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Day: July 19, 2023

Day: July 19, 2023

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  • Day: July 19, 2023

Fintech valuations have fallen. Where do they go from here?

With the market having changed dramatically since the heyday of 2021’s venture funding boom, fintech valuations have largely shifted accordingly. With only a few exceptions, the once most valuable companies operating in the fintech space have seen their valuations drop significantly, based on secondary share activity as analyzed by Notice.co, a company that has built a pricing tool for the private markets. One of the starkest examples of declines lies in payments giant Stripe, which saw its funding valuation hit $95 billion in March 2021. The company’s secondary market valuation peaked at nearly $200 billion in January 2022 (!), according

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July 19, 2023 No Comments

Qualtrics claims it’ll spend $500M on AI over the next four years

Qualtrics, the cloud-based platform for managing online customer experiences, intends to spend $500 million on AI over the next four years. The company made the announcement this morning alongside the launch of its new AI-integrated platform, XM/os2 (an unwieldy name, to be sure), which offers generative AI solutions tailored to enterprise experience management use cases. “For the very first time, we’re bringing the power of generative AI to every part of our platform,” Qualtrics CEO Zig Serafin said in a press release. “It’s the most important innovation in experience management since we launched the category in 2017.” The details of

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July 19, 2023 No Comments

Apple is testing a ChatGPT-like AI chatbot

Apple is developing artificial intelligence tools to challenge Open AI, Google and others, according to a new report from Bloomberg’s Mark Gurman. The tech giant has created a chatbot that some engineers are internally referring to as “Apple GPT.” Apple has yet to determine a strategy for releasing the technology consumers, but is reportedly aiming to make a significant AI-related announcement next year. The report says Apple has built its own framework, codenamed “Ajax,” to create large language models, which are AI-based systems that power offerings like Open AI’s ChatGPT and Google’s Bard. Ajax runs on Google Cloud and was

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July 19, 2023 No Comments

India’s Dunzo defers staff pay, to cut jobs amid funding search

Dunzo, a hyperlocal delivery startup in India, is postponing employee salaries for a month and plans a new wave of layoff as the Google and Reliance Retail-backed startup pares its expenses amid aggressive hunt for new funding. The Bengaluru-headquartered startup, which partially deferred making payroll for last month until this week, said Wednesday that it will not be able to pay the remainder of their salaries until early September and is delaying the August salary for all employees to September 4 as well. Later in the day, Dunzo executives informed employees that they will be cutting more jobs — likely

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July 19, 2023 No Comments

Rick Fox gets concrete about planet-friendly cement at Disrupt 2023

The modern world is a concrete jungle, and cement — a binding agent — is concrete’s key ingredient. It’s also one of the least climate-friendly materials. Used for housing, transportation and commerce, it produces nearly 10% of the world’s carbon pollution. But concrete that removes CO2 from the atmosphere could change all that. We’re excited to announce that Rick Fox — three-time NBA champion, philanthropist, serial entrepreneur and now startup founder — will join us on the Sustainability Stage for a session called “Doing Something Concrete on Climate,” at TechCrunch Disrupt 2023, which takes place September 19–21 in San Francisco.

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July 19, 2023 No Comments

TikTok is where young LGBTQ people of color feel the safest online

While the relationship between all young people and social media is complex, yielding both positive social effects and posing unique risks to mental health, queer teens spend even more time on the internet than their non-LGBTQ counterparts — time often spent searching for community and vital connection around identity. In new research, The Trevor Project explores where young LGBTQ people of color feel safest spending their time online. In its sweeping 2023 U.S. mental health survey, the Trevor Project included new questions about how young queer people felt across various popular online platforms, comparing the experiences of young LGBTQ people of

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July 19, 2023 No Comments

WhatsApp launches standalone smartwatch app for Wear OS

WhatsApp has finally launched its standalone app for smartwatches running Google’s Wear OS, after much anticipation and months-long beta testing. Meta CEO Mark Zuckerberg on Wednesday announced the launch of the WhatsApp app for Wear OS that will allow users to start new conversations, reply to messages and take VoIP calls without requiring them to have their connected phone with them. The app, which starts rolling out today for users worldwide, is compatible with smartwatches running Wear OS 3. It allows users to send and receive text and voice messages as well as emojis and quick replies directly from their

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July 19, 2023 No Comments

Unstructured, which offers tools to prep enterprise data for LLMs, raises $25M

Large language models (LLMs) such as OpenAI’s GPT-4 are the building blocks for an increasing number of AI applications. But some enterprises have been reluctant to adopt them, owing to their inability to access first-party and proprietary data. It’s not an easy problem to solve, necessarily — considering that sort of data tends to sit behind firewalls and comes in formats that can’t be tapped by LLMs. But a relatively new startup, Unstructured.io, is trying to remove the roadblocks with a platform that extracts and stages enterprise data in a way that LLMs can understand and leverage. Brian Raymond, Matt

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July 19, 2023 No Comments

As Egnyte continues to grow steadily, an IPO seems like the inevitable conclusion

Egnyte has never been a startup in a hurry and has been content to take a slow but steady growth trajectory over its 15-year history. Today it’s a $200 million company growing at around 25% a year. That’s pretty impressive for a private company at a time when many enterprise SaaS companies are struggling to reach double digits. In a crowded storage, governance and security market, it has managed to chug along with solid growth, while avoiding flashy funding rounds of its competitors. Consider that Box raised over $1 billion before it went public in 2015. Meanwhile, Dropbox, which went

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July 19, 2023 No Comments

SAP invests in generative AI startups Anthropic, Cohere and Aleph Alpha

In case one needed more evidence that there’s a massive appetite for generative AI, SAP, the Germany-based consulting giant, yesterday invested in three major generative AI players: Anthropic, Cohere and Aleph Alpha. The terms of the direct investments, which weren’t disclosed, build on SAP’s $1 billion-plus commitment to back AI-powered enterprise tech startups from Sapphire Ventures, the enterprise venture capital firm. SAP also recently highlighted several internal AI efforts at its annual Sapphire conference, including a digital assistant in its customer experience tooling. “We’re at a watershed moment, with generative AI poised to fundamentally change how businesses run,” SAP chief

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July 19, 2023 No Comments
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