Year: 2020

13 May 2020

UK femtech startup Astinno, which is working on a wearable to combat hot flushes, picks up grant worth $450k

London-based femtech hardware startup Astinno has picked up an Innovate UK grant worth £360k ($450k) to fund further testing of a wearable it’s developing for women experiencing a perimenopause symptom known as hot flushes.

The sensor-packed device, which it’s calling Grace, is being designed to detect the onset of a hot flush and apply cooling to a woman’s wrist to combat the reaction — in a process it likens to running your wrists under a cold tap.

The aim is for algorithmically triggered cooling to be done in a timely enough manner to prevent hot flushes from running their usual unpleasant and uncomfortable course. While the bracelet wearable itself is being designed to look like a chunky piece of statement jewellery.

The femtech category in general has attracted an influx of funding in recent years, as venture capitalists slowly catch up to the opportunities available in products and services catering to women’s health issues.

But it’s fair to say menopause remains a still under-addresed segment within the category. Although there are now signs that more attention is being paid to issues that affect many hundreds of millions of middle aged (and some younger) women around the world.

The team working on Grace has built several prototypes to date, per founder Peter Astbury. He says some limited user tested has also been done. But they’ve yet to robustly prove efficacy of the core tech — hence taking grant funding for more advanced testing. At this stage of development there’s also no timeline for when a product might be brought to market.

Astinno and Morgan IAT, its commercial partner on the project, have been awarded the Innovate UK money via a publicly funded UK SMART grants scheme (the pair are getting match funding via the scheme, with the public body putting up 70% and Astinno and Morgan IAT funding the other 30% of their respective costs).

Loughborough University — Astbury’s alma mater — is also involved as a research party, and is being funded for 100% of its grant costs.

“Several prototypes have been created so far, mainly by myself having received electronics and design training as part of my degree at Loughborough University,” says Astbury. “Shortly after leaving university I also briefly worked with an electronics company who helped to refine some of the components within the Grace product.

“Morgan IAT has the crucial technical role of developing a number of prototypes in conjunction with Astinno. This includes both hardware and software development, building many more advanced prototypes that are being tested, refined and then tested again.

“We’re working with three researchers from Loughborough University which brings together industry leading expertise in menopause psychology and physiology. Based at the National Centre for Sports and Exercise Medicine, the researchers are using their fantastic lab facilities to test Grace, meaning that everything we’re doing is being validated by professional research. Once this step is complete, we’ll have more of an idea regarding product release time-frames.”

Astbury founded the startup last summer — but had begun work on the concept for Grace several years before, during his final year at Loughborough, back in 2016.

“As a member of Loughborough’s business incubator, ‘The Studio’, I was awarded an enterprise grant which helped to fund the business. I have also been putting my User Experience design skills and expertise to good use, contracting for start-ups and larger healthcare companies on a part-time basis to ‘bootstrap’ development,” he adds.

The idea for the wearable came after Astbury conducted user research by talking to women about their menopausal symptoms and hearing about their coping strategies for hot flushes and the night sweats that can be induced.

“A woman was telling me about her symptoms and how she coped with them until now. She would wake up ten to fifteen times each night due to her night sweats. Each time, she would go to the bathroom and run her wrists under cold water which helped the flush to subside. Looking into this method in more depth, it became clear that cooling an area of skin can indeed be extremely effective and there are lots of women that use this technique,” he explains.

“During a hot flush, your brain mistakenly thinks that you are becoming too warm and causes your body to lose heat. This results in sweating, a reddening of the skin and shortness of breath. The skin, however, acts like your body’s thermometer, passing information to your brain. By applying cooling to the skin at the right time, we’re harnessing the body’s natural temperature regulation system. The brain receives signals that you are cool and, in turn, the body reacts in a way that is directly opposite to a hot flush.”

“The real key to Grace is accurately and reliably pre-empting hot flushes (the automated nature of the bracelet) so that cooling can be applied at the earliest stage possible,” he adds. “We’re doing that using a specific line-up of sensor technology and algorithms all working together but I’m afraid the details of that can’t be disclosed publicly yet.”

Astbury says he was keen to get grant funding at this stage of product development to avoid dilution of the business, given VCs would require their chunk of equity.

“One of the best things about Innovate UK for a science-based start-up like Astinno is that it doesn’t contribute to the dilution of your business,” he notes. “By the end of a successful grant project, a company becomes a much more attractive investment from the perspective of both investors and the start-up. I have had discussions with multiple angels/VC’s and will maintain those relationships, however a grant was the best option for us at this stage.”

13 May 2020

93% of Chinese minors are now online

Children and teenagers in China are hyper-connected and using the internet in ways that were unimaginable and inaccessible to earlier generations.

As many as 175 million people under the age of 18, or 93.1% of the country’s underage population, were internet users in 2019, according to a joint report released by the government-affiliated China Internet Network Information Center and the Chinese Communist Youth League.

The digital divide was quickly closing. Internet penetration among urban minors was 93.9%, just 3.6% more than their rural counterparts, compared to a 5.4% gap in 2018. Almost all of them accessed the internet through smartphones. The US, by comparison, recorded 95% smartphone access among teens in 2018.

Though up to 81.9% of Chinese schools restricted the use of cellphones, 74% of the underage population reported having their own internet devices. 89.6% went online for educational purposes — the COVID-19 pandemic that has kept millions of students at home would certainly fuel more persistent adaptation of online education. 61% used the internet for gaming and 46.2% for streaming short videos on apps like Douyin (TikTok China) and Kuaishou.

Contrary to widespread concerns, only 17.3% of the underage users reported they had developed “psychological dependence” on the internet, although the numbers should be taken with caution as they came from respondents’ subjective judgments.

While many parents are growing wary of internet safety among children, 75.3% of the Chinese underage users said they had “some understanding” of rights protection or ways to report inappropriate behavior with regard to internet use.

13 May 2020

Emteria, maker of industrial version of Android, raises cash from HTG and Runa Capital

Emteria, is a startup that emerged out of the limitations of the official Android Open Source Project. AOSP just isn’t good enough to be used in industrial applications which means if industry wants to use it, the platform must be extended and customized. Some industries still use outdated platforms like Windows CE to power things like ticket machines, for instance.

Emteria developed emteria.OS, an adapted Android operating system for industrial settings. As a result of its work, the startup has now raised €1.5 million in funding from the German state-backed High-Tech Gründerfonds and Runa Capital, based out of San Francisco.

While Android is the most popular OS with 2.5 billion active Android devices, pure-play Android isn’t suited to an industrial environment, where you can’t access Google Play Services, vendors’ centralized updates and have to limit the user-accessible functionality.

Emteria.OS can be used to power ticket scanning devices, cashier desks, ticketing machines, smart home controllers, video conferencing and alarming systems – or whatever a customer has in mind. They also get personalized branding, security updates, and ongoing support from the emteria team. emteria.OS is now used by over 75,000 сustomers.

Dr. Igor Kalkov, founder and CEO of emteria said: “The B2B market has so far failed to maximize the Android platform even though it has reached a market share of more than 70% for mobile operating systems. In the B2B environment, this development leaves much to be desired. Our vision is to free industrial devices from their individualized software, just like the mobile revolution.”

He said currently, software service providers often offer development contracts, but generate source code which the customer can’t do anything with, outside of the contract. Development contracts are also expensive and result in 100 companies cooking 100 different Android distributions.

Daniela Bach, Investment Manager at HTGF, said: “We are very convinced of this technology’s potential in the field of industrial operating systems.”

Dmitry Galperin, Partner at Runa Capital, added: “The team has reached great success among the Raspberry Pi community by developing an important layer for device configuration and management not available from the open-source Android. We believe that emteria will continue to attract more IoT developers.”

13 May 2020

Taiwan-based live streaming company M17 raises $26.5 million Series D led by Vertex Growth

M17, the Taiwan-based live streaming entertainment startup, announced that it has raised a $26.5 million Series D. The round was led by Vertex Growth Fund, with participation from Stonebridge Korea Unicorn Venture Fund, Innoven Capital Singapore, Kaga Electronics and ASE Global Group.

The new funding will be used for growth in Japan, one of M17’s key markets, and expansion into the United States and other regions including the Middle East.

The company’s funding announcement said that more users are logging onto live streaming apps to stay entertained during the COVID-19 pandemic. It added that M17, whose products include live streaming app 17 Media and a talent agency called Unicorn Entertainment, has seen a record number of artists and users signing up over the past few months.

17 Media enables content creators to monetize through in-app gifts and social commerce. In January, the company said it had processed over $500 million worth of virtual gifts for 30,000 exclusive content creators.

Two years ago, M17 planned to list on the New York Stock Exchange, but cancelled its IPO in June 2018 and decided to continue raising private funding.

In a statement, Vertex Growth managing director Tam Hock Chuan said, “We are impressed by M17’s market leading position and continued strong growth in Japan, Taiwan and Hong Kong. With M17’s unique value proposition and battle-hardened management team, the company is well prepared for its next phase of growth.”

13 May 2020

Alameda County may allow Tesla’s Fremont factory to reopen as soon as next week

Alameda County officials announced today that Tesla can reopen as soon as next week if it implements additional safety recommendations.

The statement from the Alameda County Public Health Department said that after receiving Tesla’s COVID-19 site-specific safety plan for its Fremont plant, officials “held productive discussions today with Tesla’s representatives about their safety and prevention plans, including some additional safety recommendations.”

“If Tesla’s Prevention and Control Plan includes these updates, and public health indicators remain stable or improve, we have agreed that Tesla can begin to augment their Minimum Business Operations this week in preparation for possible reopening as soon as next week,” it added.

Alameda County officials said they will work with the Fremont Police Department will work together to verify that Tesla is implementing safety measures, including physical distancing.

The agreement comes after conflict between Alameda County and Tesla about the plant’s reopening date. On Monday, Tesla CEO Elon Musk said that the Fremont factory had restarted production, even though Alameda County had not yet lifted its stay-at-home order for manufacturing. This was after Tesla announced over the weekend that it had filed a lawsuit against Alameda County, seeking injunctive and declaratory relief against the order.

Along with five other Bay Area counties, Alameda County began easing some restrictions on May 4, allowing some business activities, primarily ones that take place outdoors like construction and landscaping, to resume. Depending on key COVID-19 indicators, more businesses may be allowed to start operating again on May 18.

13 May 2020

Modulr raises £18.9M for its ‘Payments as a Service’

Modulr, the U.K. fintech that offers ‘Payments as a Service’ as an alternative to commercial and wholesale transaction banking, has secured £18.9 million in growth funding. Leading the round is Highland Europe, with participation from existing investors including Frog Capital.

Modulr says the injection of capital will be used to further develop the payments platform and expand into new products and markets, including European expansion. It brings the total raised by the company to just over £43 million, not including a £10 million grant from the Capability and Innovation Fund (pdf).

“We are solving the problem of relationship and technical access to commercial and wholesale transaction banking,” co-founder and CEO Myles Stephenson tells TechCrunch. “We’re providing a complete alternative to using a bank for payments: technology, regulatory permissions and direct access to the payment schemes”.

Last year, this saw Modulr became one of only a few non-banks to gain direct access to Faster Payments and Bacs, the two main U.K. bank payments schemes. The fintech is also a “principal” issuing member of Visa.

“We see ourselves as the plumbing layer behind the scenes – delivering the payments infrastructure that enables other businesses to automate payment flows and reconciliation, embed payment flows within their platform and build entirely new payment services for their customers,” adds Stephenson.

To date, businesses across lending, fintech, alternative banking, accounting, travel and more have processed over £25 billion in payments through the Modulr platform, which counts Revolut as one of its largest customers. Other partner clients including Sage, Liberis, Salary Finance and Iwoca.

In terms of competition, Stephenson says Modulr is typically replacing “the payment services provide by a bank combined with a technology service such as Bottomline Technologies”. (Although, of course, there are other modern payments as a service providers, including challenger bank Starling).

“What we think makes us stand out is our sole focus on being a B2B and infrastructure provider with access to, and trust of, key regulators and payment networks/schemes,” he adds. “This means we have the same level of access to payment schemes as a bank provides, but backed by our resilient, reliable and powerful API platform”.

13 May 2020

Modulr raises £18.9M for its ‘Payments as a Service’

Modulr, the U.K. fintech that offers ‘Payments as a Service’ as an alternative to commercial and wholesale transaction banking, has secured £18.9 million in growth funding. Leading the round is Highland Europe, with participation from existing investors including Frog Capital.

Modulr says the injection of capital will be used to further develop the payments platform and expand into new products and markets, including European expansion. It brings the total raised by the company to just over £43 million, not including a £10 million grant from the Capability and Innovation Fund (pdf).

“We are solving the problem of relationship and technical access to commercial and wholesale transaction banking,” co-founder and CEO Myles Stephenson tells TechCrunch. “We’re providing a complete alternative to using a bank for payments: technology, regulatory permissions and direct access to the payment schemes”.

Last year, this saw Modulr became one of only a few non-banks to gain direct access to Faster Payments and Bacs, the two main U.K. bank payments schemes. The fintech is also a “principal” issuing member of Visa.

“We see ourselves as the plumbing layer behind the scenes – delivering the payments infrastructure that enables other businesses to automate payment flows and reconciliation, embed payment flows within their platform and build entirely new payment services for their customers,” adds Stephenson.

To date, businesses across lending, fintech, alternative banking, accounting, travel and more have processed over £25 billion in payments through the Modulr platform, which counts Revolut as one of its largest customers. Other partner clients including Sage, Liberis, Salary Finance and Iwoca.

In terms of competition, Stephenson says Modulr is typically replacing “the payment services provide by a bank combined with a technology service such as Bottomline Technologies”. (Although, of course, there are other modern payments as a service providers, including challenger bank Starling).

“What we think makes us stand out is our sole focus on being a B2B and infrastructure provider with access to, and trust of, key regulators and payment networks/schemes,” he adds. “This means we have the same level of access to payment schemes as a bank provides, but backed by our resilient, reliable and powerful API platform”.

13 May 2020

VanMoof raises $13.5M to capitalize on e-bike boom in wake of COVID-19

VanMoof, the Dutch e-bike startup which launched in 2009, is now officially a “scale-up” after attracting a €12.5M / $13.5M investment from London VC Balderton Capital and SINBON Electronics, the Taiwan-based electronics manufacturer which is its bike assembly partner.

The funds will be used for international expansion, following the launch of the new electric VanMoof S3 and X3 bikes.

The announcement comes at a fortuitous time. Cities all over Europe are gingerly emerging from lockdown during the recent outbreak of the COVID-19 pandemic, and European governments are desperate to get their economies moving. But much of the official advice is to avoid public transport where possible, due to the near-impossibility of social distancing.

So with cycling a viable option in many cities, but distance still the old adversary, many consumers are looking to e-bikes as the solution to commuting, versus traditional bikes, which can’t compete with an e-bike’s ability to take the rider much further than normal.

To boost take-up, the UK government has unleashed a £2 billion package to create a new era for cycling and walking, leading to shares in bike retailer Halfords jumping by 17% on Monday.

In the US, New York City just committed to adding protected bike lanes across Manhattan and Brooklyn. Berlin is extending some of its already extensive bike lanes. And Milan will introduce a five-mile cycle lane to cut car use after the lockdown. New York City has reported a 50% increase in cycling compared to this time last year. Cycling in Philadelphia has increased by more than 150% during the COVID-19 outbreak.

Taco Carlier, VanMoof co-founder, said in a statement: “It’s a unique time to build such a meaningful partnership. Not only do we appreciate this vote of confidence from an investor with deep sector experience, it’s a great sign that investments are becoming greener, shifting away from fossil fuels and towards e-mobility.”

Colin Hanna, principal at Balderton said: “VanMoof produces a category-leading product in a rapidly growing market that is changing the world for the better. We believe that the quality, community, and experience of VanMoof will make them a household name from Tokyo to Berlin.”

VanMoof recently launched the S3 and X3 models which are upgrades to previous models, at a significantly cheaper price. The price is a reflection of the fact that VanMoof has full control of the supply chain thanks to its partnership with SINBON, combined with a direct-to-consumer sales model which means it takes complete ownership of everything from design to production, from sales to after-service.

Furthermore, in the last two years, the company has quadrupled its €10m 2018 revenue to nearly €40m in 2019, with sales 20% above target throughout 2020 so far, meaning it’s looking at an annual revenue goal of €100m.

The high performance new electric VanMoof S3 and X3 have a new range of features, including electronic four-speed gear shifting, integrated hydraulic brakes, and double the Turbo Boost power.

But VanMoof is not the only VC-backed e-bike on the market. Brussels-based Cowboy is an e-bike startup that only appeared in 2017 but has since gone on to raise $19.5M from Tiger Global and London’s Index Ventures.

While it’s a tragedy that it’s taken a deathly pandemic to kick-start this market, the prospect of our cities becoming radically changed for the better, with cleaner air and healthier, bike-riding citizens, does seem to be appearing on the horizon.

13 May 2020

VanMoof raises $13.5M to capitalize on e-bike boom in wake of COVID-19

VanMoof, the Dutch e-bike startup which launched in 2009, is now officially a “scale-up” after attracting a €12.5M / $13.5M investment from London VC Balderton Capital and SINBON Electronics, the Taiwan-based electronics manufacturer which is its bike assembly partner.

The funds will be used for international expansion, following the launch of the new electric VanMoof S3 and X3 bikes.

The announcement comes at a fortuitous time. Cities all over Europe are gingerly emerging from lockdown during the recent outbreak of the COVID-19 pandemic, and European governments are desperate to get their economies moving. But much of the official advice is to avoid public transport where possible, due to the near-impossibility of social distancing.

So with cycling a viable option in many cities, but distance still the old adversary, many consumers are looking to e-bikes as the solution to commuting, versus traditional bikes, which can’t compete with an e-bike’s ability to take the rider much further than normal.

To boost take-up, the UK government has unleashed a £2 billion package to create a new era for cycling and walking, leading to shares in bike retailer Halfords jumping by 17% on Monday.

In the US, New York City just committed to adding protected bike lanes across Manhattan and Brooklyn. Berlin is extending some of its already extensive bike lanes. And Milan will introduce a five-mile cycle lane to cut car use after the lockdown. New York City has reported a 50% increase in cycling compared to this time last year. Cycling in Philadelphia has increased by more than 150% during the COVID-19 outbreak.

Taco Carlier, VanMoof co-founder, said in a statement: “It’s a unique time to build such a meaningful partnership. Not only do we appreciate this vote of confidence from an investor with deep sector experience, it’s a great sign that investments are becoming greener, shifting away from fossil fuels and towards e-mobility.”

Colin Hanna, principal at Balderton said: “VanMoof produces a category-leading product in a rapidly growing market that is changing the world for the better. We believe that the quality, community, and experience of VanMoof will make them a household name from Tokyo to Berlin.”

VanMoof recently launched the S3 and X3 models which are upgrades to previous models, at a significantly cheaper price. The price is a reflection of the fact that VanMoof has full control of the supply chain thanks to its partnership with SINBON, combined with a direct-to-consumer sales model which means it takes complete ownership of everything from design to production, from sales to after-service.

Furthermore, in the last two years, the company has quadrupled its €10m 2018 revenue to nearly €40m in 2019, with sales 20% above target throughout 2020 so far, meaning it’s looking at an annual revenue goal of €100m.

The high performance new electric VanMoof S3 and X3 have a new range of features, including electronic four-speed gear shifting, integrated hydraulic brakes, and double the Turbo Boost power.

But VanMoof is not the only VC-backed e-bike on the market. Brussels-based Cowboy is an e-bike startup that only appeared in 2017 but has since gone on to raise $19.5M from Tiger Global and London’s Index Ventures.

While it’s a tragedy that it’s taken a deathly pandemic to kick-start this market, the prospect of our cities becoming radically changed for the better, with cleaner air and healthier, bike-riding citizens, does seem to be appearing on the horizon.

13 May 2020

Slack is currently fixing performance issues that prevented some users from connecting

Slack is currently fixing issues that are preventing some users from connecting or sending messages, according to its Status page. The company’s latest update on Twitter says some people may start seeing improvements, but that the company is still working on it.

With so many working remotely because of the COVID-19 pandemic, Slack is the main way that many people keep in touch with their colleagues. The company has not announced if the current outage is related to increased demand (though, to be fair, they are busy right now).

Like other major online communication platforms, Slack has experienced outages in the past, and generally fixed them within a few hours while keeping users updated. For example, it experienced outages last summer, soon after the company performed a major update to its underlying technology to increase the speed of its desktop and web clients.

We will update this post when Slack’s connectivity is fully restored.