Year: 2021

16 Jun 2021

Waymo, Alphabet’s self-driving arm, raises $2.5B in second external investment round

Waymo, Google’s former self-driving project that is now a business unit under Alphabet, said Wednesday it raised $2.5 billion in its second outside funding round. The company said in a blog post it will use the funds to continue growing Waymo Driver, its autonomous driving platform, and growing its team.

The round saw participation from existing investors Alphabet, Andreessen Horowitz, AutoNation, Canada Pension Plan Investment Board, Fidelity Management & Research Company, Magna International, Mubadala Investment Company, Perry Creek Capital, Silver Lake, funds and accounts advised by T. Rowe Price Associates, Inc., Temasek, and additional investor Tiger Global.

The news comes only a few months after former CEO John Krafcik announced in April that he was stepping down from leading the company after five years in the position. The CEO position is now being held jointly by Tekedra Mawakana, former COO, and Dmitri Dolgov, who joined the original self-driving project at Google and was CTO.

Krafcik led the company through its first external $2.25 billion investment round in March 2020. That round was later expanded by $700 million a few months later. But Krafcik could be a polarizing figure in the company, as TechCrunch’s Kirsten Korosec noted.

In addition to its Waymo One commercial ride-hailing service, which operates in the Metro Phoenix, Arizona area, the company has continued to build out its Waymo Via trucking and cargo transportation service. Earlier this month Waymo announced it was entering a “test run” with J.B. Hunt for transportation services between Houston and Fort Worth.

16 Jun 2021

Every startup needs an in-house senate

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

For this week’s deep dive, Natasha and Danny unpacked the Expensify EC-1, which includes a ton of surprises, building tips, and, as we discuss in the show, some life lessons as well. This is our largest EC-1 to date, and is the result of six months of prodigious work from the inimitable Anna Heim. Of course, we had to add our Equity spin on the feature and boiled down our favorite musings into a succinct episode.

Here’s what we got into:

  • Expensify’s silent period as a fun dynamic to deal with as reporters
  • There’s always an Uber angle, and Expensify is no different when you realize its early roots are tied to entrepreneur Travis Kalanick’s persuasion
  • How Expensify manages to stay slim, focus in a rural town in Michigan, and achieve profitability
  • Natasha asked if lack of structure negatively or positive impacts minorities and underrepresented folk, while Danny explained a nifty way that the company deals with promotions and raises.
  • Danny explained how re-writing the playbook might positively impact recruitment, and how joining Expensify doesn’t come with your classic SaaS pitch.
  • And we end with a meta conversation on how society views work, and why neither of us went to spend the next 50 years with predictability.

Once you’re done listening to the episode, make sure to check out Heim’s EC-1 below:

And that’s the show! Make sure to register for a seat at our FREE Equity live show next week, and follow us on Twitter @equitypod.  

Until Friday!

Equity drops every Monday at 7:00 a.m. PST, Wednesday, and Friday morning at 7:00 a.m. PST, so subscribe to us on Apple PodcastsOvercastSpotify and all the casts.

16 Jun 2021

Honey Insurance launches with $15.5M AUD, the largest seed round ever for an Australian tech startup

When Richard Joffe moved his family to Australia in 2019, he said applying for home insurance “was like traveling back in time 30 years.”

“I found the sign-up process painful, the fine print was confusing and the insurance company was totally reactive, not proactive. They never contacted me aside from my renewal,” he told TechCrunch. Joffe, who founded parking sensor platform Park Assist and jobs platform Stella.ai in the United States, began researching and found many people in Australia shared the same frustrations. This was the impetus for him to found Honey Insurance, which launches today with $15.5 million AUD (about $11.9 million USD), the largest seed round ever raised by a tech startup in Australia, according to Crunchbase data.

The funding was led by institutional investors RACQ (the insurer that also underwrites Honey Insurance), PEXA, Metricon, ABN Group, Mirvac, AGL, SFG and Apex Capital. Individual investors include Zip founder and global CEO Larry Diamond; Afterpay co-founder and CEO Anthony Eisen; former MEBank CEO Jamie McPhee; former Corelogic CEO Graham Mirabito; Airtasker co-founder and CEO Tim Fung; former News Corp Australia and Foxtel CEO Peter Tonagh.

The capital will be used on hiring, with plans to fill 80 positions over the next 12 months, and research and development.

Honey Insurance is underwritten by RACQ, one of Australia’s largest insurance providers, and offers home, contents and landlord coverage. Customers get $250 AUD worth of smart sensors to monitor for the top three risks to homes: flooding, fire and theft. For example, the sensors look for things like leaky water pipes, smoke and open garage doors. Joffe said half of insurance claims are avoidable and the sensors help prevent incidents. As an incentive, Honey Insurance customers get 8% off their premiums if their sensors are switched on.

The sign-up process for Honey Insurance is also designed to be simple. Joffe said customers can purchase insurance in as little as three minutes and the company avoids using confusing jargon. Over the long-term, Honey Insurance will also use publicly available information and satellite data to automatically update policies if a customer makes changes to their home, like a new extension or pool.

Joffe said another problem in Australia is underinsurance, which affects about four out of five Australians. Last year, 183,000 home claims were declined or withdrawn, and the average claim size was $8,400, up 16% from the year before. As a result, each year customers need to pay a total of $1.5 billion out of pocket.

To address underinsurance, Honey Insurance has taken steps like a 30% safety margin for a customer’s sum insured and four time the usual home office coverage, to the value of $20,000.

“We have far more electronics in our houses than 20 years ago, and we work far more from home than before COVID—it makes sense your insurance policy should take this into account,” Joffe said.

In a statement, David Carter, CEO of RACQ, said, “Investing in Honey Insurance is an opportunity to share in the innovation and increase the scale of our insurance portfolio to benefit our 1.8 million members and their communities.”

16 Jun 2021

Hybrid events platform Brella raises $10M Series A led by Connected Capital

Hybrid event platform Brella has raised a $10M Series A funding round led by Connected Capital. Normally used as an offline networking app, Brella pivoted from live events into a virtual event platform after the pandemic hit. The company counts Informa, Marcus Evans, Questex and IQPC as customers

Markus Kauppinen, CEO and Founder of Brella said the company is moving towards ‘immersive hybrid events that contain both live and virtual components’ as the world opens up post-COVID.

Kauppinen said: “Unlike many of our competitors, Brella is squarely focused on capturing the essence of live business events and translating them into an intuitive digital format. We aren’t in the business of impressing event organizers with needlessly long feature-lists: Instead, we provide them with a lean, beautifully designed platform that supercharges the attendee experience using fantastic UX and AI-smart networking.”

The new Brella product is about community building, attendee grouping, and unified analytics for virtual and live audiences, he said.

Mathijs Robbens, Co-Founder and Managing Partner at Connected Capital commented: “Brella’s approach to tackling the problems surrounding the event experience has been a breath of fresh air, especially during these uncertain times. The growth of the company, their agility and ability to turn the most insurmountable challenges into new opportunities is truly exceptional — we are thrilled to be a part of their next act as they strive to help the event industry embrace technology in the long-term.”

16 Jun 2021

Cannabis and digital health start-up Sanity Group closes $44.2M Series A led by Redalpine

Berlin-based cannabis and digital health start-up Sanity Group has closed a $44.2M Series A financing round led by Swiss VC Redalpine along with US-based Navy Capital and SOJE Capital. GMPVC also participated in the round. This appears to be the largest round of cannabis funding in Europe to date and brings total investment in Sanity Group to $73M.

The new capital will be used to expand the Group’s medical division in Europe as well as a EU-GMP-compliant research and production facility near Frankfurt.

Previous investors include HV Capital, TQ Ventures, Atlantic Food Labs, Cherry Ventures, Bitburger Ventures, and SevenVentures. In addition, Sanity Group has attracted celebrity angels including music producers will.i.am, Scooter Braun, and actress Alyssa Milano.

Sanity’s cannabis-based platform is for mental health and chronic pain management, allowing the tracking of cannabis-based therapy digitally with a medical device. This tells customers how much of the active ingredient (THC, CBD or other cannabinoids) is being administered. This is then registered in a therapy diary.

Finn Age Hänsel, founder and managing director of Sanity Group said: “A round of this magnitude shows that cannabis is increasingly moving into the mainstream of investor awareness, and represents an important milestone in our business expansion on our way to becoming Europe’s leading cannabis company.”

Over an interview, he added: “So we are fully legal and operated in Germany. We are just about to enter the Czech Republic and Poland. The UK is one of the biggest markets we want to enter going forward because, as you might know, the whole area of medical cannabis is slowly but surely opening all over Europe, with Germany being the largest market, about 80% of all the cannabis cannabinoid-based therapies today. But actually, the UK being the number two, which is a super attractive market for us but we look further into the Czech Republic and Poland, because those are the markets that have opened up from a regulatory perspective, at the most, over the last two years, and then France will open up next year, but that’s basically one after the other.”

Sean Stiefel, CEO at Navy Capital said: “The European cannabis market faces exciting developments in the coming months. Compared to the North American market, Europe is now where we were in the U.S. about four years ago. We want to bring our expertise and experience to the table. For our first investment in Europe, it was important for us to find a team that understands the market and has real industry experts in its ranks.”

16 Jun 2021

Spotify launches its live audio app and Clubhouse rival, Spotify Greenroom

In March, Spotify announced it was acquiring the company behind the sports-focused audio app Locker Room to help speed its entry into the live audio market. Today, the company is making good on that deal with the launch of Spotify Greenroom, a new mobile app that allows Spotify users worldwide to join or host live audio rooms, and optionally turn those conversations into podcasts. It’s also announcing a Creator Fund which will help to fuel the new app with more content in the future.

The Spotify Greenroom app itself is based on Locker Room’s existing code. In fact, Spotify tells us, current Locker Room users will see their app update to become the rebranded and redesigned Greenroom experience, starting today.

Where Locker Room had used a white-and-reddish orange color scheme, the new Greenroom app looks very much like an offshoot from Spotify, having adopted the same color palette, font and iconography.

To join the new app, Spotify users will sign in with their current Spotify account information. They’ll then be walked through an onboarding experience designed to connect them with their interests.

Image Credits: Spotify

For the time being, the process of finding audio programs to listen to relies primarily on users joining groups inside the app. That’s much like how Locker Room had operated, where its users would find and follow favorite sports teams. However, Greenroom’s groups are more general interest now, as it’s no longer only tied to sports.

In time, Spotify tells us the plan is for Greenroom to leverage Spotify’s personalization technology to better connect users to content they would want to hear. For example, it could send out notifications to users if a podcaster you already followed on Spotify went live on Spotify Greenroom. Or it could leverage its understanding of what sort of podcasts and music you listen to in order to make targeted recommendations. These are longer-term plans, however.

As for Spotify Greenroom’s feature set, it’s largely on par with other live audio offerings — including those from Clubhouse, Twitter (Spaces) and Facebook (Live Audio Rooms). Speakers in the room appear at the top of the screen as rounded profile icons, while listeners appear below as smaller icons. There are mute options, moderation controls, and the ability to bring listeners on stage during the live audio session. Rooms can host up to 1,000 people, and Spotify expects to scale that number up later on.

Image Credits: Spotify

Listeners can also virtually applaud speakers by giving them “gems” in the app — a feature that came over from Locker Room, too. The number of gems a speaker earned displays next to their profile image during a session. For now, there’s no monetary value associated with the gems, but that seems an obvious next step as Greenroom today offers no form of monetization.

It’s worth noting there are a few key differentiators between Spotify Greenroom and similar live audio apps. For starters, it offers a live text chat feature that the host can turn on or off whenever they choose. Hosts can also request the audio file of their live audio session after it wraps, which they can then edit to turn into a podcast episode.

Perhaps most importantly is that the live audio sessions are being recorded by Spotify itself. The company says this is for moderation purposes. If a user reports something in a Greenroom audio room, Spotify can go back to look into the matter, to determine what sort of actions may need to be taken. This is an area Clubhouse has struggled with, as its users have sometimes encountered toxicity and abuse in the app in real-time, including in troubling areas like racism and misogyny. Recently, Clubhouse said it had to shut down a number of rooms for antisemitism and hate speech, as well.

Spotify says the moderation of Spotify Greenroom will be handled by its existing content moderation team. Of course, how quickly Spotify will be able react to boot users or shut down live audio rooms that are in violation of its Code of Conduct remains to be seen.

While the app launching today is focused on user-generated live audio content, Spotify has larger plans for Greenroom. Later this summer, the company plans to make announcements around programmed content — something it says is a huge priority — alongside the launch of other new features. This will include programming related to music, culture, and entertainment, in addition the to sports content Locker Room was known for.

Image Credits: Spotify

The company also says it will be marketing Spotify Greenroom to artists through its Spotify for Artists channels, in hopes of seeding the app with more music-focused content. And it confirmed that monetization options for creators will come further down the road, too, but isn’t talking about what those may look like in specific detail for the moment.

In addition, Spotify is today announcing the Spotify Creator Fund, which will help audio creators in the U.S. generate revenue for their work. The company, however, declined to share any details on this front, either– like the size of fund, how much creators would receive, time frame for distributions, selection criteria or other factors. Instead, it’s only offering a sign-up form for those who may be interested in hearing more about this opportunity in the future. That may make it difficult for creators to weigh their options, when there are now so many.

Spotify Greenroom is live today on both iOS and Android across 135 markets around the world. That’s not quite the global footprint of Spotify itself, though, which is available in 178 markets. It’s also only available in the English language for the time being, but plans on expanding as it grows.

16 Jun 2021

With iOS 15, Apple reveals just how far Health has come — and how much further it can go

Apple’s recent Worldwide Developers Conference (WWDC) keynote was packed with new features for iPhones, Macs and iPads — and like it has done pretty consistently since the debut of its original ‘Health’ app in 2014, those included updates focused on personal health and wellness. Often, it’s impossible to assess the impact of the work Apple is doing in these areas in the moment, and health-related feature announcements aren’t generally as splashy as user interface overhauls for Apple’s device software, for instance. But viewed as a whole, Apple has built probably the most powerful and accessible suite of personal health tools available to an individual, and it shows no signs of slowing down.

I spoke with Apple Vice President of Technology Kevin Lynch who actually demonstrated the Apple Watch for the first time on the world stage during Apple’s September 2014 keynote event. Lynch has seen Apple Watch grow considerably during his time at the company, but he’s also been integral to the evolution of the its health initiatives. He explained how it became what it is today and provided some hints as to where it might go in the future.

“It’s been amazing how much it’s evolved over time,” Lynch said, referring to the original Health app. “It actually started from Apple Watch, where we were capturing heart rate data for calorimetry activity, and [Activity] ring closure, and we needed a place to put the heart rate data. So we created the Health app as a place to store the data.”

Apple Health began as a simple companion app to store activity data from the Apple Watch in 2014.

From there, Lynch says Apple realized that once you had this centralized location, they could develop a system that could store other data types, as well, and create an API and architecture that allowed developers to store related data there, as well, in a privacy-respecting way. In the early days, the Health app was still essentially a passive storehouse, providing users one touchpoint for various health-related information, but the company soon began thinking more about what else it could offer, and inspiration came from users.

User-guided evolution

A key turning point for Apple’s approach to health came when the company saw that users were doing more with features available via the Apple Watch than the company ever intended, Lynch said.

“We were showing people their heart rate, and you could look at it — we were using it for calorimetry,” he told me. “But some users actually were looking at their heart rate when they weren’t working out, and noticed it was high. […]They would go talk to their doctor, and the doctor would find a heart issue, and we would start getting letters about this. We still get letters today about our work in the space, which is amazing. But some of those early letters were clueing us into ‘Wait, we could actually look for that ourselves in the background.”

Apple then developed its high heart rate alert notifications, which can tell users when Apple Watch detects an unusually high heart rate that occurs when they aren’t moving around very much. High resting heart rates are good indicators of potential issues, and Apple also later added notifications for unusually low heart rates. This was all data that was already available to the user, but Apple saw that it could proactively provide it to users, providing the benefits already enjoyed by the most vigilant of all Apple Watch owners.

Apple Watch introduced high heart rate notifications in 2017.

From there, Apple started investing more heavily in thinking about more areas where it could glean similar insights. Rather than waiting for user behavior to identify new areas to explore (though Lynch says that’s still important to the team), the company started hiring more clinicians and medical researchers to chart the path forward for Health.

One example of where that led was announced at WWDC: Walking steadiness, a new metric that provides a simple score of how stable a Watch wearer’s average gait is.

“Walking steadiness […] actually came from fall detection,” Lynch said. We were working on fall detection, and and that’s been really awesome, but as we’re working on it, we’re brainstorming about how we can actually help people not fall, rather than just detecting that they fell. It’s pretty tricky to do that in the moment — there’s not much you could do once that’s actually happening.”

Lynch is referring to the fall detection feature that Apple introduced in 2018, which could use motion sensor data to detect what was likely a sudden and severe fall, and provide emergency alerts to hopefully render aid to the wearer who had fallen. Apple was able to look at fall detection data for users in its 100,000-participant strong Heart and Movement study and combine that with data gathered from the iPhone in the same study about walking metrics.

“[The Heart and Movement study data] has been super helpful in some of the work here on machine learning,” Lynch said. “And then we did a focus study of particularly around falls with walking steadiness, where we used [as] the source of truth a set of traditional measurements of walking steadiness; so questionnaires, clinical observation, people meeting with doctors and they’re observing the person walking. And then as over the period of a year or two, as people in that study happened to fall, we were able to look at all their metrics ahead of that and understand, ‘What are the real predictors here of potential fall?’ Then we were able to build a model around that.”

Apple's Walking Steadiness metric in Apple Health in iOS 15.

Apple’s Walking Steadiness metric in Apple Health in iOS 15.

Apple actually accomplished something with its Walking Steadiness feature that is very rare in the health and fitness industry: It created a clinically validated, meaningful new metric around individual health. The Health app assigns a score from Very Low to Low or OK, based on motion-sensing data passively gathered through Apple’s iPhone sensors (the phone is better able to detect these metrics since it’s positioned on your hip, Lynch says). Perhaps best of all, according to Lynch, the data is actually something people can use to make real improvements.

“The other compelling thing is that it’s actionable,” he said. “Some of these things can be harder to change. But with walking steadiness, there are exercises you can do to improve your walking steadiness. And so we built those into the Health app. You can watch the videos and do the exercises and work to improve your steadiness ahead of falling.”

Walking steadiness is perhaps the best expression yet of an area of increased focus for Apple when it comes to health: Turning the devices you carry with you into an ambient protector of sorts.

‘The Intelligent Guardian’

Apple’s Health app provides a good overview of the metrics that you might want to keep track of, and the company has steadily built out a library of vetted contextual information to make it easier to understand what you’re seeing (including through new updated lab displays that translate results into plain language in iOS 15). But one of the areas where it’s in a unique position to innovate is in proactive or preventative health. Lynch pointed out that the walking steadiness feature is a progression of those efforts.

“The walking steadiness work is in this category that we think of as ‘Intelligent Guardian’; it’s ‘How can we help watch out for people with data that they may not otherwise be even looking at or aware of, and let them know of potential changes,” he said.

Lynch admits that the ‘Intelligent Guardian’ category wasn’t something that was initially really part of the plan for Apple Watch and health.

In the early days, we weren’t as onto this line of thinking about ‘Intelligent Guardian, as we are now,” he said. “Those early letters were really inspiring in terms of [pointing out] we could actually let people know these things that are really meaningful.”

Fal detection on Apple Watch.

Those letters still inspire the team working on health features and help motivate the team and validate their work. Lynch cites one Apple received where a person had purchased an Apple Watch for their father, and while his father was out biking he got thrown off the bike and fell into a gully. Apple Watch detected the fall, and also that he was unconscious, and the Watch was luckily set up to notify emergency contacts and 911, and did both. It provided the son with a location on a map, so his son rushed to the spot, but found paramedics on scene already loading his father (who ended up being okay) into an ambulance.

“Now, there’s a lot of thought that we put into ‘What are the other things that we could maybe sense about someone and let them know about?'” he said. “Our work on health very much involves this ongoing discussion of, from a clinical perspective, what is really interesting to know about somebody? Then from a science perspective, what do we think that we can sense about somebody? It’s this intersection of what might we be able to know and extract from the data that we gather, or are their new sensors that we might be able to build to get some data that could answer the questions that, clinically, we think would be really valid.”

A community approach to individual health

Another big change coming in iOS 15 for Apple Health is sharing. Apple will allow private, secure sharing of health data from users to loved ones and caregivers, including doctors. Users can choose exactly what health data to share, and can revoke access at any time. Apple itself never sees that data, and it’s encrypted locally on your device and then decrypted in local memory on the receiving device.

Apple Health Sharing on iOS 15.

Apple Health Sharing on iOS 15.

Health sharing is a natural extension of Apple’s work with the ‘Intelligent Guardian’ since it elevates personal health care into what it always has been — something managed by a network of connected individuals — but augmented by modern technology and sensing capabilities.

“The other person you’re watching out for can see that information, and be notified of changes, and you can see a little dashboard of the data,” Lynch said. “That’s going to be super helpful, we hope, for people, especially as you’re caring for an older adult, or caring for a partner of yours — that’s going to basically enable people to do that kind of mutual support on their health journey.”

Lynch points out that it’s not just about surfacing data that people might not otherwise find, but it’s actually about opening the door for more communication around health between families and personal networks that typically might never happen.

“It enables conversations, where maybe people wouldn’t maybe naturally talk about how much they’ve been walking lately or how their sleep’s been going,” he said. “If you’re up for sharing that, then it can be a conversation that maybe you otherwise wouldn’t have had. And then it’s the same with doctor interactions; when you’re interacting with a doctor, they may not have a great view of your daily health. They have these little silo views of blood pressure at the time and stuff like that, so how can we help you tell your whole story when you’re talking with your doctor and make that conversation even richer than it would have been otherwise, in a very quick period of time?”

Sharing with a doctor relies on integrating with a healthcare provider’s electronic healthcare records (EHR) system, but Lynch notes that it’s using all interoperable standards to make this work, and they have a range of providers with large footprints in the U.S. already lined up to participate at launch. Healthcare professionals using this feature will be able to see data users share with them in a web view in their EHR system, and while that data is only shared ephemerally, they can easily annotate and store specific readings in their permanent EHR for a patient should they require it to back up a diagnosis or course of treatment.

I asked Lynch about the state of EHR, which has had a tricky history in terms of adoption and interoperability, and he said that it’s true that this is something they initially started working on years ago, at a time when making it work would have required a much more massive technical undertaking on Apple’s side to make it actually work. Luckily, the industry in general has been trending toward adopting more open standards.

“There really has been a change in how you can connect to the EHRs in a more standardized way,” he said. “And certainly, we’ve been working with and across all of them to help get this mature.”

Benefits of a long-term user relationship

One of the biggest potential benefits for both users and their doctors of Apple Health is just how much data they can gain access to over time. Apple users who have stuck with the platform and used Health have now been tracking at least heart rate data for around seven years. That’s why another iOS 15 feature, Health Trends, has even more potential future impact.

Apple Health Trends in iOS 15

Apple Health Trends in iOS 15

“Trends is looking at the longer term changes, and starting to identify what may be statistically significant changes in those areas,” Lynch explained. “There are about 20 areas that we’re starting with to do this, and if we start seeing those notable trends, then we can highlight those to you and show you how, for instance, your resting heart rates change now, you know, versus a year ago.”

This is once again the result of the Apple Heart and Movement study and the insights that the company continues to derive from that work. During the study, Apple focused a lot on how to fine-tune insight delivery, so as to ensure that it was providing users with information they could use, but at the same time avoiding any kind of overload or generating more confusion.

“When you work on something like trends, we don’t want to overwhelm people with insights, if you will, but we also don’t want to like not have, you know, if there’s something relevant to show, we don’t want to suppress that. How do we tune that in? So we did a lot of that tuning with the data that we have in the Heart and Movement study, and we’re excited to see how it goes with the with public launch, and we’ll keep iterating on it. We think this is going to be a really powerful way for people to understand long-term changes.”

The future is fusion

Apple’s health story to date is largely one made up of realizations that the sensors the iPhone and Apple Watch carry, originally for other purposes, can provide tremendous insights into our health on a continuous basis — something that previously just hasn’t been possible or practical. That evolved into an intentional strategy of seeking out new sensor technologies to integrate into Watch and other Apple devices to address even more daily health concerns, and Apple continues to figure out new ways to use the sensors that are there already — the addition of respiratory rate measurement during sleep in iOS 15 is a prime example — while working on what new hardware comes next to do even more.

Perhaps one place to look for even more potential in terms of future health capabilities lies in sensor fusion, however. Walking steadiness is the result of not just the iPhone or the Apple Watch acting independently, but of what’s possible when the company can use them in combination. It’s another place where Apple’s tight integration of software and hardware give it an edge, and it multiplies as Apple’s ecosystem of devices, and the sensors they carry, continues to grow.

I ended our interview by asking Lynch about what kind of possibilities might open up when you consider that AirPods, too, contain their own sensors and gather different data that could complement that monitored by the iPhone and Apple Watch in terms of health.

“We already do sensor fusion across some devices today, and I think there’s all kinds of potential here,” he said.

16 Jun 2021

Bringg nabs $100M at a $1B valuation for a last-mile delivery platform for retailers

With many consumers making the switch to online shopping in the last year due to Covid-19 and largely staying active on those platforms even after physical shops and the freedom to move about them have been restored, companies that are enabling those services are continuing to see a lot of business and attention. In the latest development, Bringg, which has built software to help retailers with last-mile logistics — specifically to manage, and in some cases even tap, people fulfilling deliveries — has raised $100 million in a Series E round of funding.

The money is coming about a year after its last round — a $30 million Series D — and Bringg has confirmed that the funding values the company at $1 billion — representing a hike of about 4x on its previous valuation. Part of the reason for that has been the company’s strong growth of 180% in new customers over the last year, a high watermark for delivery services, given the pandemic.

Insight Partners is leading this round, and Salesforce Ventures, Viola Growth, Next 47, Pereg Ventures, Harlap, GLP and Cambridge Capital — all previous backers — are also investing.

Guy Bloch, Bringg’s CEO, said in an interview that the funding will be used both to continue growing Bringg’s customer base, but also the company’s capabilities, and also likely for acquisitions to consolidate some of the links that go into the logistics and fulfillment chain.

Bringg has to date focused on the last mile — a critical area for retailers, commonly accounting for 30-40% of the total cost of delivering an item — but Bloch believes that there are other parts of the system that it could tackle alongside that.

“The aim is to perfect the customer experience,” he said of the company’s strategy. “It’s not just the last mile but the middle mile. We have so many examples of that.” It’s also building out more options for its customers, including wider flexibility around delivery in-store, “greener” deliveries bundling several orders in one area, and more.

The company counts a number of huge companies among its list of current customers. They include Walmart, Albertsons, Co-Op in the UK, Coca-Cola and Panera.

With them and others, Bringg’s opportunity is a wide one. While some retailers, particularly larger ones, are “insourcing” in Bloch’s words, and building large operations to fulfill their own and third-party orders themselves, others — especially smaller companies — are looking for options of clicking into existing infrastructure, with not just logistics software, but perhaps even networks of delivery people to move their products. But in addition to that are the types of companies that Bringg is helping, a swathe of retailers that include not just groceries and goods, but ready made food from restaurants and much more.

“We have amassed a large connected network over the years, millions of drivers,” said Bloch. “Every time we take on a new brand, it looks into our delivery hub and can see different variations depending on locations.” This enables customers to take blended offerings, too, to fill in gaps where they may lack their own people.

In that regard, Salesforce is a strategic backer here: as the CRM giant has grown, it’s extended its reach into providing a lot of different tools to its business customers, including e-commerce tools and management systems. Bringg is being integrated into that as part of its efforts to help businesses run their businesses.

Bringg is not the only company looking to build services to help other retailers jump into the new world of commerce. Others include the likes of Ocado, and of course Amazon and its vast network targeting businesses, and more. It’s an interesting company in the mix, however, simply for being completely neutral in the equation, with no direct to consumer services of its own.

“It’s clear to us that Bringg is building something special and we’re excited to partner with them as they continue to introduce transformative change for retailers and logistics partners,” said Jeff Horing, Co-Founder and Managing Director at Insight Partners, in a statement. “With Guy’s experience and leadership and a growing list of marquee customers, we’re confident that Bringg will continue to pave the way as the clear leader in the space.”

Looking forward, although Bringg will be looking to make acquisitions, Bloch said that the startup is “not entertaining” acquisition offers itself.

“My goal is to build a lasting company,” he said. “Companies need our urgent help to do a job.”

16 Jun 2021

Bringg nabs $100M at a $1B valuation for a last-mile delivery platform for retailers

With many consumers making the switch to online shopping in the last year due to Covid-19 and largely staying active on those platforms even after physical shops and the freedom to move about them have been restored, companies that are enabling those services are continuing to see a lot of business and attention. In the latest development, Bringg, which has built software to help retailers with last-mile logistics — specifically to manage, and in some cases even tap, people fulfilling deliveries — has raised $100 million in a Series E round of funding.

The money is coming about a year after its last round — a $30 million Series D — and Bringg has confirmed that the funding values the company at $1 billion — representing a hike of about 4x on its previous valuation. Part of the reason for that has been the company’s strong growth of 180% in new customers over the last year, a high watermark for delivery services, given the pandemic.

Insight Partners is leading this round, and Salesforce Ventures, Viola Growth, Next 47, Pereg Ventures, Harlap, GLP and Cambridge Capital — all previous backers — are also investing.

Guy Bloch, Bringg’s CEO, said in an interview that the funding will be used both to continue growing Bringg’s customer base, but also the company’s capabilities, and also likely for acquisitions to consolidate some of the links that go into the logistics and fulfillment chain.

Bringg has to date focused on the last mile — a critical area for retailers, commonly accounting for 30-40% of the total cost of delivering an item — but Bloch believes that there are other parts of the system that it could tackle alongside that.

“The aim is to perfect the customer experience,” he said of the company’s strategy. “It’s not just the last mile but the middle mile. We have so many examples of that.” It’s also building out more options for its customers, including wider flexibility around delivery in-store, “greener” deliveries bundling several orders in one area, and more.

The company counts a number of huge companies among its list of current customers. They include Walmart, Albertsons, Co-Op in the UK, Coca-Cola and Panera.

With them and others, Bringg’s opportunity is a wide one. While some retailers, particularly larger ones, are “insourcing” in Bloch’s words, and building large operations to fulfill their own and third-party orders themselves, others — especially smaller companies — are looking for options of clicking into existing infrastructure, with not just logistics software, but perhaps even networks of delivery people to move their products. But in addition to that are the types of companies that Bringg is helping, a swathe of retailers that include not just groceries and goods, but ready made food from restaurants and much more.

“We have amassed a large connected network over the years, millions of drivers,” said Bloch. “Every time we take on a new brand, it looks into our delivery hub and can see different variations depending on locations.” This enables customers to take blended offerings, too, to fill in gaps where they may lack their own people.

In that regard, Salesforce is a strategic backer here: as the CRM giant has grown, it’s extended its reach into providing a lot of different tools to its business customers, including e-commerce tools and management systems. Bringg is being integrated into that as part of its efforts to help businesses run their businesses.

Bringg is not the only company looking to build services to help other retailers jump into the new world of commerce. Others include the likes of Ocado, and of course Amazon and its vast network targeting businesses, and more. It’s an interesting company in the mix, however, simply for being completely neutral in the equation, with no direct to consumer services of its own.

“It’s clear to us that Bringg is building something special and we’re excited to partner with them as they continue to introduce transformative change for retailers and logistics partners,” said Jeff Horing, Co-Founder and Managing Director at Insight Partners, in a statement. “With Guy’s experience and leadership and a growing list of marquee customers, we’re confident that Bringg will continue to pave the way as the clear leader in the space.”

Looking forward, although Bringg will be looking to make acquisitions, Bloch said that the startup is “not entertaining” acquisition offers itself.

“My goal is to build a lasting company,” he said. “Companies need our urgent help to do a job.”

16 Jun 2021

BrowserStack valued at $4 billion in $200 million BOND-led funding

BrowserStack, a startup that operates a giant software testing platform, said on Wednesday it has raised $200 million in a new financing round that valued the 10-year-old firm at $4 billion.

BOND led the Dublin and San Francisco-headquartered startup’s Series B financing round, while Insight Partners and existing investor Accel participated in it. BrowserStack, which for the first six years of its journey didn’t raise any money and remains profitable, has raised $250 million to date.

As companies move to rapid development cycles they often don’t have the time to perform adequate testing. For instance, say Google is working to launch a new mobile app. The search giant will want to test the new app on thousands — if not tens of thousands — of different mobile devices.

At present, even a company the size of Google will find it cumbersome to secure, store and maintain all those test devices. That’s where BrowserStack comes into play.

The startup has 15 data centers across the world and a repository of over 2,000 devices. BrowserStack, which began its journey in India, licenses its service to firms to let them remotely test their apps and websites on its devices, explained Nakul Aggarwal, co-founder and CTO of BrowserStack, in an interview with TechCrunch.

“Our mission has always been to help engineers build amazing products for their customers. Whenever they are developing an app or a website they have to ensure that it works across the fragmented ecosystem,” said Aggarwal, referring to various kinds of mobile devices, tablets, TVs, wearables and other platforms. “We are ensuring that engineers don’t have to worry about building their own in-house labs for devices.”

Google is not a hypothetical example. The Android-maker along with giants including Amazon, Microsoft, Twitter, Tesco, Ikea, Spotify, Expedia, and Trivago are among over 50,000 customers of BrowserStack. Over 60% of BrowserStack’s customers today are in the U.S.

“As software continues to rewire everything, the bar on speed and quality continues to rise, and testing software across the expanding number of browsers and devices is a huge and expensive challenge for development teams to manage on their own,” said Jay Simons, General Partner at BOND, in a statement.

“BrowserStack makes this simple and cost-effective, giving developers instant access to the widest range of browser and device configurations to test their applications. This product is an absolute boon for today’s web and app developers.”

It wasn’t until early 2018 when BrowserStack, which bootstrapped its way to profitability, first raised capital from an investor. Aggarwal said the founding team’s previous failed ventures made them more disciplined about money and it wasn’t until BrowserStack had assumed the market leading position and began scaling that the team started to explore outside capital.

Aggarwal said BrowserStack wants to become the testing infrastructure of the internet. “Every pull request that is getting raise, we want to become the infrastructure where it is getting tested,” he said. The startup, which recently acquired visual testing and review platform Percy, is open to more acquisition and acquihire opportunities.

“Our recent acquisition of Percy, a visual testing platform, was just the start. We will accelerate the rate at which we take new products to market through acquisitions and investment in our Product and Engineering teams. We want to achieve our vision of becoming the testing infrastructure for the internet,” said Ritesh Arora, co-founder and chief executive of BrowserStack.