Category: UNCATEGORIZED

14 Oct 2019

Opendoor appoints CFO, CPO

Opendoor has named Gautam Gupta its chief financial officer and chief business offer, critical roles as the business continues to alter the way in which homes are bought and sold. Uber’s former head of finance, Gupta joined the $3.8 billion home-selling platform as its chief operating officer in 2017.

The company, which has raised more than $4 billion in debt and equity funding to date, is announcing several new hires this morning. Venrock’s Tom Willerer has joined as the company’s first-ever chief product officer. Willerer has previously led product at Coursera and Netflix. He joined the Silicon Valley venture capital firm Venrock in 2017 and has since struck deals with edtech startups including Make School and Flockjay .

Opendoor has also hired Julie Todaro as its president of homes and services, another newly created role. Todaro, who spent over a decade at Amazon, most recently as its vice president of consumer electronics, will oversee market operations, customer experience and home services.

Finally, Carrie Wheeler, a partner at TPG for 20 years, and Jason Kilar, the founding CEO of Hulu, have joined Opendoor’s board of directors.

Founded in 2013, San Francisco-based Opendoor is backed by General Atlantic, Hawk Equity, SoftBank, Access Technology Ventures, Lennar Corporation, Fifth Wall Ventures, SV Angel, Norwest Venture Partners, NEA, GGV Capital, Khosla Ventures, GV and more.

14 Oct 2019

State-run IRCTC delivers India’s best trading debut in 2 years

Indian Railway Catering and Tourism Corporation (IRCTC), a state-run firm that offers train ticketing and catering services in India, more than doubled on its first day of trading in what was the best public debut for a local firm in two years.

The firm sold 20.1 million shares, or a 12.5% stake on Monday, generating about $91.09 million for the Indian government. IRCTC is the fourth public company to come out of Indian Railways. The Indian government retains about 87.5% stake in the firm.

Shares of IRCTC on BSE and NSE — two stock exchanges in India — rose as much as 132% to Rs 743 ($10.4), compared to its issue price of Rs 320 ($4.5). It ended the day at Rs 728 ($10.2), up 127%, giving the Indian firm a market cap of $1.65 billion. State-run Housing & Urban Development and Cochin Shipyard, debuted two years ago with their offerings oversubscribed 75 times.

IRCTC, which was incorporated in 1999, offers online ticketing, catering, packaged water, and tourism services. The firm holds a monopoly on these train services in India.

Rail booking accounts for 24-26% of the online booking industry in India, according to industry estimates. The IRCTC, which introduced online rail booking in 2002, commanded 66% of all online train ticket booking in the fiscal year that ended in March 2018. The firm sold about 675,000 tickets each day in that year. Overall, the company sold $4 billion worth of tickets in that financial year.

Catering business alone accounts for about 55% of IRCTC’s revenue. Internet ticketing, which accounts for about 12.5% of IRCTC’s revenue, however, has the biggest profit margin — about 35%.

Indian Railways, the fourth largest railway network in the world by size, serves more than 23 million people each day. Aloke Bajpai, co-founder and chief executive of travel and hotel booking firm Ixigo, said IRCTC may soon hit $2 billion in market cap. “More power to the strong potential of train travelers in the country.”

Last month, IRCTC introduced a convenience fee on booking of train tickets that could help it add as much as $50 million to its annual revenue, said Mahendra Pratap Mall, Chairman and MD of IRCTC, in an interview. He said online ticketing — especially after the introduction of the fee — is the chief area of growth for the firm.

IRCTC is charging Rs 15 (or 21 cents) for booking a ticket in a non-air conditioned coach, and twice that for air-conditioned compartments.

“Investors have shown tremendous faith in us. It’s a great listing and we are enthused and of course this has put more responsibility on us to do better. We will leave no stones unturned in doing so,” he said.

IRCTC was recently given permit to operate two private routes in India. “So far, the response has been very good. In future, we will like to operate more routes, which would help us increase our revenue,” he said.

IRCTC reported a net profit of $38.2 million in financial year that ended in March 2019, up from $30.9 million a year before. The company, which is debt-free, had a cash reserve of $160 million as of earlier this year.

14 Oct 2019

Foodvisor automatically tracks what you eat using deep learning

Meet Foodvisor, a startup that has built a mobile app that helps you log everything you eat in order to lose weight, follow a diet or get healthier. You can add data by capturing a photo of your plate before you eat.

“We’ve spent a little over two years doing research and development before we launched the app in 2018 in France,” co-founder and CMO Aurore Tran told me. Foodvisor has raised $1.5 million so far (€1.4 million).

The company is using deep learning to enable image recognition and detect what you’re about to eat. In addition to identifying the type of food, the app tries to estimate the weight of each item.

Foodvisor tries to evaluate the distance between your plate and your phone using camera autofocus data. It then calculates the area of each food item. The company then tries to extrapolate the volume of each item depending on the type of food.

And of course, if Foodvisor got something wrong, you can manually correct it before you log your meal. Many people give up on nutrition trackers because it’s too demanding. Foodvisor’s technology is all about making the data entry process as seamless as possible.

After that, you get a list of nutrition facts about what you just ate — calories, proteins, carbs, fats, fibers, etc. You can then set a goal, log activities and monitor your progress over time.

The startup has managed to attract 1.8 million app downloads already. It is available on iOS and Android in French, English, German and Spanish. “We have adjusted our product, we’ve enriched our database to better target the American market,” Tran said.

It offers a premium subscription for $5 to $10 per month. In addition to more analysis and diet plans, the main feature of the premium plan is that you can chat with a registered dietitian nutritionist directly in the app. It turns out that artificial intelligence can’t replace real human nutritionists altogether.

Foodvisor Team

14 Oct 2019

Friday deadline alert: Apply to TC Top Picks @ Disrupt Berlin 2019

We dedicate this countdown post to all the early-stage startup founders who hunger for an opportunity to break new ground. This is the final week you can apply to be a TC Top Pick and exhibit your startup — for free — in Startup Alley at Disrupt Berlin 2019 on 11-12 December.

The application window remains open until this Friday, 18 October at 12 p.m. (PT). Don’t miss your shot at media attention, investor interest and plenty of exposure to potential customers and collaborators — apply to be a TC Top Pick right now.

If you haven’t heard about our Top Picks program, here’s a brief rundown. In this pre-Disrupt competition, TechCrunch editors closely review and vet applications from any early-stage startups that fit in one of these tech categories: AI/Machine Learning, Biotech/Healthtech, Blockchain, Fintech, Mobility, Privacy/Security, Retail/E-commerce, Robotics/IoT/Hardware, CRM/Enterprise and Education.

They’re searching for innovative, interesting startups with a real shot at success. Check out the TC Top Picks from Disrupt Berlin 2018 to get a sense of what they look for. Ultimately, they’ll select up to five startups to represent each category.

All TC Top Picks receive a free Startup Alley Exhibitor Package which, among other perks, includes three Founders passes and one full day exhibiting in a prime location within Startup Alley. This truly is a VIP experience that includes invitations to networking parties and plenty of attention from investors, global press and potential customers.

In a classic “but wait, there’s more” moment, our TechCrunch editors will take to the Showcase Stage to interview every Top Pick. We’ll record the interviews and promote the videos across our social media platforms. Talk about a great conversation starter when you’re meeting with potential clients or investors.

You don’t have anything to lose by applying to be a TC Top Pick, but you do have a lot to gain. Here’s what Caleb John, co-founder and CEO of Cedar Robotics, had to say about his experience.

“Being a TC Top Pick validates your startup, helps your business gain traction and opens doors to investors, customers or vendors. The onstage interview was a great experience, and the YouTube video exposure is huge for us.”

Disrupt Berlin 2019 takes place on 11-12 December, but you have only until this Friday, 18 October at 12 p.m. (PT) to apply to be a TC Top Pick. Take a shot and break new ground for your outstanding startup. Come and show us what you’ve got!

Is your company interested in sponsoring or exhibiting at Disrupt Berlin 2019? Contact our sponsorship sales team by filling out this form.

14 Oct 2019

Porsche has a new, cheaper version of the all-electric Taycan

Porsche introduced Monday the Taycan 4S, a third version of its all-electric vehicle.

The 4S, which will offer a performance battery plus option, looks like the Taycan that Porsche unveiled in September. And indeed, inside all of the Taycans, including the 4S, are the same chassis and suspension, permanent magnet synchronous motors and other bits.

But this version is a little lighter, cheaper and a skosh slower than the high-end versions of the Taycan that were introduced just seven weeks ago.

Porsche has always said it would have multiple versions of the Taycan. In September, the German automaker showed what $1 billion of initial investment looks like with the Taycan Turbo S and Taycan Turbo — the more powerful and expensive versions of its all-electric four-door sports car with base prices of $185,000 and $150,900, respectively.

Meanwhile, the base version Porsche Taycan 4S is more than $80,000 cheaper than its leading model.

The 4S will be available with two battery sizes. The standard 4S starts at $103,800 and comes with a 79.2 kWh battery pack and a pair of electric motors that produce 429 horsepower (320 kW). With the launch control engaged, the horsepower jumps to 522.

Customers who opt for the performance battery plus version of the 4S will shell out at least $110,380 for a vehicle with a 93.4 kWh battery and dual electric motors that can produce up to 563 hp (420 kW).

Both of the 4S models have a top speed of 155 miles per hour and can travel from 0 to 60 mph in 3.8 seconds.

The Taycan 4S is scheduled to arrive in U.S. dealerships in spring 2020.

The 4S is no match for the Turbo S, the most powerful Taycan, which has an output of 616 hp
(or 751 hp with the launch control engaged). The Turbo S has a maximum torque of 774 pound-feet and can travel from 0 to 60 mph in 2.6 seconds. Of course, that kind of power comes at a price. The Taycan Turbo S starts at $185,000.

Porsche has yet to release the EPA battery range estimates for the 4S — or for the Turbo S or Turbo for that matter. The EPA range estimate for the North American market is pending for all of the vehicles. Under Europe’s WLTP estimates, the Turbo S can travel 256 miles on a single charge, while the Turbo has a range of 280 miles.

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13 Oct 2019

Facebook should ban campaign ads. End the lies.

Permitting falsehood in political advertising would work if we had a model democracy, but we don’t. Not only are candidates dishonest, but voters aren’t educated, and the media isn’t objective. And now, hyperlinks turn lies into donations and donations into louder lies. The checks don’t balance. What we face is a self-reinforcing disinformation dystopia.

That’s why if Facebook, Twitter, Snapchat and YouTube don’t want to be the arbiters of truth in campaign ads, they should stop selling them. If they can’t be distributed safely, they shouldn’t be distributed at all.

No one wants historically untrustworthy social networks becoming the honesty police, deciding what’s factual enough to fly. But the alternative of allowing deception to run rampant is unacceptable. Until voter-elected officials can implement reasonable policies to preserve truth in campaign ads, the tech giants should go a step further and refuse to run them.

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This problem came to a head recently when Facebook formalized its policy of allowing politicians to lie in ads and refusing to send their claims to third-party fact-checkers. “We don’t believe, however, that it’s an appropriate role for us to referee political debates and prevent a politician’s speech from reaching its audience and being subject to public debate and scrutiny” Facebook’s VP of policy Nick Clegg wrote.

The Trump campaign was already running ads with false claims about Democrats trying to repeal the Second Amendment and weeks-long scams about a “midnight deadline” for a contest to win the one-millionth MAGA hat.

Trump Ad

After the announcement, Trump’s campaign began running ads smearing potential opponent Joe Biden with widely debunked claims about his relationship with Ukraine. Facebook, YouTube and Twitter refused to remove the ad when asked by Biden.

In response to the policy, Elizabeth Warren is running ads claiming Facebook CEO Mark Zuckerberg endorses Trump because it’s allowing his campaign lies. She’s continued to press Facebook on the issue, asking “you can be in the disinformation-for-profit business, or you can hold yourself to some standards.”

It’s easy to imagine campaign ads escalating into an arms race of dishonesty.

Campaigns could advertise increasingly untrue and defamatory claims about each other tied to urgent calls for donations. Once all sides are complicit in the misinformation, lying loses its stigma, becomes the status quo, and ceases to have consequences. Otherwise, whichever campaign misleads more aggressively will have an edge.

“In open democracies, voters rightly believe that, as a general rule, they should be able to judge what politicians say themselves.” Facebook’s Clegg writes.

But as is emblematic of Facebook’s past mistakes, it’s putting too much idealistic faith in society. If all voters were well educated and we weren’t surrounded by hyperpartisan media from Fox News to far-left Facebook Pages, maybe this hands-off approach might work. But in reality, juicy lies spread further than boring truths, and plenty of “news” outlets are financially incentivized to share sensationalism and whatever keeps their team in power.

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Protecting the electorate should fall to legislators. But incumbents have few reasons to change the rules that got them their jobs. The FCC already has truth in advertising policies, but exempts campaign ads and a judge struck down a law mandating accuracy.

Granted, there have always been dishonest candidates, uninformed voters, and one-sided news outlets. But it’s all gotten worse. We’re in a post-truth era now where the spoils won through deceptive demagoguery are clear. Cable news and digitally native publications have turned distortion of facts into a huge business.

Most critically, targeted social network advertising combined with donation links create a perpetual misinformation machine. Politicians can target vulnerable demographics with frightening lies, then say only their financial contribution will let the candidate save them. A few clicks later and the candidate has the cash to buy more ads, amplifying more untruths and raising even more money. Without the friction of having to pick up the phone, mail a letter, or even type in a URL like TV ads request, the feedback loop is shorter and things spiral out of control.

This is why the social networks should halt sales of political campaign ads now. They’re the one set of stakeholders with flexibility and that could make a united decision. You’ll never get all the politicians and media to be honest, or the public to understand, but just a few companies could set a policy that would protect democracy from the world’s . And they could do it without having to pick sides or make questionable decisions on a case-by-case basis. Just block them all from all candidates.

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Facebook wrote in response to Biden’s request to block the Trump ads that “Our approach is grounded in Facebook’s fundamental belief in free expression, respect for the democratic process, and the belief that, in mature democracies with a free press, political speech is already arguably the most scrutinized speech there is.”

But banning campaign ads would still leave room for open political expression that’s subject to public scrutiny. Social networks should continue to let politicians say what they want to their own followers, barring calls for violence. Tech giants can offer a degree of freedom of speech, just not freedom of reach. Whoever wants to listen can, but they shouldn’t be able to jam misinformation into the feeds of the unsuspecting.

If the tech giants want to stop short of completely banning campaign ads, they could introduce a format designed to minimize misinformation. Politicians could be allowed to simply promote themselves with a set of stock messages, but without the option to make claims about themselves or their opponents.

Campaign ads aren’t a huge revenue driver for social apps, nor are they a high-margin business nowadays. The Trump and Clinton campaigns spent only a combined $81 million on 2016 election ads, a fraction of Facebook’s $27 billion in revenue that year. $284 million was spent in total on 2018 midterm election ads versus Facebook’s $55 billion in revenue last year, says Tech For Campaigns. Zuckerberg even said that Facebook will lose money selling political ads because of all the moderators it hires to weed out election interference by foreign parties.

Surely, there would be some unfortunate repercussions from blocking campaign ads. New candidates in local to national elections would lose a tool for reducing the lead of incumbents, some of which have already benefited from years of advertising. Some campaign ads might be pushed “underground” where they’re not properly labeled, though the major spenders could be kept under watch.

If the social apps can still offer free expression through candidates’ own accounts, aren’t reliant on politicians’ cash to survive, won’t police specific lies in their promos, and would rather let the government regulate the situation, then they should respectfully decline to sell campaign advertising. Following the law isn’t enough until the laws adapt. This will be an ongoing issue through the 2020 election, and leaving the floodgates open is irresponsible.

If a game is dangerous, you don’t eliminate the referee. You stop playing until you can play safe.

13 Oct 2019

SoftBank reportedly preps a package to take control of WeWork parent company

SoftBank Group, the multi-billion dollar Japanese technology conglomerate and investment firm, has put together a  bid that would save WeWork parent company We Co., just weeks before the co-working real estate company’s imminent collapse, The Wall Street Journal reports.

With the collapse of the company’s planned initial public offering, We Co. is facing a cash crunch. The company was planning to raise billions of dollars in debt on the heels of its public offering to finance its continued operations.

The botched public offering already cost We Co. co-founder Adam Neumann his leadership position at the co-working rental business he co-founded roughly a decade ago. The new financing pitch that SoftBank has put together would further remove Neumann from the company’s operations and business, according to the WSJ’s reporting.

SoftBank’s pitch isn’t the only lifeline for We Co. According to the WSJ’s reporting there’s a plan in the works to raise billions of debt through a process being managed by JPMorgan Chase & Co.

“WeWork has retained a major Wall Street financial institution to arrange a financing,” a spokesperson for We Co. wrote in an email. “Approximately 60 financing sources have signed confidentiality agreements and are meeting with the company’s management and its bankers over the course of this past week and this coming week.”

SoftBank already owns about one-third of the company and their bid for the business would involve billions in equity and debt.

The struggles at We Co. coupled with underperforming investments in publicly traded companies like Uber and Slack have damaged SoftBank just as the company was hoping to move forward with a second version of its ambitious Vision Fund, a $100 billion investment vehicle formed in 2017 to invest in ambitious startup companies.

The results have been lackluster. And it’s not just public companies like Slack and Uber that are dragging down the fund. Investments in direct to consumer companies like Brandless, or the robotic pizza delivery startup Zume have also failed to deliver — despite hundreds of millions in commitments from SoftBank.

SoftBank did not respond to a request for comment at the time of publication.

13 Oct 2019

Original Content podcast: For better or for worse, ‘The Politician’ is absolutely bonkers

We all agree: “The Politician” is a crazy show that tries to do everything at once.

After all, why settle for a fast-talking satire about a high school election; a more serious treatment of wealth, illness and emotional turmoil; or a showcase for the musical talents of “Dear Evan Hansen” star Ben Platt? Instead, why not watch a show that tries to encompass all of that and more?

Still, the hosts of the Original Content podcast found themselves split on whether they actually liked it. Jordan and Darrell admitted that they were strangely compelled by the whole thing, but they ultimately found the mixture of gaudy production design, over-the-top melodrama and serious emotion to be exhausting.

Anthony, meanwhile, couldn’t defend the show’s treatment of weighty subjects like suicide, but he was still delighted by the rapid-fire dialogue and “The Politician”‘s apparent determination to entertain at all costs.

This is Ryan Murphy’s first production for Netflix — and since the “Glee” and “American Horror Story” creator signed a $300 million deal with the streaming service last year, the show is attracting extra scrutiny.

In this case, Murphy created the series with his “Glee” co-creators Brad Falchuk and Ian Brennan. Platt stars as Payton Hobart, the titular politician, with each season focusing on a different election in Payton’s career, starting with his run for high school president.

The show mines the gap between the grandness of Payton’s ambition and the triviality of the election for laughs, but that contrast also makes it hard to take Payton seriously at all. And while Jordan and Darrell admire the incredible cast (which also includes Jessica Lange, Gwyneth Paltrow and Bette Midler), they had a particularly hard time with the season finale, which they argue was little more than a trailer for season two.

You can listen in the player below, subscribe using Apple Podcasts or find us in your podcast player of choice. If you like the show, please let us know by leaving a review on Apple. You can also send us feedback directly. (Or suggest shows and movies for us to review!)

And if you’d like to skip ahead, here’s how the episode breaks down:
0:00 Intro
0:37 Disrupt recap
9:30 “The Politician” review (mild spoilers)
31:14 “The Politician” spoiler discussion

13 Oct 2019

Fortnite is just a black hole right now

Fortnite just blew up its entire map and all that’s left is a black hole.

Some are speculating that this is simply a teaser for a new Fortnite map, but it’s unclear when that new map will arrive. On Epic Games’ status page, it says Fortnite is currently experiencing a minor service outage, noting “anomaly detected.”

As Kotaku reports, players this morning were only able to access a team fight mode called “The End.” That led to a massive explosion that resulted in a black hole.

Fortnite’s website is currently just a Twitch stream featuring a black hole.

13 Oct 2019

Kik says it’s ‘here to stay,’ following shutdown reports

It’s been a rough run for Kik of late. The once mighty messaging service announced in late September that it would be shutting down its app. CEO Ted Livingston noted in a blog post that the startup would be trimming its headcount from over 100 people to “an elite 19 person team,” following a protracted 18 month battle with the SEC.

Today the service noted on Twitter, however, “Great news: Kik is here to stay!!!! AND there’s some really exciting plans for making the app even better. More details coming soon. Stay tuned.”

The news follows an October 7 tweet from Livingston that noted, “Some exciting news: we may have found a home for Kik! We just signed an LOI [letter of intent] with a great company. They want to buy the app, continue growing it for our millions of users, and take the Kin integration to the next level. Not a done deal yet, but could be a great win win. More soon.”

Along with the previously noted shutdown of Kik Messenger, the executive added that the far leaner team would be shifting its focus to its cryptocurrency, Kin. “[N]o matter what happens to Kik, Kin is here to stay,” Livingston said of the two-year-old currency at the time. “Kin operates on an open, decentralized infrastructure run by a dozen independent companies. Kin is a currency used by millions of people in dozens of independent apps.”

Kin was the subject of an SEC lawsuit earlier this year, following its $100 million ICO raise. “The SEC charges that Kik sold the tokens to U.S. investors without registering their offer and sale as required by the U.S. securities laws,” the commission wrote in June.

What the future ultimately looks like for Kik is still very unclear following the fairly cryptic tweet. We’ve reached out to the company for comment.