of building a customer-centric payment solution and the platform’s commitment to Shariah compliance. Tamara prides itself on offering a friendly and transparent service, focusing on avoiding unnecessary fees and helping customers make timely payments by offering risk management tools and options based on their financial capabilities.

Tamara’s long-term vision includes expanding its revenue sources and introducing new products and services beyond buy-now-pay-later. The platform plans to strengthen its integration into the shopping journey, introduce a buyer protection program, and enhance its card functionality for in-store transactions.

The recent funding not only represents a significant milestone for Tamara but also signals the region’s growing potential in the fintech industry. As the first homegrown unicorn in the Gulf, the company’s success reflects the supportive ecosystem, financial backing from local and international investors, and a strategic focus on customer satisfaction and compliance.

Source: techcrunch.com

Ex-Facebook Diversity Manager Admits to Defrauding Company of $4 Million in Kickback Scheme, Say Federal Authorities

Posted on December 17, 2023 by Igor Mitreski

A former diversity program manager at Facebook has admitted to stealing over $4 million from the company through fraudulent business deals in exchange for kickbacks, as per the Justice Department.

Barbara Farlow Smiles, who served as Facebook’s chief strategist and global head of employee resource groups and diversity engagement, used the stolen funds to support a lavish lifestyle across multiple states, according to prosecutors.

From January 2017 to September 2021, Farlow Smiles oversaw the diversity, equity, and inclusion (DEI) program at Facebook and was entrusted with DEI initiatives and operations, as well as engagement programs, as per the Department of Justice.

Authorities disclosed that Farlow Smiles had access to company credit cards and had the authority to approve invoices, and used various individuals, including friends and relatives, to funnel kickbacks to her.

Individuals allegedly recruited by Farlow Smiles to participate in the kickback scheme included former interns, a college tutor, a hairstylist, babysitter, and a nanny, as per authorities.

It remains uncertain if anyone associated with Farlow Smiles has been charged in connection with the incident.

Farlow Smiles also misled Facebook into providing funds to an organization that did not deliver any kickbacks, including payments to an artist and an unnamed preschool.

To avoid scrutiny, Farlow Smiles submitted false expense reports, falsely claiming that individuals had provided marketing or merchandise at Facebook event vendors.

Farlow Smiles “abused her position at Facebook to defraud the company and undermine the importance of its DEI mission,” said U.S. Attorney Ryan K. Buchanan after her guilty plea on Tuesday.

“Driven by greed, she orchestrated an elaborate criminal scheme, engaging fraudsters to pay kickbacks in cash, and involving her relatives, friends, and other associates in the crime, all to finance her lavish lifestyle through fraud rather than through hard, honest work,” Buchanan added.

“Farlow Smiles used lies and deception to defraud both vendors and Facebook employees,” said FBI Special Agent Kelly Farley.

The Justice Department commended Mr. Mehta for providing valuable assistance and cooperation during the investigation.

“We are cooperating with law enforcement in the case involving this former program manager and will continue to do so,” Mehta said in a statement.

As part of a two-step fraud scheme, Farlow Smiles used apps such as Venmo and PayPal linked to her company credit card, and submitted false expense reports to cover her tracks.

Most employees were reportedly unaware that the funds were coming from Facebook and returned the funds to Farlow Smiles in cash or through direct deposit. Federal authorities disclosed that the cash was sometimes delivered to Farlow Smiles wrapped in t-shirts and other items.

In the second part of her plan, Farlow Smiles directed Facebook to use businesses owned by friends and then approved “fraudulent and inflated invoices” on behalf of the vendors in exchange for kickbacks.

Farlow Smiles is set to be sentenced on March 19, 2024.

Source: nypost.com

Elon Musk’s request for nearly $900 million in Starlink subsidies denied by FCC

Posted on December 17, 2023 by Igor Mitreski

Republican critics were furious after the Federal Communications Commission rejected nearly $900 million in subsidies for Elon Musk’s Starlink internet service, calling it a revenge move by the Biden administration. did.

Musk’s SpaceX was appealing a 2022 FCC move that denied the company access to about $886 million in subsidies as part of a government program to boost rural internet service. .

The five-member FCC, led by Democratic-appointed Commissioner Jessica Rosenworcel, affirmed the decision on Tuesday, finding that Starlink “has failed to demonstrate that it can deliver its promised services.”

republican party FCC Commissioner Brendan Carr objects. In the decision, Musk claimed that “President Biden has given the green light to federal agencies” after the billionaire bought Twitter for $44 billion last year.

In August, the Department of Justice sued SpaceX, accusing it of discriminating against refugees and asylees in its hiring practices. SpaceX fired back, arguing that the federal government’s lawsuit is unconstitutional.

Kerr said the FCC’s denial of the subsidy “certainly falls within the Biden administration’s pattern of regulatory harassment.”

Another Republican, Nathan Symington, agreed with Kerr and argued that his colleagues at the FCC improperly set SpaceX’s 2025 performance standards three years early.

“What’s the point in having an agreement to build service by 2025 if the FCC can keep it there until 2022 on a whim?” Symington said.

When the FCC initially denied SpaceX’s grant application, Musk’s company had already won approval to provide satellite-based, high-speed broadband Internet service to about 642,000 rural locations in 35 U.S. states. Was. At the time, Rosenworcel expressed concern that Starlink’s internet was not reaching the “promised speeds.”

The agency this week cited some of its concerns over the recent failure of SpaceX’s Starship, which exploded shortly after liftoff last month.

“After a careful legal, technical and policy review, the FCC has determined that this applicant will be eligible for approximately $900 million in Universal Service Funds over approximately 10 years,” Rosenworcel said in a statement. We judged that the burden was not fulfilled.”

Musk personally slammed the FCC’s decision, writing to X that Starlink is “the only company actually solving rural broadband at scale!”

“What actually happened was that the companies that lobbied for this large allocation (not us) thought they were going to win, but instead they lost to Starlink. So now they’re changing the rules so that SpaceX can’t compete,” Musk said.

It makes no sense. Starlink is the only company that is actually solving rural broadband at scale.

They should probably disband the program and return the funds to taxpayers, but not send them to people who aren’t doing their jobs.

What actually happened is that companies…

— Elon Musk (@elonmusk) December 12, 2023

Musk has frequently clashed with the Biden administration since President Biden took office in 2020. The billionaire called Biden a “wet-sock puppet” and accused the president of disrespecting Tesla despite the company’s leading role in the development of electric cars. The government will support you.

Meanwhile, Musk’s business faces multiple federal investigations, including an ongoing investigation by the National Highway Traffic Safety Administration into the company’s Autopilot self-driving assist technology.

Tesla on Wednesday announced a major recall of 2 million vehicles over concerns that the vehicles lacked adequate safety features to “prevent driver misuse.”

Source: nypost.com

Tesla Announces Recall of Over 2 Million Cars in the US Due to Autopilot Safety Concerns | Science and Technology Update

Posted on December 16, 2023 by Igor Mitreski

Tesla is recalling more than 2 million vehicles in the United States over concerns about its advanced driver assistance system, Autopilot.

The National Highway Traffic Safety Administration (NHTSA) said the system’s methods of determining whether drivers are paying attention may be inadequate and could lead to “foreseeable abuse of the system.”

NHTSA is investigating Elon Musk’s Over two years, the company has suffered a series of crashes, some fatal, that occurred while using the Autopilot system.

tesla He said Autopilot’s software system controls “may not be sufficient to prevent driver misuse” and could increase the risk of a crash.

Tesla’s Autopilot is intended to allow the car to automatically steer, accelerate, and brake within the line, but while the enhanced Autopilot can assist with lane changes on the highway, self-driving It won’t be.

One of the Autopilot components is Autosteer, which maintains a set speed or following distance and works to keep the vehicle within its lane of travel.

Tesla disagrees with NHTSA’s analysis, but notes that “additional controls and warnings already exist in affected vehicles to further encourage drivers to comply with ongoing driving responsibilities each time Autosteer engages.” “We will deploy an over-the-air software update that incorporates this.” “I’m engaged.”

The update says it includes increased prominence of visual alerts on the user interface, easier activation and deactivation of Autosteer, and additional checks when Autosteer is activated.

Tesla added that the update will eventually result in a driver’s use of Autosteer being suspended if the driver “repeatedly fails to demonstrate continued and sustained driving responsibility while the feature is activated.” .

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The recall applies to models Y, S, 3, and X produced between October 5, 2012 and December 7 of this year.

The update was expected to be sent to some affected vehicles on Tuesday, with the remaining vehicles sent out later.

NHTSA will continue its investigation into Autopilot “to monitor the effectiveness of Tesla’s remedies,” the agency said.

Since 2016, regulators have investigated 35 Tesla crashes in which the vehicles were suspected of being driven on automated systems. At least 17 people were killed in the clashes.

It is unclear whether this recall affects Tesla vehicles in other countries, including the UK.

This is the second time this year Tesla recalls its vehicles In the United States.

Source: news.sky.com

Apple to pay $25 million to resolve Family Sharing lawsuit

Posted on December 15, 2023 by Igor Mitreski

Apple agreed to pay $25 million settle a class action lawsuit Family Sharing lets you and up to five family members share access to purchased apps, music, movies, TV shows, and books. The lawsuit, first filed in 2019, alleges that “Apple falsely represented that app subscriptions could be shared using the Family Sharing feature.”

This news was first reported by mcroomers.

In the complaint, Apple denies making any misleading misrepresentations and “denies all allegations of wrongdoing.” “Apple has concluded that continuing to defend this litigation would be burdensome and costly,” the settlement agreement states. Apple enters into this Agreement without any admission of negligence, liability, or wrongdoing of any kind. ”

The tech giant did not respond to TechCrunch’s request for comment.

Court documents in the lawsuit allege that Apple promoted Family Sharing as an option for apps that didn’t support it.

“The vast majority of Apple Apps, which are increasingly subscription-based, cannot be shared with designated family members,” the court documents say. “Available only to individual users who have downloaded the app and set up a subscription. However, all or nearly all of these apps will have a statement on their landing page that says they support Family Sharing until January 30, 2019. It was included.”

The complaint alleges that Apple knew the subscription-based app didn’t support Family Sharing, but ran ads for Family Sharing anyway. The court documents go on to say, “Millions of consumers downloaded subscription-based apps believing they could be used for Family Sharing, only to find out after payment was made that they were not so much available.” Says.

U.S. residents who signed up for a Family Sharing group with at least one other person and purchased an app subscription from the App Store between June 21, 2015 and January 30, 2019. May be subject to payment. Eligible class members will receive an email this week.

Each member of the class who files a claim is eligible to receive $30, which varies depending on the number of people who file a claim. However, the payments will not exceed $50 per class member, and $10 million of the settlement proceeds will go toward attorney fees.

Eligible class members must submit claims by March 1, 2024. His final approval hearing is scheduled for April 2, 2024.

Source: techcrunch.com

Analyzing Metafuels’ $8 million seed deck for climate technology

Posted on December 15, 2023 by Igor Mitreski

Approximately 2% The world’s CO₂ emissions come from pressurized, jet-driven sausages traveling through the air. Earlier this week, he covered Metafuels, a startup that believes it has a solution to reducing aircraft emissions.

I also negotiated with the company’s founders to provide them with pitch materials for their $8 million seed round, allowing me to take a closer look at the materials the company used to raise money.

We’re looking for more unique proposal decks, so if you’d like to submit your own, you can do so in the following ways:

This deck slide

Metafuels was kind enough to share its entire deck with TechCrunch+ for this teardown. There are some minor edits, but the majority of this slide deck remains intact.

cover slide
Market size slide
Product/Technology Slide 3
product manufacturing slides
Unit economics (large scale production numbers)
unique selling point
technology roadmap
Business model slides (production version)
Business model slide (license)
Commercialization slide
Market traction slide
team slide
end slide

3 things to love

If you’ve been reading my Pitch Deck Deconstruction article, even just skimming the list of slides above, you’re probably thinking, “Oh, Haje won’t be happy with this, there’s a ton of information missing!” . And yes, you would definitely be right. However, this is an interesting challenge for deep tech startups. If it takes a long time to get your product to market, by definition you’re missing a lot of things.

Is it a bird? Is it an airplane?No, the market size is skyrocketing

It takes special chutzpah to say “all aviation fuel” is your market, but that’s what Metafuels is doing here.

[Slide 2] Aiming for 70% of the aviation fuel market is quite bold. I like that. Image credits: meta fuel

Currently, the market size for sustainable aviation fuel (SAF) is quite limited. According to the International Air Transport Association (IATA), around 300 million liters of sustainable aviation fuel will be produced in 2022, doubling to more than 600 million liters this year. This is equivalent to a drop in the ocean of all the fuel used in the world. Although there was a significant drop during the pandemic; Approximately 360 billion liters of fuel were used by commercial airlines in 2019.

In other words, SAF represents approximately 0.17% of the total aviation fuel consumed.

It is therefore no surprise that Metafuels has decided to start forecasting from 2030. That’s when the company really ramps up production, and that’s when the market is likely to take off. A major enforcement feature is the RefuelEU aviation regulation, which sets targets for blending sustainable fuels with petroleum-compatible fuels.

Metafuels tells its story well. It provides a comprehensive picture of a rapidly growing market, in which the company has established itself as a key player.

From this slide, you can learn how to connect the “why now” part of your story to broader macro changes. If you know which way the wind is blowing, you can set up your company to make the most of it.

Let’s get geeky about technology

When building a deep tech company, the tallest pole in the tent will always be the technology itself.what do you have you Did you notice that no one else has been able to identify it?

[Slide 4] Oh yeah, talk about nerdy stuff, baby. Image credits: meta fuel

Metafuels has discovered one exception to the “investors don’t care about your product” rule. Metafuels is a deep technology company, and its failure or success will be based entirely on its ability to deliver on the technology side. Refreshingly, the three-slide set (slides 3-5) explains the process itself, how it works at scale, and how the company can produce fuel at an affordable price. is.

clear roadmap

[Slide 7] I like the clarity of Metafuels’ plan. Image credits: meta fuel

Make it work, then make it work on a small scale, then scale it to production scale. This is a very obvious route, but it’s rarely explained this clearly. Slide 10 details how the company scaled up from his 50 liters per day to 700 million liters per day. This is a tremendous scale operation.

The main takeaway from this part of the deck is to look to the future and how it can be expanded upon. In particular, having a clear understanding of unit economics (i.e., how the financials of your product change as you start increasing volumes) is often a key part of the story.

Here, Metafuels is talking about producing 1-2 liters per day and scaling it up to 700 million. That’s… a tough job. And while the manufacturing processes and factories to produce that much fuel will be more expensive, the cost per liter will be significantly lower. Metafuels tackles that beautifully with this deck.

In the rest of this teardown, we’ll take a look at three things Metafuels could have improved or done differently, as well as its full pitch deck.

Source: techcrunch.com

Jagat, a location-centric social platform emphasizing in-person connections, crosses 10 million user mark

Posted on December 15, 2023 by Igor Mitreski

Jagat, a social network designed to help you get out more with friends instead of mindlessly scrolling on your phone, has over 10 million users worldwide. Launched in March earlier this year, this location-based social network wants to help people focus on real-life connections and make friends.

The app is basically a social map that shows you your friends and nearby activities. Jagat features an interactive map interface that lets you stay in touch with friends and discover new people and activities around you in real time. Jagat is a bit similar to Zenly, the social mapping app owned by Snap that went out of service last year.

The startup is based in Singapore and Indonesia and was founded by Jagat president Barry Beagen and CEO Loy Xing Zhe. The two met in December 2021, when Biegen was advising the Indonesian government on digital economy policy and Zee was working on GameFi products focused on Web3, social, and gaming. Biegen said both he and Zee had the idea of building a social network.

“We had the same vision of taking on big tech and really building something that could take on the world from Southeast Asia,” Begen told TechCrunch. “We were also fed up with mainstream social apps that were becoming more passive, and we were also fed up with mainstream social apps that were becoming more passive, and more spontaneous ways to explore the world and places and meet new friends, such as hiking, local concerts, and friend-picking.” We were both really excited about finding ways to do things differently, whether it was playing a basketball game or just going for a long walk.”

The two decided to build a social network where users could create their own spaces and interact virtually with avatars.

The social map is what you see when you open Jagat and shows you the location of your friends in real time. It’s also where you can track where you’ve been and tap your friends’ avatars to send them messages, stickers, and updates. Jagat sees maps as the primary interface for discovering activities and people around you. See your friends’ status updates in real time and know what they’re up to.

Image credits: Jagat

The startup is currently building features aimed at competing with Facebook Groups by allowing users to organize local events and find people with similar interests. We’re also building the ability to explore beyond your local community by enabling you to discover a global community.

“We want to bring social back to social apps, focusing on social networking rather than media,” Biegen said. “We want to care about people, not posts. We want to be close friends, discover new friends, and connect with people in real life instead of scrolling through for entertainment.” It’s built to help you get more. We’re excited to see that other new social apps are also taking on this challenge. Mainstream social media is no longer about making friends and making connections; is passive consumption of entertainment. That’s why we’re focusing on features that allow users to share real-time, unsophisticated updates in a fun way.”

Biegen said most active users check the app three to four times a day, and most people want to know where their closest friends and loved ones are after school or work. . Instead of sending a text message to see if a friend is nearby and wants to grab dinner, the app lets you see where they are.

Approximately 85% of Jagat users are Gen Z. Since its release, the app has topped the charts in Japan, Taiwan, Vietnam, Spain, France, and Singapore. Biegen said the app’s appeal is universal and the startup will continue to develop it into the next generation.

The company closed a Series A funding round in October with participation from Southeast Asian investors, but declined to disclose the amount raised.

Looking to the future, Biegen said the startup wants to build “the next generation of default apps.” “We believe social apps should create real, authentic connections and deliver on the promise of connecting people in real life. In the meantime, we’re building new and exciting features and are committed to helping our community We’re focused on continuing to build, and that what we’re building – expanding social experiences on maps – is empowering a new generation of creators and businesses around the world. I believe we can do it.”

Source: techcrunch.com

Playground Global secures $410 million Fund III for early-stage deep tech investments

Posted on December 14, 2023 by Igor Mitreski

playground globalThe renowned early-stage venture capital firm has brought $410 million in capital commitments to Fund III to invest in early-stage deep technology and science companies. With this new fund, Palo Alto-based Playground will have more than $1.2 billion of his assets under management.

Co-founder and general partner Peter Barrett started his career as an engineer (a video game engineer, to be exact) before becoming a venture capitalist.Interesting fact about him — he still codes every day and is touted give Elon Musk his first job.

Barrett is surrounded by similarly tech-loving general partners Jolie Bell, Matt Hershenson, Bruce Leake and Laurie Yolar, all with similar deep scientific and operational backgrounds. I have.

Together, they are attracted to companies creating next-generation technologies across the computing, automation, infrastructure, logistics, decarbonization, and engineered biology industries.

Similar to the $500 million Fund II raised in 2017, Fund III’s capital deployment will focus on seed and Series A companies with initial investments of $1 million to $20 million.

Playground is often an early or first investor, and Barrett told TechCrunch that the company “believes that only a few transformative companies are born every year.” Examples of exits from the company’s portfolio include MosaicML, which was acquired by Databricks in June for $1.3 billion, and the company that will enable Elon Musk to print the Raptor engines to power Starship, which will be announced in 2021. Includes listed Velo3D.

TechCrunch spoke with Barrett via email about how the funding landscape has changed since his last round, the lessons he learned investing in deep tech, and what he looks for in startups.

The following has been edited for length and clarity.

TC: Playground last raised funding in 2017. What was the funding environment like this time around?

P.B.: The macro environment is difficult for everyone, but when I meet with investors from around the world, they avoid fads and trends and instead focus on companies and industries where real and lasting value is being created. I said I was trying. A company with excellent durability and defense.

The new fund and the raising of several of our companies have proven that there is never a bad time to invest in great companies, especially in a down market, with investors flocking to quality.

We have received significant support from our existing investors and also used this opportunity to invite new investors. Fund III expanded its LP base to include endowments, foundations, single-family and multi-family offices.

What is unique about what Playground offers to startups?

We are an early stage venture capital firm and have been true partners in our companies since our inception. When you talk to our entrepreneurs, you’ll find that they consider us both investors and co-founders. We have the unique superpower to take on and eliminate technology risks, and can leverage the roadmaps we develop to identify best-in-class emerging technologies.

And because we don’t invest in competing companies, there’s a real sense of camaraderie within our portfolio. We were introduced to several new portfolio companies by the founders of Fund I and Fund II. In addition to our platform services, our 70,000 square foot studio is home to many of our portfolio companies and other non-competitive startups deep in the tech space.

Tell us about the pivot from consumer to deep tech. What led to that decision?

When we founded Playground, our team was assembled with the goal of helping both consumer technology and deep technology companies develop. It was clear early on that our superpowers were not reading the market risk tea leaves and were taking on technological risks. By focusing on deep technology and investing in roadmaps that guide our investment decisions, we have captured an undeserved share of the world’s most innovative companies.

What did you learn from diving into deep technology?

Since we founded Playground, we have invested in deep technology companies. PsiQuantum was one of our first investments. We have learned that everything is impossible until it happens, and that the combination of prudent capital and brilliant, tenacious people can move civilization forward.

What areas of deep tech are you interested in, and which areas do you tend not to invest in?

By taking on chemistry, biology and computing as a first-principle approach, we can invest in breakthrough companies across next-generation computing, AI/automation, infrastructure, artificial biology and decarbonization. .

There is no contradiction between the resulting technology investment and significant returns. We are attracted to companies that can build large technological moats and enter markets where they are clear category leaders. We follow the roadmap and don’t surf the zeitgeist.

What do you look for in a startup?

We look for testable hypotheses that address important problems with a plausible path to success. We are not looking for potential solutions to problems. We look for solutions that bring together the right ideas, the right people at the right time.

How many investments have you made from Fund III so far?

Playground has already made several investments from Fund III including d-Matrix, Ideon Technologies, Amber Bio, Infinimmune and Atomic AI, in addition to other portfolio companies operating in stealth.

We believe that our companies, operating in stealth, are well-positioned to revolutionize green metal production and provide the foundation for the next generation of semiconductor manufacturing.

d-Matrix, whose Series A was led by Playground, secured an oversubscribed Series B round of $110 million announced in September, and has already raised another round. The company is building the next generation of AI hardware through an in-memory computing platform focused on inference in the data center.

Given your past relationship with Elon Musk, what do you think about his stewardship over X, Tesla, etc.?

We all wish Elon would focus more time on electrifying the Earth and sending rockets into space.

Source: techcrunch.com

Kenyan E-commerce Firm Secures $20 Million Investment to Drive Growth, Former Metaswitch CEO John Lazar Joins Copia’s Board

Posted on December 13, 2023 by Igor Mitreski

Kenyan e-commerce and fintech platform for mass market consumers copia global appointed John Lazarthe former CEO of Microsoft subsidiary Metaswitch, has joined the company’s board of directors on the back of $20 million in new funding.

Enza Capital, the pan-African venture capital firm co-founded by Lazar in 2019, is one of the larger participants in the Series C extension round, including global private bank LGT, investment firm Goodwell Investments, Also included is the U.S. International Development Finance Corporation (DFC). ), German financial services provider DEG, Swiss impact fund Elea, Perivoli Foundation and Sorenson Foundation.

Lazar has extensive experience building and managing businesses. He joined Metaswitch Networks in 1987 as a software engineer and later became Chairman and CEO as the company established its leadership in cloud communications software with investment support from Francisco Partners and Sequoia Capital. I was appointed CEO. Lazar, who resigned from both roles in 2016, four years before Microsoft acquired the company, is also chairman of the UK-based charity Raspberry Pi Foundation, and is an angel investor and investor in the UK and Africa. He is also a mentor to over 40 pre-seed and seed investors. investment.

In a conversation with TechCrunch, Lazar said he has a long-standing professional relationship with the Copia team that has impressed Enza Capital with its fulfillment network over the years and increased digital adoption from consumers. , admitted that this is one of the reasons to support e-commerce in Kenya. Clothes.

According to the International Monetary Fund (IMF), personal consumption in Africa is expected to exceed $2 trillion Over the next three years, the continent’s burgeoning middle class will drive this growth. Copia, which has been around for 10 years, targets rural, middle- and low-income African consumers. These consumers enjoy more choice, price, and access to goods and services compared to urban and high-income consumers who use Western-style or African-focused platforms such as Jumia and Takealot. , faces challenges in terms of reliability. Therefore, although this target market may be difficult to find and its wallet size may be small, Copia is approaching it with a hyper-local strategy, reaching a significant number of approximately 750 million people across Africa. We believe there is an opportunity given the collective purchasing power of

Copia leverages its local agent and logistics network to tap into this market. The company boasts a strong network of over 50,000 agents who are small business owners in towns and villages across Kenya and has served over 2 million consumers. Most of these orders executed through Copia’s distributor network are made offline, with customers ordering household goods, electronics, or food products in person at the distributor’s store, via USSD, or by phone. Ta.

However, driven by falling data costs and increasing smartphone penetration and ownership in Kenya (73% of low- and middle-income Kenyan consumers now own a smartphone, down from 10% a decade ago), A 10-year-old e-commerce company recently ran a campaign to digitize its agent network, increasing app usage from 5% to 80% in one year. Copia said in a statement that digitized agents can double their revenue, and by exploring smartphone financing models, they can focus their subsequent digitization efforts on millions of consumers. This will allow companies like M-KOPA to enter a thriving market.

“I have respected this company for a long time and think the conditions are right. E-commerce companies are facing some difficulties at the moment, but a kind of push towards digitalization is a good thing for us. It feels like a tipping point and just changes the game in unit economics and efficiency,” said Mr Lazar, who was awarded a CBE for services. “So when Tracy called us and told us they had this internal round and wanted to bring on additional partners, we were very excited to participate.”

Copia has recorded 100% annual growth over the past few years, with founder and chairman highlighting scale and rapid expansion as key objectives for profitability. tracy turner explained on the same call with TechCrunch. However, as global capital markets have experienced a downturn and investor focus has shifted from models that rely on scale for profitability, to now emphasize the importance of demonstrating sound unit economics. In response, Copia underwent fundamental changes last year.

The e-commerce company has secured more than $120 million in funding since its inception, including a $50 million Series C round in January, but this year it scaled back its expansion plans and implemented significant layoffs. . At least 700 roles will be eliminated. Reduce number of Kenyan employees by 25% July and Closed Uganda operations Similar to three months ago, this move is in line with broader trends seen across industries this year, with many companies considering reducing labor costs as their first strategy when adopting cost-cutting measures. are doing.

“We recognized in the capital markets environment that we did not want to continue operating in Uganda, which is a great market and opportunity. We did not have the funds to make it profitable, so it made sense to hold off there. Then we looked at our Kenyan operations and realized we needed to streamline there as well,” Turner said. “And the fact that our customers have become digital so rapidly, our current shift to a digital focus means we need to change the way we operate in Kenya. So we did this to focus our business on digital relationships with our customers, which is completely different than it was just a year ago.”

Copia’s shift in focus from simply growing sales to achieving profitability in Kenya has helped it minimize losses since new management took over in Q4 2022. It reflects a strategy similar to Jumia’s approach of slowing growth. Both companies face headwinds that call into question the sustainability of B2C electronic services. Commerce takes place in Africa, albeit with different e-commerce models operating. It is worth noting that B2B e-commerce platforms are also grappling with a series of challenges in the market.

Despite the challenges, executives from both e-commerce companies, which have been in business for 10 years, said in separate conversations with TechCrunch that the companies, which now offer financial services alongside e-commerce, are stable. We have unwavering confidence in our ability to achieve the same profitability. They argue that it is only a matter of time before these challenges are overcome and are optimistic about the future profitability of the business. However, both platforms face distinct goals. While Copia strives to achieve profitability in a single market, Kenya, Jumia has to compete across 11 markets.

But Turner said Copia, which will have annual revenue of more than $60 million by the end of 2023, maintains pan-African ambitions despite its focus on making money in Kenya. Point out. The founder and chairman said that once the e-commerce company achieves profitability in the East African market, it plans to expand to 14 other strategically planned countries. “We are keeping our heads down right now and focusing on Kenya and will not look up until we achieve that milestone. We have done a lot of scouting work and are planning where to go next. However, our international expansion plans will take place once we achieve profitability in Kenya,” she said.

As for John, as he said in the interview, three things remain of paramount importance to him now that he has joined the company’s board of directors. These include leveraging the experience and network of technical operators to support talent, providing sales and revenue generation strategies, and acting as a sounding board. To management.

Source: techcrunch.com

Metafuels invests $8 million in sustainable aviation fuel industry

Posted on December 13, 2023 by Igor Mitreski

meta fuel aims to change the landscape of sustainable jet fuel and has just received an $8 million suitcase from local ZRH baggage carousel 3. Ah, Zurich. The company is literally turning the skies green with a new fuel called Aerobrew. Sure, it might sound like a French press, or even a boomerang, but the company has a few tricks up its sleeve, and it’s a sustainable aircraft made using renewable electricity. We are creating fuel, or eSAF.

The company is focusing on jet fuel as its main product and has purchased tickets to produce jet fuel that complies with aviation standards. That’s a tall order. Fuels must operate in all kinds of harsh environments. From the freezing cold of the highlands and blues to the sweltering heat of the Houston runways and everything in between.

“From fuel handling on the ground to combustion performance at high altitude, operational safety is paramount,” said Leigh Hackett, co-founder and CCO of Metafuels.

The company aims to produce a viable 100% synthetic jet fuel alternative by 2030, which will seamlessly integrate into existing global renewable energy systems and replace traditional fossil fuel supplies. The company claims to offer energy solutions that operate outside the chain. Competitors in this space include LanzaJet.

The new $8 million investment is a major boost to Metafuels’ ambitious plans. The company sees rising costs of conventional fuels, impending environmental taxes and increased stakeholder pressure for sustainability as factors that will offset ISAF’s initial production costs. This round was led by energy impact partner and contrarian venture.

Metafuels’ eSAF technology uses a process developed to convert green methanol to eSAF, enabling a seamless transition from fossil-based kerosene. Methanol is hydrogen (H₂) and provide sustainable carbon dioxide. green H₂ Can be produced from water electrolysis and CO using renewable electricity₂ In the short term, it can be captured from biological sources such as waste and residues. The long term plan is to start direct air capture, which seems nice and poetic to me. It captures gas, puts it into an airplane, flies it through the air, and puts it back into the air.

It could be an interesting stepping stone before battery- or hydrogen-powered planes really take off — the magic of Metafuels’ Aerobrew is that it can fuel aircraft without modification, the company says.

“Once we get past the building blocks of choosing sustainably sourced carbon and hydrogen, we move on to the relatively simple but breakthrough technology of converting those ingredients into jet fuel.” Metafuels Saurabh Kapoor, CEO and Co-Founder of “And because this is a type of kerosene, we can use the same pipelines, infrastructure, storage, transportation and aircraft.”

Source: techcrunch.com

Aye Finance Receives $37 Million in Funding from UK International Investment

Posted on December 13, 2023 by Igor Mitreski

Aye Finance, an Indian startup that provides a digital lending platform for small businesses, continues to help small businesses grow their businesses and increase incomes for their employees, with $37.18 million in new funding round led by British International Investment was procured.

The Series F round brings Aye’s total funding to nearly $200 million and includes participation from Waterfield Fund of Funds and the startup’s existing investor A91 Partners. In 2020, the startup raised $27.5 million in a Series E funding round led by Alphabet’s CapitalG.

Founded in 2014, I agree — which means “Yes” in English and “Income” in Hindi — is a term used by underserved businesses that find it difficult to secure the necessary working capital from traditional lenders such as banks. We provide business loans in the form of mortgages, temporary security, and term credit to small and medium-sized enterprises. The startup uses a combination of in-house technology and analytics to offer a variety of financial solutions based on a company’s needs.

To date, the 10-year-old company claims to have provided more than $959 million in loans to more than 700,000 unorganized businesses. The company competes with companies such as Capital Float, Lendingkart and Indifi, which are working on providing credit to small and medium-sized enterprises in South Asia.

One of the main reasons why startups like Aye Finance are gaining enough traction in India is the lack of credit for small and medium enterprises.

India has over 63 million MSMEs. To contribute According to government data, it accounts for nearly 30% of gross domestic product, more than 43% of all exports, and employs more than 123 million people. The government considers the importance of these companies to the country’s overall growth and has introduced a number of initiatives to ease credit requirements. However, some small and medium-sized enterprises (SMEs) are struggling to find funding to start and sustain their operations because the eligibility requirements for government systems and programs do not match their business model or size, or involve lengthy processes. I still find it difficult to procure. Startups like Aye are capitalizing on that gap by offering credit through their platforms.

“We believe there is tremendous potential in lending to underserved and small businesses, and the new capital is a strong complement to our complex story.” said Sanjay Sharma, co-founder, MD and CEO of Aye Finance, in a prepared statement.

“Aye Finance is on a growth path and we are pleased to partner with BII, which has a deep understanding of India’s financial services sector. It’s proof.”

Headquartered in Gurugram and present in 22 states through 395 offices, the start-up manages assets of over $959 million and generated over $9.59 million after tax in the first six months of FY24. He says it has brought benefits.

“Our investment in Aye Finance confirms our commitment to backing companies with strong philosophies that impact development and fostering financial inclusion for underserved groups in India. The i team stands out for its dedication and experience in delivering scalable technology-enabled financial solutions,” said Gaurav Malhotra, Director, UK International Investment Financial Services.

Source: techcrunch.com