Oct
04

Greyparrot uses computer vision to improve waste management

Meet Greyparrot, a London-based startup that wants to improve waste management. The company uses computer vision to make sorting more efficient at different stages of the waste chain. And Greyparrot has been selected as a wildcard for the Startup Battlefield at TechCrunch Disrupt SF.

The company has been using machine learning with images of different types of waste to train a model that detects glass, paper, cardboard, newspapers, cans and different types of plastics (black trays, PET, HDPE).

Greyparrot can then use a simple camera combined with a computer to sort waste in a fraction of a second.

There are many different use cases for this kind of technology, but it seems particularly promising in sorting facilities. Those facilities already use a ton of machines to separate small and big objects, metal from plastics, etc. But many of them still rely on humans at the end of the process to pick up the last remaining false positive objects.

While it’s never possible to sort everything with a 100% accuracy, you want to get as close as possible to 100%. Sorting facilities create huge cubes of PET plastics and send them to countries on the other side of the world so that they can transform PET into something else.

In some cases, those cubes are not pure enough. For instance, Indonesia regularly refuses containers of waste and send them back to the U.S. or Europe.

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Greyparrot wants to help with the last step of the sorting process. The product can be used to assess the purity of a conveyor belt to see if it’s good enough. It can also identify problematic objects and give coordinates to a sorting robot so that it can automatically pick up impurities.

The startup has been testing its solution in facilities in the U.K. and South Korea. It has raised $1.2 million so far.

In the future, Greyparrot also has other ideas of use cases. For instance, you could imagine embedding Greyparrot’s technology in a smart bin to automatically sort waste from the very beginning. You could also use Greyparrot in reverse vending machines and credit your account when you return plastic bottles.

Visit Business Insider's homepage for more stories.

The DC Universe streaming service promises to be the "ultimate DC membership" for fans and it's about to become more fan centric.

DC Universe, a hub for DC fans that includes original TV shows and a catalog of digital comics, announced at New York Comic Con on Thursday a new initiative called "DC You Unscripted." The service is partnering with creative agency Ideas United and has invited fans to pitch original unscripted series inspired by "all things DC." The winning submission will be produced and air on DC Universe.

READ MORE: WarnerMedia still plans to offer DC Universe as a standalone service as it prepares HBO Max for launch

The project is open for pitches from Thursday to November 18. Anyone in the US who is 18-years-old or over and a member of the Ideas United network can submit ideas. Those interested can register with Ideas United here and learn more about the the project at DCUunscripted.com.

"During the submission process, talent and fan enthusiasts alike will be able to submit their unscripted/reality video series ideas ranging from game shows to game play to hot food and hot takes," DC Universe said.

Those who pitched the top 10 entries will be able to meet industry professionals in Los Angeles. From there, the top three finalists will have their ideas produced by Ideas United and the overall winner's series will launch on DC Universe.

DC Universe launched last September and has since released four original series, with the adult animated series "Harley Quinn" and the live-action "Stargirl" on the docket. The second season of its first original, "Titans," debuted last month. "Doom Patrol" season two and "Young Justice: Outsiders" season four are also in the works. 

"Swamp Thing" is the only DC Universe original to be canceled so far. It was cut after one season, despite positive reviews and a big investment in the series. Speculation swirled after the cancellation that DC Universe would be folded into Warner Media's upcoming streaming service, HBO Max, but there are no immediate plans for that.

Original author: Travis Clark

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Oct
04

StrattyX lets you buy and sell shares using automated rules

StrattyX is a trading interface that lets you set up sophisticated “if-this-then-that” rules and execute orders on the stock market. The startup is participating in the Startup Battlefield at TechCrunch Disrupt SF.

There are plenty of brokers that let you buy and sell shares using a mobile app and a web interface. But if you want to access more sophisticated tools and automate strategies, there’s not much you can do.

StrattyX wants to open up automated trading software to anyone, from non-professional traders who have some savings to professional day traders. The startup focuses on this specific part of the process.

It doesn’t try to reinvent the wheel and it doesn’t want to become an online stock broker. Instead, the company integrates with existing brokers, such as Robinhood, TD Ameritrade and many others as long as they support trading via an API. It acts as an interface and executes orders on your behalf.

You can create rules based on multiple different factors. In addition to traditional stop-loss and stop-limit orders, you can say that you want to buy or sell shares if something happens on Twitter, in the news or on the stock market.

Here are a few examples of rules you can create:

If @realdonaldtrump tweets something that contains “China” or “tariff,” sell Apple shares.If the value of EUR drops by 2% against USD, buy LVMH shares.If news headline contains “Tesla delays deliveries,” sell Tesla shares.

Interestingly, StrattyX will provide a marketplace of strategies. If a star investor starts using StrattyX to define a set of automated rules, other users could follow the same strategy.

StrattyX then wants to go one step further by giving you the tools to train a model using machine learning and user-generated data sets. You could imagine a feature that lets you upload a .csv file with price history and different types of data points, such as SEC filings, earnings, etc.

The company is also working on a feature that would show you news headlines that you’d rate with a Tinder-style swipe gesture — swipe right if you think it’s good news, swipe left if you think it’s bad news.

StrattyX is launching its mobile app today. It’s a sort of minimum viable product for now — some features are still in beta. The company is also working on a desktop version that would be useful for professional traders in particular.

StrattyX initially costs $5 per month per user, with more expensive plans for bigger teams and whether you execute a lot of orders through the product. The startup is looking to raise a seed round in the coming months.

Visit Business Insider's homepage for more stories.

Immigrant rights group Mijente has led the charge to stop Palantir, a $20 billion Silicon Valley tech firm, from selling its software to the Immigration and Customs Enforcement (ICE).

Palantir is the big data software company founded by Donald Trump supporter Peter Thiel. 

Mijente says that on Friday it will publish a blog post about Palantir technology being used by ICE agents as part of the largest US immigration raid in a decade. The raid, which occurred in August, targeted a Mississippi chicken processing plants and resulted in the arrests of 680 migrant workers.

That incident was controversial not just for its size — and the widely-circulated video of a crying 11-year-old girl whose father was detained — but because of its timing. It occurred hours before President Trump arrived in El Paso, Texas. He was visiting the city days after an anti-immigrant, white nationalist killed 22 people at a Walmart. 

Palantir has been providing ICE with software since 2014. ICE renewed its contract with Palantir in August, a contract that will run through 2020, Motherboard reported at the time. Palantir has repeatedly denied that its technology is being used by the part of ICE that handles family separations and deportations.

A spokesperson told the New York Times in December that its contracts support a different part of the agency:

"There are two major divisions of ICE with two distinct mandates: Homeland Security Investigations, or H.S.I., is responsible for cross-border criminal investigations. The other major directorate, Enforcement and Removal Operations, or E.R.O., is responsible for interior civil immigration enforcement, including deportation and detention of undocumented immigrants. We do not work for E.R.O."

Even so, back in 2017, the Intercept reported that Palantir tech was being used to assist ICE with tracking immigrants and deporting them.

Mijente believes that Palantir's tech assisted with the controversial August raid in Mississippi thanks to an affidavit from an HSI investigator requesting a search warrant for the raid.

In that affidavit, the investigator describes using the agency's "tipline" and a database system to find and identify immigrants believed to be working at the plant illegally. Mijente say it has documents that show the tipline is part of a special product that Palantir built for ICE.

Mijente has been using such evidence to call on other like-minded activists to pressure Palantir to drop their Ice contracts. As Business Insider's Rosalie Chan reported in August, this includes organizing protest marches at the company's Palo Alto, California headquarters. 

Mijente has also participated in protests of Amazon Web Services, the cloud service used by Palantir.

The protests are having an effect. Some employees have mixed feelings about the company's work with ICE. In August more than 60 Palantir employees signed a petition asking management to redirect profits from ICE contracts to a nonprofit charity, the Washington Post reported. And last year, over 200 employees reportedly signed a letter expressing their displeasure with the situation.

ICE is not Palantir's only contract with the federal government. It currently has over $160 million worth of contracts from multiple agencies including the DoD, Treasury and others.

In July, Palantir cofounder Joe Lonsdale described Palantir as "patriotic."

There had been some talk that Palantir might try for an IPO soon, though word is that it has paused that idea and is working on raising another round of private funding instead.

Palantir declined comment.

Original author: Julie Bort

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Jul
10

Microsoft's reseller chief explains why it's angering some of its partners by taking away a key perk: 'We can't afford to run every single partner's organization for free anymore' (MSFT)

The wedding industry is estimated to be worth some $100 billion in the U.S. alone, and now one of the fastest-growing companies in that space — the wedding planning site Zola — is making a move to augment its position with a sidestep into travel. Today at Disrupt (our conference in San Francisco), the company is announcing Honeymoons, which will let couples plan, book and raise money for their post-nuptial travels at the same time that they plan the main event.

The beta invite is open for those interested from today. To start off, couples will be able to plan itineraries and book accommodations, with flights getting added in after the launch as part of a bigger effort to own the end-to-end marriage experience.

“Over time, we want to book all your travel needs, both before and after the wedding,” said Shan-Lyn Ma, the company’s CEO and founder.

Zola’s business today is based around pre-wedding organization: users can set up free websites, design and print (paid) wedding invitations, and create Zola-based gift registries for family and friends to buy goods for the couple through the site — a business that has been successful enough to net the company more than $140 million in funding and a $650 million valuation.

But the average time spent planning weddings is 13-18 months, and so Honeymoons will be one way for Zola to extend that relationship not just in terms of money spent — honeymoons is estimated to be a $12 billion industry in the U.S. — but time spent using Zola, which in turn can help build a tighter relationship for whatever moves the company might make in the future. (One very obvious next step: parenting-related content and products.)

The Honeymoons feature also brings something else to Zola: a little breathing space. The online market for wedding planning is old and massive — it’s one of the first kinds of e-commerce sites that emerged with the rise of the world wide web itself, and as such there are a lot of large and incumbent competitors. However, “honeymoons” has been generally a more fragmented space, where people plan their own trips themselves via sites that cater to other kinds of travel like vacations, making “online honeymoon planning” far less of an industry per se, and making Zola’s move into the area relatively less pressured.

Ma said that the decision to launch the business came from couples requesting the feature, and it’s taking the rollout relatively slowly. The service will start with a limited number of markets that Zola chose based on them already being popular honeymoon destinations. The plan will be to expand the list to many more locations over time.

“We know where all the key destinations are based on demand from couples,” she added.

Within that list, Zola has negotiated special packages for accommodation and flights. It will also come with a personalized twist: couples input their preferences and are offered honeymoon packages designed to fit their tastes.

“Through our technology and our team of travel experts, couples can tell us, this is what they would love to do for their honeymoon,” explained Ma. “This is their general travel style, budget and dates. Then we will send back an itinerary…[and they can] book with us from there. At launch next month, it will be focused first and foremost on accommodation and experiences. Over time, we would aim to help you with everything you need to do on your honeymoon,” she said.

Ma said thousands of customers have already signed up for the waitlist for the new honeymoons product, which will officially launch next month.

Zola already has a strong connection to a wider marketplace that taps into how millennials and younger consumers, in general, like to shop today, offering a Houzz-style approach of letting users create “look books” for their aesthetics, and giving them flexibility to either register for specific items, or to cash out in gift cards that can be used on other goods and services.

The Honeymoons move will give the company an opening to working with other companies much more closely, specifically those in the travel industry, to create cohesive experiences. Given how many weddings today are focused around “destinations,” this also opens the door to planning events for more than just the couples involved.

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Dec
12

And the winner of Startup Battlefield at Disrupt Berlin 2019 is… Scaled Robotics

On Saturday, Elon Musk showed off SpaceX's new details of the rocket company's planned super-heavy launch system called Starship.SpaceX posted a new animation to YouTube that shows the 39-story rocket launching from Boca Chica, Texas, where the company is developing the system — including a prototype called Starship Mark 1.The animation underscores SpaceX's interest in using Boca Chica as one of two bases of operations for Starship launches. Musk said launches could be as frequent as 1,000 times per year.However, SpaceX may face a down-to-Earth hurdle — a neighborhood called Boca Chica Village — before Starship missions can fly to the moon or Mars.Visit Business Insider's homepage for more stories.

SpaceX, the aerospace company founded by tech mogul Elon Musk, has posted a new vision for launching Starship: a notional 39-story steel rocket system designed to help build moon bases and populate Mars.

On Monday, SpaceX uploaded a nearly two-minute-long video to YouTube that paints a futuristic portrait of how the company plans to get people into space on the cheap with Starship.

The video is technically unlisted on the video-sharing site, but it appeared on a new website that SpaceX created to promote Starship and its aspirational capabilities. Importantly, the clip details an aspirational base of operations for Starship: SpaceX's private but as-yet nascent launch site at Boca Chica, a relatively remote yet inhabited area at the southeastern tip of Texas.

You can watch the video using an embedded player below:

 

Read more: New documents reveal SpaceX's plans for launching Mars-rocket prototypes from South Texas

Musk debuted the video during a highly anticipated talk on Saturday at the launch site while he stood between two rockets: one from SpaceX's past, called Falcon 1, and a towering prototype, called Starship Mark 1, of its forthcoming rocket system.

"There are many troubles in the world, of course, and these are important, and we need to solve them. But we also need things that make us excited to be alive," Musk said on Saturday. "Becoming a space-faring civilization — being out there among the stars — this is one of the things that I know makes me be glad to be alive."

Before the animation was shown this weekend, it was unclear if and how SpaceX planned to expand its operations in South Texas to support operational Starship launches. But the video clearly shows expanded launch activities in South Texas, which Musk backed up with his own words.

"This is gonna sound totally nuts, but I think we want to try to reach orbit in less than six months," Musk said. "I think [it's] definitely possible that the first crewed mission on Starship could leave from Boca."

What SpaceX's new Starship launch sequence animation shows

An illustration of SpaceX's planned 39-story-tall Starship rocket system launching from Boca Chica, Texas. SpaceX/YouTube

For years, Musk has said the key to making humans an interplanetary species able to settle Mars — the "ultimate goal" of SpaceX — is making spaceflight as affordable as possible.

Right now, even the Falcon-class rockets that SpaceX builds, despite having reusable fairings and 16-story boosters, are not fully reusable. With each flight, multimillion-dollar hardware crashes back to Earth or is lost to space. With all other rocket systems, no parts are saved at all.

Musk thinks Starship could be the first fully reusable launch system. If his vision pans out, SpaceX may need only pay for fuel, minor refurbishment, and the system's development costs, which he told Rachel Crane of CNN Business on Saturday may be about $2-3 billion — not $10 billion, as he said in September 2018. The cost of sending one pound of stuff into orbit may, as a result, drop 100- to 1,000-fold, Musk has previously said.

Read more: Elon Musk just revealed who's going to fly to the moon on SpaceX's new rocket ship

"The critical breakthrough that's needed for us to become a space-faring civilization is to make space travel like air travel," Musk said on Saturday.

SpaceX's new animation, though it doesn't contain many new basic details — Musk first detailed the core concept in 2016 — nonetheless illustrates the company's latest plans.

An illustration of SpaceX's planned Starship spaceship and Super Heavy booster separating above Earth during launch. SpaceX/YouTube

The Starship system would have two stages: a 164-foot-tall Starship spaceship, proper, and a roughly 223-foot-tall booster, called Super Heavy.

Each Super Heavy booster would use up to 37 car-size Raptor rocket engines to heave itself and a Starship on top toward space. Once high enough, the Starship — a crewed vehicle, a cargo-carrying spacecraft, or a fuel tanker variant — would detach and fire its six engines to reach orbit.

Meanwhile, the animation shows, the Super Heavy would plummet back to Earth, re-fire its engines, and land back on the concrete pad it launched from.

An illustration of SpaceX's planned Starship spaceships connecting in Earth orbit and transferring fuel. SpaceX/YouTube

Depleted of much of its fuel, the Starship would then await a second Starship launch to refill its tanks. The two spacecraft would connect end-to-end in space, perform a refilling operation, and then disconnect. The fueled-up Starship would then have enough fuel to blast on its way to deep space, perhaps a higher orbit, the moon, or even Mars.

Although the animation doesn't show this, it's presumed the mostly empty Starship would scream back to Earth, using a skin of heat-resistant tiles lining its belly to deflect and absorb the searing-hot plasma generated by returning to Earth at around 25 times the speed of sound. The Starship would then land near a Super Heavy, receive an inspection, get craned back onto the booster, and be fueled up with methane and oxygen for its next flight.

The video suggests SpaceX's and Earth's future in deep space

An illustration of SpaceX's planned 39-story-tall Starship rocket system at a launch site in Boca Chica, Texas. SpaceX/YouTube

Musk has for months said SpaceX's plan is to build and launch Starship systems from two locations: Cape Canaveral, Florida, and Boca Chica, Texas.

"Both sites will make many Starships. This is a competition to see which location is most effective. Answer might be both," Musk tweeted in May.

During his nearly two-hour appearance on Saturday, Musk firmly asserted that notion.

"We are going to be building ships and boosters at both Boca and the Cape as fast as we can," he said. "It's going to be really nutty to see a bunch of these things. I mean, not just one, but a whole stack of them. And we're improving both the design and the manufacturing method exponentially."

An illustration of SpaceX's planned 39-story-tall Starship rocket system launching from Boca Chica, Texas. SpaceX/YouTube But the animation released by SpaceX, as well as other statements Musk made, suggest Boca Chica is seen as a likely base of operations for Starship.

Unlike the company's launch sites at Cape Canaveral, which are leased from NASA and the US Air Force, Boca Chica is privately owned — and has less red tape, no adjacent competitors (such as Blue Origin and United Launch Alliance), and has room for expansion.

When asked about plans for the site's future by Chris Davenport of The Washington Post, Musk said there will be "a lot more buildings and a lot more stuff — way more stuff than is currently here," including plants to produce liquid oxygen and methane using solar energy and carbon dioxide from Earth's air.

Musk said a single Starship site, if the vehicle is launched at its maximum rate, could see three of four launches a day — or more than 1,000 launches a year.

SpaceX is trying to buy out Boca Chica Village 

A prototype of SpaceX's Starship vehicle is pictured behind a home in Boca Chica Village, Texas, on September 28, 2019. SpaceX is attempting to buy out the residents of this community in order to expand spaceflight activities. Loren Elliott/Getty Images

SpaceX first gained permission to build out a commercial spaceport in Boca Chica area in July 2014. It has since radically revised that plan, with tweaks approved by the Federal Aviation Administration, though it has encountered some hurdles along the way.

One of them is Boca Chica Village. As first reported by Business Insider, SpaceX — citing safety issues and increasing disruptions — recently offered to privately buy out the owners of about 35 residences amid its spaceport in a small neighborhood. Though SpaceX has offered three times an appraised value, many of the residents (most of whom are retiree-age) have told Business Insider they do not plan to accept the offer.

"I don't see any fundamental obstacles. We are working with the residents of Boca Chica Village because we think oh, it's time, it's going to be quite disruptive to their — to living in Boca Chica Village. Because it'll end up needing to get cleared for safety a lot of times," Musk said Saturday, in response to a question that Jeff Foust of Space News asked. "I think the actual danger to Boca Chica Village is low but is not tiny. So therefore, we want super-tiny risk. Probably over time, better to buy out the villagers."

Read more: Elon Musk is building SpaceX's Mars rockets in a tiny Texas hamlet. But getting them off the ground there may be harder than he imagined.

It's unclear if villagers are barreling toward a standoff with SpaceX over their properties. Not-yet-published reporting by Business Insider suggests the company may let residents who don't mind the disruptions to stay for now.

However, the Cameron County Spaceport Development Corporation, which was created to support SpaceX, does have eminent domain authority and can, with the vote of local commissioners, initiate a condemnation process. (SpaceX previously declined to comment on the matter.)

"I'm sure that authority was put in place for a reason. I'd be willing to explore it," Nicholas Serafy Jr., the chairperson of the corporation, previously told Business Insider. "I wouldn't say it's been an elephant in the room, but it may become an elephant in the room."

This story has been updated.

Original author: Dave Mosher

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Oct
03

WeWork expected to announce major layoffs

WeWork, the co-working business once valued at $47 billion, is expected to announce significant layoffs this month, Bloomberg reports. This follows reports the company was looking to slash as many as 5,000 roles, or one-third of its workforce.

Now expected to go public in 2020 at a valuation as low as $10 billion, WeWork is also in negotiations with JPMorgan for a last-minute cash infusion to replace the capital expected from the now-postponed IPO, per reports. The company, now a cautionary tale, has been working with bankers in recent weeks to reduce the sky-high costs of its money-losing operation.

News of potential layoffs come about two weeks after co-founder and chief executive officer Adam Neumann resigned from his post and the nine-year-old company postponed its highly anticipated initial public offering. Neumann is now serving as the company’s non-executive chairman, succeeded by WeWork’s former vice chairman Sebastian Gunningham and the company’s president and chief operating officer Artie Minson.

The embattled company has been struggling to satisfy Wall Street skeptics, who were floored by the company’s eye-popping valuation. Since Neumann’s resignation, WeWork has begun several cost-cutting initiatives and is reportedly looking to sell off several of its acquisitions, including Managed by Q, Conductor and Meetup.

Layoffs are a natural next step for the business as it aims to carve out a clear path to profitability, now a requisite for a 2020 IPO. To float at any point in the future, after all, WeWork must prove elevating “the world’s consciousness” will eventually lead to profits.

WeWork revealed an unusual IPO prospectus in August after raising more than $8 billion in equity and debt funding. Despite financials that showed losses of nearly $1 billion in the six months ending June 30, the company still managed to accumulate a valuation as high as $47 billion, largely as a result of Neumann’s fundraising abilities.

“As co-founder of WeWork, I am so proud of this team and the incredible company that we have built over the last decade,” Neumann said in a statement confirming his resignation. “Our global platform now spans 111 cities in 29 countries, serving more than 527,000 members each day. While our business has never been stronger, in recent weeks, the scrutiny directed toward me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as chief executive. Thank you to my colleagues, our members, our landlord partners, and our investors for continuing to believe in this great business.”

WeWork declined to comment.

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Oct
03

Police arrested 6 people on suspicion of working for a cocaine and heroin delivery service that appears to be linked to the death of HQ Trivia's cofounder

Law enforcement officials have arrested six men on charges of working for a drug delivery service that is linked to the death of Colin Kroll, the cofounder of HQ Trivia and Vine who died of an overdose at 34.The New York delivery service, known as Mike's Candyshop, allegedly took orders by phone and distributed heroin and cocaine.Kroll was found unresponsive in his Manhattan apartment and pronounced dead on December 16, 2018. Officials have not publicly named him as the victim associated with the service.Visit Business Insider's homepage for more stories.

Police have arrested six members on suspicion of being part of a drug delivery service that sold heroin and cocaine to Colin Kroll, the 34-year-old cofounder of HQ Trivia and Vine who died of an overdose last year.

There is at least one overdose death linked to the organization, and though the United States attorney's office has not released a name, an official with knowledge of the case told The New York Times that the victim was Kroll. The entrepreneur was found unresponsive in his Manhattan apartment and pronounced dead on December 16.

Kroll was known for his role in creating two of the most viral apps of the last decade, HQ Trivia and Vine. He previously worked at Yahoo.

A spokesperson for HQ Trivia did not immediately respond to Business Insider's request for comment.

Read more: The career of Colin Kroll, the cofounder of Vine and HQ Trivia, who has died at age 34

The drug delivery service, known as Mike's Candyshop, enabled customers to place an order by phone and arranged for a courier to make the delivery within hours, according to a release from the United States attorney's office for the Southern District of New York.

"This illicit enterprise allegedly allowed people to order heroin and cocaine to their doorstep simply by calling the business phone number with the same convenience as if they were ordering a pizza," Peter C. Fitzhugh, the special agent in charge of the New York Field Office of Homeland Security Investigations, said in a statement.

The six men were charged with conspiring to distribute heroin and cocaine, which carries a mandatory minimum sentence of 10 years in prison. There were no charges related to the death.

The press release described a victim who died of an overdose in Manhattan, where police found empty vials like the ones distributed by Mike's Candyshop. The victim's cell phone had text messages showing that they ordered drugs from the drug trafficking group.

Original author: Melia Russell

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Jul
11

uBiome has stopped running its only lab test after the troubled poop-testing startup laid off half its workers

WeWork is planning to lay off between 10 and 25% of its workforce, a source familiar with the situation told Business Insider. The cuts come as new CEOs Artie Minson and Sebastian Gunningham try to focus on WeWork's core business after a tumultuous lead-up to a shelved initial public offering.To read our investigation into WeWork's wild culture, click here.

WeWork is planning massive layoffs that will number in the thousands as the new leaders of the embattled shared-space company look to focus on its core business and reduce costs, a source familiar with the matter said. 

WeWork executives haven't yet finalized the specific cuts, but the numbers will be "in the thousands" — though less than the 3,000 to 5,000 layoffs that had been laid out in earlier media reports, the source said. 

WeWork has about 12,500 employees, so a cut of 1,000 to 3,000 people would be about 10 to 25% of its staff.  

Bloomberg reported earlier on Thursday that WeWork had announced layoffs to staff but did not provide a number. 

Read more: Sex, tequila, and a tiger: Employees inside Adam Neumann's WeWork talk about the nonstop party to attain a $100 billion dream and the messy reality that tanked it 

Job cuts have been rumored for weeks as cofounder Adam Neumann stepped down and new co-CEOs Artie Minson and Sebastian Gunningham stepped in to replace the unconventional leader. 

Minson and Gunningham are also looking to sell some of the companies WeWork purchased in recent years, as well as the Gulfstream G650 the company bought last year for $60 million. WeWork is also considering slowing its expansion in China, according to The Wall Street Journal. 

The company expanded rapidly in recent years, counting more than 500 locations globally this year from just over 100 in 2017. The growth was fueled by billions in venture-capital investments, most notably from the Japanese investor SoftBank.

On Monday, the new CEOs said they would shelve its initial public offering, though they said in a statement that being a public company was still the goal.

Read more: How WeWork spiraled from a $47 billion valuation to talk of bankruptcy in just 6 weeks 

Minson and Gunningham said in a statement: "We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong. We are as committed as ever to serving our members, enterprise customers, landlord partners, employees and shareholders. We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future."

Have a WeWork tip? Contact this reporter via encrypted messaging app Signal at +1 (646) 768-1627 using a non-work phone, email at This email address is being protected from spambots. You need JavaScript enabled to view it., or Twitter DM at @MeghanEMorris. (PR pitches by email only, please.) You can also contact Business Insider securely via SecureDrop.

Original author: Meghan Morris and Becky Peterson

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Oct
03

We’ll have self-flying cars before self-driving cars, Thrun says

Once you get up high enough, you don’t have to worry about a lot of the obstacles like pedestrians and traffic jams that plague autonomous cars. That’s why Sebastian Thrun, Google’s self-driving team founder turned CEO of flying vehicle startup Kitty Hawk, said onstage at TechCrunch Disrupt SF today that we should expect true autonomy to succeed in the air before the road.

“I believe we’re going to be done with self-flying vehicles before we’re done with self-driving cars,” Thrun told TechCrunch reporter Kirsten Korosec.

Why? “If you go a bit higher in the air then all the difficulties with not hitting stuff like children and bicycles and cars and so on just vanishes . . . Go above the buildings, go above the trees, like go where the helicopters are!” Thrun explained, but noted personal helicopters are so noisy they’re being banned in some places like Napa, Calif.

That proclamation has wide-reaching implications for how cities are planned and real estate is bought. We may need more vertical take-off helipads sooner than we needed autonomous car-only road lanes. More remote homes in the forest that have only a single winding road that reaches them like those in Big Sur, Calif. might suddenly become more accessible and thereby appealing to the affluent because they could just take a self-flying car to the city or office.

The concept could also have wide-reaching implications for the startup industry. Obviously Thrun’s own company, Kitty Hawk, would benefit from not being too early to market. Kitty Hawk announced its Heaviside vehicle today that’s designed to be ultra quiet. If the prophecy comes true, Uber, which is investing in vertical take-off vehicles, could also be in a better position than Lyft and other ride-hailing players focused on cars.

To make sure its vehicles don’t get banned and potentially pave the way for more aerial autonomy, Kitty Hawk recently recruited former FAA Administrator Mike Huerta as an advisor.

Eventually, Thrun says that because cars have to navigate indirect streets but in the air “we can go in a straight line, we believe we will be roughly a third of the energy cost per mile as Tesla.” And with shared UberPool-style flights, he sees the cost of energy getting down to just “$0.30 per mile.”

But in the meantime, Thrun is trying to get people, including me, to stop saying flying cars. “I personally don’t like the word ‘flying car,’ but it’s very catchy. The technical term is called eVTOL. These are typically electrically propelled vehicles, they can take off and land vertically, eVTOLs, vertical take-off landing, so that you don’t need an airport. And then they fly very much like a regular plane.” We’ll see if that mouthful catches on, and if the skies get more congested before the roads thin out.

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Oct
03

Orbit Fab raises $3M to make orbital refueling easier, cheaper and more accessible

Orbit Fab, one of the companies competing in this year’s TechCrunch Disrupt Battlefield in San Francisco this week, has closed a seed round of $3 million. The funding comes from Type 1 Ventures, TechStars and others, and will help Orbit Fab continue to build on the great momentum it has already bootstrapped with its space-based robotic refueling technology.

You might remember the name Orbit Fab from a milestone accomplishment the young company achieved earlier this year: Becoming the first startup to supply water to the International Space Station, itself an achievement but also a key demonstration of the viability of its technology for use in orbital satellite refueling. Refueling satellites could have tremendous impact on the commercial satellite business, extending the operating life of expensive satellites considerably, which translates to better margins and more profitable businesses.

Thanks to co-founders Daniel Faber and Jeremy Schiel’s connections in the space industry, from more than 15 years working in space technology businesses in a leadership capacity, the company was able to demonstrate its technology working in space less than a year after Orbit Fab was actually founded. Faber, Orbit Fab’s CEO, and Schiel, the startup’s CMO, met when both were working at Deep Space Industries – Faber as CEO and Schiel as a contractor.

Orbit Fab’s first space payload, the ISS water resupply robot.

“We ended up reconnecting later on and really looking at a few different business models on how to push the industry forward,” Schiel said in an interview. “The one that really landed with customers, and the one that resonated with the industry was refueling satellites. Elon [Musk] has been making rockets reusable – we thought it’s time that we make satellites reusable as well.”

Starting from this realization, the pair founded the company in January 2018. They then secured their first round of pre-seed investment from Bolt in San Francisco in June that year, and also landed two contracts –  including one with NASA, and one with the International Space Station National Laboratory.

“Basically in four-and-a-half months, we got flight-qualified and human-rated from NASA our two tanker test beds that we flew to the International Space Station in December 2018, and March of 2019,” Shield said.

How did they do it with that speed? Faber credits their rapid progress largely to lead engineer James Bultitude, an accomplished space engineer with five payloads on the International Space Station already.

“He took [the project] from a napkin through to flight hardware in four-and-a-half months,” Faber said. “All qualified to NASA human-rated safety standards, which was quite the feat. We really had to push hard on NASA.”

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Faber said that the company’s ability to spur the U.S. space agency into action has been a key driver of its success. In fact, he relayed a story in which their National Lab demonstration payload was actually left off of its intended flight, but the team was able to get its cargo approved by top NASA decision-makers over the course of a weekend and just barely made the cut as a result.

As for working with NASA as a startup, Faber said that it’s become a very different affair, with the agency eager and adapting to working more with younger companies and startups bringing a different pace of innovation to the field.

“The change is almost palpable on the phone with NASA – you can almost hear them changing,” he said.

At Disrupt, Orbit Fab demonstrated their robotic connector for refueling on stage for the first time. The idea is that satellite makers will build their standard nozzles into their designs, and then a robotic refueler will be able to seek out the nozzle, open and then close on to the coupler, forming a solid connection to allow propellant transfer.

Already, Orbit Fab is talking to partners, including Northrop Grumman, and it’s a member of the Consortium for Execution of Rendezvous and Servicing Operations (CONFERS), an industry group that aims to make robotic service and maintenance of satellites a viable reality.

Square is rolling out its full payment-processing platform to all CBD sellers in the US, the company announced on Thursday.

The company is opening up its platform to CBD sellers after it conducted a three-month "invite-only" beta program, which started in May, for a small group of CBD startups, Business Insider previously reported. 

"We're just really excited to be able to offer this solution to a historically underserved industry that's faced so many challenges and interruptions to their businesses," Sivan Whiteley, Square's general counsel, said at a press event at the cleverly named Manhattan, New York, CBD shop Come Back Daily. 

CBD sellers can apply to use Square's platform like any other merchant, Whiteley said. Part of Square's challenge is doing due diligence on each merchant — because the CBD industry is so new, there's no way to automate that process, so it requires "a lot of eyeballs," Whiteley said. 

Read more: CBD companies were courted hard by a unit of US Bank — but they got ghosted despite having a 100% legal business

Payment processors, in short, handle credit- and debit-card transactions on behalf of companies that sell their products online. They take a fee for each transaction. A new booming industry like CBD could provide a windfall for Square, since most other large payment platforms do not accept CBD companies.

Square is pushing into an industry in which there are not many ways for young companies to safely process payments, Whiteley said. Elavon, US Bank's payment-processing subsidiary, pulled out of the CBD industry in May over what the company said was the lack of clarity around CBD's legality in the US, Business Insider previously reported. 

Hemp-derived CBD — containing less than 0.3% THC, the chemical responsible for the "high" associated with marijuana — was legalized in December through the Farm Bill. Each state has its own rules guiding the industry, however. 

Because of the complexity of the CBD industry, Whiteley said launching Square's service to CBD merchants took an effort across the company's sales, risk, product, and compliance teams. 

"We had to understand the general legal and regulatory landscape," Whiteley said, which involved conducting "enhanced due diligence" on CBD sellers compared with merchants in other industries.

Once Square put together a program on its due-diligence process, Whiteley had to "shop it around" to its payment partners — credit-card companies — to make sure that "everyone was on board."

Once Square got everything aligned, they rolled out the closed beta program in March. 

"That was an interesting experience because we saw how much demand there was outside of the beta for credit card processing," Whiteley said. 

A worker adds CBD oil to a drink at a coffee shop. Associated Press

For CBD merchants, Square's entrance into the industry will smooth over a lot of the headaches they faced while trying to build their businesses. 

Despite selling what's ostensibly a legal product, most online CBD sellers have been forced to turn to high-risk payment processors that are often based overseas and charge exorbitantly high fees. 

These payment processors charge fees upward of 10% per transaction and often hold the funds for weeks, CBD sellers previously told Business Insider, whereas most noncannabis-related e-commerce businesses are charged in the 3% range, and the funds are dispersed immediately.

Read more: Square has started working with a select group of CBD startups while other payments rivals shy away from the trendy substance

Apart from the higher fees, companies that use overseas payment processors are sometimes forced to set up companies abroad, and customers' credit cards often get flagged, adding an additional headache for entrepreneurs, CBD sellers previously told Business Insider.

Square, for its part, is charging 3.9% plus a 10 cent fee for each in-store credit-card transaction, and 4.2% plus a 30 cent fee for online transactions. While higher than other e-commerce businesses, Whiteley said this price reflected the added due diligence Square must conduct to onboard new CBD sellers.

As part of the rollout, Square will also provide payroll and inventory-management services to CBD sellers. On that front, Square has some competition. 

Shopify rolled out its online platform for CBD sellers in September, though payments are contracted out to a third-party processor. 

Payment processing is just one of the myriad ways that CBD sellers — startups in an ostensibly legal industry — face specific challenges. Business Insider previously reported that CBD startups are banned from running paid promotions on Facebook and other large tech platforms. 

Original author: Jeremy Berke

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Jun
12

Uber bets on developing world growth with low-data Uber Lite

When T4 co-founder and CEO Maks Khurgin was working at Bain and Company, he ran into a common problem for analysts looking for market data. He spent way too much time searching for it and felt there had to be a better way. He decided to build a centralized market data platform himself, and T4 was born. This week the company competes in the TechCrunch Disrupt SF Startup Battlefield.

What he created with the help of his long-time friend and CTO, Yev Spektor, was built on a couple of key components. The first is an industry classification system, a taxonomy, that organizes markets by industries and sub-industries. Using search and aggregation tools powered by artificial intelligence, it scours the web looking for information sources that match their taxonomy labels.

As they researched the tool, the founders realized that the AI could only get them so far. There were always pieces that it missed. So they built a second part to provide a way for human indexers to fill in those missing parts to offer as comprehensive a list of sources as possible.

“AI alone cannot solve this problem. If we bring people into this and avoid the last mile delivery problem, then you can actually start organizing this information in a much better way than anyone else had ever done,” Khurgin explained.

It seems simple enough, but it’s a problem that well-heeled companies like Bain have been trying to solve for years, and there was a lot of skepticism when Khurgin told his superiors he was leaving to build a product to solve this problem. “I had a partner at Bain and Company actually tell me, “You know, every consulting firm has tried to do something like this — and they failed. Why do you think you can do this?””

He knew that figuring out the nature of the problem and why the other attempts had failed was the key to solving the puzzle. He decided to take the challenge, and on his 30th birthday, he quit his job at Bain and started T4 the next day — without a product yet, mind you.

This was not the first time he had left a high-paying job to try something unconventional. “Last time I left a high paying job, actually after undergrad, I was a commodities derivatives trader for a financial [services company]. I left that to pursue a lifelong dream of being in the Marine Corps,” Khurgin said.

T4 was probably a less risky proposition, but it still took a leap of faith that only a startup founder can understand, who believes in his idea. “I felt the problem first-hand, and the the big kind of realization that I had was that there is actually a finite amount of information out there. Market research is created by humans, and you don’t necessarily have to take a pure AI approach,” he said.

The product searches for all of the related information on a topic, finds all of the data related to a category and places it in an index. Users can search by topic and find all of the free and paid reports related to that search. The product shows which reports are free and which will cost you money, and like Google, you get a title and a brief summary.

The company is just getting started with five main market categories so far, including cloud computing, cybersecurity, networking, data centers and eSports. The founders plan to add additional categories over time, and have a bold goal for the future.

“Our long-term vision is that we become your one-stop shop to find market research in the same way that if you need to buy something, you go to Amazon, or you need financial data, you go on Bloomberg or Thomson. If you need market research, our vision is that T4 is the place that you go,” Khurgin said.

In March 2019 Zuckerberg announced that Facebook was developing a new messaging platform that would feature end-to-end encryption and auto-delete messages after a certain amount of time.End-to-end encryption could make it more difficult for law enforcement and tech companies to access messages during criminal investigations, but Zuckerberg says the new platform would improve privacy and security.Visit Business Insider's homepage for more stories.

Attorney General William Barr and the US Justice Department will issue an open letter asking Facebook CEO Mark Zuckerberg to delay the company's plans for a fully encrypted messaging service, based on a draft of the letter obtained by Ryan Mac and Joseph Bernstein of BuzzFeed News.

In March Zuckerberg announced plans to build a messaging platform that would provide end-to-end encryption and allow users to communicate across Facebook Messenger, What's App, and Instagram. In a blog post Zuckerberg said the new platform would be built to provide more privacy and security for users, with features like auto-deleting messages and secure data storage.

However, the Justice Department claims that these security enhancements could make it harder for law enforcement to investigate criminal cases. End-to-end encryption could make it more difficult for authorities and tech companies to access message logs for specific users involved in an investigation. An open letter asking Facebook to delay its messaging platform is expected to be released on October 4.

"Security enhancements to the virtual world should not make us more vulnerable in the physical world," the Justice Department letter obtained by BuzzFeed reads. "Companies should not deliberately design their systems to preclude any form of access to content, even for preventing or investigating the most serious crimes."

Read more: Mark Zuckerberg says he's ready to 'go to the mat' with federal regulators over threats to break up Facebook

Zuckerberg appears to have anticipated some pushback from law enforcement, according to comments he made in a July internal meetings in July that was recently leaked. In those meeting, Zuckerberg addressed the calls for Facebook's break-up and increased tech regulation from politicians like Elizabeth Warren.

"I actually wouldn't be surprised if we end up having similar engagements like this on other socially important things that we're trying to move, like our big push to get towards more encryption across our messaging apps. That will, over time, be very sensitive when we get closer to rolling it out," Zuckerberg said, according to a transcript published by The Verge.

He continued, "Law enforcement, obviously, is not going to be psyched about that. But we think it's the right thing to protect people's privacy more, so we'll go defend that when the time is right. But I think that there will be more things like this, and this is a lot of what being public — trying to make our case publicly and engaging in a more consultative approach — what that looks like."

Facebook and the Justice Department did not immediately return Business Insider's requests for comment. 

Original author: Kevin Webb

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Nov
09

1Mby1M Virtual Accelerator Investor Forum: With Alok Nandan of Emergent Ventures (Part 2) - Sramana Mitra

Digital entertainment startup Whistle, which is known for its sports programming, is buying Elisabeth Murdoch's mobile-content studio, Vertical Networks, to double down on lifestyle and entertainment brands that can be monetized across platforms.After the acquisition, Whistle will look to build on Vertical Networks properties like Brother with new revenue streams, such as brand partnership deals, merchandising, or consumer products.The deal comes after Whistle acquired digital studio, New Form, in January to beef up its lifestyle and entertainment production.Click here for more BI Prime stories.

As more media companies look to diversify their revenue and content offerings, digital-entertainment startup Whistle — which has been known mainly for sports programming — is buying Elisabeth Murdoch's mobile-content studio, Vertical Networks, to double down on lifestyle and entertainment brands that can be monetized across platforms.

Vertical Networks, founded by Murdoch in 2016, is best known for Snapchat shows, like "Phone Swap," and its popular Discover channel, Brother. Vertical Networks, a purveyor of mobile video, also counts Snap as one of its investors. 

Whistle creates and distributes content across digital platforms from YouTube and Snapchat to the soon-to-launch Quibi. Much of its programming has been tied to sports and features inspiring young athletes. 

Through the pact with Vertical Networks, Whistle aims to expand in lifestyle and entertainment, and monetize its properties in more ways. 

It will look to build bigger brands out of Vertical Networks properties, like Brother, an irreverent media brand for young men, with new revenue streams such as brand partnerships, merchandising, or consumer products. It's done that with some of its own shows, including  "No Days Off," which generates ad dollars on platforms like YouTube and Snapchat, and makes money from merch.

"We think this rounds out the content offering that we're able to bring to market, both for the audience and then ultimately for ways in which we're able to monetize that content," Michael Cohen, president of Whistle, told Business Insider.

The agreement comes at a time when more digital media companies are combining in an effort to become profitable. Just this week, Vice Media announced that it would acquire Refinery29. New York Magazine also sold to Vox Media earlier this month.

Digital media companies have also been looking to diversify their revenue and find new ways to scale in today's fragmented viewing environment.

Former Vertical Networks CEO Jesus Chavez, who joined the company from Mitú last year and was an exec at Univision, will not be joining Whistle. Jordan Hill, a finance and operations exec at Vertical Networks, will oversee the company as senior vice president and general manager, and report to Cohen.

The deal with Vertical Networks deepens Whistle's ties to Snapchat, which Whistle has 12 shows on. On top of adopting Vertical Networks' slate of Snapchat shows, Snap will become an investor in Whistle, as part of the all-stock transaction.

Murdoch will also take a stake in Whistle. Her exit from Vertical Networks follows the announcement of her new production and development company, Sisters, with Stacey Snider and Jane Featherstone. 

Vertical Networks is Whistle's second acquisition of 2019. It bought digital entertainment studio, New Form, in January, to beef up its production of lifestyle and entertainment content, Variety reported. The pact brought in investors like Discovery, ITV, Ron Howard, and Brian Grazer, among others.

"Those [deals] help us open up more doors; help us move our business plan a lot faster," Cohen said. "Continuing to partner with the companies that have absolutely amazing investors that see our vision and are excited about it is something we're excited for in the future."

Whistle wouldn't disclose the value of the latest deal.

It has raised more than $100 million in funding to date. Cohen said Whistle is on track to double its revenue year-over-year in 2019 to more than $60 million, including the acquisition of New Form. Whistle is not currently profitable.

Original author: Ashley Rodriguez

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Oct
03

Art on blockchain pioneer Verisart raises $2.5M for art and collectibles certification

A lot of talk has been made about verifying valuable items on an immutable blockchain, but the main pioneer in this space has been Verisart, which appeared a few years ago to use a blockchain to create certification for the fine art and collectibles market. But despite the blockchain hype of the last few years, Verisart eschewed the fundraising bonanza, preferring instead to perfect its model and build partnerships.

That changes today with the news that it has raised $2.5 million in seed financing in a round led by Galaxy Digital EOS VC Fund. Further investment has come from existing investors Sinai Ventures and Rhodium. The funding will be used to expand Verisart’s commercial platform for authentication and further expand in the art world.

Co-founder and CEO Robert Norton commented: “With this new round of funding, we’re able to scale our business and ramp up our partnership integrations. The art world is quickly realizing that blockchain provides a new standard in provenance and record-keeping and we’re looking forward to extending these services to the industry.”

The $325 million Galaxy EOS VC Fund is a partnership between Galaxy Digital, a blockchain-focused merchant bank, and Block.one, the publisher of EOSIO, the blockchain protocol.

The funding will go toward extending the product and engineering team and launching a suite of premium services aimed at artists, galleries and collectors. The company recently appointed Paul Duncan, formerly the founding CTO of Borro, the online lending platform for luxury assets, to lead the engineering team.

In 2015, Verisart was the first company to apply blockchain technology to the physical art and collectibles market. It’s also working with some of the world’s best-known artists, including Ai Weiwei and Shepard Fairey to certify their works of art. In 2018, Verisart won the “Hottest Blockchain DApp” award at The Europas, the European tech startup awards.

It’s also been the first blockchain certification provider on Shopify to offer digital certification for limited editions, artworks and collectibles.

Other players are now entering this growing blockchain-for-art market. Codex Protocol is a new startup also putting art on the blockchain.

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