Category: UNCATEGORIZED

10 Jun 2019

Microsoft Power BI platform update aims to put AI in reach of business users

Low code and no code are the latest industry buzzwords, but if vendors can truly abstract away the complexity of difficult tasks like building machine learning models, it could help mainstream technologies that are currently out of reach of most business users. That’s precisely what Microsoft is aiming to do with its latest Power BI platform announcements today.

The company tried to bring that low code simplicity to building applications last year when it announced PowerApps. Now it believes by combining PowerApps with Microsoft Flow and its new AI Builder tool, it can allow folks building apps with PowerApps to add a layer of intelligence very quickly.

It starts with having access to data sources, and the Data Connector tool gives users access to over 250 data connectors. That includes Salesforce, Oracle and Adobe, as well as of course Microsoft services like Office 365 and Dynamics 365. Richard Riley, senior director for Power Platform marketing, says this is the foundation for pulling data into AI Builder.

“AI Builder is all about making it just as easy in a low code, no code way to go bring artificial intelligence and machine learning into your Power Apps, into Microsoft Flow, into the Common Data Service, into your data connectors, and so on,” Riley told TechCrunch.

Screenshot: Microsoft

Charles Lamanna, general manager at Microsoft says that Microsoft can do all the analysis and heavy lifting required to build a data model for you, removing a huge barrier to entry for business users. “The basic idea is that you can select any field in the Common Data Service and just say, ‘I want to predict this field.’  Then we’ll actually go look at historical records for that same table or entity to go predict [the results],” he explained. This could be used to predict if a customer will sign up for a credit card, if a customer is likely to churn, or if a loan would be approved, and so forth.

While Microsoft admits this won’t be something everyone uses, they do see a kind of power user who might have been previously unable to approach this level of sophistication on their own, building apps and adding layers of intelligence without a heck of a lot of coding. If it works as advertised it will bring a level of simplicity to tasks that were previously well out of reach of business users without requiring a data scientist.

10 Jun 2019

Review: The stunning 2019 Audi Q8 has a deal-breaking flaw

The 2019 Audi Q8 is the shape of the future. It’s beautiful as it successfully merges the look of a sports sedan with the shape of an SUV. It has flowing lines, crisp angles and just the right look on and off the road. Inside, it’s comfortable though a bit smaller than the name suggests. And under the hood, Audi paired a capable V6 engine with a 48-volt battery, creating a mild-hybrid setup that supposedly helps with fuel economy.

Yet after spending a lot of time in the Q8, I found it backwards. Most crossovers provide the comfort of a sedan with the utility of an SUV. This one has the rough comfort of an SUV with the limited utility of a sedan. Worse yet, driving the Q8 around town can be a frustrating experience.

I spent a couple of weeks in the new Q8 on a road trip from Detroit through Canada to New York City. I took it over the countryside, around hilly passes, and through four of the five boroughs. My kids spilled Cheetos in the back. I lived in this car for thousands of miles. This experience is different from most vehicles reviews. Most car reviews are penned after a few hundred miles in the car, which can often lead to milquetoast conclusions. Not this time.

I don’t like the Q8. The bad outweighs the good. The stunted driving characteristics ruin the otherwise gorgeous vehicle.

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Review

The sedan is bleeding out, and the crossover is holding the knife. Consumers are overwhelming, picking these quasi-SUVs over sedans or sport utility vehicles. There’s a good reason, too. Crossovers often provide the supple ride quality of a sedan with the utility of an SUV. I’m sorry to report the Q8 does the opposite. It has the rough ride of an SUV and the limited utility of a sedan.

The Q8 has a puzzling powertrain. It doesn’t like to go forward. Several times throughout my time with the Q8, I nearly got into an accident because of the timing of the transmission. It often left me hanging in the middle of the road while it took its time to translate the engine’s instructions to the tires. I was honked at constantly while in NYC.

A turbocharged 3.0-liter V6 rests under the hood, and Audi says it’s good for 335 HP and 369 pound-foot of torque. The Q8 is not underpowered, and it sports a version of ZF’s ubiquitous 8-speed transmission. The Audi Q8 is one of the first internal combustion vehicles to be paired with a 48-volt mild hybrid system. This is said to help improve fuel economy by relegating acceleration to a mild hybrid setup, and this could prove to be the cause of my frustration.

Whoever’s to blame, in real life, the transmission feels like it doesn’t use the first and second gear. There’s a second or two hesitation between the time the pedal is engaged until the car decides to move forward. Once underway, the Q8 is a lovely expressway cruiser with plenty of power to overtake meandering sedans. At speed, it’s comfortable and confident. At a standstill, it’s hesitant and frustrating.

I’m not alone in this frustration. Car and Driver says the Q8 is “it felt hesitant around town unless we crushed the gas pedal.” Motor1 says, “At times [the transmission is] clunky, particularly when accelerating…” Motor Trend stated, “We noted, however, a longish delay in the delivery of torque after you give it some beans.”

Audi built the Q8 as a multipurpose utility vehicle and equipped it with several driving modes, including Dynamic, which lowers the vehicle and supposedly changes the transmission response. Select Off Road or All Road, and the Q8 raises a few inches, providing better ground clearance. This is handy on Michigan roads where post-winter potholes are the size of bathtubs.

These driving modes give the Q8 added utility and foreshadow a future where cars better adapt to their driver’s needs. Audi has offered similar features for years but not to this extreme. The Sport mode drops the Q8 to the ground while the Off-Road mode raises the Q8 to a level where it could tackle serious terrain.

Sadly, the adjustable modes did not address the lackluster powertrain. Even in Sport mode, the Q8’s transmission was sluggish.

At least the Q8 is comfortable.

The interior of the Q8 is lovely and features Audi’s new dual-touchscreen infotainment center. I love it. Audi long had the best user interface in the industry. This one is entirely different and even better.

There are two touchscreens in the middle of the Q8. The one on the top handles media, mapping, and vehicle settings. The one on the bottom is for climate control. Both feature fantastic haptic feedback. Hit a button on the screen, and a slight vibration makes it feel like you touched a real button.

To me, this dual screen setup is a better solution than a giant screen like Tesla or Ram uses in their vehicles. In Audi’s solution, both are tilted to provide easy access, and there’s less of a learning curve. The setup follows the general button placement found in cars for the last few decades. Climate is always on and always on the bottom. The radio and mapping screen is on the top and can be turned off to reduce distractions.

A screen lives behind the steering wheel, too, and sports a similar layout to Audi’s current system. The driver can easily switch between information screens with the speedo and tach on either side. Hit a button on the steering wheel, and the gauges reduce in size while the map increases. It’s a handy feature.

The Q8’s seats are fantastic and nearly make up for the lackluster driving capabilities. They’re firm yet forgiving with endless adjustments. The seats, with their built-in massagers, made the boring Ohio turnpike a bearable experience.

The Q8’s interior space is not as ample as I expected and I think it has to do with the naming scheme. The Q8 joins the small Q5 and seven-seater Q7 in Audi’s lineup. The name suggests the Q8 is larger than the Q7 in the same way that the Audi sedan A8 is larger than the A7. But it’s not. The Q8 is a five-passenger vehicle with less cargo room available than the Q7.

I was able to get three suitcases and a couple of backpacks in the back. The lack of storage space is evident throughout the cabin. The center console is only two smartphone’s deep. There isn’t a spot for sunglasses. Two adults could sit in the backseat, but I would fight for the front.

Again, the Q8 is comfortable, and a nice size, but the name suggests a larger vehicle.

Like it or not, the Q8 is the shape of the future. Its sheet metal conveys a sense of on or off-road sportiness. The Q8 is designed around the driver, too, and the Q8 could be a fantastic package. It looks beautiful inside and out; I love the shape and form of the Q8. It’s stunning and comfortable to sit in. I don’t like how the Q8 drives.

10 Jun 2019

Vectra lands $100M Series E investment for AI-driven network security

Vectra, a seven-year old company that helps customers detect intrusions at the network level, whether in the cloud or on premises, announced a $100 million Series E funding round today led by TCV. Existing investors including Khosla Ventures and Accel also participated in the round, which brings the total raised to over $200 million, according to the company.

As company CEO Hitesh Sheth explained, there are two primary types of intrusion detection. The first is end point detection and the second is his company’s area of coverage, network detection and response or NDR.  He says that by adding a layer of artificial intelligence, it improves the overall results.

“One of the keys to our success has been applying AI to network traffic, the networking side of NDR, to look for the signal in the noise. And we can do this across the entire infrastructure, from the data center to the cloud all the way into end user traffic including IoT,” he explained.

He said that as companies move their data to the cloud, they are looking for ways to ensure the security of their most valuable data assets, and he says his company’s NDR solution can provide that. In fact, securing the cloud side of the equation is one of the primary investment focuses for this round.

Tim McAdam from lead investor TVC, says that the AI piece is a real differentiator for Vectra and one that attracted his firm to invest in the company. He said that while he realized that AI is an overused term these days, after talking to 30 customers he heard over and over again that Vectra’s AI-driven solution was a differentiator over competing products. “All of them have decided to standardize on the Vectra Cognito because to a person, they spoke of the efficacy and the reduction of their threat vectors as a result of standardizing on Vectra,” McAdam told TechCrunch.

The company was founded in 2012 and currently has 240. That is expected to double in the year to 18 months with this funding.

10 Jun 2019

Salesforce is buying data visualization company Tableau for $15.7B in all-stock deal

On the heels of Google buying analytics startup Looker last week for $2.6 billion, Salesforce today announced a huge piece of news in a bid to step up its own work in data visualization and (more generally) tools to help enterprises make sense of the sea of data that they use and amass: Salesforce is buying Tableau for $15.7 billion in an all-stock deal.

The latter is publicly traded and this deal will involve shares of Tableau Class A and Class B common stock getting exchanged for 1.103 shares of Salesforce common stock, the company said, and so the $15.7 billion figure is the enterprise value of the transaction, based on the average price of Salesforce’s shares as of June 7, 2019.

This is a huge deal for Salesforce as it continues to diversify beyond CRM software and into deeper layers of analytics.

The company reportedly worked hard to — but ultimately missed out on — buying LinkedIn (which Microsoft picked up instead), and while there isn’t a whole lot in common between LinkedIn and Tableau, this deal is also about extending engagement with the customers that Salesforce already has.

This also looks like a move designed to help bulk up against Google’s move to buy Looker, announced last week, although I’d argue that analytics is a big enough area that all major tech companies that are courting enterprises are getting their ducks in a row in terms of squaring up to stronger strategies (and products) in this area. It’s unclear whether (and if) the two deals were made in response to each other.

“We are bringing together the world’s #1 CRM with the #1 analytics platform. Tableau helps people see and understand data, and Salesforce helps people engage and understand customers. It’s truly the best of both worlds for our customers–bringing together two critical platforms that every customer needs to understand their world,” said Marc Benioff, Chairman and co-CEO, Salesforce, in a statement. “I’m thrilled to welcome Adam and his team to Salesforce.”

“Joining forces with Salesforce will enhance our ability to help people everywhere see and understand data,” said Adam Selipsky, President and CEO of Tableau, in the same statement. “As part of the world’s #1 CRM company, Tableau’s intuitive and powerful analytics will enable millions more people to discover actionable insights across their entire organizations. I’m delighted that our companies share very similar cultures and a relentless focus on customer success. I look forward to working together in support of our customers and communities.”

“Salesforce’s incredible success has always been based on anticipating the needs of our customers and providing them the solutions they need to grow their businesses,” said Keith Block, co-CEO, Salesforce. “Data is the foundation of every digital transformation, and the addition of Tableau will accelerate our ability to deliver customer success by enabling a truly unified and powerful view across all of a customer’s data.”

More to come as we learn it. Refresh for updates.

 

10 Jun 2019

Student loan refinancing startup Splash Financial raises $4.3 million

Splash Financial, a Cleveland-based startup that has partnered with the Pentagon Federal Credit Union to refinance student loans, has raised $4.3 million in a round of venture financing.

The round was led by CUNA Mutual Group, a PenFed partner, and Northwestern Mutual Future Ventures, the corporate investment arm of Northwestern Mutual.

As student loan debt skyrockets, more financial services companies are looking for ways to cash in on the growing national problem.

Splash Financial provides an easy, online way for PenFed to originate loans that folks can use to consolidate their student loan payments.

Terms Splash Financial offers aren’t terrible, according to NerdWallet. Through Splash Financial, borrowers can get loans with fixed interest rates ranging between 3.87% and 7.03% and variable interest rate loans ranging between 3.05% and 7.79%.

“Through this funding round, Splash has gained not only new investors but also strong partners in CUNA Mutual Group and Northwestern Mutual,” said Steven Muszynski, founder and chief executive of  Splash Financial, in a statement.

The company said it would use the money to bring on additional banks and credit unions as lending partners and expand its national footprint.

It’s worth noting that while CUNA is a PenFed partner, Northwestern Mutual does not appear to be. As insurers look for ways to market other home, life, and health insurance products to younger generations that are not buying, student loans are a opportunity, these companies said.

“We believe in the power of financial innovation to change lives, shape futures, and build a better tomorrow,” said Brian Kaas, president and managing director, CMFG Ventures. “Student loan refinancing is an important area of opportunity for financial institutions, so we’re glad to invest in this innovative loan refinancing platform. It’ll help millions of college students tackle student loan debt and connect them with financial institutions for long-term success.”

 

10 Jun 2019

The Finalists for The Europas Awards for European tech startups is released

The The Europas Awards for European Tech Startups is coming, and today it releases its final shortlist after an intense round of public voting and judges’ delioberations. The awards will be held on 27 June 2019, in London, U.K. and TechCrunch is once more the exclusive media sponsor of the awards, alongside new “tech, culture & society” event creator The Pathfounder.

The awards cover 20 categories, including new additions such as cover AgTech / FoodTech, SpaceTech, GovTech and Mobility Tech. Attendees, nominees and winners will get discounts to TechCrunch Disrupt in Berlin, later this year.

The Europas Awards results are based on voting by expert judges and the industry itself. But key to the event itself is that there are no “off-limits areas” at The Europas, so attendees can mingle easily with VIPs. Grab your tickets here before prices go up!

The awards this year will be in the setting of a garden lawn party, where you’ll be able to meet and mingle more easily, with free-flowing drinks and a wide-selection of street food (including vegetarian/vegan). If you’d like to talk about sponsoring or exhibiting, please contact dianne@thepathfounder.com

Here are the finalists:

The Europas Awards — Hottest AgTech / FoodTech Startup
Agricool: grows and produces fruits and vegetables inside shipping containers
Allplants: Delicious, plant-based meals, delivered.
Breedr: a productivity and marketing platform transforming the livestock supply-chain
iFarm: Data-driven urban farming technology
Small Robot Company: Building small robots to transform farming
Ynsect: Designs, constructs and operates giant vertical farm of beetles (Molitors) to produce high grade proteins.

The Europas Awards — Hottest CleanTech Startup
Asperitas: a clean-tech company focused on greening the datacentre industry
Naefos: A fintech-IoT platform for enterprises to access off-grid households
Bulb: affordable renewable energy for homes and businesses
Orbital Systems: a Swedish clean-tech company that develops a water recycling technology to be used in domestic appliances
Solar Foods: Produces an entirely new kind of nutrient-rich protein using only air and electricity as the main resources
VoltStorage: Solar power storage for your home

The Europas Awards — Hottest CyberTech Startup
UK Barac: Using AI and behavioural analytics to detect malware hidden within encrypted traffic without the need for decryption
Cymulate: Breach and attack simulation
UK Immersive Labs: A fully interactive, on-demand, and gamified cyber skills platform
UK Panaseer: A continuous controls monitoring platform
Passbase: a digital identity platform to streamline the identity verification process and enable identity ownership and reuse across different services
PixelPin: a secure authentication system using pictures instead of passwords
uBirch: Securing IoT data using blockchain

The Europas Awards — Hottest EdTech Startup
Busuu: Online community for language learning
Get My Grades: online learning platform for English, Maths and Science
MyPocketSkill: Connecting teens to pocket money earning jobs
Perlego: Textbook subscription service
Pigzbe: Crypto-friendly, digital wallet for 6+
PitchMe: Skills-based talent marketplace
Robo Wunderkind: developing modular and programmable robots to teach children robotics and coding
Lirica: Learn languages with the power of music

The Europas Awards — Hottest FashTech Startup
Bump: making commerce social
Euveka: develops connected smart-mannequins, using custom software, to assist fashion, sports and medical professionals in the prototyping and sale of individual garments
Heuritech: anticipating brand and product desirability through the eyes of millions of fashion influencers and consumers
HUUB: a logistics and tech platform for Fashion brands
Little Black Door: intelligent inventory platform that captures the value of your wardrobe and opens it up to a premium managed marketplace
Metail: virtual fitting room service for fashion retailers that allows customers to create a 3D model of themselves and try on clothes
Finda: Professional model booking platform

The Europas Awards — Hottest FinTech Startup
Auquan: data science platform for financial services
Curve: a platform allowing consolidation of all bank cards into a single smart card and app
Cytora: Using AI to enable insurers to underwrite more efficiently
Divido: a retail finance platform that allows companies to offer instant customer finance
Holvi: digital banking for freelancers and entrepreneurs
Monese: an online banking platform that offers quick current account opening for all EU residents
Moonfare: a technology-enabled platform allowing individuals to invest in top-tier private equity funds
Nuggets: Login, pay and verify ID without ever sharing or storing your data with anyone
PremFina: White label software to manage insurance policies
Yobota: cloud-based platform allows financial services to design and deploy financial products

The Europas Awards — Hottest GovTech, CivTech, PubTech, RegTech
Adzuna: digital service that connects jobseekers with employers online and through job centres around the UK
Apolitical Apolitical is a global policy insights platform and network helping governments and companies advance their work and business
Clause Match: end-to-end solution for fully automating regulatory compliance
Luminance: document analysis software to secure big data systems
New Vector: decentralised, secure communication for governments, businesses and individuals
novoville – novoville is a Citizen Engagement Platform, that bridges the gap between local governments and their citizens
Safened: Digital KYC Solution
SafeTeam: NHS community lone worker app

The Europas Awards — Hottest HealthTech Startup
Ada Health: an AI-powered health platform
BIOS, creating the open standard hardware and software interface between the human nervous system and AI
eQuoo: evidence based mental health game for young adults
Lumeon: providing care pathway management solutions to the healthcare industry
Natural Cycles: a digital contraceptive app
Pregenerate: “cartilage-on-a- chip” to accelerate drug development for arthritis
Siilo: secure messenger app for medical teams
Straight Teeth Direct: Direct to consumer teledentistry platform that connects users to online dentists globally enabling low cost at home teeth straightening

The Europas Awards — Hottest MadTech (MarTech or AdTech) Startup
Codec: AI-powered audience intelligence for brands
MeasureMatch: find, book, pay & rate independent consultants or consultancies to accelerate marketing, commerce & customer experience capabilities
Ometria: a customer insight and marketing automation platform
PlanSnap: a social planning platform that gets friends together
StreetBees: Connecting brands with real people on the ground to gather real time insights
Uberall: location marketing cloud
Vidsy: helps brands create original mobile video ads at scale
Waive: an intelligent trend spotting platform

The Europas Awards — Hottest Mobility Travel Tech Startup
Culture Trip: inspiring people to explore the world’s culture and creativity
daytrip: platform connecting independent travelers with local drivers
Dott: scooter startup
minicabit: an online minicab and taxi price comparison and booking service
Snap Travel: on-demand coach service
Trafi: Mobility solutions for connected cities
Voi Scooters: owns, operates, and manages electric scooters for urban commuters
Wejo: unlocks the value in car data to help create smarter, safer, better and greener journeys for drivers globally

The Europas Awards — Hottest PropTech Startup
Casavo: market maker within the residential real estate market
Good Monday: a digital office management system
Habito: digital mortgage broker
Home Made: property tech rental agent
Hubble: online marketplace for office space
Mews Systems: property management software for hospitality operations
NPlan: machine learning – based risk analysis for construction projects
Planner 5D: 3D home design tool using AI, VR & AR to create floorplans and interior design
Reposit: tenancy deposit alternative
Urban Jungle: A fully digital insurer, for a new generation of customers

The Europas Awards — Hottest Retail / ECommerce Tech Startup
Festicket: marketplace to discover and book music festival tickets, accommodation, transfers and extras
Keep Warranty: app that saves the warranties and purchase slips of your appliances
NearSt: building the world’s source of real-time local inventory
Picnic: online supermarket, that delivers groceries for the lowest price to people’s home
Pimcore: digital experience platform to manage product information
Spryker Systems: a commerce technology company
store2be: Online marketplace for short-term retail and promotion space
Trouva: curated marketplace for bricks and mortar independent shops

The Europas Awards — Hottest B2B / SaaS Startup
Chattermill: Using deep learning to help organizations make sense of their customer experience
Dixa: conversational customer engagement software that connects brands with customers through real-time communication
Infobip: Full-stack Communications Platform as a Service (CPaaS)
Meero: On demand photography service combined with image processing artificial intelligence
Paddle: platform for all software companies to run and grow their business
Peakon: a platform for measuring and improving employee engagement
ProoV: a PoC platform that enables businesses to test new technologies
SeedLegals: platform for all the legals startups need to grow and get funded
TravelPerk: business travel booking & management platform for companies
Unbabel: a ‘translation-as-a-service’ platform, powered by AI and a worldwide community of translators

The Europas Awards — Hottest SpaceTech Startup
Aerial & Maritime: A Danish nanosatellite-based solution for monitoring aircrafts and maritime vessels
Aerospacelab: Develops a constellation of micro-satellites for earth observation and imagery
aXenic: Design, development and production of optical modulators for communications and sensing
Global Surface Intelligence: Environmental data service
Hawa Dawa: Combines proprietary IoT smart sensor data with other sources of data (including satellite data) to give highly accurate data on air quality
Monolith: Machine Learning Platform that helps engineers to predict the outcome of unknown, new tests or simulations by reusing historical data
Open Cosmos: Simple and affordable space missions
Trik: Enterprise drone 3D mapping software for structural inspection
Unseenlabs – Unseenlabs designs and develops a spectrum surveillance payload
Xonaspace: Uses an XPS and LEO satellite constellation for extremely precise GPS systems

The Europas Awards — Hottest Tech for Good Startup
Beam: help a homeless person for the long-term by funding their employment training
eWaterpay: Using mobile technology for the accountable collection of user fees to pay for the maintenance of water supply systems forever
Idka: a platform for private groups and organizations, where they can connect, communicate, share and store anything – while their privacy remains intact
OmoLab: develops tools that make easier for people with dyslexia to read
SafetoNet: an app that protects children online by using AI to detect harmful content, whilst respecting children’s privacy
Tick. Done.: a micro-video platform for instant knowledge sharing
Winnow: digital tools to help chefs run more profitable, sustainable kitchen

The Europas Awards — Hottest Blockchain Project
Aeternity: a scalable blockchain platform that enables high-speed transacting, purely-functional smart contracts
Argent: a smart wallet for cryptocurrencies and blockchain applications
AZTEC Protocol: building privacy technology for public blockchain infrastructures
Colendi: decentralized credit scoring protocol and microcredit platform with blockchain and machine learning technologies
Edge ESports: blockchain-based platform for professional gamers
FilmChain: blockchain enabled platform that collects data, verifies revenues and executes stakeholder payment splits for film, TV etc
Orbs: a blockchain Infrastructure as a Service (IaaS) for large scale consumer applications
Veratrak: a shared workspace for collaborating with your supply chain partners

The Europas Awards — Hottest Blockchain Investor
BlueYard Capital
Catagonia Capital
Earlybird Venture Capital
Fabric Ventures: A venture capital firm that invests in scalable decentralized networks
FinLab
KR1: crypto token Investment company supporting early stage decentralised and open source blockchain projects
Mosaic Ventures
Outlier Ventures: invests and partners with tokenised communities that will create the new decentralised economy

The Europas Awards — Hottest A/A+ Investors
Accel
Anthemis Group
Atomico
Balderton Capital
DN Capital
EQT Ventures
Index Ventures
Northzone
Project A Ventures
Ventech Capital

The Europas Awards — Hottest Early Stage / Accelerator Investors
Founders Factory
Seedcamp
Forward Partners
Generation S
Entrepreneur First
Techstars London
The Family
7percent Ventures
Backed VC
Firstminute Capital
LocalGlobe
Episode 1 Ventures

10 Jun 2019

Luxembourg to get €100M investment from Chinese payments startup Pingpong

For Chinese financial services firms looking to enter Europe, Luxembourg has historically been a popular anchoring point for its political and economic stability as well as a favorable regulatory environment. Another bucketload of capital is coming to the country after Chinese fintech startup Pingpong announced to invest more than €100 million ($113 million) in Luxembourg in the coming years.

Founded in 2014, Pingpong has been celebrated by its home city Hangzhou — also Alibaba’s backyard — as a pioneer in the country’s booming cross-border ecommerce sector. Backed by one of China’s largest investment banks CICC, the startup collects payments for Chinese exporters selling through Amazon, Wish, Shopee, Newegg and some other 14 ecommerce platforms around the world, which means clearing local regulatory hurdles is key to its business.

Its European ambition does not stop with Luxembourg. Luo Yonglong, a partner at Pingpong, said at a Saturday event that within three years, the company’s accumulative investment on the continent will exceed 50 billion yuan (€6.39 billion or $7.21 billion).

Pingpong unveiled the proposed infusion at the weekend event centered around the Chinese government’s Belt and Road Initiative, of which Luxembourg is a member. The financial injection provides clues to the role that private businesses play to help China link up more countries to BRI. It also seems like a timely boost to the alliance between the two countries, arriving just three months after Luxembourg agreed to join China’s ambitious global infrastructure program, and at a time when China’s trade tensions with the U.S. run high.

Pingpong’s tie-up with Luxembourg dates further back to 2017 when it secured a payments license in the putative financial gateway of Europe, thus giving it access to facilitate payment transactions between Chinese merchants and consumers throughout the continent.

“We are actively following the country’s Belt and Road Initiative to empower Chinese businesses through innovation in the cross-border ecosystem,” said Luo in a statement. “This will help companies complete their digital transformation and be more competitive abroad.”

With the mammoth funding also comes continued collaboration between Luxembourg and Pingpong on various fronts, including Chinese exports to the European Union and Pingpong’s local payments and virtual banking projects. The company also said it will work to secure an institution license for virtual currency under the purview of the EU and will set out to put up a digital payments bank.

10 Jun 2019

Wire collaborates with EY for on-premise end-to-end encrypted messaging app

End-to-end encrypted messaging app and service Wire announced a partnership with accounting and consulting company EY. Essentially, Wire is providing an on-promise version of its messaging service so that EY can control the servers and use it for their communication needs.

Both companies announced the deal a few weeks ago, and I talked with Wire and EY executives about the thinking behind this implementation.

“It’s very hard to monetize [Wire] on the consumer market,” Wire CEO Morten Brøgger told me. The company thinks it'll never become a big messaging app with hundreds of millions of users — that ship has sailed. That's why the company launched a team messaging product a couple of years ago.

Teams can sign up to Wire and use it as a sort of Slack replacement with end-to-end encryption on messages, files, calls, etc. The company uses a software-as-a-service approach and charges €4 to €6 per user per month.

Around 600 companies are using this solution across a wide range of industries, from cybersecurity to M&A firms. They share confidential data so Slack is not an option.

Wire is now going one step further by providing on-premise deployment and custom integrations. EY wanted an end-to-end messaging service to share messages and files with customers. And the company wanted to control the servers in house.

“Comparing with some other solutions, when you dig into the technology, sometimes you discover that messages are encrypted and not attachments. With Wire, everything has the same level of encryption,” EY France Chief Digital Office Yannick de Kerhor told me.

Even though EY manages the servers, everything is still encrypted on devices. It means that EY or potential hackers have no way to access the servers and decrypt messages. EY conducted a pilot with 150 people and roughly 20 clients. And the company now plans to roll it out to more teams across the company.

There are currently 70 people working for Wire and the company is already working on more on-premise implementations. Let’s see if this enterprise strategy creates a reliable business model to make end-to-end encryption more ubiquitous.

10 Jun 2019

Spacemaker scores $25M Series A to let property developers use AI

Spacemaker, a Norway-based startup that’s created AI software to help property developers and architects make better design decisions, has picked up $25 million in Series A funding.

The round is jointly led by Atomico and Northzone, with participation from investors in property and construction tech including Danish property developer NREP, Nordic property developer OBOS, and U.K. real estate technology fund Round Hill Ventures. A number of earlier investors including Norway’s Construct Venture also followed on.

Described as “the world’s first” AI-assisted design and construction simulation software for the property development sector, Spacemaker claims to enable property development professionals, such as real estate developers, architects, and urban planners, to quickly generate and evaluate the optimal environmental design for any multi-building residential development. To achieve this, the Spacemaker software crunches various data including physical data, regulations, environmental factors and others preferences.

“Today developers and urban planners plan sites largely ‘by hand’ — meaning they can explore 20-30 options at most as they try to optimise for a multitude of regulatory, design, environmental and economic constraints,” says Spacemaker co-founder and CEO Håvard Haukeland.

“Given the rate at which urban populations are increasing, we can’t build sustainable and liveable cities by continuing to rely on those methods. New urban developments need to make the best possible use of the available land to create comfortable spaces for residents while balancing stringent planning regulations”.

This, explained Haukeland, means answering questions such as: How can we find the best way to orient a building to optimise how much heat is needed and save energy? How can we optimise for sunlight in all the apartments in a development in the Nordics? Or conversely, how can we optimise for shade in a much sunnier country?

“Architects and developers are thinking about all those things, while at the same time trying to balance regulations and other factors such as noise, wind and accessibility,” he says.

To help with this, Spacemaker has created software that lets developers and architects “sense check” their designs and optimise for a range of different parameters, from sun exposure to noise to wind to apartment size, choosing from hundreds of possible layouts. And by enabling developers and architects to test many iterations from the earliest stages, Haukeland says Spacemaker can help developers configure volumes smarter and thus increase sellable area.

“At the same time, by intelligently distributing volumes the AI can help dramatically improve the living quality of future residents,” he adds.

To that end, Spacemaker says it works with some of the largest names in property development in the Nordics and globally including Skanska, Obos, AF Gruppen and NREP. The company’s 100+ team is said to include world-class data scientists, mathematicians, software developers, architects and urban planners.

Meanwhile, I’m told that Atomico Principal Ben Blume led the round on behalf of Atomico (contrary to the belief that only Partners do deals) and will join Spacemaker’s board along with Northzone’s Michiel Kotting.

“Construction is a large part of global GDP with significant potential for technology to improve the sector’s low productivity, and we see a willingness from the industry to look for innovative new solutions,” Blume tells me.

“We have identified a number of areas to apply new technologies across the construction project life cycle in design, project management, site management and monitoring and in some of the construction processes themselves. Spacemaker’s demonstrated ability to create value for their customers, combined with their ability to create better quality of living for the residents of the buildings it is used to design, make it a compelling proposition for the property development industry to adopt”.

10 Jun 2019

Fiat Chrysler partners with Aurora to develop self-driving commercial vans

Aurora, the autonomous vehicle technology startup backed by Sequoia Capital and Amazon, has struck a deal with Fiat Chrysler Automobiles to develop self-driving commercial vehicles.

The partnership will focus on integrating Aurora’s technology into FCA’s line of Ram Truck commercial vehicles, a portfolio that includes cargo vans and trucks. The deal could extend to FCA’s Fiat Professional brand as well, TechCrunch has learned.

The deal with Aurora aims to specifically develop and deploy self-driving commercial vehicles that could be used by any third party with a delivery-to-consumer need. For instance, once Aurora’s technology is integrated into its commercial vans, FCA could sell them to a third-party logistics company — like say, Amazon — that intends to use autonomous vehicles for deliveries.

Neither company disclosed financial terms of the deal.

The high cost of developing and bringing technology such as electrification and autonomous vehicles to market has prompted automakers, including FCA, to seek out partnerships and alliances, sometimes even with competitors.

In May, FCA proposed a 50-50 merger with French automaker Renault, arguing that it would create a more capital efficient enterprise that could develop global vehicle platforms, architectures, powertrains and technologies.

FCA has since withdrawn its merger offer. However, more partnerships are likely to emerge.

“As part of FCA’s autonomous vehicle strategy we will continue to work with strategic partners in this space to address the needs of consumers in a rapidly changing industry,” FCA CEO Mike Manley said in a statement.

FCA has an existing partnership with autonomous vehicle technology company Waymo, the former Google moonshot project that is now a business under Alphabet. These two relationships are tackling different aspects of autonomous vehicle technology — at least for now.

Two years ago, FCA said it would produce about 100 Chrysler Pacifica Hybrid minivans integrated with Waymo’s suite of self-driving hardware and software. Waymo uses these self-driving minivans for testing as well as for its Waymo One autonomous ride-hailing business in the Phoenix area. The autonomous vehicles used in the Waymo One service still have a human safety driver behind the wheel.

FCA and Waymo expanded on their relationship in 2018 with FCA announcing it would supply Waymo with up to 62,000 more Chrysler  Pacifica minivans.

Unlike Waymo, Aurora has never indicated plans publicly to launch a robotaxi service. Instead, it’s focused on supplying and then integrating its full self-driving stack to companies hoping to deploy autonomous vehicles or services.

Aurora, founded in early 2017 by Sterling Anderson, Drew Bagnell and Chris Urmson, has integrated its technology into six vehicle platforms, including sedans, SUVs, minivans, a large commercial vehicle and a Class 8 truck.

Aurora is just a few months removed from announcing its hefty $530 million Series B round that was led by Sequoia Capital and included “significant investment” from Amazon and T. Rowe Price Associates. The round pushed Aurora’s valuation to more than $2.5 billion. Aurora announced a $90 million Series A round last February from Greylock Partners  and Index Ventures, bringing its total raised to date to more than $620 million.

The company has offices in Palo Alto, San Francisco and Pittsburgh and previously announced partnerships with Volkswagen Group, Hyundai and Chinese electric vehicle startup Byton.