Aug
11

SoundCloud saved by emergency funding as CEO steps aside

Original author: Lauren Johnson

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Aug
11

Curve co-founder joins challenger bank Monzo as COO

Prominent conservatives including Donald Trump Jr. and Sen. Ted Cruz retweeted misleading claims and footage attempting to depict Portland protesters as having burned a "stack of Bibles."But the narrative was originally set in motion by Russian-backed media outlet Ruptly, The New York Times reported Tuesday.After Ruptly aired misleadingly edited footage of the protesters, a right-wing commentator tweeted the footage along with claims further mischaracterizing them, which several conservative politicians and news outlets then amplified.The incident reveals Russia's evolving and increasingly nuanced misinformation tactics, which now rely on real people spreading stories with elements of truth, not just fake news.Visit Business Insider's homepage for more stories.

Several high-profile conservatives including Donald Trump Jr. and Sen. Ted Cruz of Texas shared Russian misinformation, the The New York Times reported Tuesday.

In Portland, Oregon, protests against police brutality have continued for more than 70 consecutive days. The protesters themselves have been largely peaceful, but have also on some occasions lit bonfires. 

In one of those instances, footage from Ruptly, the video arm of Russian state-backed media outlet Russia Today, showed some protesters using a Bible and American flag to start a fire, which others eventually put out, according to The New York Times.

Multiple local media outlets reported that the protests had been peaceful throughout the day and that the fire was started only at the end of the night as a dwindling crowd of somewhere between a few dozen and 100 people spoke about the Black Lives Matter movement, while only one mentioned a Bible being involved at all.

But Ruptly, which has livestreamed the protests and published highlight clips nightly, focused its summary video that night on the burning of what appeared to be a single Bible, The New York Times reported. Twice, it tweeted the video, noting the Bible being set ablaze both times.

A Twitter user with just a few followers also tweeted the video shortly before deleting their account, but not before  right-wing agitator Ian Miles Cheong retweeted them, adding his own false claim that the protesters burned "a stack of Bibles." 

—Ian Miles Cheong (@stillgray) August 1, 2020

Cheong's tweet then went viral, sparking coverage from prominent and conservative media outlets and blogs including the New York Post, The Federalist, Gateway Pundit, and The Blaze, as well as retweets from Trump Jr. and Sen. Cruz.

—Donald Trump Jr. (@DonaldJTrumpJr) August 1, 2020
—Ted Cruz (@tedcruz) August 1, 2020

The success of Ruptly's misleading coverage of the Portland protests reveals how Russia's misinformation tactics have evolved since the 2016 presidential election, where American intelligence agencies have repeatedly concluded that Russia interfered with the aim of hurting Hillary Clinton's candidacy.

In 2016, Russia relied heavily on fake Facebook, Instagram, Twitter, YouTube, and other social media accounts to artificially amplify fake news stories created by the Internet Research Agency, its in-house troll farm.

But Russia is deploying new, more sophisticated tactics this time around, and the Portland protest story shows how it has learned to leverage hot-button issues that are likely to resonate with highly partisan or ideological groups in order to sow dissent.

Cybersecurity experts have found that Russia is exploiting the coronavirus pandemic and racial tension in the US, and US intelligence agencies have warned that Russia is attempting to sway the election toward Trump again in 2020, though Trump has repeatedly downplayed the assessments of US intelligence agencies, instead giving deference to fringe agitators who support him.

Original author: Tyler Sonnemaker

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Aug
11

WeWork acquires Israeli startup Unomy to boost its enterprise sales efforts

Lyft on Wednesday revealed its lowest quarterly revenue since 2017, as the coronavirus pandemic wallops its business.

Here are the key numbers from the earnings report, covering April 1 through June 31:

Revenue: $339.3 million ($334 million expected)EPS: $-0.86 ($-0.99 expected)Net loss: $437 million 

"While rideshare rides in the quarter were down significantly year-over-year, we are encouraged by the recovery trends we are beginning to see, with monthly rideshare rides in July up 78% compared to April," CEO Logan Green said in a press release. "Lyft's second quarter results reflect an operating environment that was not only challenging for our core ridesharing business, but also for our valued riders and drivers and the communities we serve."

Despite the rebound from April lows, active riders declined by 60% from the same period in 2019 thanks to shelter-in-place orders and a near shutdown in business travel. The gains outpaced the rate at which Lyft could get drivers back on the platform, executives said. 

Unlike Uber, Lyft had no food-delivery business to lean on as the coronavirus pandemic hobbled rides requests. Moreover, Lyft only operates in North America, so the United States' failure to contain the spread of the virus has exacerbated its financial difficulties.

Shares of Lyft initially jumped as much as 4% in after-hours trading following the announcement, before sinking about 2% below Wednesday's close. The company's EBITDA loss was 20% better than it had forecast earlier this year, CFO Brian Robert said, but the bottom line beat was largely fueled by massive layoffs that helped to cut costs. 

"These steps position the Company to achieve adjusted EBITDA profitability with 20 - 25% fewer rides than originally contemplated in our fourth quarter 2021 target," Roberts said. 

On a conference call, executives said Lyft would also possibly shut down temporarily in California amid a long-running dispute with labor advocates over its classification of drivers as contractors instead of employees. The state makes up about 16% of total rides, Lyft said. 

The companies, along with other gig-economy startups, hope to fund a shared benefits pool that can follow workers between apps while allowing them the same flexibility. 

"Lyft cannot comply with the injunction at the flip of a switch," Green said. 

Axel Springer, Insider Inc.'s parent company, is an investor in Uber.

Original author: Graham Rapier

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Aug
13

Thought Leaders in E-Commerce: Brenda Boehler, CEO of Bellacor (Part 4) - Sramana Mitra

You could Zoom call into your science class, or you could conduct a lab experiment in virtual reality. During the coronavirus pandemic, the latter has never felt more full of potential.

The global need for learning solutions beyond Zoom is precisely why Labster, a Copenhagen-based startup that helps individuals engage in STEM lab scenarios using virtual reality, is growing rapidly. Since March, the usage of Labster’s VR product has increased 15X.

On the heels of this unprecedented momentum, Labster joins a chorus of edtech startups raising right now, and announced it has brought on $9 million in equity venture funding. The round was led by GGV, with participation from existing investors Owl Ventures, Balderton and Northzone.

“COVID-19 has been a great awareness builder of Labster, opening teachers’ eyes to the good sides of online learning as opposed to Zoom-only learning, which is largely failing,” CEO and co-founder Michael Jensen told TechCrunch.

Labster sells its e-learning solution to support and enhance in-person courses. Based on the subscription an institution chooses, participants can get differing degrees of access to a virtual laboratory. Imagine a range of experiments, from understanding bacterial growth and isolation to exploring the biodiversity of an exoplanet. Along with each simulation, Labster offers 3D animations for certain concepts, re-plays of simulations, quiz questions and a virtual learning assistant.

Photo credit: Labster.

While the majority of Labster’s customers are private institutions, the company landed a deal with all of California’s community colleges during the pandemic. The partnership added 2.1 million students to Labster’s customer base, which Jensen said has been bolstered by a broader growth in annual license deals and partnerships.

With GGV on board, Labster is looking to strengthen position in Asia. Breaking into new markets often requires a strategic investor with eyes on the ground on how that market works, thinks and, most importantly, learns. Asian markets are specifically lucrative for edtech companies because consumer spend is higher compared to the North American market.

Jenny Lee, a Shanghai-based partner with GGV, will take a board seat at Labster.

Lee has expressed interest in how automation, virtual and AI-based teachers can help bridge the gap between K-12 markets and lack of good-quality teachers everywhere.

Jensen said that the capital will also be used to bolster the company’s mobile offering, since Asian markets have high mobile usage compared to North American and European markets.

The round is significantly smaller than Labster’s previous $21 million Series B, closed in April of 2019. And it contrasts sharply to the momentum that has benefited edtech companies like MasterClass, Coursera and, reportedly, Udemy into raising nine-figure rounds.

So naturally, I asked Jensen: why the conservative raise?

Jensen says that the $9 million check was a strategic growth check to bring on GGV (all existing investors in Labster also participated in the round). Since being founded in 2012, the company has been relatively conservative in raising cash. To date, inclusive of this round, Labster has raised $40 million in venture capital.

He argues the new money, thus, is offensive capital instead of defensive capital. It’s a strategic check to open a global door.

This isn’t the first time an edtech company has raised a smaller round than expected during the coronavirus pandemic. In April, edtech unicorn Duolingo raised a short $10 million to expand into Asia and bring on General Atlantic as an investor to expand into global markets.

Duolingo, however, is cash-flow positive. Jensen did not comment on if Labster has turned a profit, but adds that it was a “significant up round” that brought the company’s valuation to above $100 million.

“Our primary objectives continue to be rapid growth and global impact, not profits,” he told TechCrunch.

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Aug
11

Popular writing app Ulysses switches to subscription model

Both Uber and Lyft said they could temporarily shut down in California if forced to consider their drivers employees.On Monday, a court ruled in favor of labor activists in ordering Uber and other gig-work firms to pay workers as employees, not contractors. The companies requested a 10-day stay on the ruling.A group of companies that rely on independent contractors has proposed a third way of classifying workers, which includes a benefits pool that can follow workers across apps and platforms while maintaining flexibility. Visit Business Insider's homepage for more stories.

Uber and Lyft could temporarily shut down in California if a court ruling saying their workers must be classified as employees, not contractors, holds.

Uber CEO Dara Khosrowshahi told MSNBC Wednesday morning that "it's hard to believe we'll be able to switch our model to full-time employment quickly" after a state judge ruled Monday that Uber, Lyft, and other gig-work companies must reclassify drivers and couriers as employees.

Lyft made its threat on a conference call Wednesday afternoon, based on the same ruling. Executives said the shutdown could occur as soon as August 20. The state makes up about 16% of Lyft's total rides, the company said. 

Uber's Khosrowshahi said the shutdown could last until the company's stay on the court ruling, which it requested in filings Tuesday night, is granted. Otherwise, it could continue until California voters decide on Proposition 22 in November, which would allow the company to classify drivers as contractors.

The reclassification as employees would give workers access to benefits and other perks of full-time employment that activist groups have been fighting for over the years. It would also create massive overhead expenses for the companies, whose business models largely rely on independent contractors and lower labor costs.

In fighting the new rules, which were made law by California legislators last year, Uber and others have said workers will lose the flexibility many love about working on the platforms. Instead, a consortium of firms has proposed a third way of classifying employees and wants to pay into a floating benefits fund that will follow workers across ride-hailing and delivery platforms to pay for healthcare and other expenses.

Uber previously accused labor groups of being driven by politics in their fight for driver rights.

"We've got terrific supporters [of Proposition 22] in the community as well who actually care about drivers, versus labor unions and politics. They actually are taking into account the wants and needs of drivers," Khosrowshahi told investors last week.

Advocacy groups say the pandemic makes clear the need for driver healthcare benefits. Monday's ruling "means Uber and Lyft must put an end to their lawless actions that deny benefits and protections to drivers who urgently need them," Uber driver Mekela Edwards, a member of driver advocacy group We Drive Progress, told Business Insider at the time.

A complete shutdown in California would be the first time Uber exited a US market over legal disputes but not the first time it's adapted to changing regulatory environments. Since 2019, the company has not allowed new drivers in New York to sign up on the app, citing new rules about minimum pay in the city.

California's attorney general likely won't be sad to see Uber leave, if it makes good on its threat.

"Any business model that relies on short-changing workers in order to make it probably shouldn't be anywhere, whether California or otherwise," California Attorney General Xavier Becerra told CNBC earlier this week.

Uber and Lyft have about a week to appeal, CNBC reported. If that doesn't work out, voters will decide on the consortium's proposal, which has more than $90 million in supportive funding from the companies, in November.

When he was pressed on if his threat was serious, Khosrowshahi said "hopefully, the courts will reconsider. By no means do we want this to happen."

This post has been updated to reflect Lyft's similar threat, Uber's requested stay on the ruling Tuesday night, and to clarify that the shutdown would only occur if the 10-day stay was not granted. 

Axel Springer, Insider Inc.'s parent company, is an investor in Uber.

Original author: Graham Rapier

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Aug
10

276th 1Mby1M Entrepreneurship Podcast With Pallav Nadhani, FusionCharts - Sramana Mitra

Now five years old, Google's Next Billion Users initiative has around 300 central employees and works with teams across YouTube, Chrome, and more.NBU builds new products, and adapts existing Google products, for emerging markets. It was an idea Sundar Pichai first floated when he became CEO in 2015.Voice, vernacular, and video are the three big themes it's focusing on today, says product lead Josh Woodward.Some products, like NBU's files app, have gone on to become surprise global hits. There will be more to come.Visit Business Insider's homepage for more stories.

When Sundar Pichai was appointed Google's CEO in 2015, one of his early ideas was an initiative to explore how emerging markets were coming online — and how Google's products might not be suitable for many of those users.

The division was named Next Billion Users (NBU) and set out to build products for countries where perhaps Wi-Fi is less available, mobile data costs are higher, or phones lack the mammoth amounts of storage that they often have in the US.

NBU started out looking at India, Indonesia and Brazil, but has since expanded its scope to include Mexico and Nigeria. Today, the division has around 300 central employees and "hundreds" of other members across teams including YouTube, Play, and Chrome, said Josh Woodward, NBU's director of product management, in an interview with Business Insider.

Projects have included Google Go, a stripped-down search app built for lightweight data use. Some of the products have even gone on to become surprise global hits, such as offline Google Maps directions, and Files Go (now named Files by Google) which was, funnily enough, originally built to seek and destroy unwanted memes.

 "One of the big problems we were seeing was people forwarding WhatsApp memes to each other, that was filling up a lot of storage [on their phones]," said Woodward.

"So, the team in Mountain View connected with the Google Photos team who had built a lot of interesting computer vision stuff and we were able to train that model to detect these memes."

But the app has boomed well outside of its target market. "The US today is the fourth most popular country for the files app, which is interesting because we never designed it for the US," said Woodward.

NBU's work is split between adapting existing Google products in ways that make sense for other markets, and building entirely new products that are more locally relevant. And as time has moved on and smartphone use has increased, says Woodward, the team has focused more on people who are coming online for the very first time.

"If you were to try to boil down the three big trends happening in NBU today, I would say it's voice, vernacular – which is how people who don't usually speak English are coming online in massive quantities – and then video," said Woodward.

The team has offices and conducts field research in the countries where it's focused, so the pandemic has posed an obvious obstacle to much of its work. "Our whole culture we had built around empathy, either building teams in a country or flying people in for two weeks into NBU studios, we've had to shift entirely," said Woodward.

To compensate for not being in the field, the team has been finding other ways of instilling some level of empathy in a Google engineer for a first-time internet user in Mumbai, said Woodward.

For example, there's a mind-boggling internal game called 'Gorm the Zop,' which NBU employees are made to play to try to understand how confusing smartphones and the internet can be for a first-time user. 

"We usually call people up in front of an all-hands meetings and have them play it in front of their peers." said Woodward.

Gorm the Zop Google

But the new normal has also changed the way NBU is thinking about the future, especially on the themes of employment and digital payments, said Woodward.

"These both feel like areas where we've almost hit a fast-forward button to 2030 and we're seeing the pace of change in these areas really fast," he said.

"For most workers in a lot of countries where we're doing research with right now, they're printing out CVs and dropping them in wooden boxes to try to get jobs," he added. "That world is going to change and become digital." Video calling replacing face-to-face interviews are a big part of that shift that the pandemic is only accelerating.

Meanwhile, the team sees a lot more opportunities to build on its success in digital payments, particularly in India where Google Pay allows merchants to display digital storefronts in the app where users can even browse and order from menus. There's been speculation that Google will bring some of these features to the US, too, where Google Pay has been slower to grow but could be invigorated by a pandemic-driven push toward contactless payments.

Then there's Jio, India's telecom platform giant, into which Google just put a $4.5 billion (7.5%) stake. The two are now working together on a custom version of Android for entry-level phones – a way for Google to get its range of apps and services in the hands of even more people.

"We're still in the early stages of defining the exact specs and products and what not," said Woodward. "[Jio] of course understand India, they have distribution, they have key assets in the country."

Josh Woodward, director of product management, NBU. Google

NBU has had its failures along the way, too. In February, it shuttered Google Stations, a program which put free Wi-Fi in more than 400 railway stations in India and other parts of the world. It was a project that made much more sense in late 2014, and less so when India's Jio network arrived and data costs plummeted.

Then in May, Neighborly, an app launched in Mumbai for residents to connect with locals, was shuttered after it failed to gain traction.

"If people tended to have an important local question, they might ask it on Neighborly but they had that really important question maybe once a month.... so the frequency of use just wasn't there," said Woodward.

With Alphabet focusing on bringing the internet to other parts of the world via fiber networks or internet balloons, there also may be more opportunities for these teams to work with NBU. Woodward says NBU is less focused on the infrastructure side right now, but said the team worked with Alphabet's Loon for its rollout of internet service in Kenya.

Woodward says the "beating heart" of NBU right now is how Google learns from users who are mobile-only, but the finding could affect Google's broader, global product strategy ahead.

"We used to say in 2015 the future of the internet looks like the next billion users, which was kind of a rallying cry to come and join our team. But actually I would say that future is the present now. These are the users who are determining a lot of the trends we're going to see play out in the US and the rest of the world."

Original author: Hugh Langley

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10

337th 1Mby1M Entrepreneurship Podcast With Nevin Shetty, Blueprint Registry - Sramana Mitra

Brex, a fintech unicorn, is one of the most interesting companies in Silicon Valley.We identified the 13 employees that Brex assembled to help the financial-services startup take on traditional financial institutions in 2020.The power players include employees who helped launch its bank-account product, Brex Cash, and people working with existing customers and recruiting new ones for the flagship corporate-credit-card product.Click here to read more BI Prime stories.

Brex, simply put, is a startup for startups.

A venture-backed company can have millions in the bank and not get approved for a credit card. That's because the traditional financial institutions want to see a credit history, which few new companies have, before issuing that precious piece of plastic. Brex solved for the problem by giving corporate credit cards to startups based on their available cash balance — including money raised through venture funding — and using data to predict a startup's future ability to pay.

In the past year, Brex grew beyond its roots as a "black card for startups" to include a bank-account product that gives customers the ability to send payments, new credit cards with rewards tailored for e-commerce and healthcare businesses, a members-only lounge, and a restaurant.

Each new product brings Brex closer to the financial-services leaders it wants to unseat. Henrique Dubugras, the company's 24-year-old cofounder and chief executive, told Business Insider that in the long run, the goal is not to become a bank — but to create a collection of products for saving and spending money, in the same way that Apple owns computing through its product suite.

With a private-market valuation of $2.6 billion, Brex has plans to double its staff to 800 employees this year, adding to a powerhouse team of financial-services veterans and tech-giant alumni.

This list of top employees is focused on staff who are helping the company take on legacy finance institutions, as opposed to the technical talent at the startup. They include the people tasked with raising funding, rolling out new products, keeping customers happy, and signing on rewards partners, as well as the people responsible for plastering San Francisco with Brex advertisements.  

Meet the 13 power players of Brex:

Original author: Megan Hernbroth and Melia Russell

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10

Peru is on a bid to catch up with its innovative Latin American neighbors

As part of a reorg, Microsoft just moved a team from its Azure cloud business into the organization responsible for Windows, Surface devices, and Microsoft 365.Microsoft 365 is the bundle of business applications that includes the Office 365 productivity suite, collaboration tools like OneDrive and SharePoint, the Microsoft Teams chat app, and even the Windows 10 operating system itself.The Microsoft 365 bundle represents a huge portion of Microsoft's catalogue of cloud software — an area where it has a clear advantage in the cloud wars over rivals like Amazon Web Services and Google's G Suite.Below are the 22 power players behind Microsoft 365.Click here to read more BI Prime stories.

Microsoft just bolstered the organization responsible for Windows, Surface devices, and its Microsoft 365 bundle of business applications with some internal cloud talent.

The company recently relocated a team from its Azure cloud business to this organization, known as "experiences and devices," according to longtime Microsoft pundit Brad Sams, writing for Petri.com, "to help the Windows/Surface teams build more cohesive experiences that the company hopes customers will love and push the Surface team to create better products as well."

The experiences and devices team is responsible for a big part of Microsoft's business. Microsoft 365, for example, is the company's a bundle of business apps, introduced in 2017, that includes Office 365 – cloud-based versions of the company's flagship productivity applications such as Word and Excel – collaboration tools like OneDrive and SharePoint, the Microsoft Teams chat app, and even the Windows 10 operating system itself. The strategy, the company has said, is to make it easier for customers to adopt the best of Microsoft, all at once.

The latest changes come after the company earlier this year notified employees about a significant reorganization, which took effect Feb. 25, affecting the Windows experience and devices teams, according to an internal memo obtained by Business Insider. 

That represents a big chunk of Microsoft's lineup of cloud software products, an area where it has a clear advantage in the cloud wars with Amazon Web Services and Google Cloud. AWS doesn't have a cloud software business to speak of, while Google's G Suite only accounts for a sliver of the market compared with the juggernaut that is Microsoft Office.

United under the banner of Microsoft 365, these power players are helping the company in "moving closer toward a comprehensive enterprise application ecosystem," Nucleus Research analyst Andrew MacMillen recently told Business Insider.

Here are the 21 power players behind Microsoft 365:

Original author: Paayal Zaveri and Ashley Stewart

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Aug
10

Tetra raises a $1.5M seed round to bring deep learning to voice transcription

Healthcare providers have been turning to the Internet of Medical Things (IoMT) to facilitate their digital transformation since before the coronavirus hit the US — but the pandemic has caused a sea change in providers' willingness to implement IoT solutions that augment efforts in preparing for, containing, and diagnosing the virus. 

Business Insider Intelligence

As the backbone that powers the IoMT, connectivity and technology providers have a mounting opportunity to capture a larger slice of the market as it evolves alongside the coronavirus pandemic. Prior to the pandemic, healthcare providers were forecast to adopt IoT devices at one of the fastest rates of any industry segment, with the installed base of IoT endpoints expected to grow 29% year-over-year in 2020.

And pre-pandemic, healthcare was among the top three industries expected to see the fastest growth rates (15.4%) in IoT investment in terms of spending over the 2017-2022 forecast period. But the coronavirus is fundamentally changing how healthcare can be accessed and delivered in the US, and we expect to see even faster growth throughout 2020 — and that this upward momentum will outlast the pandemic.

In The Internet of Medical Things, Business Insider Intelligence assesses the North American IoMT market and explores how the IoMT opportunity for connectivity providers is evolving alongside the coronavirus pandemic, and how these players are carving out their place in the growing segment. We first unpack the opportunities for connectivity and technology providers in the IoMT market and outline how the coronavirus pandemic will impact demand for various IoT solutions in healthcare. We then detail how emerging techonlogies are propelling the healthcare IoT space forward. Finally, we explore how connectivity and technology players can expand within the IoMT ecosystem.

The companies mentioned in this report include: AT&T, Augmedics, AVIA, Choice IoT, DarioHealth, Eko, GE Healthcare, Intel, Medtronic, Packet, Phillips, PlushCare, PTC, Smardii, Sprint, Telit, Vuzix, XENEX, Zebra. 

Here are some of the key takeaways from the report: 

Healthcare providers are prioritizing IoT investment in solutions that enhance virtual care delivery, augment emergency services and triage, and automate or streamline tasks. The IoMT opportunities for connectivity and technology providers will only be amplified as the IoT intersects with other emerging technologies. We interviewed executive decision-makers in the connectivity and technology space to gather their insights on how they determine which IoMT opportunities to prioritize, the best go-to-market strategy for these new opportunities, and what goes into the decision process when selecting a partner to expand within the IoMT. The report also highlights the opinions of executive decision-makers in the connectivity and technology space on topics that include: telemedicine, preventative care, administrative operations, 5G, edge computing, artificial intelligence, and augmented reality. 

In full, the report: 

Sizes the North American IoMT market through 2022 and explains how it compares with pre-coronavirus estimates. Identifies the three biggest IoMT opportunities for connectivity and technology providers based on conversations with companies entrenched in the IoMT ecosystem, and on our analysis of their impact, scalability, early evidence of value creation, and increased utility amid the coronavirus pandemic.Provides recommendations for connectivity and technology providers on how to carve out and expand their footprint in ways that unlock the most value. 

Interested in getting the full report? Here's how to get access:

Business Insider Intelligence analyzes the tech industry and provides in-depth analyst reports, proprietary forecasts, customizable charts, and more. >> Check if your company has BII Enterprise membership access to the full reportSign up for the  Connectivity & Tech Briefing, Business Insider Intelligence's expert email newsletter keeping you up-to-date on the people, technologies, trends, and companies shaping the future of healthcare, delivered to your inbox 6x a week. >> Get StartedPurchase & download the full report from our research store. >> Purchase & Download Now
Original author: Rayna Hollander

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Aug
10

LaterPay brings its media payment technology to the US

Airbnb's revenue plummeted 67% in the second quarter compared to the same period last year, according to Bloomberg.The steep drop-off is a reflection of the impact of COVID-19, which has restricted travel across the globe.The company reportedly brought in just $335 million in revenue during the period ended June 30, down from more than $1 billion in the same period last year.Visit Business Insider's homepage for more stories.

Airbnb is feeling the impact of the COVID-19 pandemic — the short-term rental startup's revenue plunged 67% in the second quarter of 2020, according to Bloomberg.

Revenue reportedly fell to $335 million during the period ended June 30, down from more than $1 billion during the same period last year. By contrast, Airbnb reportedly saw $842 million in sales in the first quarter of 2020.

But the company is still planning an IPO this year — possibly as soon as August, sources told Bloomberg and The Wall Street Journal. Airbnb was reportedly planning to make its public offering earlier this year, but those plans were thrown off track by the unexpected impact of COVID-19 on its business.

An Airbnb spokesperson declined to comment.

CEO Brian Chesky warned in May that the company expected its 2020 revenue to be less than half what it was last year. In the months that followed, the company recently laid off 25% of its staff and hundreds of contract workers, froze its marketing, and borrowed $2 billion to help stay afloat through the pandemic.

According to Bloomberg, Airbnb recorded a loss of $400 million in the second quarter before interest, taxes, depreciation and amortization. That loss likely does not include restructuring charges related to the 1,900 job cuts or other items it could classify as one-time charges, meaning its net loss is almost certainly wider than that.

Airbnb hosts have felt the pain of COVID-19 related travel restrictions for months. As coronavirus lockdowns first began to set in, hosts protested the company for allowing guests to cancel bookings free of charge. Months later, hosts are still complaining of missing payments, CNBC reported this week.

Axel Springer, Insider Inc.'s parent company, is an investor in Airbnb.

Original author: Aaron Holmes

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Aug
11

Why exhibit in Startup Alley at Disrupt SF?

Airbnb says it will pursue legal claims and damages against a guest who threw a party at a Sacramento rental Saturday where three people were shot and injured.Airbnb says the guest booked the short-term rental under false pretenses, acted with negligence, and violated public health orders. The guest has been banned from Airbnb's platform.It will be the first time the company has taken legal action against a guest for breaking its policies.Visit Business Insider's homepage for more stories.

Airbnb announced Wednesday that it will pursue legal claims and damages against a guest who threw a party that descended into mayhem at a Sacramento, California rental over the weekend.

Three people were injured Saturday night after someone opened fire at the party, which was attended by roughly 50 people despite ongoing state mandates preventing large indoor gatherings, according to local NBC affiliate KCRA3.

This marks the first time that Airbnb has taken legal action against a guest accused of violating its policies. The company first banned house parties in November 2019 after five people were killed in a shooting at a Halloween party hosted at an Airbnb rental in San Francisco. Before that, one person was killed and at least three were injured at Airbnb house parties across Northern California in 2019, according to the Sacramento Bee.

Airbnb spokesperson Ben Breit said in a statement to Business Insider that the guest who threw the Sacramento party this week booked the rental under false pretenses, acted with negligence, and violated public health orders.

"Airbnb has no tolerance for unauthorized parties, which are expressly banned in its Community Standards," Breit said.

The short-term rental startup has previously taken steps aiming to prevent parties at its listings. In February, the company encouraged hosts to install "party sensors" that detect high humidity and noise that may indicate a party. The company also altered its policies in July to ban guests under the age of 25 from booking rentals.

Airbnb is reportedly planning to file for an IPO later this month despite harsh conditions brought about by the COVID-19 pandemic. CEO Brian Chesky said the company expects its 2020 revenue to be less than half what it was last year, and the company recently laid off 25% of its staff and hundreds of contract workers, froze its marketing, and borrowed $2 billion.

Axel Springer, Insider Inc.'s parent company, is an investor in Airbnb.

Original author: Aaron Holmes

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Aug
14

Thought Leaders in Artificial Intelligence: Shan Haq, Vice President of Strategy and Business Development of Transcepta (Part 1) - Sramana Mitra

Michael Li Contributor
Tianhui Michael Li is founder of The Data Incubator, an eight-week fellowship to help PhDs and postdocs transition from academia into industry. Previously, he headed monetization data science at Foursquare and has worked at Google, Andreessen Horowitz, J.P. Morgan and D.E. Shaw.

It’s 2020 and the world has changed remarkably, including in how companies screen data science candidates. While many things have changed, there is one change that stands out above the rest. At The Data Incubator, we run a data science fellowship and are responsible for hundreds of data science hires each year. We have observed these hires go from a rare practice to being standard for over 80% of hiring companies. Many of the holdouts tend to be the largest (and traditionally most cautious) enterprises. At this point, they are at a serious competitive disadvantage in hiring.

Historically, data science hiring practices evolved from software engineering. A hallmark of software engineering interviewing is the dreaded brain teaser, puzzles like “How many golf balls would fit inside a Boeing 747?” or “Implement the quick-sort algorithm on the whiteboard.” Candidates will study for weeks or months for these and the hiring website Glassdoor has an entire section devoted to them. In data science, the traditional coding brain teaser has been supplemented with statistics ones as well — “What is the probability that the sum of two dice rolls is divisible by three?” Over the years, companies are starting to realize that these brain teasers are not terribly effective and have started cutting down their usage.

In their place, firms are focusing on project-based data assessments. These ask data science candidates to analyze real-world data provided by the company. Rather than having a single correct answer, project-based assessments are often more open-ended, encouraging exploration. Interviewees typically submit code and a write-up of their results. These have a number of advantages, both in terms of form and substance.

First, the environment for data assessments is far more realistic. Brain teasers unnecessarily put candidates on the spot or compel them to awkwardly code on a whiteboard. Because answers to brain teasers are readily Google-able, internet resources are off-limits. On the job, it is unlikely that you’ll be asked to code on a whiteboard or perform mental math with someone peering over your shoulder. It is incomprehensible that you’ll be denied internet access during work hours. Data assessments also allow the applicants to complete the assessment at a more realistic pace, using their favorite IDE or coding environment.

“Take-home challenges give you a chance to simulate how the candidate will perform on the job more realistically than with puzzle interview questions,” said Sean Gerrish, an engineering manager and author of “How Smart Machines Think.”

Second, the substance of data assessments is also more realistic. By design, brainteasers are tricky or test knowledge of well-known algorithms. In real life, one would never write these algorithms by hand (you would use one of the dozens of solutions freely available on the internet) and the problems encountered on the job are rarely tricky in the same way. By giving candidates real data they might work with and structuring the deliverable in line with how results are actually shared at the company, data projects are more closely aligned with actual job skills.

Jesse Anderson, an industry veteran and author of “Data Teams,” is a big fan of data assessments: “It’s a mutually beneficial setup. Interviewees are given a fighting chance that mimics the real-world. Managers get closer to an on-the-job look at a candidate’s work and abilities.” Project-based assessments have the added benefit of assessing written communication strength, an increasingly important skill in the work-from-home world of COVID-19.

Finally, written technical project work can help avoid bias by de-emphasizing traditional but prejudicially fraught aspects of the hiring process. Resumes with Hispanic and African American names receive fewer callbacks than the same resume with white names. In response, minority candidates deliberately “whiten” their resumes to compensate. In-person interviews often rely on similarly problematic gut feel. By emphasizing an assessment closely tied to job performance, interviewers can focus their energies on actual qualifications, rather than relying on potentially biased “instincts.” Companies looking to embrace #BLM and #MeToo beyond hashtagging may consider how tweaking their hiring processes can lead to greater equality.

The exact form of data assessments vary. At The Data Incubator, we found that over 60% of firms provide take-home data assessments. These best simulate the actual work environment, allowing the candidate to work from home (typically) over the course of a few days. Another roughly 20% require interview data projects, where candidates analyze data as a part of the interview process. While candidates face more time pressure from these, they also do not feel the pressure to ceaselessly work on the assessment. “Take-home challenges take a lot of time,” explains Field Cady, an experienced data scientist and author of “The Data Science Handbook.” “This is a big chore for candidates and can be unfair (for example) to people with family commitments who can’t afford to spend many evening hours on the challenge.”

To reduce the number of custom data projects, smart candidates are preemptively building their own portfolio projects to showcase their skills and companies are increasingly accepting these in lieu of custom work.

Companies relying on old-fashioned brainteasers are a vanishing breed. Of the recalcitrant 20% of employers still sticking with brainteasers, most are the larger, more established enterprises that are usually slower to adapt to change. They need to realize that the antiquated hiring process doesn’t just look quaint, it’s actively driving candidates away. At a recent virtual conference, one of my fellow panelists was a data science new hire who explained that he had turned down opportunities based on the firm’s poor screening process.

How strong can the team be if the hiring process is so outmoded? This sentiment is also widely shared by the Ph.D.s completing The Data Incubator’s data science fellowship. Companies that fail to embrace the new reality are losing the battle for top talent.

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11

Should IBM Buy ServiceNow? - Sramana Mitra

Talk with Hyperion CEO Angelo Kafantaris for a few minutes and it rapidly becomes obvious that he isn't in the auto business, despite the fact that he just launched a wild-looking hypercar, the XP-1, that could notch 0-60 mph in under 2.2 seconds.

Hyperion Motors represents just one facet of an ambitious hydrogen-powered business strategy. Along with Hyperion Aerospace and Hyperion Energy, the auto arm and its debut product are designed to achieve Kafantaris' ultimate goal: to reinvent and revitalize hydrogen power.

Hydrogen fuel cells have been a viable form of energy generation — they've long been used by NASA — and automakers including Toyota, Honda, and GM have pushed them as a way to leave the internal combustion engine behind. But advances in battery-electrics and the ascent of Tesla over the past decade have put fuel cells in the rear view mirror, even if not everyone agrees with Elon Musk's dismissal of the tech as "fool cells."

Kafantaris is eyeing a comeback, and that starts with changing the narrative. 

"We needed to focus on a car, to tell the story in a compelling way to the consumer," Kafantaris said in an interview with Business Insider. Thus, the XP-1, a car that's quicker to 60 mph than any Tesla, with double the range to boot. 

Show them the hypercar, and they will come

The Hyperion XP-1 hypercar can do 0-60 in under 2.2 seconds. Hyperion

The XP-1 is "designed to function as an educational tool for the masses," Kafantaris said. The overarching point is that hydrogen's combination of abundance and portability makes it an ideal fuel for all-electric vehicles. And, of course, the only by-product is water, which is synthesized by a fuel cell's power-generating process.

Kafantaris, who studied engineering at Ohio State before moving to Transportation Design at Detroit's College for Creative Studies, is quick to point out that hydrogen is actually a way to store useful energy, particularly if you want an efficient, zero-emissions way to go fast.

"You don't have the extra battery weight," he said, referring to the bulk of lithium-ion batteries, which are the main way that energy is currently banked for EVs. "So you can have better acceleration and handling — and the same amount of energy as a car that weighs twice as much. This is why NASA has been using hydrogen for 60 years. When you go to space, you want to be as light as possible."

The XP-1, at 2,275 pounds, is a potent featherweight. Made of composites, Kevlar, aluminum, and titanium, it has no hefty engine or battery pack to haul around, just electric motors serving up punishing torque, so using hydrogen to max out performance made sense.

True, hydrogen refueling infrastructure is in its infancy. But with just 300 vehicles slated for production, Hyperion doubtless expects to localize XP-1 sales in places like California, where a smattering of hydrogen stations serve those few buyers who drive one of the three fuel-cell cars on sale in the US today: the Toyota Mirai, Hyundai NEXO, and Honda Clarity. 

While those cars have their fans, Kafantaris bills the XP-1 as the far more compelling pitch for what the most abundant element in the universe can do.

Energy is the focus

The Hyperion XP-1 uses a fuel-cell to make electricity. Hyperion

"The XP-1 will be the least exciting vehicle from Hyperion," Kafantaris said, but he doesn't plan on becoming another Tesla rival. "I don't want our focus to be manufacturing," he said, echoing sentiments recently offered by Henrik Fisker, whose struck a deal with contract builder Magna to assemble his new Ocean EV.

"Our focus is on the energy side," Kafantaris said, adding that hydrogen has its most "impactful applications in aerospace and industrials." To support that vision and enhance the consumers' understanding of hydrogen as a medium of energy storage, he said Hyperion would undertake the assembly of a nationwide network of refueling stations. But he's also managing expectations. 

"To be an innovator, you have to set aside your biases," he said. "In five years, if hydrogen isn't the best solution, I'll know that." 

Still, he puts a lot of stock in atomic number one.

"Until we have cold fusion, hydrogen will be best."

Original author: Matthew DeBord

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12

Moneytis is like a travel fare aggregator, but for sending money abroad

TikTok has transformed the music industry in recent months as tracks that go viral on the app have taken over the Billboard 100 and Spotify Viral 50 charts.TikTok's music-friendly interface and its users' penchant for dance challenges have made it an indispensable promotional tool for the music industry.Business Insider compiled a power list of the 24 music marketers, artists, digital creators, record labels, and other industry insiders who are using TikTok to help define popular music in 2020.Visit Business Insider's homepage for more stories.

On January 13, the marketing team at Sony Music Entertainment noticed that one of its artist's songs was surging on TikTok. 

Like most record labels, the company had been monitoring activity on TikTok for months as the short-form video app had emerged as a major driver of song streams on platforms like Spotify, Apple Music, and YouTube.

Sony had seen Doja Cat, who signed with its RCA Records imprint in 2014, blow up on the app in December after 17-year-old TikTok star Haley Sharpe created a popular dance to her song "Say So" (a dance that Doja Cat ultimately ended up using in her music video).

But this time, it was one of the label's older catalog songs, a Matthew Wilder track from 1983 called "Break My Stride," that had caught the fancy of TikTok's largely Gen-Z user base.

"Our entire music catalog is effectively tracked on a daily basis," said Andy McGrath, the senior vice president of marketing at Legacy Recordings, the division within Sony that manages Wilder's song catalog. "We're constantly monitoring actions, reactions, and trends that happen on TikTok. We watch what's happening and how many people are creating their own challenges and sharing existing challenges, et cetera, and then we start to say, 'Okay something's happening here.'"

For large music conglomerates like Sony and independent labels alike, TikTok has become an essential marketing tool.

Songs can rise on TikTok by accident, as was the case with Wilder's "Break My Stride." In other instances, marketers or artists try to make songs take off by tapping into existing TikTok fads, creating original songs, or adapting tracks for TikTok's short-video format and hiring influencers to promote them.

"Every music label, every record label, they have a budget now for TikTok because it's becoming so huge," Ariell Nicholas Yahid, a talent manager at the TikTok-focused talent-management upstart the Fuel Injector, told Business Insider. 

In addition to helping artists and labels launch new tracks, song promotion has become an important source of revenue for TikTok's top creators who are looking for ways to make money on an app that still has limited monetization features.

And for up-and-coming artists, TikTok can offer an effective way to build an audience quickly. You can see that clearly in the seemingly instantaneous music careers of TikTok stars like Dixie D'Amelio, Jaden Hossler, and Josh Richards.

Artists like Abigail Barlow and the group Avenue Beat have also used TikTok to test out new tracks before releasing them on streaming platforms. Avenue Beat's recent smash hit, "F2020," blew up on TikTok first before the group committed to recording a full version of the song in July. It's since landed on Apple iTunes' top 50 chart for pop songs.

"We hadn't finished writing the song, we'd literally just written a verse and chorus," Avenue Beat's Savana Santos said. "We just threw it up on TikTok, not thinking that anything was going to happen because we'd never had a video really take off before. We went to bed and we woke up and the next day it had 4.5 million views."

The music trio Avenue Beat worked with their record label to release "F2020" on streaming platforms after an early version of the song blew up on TikTok. Delaney Royer/Avenue Beat

TikTok isn't the first social-media platform to leave its mark on the music industry.

YouTube has long been a key promotional tool for record labels and artists alike (Justin Bieber was a YouTuber before he became a pop star). And artists have recently used other social platforms like Instagram and Twitch to perform shows remotely for fans as live performances have come to a halt during the coronavirus pandemic.  

But music is at the core of the TikTok experience.

The short-form video platform's song-friendly interface (adding a "sound" is part of each user's video upload process) harkens back to the app's roots as the dancing and lip-syncing app Musical.ly, which TikTok's parent company ByteDance acquired and merged with TikTok in 2018.

Some of TikTok's biggest stars are dancers who can spark the creation of millions of user-generated videos and streams of a new song by posting a single dance video. And TikTok's content recommendation page (the "For You" page) serves up an algorithmically determined assortment of posts that can make any song go viral, whether a track is being used in a paid promotion by a top influencer or in an original dance routine conceived by a non-famous teenager.

One need look no further than the Billboard 100 or Spotify Viral 50 to see the app's imprint on popular music in recent months.

To understand the power players driving music on TikTok forward, Business Insider compiled a list of the music marketers, artists, digital creators, record labels, and other industry insiders who are using TikTok to define popular music in 2020.

The list was determined by Business Insider based on our reporting and the nominations that we received. We took into consideration how a company or individual has used TikTok to grow an artist's, song's, or label's prominence in the industry.

Here are the 24 music industry players that are using TikTok to reshape popular music in 2020 (listed in alphabetical order):

Original author: Dan Whateley

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Aug
17

Thought Leaders in Artificial Intelligence: John Price, CEO of Vast (Part 1) - Sramana Mitra

Michael Waxman, co-founder and CEO of dog food startup Sundays, acknowledged that dog owners have no shortage of options when it comes to feeding their beloved pets — but he still thinks there’s room for something new.

“There’s a sort of ‘Water everywhere, but not a drop to drink’ phenomenon,” Waxman said. “There are over 3,000 dog foods, and yet I think there isn’t really one that is the no-brainer, compelling answer.”

Sundays “soft launched” its first product in February and now has around 1,000 paying customers. It’s launching more broadly today and is also announcing that it has raised $2.27 million in funding from Red Sea Ventures, Box Group, Great Oaks Ventures, Matt Salzberg, Zach Klein and others.

Waxman’s past startups include dating app Grouper, while his wife/co-founder Tory Waxman is a veterinarian (and serves as the startup’s chief veterinary officer). He told me that the two of them became interested in pet food a couple years ago when one of their dogs started to have stomach issues, and they “went down this rabbit hole of trying to find the best dog food.”

The market can be divided two broad categories, Waxman said. There’s kibble, which is relatively cheap and affordable but not as healthy. Then there’s refrigerated food, including direct-to-consumer options like The Farmer’s Dog, which are healthier but also pricier and require more preparation.

“Those are so unbelievably inconvenient,” Waxman argued. “You’re not going to find too many people crazier about their dogs than we are, and we would do literally anything for our dogs — except prepare their food for an hour a day.”

Image Credits: Sundays

So he’s pitching Sundays as a “new, third category of dog food between kibble and refrigerated.” It’s supposed to be human-grade dog food that’s 90% fresh meat, organs and bones, created through a unique air drying process.

For dog owners who rely on kibble, Waxman said the startup offers “a much higher-quality product that tastes much better and doesn’t compromise on the convenience that you’re used to,” while for owners who currently pay for refrigerated options, he promised “an all-around unbelievable increase in convenience, without any compromise in quality and taste.”

Several early customers compared the food to beef jerky in their reviews. Waxman added that in taste tests, dogs preferred Sundays to premium kibble 40-to-0.

The food is available for both one-time and subscription purchase. A single 40-ounce box currently costs $75, while the same box costs $59 via subscription.

Waxman suggested that it hasn’t been easy getting to this point — with a new process for creating dog food, “there were no supply chains set up for this.” Ultimately, he said Sundays selected a “USDA-monitored jerky kitchen in the U.S. to create this new form factor.”

“It took us much longer than we expected,” he admitted. “However, the short-term headache is a long-term feature that we’re really excited about. Ultimately, it should serve as a pretty deep moat to prevent would-be competitors from offering similarly high quality and differentiated products.”

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Aug
17

Indian Online Fashion Retailer LimeRoad Focuses on SMB - Sramana Mitra

Some audience questions answered by Sramana: – What is the evolution of the PaaS trend currently? – Do you have a startup idea for philanthropy in the post Covid world? – How can I...

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Original author: Maureen Kelly

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Aug
17

Ripcord’s $40 million Series B will pay for more file digitizing robots and human jobs

David Cowan Contributor
David Cowan is a partner at Bessemer Venture Partners and one of the world’s leading investors across cloud infrastructure, cybersecurity, consumer and space technology.
Tomer Diari Contributor
Tomer Diari is a vice president at Bessemer Venture Partners, where he focuses primarily on cybersecurity, big data and deep tech opportunities.

Quantum computers exploit the seemingly bizarre yet proven nature of the universe that until a particle interacts with another, its position, speed, color, spin and other quantum properties coexist simultaneously as a probability distribution over all possibilities in a state known as superposition. Quantum computers use isolated particles as their most basic building blocks, relying on any one of these quantum properties to represent the state of a quantum bit (or “qubit”). So while classical computer bits always exist in a mutually exclusive state of either 0 (low energy) or 1 (high energy), qubits in superposition coexist simultaneously in both states as 0 and 1.

Things get interesting at a larger scale, as QC systems are capable of isolating a group of entangled particles, which all share a single state of superposition. While a single qubit coexists in two states, a set of eight entangled qubits (or “8Q”), for example, simultaneously occupies all 2^8 (or 256) possible states, effectively processing all these states in parallel. It would take 57Q (representing 2^57 parallel states) for a QC to outperform even the world’s strongest classical supercomputer. A 64Q computer would surpass it by 100x (clearly achieving quantum advantage) and a 128Q computer would surpass it a quintillion times.

In the race to develop these computers, nature has inserted two major speed bumps. First, isolated quantum particles are highly unstable, and so quantum circuits must execute within extremely short periods of coherence. Second, measuring the output energy level of subatomic qubits requires extreme levels of accuracy that tiny deviations commonly thwart. Informed by university research, leading QC companies like IBM, Google, Honeywell and Rigetti develop quantum engineering and error-correction methods to overcome these challenges as they scale the number of qubits they can process.

Following the challenge to create working hardware, software must be developed to harvest the benefits of parallelism even though we cannot see what is happening inside a quantum circuit without losing superposition. When we measure the output value of a quantum circuit’s entangled qubits, the superposition collapses into just one of the many possible outcomes. Sometimes, though, the output yields clues that qubits weirdly interfered with themselves (that is, with their probabilistic counterparts) inside the circuit.

QC scientists at UC Berkeley, University of Toronto, University of Waterloo, UT Sydney and elsewhere are now developing a fundamentally new class of algorithms that detect the absence or presence of interference patterns in QC output to cleverly glean information about what happened inside.

The QC stack

A fully functional QC must, therefore, incorporate several layers of a novel technology stack, incorporating both hardware and software components. At the top of the stack sits the application software for solving problems in chemistry, logistics, etc. The application typically makes API calls to a software layer beneath it (loosely referred to as a “compiler”) that translates function calls into circuits to implement them. Beneath the compiler sits a classical computer that feeds circuit changes and inputs to the Quantum Processing Unit (QPU) beneath it. The QPU typically has an error-correction layer, an analog processing unit to transmit analog inputs to the quantum circuit and measure its analog outputs, and the quantum processor itself, which houses the isolated, entangled particles.

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Aug
14

Uber’s design director on what it took to redesign a global product

Merico, a startup that gives companies deeper insights into their developers’ productivity and code quality, today announced that it has raised a $4.1 million seed round led by GGV Capital, with participation from Legend Star and previous investor Polychain Capital. The company was originally funded by the open source-centric firm OSS Capital.

“The mission of Merico is to empower every developer to build better and realize more value. We are excited that GGV Capital and our other investors see the importance of bringing more useful data to the software development process,” said Merico founder and CEO Jinglei Ren. “In today’s world, enabling remote contribution is more important than ever, and we at Merico are excited to continue our pursuit of bringing the most insightful and practical metrics to support both enterprise and open-source software teams.”

Merico head of business development Maxim Wheatley tells me that the company plans to use the new funding to enhance and expand its existing technology and marketing efforts. As a remote-first startup, Merico already has team members in the U.S., Brazil, France, Canada, India and China.

“In keeping with our roots and mission in open source, we will be focusing some of these new resources to engage more collaboratively with open-source foundations, contributors and maintainers,” he added.

The idea behind Merico was born out of two key observations, Wheatley said. First of all, the team wanted to create a better way to analyze developer productivity and the quality of the code they generate. Some companies still simply use the number of lines of code generated by a developer to allocate bonuses for their teams, for example, which isn’t a great metric by any means. In addition, the team also wanted to find ways to better allocate income and recognition to the community members of open-source projects based on the quality of their contributions.

The company’s tool is systems agnostic because it bases its analysis on the codebase and workflow tools instead of looking at lines of codes or commit counts, for example.

“Merico evaluates the actual code, in addition to related processes, and places productivity in the context of quality and impact,” said Merico CTO Hezheng Yin . “In this process, we evaluate impact leveraging dependency relationships and examine fundamental indicators of quality including bug density, redundancy, modularity, test-coverage, documentation-coverage, code-smell and more. By compiling these signals into a single point of truth, Merico can determine the quality and the productivity of a developer or a team in a manner that more accurately reflects the nature of the work.”

As of now, Merico supports code written in Java, JavaScript (Vue.js and React.js), TypeScript, Go, C, C++, Ruby and Python, with support for other languages coming later.

“Merico’s technology delivers the most advanced code analytics that we’ve seen on the market,” said GGV’s Jenny Lee . “With the Merico team, we saw an opportunity to empower the organizations of tomorrow with insight. In this era of remote transformation, there’s never been a more critical time to bring this visibility to the enterprise and to open source; we can’t wait to see how this technology drives innovation in both technology and management.”

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Aug
17

Fat Lama is a platform to lend and borrow anything

Sophie Alcorn Contributor
Sophie Alcorn is the founder of Alcorn Immigration Law in Silicon Valley and 2019 Global Law Experts Awards’ “Law Firm of the Year in California for Entrepreneur Immigration Services.” She connects people with the businesses and opportunities that expand their lives.

Here’s another edition of “Dear Sophie,” the advice column that answers immigration-related questions about working at technology companies.

“Your questions are vital to the spread of knowledge that allows people all over the world to rise above borders and pursue their dreams,” says Sophie Alcorn, a Silicon Valley immigration attorney. “Whether you’re in people ops, a founder or seeking a job in Silicon Valley, I would love to answer your questions in my next column.”

“Dear Sophie” columns are accessible for Extra Crunch subscribers; use promo code ALCORN to purchase a one- or two-year subscription for 50% off.

Dear Sophie:

I work in people ops at a startup. We have no experience with H-1B visas. We recently received applications for job openings from a couple of strong applicants who are on H-1B visas with other companies. What should we know about hiring an H-1B visa holder?

One of the job applicants will need to have her H-1B renewed next year. What should we know about filing for a renewal? Are H-1B transfers and renewals still possible given that H-1B visas are no longer being issued at consulates?

—Newbie in Newark

Dear Newbie,

Exciting that your company is hiring. Congrats! Yes, H-1B transfers and renewals are still possible. The only current restriction is that H-1B visas can generally not be issued to people outside the U.S. right now. They were halted through at least the end of 2020 under last month’s executive proclamation.

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Aug
17

What Are The Limits of Tolerance?

TechCrunch caught wind of corporate card startup Ramp back in August of 2019, when the company raised an early round of $7 million. Corp card rival Brex had put together a $100 million round just a few months before, and was en route to raising a huge debt round later in the year.

Ramp building a rival service to Brex wasn’t a huge surprise. Startups often appear in waves, leading to groups of startups battling it out for similar customers. We’ve seen this in the file-storage space of yore, to insurtech marketplaces earlier this year.

Ramp launched in early 2020, added more capital, and is today announcing an expansion of the software side of its business by making its card-integrated expense management available to all of its customers.

The startup’s early twist on corporate cards was simple cash back, and a software tool that helped root out duplicate and unnecessary expenses to help companies lower their total expenses. Given that spend-centered startups often generate revenue from customers using their cards, helping those same customers cut costs was an interesting angle on its market.

Now with the expansion of its expense management system to all its customers, Ramp is taking another step in a software-like direction. And as the company also claimed quick growth in a release it shared with TechCrunch, we got back on the phone with its co-founder and CEO Eric Glyman to dig a little.

Spend during a pandemic

2020’s COVID-19 pandemic brought with itself a host of economic disruptions to both consumer and corporate spend. You can easily infer that some startups that provide cards and generate interchange revenue — incomes stemming from users putting their provided cards down at gas stations, restaurants and cloud infra providers — had a bumpy summer.

In contrast to that reasonable expectation, Ramp has seen regular growth, with Glyman telling TechCrunch that his company’s “30-day purchase volume” result has been “growing (month over month) in the double digits each month fairly consistently.” (In related news, online payments-as-a-service provider Finix has also seen quick volume growth in recent months.)

He credits Ramp’s focus on cost control as a driver of its growth.

Which brings us back to the expense management product that Ramp is rolling out to its customer base as a whole today. It’s been in beta for a minute. Per the CEO, some customers have been trialing the product since March, with Ramp “shipping updates weekly based on customer feedback” and slowly expanding access. (Brex also offers expense management tooling.)

Ramp provides both expense software and cards, while many companies have have disparate vendors for each of those services. This allows the loop between spend and expense management for Ramp customers to be pretty tight. The result of the vertical integration allows Ramp customers to save five working days each month, according to the company.

Expense management is a famously poor area of technology. You, reading this, probably have an expense that you need to file. And I bet you’ve eaten at least one bill in the last year because getting it through the corporate-provided system was just too much to handle (is this on purpose?). Hell, I forgot to file an expense earlier this year after travel stopped, and I wound up paying a late fee, and then late fees stemming from that first late fee that I didn’t notice. (Ha ha ha ha, that was great! That was a great use of $150 of my own money!)

Anything that can be done to make the employee-corporate-card expense cycle faster and simpler is good news in my book, even if my employer isn’t a Ramp customer; pushing for a better experience in one part of the market should force all participants to do better over time.

Closing on this bit of news, I wonder if cards aren’t de facto commoditized by this point. Is there really that much ∆ between how different corporate credit providers underwrite, or vet spend risk on charge cards? And, aren’t most consumer cards within a few degrees of one another? And then does the software that surrounds the physical or virtual card take on more precedence? Maybe. If so, Ramp is probably heading in the right direction.

More when a provider in the space is willing to share new, material growth figures.

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