Recent Funding

Category Archives — Recent Funding

WorkFusion adds to its $50 million with strategic investors as it bulks up for acquisitions – TechCrunch

WorkFusion, a business process automation software developer, added two new investors to its $50 million April round.

The company’s new strategic investors include the large insurance company, Guardian; healthcare services provider New York-Presbyterian; and the commercial bank, PNC Bank. Venture investor Alpha Intelligence Capital, which specializes in backing artificial intelligence-enabled companies, also participated in the new financing.

Certainly WorkFusion seems to have come a long way since its days hiring crowdsourced workers to train algorithms how to automate the workflows that used to be done manually. The company has raised a lot of money — roughly $121 million, according to Crunchbase — which is some kind of validation, and in its core markets of financial services and insurance it’s attracted some real fans.

Source link

Uber’s raising up to $600M in a secondary round at $62B valuation, Q1 sales grew to $2.5B – TechCrunch

Uber’s CEO is in Paris this week meeting with the French president to talk tech in Europe and expanding its insurance coverage in the region, but back in the U.S. the company is moving ahead on another kind of expansion.

TechCrunch has learned and confirmed that Uber is raising another secondary round of funding of up to $600 million, on a valuation of $62 billion. The fundraising development comes at the same time that Uber is also releasing its Q1 financials — which indicate that the company pulled in $2.5 billion in net revenues, with a net loss of $601 million, and negative EBIDTA of $304 million on a pro forma basis.

Raising between $400 million and $600 million on a valuation of $62 billion (at $40 per share) would indicate that while Uber is recovering from the drop in valuation from its last round with SoftBank at the end of 2017 — another round with secondary components that valued the company at $48 billion — it’s still not back up (or higher than) its loftiest valuation of $69 billion. 

From what we understand, investors participating in the offering, which has yet to close, include Coatue, Altimeter and TPG. Uber employees with at least 1,000 shares can also participate in the financing. According to the terms of offer, no one can sell more than $10 million worth of shares.

That general upward trend is also being reflected in Uber’s financials.

An investor presentation that was shared with TechCrunch indicated that the company’s $2.5 billion in net revenues was a seven percent quarter over quarter increase, and a 67 percent increase year over year. Uber’s $304 million losses, meanwhile, were about half the amount they were last year: in Q1 2017, Uber’s adjusted losses were $597 million. Gross bookings — the total taken for all of Uber’s transportation services — was $11.3 billion in Q1, a 55 percent increase compared to $7.5 billion a year ago. At the end of Q1, Uber had $6.3 billion in gross cash.

GAAP numbers indicated net revenues of $2.6 billion with a GAAP profit nearly as big: $2.456 billion. “We had $3 billion of income on a GAAP basis because of the ‘gain’ from the Yandex and Grab deals,” a spokesperson said. “That’s why we prefer to focus on EBITDA as the best number to show our underlying business in the quarter.”

“We are off to a terrific start in 2018, with our rides business beating internal plan and continuing to grow at healthy rates, while we significantly reduce our losses and maintain our leadership position around the world,” Uber CEO Dara Khosrowshahi said in a statement. “Given the size of the opportunity ahead of us and our goal of making Uber a true mobility platform, we plan to reinvest any over-performance even more aggressively this year, both in our core business as well as in big bets like Uber Eats globally.”

In other words, that could mean losses might get worse in the short-term as Uber continues to invest money in businesses like Eats and JUMP, the bike-share service it acquired for about $200 million earlier this year to expand them into more markets. As with many tech companies, Uber appears to be focused more on growth than profitability, even as it eyes up an IPO, possibly as soon as next year.

Uber has raised over $21 billion in funding to date.

Source link

GUN raises more than $1.5M for its decentralized database system – TechCrunch

GUN is an open-source decentralized database service that allows developers to build fast peer-to-peer applications that will work, even when their users are offline. The company behind the project (which should probably change its name and logo…) today announced that it has raised just over $1.5 million in a seed round led by Draper Associates. Other investors include Salesforce’s Marc Benioff through Aloha Angels, as well as Boost VC, CRCM and other angel investors.

As GUN founder Mark Nadal told me, it’s been about four years since he started working on this problem, mostly because he saw the database behind his early projects as a single point of failure. When the database goes down, most online services will die with it, after all. So the idea behind GUN is to offer a decentralized database system that offers real-time updates with eventual consistency. You can use GUN to build a peer-to-peer database or opt for a multi-master setup. In this scheme, a cloud-based server simply becomes another peer in the network (though one with more resources and reliability than a user’s browser). GUN users get tools for conflict resolution and other core features out of the box and the data is automatically distributed between peers. When users go offline, data is cached locally and then merged back into this database once they come online.

Nadal built the first prototype of GUN back in 2014, based on a mix of Firebase, MySQL, MongoDB and Cassandra. That was obviously a bit of a hack, but it gained him some traction among developers and enough momentum to carry the idea forward.

Today, the system has been used to build everything from a decentralized version of Reddit (which isn’t currently working) that can handle a few million uniques per month and a similarly decentralized YouTube clone.

Nadal also argues that his system has major speed advantages over some of the incumbents. “From our initial tests we find that for caching, our product is 28 times faster than Redis, MongoDB and others. Now we are looking for partnerships with companies pioneering technology in gaming, IoT, VR and distributed machine learning,” he said.

The Dutch Navy is already using it for some IoT services on its ships and a number of other groups are using it for their AI/ML services. Because its use cases are similar to that of many blockchain projects, Nadal is also looking at how he can target some of those developers to take a closer look at GUN.

Source link

OpenPath raises $7M to help you access your office with your phone – TechCrunch

If you’ve ever worked in an office building, chances are somebody issued you a keycard or NFC-enabled badge to open the doors to the building. Those cards and badges do their job, but they can be both cumbersome and prone to problems. OpenPath wants to do away with all of these issues and add a new level of convenience to this whole process by replacing these access cards with the phone you already have.

Until today, OpenPath, which currently has about 20 employees, remained in stealth mode since it was founded by Edgecast co-founders Alex Kazerani (CEO)and James Segil (President), together with a number of other former Edgecast execs. The founders are putting their own money into this startup and are leading a $7 million seed round. A number of institutional investors also participated in this round, though, including Upfront Ventures, Sorenson Ventures, Bonfire Ventures, Pritzker Group Venture Capital and Fika Ventures.

Over the course of the last few years, the team developed — and patented — both the hardware and software for allowing employees to securely open doors and for security teams to manage their access. Instead of NFC, the company’s so-called SurePath Mobile technology uses Bluetooth, Wi-Fi and LTE to authenticate the user. The system integrates directly with G Suite and Office 365 so that users and IT teams don’t have to create multiple user accounts to give employees access to their spaces.

Segil argues that employees have come to expect a certain level of convenience in the workplace and while our homes are getting smarter, most offices aren’t. During our conversation ahead of today’s announcement, Kazerani also stressed that the company’s platform had to be enterprise-grade and ready to be used thousands of times a day.

The OpenPath team developed its own reader hardware, which businesses have to install at their doors. The hardware uses the same wiring as existing services, though, making it easy to replace a legacy system with this new solution.

Source link

Cryptocurrency and a stock market boom pushes TradingView to $37 million in new funding – TechCrunch

Fueled by last year’s greed-inducing visions of a cryptocurrency boom and a stock market largely untethered from classical economics, TradingView, a developer of social networking and data analysis tools for financial markets, has raised millions in new venture funding.

The New York-based company just scored $37 million in funding led by the growth-stage investment firm Insight Venture Partners .

TradingView has developed a proprietary, JavaScript-based programming language called PineScript, which lets anyone develop their own customized financial analysis tools. The company “freemium” software as a service model that lets most users connect and exchange trading tips and tricks for free, but begins charging when customers want access to more charts, data and real-time server-side alerts.

There are three payment plans beginning at $15, with a mid-tier at $30 and a high-end $60 per-month premium option.

The company had previously boosted its growth by offering its charting software for free to partner websites like SeekingAlpha, Bitfinex and the Nasdaq. That strategy helped it grow to 8 million monthly active users with around 61 percent coming from direct traffic as of March of this year.

These days the company derives nearly 75 percent of its revenue from those monthly subscription plans to individual traders. TradingView’s executives think the company still has an opportunity to expand its footprint among those retail investors, but it’s also planning to make a push to serve more institutional clients with its toolkit.

For the past seven years the company has enjoyed consistent growth, according to TradingView co-founder and chief operations officer, Stan Bokov.

For Paul Szurek, a vice-president at Insight Venture Partners, the investment in TradingView is building off of broad consumer interest in amateur speculative trading. Looking at RobinHood, Bux and eToro as gateways for new investors who eventually move on to more sophisticated tools, Szurek said that TradingView was often their next step into market investing.

“The rise of cryptocurrencies… and trading those assets… has flywheeled into a broader interest in investing across asset classes,” Szurek said.

While TradingView was never crypto-focused, according to Bokov, the company was supportive from the beginning and it’s been a boon to the broader business. “They came for crypto. They stayed for the other stuff,” Bokov said.

And crypto might just be the gateway drug for younger speculative traders to start investing in financial markets more broadly, according to Szurek. “October to January, during the real core of the crypto boom here, there were a lot of users coming in starting out researching that asset class broadly. Eighty percent move on to research other asset classes,” he said. “As TradingView kind of pushed through the [first quarter], trends in growth really diverged from what we were seeing in purely crypto-focused business and that’s a testament to users leveraging this one-stop-shop component of the platform.”

Additional investors in the new TradingView include DRW Venture Capital and Jump Capital. The company was a graduate of the 2013 Techstars Chicago batch and was seeded by Irish Angels, Techstars, iTech Capital and undisclosed angel investors.

“TradingView was built for non-professional traders, but its accessible trading tools and powerful-yet-intuitive charting capabilities have attracted the attention of institutional investors,” said Kimberly Trautmann, head of DRW Venture Capital, in a statement. “As an investor, we are excited about the diverse cross section of the industry that TradingView has reached and its rapid growth. As a proprietary trading firm on an institutional level, we’re looking forward to leveraging the platform and contributing to its further development.”

Source link

Boosted Boards founders launch heavy-duty scooter renter Skip – TechCrunch

All electric scooters are not created equal. I’ve found ones from Spin, Bird, and Lime to often be broken, shaky, or out of battery. But now the founders of Boosted Boards, which makes the steadiest and safest-feeling electric skateboards, are bringing their rugged hardware expertise to the scooter world. Today, they’re coming out of stealth with a supposedly stronger and longer-lasting dockless electric scooter rental startup called Skip. And the surprise is they’re hoping to only operate where permitted unlike their backlashed competitors [but no guarantees], with a deployment today in partnership with Washington D.C. and plans for San Francisco.

Formerly known by its Y Combinator codename Waybots, the company is exclusively announcing its funding and rebrand to Skip today on TechCrunch. The startup has raised a $6 million seed round led by Initialized Capital via Alexis Ohanian and Ronny Conway’s A Capital, with SV Angel joining in.

“We think the vehicle matters” Skip and former Boosted co-founder/CEO Sanjay Dastoor tells me. “It’s not the same as rideshare where two or more companies are all using the same car. There’s a big spectrum of quality in the base vehicles. A lot of these companies are buying off the shelf vehicles that are designed for personal ownership. I think these vehicles will need to be designed for a different level of use and upkeep.”

That’s why Skip is modifying bigger pre-made scooters to be more durable, and plans to build its own custom scooters. For the same $1 plus $0.15 per minute price as other services, you get a wider riding platform, full suspension, and head/tail/brake lights. The strategy is that if people feel safe and steady riding Skips, they’ll choose them over the competition. And while low-grade scooters might feel too unstable for the bike lane, leading to complaints about sidewalk riding, Skips are meant to feel secure enough to cruise next to cars.

With so much well-funded competition, Skip will have to hope customers really notice the difference. And its focus on permits could constrain growth. But if riders and cities decide they want a more reliable scooter service, Skip could carve out a solid business while being a better citizen.

Trusting Your Life To A Startup

My Boosted Board was perhaps my favorite gadget ever. After a decade as an unpowered longboard rider, I tested its electric skateboard in 2012 and loved the smooth rides so much I bought onet of the first 10 of the Kickstarter. It felt like being able to effortlessly surf uphill. I tried many others and consistently found them to feel much more jerky, wobbly, and unpredictable. That’s not what you want when you’re riding a handle-less vehicle in traffic, and essentially betting your life on some startup’s hardware.

But then I crashed. The human body is not equipped for a 22mph meeting with the pavement. The board performed perfectly, I just hit a gravel patch at full-speed, shattered my ankle, and couldn’t walk for 5 months. In conclusion, even the safest electric skateboards are risky because at high speeds, the form factor’s small hard wheels are too vulnerable to obstructions, and you’ve got no handle to save you. I haven’t skated the two years since.

Yet that’s why I think Skip has a real opportunity. There’s demand for these vehicles. Skip says it sees seven rides per day per scooter. They’re a natural complement to more expensive Ubers that have to wade through traffic. But the whole industry will fall apart if everyone’s getting injured. You can absolutely feel the lack of stability and smoothness when riding a janky or half-broken scooter. I think consumers will choose the safer device if one’s available.

Skip To A New Startup

Skip co-founder and CEO Sanjay Dastoor

“We noticed that small personal portable electric vehicles weren’t only awesome alone” but as an option alongside ridesharing, ridepooling, and car ownership, says Dastoor. “The future of transportation is a combination of these.”

Boosted co-founder Matt Tran left the company two years ago, while Dastoor exited a year ago. They wanted to try an electric vehicle service model, but “Boosted wasn’t really the right place to do that, because the company is still focused on building great hardware for people to buy.” Tran was running marketing and also craved his engineering roots. So together with Mike Wadhera, a founding team member of Involver which sold to Oracle, they formed Waybots.

Last summer, the company tried out a docked scooter sharing model in SF, but didn’t see great results. When they got accepted to YC, like Boosted before it, they started experimenting with a dockless version. Meanwhile, Washington D.C. had opened a pilot program for permitted dockless bikeshare, and Waybots convinced the city to give it the greenlight too. Those scooters now have Skip branding slapped on.

“We’re the first permitted [dockless electric scooter] system operating anywhere” Dastoor believes. “A lot of the story around dockless scooters has come from SF, and from companies that have launched without informing anyone or working with anyone.” That’s led SF to ban unpermitted dockless scooter rentals. “What we saw in DC was the opposite. We’re working with the cities to deploy, share data with them, and engage with the community, and we’ve seen none of the backlash that we’ve seen in SF.” Still, the startup wouldn’t guarantee it won’t go rogue and launch unpermitted in the future.

Designed To Deter Complaints

Skip could get along better with cities because it’s built the scooters to discourage a lot of the most annoying scooter behaviors. The Speedway Mini4 36V 21Ah scooters Skip modifies can get up to 30 miles at 10mph per charge, which means they’re less likely to have dead batteries by the afternoon like the useless vehicles-turned-paperweights from competitors that I commonly stumble across in SF. To keep them charged and off the streets at night, Skip has a crowdsourced charging program where people can get paid to pick up, plug in at home, and drop off scooters.

The durable hardware is meant to need less service so you’re less likely to rent a broken, or worse, half-broken-but-I’m-late-so-I’ll-ride-it-anyway scooter. You can adjust the handlebar height, they go up to 18mph and dual-suspension flattens road bumps.

As for keeping Skips from getting strewn in the sidewalks and obstructing pedestrians, Dastoor claims his company’s vehicles have more precise location tracking than competitors. That could help it tell the edge of a build from the center of the walkway. Combined with requiring users to photograph the scooter standing upright, and hardware in the vechiles, Skip is hoping to force users to park them properly. “They have to have the intelligence in them to give info back to the city or back to the operator to make sure they operating correctly” Dastoor says.

Unfortunately, Skip hasn’t solved the lack of helmets problem. Dastoor tells me “We’ve been looking at a bunch of ways to improve access to helmets” but for now there’s no on-vehicle compartment for them and the company merely encourages users to wear them.

Personally, I think that’s crap. Sure, Citi Bike and other scooter companies don’t offer them either. But if these are meant to be serendipitously rented for short periods, it’s crazy to think anyone other than regular commuters will bring their own helmets. I think cities should demand them. And if they don’t, an inevitable scooter fatality that could have been prevented will make permitters more cautious. At least Skip says you have to be over 18 and plans to add ID verification for that soon.

“I don’t really have a comment about our unit economics” Dastoor sidestepped, but notes how much cheaper a $1.50 or $3 ride is than hailing a car. We’ll have to see if competition spurs a scooter price war. For now, though, the well-equipped Skips have led customers to “want to use it over and over.” Still, with Lime reportedly trying to raise $500 million and Bird recently closing $100 million as they race to invade the world, Skip is starting late with a much smaller piggybank.

Competition aside, Dastoor cites maintaining relationships with cities as the startup’s biggest threat. Luckily, he says it will soon announce some big-name talent with experience here. I expect it’s hired someone like former Uber policy chief David Plouffe who already has connections.

Scoot To The Future

Where the dockless vechicle rental market goes is a mystery. Maybe it turns into a fundraising war, with the most aggressive deployers locking up markets, and the losers vaporizing in giant money bonfires. Maybe the cities get fed up, kick out the unpermitted, and only issue approvals to those with the best glad-handing or the best safety. Maybe users get tons of options on price, quality, and availability to choose from.

But absent the bad behavior spurring backlash, many who try dockless electric scooter and bike rentals love them. With traffic-jammed city streets and scarce parking, we could use ways to get cars off the road.

Eventually, I think we’ll see a ton of short rideshare trips turn into scooter cruises. And at today’s super low price point, walking could turn into a luxury depending on how you value your time. Even at minimum wage, you might save money paying $1.75 for a five-minute, one-mile Skip rather than walking for 20. Dastoor concludes, “It becomes part of their transportation routine and I think anything that does that is around to stay.”

Source link

Parsable secures $40M investment to bring digital to industrial workers – TechCrunch

As we increasingly hear about automation, artificial intelligence and robots taking away industrial jobs, Parsable, a San Francisco-based startup sees a different reality, one with millions of workers who for the most part have been left behind when it comes to bringing digital transformation to their jobs.

Parsable has developed a Connected Worker platform to help bring high tech solutions to deskless industrial workers who have been working mostly with paper-based processes. Today, it announced a $40 million Series C cash injection to keep building on that idea.

The round was led by Future Fund with help from B37 and existing investors Lightspeed Venture Partners, Airbus Ventures and Aramco Ventures. Today’s investment brings the total to nearly $70 million.

The Parsable solution works on almost any smartphone or tablet and is designed to enter information while walking around in environments where a desktop PC or laptop simply wouldn’t be practical. That means being able to tap, swipe and select easily in a mobile context.

Photo: Parsable

The challenge the company faced was the perception these workers didn’t deal well with technology. Parsable CEO Lawrence Whittle says the company, which launched in 2013, took its time building its first product because it wanted to give industrial workers something they actually needed, not what engineers thought they needed. This meant a long period of primary research.

The company learned, it had to be dead simple to allow the industry vets who had been on the job for 25 or more years to feel comfortable using it out of the box, while also appealing to younger more tech-savvy workers. The goal was making it feel as familiar as Facebook or texting, common applications even older workers were used to using.

“What we are doing is getting rid of [paper] notebooks for quality, safety and maintenance and providing a digital guide on how to capture work with the objective of increasing efficiency, reducing safety incidents and increasing quality,” Whittle explained.

He likens this to the idea of putting a sensor on a machine, but instead they are putting that instrumentation into the hands of the human worker. “We are effectively putting a sensor on humans to give them connectivity and data to execute work in the same way as machines,” he says.

The company has also made the decision to make the platform flexible to add new technology over time. As an example they support smart glasses, which Whittle says accounts for about 10 percent of its business today. But the founders recognized that reality could change and they wanted to make the platform open enough to take on new technologies as they become available.

Today the company has 30 enterprise customers with 30,000 registered users on the platform. Customers include Ecolab, Schlumberger, Silgan and Shell. They have around 80 employees, but expect to hit 100 by the end of Q3 this year, Whittle says.

Source link

Coinbase’s first investment, Compound, earns you interest on crypto – TechCrunch

Compound wants to let you borrow cryptocurrency, or lend it and earn an interest rate. Most cryptocurrency is shoved in a wallet or metaphorically hidden under a mattress, failing to generate interest the way traditionally banked assets do. But Compound wants to create liquid money markets for cryptocurrency by algorithmically setting interest rates, and letting you gamble by borrowing and then short-selling coins you think will sink. It plans to launch its first five for Ether, a stable coin, and a few others, by October.

Today, Compound is announcing some ridiculously powerful allies for that quest. It’s just become the first-ever investment by crypto exchange juggernaut Coinbase’s new venture fund. It’s part of an $8.2 million seed round led by top-tier VC Andreessen Horowitz, crypto hedge fund Polychain Capital and Bain Capital Ventures — the startup arm of the big investment bank.

While right now Compound deals in cryptocurrency through the Ethereum blockchain, co-founder and CEO Robert Leshner says that eventually he wants to carry tokenized versions of real-world assets like the dollar, yen, euro or Google stock. That’s because Leshner tells me “My thesis is that almost every crypto asset is bullshit and not worth anything.”

How to get Compound interest on your crypto

Here’s how Compound tells me it’s going to work. It’s an “overnight” market that permits super-short-term lending. While it’s not a bank, it is centralized, so you loan to and borrow from it directly instead of through peers, alleviating you from negotiation. If you loan, you can earn interest. If you borrow, you have to put up 100 percent of the value of your borrow in an asset Compound supports. If prices fluctuate and your borrow becomes worth more than your collateral, some of your collateral is liquidated through a repo agreement so they’re equal.

To set the interest rate, Compound acts kind of like the Fed. It analyzes supply and demand for a particular crypto asset to set a fluctuating interest rate that adjusts as market conditions change. You’ll earn that on what you lend constantly, and can pull out your assets at any time with just a 15-second lag. You’ll pay that rate when you borrow. And Compound takes a 10 percent cut of what lenders earn in interest. For crypto-haters, it offers a way to short coins you’re convinced are doomed.

“Eventually our goal is to hand-off responsibility [for setting the interest rate] to the community. In the short-term we’re forced to be responsible. Long-term we want the community to elect the Fed,” says Leshner. If it gets the interest rate wrong, an influx of lenders or borrowers will drive it back to where it’s supposed to be. Compound already has a user interface prototyped internally, and it looked slick and solid to me.

“We think it’s a game changer. Ninety percent of assets are sitting in people’s cold storage, or wallets, or exchanges. They aren’t being used or traded,” says Leshner. Compound could let people interact with crypto in a whole new way.

The Compound creation story

Compound is actually the third company Leshner and his co-founder and CTO Geoff Hayes have started together. They’ve been teamed up for 11 years since going to college at UPenn. One of their last companies, Britches, created an index of CPG inventory at local stores and eventually got acquired by Postmates. But before that Leshner got into the banking and wealth management business, becoming a certified public accountant. A true economics nerd, he’s the chair of the SF bond oversight committee, and got into crypto five years ago.

Compound co-founder and CEO Robert Leshner

Sitting on coins, Leshner wondered, “Why can’t I realize the time value of the cryptocurrency I possess?” Compound was born in mid-2017, and came out of stealth in January.

Now with $8.2 million in funding that also came from Transmedia Capital, Compound Ventures, Abstract Ventures and Danhua Capital, Compound is pushing to build out its product and partnerships, and “hire like crazy” beyond its seven current team members based in San Francisco’s Mission District. Partners will be crucial to solve the chicken-and-egg problem of getting its first lenders and borrowers. “We are planning to launch with great partners — token projects, hedge funds and dedicated users,” says Leshner. Having hedge funds like Polychain should help.

“We shunned an ICO. We said, ‘let’s raise venture capital.’ I’m a very skeptical person and I think most ICOs are illegal,” Leshner notes. The round was just about to close when Coinbase announced Coinbase Ventures. So Leshner fired off an email asking if it wanted to join. “In 12 hours they researched us, met our team, diligenced it and evaluated it more than almost any investor had to date,” Leshner recalls. Asked if there’s any conflict of interest given Coinbase’s grand ambitions, he said, “They’re probably our favorite company in the world. I hope they survive for 100 years. It’s too early to tell they overlap.”

Conquering the money markets

There are other crypto lending platforms, but none quite like Compound. Centralized exchanges like Bitfinex and Poloniex let people trade on margin and speculate more aggressively. But they’re off-chain, while Leshner says Compound is on-chain, transparent and can be built on top of. That could make it a more critical piece of the blockchain finance stack. There’s also a risk of these exchanges getting hacked and your coins getting stolen.

Meanwhile, there are plenty of peer-to-peer crypto lending protocols on the Ethereum blockchain, like ETHLend and Dharma. But interest rates, no need for slow matching, flexibility for withdrawing money and dealing with a centralized party could attract users to Compound.

Still, the biggest looming threat for Compound is regulation. But to date, the SEC and regulators have focused on ICOs and how people fundraise, not on what people are building. People aren’t filing lawsuits against actual products. “All the operations have flown beneath the radar and I think that’s going to change in the next 12 months,” Leshner predicts. How exactly they’ll treat Compound is up in the air.

One source in the crypto hedge fund space told me about forthcoming regulation: “You’re either going to get annihilated and have to disgorge profits or dissolve. Or you pay a fine and you’re among the first legal funds in the space. This is the gamble you take before asset classes get baptized.” As Leshner confirmed, “That’s the number one risk, period.”

Money markets are just one piece of the financial infrastructure puzzle that still needs to emerge around blockchain. Custodians, auditors, administrators and banks are still largely missing. When those get hammered out to make the space safer, the big money hedge funds and investment banks could join in. For Compound, getting the logistics right will require some serious legal ballet.

Yet Leshner is happy to dream big despite all of the crypto world’s volatility. He concludes, “We want to be like Black Rock with a trillion under management, and we want to have 25 employees when we do that. They probably have [tens of thousands] of employees. Our goal is to be like them with a skeleton team.”

Source link

Dashdash, a platform to create web apps using only spreadsheet skills, nabs $8M led by Accel – TechCrunch

Sometimes I think of spreadsheets as the dirty secret of the IT world today. We’ve seen a huge explosion in the number of productivity tools on the market tailored to help workers with different aspects of doing their job and organising their information, in part to keep them from simply dumping lots of information into Excel or whatever program they happen to use. And yet, spreadsheets are still one of the very, very most common pieces of software in use today to organise and share information: Excel alone now has around 1 billion users, and for those who are devotees, spreadsheets are not going to go away soon.

So it’s interesting that there are now startups — and larger companies like Microsoft — emerging that are tapping into that, creating new services that still appear like spreadsheets in the front end, while doing something completely different in the back.

One of the latest is a startup called dashdash, a startup out of Berlin and Porto that is building a platform for people, who might to be programmers but know their way around a spreadsheet, to use those skills to build, modify and update web apps.

The dashdash platform looks and acts like a spreadsheet up front, but behind the scenes, each ‘macro’ links to a web app computing feature, or a design element, to build something that ultimately will look nothing like a spreadsheet, bypassing all the lines of code that traditionally go into building web apps.

The startup is still in stealth mode, with plans to launch formally later this year. Today, it’s announcing that it has received $8 million in Series A funding to get there, with the round being led by Accel, with participation from Cherry Ventures, Atlantic Labs, and angel investors including Felix Jahn, founder of Home24. (It’s raised $9 million to date including a $1 seed.)

Co-founded by serial entrepreneurs Humberto Ayres Pereira and Torben Schulz — who had also been co-founders of food delivery startup EatFirst — Ayres Pereira said that the idea came out of their own observations in work life and the bottleneck of getting things fixed or modified in a company’s apps (both internal and customer-facing).

“People have a lot of frustration with the IT department, and their generally access to it,” he said in an interview. “If you are part of an internet business, it’s very hard to get features prioritised in an app, no matter how small they are. Tech is like a big train on iron tracks, and it can be hard to steer it in a different direction.”

On the other hand, even among the less technical staff, there will be proficiency with certain software, including spreadsheets. “Programming and spreadsheets already store and transform data,” Ayers Pereira said. “There are already a lot of people trying to do more with incumbent spreadsheets, and [combining that with] non-IT people frustrated at having no solution for working on apps, we saw an opportunity to use this to build an elegant platform the empower people. We can’t teach people to program but we can provide them with the tools to do the exact same job.”

While in stealth mode, he said that early users have ranged from smaller businesses such as pharmacies, to “a multi-billion-dollar internet company.” (No names, of course, but it’s interesting to me that this problem even exists at large tech businesses.)

Dashdash is not the only company that is tapping this opportunity. The other week, and IoT startup called Hanhaa launched a service that would let those using Hanhaa IoT sensors in their networks to monitor and interact with them by way of an Excel spreadsheet — another tip of the hat to the realisation that those who might need to keep tabs on devices in the network might not be the people who are the engineers and technicians who have set them up.

That, in turn, is part of a bigger effort from Microsoft to catapult Excel from its reputation as a piece of clunky legacy software into something much more dynamic, playing on the company’s push into cloud services and Office 365.

In September of 2017, Microsoft gave a developer preview of new “streaming functions” for Excel on Office 365, which lets developers, IT professionals and end users the ability to bring streams of data from a variety of sources such as websites, stock tickers and hardware directly into a cell or cells in an Excel spreadsheet, by way of a custom function. “Because Excel is so widely used and familiar to so many people, the ability to do all kinds of amazing things with that data and without complex integration is now possible,” said Ben Summers, a senior product manager for the Office 365 ecosystem team, in a statement to TechCrunch.

That ability to remove the bottleneck from web app building, combined with the track record of the founders, are two of the reasons that Accel decided to invest before the product even launched.

“We believe in dashdash’s mission to democratise app creation and are excited to back Humberto and Torben at such an early stage in their journey,” said Andrei Brasoveanu, the Accel principal who led the deal. “The team has the experience and vision to build a high-impact company that brings computing to the fingertips of a broad audience. Over the past decade we’ve seen a proliferation of web services and APIs, but regular business users still need to rely on central IT and colleagues with development skills to leverage these in their day-to-day processes. With dashdash anyone will be able to access these powerful web services directly with minimal effort, empowering them to automate their day to day tasks and work more effectively.”

With every tool that emerges that frees up accessibility to more people — be they employees or consumers — there are inevitably questions about how that power will be used. In the case of dashdash, my first thought is about those who I know who work in IT: they generally don’t want anyone able to modify or “fix” their code, lest it just creates more problems. And that’s before you start wondering about how all these democratised web apps will look, and if they might inadvertently will add to more overall UI and UX confusion.

Ayres Pereira said dash dash is mindful of the design question, and will introduce ways of helping to direct this, for example for companies to implement their own house styles. And similarly, a business can put in place other controls to help channel how webapps created through dashdash’s spreadsheet interface ultimately get applied.

 

Source link

BrainQ raises $5.3M to treat neurological disorders with the help of AI – TechCrunch

BrainQ, an Israel-based startup that aims to help stroke victims and those with spinal cord injuries treat their injuries with the help of a personalized electromagnetic treatment protocol, today announced that it has raised a $5.3 million funding round on top of the $3.5 million the company previously raised. The company’s investors include Qure Ventures, crowdfunding platform OurCrowd.com, Norma Investments, IT-Farm and a number of angel investors, including Valtech Cardio founder and CEO Amir Gross.

When we last talked to BrainQ earlier this year, the team was working on two human clinical trials for stroke patients in Israel. At that time, the company had closed its first funding round and had also recently started to work with Google’s Launchpad Accelerator, too.

The general idea behind BrainQ is to use the patient’s brainwaves to generate a tailored treatment protocol. No AI company would be complete without data — it’s what drives these algorithms, after all — and the company says it owns one the largest Brain Computer Interface-based EEG databases for motor tasks. It’s that database that allows it to interpret the patient’s brain waves and generate its treatment protocol.

BrainQ EEG reader device

“We are on the verge of a new era where AI- based precision medicine will be used to treat neurodisorders, which do not have a sufficient solution to date,” said BrainQ CEO Yotam Drechsler in today’s announcement. “At BrainQ, we are thrilled by the opportunity to bring this vision to life in the world of neuro-recovery. In a short time, we have already achieved significant results and are looking forward to the opportunity to push our technology and expand our operations, further positioning BrainQ as a leader in the world of BCI-based precision medicine.”

As is typical for Israeli startups, the team’s background is quite impressive and includes former members of the country’s elite intelligence units and academics with a background in AI and neuroscience.

Source link