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The Org nabs $8.5M led by Founders Fund to build a global database of company org charts

Startup News - 2020, February 20 - 3:00pm

LinkedIn has cornered the market when it comes to putting your own professional profile online and using it to network for jobs, industry connections and professional development. But when it comes to looking at a chart of the people, and specifically the leadership teams, who make up organizations more holistically, the Microsoft-owned network comes up a little short: you can search by company names, but chances are that you get a list of people based on their connectivity to you, and otherwise in no particular order (including people who may no longer even be at the company). And pointedly, there is little in the way of verification to prove that someone who claims to be working for a company really is.

Now, a startup called The Org is hoping to take on LinkedIn and address that gap with an ambitious idea: to build a database (currently free to use) of organizational charts for every leading company, and potentially any company in the world, and then add features after that, such as job advertising — for example organizations looking to hire people where there are obvious gaps in their org charts.

With 16,000 companies profiled so far on its platform, a total of 50,000 companies in its database and around 100,000 visitors per month, The Org is announcing $11 million in funding: a Series A of $8.5 million, and a previously unannounced seed round of $2.5 million.

Led by Founders Fund, the Series A also includes participation from Sequoia and Balderton, along with a number of angels. Sequoia is actually a repeat investor: it also led The Org’s $2.5 million seed round, which also had Founders Fund, Kevin Hartz, Elad Gil, Ryan Petersen, and SV Angel in it. Keith Rabois, who is now a partner at Founders Fund but once held the role of VP of business and corporate development at LinkedIn, is also joining the startup’s board of directors.

Co-headquartered in New York and Copenhagen, Denmark, The Org was co-founded by Christian Wylonis (CEO) and Andreas Jarbøl, partly inspired by a piece in online tech publication The Information, which provided an org chart for the top people at Airbnb (currently numbering 90 entries).

“This article went crazy viral,” Wylonis said in an interview. “I would understand why someone would be interested in this outside of Airbnb, but it turned out that people inside the company were fascinated by it, too. I started to think, when you take something like an org chart and made it publicly facing, I think it just becomes interesting.”

So The Org set out to build a bigger business based on the concept.

For now, The Org is aimed at two distinct markets: those outside the company who might most typically be interested in who is working where and doing what — for example, recruiters, those in human resources departments who are using the data to model their own organizational charts, or salespeople; and those inside the company (or again, outside) who are simply interested in seeing who does what.

The Org is aiming to have 100,000 org charts on its platform by the end of the year, with the longer-term goal being to cover 1 million. For now, the focus is on adding companies in the US before expanding to other markets.

But while the idea of building org charts for many companies sounds easy enough, there is also a reason why it hasn’t been done yet: it’s not nearly as simple as it looks. That is one reason why even trying to surmount this issue is of interest to top VCs — particularly those who have worked in startups and fast-growing tech companies themselves.

“Today, information about teams is unstructured, scattered, and unverified, making it hard for employees and recruiters to understand organizational structures,” said Roelof Botha, partner at Sequoia Capital, in a statement.

“Organizational charts were the secret weapon to forging partnerships during my 20 years as an entrepreneur in Silicon Valley and Europe. Yet, they are a carefully guarded secret, which have to be painstakingly put together by hand,” said Lars Fjeldsoe-Nielsen, general partner at Balderton Capital, in a statement. “The Org is surfacing this critical information, improving efficiency from the sales floor to the boardroom.”

“Up-to-date org charts can be useful for everything from recruiting to sales, but they are difficult and time consuming to piece together,” added Rabois in a statement. “The Org is making this valuable information easily accessible in a way we were never able to do at LinkedIn.”

The approach that The Org is taking to building these profiles so far has been a collaborative one. While The Org itself might establish some company names and seed and update them with information from publicly available sources, that approach leaves a lot of gaps.

This is where a crowdsourced, wiki-style approach comes in. As with other company-based networking services such as Slack, users from a particular company can use their work email addresses to sign into that organization’s profile, and from there they can add or modify entries as you might enter data in a wiki — the idea being that multiple people getting involved in the edits helps keep the company’s org chart more accurate.

While The Org’s idea holds a lot of promise and seems to fill a hole that other companies like LinkedIn — or, from another direction, Glassdoor — do not address in their own profiling of companies, I can see some challenges, too, that it might encounter as it grows.

Platforms that provide insights into a company landscape, such as LinkedIn or Glassdoor, are ultimately banked more around individuals and their own representations. That means that by their nature these platforms may not ever provide complete pictures of businesses themselves, just slices of it. The Org, on the other hand, starts from the point of view of presenting the company itself, which means that the resulting gaps that arise might be more apparent if they never get filled in, making The Org potentially less useful as a tool.

Similarly, if these charts are truly often closely guarded by companies (something I don’t doubt is true, since they could pose poaching risks, or copycats in the form of companies attempting to build org structures based on what their more successful competitors are doing), I could see how some companies might start to approach The Org with requests to remove their profiles and corresponding charts.

Wylonis said that “99%” of companies so far have been okay with what The Org is building. “The way that we see it is that transparency is of interest to the people who work there,” he said. “I think that everyone should strive for that. Why block it? The world is changing and if the only way to keep your talent is by hiding your org chart you have other problems at your company.”

He added that so far The Org has not had any official requests, “but we have had informal enquiries about how we get our information. And some companies email us about changes. And when an individual person gets in touch and says, ‘I don’t want to be here,’ we delete that. But it’s only happened a handful of times.” It’s not clear whether that proportion stays the same, or goes up or down, as The Org grows.

In the meantime, the other big question that The Org will grapple with is just how granular should it go?

“I hope that one day we can have an updated and complete org chart for every business, but that might prove difficult,” Wylonis said. Indeed, that could mean mapping out 1 million people at Walmart, for example. “For the biggest companies, it may be that it works to map out the top 500, with the top 30-40 for smaller companies. And people can always go in and make corrections to expand those if they want.”

Categories: Business News

ReTell Launches Sense Lite Recording Solution

Google News - VoIP - 2020, February 20 - 2:48pm
Fortunately, Sense Lite uses a mini PC to run recording software and hold record calls in a compliant state outside of the VoIP or SIP services. This is ...
Categories: VoIP News

Flywheel to stop online classes and offer trade-in for Peloton bikes after settling lawsuit

Startup News - 2020, February 20 - 1:16pm

After settling a patent infringement lawsuit filed against it by Peloton, fitness startup Flywheel will stop offering its At Home online classes on March 27. Current Flywheel At Home customers were emailed a trade-in offer for Peloton bikes.

Peloton said the replacement bikes are refurbished, but will function like new ones. The trade-in form needs to be completed by March 27.

In an email to customers, Flywheel said its brick-and-mortar fitness centers will continue to operate. Flywheel At Home subscribers will stop being billed immediately (though subscriptions through Apple need to be turned off separately) and prepaid subscriptions will be refunded to customers for dates after March 27 or when they activate their Peloton replacement bikes. Flywheel’s live classes will continue through February 29 and on-demand classes will be available until March 27.

After filing lawsuits against Flywheel for patent infringement in 2018 and 2019, Peloton announced earlier this month it had reached a settlement in which Flywheel admitted that its Fly Anywhere bike and services infringed on Peloton patents.

Categories: Business News

Voice over Internet Protocol (<b>VoIP</b>) Services Market Technical Applications, Cost Analysis ...

Google News - VoIP - 2020, February 20 - 11:26am
Voice over Internet Protocol (VoIP) Services market research report 2020 is a detailed analysis of the current situation of the industry. An insight study ...
Categories: VoIP News

Ex-YC partner Daniel Gross rethinks the accelerator

Startup News - 2020, February 20 - 8:01am

Amid skyrocketing operating expenses, remote work has become an obsession for Bay Area founders looking to have it both ways, accessing Silicon Valley’s networks of capital and opportunity without paying steep premiums for talent.

Daniel Gross has a deeper understanding than most of Silicon Valley’s opportunities. The Jerusalem native was one of Y Combinator’s early successes, joining with an AI startup that, at 23, he sold to Apple (we reported the deal was between $40-60 million). Gross served as a director of machine learning at Apple before returning to YC — this time as a partner.

At age 28, his role at YC behind him, Gross is now working to revamp the startup accelerator model for a remote future with his startup Pioneer. He’s received backing from Marc Andreessen and Stripe to build a program he hopes can give founders access to funding streams and talent networks that are nearly impossible to find outside Silicon Valley.

“In the way software is eating the world, remote is almost eating earth in the sense that it may very well be the way large companies are created, but also perhaps the way that venture funding takes place,” Gross told TechCrunch in an interview. “With Pioneer, the product experiment we’re running is an attempt to build a San Francisco or Mountain View — to build a city on the internet.”

Marc Andreessen, one of Pioneer’s early investors.

That lofty goal has required quite a bit of tinkering on Gross’s part over the past 18 months since he launched the startup. During that time, he’s shifted the program’s structure from a Reddit-like online contest to win cash grants to what he calls a “fully remote startup generator” that can help remote founders create companies that later apply to Y Combinator or raise money from Pioneer.

“People were really taking advantage of Pioneer as kind of an online accelerator almost organically,” Gross says. “We decided to kind of operationalize that inside and focus more on funding people that are working on things that will turn into companies and potentially offer them more funding.”

Pioneer has already backed more than 100 founders, who have created solutions like remote team product There, desktop app generator ToDesktop and software search engine Metacode.

Pioneer is hoping their efforts can provide opportunities to founders in underserved geographies and regions, but like other investors in Silicon Valley, the startup hasn’t been backing nearly as many female founders as their male counterparts. From funded entrepreneurs publicly announced on Pioneer’s blog, less than 15 percent are women.

“Pioneer is an engine for finding, funding and mentoring underrated people, many of whom I suspect are female. Our minds are constantly spinning on ways to raise awareness amongst female founders, and we’re working with our community to improve female representation,” Gross wrote in an email response. “The world could stand to have many more founders like Mathilde Collin (of Front) and Laura Behrens Wu (of Shippo), and we are eager to find them.”

One of Pioneer’s livestream discussions during its remote program.

Pioneer’s existence is partially the result of an advent of remote work and communication tools, but another real enabler is the competitive market for early-stage investing. Mega VC funds are competing over pre-seed deals for the buzziest startups and Y Combinator’s batch sizes are ballooning, leaving little room for accelerators with similar pitches. As the world of early-stage startup investing gets more crowded, investors are having to get creative. For Gross and his investors, Pioneer also represents an opportunity to scout deal flow earlier in the pipeline.

Gross has a weighty portfolio of his own angel investments including GitHub, Figma, Uber, Gusto, Notion, Opendoor, Cruise Automation and Coinbase.

An earlier structure gave Pioneer the right to invest up to $100K in startups emerging from the program if they went onto raise, but just 30% of grant awardees went on to found companies, Gross tells me. In its 2.0 form, Pioneer wants participants to give up 1% of their company to join the one-month remote program. The accelerator won’t give them cash but will help founders incorporate their startups, give them guidance via a network of experts, and toss some other substantial perks like $100K worth of cloud credits and a roundtrip ticket to San Francisco to inject a bit of face-to-face time into the process.

Greatly enjoyed the first Pioneer (@pioneerdotapp) Summit! pic.twitter.com/fIvdA24Kdf

— Patrick Collison (@patrickc) October 26, 2019

The biggest evolution is the more formalized investment structure for founders exiting the program. If Pioneer is excited about the progress of a particular startup, they may give it the option to raise directly from Pioneer upon completion, sticking it in one of three investment buckets and investing between $20K and $1 million.

Gross acknowledges that Pioneer will largely be making bets closer to the $20K mark as the accelerator scales its portfolio. Pioneer is relying on an undisclosed amount of early funding from Gross, Andreessen and Stripe for both its investments and operating expenses. Gross says that the company has additional funding sources lined up to facilitate some of these larger investments, but that he’s reticent to raise too much too early. “This being my second rodeo, I’m well aware of the downsides of over-capitalizing and so I think we’re going to remain nimble and frugal,” Gross says.

Gross isn’t looking to replace Y Combinator, and realizes that for founders with plenty of options, Pioneer’s investments might not be the most enticing. Y Combinator invest $150K in startups for a 7% slice of equity, by comparison, a $20K investment from Pioneer will cost founders 5% of their company plus the 1% they gave up to join the accelerator in the first place. Nevertheless, Gross hopes that plenty of founders sitting on great ideas will want to take advantage of this deal.

“I think there are a lot of great companies that instead of being listed on the S&P 500 are stuck at the phase where they’re just a Python script.”

Daniel Gross of Apple leaves to become Y Combinator’s newest partner

Categories: Business News

Sprint lawsuit claims top Charter execs stole trade secrets

Google News - VoIP - 2020, February 20 - 7:30am
At issue is voice over IP (VoIP) technology. "Sprint spent years and millions of dollars investing in, developing, and optimizing its VoIP technology and ...
Categories: VoIP News

Expanding its women’s health benefits offerings for employers, Maven raises $45 million

Startup News - 2020, February 20 - 4:46am

Over the past 12 months, Maven, the benefits provider focused on women’s health and family planning, has expanded its customer base to include more than 100 companies, and grown its telehealth services to include 1,700 providers across 20 specialties — for services like shipping breast milk, finding a doula and egg freezing, fertility treatments, surrogacy and adoption.

The New York-based company, which offers its healthcare services to individuals, health plans and employers, has now raised an additional $45 million to expand its offerings even further.

Its new money comes from a clutch of celebrity investors, like Mindy Kaling, Natalie Portman and Reese Witherspoon, and institutional investors led by Icon Ventures and return backers Sequoia Capital, Oak HC/FT, Spring Mountain Capital, Female Founders Fund and Harmony Partners. Anne Wojcicki, the founder of 23andMe, is also an investor in the company.

Maven is addressing critical gaps in care by offering the largest digital health network of women’s and family health providers,” said Tom Mawhinney, lead investor from Icon Ventures, who will join the Maven board of directors, in a statement. “With its virtual care and services, Maven is changing how global employers support working families by focusing on improving maternal outcomes, reducing medical costs, retaining more women in the workplace, and ultimately supporting every pathway to parenthood.”

In the six years since founder Katherine Ryder first launched Maven, the company has raised more than $77 million for its service and she became a mother of two boys.

“You go through this enormous life experience; it’s hugely transformative to have a child,” she told TechCrunch after announcing the company’s $27 million Series B round, led by Sequoia. “You do it when your career is moving up — they call it the rush hour of life — and with no one supporting you on the other end, it’s easy to say ‘screw it, I’m going home to my family’ … If someone leaves the workforce, that’s fine, it’s their choice, but they shouldn’t feel forced to because they don’t have support.”

Some of Maven’s partners include Snap and Bumble to provide employees access to its women’s and family health provider network. The company connects users with OB-GYNs, pediatricians, therapists, career coaches and other services around family planning.

Categories: Business News

Sprint lawsuit alleges 2 former execs, 3 telecom companies stole billions in trade secrets

Google News - VoIP - 2020, February 20 - 4:41am
"In the mid-to-late 2000s, VoIP networks had the potential to connect millions of people across the country in a reliable and efficient manner for both ...
Categories: VoIP News

Want to make international WhatsApp calls? Here&#39;s all you need to know

Google News - VoIP - 2020, February 20 - 2:02am
These countries ban a variety of VoIP apps and allow fewer apps to promote the growth of local companies. The Government of these countries may ...
Categories: VoIP News

Autonomous yard trucking startup Outrider comes out of stealth with $53 million in funding

Startup News - 2020, February 20 - 1:42am

The 400,000 distribution yards located in the U.S. are critical hubs for the supply chain. Now one startup is aiming to make the yard truck — the centerpiece of the distribution yard — more efficient, safer and cleaner, with an autonomous system.

Outrider, a Golden, Colo. startup previously known as Azevtec, came out of stealth Wednesday to announce that it has raised $53 million in seed and Series A funding rounds led by NEA and 8VC. Outrider is also backed by Koch Disruptive Technologies, Fraser McCombs Capital, warehousing giant Prologis, Schematic Ventures, Loup Ventures and Goose Society of Texas.

Outrider CEO Andrew Smith said distribution yards are ideal environments to deploy autonomous technology because they’re well-defined areas that are also complex, often chaotic and with many manual tasks.

“This is why a systems approach is necessary to automate every major task in the yard,” Smith said.

Outrider has developed a system that includes an electric yard truck equipped with a full stack self-driving system with overlapping suite of sensor technology such as radar, lidar and cameras. The system automates the manual aspect of yard operations, including moving trailers around the yard as well as to and from loading docks. The system can also hitch and unhitch trailers, connect and disconnect trailer brake lines, and monitor trailer locations.

The company has two pilot programs with Georgia-Pacific and four Fortune 200 companies in designated sections of their distribution yards. Over time, Outrider will move from operating in specific areas of these yards to taking over the entire yards for these enterprise customers, according to Smith.

“Because we’re getting people out of these yard environments, where there’s 80,000 pound vehicles, we’re delivering increased efficiency,” Smith told TechCrunch in a recent interview. That efficiency is not just in moving the trailers around the yard, Smith added. It also helps move the Class 8 semi trailers used for hauling freight long distances through the system and back on the road quickly.

“We can actually reduce the amount of time the over-the-road guys are stuck sitting at a yard trying to do a pickup or drop-off,” Smith said.

Smith sees a big opportunity to demonstrate the responsible deployment of autonomy as well as clean up yards filled with diesel-powered yard trucks.

“If there was ever a location for near-term automation and electrification of the supply chain, it’s here,” he said. “Our customers and suppliers understand there’s a big opportunity for these autonomy systems to accelerate the deployment of 50,000 plus electric trucks in the market because they are a superior platform for automation.”

Categories: Business News

Ingate&#39;s New SIParator/Firewall 22 Session Border Controller Now Shipping

Google News - VoIP - 2020, February 20 - 1:30am
Ingate's SIParator/Firewall S22 is a powerful SBC that can handle up to 800 simultaneous VoIP calls.(PRWeb February 19, 2020)Read the full story at ...
Categories: VoIP News

SentinelOne raises $200M at a $1.1B valuation to expand its AI-based endpoint security platform

Startup News - 2020, February 20 - 1:30am

As cybercrime continues to evolve and expand, a startup that is building a business focused on endpoint security has raised a big round of funding. SentinelOne — which provides a machine learning-based solution for monitoring and securing laptops, phones, containerised applications and the many other devices and services connected to a network — has picked up $200 million, a Series E round of funding that it says catapults its valuation to $1.1 billion.

The funding is notable not just for its size but for its velocity: it comes just eight months after SentinelOne announced a Series D of $120 million, which at the time valued the company around $500 million. In other words, the company has more than doubled its valuation in less than a year — a sign of the cybersecurity times.

This latest round is being led by Insight Partners, with Tiger Global Management, Qualcomm Ventures LLC, Vista Public Strategies of Vista Equity Partners, Third Point Ventures and other undisclosed previous investors all participating.

Tomer Weingarten, CEO and co-founder of the company, said in an interview that while this round gives SentinelOne the flexibility to remain in “startup” mode (privately funded) for some time — especially since it came so quickly on the heels of the previous large round — an IPO “would be the next logical step” for the company. “But we’re not in any rush,” he added. “We have one to two years of growth left as a private company.”

While cybercrime is proving to be a very expensive business (or very lucrative, I guess, depending on which side of the equation you sit on), it has also meant that the market for cybersecurity has significantly expanded.

Endpoint security, the area where SentinelOne concentrates its efforts, last year was estimated to be around an $8 billion market, and analysts project that it could be worth as much as $18.4 billion by 2024.

Driving it is the single biggest trend that has changed the world of work in the last decade. Everyone — whether a road warrior or a desk-based administrator or strategist, a contractor or full-time employee, a front-line sales assistant or back-end engineer or executive — is now connected to the company network, often with more than one device. And that’s before you consider the various other “endpoints” that might be connected to a network, including machines, containers and more. The result is a spaghetti of a problem. One survey from LogMeIn, disconcertingly, even found that some 30% of IT managers couldn’t identify just how many endpoints they managed.

“The proliferation of devices and the expanding network are the biggest issues today,” said Weingarten. “The landscape is expanding and it is getting very hard to monitor not just what your network looks like but what your attackers are looking for.”

This is where an AI-based solution like SentinelOne’s comes into play. The company has roots in the Israeli cyberintelligence community but is based out of Mountain View, and its platform is built around the idea of working automatically not just to detect endpoints and their vulnerabilities, but to apply behavioral models, and various modes of protection, detection and response in one go — in a product that it calls its Singularity Platform that works across the entire edge of the network.

“We are seeing more automated and real-time attacks that themselves are using more machine learning,” Weingarten said. “That translates to the fact that you need defence that moves in real time as with as much automation as possible.”

SentinelOne is by no means the only company working in the space of endpoint protection. Others in the space include Microsoft, CrowdStrike, Kaspersky, McAfee, Symantec and many others.

But nonetheless, its product has seen strong uptake to date. It currently has some 3,500 customers, including three of the biggest companies in the world, and “hundreds” from the global 2,000 enterprises, with what it says has been 113% year-on-year new bookings growth, revenue growth of 104% year-on-year and 150% growth year-on-year in transactions over $2 million. It has 500 employees today and plans to hire up to 700 by the end of this year.

One of the key differentiators is the focus on using AI, and using it at scale to help mitigate an increasingly complex threat landscape, to take endpoint security to the next level.

“Competition in the endpoint market has cleared with a select few exhibiting the necessary vision and technology to flourish in an increasingly volatile threat landscape,” said Teddie Wardi, managing director of Insight Partners, in a statement. “As evidenced by our ongoing financial commitment to SentinelOne along with the resources of Insight Onsite, our business strategy and ScaleUp division, we are confident that SentinelOne has an enormous opportunity to be a market leader in the cybersecurity space.”

Weingarten said that SentinelOne “gets approached every year” to be acquired, although he didn’t name any names. Nevertheless, that also points to the bigger consolidation trend that will be interesting to watch as the company grows. SentinelOne has never made an acquisition to date, but it’s hard to ignore that, as the company to expand its products and features, that it might tap into the wider market to bring in other kinds of technology into its stack.

“There are definitely a lot of security companies out there,” Weingarten noted. “Those that serve a very specific market are the targets for consolidation.”

Categories: Business News

Talking cybersecurity, SaaS and early-stage valuations with ForgePoint Capital

Startup News - 2020, February 20 - 1:05am

Earlier today TechCrunch covered the launch of a new, $450 million cybersecurity-focused fund, the second from venture group ForgePoint Capital.

The new vehicle, inventively named Fund II, will mostly focus on early-stage companies in the cybersecurity space. The fund’s timing is somewhat unsurprising. As we noted in our earlier coverage, the recent IPOs of Cloudflare (more here) and CrowdStrike (more here) have given cybsersecurity a halo, showing founders and investors alike that outsize returns are possible in the space. Such successes can’t hurt VCs looking for fresh capital.

To get a stronger grip on how ForgePoint sees the market, TechCrunch corresponded with the group, asking about fund mechanics (check sizes, investing pace), the cybersecurity sector itself (business models, valuations) and recent liquidity events (CrowdStrike in particular). ForgePoint’s Alberto Yépez, a co-founder and managing director at the group, answered our questions.

The following interview has been lightly edited for clarity and length. Let’s have some fun:

TechCrunch: The new fund is $150 million larger than its predecessor. Why raise 50% more for the new vehicle? What is the target number of checks per year? Will it be faster than the preceding fund?

ForgePoint Capital: We were one of the first investors to focus on cybersecurity when we raised our first fund. Since then, the cybersecurity market has grown by more than 50%, driven by the constantly evolving challenges facing businesses, governments and individuals. We’ve also doubled our investment team. Our team has a singular focus on the market, driving unparalleled domain expertise and insights into emerging industry trends.

We will continue to invest in six to ten new cybersecurity companies per year, and find great opportunities with leading entrepreneurs.

Putting capital to work in “early-stage and select growth companies” is delightfully flexible. What check size range is the fund targeting, and what is the target deal size for growth-oriented deals?

We target up to $25 million for early-stage ventures throughout the life of an investment, and up to $50 million for growth-oriented companies achieving considerable revenue growth.

How much did Crowdstrike’s successful IPO boost cybersecurity-focused startup valuations and fundraising last year?

A rising tide lifts all boats. In cybersecurity, as elsewhere, the market rewards rapid growth and valuations reflect [that]. We target companies with great teams building innovative solutions that are poised for high growth. While the Crowdstrike IPO certainly boosted attention on the market, over 90% of successful cybersecurity exits are through M&A. Strategic buyers and financial sponsors pay up for companies that can scale.

Categories: Business News

India’s Swiggy raises $113M led by Prosus

Startup News - 2020, February 20 - 12:57am

Weeks after Zomato acquired Uber’s food delivery business in India, its chief local rival is bulking up some ammunition of its own.

Swiggy, India’s largest food delivery startup, announced on Wednesday it has raised $113 million as part of its Series I financing round. Prosus Ventures, the biggest venture capital for food delivery startups, led the round.

Meituan Dianping and Wellington Management Company also participated. The new round values Swiggy at about $3.6 billion, only slightly above its $3.3 billion valuation from the previous round, a source familiar with the matter told TechCrunch. The startup has raised about $1.57 billion to date.

Sriharsha Majety, co-founder and chief executive of Swiggy, said the startup will use the fresh capital to invest in “new lines of business” such as cloud kitchens and delivery beyond food items, and get on a “sustainable path to profitability.”

Prosus Ventures, formerly known as Naspers Ventures and Food, first wrote a check to Swiggy three years ago. Since then, it has become its biggest investor — having pumped in more than $700 million alone in the startup’s $1 billion financing round in December 2018.

“Swiggy continues to exhibit strong execution and a steadfast commitment to delivering the best service to consumers and has one of the best operational teams in food delivery globally. We are confident Swiggy will continue on a path to earn a significant place in the daily lives of Indians,” said Larry Illg, chief executive of Prosus Ventures and Food, in a statement.

The Bangalore-headquartered firm, which is operational in 520 cities, said it has witnessed a 2.5x growth in the volume of transactions in the past year. Its restaurant partners base has also grown to 160,000 and more than 10,000 are joining the platform each month.

Some analysts say that it will be very challenging for Swiggy and Zomato, both of which are spending over $20 million a month to win customers, to reach profitability.

Unlike in the developed markets like the U.S., where the order value of each delivery is about $33, in India, a similar item carries the price tag of $4.

Anand Lunia, a VC at India Quotient, said in a recent podcast that the food delivery firms have little choice but to keep subsidizing the cost of food items on their platform as otherwise most of their customers can’t afford to get their lunch and dinner from them.

The exit of Uber from India’s food delivery space has, however, made the market a duopoly play, so investors remain bullish. At stake is a $4.2 billion opportunity, according to research firm Redseer. But Zomato, which raised $150 million earlier this year, and Swiggy have alone picked up more than $2.1 billion from the market already.

Inside Prosus Ventures’ $4.5 billion bet on India

Categories: Business News

Level launches a mobile banking app offering 1% cash back on debit purchases, 2.10% APY

Startup News - 2020, February 20 - 12:24am

A number of startups are taking on big banks with new apps that offer modern, mobile banking experiences, innovative features and reduced or even zero fees. Entering this now-crowded market is Level, a challenger bank and banking app with advantages like 1% cash back on debit card purchases, 2.1% APY on deposits, early access to paychecks and no fees.

The banking service is the latest from the same team behind the “debit-style” credit card called Zero, aimed at millennials who want the benefits of credit without the potential for overspending. As Zero, the company last year closed on $20 million in Series A funding from New Enterprise Associates (NEA), SignalFire, Eniac Ventures and Nyca, bringing its total raise to date $35 million. It now has tens of thousands of users.

Similar to Zero, Level also targets a younger demographic — in this case, those who no longer see the need for physical banks, when a bank account, useful app and debit card is all they need. Today, there are several of these sorts of banking services to choose from; in the U.S., for example, there’s Simple, Ally, Chime, Varo, N26, Current, Space, Step, Stash, Empower and others.

Level takes on these rival challenger banks, too, by offering a higher 2.10% APY on its FDIC-insured deposits, without requiring a minimum balance. The company notes that’s 35x the national average, based on U.S. bank balances with a less than $100,000 balance.

It also snags a feature popular with credit card users, by offering 1.0% unlimited cash bank on debit card spending. This cashback applies to both signature-based and online purchases, and is paid out on accounts that have at least a $1,000 monthly direct deposit. To be clear, a signature-based purchase means you select “credit” instead of “debit” when paying at point-of-sale. This determines how the merchant processes the transaction and the fees it pays. In Level’s case, it’s sharing some of those fees back with customers as the “cash back” option.

Level could benefit from consumers believing that running a card as credit takes an extra step. In some cases, customers may skip this when they’re in a hurry and run the card as a debit instead — allowing Level to keep the fees for itself.

Like many challenger banks, Level offers early access to your paycheck. For customers with a direct deposit, Level will make the funds available based on when they are received, which could be up to two days early.

Also like most other banking startups, Level ditches the numerous fees big banks charge. There are no monthly, overdraft, foreign transaction or add-on ATM fees, says Level, and no minimum balance is required to have an account. It will even reimburse ATM fees worldwide up to three times per month, at up to $4 per reimbursement to take the sting out of the increasingly costly fees to access your cash.

Level additionally includes features that have now become part of the baseline experience for challenger banking apps, like being able to see transactions on a map, lock a missing debit card from the app and receive push notifications for purchases, refunds and transfers.

The app itself has a clean, modern almost minimalist design, making it simple to understand and navigate. However, it sadly opted for that terrible design trend of using an overly lightened gray font on a white background. This could put off older customers, as it makes the screen harder to read.

However, where it’s lacking is in the more robust bill, expense and goal planning features offered by other banking apps like Simple, Empower or N26, for example, which help users better plan for both recurring expenses as well as long-term goals.

However, like most (but not all) of the digital banks operating today in the U.S., Level itself is not a bank. Its customers’ funds are actually held in FDIC-insured accounts (up to $250,000) through Evolve Bank & Trust. Level, meanwhile, provides the technology, the customer-facing experience and banking services.

“Level was built to challenge the status quo in banking and put an end to the era of big banks holding people’s money while giving them no interest, a clunky app experience, and frustrating customer service,” said Level founder and CEO Bryce Galen, in a statement.

“Although several challenger banks have launched in recent years and most compare favorably to traditional banks, surprisingly few of them deliver a strong enough customer value prop to truly compel people to switch their primary banking,” Galen told TechCrunch. “For instance, Square Cash has a reliable app with rotating cash back perks, but lacks FDIC insurance or phone customer support. Chime has FDIC insurance and phone customer support, but lacks meaningful customer rewards or 24/7 support availability,” he continued.

“Level addresses this by leveraging the technical foundation, team experience, and bank partner deals that undergird Zero to deliver better customer value across all these dimensions — app, support, and economics — in a highly accessible product,” Galen said.

Level is available today on both iOS and Android, after first signing up on levelbank.com or on mobile.

Updated 2/19/20, 3:15 PM ET with further comments from Level. 

Categories: Business News

CoTURN patches denial-of-service and memory corruption flaws

Google News - VoIP - 2020, February 20 - 12:22am
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Categories: VoIP News

Ingate&#39;s New SIParator/Firewall 22 Session Border Controller Now Shipping

Google News - VoIP - 2020, February 19 - 11:03pm
Ingate's SIParator/Firewall S22 is a powerful SBC that can handle up to 800 simultaneous VoIP calls. STOCKHOLM – FEBRUARY 19, 2020 – Ingate® ...
Categories: VoIP News

Ingate&#39;s New SIParator/Firewall 22 Session Border Controller Now Shipping

Google News - VoIP - 2020, February 19 - 11:00pm
The SIParator/Firewall 22 can handle up to 800 simultaneous VoIP calls. The 19” rack mount kit is now a tray where two SIParator/Firewall 22 units ...
Categories: VoIP News

BluBracket scores $6.5M seed to help secure code in distributed environments

Startup News - 2020, February 19 - 11:00pm

BluBracket, a new security startup from the folks who brought you Vera, came out of stealth today and announced a $6.5 million seed investment. Unusual Ventures led the round with participation by Point72 Ventures, SignalFire and Firebolt Ventures.

The company was launched by Ajay Arora and Prakash Linga, who until last year were CEO and CTO respectively at Vera, a security company that helps companies secure documents by having the security profile follow the document wherever it goes.

Arora says he and Linga are entrepreneurs at heart, and they were itching to start something new after more than five years at Vera. While Arora still sits on the Vera board, they decided to attack a new problem.

He says that the idea for BluBracket actually came out of conversations with Vera customers, who wanted something similar to Vera, except to protect code. “About 18-24 months ago, we started hearing from our customers, who were saying, ‘Hey you guys secure documents and files. What’s becoming really important for us is to be able to share code. Do you guys secure source code?'”

That was not a problem Vera was suited to solve, but it was a light bulb moment for Arora and Linga, who saw an opportunity and decided to seize it. Recognizing the way development teams operated has changed, they started BluBracket and developed a pair of products to handle the unique set of problems associated with a distributed set of developers working out of a Git repository — whether that’s GitHub, GitLab or BitBucket.

The first product is BluBracket CodeInsight, which is an auditing tool, available starting today. This tool gives companies full visibility into who has withdrawn the code from the Git repository. “Once they have a repo, and then developers clone it, we can help them understand what clones exist on what devices, what third parties have their code, and even be able to search open source projects for code that might have been pushed into open source. So we’re creating what we call a blueprint of where the enterprise code is,” Arora explained.

The second tool, BluBracket CodeSecure, which won’t be available until later in the year, is how you secure that code including the ability to classify code by level importance. Code tagged with the highest level of importance will have special status and companies can attach rules to it like that it can’t be distributed to an open source folder without explicit permission.

They believe the combination of these tools will enable companies to maintain control over the code, even in a distributed system. Arora says they have taken care to make sure that the system provides the needed security layer without affecting the operation of the continuous delivery pipeline.

“When you’re compiling or when you’re going from development to staging to production, in those cases because the code is sitting in Git, and the code itself has not been modified, BluBracket won’t break the chain,” he explained. If you tried to distribute special code outside the system, you might get a message that this requires authorization, depending on how the tags have been configured.

This is very early days for BluBracket, but the company takes its first steps as a startup this week and emerges from stealth next week at the RSA security conference in San Francisco. It will be participating in the RSA Sandbox competition for early security startups at the conference, as well.

Three-year old startup Vera scores huge deal to protect all of GE’s IP

Categories: Business News

<b>VoIP</b> Market: Overview, Demand, Current Trends, Key Applications, Size, Growth Opportunity ...

Google News - VoIP - 2020, February 19 - 10:52pm
Global VoIP Market 2020 is an all-inclusive, proficient report provides an in-detail analysis of extensive drivers, challenges, restraints, opportunities, ...
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