Feb
15

Ford is reviewing a succession plan for its CFO, but he isn't leaving just yet (F)

The Detroit Free Press reported on Thursday that CFO Bob Shanks could be retiring after a long career at the automaker, beginning in 1977. Shanks has been CFO since 2012.

In a statement to Business Insider, Ford said, "As all boards of responsible companies do, our board of directors regularly reviews executive succession plans to ensure we have access to the best talent available and are prepared for orderly transitions to take place should the need arise."

The Free Press didn't provide a timeframe for Shanks' departure, but the paper cited sources with knowledge of the matter who said that the groundwork for the CFO retirement was being laid.

Read more: Ford's CFO says the automaker's $11 billion restructuring plan could pay off sooner than expected

Ford is in the midst of an $11-billion restructuring under CEO Jim Hackett, and Shanks told Business Insider in an interview after the carmaker reported fourth-quarter earnings that he wasn't happy about the company's 2018 performance.

"We should have made $14 billion," he said.

Ford booked $7 million in profits globally in 2018.

Shanks' retirement hasn't been rumored in the auto industry, but if he were to start considering it, he would leave Ford with a strong balance sheet, built on years of profits in North America from the sale of pickup trucks an SUVs.

He would also be moving on after over four decades with the Blue Oval. His crosstown counterpart at General Motors, Chuck Stevens, retired last year after a similar tenure with the Detroit giant. Shanks is also 66, an age at which retirement is often prepared for.

Any executive changes at Ford are likely to encourage outsized conclusions about the company, which has seen its stock slide over 30% for the past three years. Hackett assumes the CEO's job in 2017, following the ouster of Mark Fields. Wall Street has expressed impatience with his turnaround plans, and that impatience has collided with Ford's struggles outside the US market.

Original author: Matthew DeBord

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Aug
27

Why owning your cybersecurity strategy is key to a safer work environment

Following is a transcript of the video:

Amazon is canceling HQ2 in New York City.

The company announced in November that it would build a new headquarters in New York.

Amazon claimed it would provide "25,000 full-time high-paying jobs," as well as a $2.5 billion investment in New York's Long Island City neighborhood.

New York Gov. Andrew Cuomo and NYC Mayor Bill de Blasio were supportive of Amazon coming to the city.

But local politicians like Rep. Alexandria Ocasio-Cortez panned the deal.

Twitter reads:"Amazon is a billion-dollar company. The idea that it will receive hundreds of millions of dollars in tax breaks at a time when our subway is crumbling and our communities need MORE investment, not less, is extremely concerning to residents here."

"We've been getting calls and outreach from Queens residents all day about this.The community's response? Outrage."

Amazon would have received an estimated $3 billion in tax incentives.

The company cited local opposition as a reason for canceling its New York plans.

Governor Cuomo's office estimated HQ2 could have created over 107,000 total jobs, as well as $27.5 billion in city and state tax revenue over the next 25 years.

Cuomo said the opposing politicians "should be held accountable for this lost economic opportunity."

Mayor de Blasio criticized Amazon's decision in a statement: "You have to be tough to make it in New York City," and "Instead of working with the community, Amazon threw away that opportunity."

Amazon said it won't reopen its search for another HQ2 location at this time.

However, the company will move forward with its plans to build a headquarters in Northern Virginia, as well as an operations center in Nashville.

Original author: Katya Kupelian and Will Wei

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Feb
14

StayTuned Digital helps video creators publish and measure everywhere

If you’re a video creator in 2019, you’re probably thinking about a long list of publishing destinations: YouTube, of course, but also Facebook, Instagram, Twitter, Snapchat and more.

StayTuned Digital is a new startup trying to help video creators and publishers push their content to multiple platforms. The company, which bills itself as “content’s best friend,” is officially unveiling its product today and announcing that it’s raised $2.5 million in funding.

StayTuned was founded by CEO Serge Kassardjian (previously the global head of media app business development for Google Play) and Randy Jimenez (previously CTO at SinglePlatform). Kassardjian told me he saw the need for a product like this during his time at Google, when he would talk to content creators becoming “overwhelmed” by the fragmentation across all the different devices and platforms available to them.

“What’s happened is every single one of the platforms is releasing new formats, new ways to optimize, it’s constantly changing every couple of months,” Kassardjian said.

So with StayTuned, publishers shouldn’t have to worry about all that. Kassardjian said the product does three big things: optimizes the video so it looks good and can perform well on each platform, pushes the video to each platform and then measures the results, which feeds back into the optimization.

Kassardjian acknowledged that getting into the media business, even as a technology provider, might seem like a bad idea right now, but he said, “There’s a misconception that what’s happening in the world is that media and content is dead, but there’s more media and content than ever before.”

Nor does Kassardjian believe that publishers can stop relying on Facebook and other platforms. Sure, they may want to drive more traffic to their own properties or launch their own subscription services, but unless they’re Netflix-sized, they can’t ignore the big platforms entirely.

“We provide ubiquity to where the audience is,” he said.

And when he talks about video publishers, he isn’t just thinking about traditional media companies (although he’s looking to work with them too). He also said StayTuned could work with newer digital companies, e-commerce retailers and other brands that are creating content — and eventually, small businesses.

As for the funding, it was led by Bowery Capital, with participation from CourtsideVC, Quaker Health, Social Leverage, Liquid 2 Ventures, The Fund, Hive Ventures, Grape Arbor and a number of angel investors. StayTuned is also part of the current GCT Startup-in-Residence program.

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Dec
08

Is now the time for Hollow Knight: Silk Song? Probably not! | Last of the Nintendogs: A NINTENDO PODCAST 023

Three months after announcing its decision to split its second headquarters between Northern Virginia and Queens, Amazon has reversed course.

On February 14, the company canceled its plans for a New York City HQ2, which was expected to introduce around 25,000 new employees and a multi-billion-dollar headquarter site into Long Island City.

The plan had met significant backlash from local residents and their elected representatives, who feared that the tech giant's arrival would exacerbate challenges in their neighborhoods.

Read more: Amazon just cancelled its New York City HQ2 plans. Here's what the development was supposed to look like.

In November, protests led by Senator Michael Gianaris and City Councilman Jimmy Van Bramer featured signs reading "Scamazon" and "Rent hikes now with two-day shipping."

As late as February, Rep. Alexandria Ocasio-Cortez, who represents New York's 14th congressional district, called on supporters to rally against the "creeping overreach of one of the world's biggest corporations."

The opposition appears to have motivated Amazon's change of heart.

In a statement, the company said that dissent from local and state politicians prevented them from "go[ing] forward with the project we and many others envisioned in Long Island City."

The statement also claimed that 70% of New Yorkers supported Amazon's plans and investment, though recent polls from Quinnipiac University and the Sienna College Research Institute found that less than 60% of New York City voters approved of the city's deal with Amazon.

Here are the main reasons why some New Yorkers didn't want Amazon in their backyard.

Original author: Aria Bendix

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Dec
07

Zero trust network access should be on every CISO’s SASE roadmap

Following backlash and criticism over the spread of anti-vaccination rhetoric and sponsored advertisements targeting pregnant women in states seeing a surge in measles outbreaks, Facebook said it may reduce or remove the false information from the platform, according to a statement received by Bloomberg. The social network also said it could decide to demote anti-vaccination content from Facebook search results too.

Users have the ability to report content for review at any time, and health-related information is eligible for fact-checking by Facebook's fact-checking partners in 25 countries. The company told Business Insider it is exploring ways to make educational information about vaccines more easily available while also minimizing harm caused by misinformation, however it is still "thinking through what the right approach for this effort might look like."

"We are committed to accurate and useful information throughout Facebook," a company spokesperson told Business Insider in a statement on Thursday. "We remove content that violates our Community Standards, down-rank articles that might be misleading, and show third-party fact-checker articles to provide people with more context. We have more to do, and will continue efforts to provide educational information on important topics like health."

It is unclear when Facebook may be rolling such efforts out or if it has already.

As of right now, a simple Facebook search shows groups like Rage Against the Vaccine and The Truth About Vaccines (both spreading false information about vaccines) have over 40,000 members.

Facebook did not respond to request for comment on how the platform has been used by anti-vaccine advocates to target women, ages 20 to 60, interested in pregnancy in states seeing an increase in measles-related cases, as was first reported by The Daily Beast.

According to the CDC, there have been over 100 instances of measles since January — more than the entire year of 2016 when there were only 86. The World Health Organization listed vaccine hesitancy as one of the top 10 threats to global health for 2019.

Critics, like Rep. Adam Schiff, the Democrat from California, have called on Facebook CEO Mark Zuckerberg and Google CEO Sundar Pichai in a letter Thursday to take action on the spike in false vaccine information running rampant on the platforms.

"The algorithms which power these services are not designed to distinguish quality information from misinformation or misleading information, and the consequences of that are particularly troubling for public health issues," said Schiff in the letter addressed to both tech execs.

"Additionally, even parents and guardians who seek out accurate information about vaccines could unwittingly reach pages and videos with misinformation."

Read Schiff's entire letter here.

Original author: Meira Gebel

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Aug
27

XML vs HTML: Differences and similarities

Amazon just folded like a house of cheap cards, in a development that should alarm its fellow tech giants.

Thanks to the company's decision to abandon its plans to build a new campus in New York, activists now have a model for defeating Amazon and its peers. Politicians who have been all-too-eager in the past to hand out massive giveaways to them, and to other big corporations, may not be as ready to do so in the future.

And Big Tech is likely to face much more scrutiny going forward than it's ever seen in the past.

Lessons learned

On its surface, Amazon's HQ2 project in New York looked like a great deal for the Big Apple. The company planned to build a new campus in Queens that would be home to some 25,000 workers. The move, according to studies commissioned by the New York governor's office and and the city of New York, would have brought in some $27.5 billion in tax revenue over the next 25 years.

But activists moved quickly to oppose it. They protested at City Hall, and badgered politicians about the deal and its impact.

Activists questioned the fairness of the city and state giving out up to $3 billion in tax breaks to one of the world's largest and wealthiest corporations. They criticized the fact that the deal was negotiated behind closed doors with little input from the communities that would be affected by it. Union officials in a labor-friendly city faulted Amazon for opposing unionization efforts. And many worried about how Amazon's presence would affect already high housing prices and the area's already stressed transportation systems.

Of course, activists have opposed similar corporate giveaways with similar arguments in the past. What made this effort different and more successful was that the political landscape has changed. Populist anger and energized New York voters helped Alexandria Ocasio-Cortez gain an upset victory over old-school Democrat Joe Crowley for a seat in the US House of Representatives, and powered the Democratic takeover of the New York Senate.

After that, politicians who might have dismissed the activists' concerns in the past were newly attentive to them. Indeed, at least two prominent figures — state Senator Michael Gianaris and Queens City Councilmember Jimmy Van Bramer— changed their position on Amazon's new campus from support to opposition following the company's public unveiling of its plans.

What's notable about Amazon's decision to withdraw is that the opposition — while vocal — never seemed to be overwhelming. New York Gov. Andrew Cuomo strongly supported the deal, as did New York City Mayor Bill De Blasio. Polls indicated that a majority of New Yorkers — around the state and in the city — backed it too.

Meanwhile, opponents appeared divided with differing goals. Union leaders, for example, likely would have gotten behind the plan if Amazon would have given them a relatively small concession: a commitment to remaining "neutral" on any unionization efforts among its New York workers, The New York Times reported.

Indeed, if Amazon had decided to stick it out or tried to do the hard work of trying to address opponents concerns, it still likely could have gotten the deal done — a point De Blasio made in his statement following the company's announcement.

Which is to say, Amazon's opponents were able to get the company to scuttle the deal largely by just making the process of finalizing it more difficult.

That's going to be a lesson for activists in other cities — such as San Francisco, San Jose, and Seattle — who are targeting similar deals for similar reasons. They may not need to build massive or united fronts against such deals, or put in place insurmountable obstacles to get tech giants to abandon them. They may need only increase the friction enough that the companies tire of the approval effort — or abandon it early out of fear of how much time and energy it will require.

Reasons to be skeptical

Activists may not necessarily have majority backing, but they do have good reasons to be skeptical of corporate giveaways and of tech companies opening big offices in their neighborhoods.

Numerous studies have indicated that tax incentives rarely determine where corporations set up shop; generally, they would choose the same location with or without the breaks. What's more, tax incentives often don't pay off for themselves, or don't end up delivering the jobs or economic activity they promised.

Another high-profile move to lure a big tech investment is a case in point. Wisconsin used a record-breaking $4.5 billion in tax incentives to lure Foxconn to build a TV factory there. Even with the personal intervention of President Donald Trump, however, Foxconn has reportedly scaled back the project and its potential to create jobs— leaving state and local officials holding the bag.

What's more, residents in tight housing markets like New York and the San Francisco Bay Area should rightly wonder about the tradeoffs involved in building massive new corporate campuses in their regions, particularly if they don't include plans for more housing or mass transit. Such developments risk making already unaffordable areas practically unlivable.

And there's good reason to question the idea of giving tax breaks to already rich corporations, particularly those in the tech sector. Companies such as Amazon and Apple have been among the most notorious when it comes to avoiding paying their fair share in taxes, taking advantage of numerous tax breaks and sketchy schemes to minimize their payments to the governments. Amazon, for example, is expected to pay $0 in federal income taxes for 2018 for the second year in a row.

The tech giants are already facing scrutiny on the national level for thwarting competition, spreading propaganda, subverting democracy, promoting addictive and potentially harmful technologies, and undermining privacy. Amazon's New York experience indicates that the local harms they cause are going to get more attention as well.

Original author: Troy Wolverton

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Feb
14

Bernie Sanders congratulates New York for 'standing up' to Amazon after tech giant cancels plan for new headquarters in Queens

Sen. Bernie Sanders on Thursday congratulated New Yorkers for "standing up to the power of Amazon" after the tech giant canceled a plan to build a second headquarters, called HQ2, in the New York City borough of Queens.

"The people of New York and America are increasingly concerned about the power of large multinational corporations and the billions in corporate welfare they receive. Our job is to end the race to the bottom where taxpayers in one city or state are forced to bid against each other for desperately needed jobs. This is what the rigged economy is all about," Sanders said in a statement to INSIDER.

The Vermont senator added, "I congratulate New Yorkers for standing up to the power of Amazon."

A number of local politicians, including Democrats like New York City Council speaker Corey Johnson, New York Councilman Jimmy Van Bramer, New York state senator Mike Gianaris, were opposed to the plan for a new Amazon headquarters in Long Island City. The politicians expressed concern with the impact on the city's residents and economy.

Amazon on Thursday pointed to this opposition from local leaders as part of its reasoning behind scrapping the plan for the new headquarters.

"For Amazon, the commitment to build a new headquarters requires positive, collaborative relationships with state and local elected officials who will be supportive over the long-term ... A number of state and local politicians have made it clear that they oppose our presence and will not work with us to build the type of relationships that are required to go forward with the project we and many others envisioned in Long Island City," Amazon said in a statement.

Read more: 'Queens is not for sale': Alexandria Ocasio-Cortez and New York activists celebrate Amazon's decision to cancel HQ2 in Long Island City

Other progressive politicians with similar views to Sanders, such as Democratic Rep. Alexandria Ocasio-Cortez, also applauded by Amazon's decision to cancel the plan to expand into New York City.

"Anything is possible: today was the day a group of dedicated, everyday New Yorkers & their neighbors defeated Amazon's corporate greed, its worker exploitation, and the power of the richest man in the world," Ocasio-Cortez said in a tweet.

New York Governor Andrew Cuomo, who worked hard to bring Amazon to the state, was not enthused by Thursday's developments. Cuomo attacked the New York politicians who stood against the plan and called for these politicians to be "held accountable for the lost economic opportunity."

56% of registered voters in New York state supported the plan to build the new Amazon headquarters in Queens, according to a Siena College poll released Tuesday. And a report commissioned by Cuomo suggested the plan would've brought $27.5 billion in tax revenue for the state and city.

But some of the local leaders critical of Amazon expressed concerns with the $3 billion in tax incentives the state and city would pay to the company as part of the deal.

Sanders, who was born and raised in Brooklyn, New York, has been a consistent and unabashedly vocal critic of Amazon's treatment of its workers.

The senator, who's seemingly poised to make another run for president in 2020, has made tackling wealth inequality and the influence of corporations in US politics the centerpiece of his long career in politics.

Original author: John Haltiwanger

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Jun
17

Uptycs lands $30M Series B to keep building security analytics platform

Thursday marked the end of Denver's first teacher strike in 25 years.

The Wall Street Journal reports that the Denver Public Schools (DPS) and the Denver Classroom Teachers Association reached a deal that includes, amongst other things, raises of up to 11% for teachers. The strike, which began on Monday, was spurred following failure to reach a satisfactory pay deal with administrators this month.

Data released by the OECD reveals that in the US, the average American teacher makes a starting salary of around $39,000 a year, and about $67,000 for a veteran teacher.

The OECD's full data set reveals a yawning gap between the highest and lowest paid teachers around the world. When converted to US dollars, many of the salaries fall well short of the average American teacher. For comparison, the starting salary for a high school teacher with no experience in Luxembourg is about $70,000. The peak salary for a veteran teacher is $124,000.

Elementary school teachers — best and worst

Luxembourg is the best country to be an elementary school teacher, salary-wise. Shayanne Gal/Business Insider

In Luxembourg, one of the richest countries in the world, an inexperienced teacher can expect to make more on his or her first day than teachers in nearly all other countries can hope to make in their entire careers.

The only exception is Switzerland, where elementary school teachers make nearly $86,000 at the top range of salaries.

Meanwhile, salaries in the four lowest-paid countries all top out below the starting salaries in the 10 best-paid countries. End-of-career salaries in the Slovak Republic, Czech Republic, Poland, and Hungary remain below $30,000.

High school teachers — best and worst

Luxembourg is also the best country to be a high school teacher, salary-wise. Shayanne Gal/Business Insider

Luxembourg's and Switzerland's dominance continues on for high school teachers. Likewise, Korean teachers still see the biggest jumps in pay over their careers.

Though a brand-new teacher in Korea makes just $30,000 in their first year, by the time they've hit the 10-year mark, their salary rises to around $50,000, and at the top end, it's $84,000.

Austria is one of the only countries to jump significantly from elementary school pay to high school. High school teachers make about $10,000 more at the top of the scale.

Original author: Shayanne Gal, Marissa Perino and Leanna Garfield

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Feb
14

Why your startup may not be as great as everyone says

Gil Ben-Artzy Contributor
Gil Ben-Artzy is a founding partner at UpWest Labs.

One of the very first things we ask Israeli entrepreneurs who are hoping to break into the U.S. market is to tell us how their product or service is being received by their target market. What is the feedback? Are potential customers hungry for what the team is selling?

Validation, both of the broader vision and the early product itself, has to be a key focus for any aspiring entrepreneur. Testing your product and getting specific feedback is the only way to know if the company is on the right track or wasting its time chasing down the wrong path. However, even for seasoned founders who understand how vital market validation is to the success of their company, it can be all too easy to get distracted chasing the wrong kind of validation.

Not all validation is created equal. It is crucial that founders differentiate between meaningful validation and vanity “wins” that do little more than make you feel good. Fake validation is everywhere. Here are some common traps founders need to beware of.

Not all customers are born equal

Founders need to be careful about soliciting customers that are either too small or too big for their entry point into the market, or not even in the actual market segment they are targeting. If your early customers are different from those you eventually hope to acquire, then the things they ask for and feedback they provide will skew your short-term goals and put your business on the wrong path.

The best companies and founders are the ones that aren’t afraid to go out and get real, tangible feedback from potential customers.

This is especially common when targeting companies outside the U.S., where startups build long lists of customers in their home market that may or may not have the same set of needs as U.S.-based customers. But by the time these startups are “ready” to expand beyond their home country, they have a hard time selling investors and foreign customers on a product that has only been validated by unfamiliar brands in a small domestic market. Many times, these early customers do not have exposure to competing products in the larger U.S. market, or they have a different set of problems they are aiming to solve altogether, which sends misleading signals to the startup.

Securing customers is obviously crucial to any startup’s success, and can be helpful in shaping how a startup markets itself in the early days. Yet founders must be able to properly contextualize the pedigree of those customers, and always keep the long-term vision front and center. The product isn’t truly validated until you have the right type of customers validating your product.

Corporate guidance?

Large corporations are constantly looking for the next cutting-edge technology that will propel their next phase of growth. This is why countries like Israel, with its deep talent pool in AI, IoT, cybersecurity, etc., have become hotbeds for corporate innovation labs.

At first glance, this is a great thing for Israeli entrepreneurs because it gives them exposure and access to the biggest companies in the world. But proximity and feedback from these groups isn’t everything. Many of these innovation labs accept local startups into their program, which can obviously be exciting for those founders, especially at the early stage. The corporate will then aim to work on a pilot program with the startup to test their product, which could be beneficial for the startup. However, gaining just this one customer doesn’t always guarantee future success, nor does it truly validate the product.

Getting a pilot with a larger corporate can be a great opportunity, but diligent founders must also continue to pursue other pilots. First, pilot programs do not always translate to becoming real customers and founders need to avoid placing all their eggs in one basket. Second, the feedback founders receive from just one large customer may not be representative of the entire customer segment. Simply being in the innovation hub is often not enough by itself to signal long-term success.

All your startup friends say your product is cool

This one may seem obvious, but it remains just as pervasive as ever. It’s easy for first-time founders to drink their own Kool-Aid and get overly hung up on any positive feedback that’s heaped upon them or their product. An overwhelming number of new startups are created in heavily concentrated markets like Silicon Valley, which can make it difficult to find unbiased feedback outside the echo chamber.

It’s not only nice to be told your product is awesome, but it can become downright addicting.

This is especially true for startups that are just beginning to validate their product offering, or a specific piece of their technology. Afraid of approaching someone who “won’t get it,” we see founders chasing the feedback they want to hear, often from peer entrepreneurs, who will be excited by a piece of technology but obviously won’t be the ones who end up buying and using it as real customers.

By self-soliciting feedback from the wrong people, founders make the mistake of focusing on the wrong aspects of the product instead of taking it directly to potential customers in the market who will specifically tell you what they do and don’t like.

You just raised $10 million. That has to mean something, right?

Even raising a sizable round from VCs can be a form of fake momentum. Much has been written on the topic, but it’s easier than ever for some entrepreneurs in specific domains to raise significant capital these days. There are more seed funds out there than ever before. Valuations and deal sizes at the seed and Series A stages continue to climb. What this truly means is that bets on the success or failure of a startup are being made earlier in the life cycle of the company.

Just because a VC chooses to invest in a company does not mean that startup has reached the promised land. VCs are not your customers, and while capital they provide is a critical means to further the development of the business, it does not replace getting real validation from and selling to the target market.

Winning!

Founders often misunderstand or overestimate the tangible impact that awards and PR recognition will have on their businesses. We see this all the time when entrepreneurs come bragging about some competition they won, or a top 10 list they were included in. Don’t get me wrong, awards are nice to have and they can help with attracting talent and hiring into your startup. However, founders need to realize that the value is capped, does not serve as real validation and is typically meaningless to investors and potential customers alike in their evaluation of the startup.

There are several potential traps on the journey to validation, and it can be easy to fall victim if entrepreneurs take their eyes off the prize. It’s not only nice to be told your product is awesome, but it can become downright addicting. The best companies and founders are the ones that aren’t afraid to go out to market and get real, tangible feedback from potential customers. If you’re not doing that, you’re simply making yourself more susceptible to fake validation that can derail your vision.

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Feb
14

Roundtable Recap: February 14 – A Discussion on the Indian B-to-B SaaS Opportunity with Yash Hemeraj of Arka Labs - Sramana Mitra

During this week’s roundtable, we had as our guest Yash Hemaraj, Founding Partner at Arka Venture Labs and Partner at Benhamou Global Ventures (BGV). Arka has recently partnered with 1Mby1M to...

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Original author: Sramana Mitra

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Jun
17

eBay Surges on Coronavirus Lockdown - Sramana Mitra

Peltarion, a Swedish startup founded by former execs from companies like Spotify, Skype, King, TrueCaller and Google, today announced that it has raised a $20 million Series A funding round led by Euclidean Capital, the family office for hedge fund billionaire James Simons. Previous investors FAM and EQT Ventures also participated, and this round brings the company’s total funding to $35 million.

There is obviously no dearth of AI platforms these days. Peltarion focus on what it calls “operational AI.” The service offers an end-to-end platform that lets you do everything from pre-processing your data to building models and putting them into production. All of this runs in the cloud and developers get access to a graphical user interface for building and testing their models. All of this, the company stresses, ensures that Peltarion’s users don’t have to deal with any of the low-level hardware or software and can instead focus on building their models.

“The speed at which AI systems can be built and deployed on the operational platform is orders of magnitude faster compared to the industry standard tools such as TensorFlow and require far fewer people and decreases the level of technical expertise needed,” Luka Crnkovic-Friis, of Peltarion’s CEO and co-founder, tells me. “All this results in more organizations being able to operationalize AI and focusing on solving problems and creating change.”

In a world where businesses have a plethora of choices, though, why use Peltarion over more established players? “Almost all of our clients are worried about lock-in to any single cloud provider,” Crnkovic-Friis said. “They tend to be fine using storage and compute as they are relatively similar across all the providers and moving to another cloud provider is possible. Equally, they are very wary of the higher-level services that AWS, GCP, Azure, and others provide as it means a complete lock-in.”

Peltarion, of course, argues that its platform doesn’t lock in its users and that other platforms take far more AI expertise to produce commercially viable AI services. The company rightly notes that, outside of the tech giants, most companies still struggle with how to use AI at scale. “They are stuck on the starting blocks, held back by two primary barriers to progress: immature patchwork technology and skills shortage,” said Crnkovic-Friis.

The company will use the new funding to expand its development team and its teams working with its community and partners. It’ll also use the new funding for growth initiatives in the U.S. and other markets.

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Feb
14

Figma gets $40 million Series C to put design tools in the cloud

With more industries and organizations recognizing design as a pillar of business, a battle is brewing among makers of design tools. And with a fresh $40 million in Series C funding, Figma is ready to fight.

Co-founder and CEO Dylan Field explains that when he and co-founder Evan Wallace started the company, in 2012, IBM employed one designer for every 72 engineers. Today, IBM has eight engineers to every designer, and that ratio goes to 3:1 on mobile.

This shift, which is reflected more broadly across various industries, has led more people within their organizations to want to be involved in the design process. Which means that tools that once “got the job done” for small design teams and individual freelancers working in a silo stopped being useful.

Field saw the need for real-time collaborative design tools, and dropped out of Brown to join the Thiel fellowship to build Figma . Since launch, the company has grown to 1 million sign-ups, with a total of $82.9 million raised on a $440 million post-money valuation.

Figma offers a freemium model, with the product remaining free up to three editors. From there you bump into the Pro tier, which offers unlimited version history and the ability to create a Design System for $15/month/editor. The org tier bundles in an extra layer of security and content control for $45/month/editor.

A big part of what sets Figma apart is its home on the web. Figma allows designers and collaborators to take care of every part of the process — from initial design to collaboration to storage to prototyping — right within a web app.

“We set out to make a cloud version of these traditional design tools,” said Field. “And what we realized is that once you put it all in the cloud, and make it so that the entire workflow across design and storage and prototyping and developer hand-off and version control… once you connect all that, you’re not actually creating all those different products. You’re creating one integrated system.”

Because of this, common design problems like file versioning and real-time collaboration aren’t really an issue for Figma. Designers can work together, or make changes on their own, and those changes are reflected across the file in real time with a complete revision history. To share something new, they can simply send over a link.

Adobe and InVision, the two other big players in the ring, have both built native apps to handle the same full-stack problem of bundling design tools, collaborative prototyping and file versioning. Adobe has addressed its growing competition through its collaborative design tool Adobe XD. InVision, which started as a collaborative prototyping platform in 2011, has either built or bought its products that expand up and downstream in the workflow.

And it seems that, for some big design teams, Figma’s web app has prevailed — which explains why Sequoia partner Andrew Reed changed his mind. Figma actually went to Sequoia when raising their Series B in 2018, and the VC firm passed up the opportunity.

“At the time, the product was interesting but the people we talk to about these products weren’t pointing to Figma as transforming their companies,” said Reed. “Over the past 12 months, things changed. We called people to ask their opinions and people were calling us proactively and telling us how impactful it was in their companies.”

After looking at the data, Reed said he discovered there were Figma users at half of Sequoia’s portfolio companies. He reached out to Field, sent over a term sheet in Figma and within a week Figma closed on what could be seen as an opportunistic round, considering how recently Figma picked up its Series B.

But one perk of the deal is Reed’s experience from investing in GitHub, which is a great exemplar for design tool companies looking to bring some level of cohesiveness to a fragmented landscape.

“Collaboration is going to be embedded in the future of software,” said Reed.

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Jun
17

‘One day we were in the office and the next we were working from home’

Sight Diagnostics, an Israeli medical devices startup that’s using AI technology to speed up blood testing, has closed a  $27.8 million Series C funding round.

The company has built a desktop machine, called OLO, that analyzes cartridges manually loaded with drops of the patient’s blood — performing blood counts in situ.

The new funding is led by VC firm Longliv Ventures, also based in Israel, and a member of the multinational conglomerate CK Hutchison Group.

Sight Diagnostics said it was after strategic investment for the Series C — specifically investors that could contribute to its technological and commercial expansion. And on that front CK Hutchison Group’s portfolio includes more than 14,500 health and beauty stores across Europe and Asia, providing a clear go-to-market route for the company’s OLO blood testing device.

Other strategic investors in the round include Jack Nicklaus II, a healthcare philanthropist and board member of the Nicklaus Children’s Health Care Foundation; Steven Esrick, a healthcare impact investor; and a “major medical equipment manufacturer” — which they’re not naming.

Sight Diagnostics also notes that it’s seeking additional strategic partners who can help it get its device to “major markets throughout the world”.

Commenting in a statement, Yossi Pollak, co-founder and CEO, said: “We sought out groups and individuals who genuinely believe in our mission to improve health for everyone with next-generation diagnostics, and most importantly, who can add significant value beyond financial support. We are already seeing positive traction across Europe and seeking additional strategic partners who can help us deploy OLO to major markets throughout the world.”

The company says it expects that customers across “multiple countries in Europe” will have deployed OLO in actual use this year.

Existing investors OurCrowd, Go Capital, and New Alliance Capital also participated in the Series C. The medtech startup, which was founded back in 2011, has raised more than $50M to date, only disclosing its Series A and B raises last year.

The new funding will be used to further efforts to sell what it bills as its “lab-grade” point-of-care blood diagnostics system, OLO, around the world. Although its initial go-to-market push has focused on Europe — where it has obtained CE Mark registration for OLO (necessary for commercial sale within certain European countries) following a 287-person clinical trial, and went on to launch the device last summer. It’s since signed a distribution agreement for OLO in Italy.

“We have pursued several pilots with potential customers in Europe, specifically in the UK and Italy,” co-founder Danny Levner tells TechCrunch. “In Europe, it is typical for market adoption to begin with pilot studies: Small clinical evaluations that each major customers run at their own facilities, under real-world conditions. This allows users to experience the specific benefits of the technology in their own context. In typical progress, pilot studies are then followed by modest initial orders, and then by broad deployment.”

The funding will also support ongoing regulatory efforts in the U.S., where it’s been conducting a series of trials as part of FDA testing in the hopes of gaining regulatory clearance for OLO. Levner tells us it has now submitted data to the regulator and is waiting for it to be reviewed.

“In December 2018, we completed US clinical trials at three US clinical sites and we are submitting them later this month to the FDA. We are seeking 510(k) FDA clearance for use in US CLIA compliant laboratories, to be followed by a CLIA waiver application that will allow for use at any doctor’s office. We are very pleased with the results of our US trial and we hope to obtain the FDA’s 510(k) clearance within a year’s time,” he says.

“With the current funding, we’re focusing on commercialization in the European market, starting in the UK, Italy and the Nordics,” he adds. “In the US, we’re working to identify new opportunities in oncology and pediatrics.”

Funds will also go on R&D to expand the menu of diagnostic tests the company is able to offer via OLO.

The startup previously told us it envisages developing the device into a platform capable of running a portfolio of blood tests, saying each additional test would be added individually and only after “independent clinical validation”.

The initial test OLO offers is a complete blood count (CBC), with Sight Diagnostics applying machine learning and computer vision technology to digitize and analyze a high resolution photograph of a finger prick’s worth of the patient’s blood on device.

The idea is to offer an alternative to having venous blood drawn and sent away to a lab for analysis — with an OLO-based CBC billed as taking “minutes” to perform, with the startup also claiming it’s simple enough for non-professional to carry out, whereas it says a lab-based blood count can take several days to process and return a result.

On the R&D front, Levner says it sees “enormous potential” for OLO to be used to diagnose blood diseases such as leukemia and sickle cell anemia.

“Also, given the small amount of blood required and the minimally-invasive nature of the test when using finger-prick blood samples, there is an opportunity to use OLO in neonatal screening,” he says. “Accordingly, one of the most important immediate next steps is to tailor the test procedures and algorithms for neonate screening.”

Levner also told us that some of its pilot studies have looked at evaluating “improvements in operator and patient satisfaction”. “Clearly standing out in these studies is the preference for finger-prick-based testing, which OLO provides,” he claims. 

One key point to note: Sight Diagnostics has still yet to publish peer reviewed results of its clinical trials for OLO. Last July it told us it has a publication pending in a peer-reviewed journal.

“With regards to the peer-reviewed publication, we’ve decided to combine the results from the Israel clinical trials with those that we just completed in the US for a more robust publication,” the company says now. “We expect to focus on that publication after we receive FDA approval in the US.”

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Feb
14

1Mby1M Virtual Accelerator Investor Forum: With Alireza Rahnema of 7 Gate Ventures (Part 4) - Sramana Mitra

Sramana Mitra: Let’s do another company. Alireza Rahnema: Another company that has a very interesting background is Spocket. Spocket is one of the top three service providers on the Shopify platform....

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Original author: Sramana Mitra

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Feb
14

431st Roundtable For Entrepreneurs Starting NOW: Live Tweeting By @1Mby1M - Sramana Mitra

Today’s 431st FREE online 1Mby1M Roundtable For Entrepreneurs is starting NOW, on Thursday, February 14, at 8 a.m. PST/11 a.m. EST/5 p.m. CET/9:30 p.m. India IST. Click here to join. All are...

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Original author: Maureen Kelly

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Feb
14

431st Roundtable For Entrepreneurs Starting In 10 Minutes: Live Tweeting By @1Mby1M - Sramana Mitra

Today’s 431st FREE online 1Mby1M Roundtable For Entrepreneurs is starting in 30 minutes, on Thursday, February 14, at 8 a.m. PST/11 a.m. EST/5 p.m. CET/9:30 p.m. India IST. Click here to join....

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Original author: Maureen Kelly

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Nov
12

1Mby1M Virtual Accelerator Investor Forum: With Brock Pierce of Blockchain Capital (Part 1) - Sramana Mitra

Grover, the Berlin-based startup that offers “pay-as-you-go” subscriptions to the latest consumer tech as an alternative to owning products outright, is going all-in on e-scooters or so-called micro-mobility. The latest to jump in on the e-scooter craze, the company is launching an e-scooter monthly subscription service in Germany.

Dubbed GroverGo, customers can rent the Xiaomi e-scooter Mijia M365 for €49.90 per month and have access to a rental scooter of their own for a fraction of the cost of buying.

The idea — and thinking behind Grover as a whole — is that instead of purchasing an e-scooter outright (or in this instance, relying on using the sprawling number of pay-per-ride services), GroverGo customers can enjoy unlimited e-scooter rides without the upfront costs or commitment of owning an e-scooter. A GroverGo rolling monthly subscription can be canceled at any time and includes Grover Care damage coverage.

The Xiaomi scooter goes up to 25 km/h, and can ride up to 30 km without recharging. It is also foldable and fairly lightweight, which Grover says makes it easy to travel with. The company also reckons that GroverGo makes sense for anyone who would ride 10 or more times per week.

“The biggest advantage of GroverGo versus pay-per-ride e-scooter services is the guaranteed availability and efficient use, as each scooter stays with its renter rather than hundreds of them clogging the sidewalks waiting to be picked up and recharged,” says Grover, taking a dig at the likes of Lime and Bird. “GroverGo customers make their scooter their own for the time of their subscription and know that it’s always charged and at their disposal. Even in the most remote neighbourhoods, the scooter can be folded and taken to the office or a bar and will be there for the ride home.”

The tech subscription service is also confident e-scooters will become more useful, as German authorities make changes to how the devices are regulated. “Thanks to a recently issued ordinance by the federal government, it is expected that Germany will change its regulations and allow e-scooters on public streets soon,” says Grover.

Meanwhile, Michael Cassau, CEO and founder of Grover, tells me he believes micro-mobility services are the “future of cities” and that the Product-as-a-Service model that Grover is based on is particularly suited to the space. “I am confident that our approach with GroverGo is smart and efficient, and will convince many to switch to e-mobility without the barriers and commitment of buying and financing, and without the hassle of shared e-scooter services,” he adds.

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Dec
07

Naver’s large language model is powering shopping recommendations

Teckro, a software platform that claims to make the conduct of clinical trials more efficient and collaborative, has closed $25 million in Series C funding. The round, which brings the total raised by the Irish company to $43 million, was led by Northpond Ventures, with participation from Founders Fund, Sands Capital Ventures, Bill Maris’ Section 32 venture fund and Borealis Ventures.

Founded by brothers Gary and Nigel Hughes and Jacek Skrzypiec in 2015, Teckro’s technology is designed to improve the conduct of clinical trials, including by employing machine learning to improve the speed and accuracy of clinical trials. Through digitisation, it also attempts to make clinical trials more transparent across stakeholders and those responsible for conducting the trial, including doctors, research nurses and patients.

“The industry still relies heavily on paper, on working off retrospective data, and there is still an over-reliance on sending CRAs to busy research sites,” says Teckro co-founder and CEO Gary Hughes. “This approach, together with the plethora of point solutions that get ‘bolted on,’ only adds to the complexity and disjointed experience of research sites and patients.”

To that end, Teckro says it has users in more than 80 countries, up from 30 countries at the time of the Series B in August 2017. It employs more than 100 staff across its global headquarters in Limerick, Ireland, an engineering hub in Dublin, Ireland and a U.S. base in Nashville, Tennessee.

“Our mission is to engage more physicians in clinical research,” Hughes tells me. “We believe increased participation by physicians (currently less than 3 percent globally) will provide greater access to patients, effectively making clinical research a treatment option for millions of patients with unmet medical needs. That requires a complete rethink of clinical trial operations, particularly the experience of research sites. It’s very much a ‘fix one thing’ approach, establishing new digital touch points that remove friction and provide busy research staff with instant access to critical trial information when it is needed most.”

The broader Teckro vision is to be “at the centre of all site and patient interactions in a clinical trial,” says Hughes. “We are building a new digital infrastructure and toolset for clinical research that makes the conduct of trials simpler, more transparent and more inclusive.”

The resulting aim, of course, is to ensure that effective drugs are efficiently moved from the lab to the patient “so that [more] lives can be saved.”

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Feb
14

Malt raises $28.6 million for its freelancer platform

French startup Malt is raising a $28.6 million funding round (€25 million) with Idinvest Partners leading the round and existing investors ISAI and Serena also participating. Overall, the company has raised $36.6 million since its creation (€32 million).

Malt has created a marketplace for companies and engineers working as freelancers. There are currently 100,000 freelancers on the platform and 15,000 companies using Malt regularly.

With today’s funding round, the company wants to grow its platform in other European countries. There are 10,000 freelancers on the platform in Spain, and the company plans to open new markets, starting with Germany and the Netherlands.

The startup thinks that hiring freelancers can be a great alternative to big IT consulting companies. Every time a freelancer accepts a job, clients rate the freelancer. This way, clients can know for sure that somebody is a capable developer.

On the other side, freelancers don’t necessarily have all the connections to find freelancing jobs on their own. Malt can help you work with more companies. The startup also acts as a sort of broker. You no longer have to send emails weeks or even months after completing a job to get your money. Malt takes care of all the pesky admin tasks. Freelancers also get a few deals on benefits, health coverage, etc.

Big French companies, such as Accorhotels, Société Générale and BlaBlaCar use Malt. Seventy-five percent of France’s top 40 public companies in the CAC40 have worked with a Malt freelancer at some point. And if your big company doesn’t know much about data science, DevOps and other jobs, Malt can help you find freelancers for you.

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Jun
12

BLCK VC co-founder Sydney Sykes talks specific actions firms can take to be more inclusive

Eastnine, a new fitness startup and app co-founded by London entrepreneur and investor Jason Goodman, is de-cloaking today, including disclosing that it has raised £2 million in seed funding.

Leading the round is London-based LocalGlobe and Berlin-based Cherry Ventures, which are joined by a list of prominent angel investors that includes Niklas Zennström, co-founder of Skype and London venture capital firm Atomico.

Also participating is former Spotify CMO and now Atomico partner Sophia Bendz, Supercell founder Ilkka Paananen, Moo co-founder Richard Moross, Wonga founder Errol Damelin and Climate Corp. co-founder and Atomico partner Siraj Khaliq, amongst others.

The links to current Atomico personnel, who have all invested in a personal capacity, shouldn’t come as a total surprise. Before co-founding Eastnine, Goodman spent a year as an Atomico Executive-in-Residence (XiR), where he mentored founders within the venture capital firm’s portfolio. Prior to Atomico, he was founder and CEO of product design agency Albion, which was acquired by KBS.

Launching in beta for iOS, the Eastnine app is initially focusing on running, blending professional coaching sessions delivered via audio with more innovative social features. The latter includes the ability to “race” against other Eastnine runners who have previously taken the same coaching session. The feature uses asynchronous session data, but is presented on a map in real time, something akin to racing against an action replay.

The social element, explained Goodman in a call yesterday, is important to help motivate people to engage with and improve their fitness. That’s because running can often feel incredibly isolated and it is difficult to see an improvement because it can be slow to manifest.

“A daily run is hard to make a habit and can be inherently solitary,” says Goodman. “Doing it with others makes it enjoyable, purposeful and addictive. We’ve tried all sorts of apps, but they are linear and lonely and miss the extra push you get from doing it with others, on your terms. Our training experience combines the fun and sport of being surrounded by other Eastnine runners on a real-time leaderboard with [a] genuinely knowledgeable coaching approach that inspires people to run more and run better.”

(“Hate running but now actually doing it,” is how one London millennial founder described the Eastnine app, having taken part in the startup’s closed beta.)

More broadly, Goodman says he wants to disrupt the “con” in fitness and the way people approach fitness everyday. “We want to do this by helping to create the right habits, making it accessible, social and enjoyable,” he tells me, whilst bemoaning the number of charlatans that currently exist in the fitness space. He also believes the industry is crying out for a more British and quietly European approach, instead of the “shouty” coaching style often imported from North America.

The Eastnine coaching team is made up of qualified coaches from the world of professional sport. They include Team GB athletes JJ Jegede and Lewis Richardson; former professional rugby player Leo Savage; osteopath to elite sports professionals Alice Monger-Godfrey; and nutritionist to competitive cyclists and Ironman athletes Will Girling.

“The fitness industry on so many levels is a con,” says Goodman. “Too many products and services are sold to us in a way that suggests an immediate fix — but human nature means that when we don’t see results, or create the right habits, we don’t push on and make tangible progress. The real challenge is to learn the right habits that help us make real progress. The cons are well-documented: gyms make profit on the users that don’t show up or cancel their membership and social media is full of pseudo celebrities selling the latest appetite suppressant lollipop that they have never used but are happy to endorse. The category is full of people saying one thing and trying to sell you something else.”

While in beta, the Eastnine app remains entirely free. However, the startup plans to eventually switch to a freemium model, with an optional monthly subscription similar to Calm or Headspace that can be canceled at any time. “We want as many people using it as possible so we can develop the service with our members’ feedback,” adds Goodman. “We’ll use a freemium approach so a portion of content will always be free.”

Meanwhile, it would be remiss not to mention Eastnine’s other co-founders. They are David McCreary, previously VP Engineering of Boiler Room and senior software engineer at NextVR; Cat Forrest, former international GB high jumper, Rapha cycling ambassador and marketeer at Virgin Group; and Matt Harrison, previously Strategy Director at innovation agency Seymourpowell.

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