Year: 2020

Rivian has started to run a pilot production line at its factory in Normal, Illinois, as the electric vehicle startup prepares to bring its pickup truck and SUV to market in summer 2021.

In an email sent to prospective customers, Rivian said deliveries of its R1T electric pickup truck will begin in June 2021. Deliveries of the R1S electric SUV will start in August 2021.

Rivian said in May that deliveries of the R1T and R1S would be pushed to 2021. It wasn’t clear — until today’s email — exactly when deliveries would begin.

Running a pilot production line is a critical step necessary to root out potential problems ahead of a full production launch. The two vehicles were supposed to come to market at the end of 2020. That timeline was extended to 2021 after the COVID-19 pandemic prompted Rivian to suspend construction work on the factory, a former Mitsubishi plant that the company acquired in 2017. The factory was where Mitsubishi in a joint venture with Chrysler Corporation called Diamond-Star Motors produced the Mitsubishi Eclipse, Plymouth Laser and Dodge Avenger, among others.

The factory will produce its R1T and R1S electric vehicles for consumers as well as 100,000 delivery vans for Amazon. Rivian has said it is still on track to begin deliveries of electric vans built for Amazon in early 2021. About 10,000 of these electric vans will be on the road as early as 2022 and all 100,000 vehicles will be on the road by 2030, Amazon previously said.

Rivian has started to run a pilot production line at its factory in Normal, Illinois, as the electric vehicle startup prepares to bring its pickup truck and SUV to market in summer 2021.

In an email sent to prospective customers, Rivian said deliveries of its R1T electric pickup truck will begin in June 2021. Deliveries of the R1S electric SUV will start in August 2021.

Rivian said in May that deliveries of the R1T and R1S would be pushed to 2021. It wasn’t clear — until today’s email — exactly when deliveries would begin.

Running a pilot production line is a critical step necessary to root out potential problems ahead of a full production launch. The two vehicles were supposed to come to market at the end of 2020. That timeline was extended to 2021 after the COVID-19 pandemic prompted Rivian to suspend construction work on the factory, a former Mitsubishi plant that the company acquired in 2017. The factory was where Mitsubishi in a joint venture with Chrysler Corporation called Diamond-Star Motors produced the Mitsubishi Eclipse, Plymouth Laser and Dodge Avenger, among others.

The factory will produce its R1T and R1S electric vehicles for consumers as well as 100,000 delivery vans for Amazon. Rivian has said it is still on track to begin deliveries of electric vans built for Amazon in early 2021. About 10,000 of these electric vans will be on the road as early as 2022 and all 100,000 vehicles will be on the road by 2030, Amazon previously said.

European data watchdogs have issued updated guidance in the wake of last week’s landmark ruling striking down a flagship transatlantic data transfer mechanism called Privacy Shield.

In an FAQ on the Schrems II judgement, the European Data Protection Board (EDPB) warns there will be no regulatory grace period.

The EU-US Privacy Shield is dead and any companies still relying on it to authorize transfers of EU citizens’ personal data are doing so illegally is the top-line message.

“Transfers on the basis of this legal framework are illegal,” warns the EDPB baldly. Entities that wish to keep on transferring personal data to the U.S. need to use an alternative mechanism — but must first determine whether they can meet the legal requirement to protect the data from US surveillance.

What alternatives are there? Standard Contractual Clauses (SCCs) were not invalidated by the CJEU ruling. Binding Corporate Rules (BCRs) are also still technically available.

But in both cases would-be data exporters must conduct an up front analysis to ascertain whether they can in fact legally use these tools to move data in their specific context.

Anyone who is already using SCCs for the transfer of EU citizens’ data to the US (hi facebook!) isn’t exempt from carrying out an assessment — and needs to inform the relevant supervisory authority if they intend to keep using the mechanism.

The rub here for US transfers is that the CJEU judges invalidated Privacy Shield on the grounds that US surveillance laws fundamentally clash with EU privacy rights. So, in other words, Houston, you have a privacy problem…

“The Court found that U.S. law (i.e., Section 702 FISA [Foreign Intelligence Surveillance Act] and EO [Executive Order] 12333) does not ensure an essentially equivalent level of protection,” warns the EDPB in answer to the (expected) frequently asked question: “I am using SCCs with a data importer in the U.S., what should I do?”.

“Whether or not you can transfer personal data on the basis of SCCs will depend on the result of your assessment, taking into account the circumstances of the transfers, and supplementary measures you could put in place.”

The ability to use SCCs to transfer data to the US hinges on a data controller being able to offer a legal guarantee that “U.S. law does not impinge on the adequate level of protection” for the transferred data.

If a EU-US data exporter can’t be confident of that they are required to pull the plug on the data transfer. No ifs, no buts.

While, those who believe they can offer a legal guarantee of “appropriate safeguards” — and thus intend to keep transferring data to the US via SCC — must notify the relevant data watchdog. So there’s no option to carry on ‘as normal’ without informing the regulator. 

It’s the same story with BCRs — on which the EDPB notes: “Given the judgment of the Court, which invalidated the Privacy Shield because of the degree of interference created by the law of the U.S. with the fundamental rights of persons whose data are transferred to that third country, and the fact that the Privacy Shield was also designed to bring guarantees to data transferred with other tools such as BCRs, the Court’s assessment applies as well in the context of BCRs, since U.S. law will also have primacy over this tool.”

So, again, a case by case assessment is required to figure out whether you can be legally confident in offering the required level of protection.

Have you ever taken something apart, like a clock or a motor?

The method is particularly useful when it comes to learning how things work — or how they don’t, in some cases.

During TechCrunch’s Early Stage event, two venture capitalists took pitch decks and evaluated them with a critical eye on content, presentation and overall messaging. If you missed it the first time through, watch it below in its entirety.

The session was a blast. This was the first time we’ve hosted this event, but we’re working on bringing this session to TechCrunch’s main event, Disrupt, this September.

Accel’s Amy Saper and Bessemer’s Talia Goldberg gave great advice as we clicked through each deck. First impressions are everything, and pitch decks are often the first glimpse of companies by potential investors and business partners. It’s critical that these decks properly present and illustrate in a concise and effective manner the goals and potential of a company.

Whether you’re an early-stage startup founder, investor, enthusiast or another integral member of the community, you can’t afford to miss Disrupt 2020 — THE tech conference at the epicenter of the startup ecosystem. Here’s something else you can’t afford to miss — early bird pricing. Buy your pass before July 31 at 11:59 p.m. PT and you’ll save up to $300.

The all-virtual Disrupt, which takes place September 14 -18, may look and feel a bit different, but there’s nothing virtual about the programming quality, opportunities for growth and essential connections you can make to drive your business forward.

Your all-access pass lets you hear from an extraordinary lineup of tech founders, investors, icons and other leading experts across all Disrupt stages. Like interviews and panel discussions? TechCrunch editors always look past the hype to ask the hard questions. Here are just a few of the folks who will join us on stage.

• Finding the chocolate to your peanut butter has never been more challenging, and we can’t wait to hear Bumble founder and CEO Whitney Wolfe Herd’s take on the pandemic’s effect on the future of dating apps.
• Conductor CEO Seth Besmertnik, Driver’s Seat CEO Hays Witt and Aniyia Williams of Black & Brown Founders and Zebras Unite have all taken a non-traditional route to success. We’ll talk with them about how they built companies that prioritize profits, users and employees while putting VCs last.

Check out the Extra Crunch Stage where you’ll find information on topics that every early-stage founder needs to ace — like how to craft a killer pitch deck, how to pivot in a crisis or how to build a sales team. These are interactive sessions led by experts in marketing, business development and investing, and you’ll come away with actionable tips and tricks that you can apply to your business.

Of course, there’s the always-epic Startup Battlefield pitch competition, hundreds of early-stage startups exhibiting in Digital Startup Alley and world-class networking. We can tell you it’s great, but here’s what two attendees — one founder and one investor — say about why they value the Disrupt experience.

“Disrupt has everything early stage founders need — from advice on raising money and how to scale to exposure and brand recognition. We connected with people we never would have met, including other founders going through the same pain points.” — Joel Neidig, founder of SIMBA Chain.

“Building relationships with early-stage startup founders is essential in my business. Disrupt draws that core group from across a wide range of industries, and the ability to easily network and connect with them is a huge benefit.” — Daniel Lloreda, general partner at H20 Capital Innovation.

Your Disrupt value-add starts when you buy an early-bird pass and save up to $300. The offer expires on July 31 at 11:59 p.m. PT, and that’s a deadline you can’t afford to miss.

Is your company interested in sponsoring or exhibiting at Disrupt 2020? Contact our sponsorship sales team by filling out this form.

Whether you’re an early-stage startup founder, investor, enthusiast or another integral member of the community, you can’t afford to miss Disrupt 2020 — THE tech conference at the epicenter of the startup ecosystem. Here’s something else you can’t afford to miss — early bird pricing. Buy your pass before July 31 at 11:59 p.m. PT and you’ll save up to $300.

The all-virtual Disrupt, which takes place September 14 -18, may look and feel a bit different, but there’s nothing virtual about the programming quality, opportunities for growth and essential connections you can make to drive your business forward.

Your all-access pass lets you hear from an extraordinary lineup of tech founders, investors, icons and other leading experts across all Disrupt stages. Like interviews and panel discussions? TechCrunch editors always look past the hype to ask the hard questions. Here are just a few of the folks who will join us on stage.

• Finding the chocolate to your peanut butter has never been more challenging, and we can’t wait to hear Bumble founder and CEO Whitney Wolfe Herd’s take on the pandemic’s effect on the future of dating apps.
• Conductor CEO Seth Besmertnik, Driver’s Seat CEO Hays Witt and Aniyia Williams of Black & Brown Founders and Zebras Unite have all taken a non-traditional route to success. We’ll talk with them about how they built companies that prioritize profits, users and employees while putting VCs last.

Check out the Extra Crunch Stage where you’ll find information on topics that every early-stage founder needs to ace — like how to craft a killer pitch deck, how to pivot in a crisis or how to build a sales team. These are interactive sessions led by experts in marketing, business development and investing, and you’ll come away with actionable tips and tricks that you can apply to your business.

Of course, there’s the always-epic Startup Battlefield pitch competition, hundreds of early-stage startups exhibiting in Digital Startup Alley and world-class networking. We can tell you it’s great, but here’s what two attendees — one founder and one investor — say about why they value the Disrupt experience.

“Disrupt has everything early stage founders need — from advice on raising money and how to scale to exposure and brand recognition. We connected with people we never would have met, including other founders going through the same pain points.” — Joel Neidig, founder of SIMBA Chain.

“Building relationships with early-stage startup founders is essential in my business. Disrupt draws that core group from across a wide range of industries, and the ability to easily network and connect with them is a huge benefit.” — Daniel Lloreda, general partner at H20 Capital Innovation.

Your Disrupt value-add starts when you buy an early-bird pass and save up to $300. The offer expires on July 31 at 11:59 p.m. PT, and that’s a deadline you can’t afford to miss.

Is your company interested in sponsoring or exhibiting at Disrupt 2020? Contact our sponsorship sales team by filling out this form.

Fintech startup Revolut just announced that it has raised $80 million as part of its Series D round that it had already announced in February. The new influx of funding comes from TSG Consumer Partners.

In February, Revolut raised a $500 million led by TCV at a $5.5 billion valuation. Today’s new funding extends that funding round to $580 million — the company says the valuation remains the same.

If you’re not familiar with Revolut, the company is building a financial service to replace traditional bank accounts. You can open an account from an app in just a few minutes. You can then receive, send and spend money from the app or use a debit card. Revolut also lets you exchange currencies.

The startup expanded beyond that simple feature set and now wants to become a financial hub, a super app for all things related to money. For instance, you can insure your phone, get a travel medical insurance package, buy cryptocurrencies, buy shares, donate to charities and save money from Revolut.

The company says it’ll use the investment to add new features in the U.S. and roll out banking operations across Europe — you can expect local banking details in multiple European countries. Eventually, Revolut also plans to offer credit products across Europe.

In addition to that, Revolut is also working on a subscription management tool. It lets you see all your active subscriptions, cancel them from Revolut and receive alert when a free trial ends.

There are now 12 million registered users on Revolut.

Fintech startup Revolut just announced that it has raised $80 million as part of its Series D round that it had already announced in February. The new influx of funding comes from TSG Consumer Partners.

In February, Revolut raised a $500 million led by TCV at a $5.5 billion valuation. Today’s new funding extends that funding round to $580 million — the company says the valuation remains the same.

If you’re not familiar with Revolut, the company is building a financial service to replace traditional bank accounts. You can open an account from an app in just a few minutes. You can then receive, send and spend money from the app or use a debit card. Revolut also lets you exchange currencies.

The startup expanded beyond that simple feature set and now wants to become a financial hub, a super app for all things related to money. For instance, you can insure your phone, get a travel medical insurance package, buy cryptocurrencies, buy shares, donate to charities and save money from Revolut.

The company says it’ll use the investment to add new features in the U.S. and roll out banking operations across Europe — you can expect local banking details in multiple European countries. Eventually, Revolut also plans to offer credit products across Europe.

In addition to that, Revolut is also working on a subscription management tool. It lets you see all your active subscriptions, cancel them from Revolut and receive alert when a free trial ends.

There are now 12 million registered users on Revolut.

Online shopping service Instacart says reused passwords are to blame for a recent spate of account breaches, which saw personal data belonging to hundreds of thousands of Instacart customers stolen and put up for sale on the dark web.

The company published a statement late on Thursday saying its investigation showed that Instacart “was not compromised or breached,” but pointed to credential stuffing, where hackers take lists of usernames and passwords stolen from other breached sites and brute-force their way into other accounts.

“In this instance, it appears that third-party bad actors were able to use usernames and passwords that were compromised in previous data breaches of other websites and apps to login to some Instacart accounts,” the statement reads.

The statement comes after BuzzFeed News reported that data on more than 270,000 user accounts was for sale on the dark web, including the account user’s name, address, the last four digits of their credit card, and their order histories from as recently as this week.

Instacart said that the stolen data represents a fraction of the “millions” of Instacart’s customers across the U.S. and Canada, a spokesperson told BuzzFeed News.

But who’s really to blame here: the customers for reusing passwords, or the company for not doing more to protect against password reuse?

Granted, it’s a bit of both. Any internet user should use a unique password on each website, and install a password manager to remember them for you wherever you go. That means if hackers make off with one of your passwords, they can’t break into all of your accounts. You should also enable two-factor authentication wherever possible to prevent hackers from breaking into your online accounts, even if they have your password. By sending a code to your phone — either by text message or an app — it adds a second layer of protection for your online accounts.

But Instacart cannot shift all the blame onto its users. Instacart still does not support two-factor authentication, which — if customers had enabled — would have prevented the account hacks to begin with. When we checked, there was no option to enable two-factor on an Instacart account, and no mention anywhere on Instacart’s site that it supports the security feature.

Data published by Google last year shows even the most basic two-factor can prevent the vast majority of automated credential stuffing attacks.

We asked Instacart if it plans to roll out two-factor to its users, but an Instacart spokesperson did not respond to our email.

Instacart claims security is a “top priority,” and that it has a “dedicated security team, as well as multiple layers of security measures, focused on protecting the integrity of all customer accounts and data.”

But without giving users basic security features like two-factor, Instacart users can barely protect their own accounts, let alone expect Instacart to do it for them.

The manufacturer of a vegan collagen, Geltor, has raised a new round of financing — $90 million, according to people familiar with the company.

It’s another sign of the newfound viability of sustainability and cell-based, vegetarian replacements for animal products.

Sustainable bio-products, whether plant-based, genetically modified or cell-cultured, are having a big year. In the month of July alone, companies developing sustainable alternatives to animal agriculture and the industry’s byproducts have announced or closed on investments totaling $335 million in just three companies. Those companies include Geltor, The Not Company and Perfect Day.

Geltor’s chief executive Alexander Lorestani declined to comment on the new round, and sources did not disclose who the lead investor was.

The company had previously raised capital from SOS Ventures, IndieBio, Fifty Years, Cultivian Sandbox Ventures, Starlight Ventures, New Crop Capital, Baruch Future Ventures and FTW Ventures, according to information in Crunchbase.

In November, TechCrunch reported that the company was in looking for at least $50 million in new financing, but could raise as much as $100 million in the new round.

“Geltor’s production method is vastly more sustainable and eliminates the need for animal cruelty, but the reason companies in the cosmetics and food industries are clamoring for their products is because Geltor allows them to achieve function they simply can’t get from animal-derived gelatin and collagen,” said one person familiar with the company and its technology. 

Worldwide, the collagen market is expected to reach $7.5 billion by 2027 according to data from the market research firm, Grand View Research. Another report from Grand View put the size of the gelatin market at another $6.7 billion over the same period.

Geltor’s aim is to make these additives — and other animal-derived proteins — cheaply, efficiently and animal-free.

Much of the cosmetics, skin care and food business is shaped by animal byproducts. Lanolin is made from wool grease, squaline is made from shark liver oil and gelatin is made from the bones, tendons and ligaments of cows and pigs. Geltor replaces all of that with a cell-derived protein brewed in a fermenter like beer.

The company’s founders, Alex Lorestani and chief technology officer Nick Ouzounov, first met as graduate students at Princeton and began working on their company in 2015.

As Lorestani told Forbes in a 2019 article, Ouzounov would always approach him about new ideas for companies. After graduation the two men relocated to Silicon Valley and were accepted into the IndieBio accelerator.

Geltor began as a manufacturer of gelatin, a food additive used in everything from marshmallows to Jell-O, but quickly expanded into collagen for beauty products and dietary supplements. The company is already working with Gelita, one of the world’s largest manufacturers of collagen.

The funding for companies like Geltor and Perfect Day show that industrial biology is having a moment. There are billions of dollars of value to be unlocked in the re-engineering of cell functions, and proteins are just one application.

For investors looking at new bio-products, the future is very much alive.