Author: azeeadmin

29 Jul 2021

Biofourmis receives FDA breakthrough device designation for heart failure “digital therapy”

Kuldeep Singh Rajput, the founder of Boston-based Biofourmis, is imagining a future where heart failure patients go home with a prescription, a wearable sensor and an app. Today, a new FDA designation gets the company one step closer to that goal. 

Founded in 2015, Biofourmis is a digital therapeutics company that develops software to “augment” patient care. So far, the company has raised about $145 million in funding, and has around 350 employees, Rajput estimates. 

On Thursday, Biofourmis BiovitalsHF, a platform designed for heart failure medication monitoring received an FDA breakthrough device designation. Breakthrough device designation doesn’t signal FDA clearance, but it does allow for an expedited review process, and gives the company access to expertise from the federal agency during development. 

Biofourmis has two major focus areas, says Rajput. The first is on developing digital therapies in conjunction with drug companies (apps for dosage delivery, for instance, or sensors that can monitor health). The second is on providing followup care for patients with acute conditions at home. 

BiovialsHF is an example of the company’s forays into that first area of focus. So far, the company has developed digital therapies for a “pipeline” of conditions, like coronary artery disease or atrial fibrillation, and has digital therapies in the works for patients managing chemotherapy, or people dealing with chronic pain. The BiovitalsHF system, though, is the first to receive FDA breakthrough designation, and Rajput calls it the company’s “lead digital therapy.”

The BiovitalsHF product is a software platform designed manage medication for patients with heart failure. The idea is patients may initially get a certain prescription, but once they go home, they might need to adjust the levels of certain medication they’re taking. 

Doctors do often treat heart failure with multiple medications, and doses may need to be changed over time. Particularly in the case of two types of medication, ACE inhibitors or beta-blockers, medication may need to be titrated – a process where a patient begins treatment on a low dose, and slowly up the dosage over time to achieve the optimal “target” dose.

However, titration is hard to achieve in real life – one 2020 study suggests that less than 25 percent of heart failure patients are on their optimal dosages (other studies suggest it’s less than one percent). Another 2017 commentary in Cardiac Failure Review estimates that just 29 percent of patients were on target doses of ACEs and 18 percent on their target beta blocker dose. 

By contrast, in clinical trials, many to 50-60 percent of patients manage to obtain their optimal dosages, suggesting that there is a gap between how people take medicine in studies and how they do so in the real world. 

BiovitalsHF is supposed to streamline the titration process once patients leave hospitals by collecting and analyzing data from a wearable device. That data, in theory, could be used to titrate the medication depending on a patient’s health status. 

The software tweaks medication dosage using information from the patient, a wearable, and outside lab results. The wearable device would collect data like heart rate, respiration rate, stroke volume or cardiac output. Meanwhile, a patient might report their own symptoms into an app, and a physician might input lab results. 

“Based on the data collected from the patients using sensors, and the mobile platform, we are able to automatically up titrate or down titrate and switch medication, so that patients are on the right, optimal dose,” says Rajput. 

Patients would then receive a notification to let them know medications were going to be tweaked. 

The BiovitalsHF program has only been tested in one proof-of-concept study (more on that later), but the Biovitals patient monitoring platform has been tested on other diseases as well. 

For example, the Biovitals system was adapted to monitor 34 mild COVID-19 patients from the Queen Mary Hospital in Hong Kong who wore a biosensor 23 hours per day. A paper published in Scientific Reports suggested that the platform was able to predict whether a patient would deteriorate with 93 percent accuracy, and predict length of hospital stay with 78 percent accuracy. 

The BiovitalsHF system is slightly different. While the system does aim to monitor patients, Rajput aspires to have the technology itself be administered as a treatment program. 

In essence, a doctor might “prescribe” you three months of BiovitalsHF program in which the software itself might monitor patient outcomes and help determine dosage on its own. 

The aim is to be able to market Biovials HF not just as a decision support software, but as a treatment regimen. The distinction is subtle, but it means that the company is trying to be more than a delivery device, and more like a drug in itself. 

 “The label of the product for digital therapy will have actual treatment claims as compared to just a monitoring tool for clinical decision support,” says Rajput. 

Naturally, you need robust results to make these claims. The company has already done some early testing of the concept in a proof-of-concept clinical trial that concluded in March 2021, but will need to perform more rounds of testing in the future to prove efficacy. 

The study monitored 282 patients for 90 days, and compared people using BiovitalsHF to those using regular standard of care. The goal of the trial was to determine whether the platform could optimize medication dosage – which, in this case, means getting them within 50 percent of optimal dose. 

Results have yet to be posted publicly from that study. However, Rajput notes that the study did meet that endpoint, and seemed to be linked with other improvements in patients’ life quality and heart health. 

“Patients had, within three months, significant increases in quality of life, cardiac function, as well as reduction in a blood biomarker NT-proBNP [a marker of heart failure]. Based on this, we submitted the data to the FDA and received the breakthrough designation,” he says. 

The company has submitted the data for publication in a peer-reviewed journal. 

With the breakthrough designation in hand, we might expect progress on BiovitalsHF to proceed quickly – though it’s still a long way from true FDA approval, or even a premarket approval at the moment.

“We will be kicking off our pivotal trial, you know, anytime now. And we expect to make a formal submission to the FDA sometime in June [or] July next year,” Rajput says. 

29 Jul 2021

Zūm wins $150M from San Francisco schools to modernize and electrify student transport

The San Francisco Unified School District (SFUSD) has awarded Zūm, a startup that wants to upgrade student transportation, a five-year $150 million contract to modernize its transport service throughout the district. 

Zūm, which already operates its rideshare-meets-bus service in Oakland, much of Southern California, Seattle, Chicago and Dallas, will be responsible for handling day-to-day operations, transporting 3,500 students across 150 school campuses starting this fall semester. The startup’s fleet of 206 buses, vans and cars is distributed based on specific use cases, placing students who live on busier routes on school buses and sending out cars and vans for others to increase efficiency. Zūm will also facilitate over 2,000 field trips per year for the school district.

Aside from Zūm’s five-year $53 million contract with Oakland Unified School District, which began in 2020, the SFUSD contract is the largest the startup has ever won. The company intends to use the funds to lease vehicles, hire drivers – a mix of salaried employees and gig economy workers – improve customer and operational support, and research and develop product enhancements to support the contract, a spokesperson for Zūm told TechCrunch.

Zūm’s transportation solution for SFUSD is expected to save the district $3 million per year on average, based on the cost of the incumbent’s solution. 

“These savings are driven by our tech driven route optimization and operations,” a spokesperson told TechCrunch. “Zūm has absorbed all the drivers who were previously serving SFUSD. The buses previously used were old and owned by the incumbent and have been moved out of the city. Zūm has deployed a new fleet of connected school buses and other vehicles, which will be converted to electric by 2025.”

Along with its fleet, Zūm offers school districts a cloud-based dashboard that allows them to manage operations, track movements, plan budget use and analyze performance and service data – the kind of tech that makes sense for schools to have but still seems radical given how slowly the public sector moves.

“A major challenge we experienced in the past was gaining visibility into the location of students and buses across the district,” said Orla O’Keefe, chief of policy and operations at SFUSD, in a statement. “We hope and expect that our families will benefit from Zūm’s student-centered technology. Families will be able to track their child’s bus in real-time and to easily communicate with the driver regarding their child or any unique circumstances that may arise.”

Included in the contract is Zūm’s goal to help SFUSD electrify its entire fleet by 2025. Last year, the SF District Board of Education adopted a resolution to modernize its transportation in a way that would create more efficiencies, help the district meet sustainability goals and increase transparency across the system. Zūm says this contract will mark the first time SFUSD has updated its transportation solution in 40 years. 

Earlier this month, Zūm announced a partnership with AutoGrid, an energy management and distribution software company, to transform the company’s fleet of electric buses in San Francisco and Oakland into one of the world’s largest virtual power plants. 

“These contracts are building blocks to Zūm and Autogrid’s vision of creating 1 gigawatt Virtual Power Plant in the next 4 years,” said a Zūm spokesperson. “Oakland Unified and San Francisco Unified are the first two districts in the U.S. to commit to 100% conversion to an emission-free EV fleet. Between these two contracts, Zūm will be carrying around 60,000 KwH charge on its EV fleet battery. To put this in perspective, during a power outage this much storage energy can power around 47,000 households per hour.”

29 Jul 2021

Microsoft in talks to back India’s Oyo

Indian budget hotel chain Oyo may have lost a lot of business amid the pandemic, but it is inching closer to finding a new investor: Microsoft.

Microsoft is in advanced stages of talks to invest in Oyo, according to two people with knowledge of the matter. The size of the investment and the valuation are unclear.

Oyo was valued at about $10 billion in 2019, though as of earlier this year SoftBank, a major investor in Oyo, had slashed the Indian startup’s valuation to $3 billion.

Microsoft and Oyo founder and chief executive Ritesh Agarwal declined to comment Thursday evening.

The Indian startup, which laid off thousands of employees globally earlier this year as nations across the world enforced lockdowns, still has about $780 to $800 million in its bank, Agarwal said at a recent virtual conference.

29 Jul 2021

Livestream e-commerce: Why companies and brands need to tune in

What comes to mind when you think of livestreaming? In the U.S., most people would name their favorite celebrity leading a Q&A on Instagram or a gamer doing a speedrun on Twitch.

In China, it’s shopping, streamed live.

Livestream e-commerce has taken off in China in the last few years and is expected to yield more than $60 billion this year. In 2019, 37% of online shoppers in China (a cool 265 million people) made purchases on livestreams — and that was well before quarantine. In 2020, it’s estimated to have reached around 560 million people.

During Taobao’s annual Single’s Day Global Shopping Festival in 2020 (China’s Black Friday), livestreams accounted for $6 billion in sales — nearly doubled from a year earlier.

Starting to see a trend? The big U.S. companies have noticed, and they’re jumping on the bandwagon faster than you can say, “Swipe up to buy now!”

Last December, Walmart livestreamed shopping events on TikTok. Amazon released a live platform where influencers promote items and chat with customers. Instagram launched a Shop feature that encourages users to browse and buy within the app. Facebook also kicked off Live Shopping Fridays for the beauty and fashion categories.

“It’s an entertaining way for shops to tell the story behind their products. It brings buyers closer than ever to their favorite creators and allows them to have a voice in the conversation.”

Startups are growing fast to keep up with the heavy hitters — PopShop.Live raised $20 million to let people buy everything from books and toys to jewelry from sellers who livestream their offerings, and Whatnot raised a $50 million Series B, largely to expand its livestream commerce infrastructure. There’s also a burgeoning category of SaaS tools such as Bambuser, which is working with brands like Klarna to test native livestream shopping directly within branded apps.

At this pace, retailers will all welcome livestream commerce teams like they have influencer partnerships in recent years. It’ll just be part of the digital equation to stay competitive and relevant in the future of marketplaces and e-commerce.

From B.C. to 5G: The evolution of shopping

What is old is new again. Your grandparents spent years watching QVC because it balanced the experience of speaking with an associate with the convenience of their retirement community’s TV room. Livestream is today’s version of “shoptainment,” where hosts showcase products dynamically, interact with their audiences and build urgency with short-term offers, giveaways and limited-edition items.

Now, with livestream commerce, hosts can form deeper customer connections and answer questions in real time. It’s a new standard of communication that holds a longstanding truth from Istanbul’s Grand Bazaar to smartphones: People shop to kill time and are more likely to buy when they feel connected with a salesperson.

29 Jul 2021

Scarlett Johansson files suit over Disney+ ‘Black Widow’ release

With Scarlett Johansson’s time as an Avenger seemingly in the rearview, the “Black Widow” star has filed a breach of contract suit against Marvel-owner Disney. The lawsuit, filed in Los Angeles Superior Court this week, alleges that the studio breached its agreement with the star when it released the film on Disney+ alongside its theatrical debut.

“As Ms. Johansson, Disney, Marvel, and most everyone else in Hollywood knows, a ‘theatrical release’ is a release that is exclusive to movie theatres,” the filing writes, matter of factly. “Disney was well aware of this promise, but nonetheless directed Marvel to violate its pledge and instead release the Picture on the Disney+ streaming service the very same day it was released in movie theatres.”

The pandemic has fundamentally transformed the way first-run movies are delivered and consumed — at least in the short term. In 2020, Disney and other studios opted to release films straight to streaming, rather than suffer perpetual delays and poor box office numbers as restrictions closed the non-essential business of movie theaters. More recently they’ve split the difference as movie theaters have reopened, offering same day streaming.

According to a copy of the suit obtained by TechCrunch, Johansson’s concerns about streaming services pre-date the pandemic. When Disney launched the streaming service Disney+, the suit claims, Johansson’s representatives sought assurances from Disney/Marvel that the Black Widow solo film would still get a theatrical release, in spite of the company’s bids to boost subscription numbers.

It cites an email with Marvel’s chief counsel from May of that year:

We totally understand that Scarlett’s willingness to do the film and her whole deal is based on the premise that the film would be widely theatrically released like our other pictures. We understand that should the plan change, we would need to discuss this with you and come to an understanding as the deal is based on a series of (very large) box office bonuses.

“It’s no secret that Disney is releasing films like “Black Widow” directly onto Disney+ to increase subscribers and thereby boost the company’s stock price — and that it’s hiding behind COVID-19 as a pretext to do so,” the actress’s attorney John Berlinski said in a statement provided to TechCrunch. “But ignoring the contracts of the artists responsible for the success of its films in furtherance of this short-sighted strategy violates their rights and we look forward to proving as much in court. This will surely not be the last case where Hollywood talent stands up to Disney and makes it clear that, whatever the company may pretend, it has a legal obligation to honor its contracts.”

The statement accuses Disney of “hiding behind COVID-19,” though certainly the studio wasn’t alone in rethinking its release strategy over the past year. The question remains whether the pandemic will serve as sufficient extenuating circumstances for its release decisions. The outcome of the trial, meanwhile, could well have a profound effect on how studios release blockbusters post-pandemic.

We’ve reached out to Disney for comment and will update accordingly.

29 Jul 2021

Panic sells 20,000+ Playdate handhelds in under 20 minutes

As we’ve known for about a week, today was the day Panic’s charming/whacky/curious/all-of-the-above Playdate gaming device (and its crank!) went up for pre-order. The buzz around the little retro-inspired handheld seemed strong — but would that translate into actual sales?

The answer, it seems, is a hard yes. Panic committed to making 20,000 units for 2021, selling them on a first come, first serve basis. Any orders after that would still be accepted, but those orders wouldn’t ship until sometime in 2022 at the earliest.

According to Panic’s shipping estimator, those first 20,000 units were gone in under twenty minutes. That first 2021 batch went real quick. (We confirmed with a rep for Panic that the shipping estimator is accurate, and those first 20k units are spoken for.)

Like just about any much anticipated launch, the process wasn’t without its technical troubles. After a brief blink of server instability and 502 errors, Panic’s checkout system came online… only for the plug-in system they tapped to handle international shipping to come crashing down. This booted some international users out of the checkout flow and — quite unfortunately — out of their place in line and into the 2022 batch.

There’s already talk, meanwhile, of a “2023 bucket” for orders, though the company notes that “it’ll take a while” before they get there.

For those who’ve missed the story so far: the Playdate is a kinda-sorta-experimental gaming device built by Panic (the team behind Mac apps like Transmit and Prompt, and which helped ship games like Firewatch and Untitled Goose Game) in collaboration with Teenage Engineering. Games are released to the device in “seasons”, with two games (of varying length/complexity/etc) scheduled to ship each week of its first three months. With a black-and-white screen, minimal buttons, and, yes, a crank (for controlling games, not charging the device), this one is less “WILL IT RUN CRYSIS?!” and more… blank canvas.

While we’re not talking next gen console-level sales here, selling tens of thousands of units in no time flat is a resounding accomplishment for a software team’s first dive into gaming hardware. Now they’ve just gotta get them out the door.

29 Jul 2021

Panic sells 20,000+ Playdate handhelds in under 20 minutes

As we’ve known for about a week, today was the day Panic’s charming/whacky/curious/all-of-the-above Playdate gaming device (and its crank!) went up for pre-order. The buzz around the little retro-inspired handheld seemed strong — but would that translate into actual sales?

The answer, it seems, is a hard yes. Panic committed to making 20,000 units for 2021, selling them on a first come, first serve basis. Any orders after that would still be accepted, but those orders wouldn’t ship until sometime in 2022 at the earliest.

According to Panic’s shipping estimator, those first 20,000 units were gone in under twenty minutes. That first 2021 batch went real quick. (We confirmed with a rep for Panic that the shipping estimator is accurate, and those first 20k units are spoken for.)

Like just about any much anticipated launch, the process wasn’t without its technical troubles. After a brief blink of server instability and 502 errors, Panic’s checkout system came online… only for the plug-in system they tapped to handle international shipping to come crashing down. This booted some international users out of the checkout flow and — quite unfortunately — out of their place in line and into the 2022 batch.

There’s already talk, meanwhile, of a “2023 bucket” for orders, though the company notes that “it’ll take a while” before they get there.

For those who’ve missed the story so far: the Playdate is a kinda-sorta-experimental gaming device built by Panic (the team behind Mac apps like Transmit and Prompt, and which helped ship games like Firewatch and Untitled Goose Game) in collaboration with Teenage Engineering. Games are released to the device in “seasons”, with two games (of varying length/complexity/etc) scheduled to ship each week of its first three months. With a black-and-white screen, minimal buttons, and, yes, a crank (for controlling games, not charging the device), this one is less “WILL IT RUN CRYSIS?!” and more… blank canvas.

While we’re not talking next gen console-level sales here, selling tens of thousands of units in no time flat is a resounding accomplishment for a software team’s first dive into gaming hardware. Now they’ve just gotta get them out the door.

29 Jul 2021

Fortnite’s new ‘superstar’ virtual music tour kicks off next week

Epic Games is teasing the biggest in-game event since Travis Scott psychedelically stomped through Fortnite’s virtual meadows.

The mysterious new event, which Fortnite-maker Epic is calling the “Rift Tour,” will kick off on Friday, August 6 and run through Sunday, August 8. In the teaser announcement, Epic invites players to “take a musical journey into magical new realities where Fortnite and a record-breaking superstar collide.”

In-game events building up to the mystery show series will run from July 29 through August 8, so players can hop into Fortnite to check out new Rift Tour-themed quests and rewards now. The cotton candy-colored event will offer a custom loading screen and a fluffy cloud kitty emoticon, among other digital prizes.

The Rift Tour isn’t a one-and-done event. Like the Travis Scott event, Fortnite will host five different show times across three days to make it easier for players to catch. Epic says they’ll have more details to share on Monday, August 2, so Fortnite players will have to wait for more hints or an official announcement about who’s performing.

So… who’s performing? So far, all signs point to Ariana Grande. Leakers have been saying as much for more than a week, and the documents revealed through Epic’s court battle with Apple also detailed plans for in-game events with both Grande and Lady Gaga.

Fortnite Rift Tour

At Forbes, Paul Tassi also connected the dots on how recent leaks point to Grande, including some visual themes from her music videos and a reference to her pet pig, Piggy Smalls.

Since Epic is calling its latest virtual event a tour, that suggests Grande won’t be alone, if she is indeed the mystery superstar. A Lady Gaga appearance could also be in the cards, since Epic apparently had plans for Gaga to appear in a December 2020 concert that never materialized. Kanye West is also releasing his newest album on August 6, but it seems less likely that Epic would be willing to partner with West given his myriad recent controversies. And “Donda,” West’s latest album, was originally scheduled for a different date before being delayed.

Whoever it winds up being, we’ll likely know more on Monday. Even if you’re not a Grande fan or a regular gamer, Fortnite’s in-game concerts are some of the most creative and visually exciting virtual events to date.

Everyone should fall through the metaverse with their friends while a skyscraper-sized virtual rapper shoots neon lightning bolts at least once.

29 Jul 2021

Why Latin American venture capital is breaking records this year

Today we’re wrapping our multi-week exploration of the global venture capital market’s second-quarter performance. We’ve gone around the world, working to better understand the geyser of cash flowing into today’s startups. But we’ve saved the best for last: Latin America.

At a glance, the Latin American venture capital and startup market appears similar to what we’ve seen from other growing ecosystems. Like the U.S., Canadian, European, Indian and African startup hubs, Latin America is seeing venture capital activity set records.


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But inside the big numbers is a surprising picture of a startup market in the process of maturing while outside money hunts for breakout opportunities.

To help us in our exploration of Latin America’s epic second quarter, we collected notes and observations from NXTP’s Gonzalo Costa, Magma Partners’ Nathan Lustig and ALLVP’s Federico Antoni. We also have data from Dealroom, CB Insights, the Global Private Capital Association (GPCA) and ALLVP.

Today we’re digging into the data, yes, but also the human potential behind the startup rush. According to Antoni, the Latin American startup market of today “is a story about talent, not about capital.” Echoing the point in a recent piece about “the Latin American startup opportunity,” U.S. venture capital firm Sequoia wrote that it has “been blown away by the quality of founders in the current wave.” So we’ll have to do more than just read charts.

The union of talent and money is what startup markets need to thrive. But there are other reasons why Latin American startups are so frequently in the news today, including structural factors, such as strong digital penetration and quick e-commerce growth.

Those trends could have long lives. NXTP’s Costa made a bullish argument: The portion of “market capitalization from technology companies in Latin America is only 2.5% today compared to 40%+ in the U.S,” and his firm expects the two numbers to “converge in the long-term.” Our read of that set of data points is that there are a host of future Latin American public tech companies being founded — and funded — today.

Let’s talk about Latin American venture capital data, dig into which countries are rising stars in the region, learn how quickly Latin American startups have to go cross-border, and explore how quickly capital is recycling in the ecosystem – always a key test for startup-market longevity.

A venture capital wave

Latin America is on pace for all-time records in venture capital dollars raised and venture capital rounds in 2021. According to CB Insights data, startups in the region have already raised $9.3 billion in 2021’s first six months from 414 deals. The same data set indicates that in all of 2020, startups in the region raised $5.3 billion across 526 deals. And in case you’re worried that we’re comparing to an unfairly COVID-impacted year, in 2019 the numbers were $5.3 billion (again) from 614 individual deals.

This year is different, and the second quarter of 2021 was simply an outlier event. With some $7.2 billion invested in Latin American startups, Q2 2021’s closest rival in terms of quarterly venture totals was the second quarter of 2017, when $2.6 billion was invested.

29 Jul 2021

Tenderly raises $15.3M to help Ethereum developers ship decentralized apps faster

Blockchain infrastructure startups are heating up as industry fervor brings more developers and users to a space that still feels extremely young despite a heavy institutional embrace of the crypto space in 2021.

The latest crypto startup to court the attention of venture capitalists is Tenderly, which builds a developer platform for Ethereum devs to monitor and test the smart contracts that power their decentralized apps. Tenderly CEO Andrej Bencic tells TechCrunch his startup has closed a $15.3 million Series A funding round led by Accel with additional participation from existing investors. The Belgrade startup already raised a $3.3 million seed round earlier this year led by Point Nine Capital.

The startup’s aim to date has been ensuring fledgling blockchain developers aren’t left finding out about contract errors when users discover issues and complain, instead allowing users to discover these bugs proactively. While the company’s Visual Debugger is already used by “tens of thousands” of Ethereum developers, Tenderly hopes to continue building out its toolset to help more developers build on Ethereum networks without dealing with the headaches and irregularities that they’ve had to.

“Tenderly, from its inception, has been a solution to one of our own problems,” Bencic tells TechCrunch. “We wanted to make it as easy as possible to observe and extract information from Ethereum and the adjacent networks.”

Bencic hopes the company’s product can help developers get their products out more quickly without compromising on usability.

To date, the majority of Tenderly’s customers have been relatively small startup efforts aiming to tap into the exciting world of blockchain-based computing with a particular focus on decentralized finance. Tenderly itself is a small company with its team of 14 based in Serbia. Bencic says this funding will help the company expand its global footprint and build out engineering and business hires in other geographies.

Climbing cryptocurrency prices have historically aligned pretty closely with developer uptake in the blockchain world so there is some concern that bitcoin and Ethereum’s downward-trending price corrections will lead to less stability in the pipeline of new developers embracing blockchain. That said, volatility is far from unusual to the crypto world and many developers have learned that riding its ebbs and flows is just part of the experience.

“We built most of Tenderly in the bear market, and one thing we saw is that even though you get these concerning prices, people that are excited about the tech are excited about the tech whether the coins are up or down,” Bencic says.