Daily Archives: October 21, 2020

News: Founders don’t need to be full-time to start raising venture capital

“More than 50% of our founders still are in their current jobs,” said John Vrionis, co-founder of seed-stage fund Unusual Ventures. The fund, which closed a $400 million investment vehicle in November 2019, has noticed that more and more startup employees are thinking about entrepreneurship as the pandemic has shown how much room there is

“More than 50% of our founders still are in their current jobs,” said John Vrionis, co-founder of seed-stage fund Unusual Ventures.

The fund, which closed a $400 million investment vehicle in November 2019, has noticed that more and more startup employees are thinking about entrepreneurship as the pandemic has shown how much room there is for new innovation. To gain a competitive advantage, Unusual is investing small checks into founders before they’re full-time.

Unusual, which cuts an average of eight checks per year into seed-stage companies, isn’t doling out millions to every employee who decides to leave Stripe. The firm is conservative with its spending and takes a more focused approach, often embedding a member from the firm into a portfolio company. It’s not meant to scale to dozens of portfolio companies a year, but instead requires a methodical approach.

One with a healthy pipeline of companies to choose from.

In an Extra Crunch Live chat, Vrionis and Sarah Leary, co-founder of Nextdoor and the firm’s newest partner, said lightweight investing matters in the early days of a company.

“There were a lot of teams that needed capital to start the journey, but frankly, it would have been over burdensome if they took on $2 or $3 million,” Leary said. “[New founders] want to be in a place where they have enough money to get going but not too much money that they get locked into a ladder in terms of expectations that they’re not ready to take advantage of.” The checks that Unusual cuts in pre-seed often range between $100,000 to half a million dollars.

Leary chalks up the boom to the disruption in consumer behavior, which opens up the opportunity for new companies to win.

News: Boston Dynamics’ Spot is getting an arm and self-charging dock next year

Boston Dynamics’ new CEO Rob Playter told TechCrunch that the company has now sold around 260 of its sophisticated Spot robot as of his appearance at Disrupt last month. While the company faced some questions about the commercial appeal of the $75,000 robot, it’s clear that a number of verticals are interested in finding ways

Boston Dynamics’ new CEO Rob Playter told TechCrunch that the company has now sold around 260 of its sophisticated Spot robot as of his appearance at Disrupt last month. While the company faced some questions about the commercial appeal of the $75,000 robot, it’s clear that a number of verticals are interested in finding ways to deploy the tech.

Among Spot’s many appeals is its positioning as a kind of platform for developers and third-parties who can build their own accessories for a range of different applications, from construction to telemedicine. But Boston Dynamics is also actively developing its own accessories to help diversify Spot’s applications.

The company recently announced that it would be offering an arm add-on capable of performing a wide variety of tasks, including opening doors and picking up objects. The addition is a no-brainer, given that the arm was featured in the first Spot/Spot Mini videos from years back. In fact, I was honestly a little disappointed when the accessory was left out of the initial launch of the company’s first commercial product.

Image Credits: Boston Dynamics

The arm is set to arrive at some point early next near. It has six degrees of freedom and is designed to move along with the robot. “Like the base robot,” the company writes, “there’s much more to the arm than just hardware. It will ship with an intuitive UI, and be equipped to operate through both telemanipulation and supervised autonomous behaviors via the tablet.”

The arm/gripper will also be accessible to developers via an API. Applications like opening doors, and grasping and dragging objects, will be automated and offered as beta features when the arm ships.

Image Credits: Boston Dynamics

Boston Dynamics is also announcing an Enterprise-focused version of the robot that features a self-charging dock. Like a big, sophisticated Roomba, Spot will be able to return unguided to the dock for a recharge. The setup is designed for environments like oil rigs and radiation danger zones where the robot can ideally operate without humans present.

That’s also set to arrive early next year. Pricing for the above is still TBD.

News: Rocket Lab’s Peter Beck is coming to TC Sessions: Space 2020

Over the last few years Rocket Lab has gone from its very first orbital launch to regular commercial missions, with the goal of being the most responsive launch provider on the planet. Founder and CEO Peter Beck will join us at our all virtual TC Sessions: Space event happening on December 16 & 17 in

Over the last few years Rocket Lab has gone from its very first orbital launch to regular commercial missions, with the goal of being the most responsive launch provider on the planet. Founder and CEO Peter Beck will join us at our all virtual TC Sessions: Space event happening on December 16 & 17 in December to talk about the new launch ecosystem and building a company to compete with industry giants.

Rocket Lab’s 15th mission, “In Focus,” is scheduled to take off this very afternoon, with 10 Earth observation satellites from Canon Electronics and Planet. It has already put satellites in orbit for NASA, the NRO, and numerous private companies. The company’s launch cadence has slowly increased, though the loss of a mission in July soured its plan to go from months to weeks between launches.

But Beck, who has led the company from its inception in 2006, saw this as just another challenge to take head-on, and within the month Rocket Lab had gotten to the bottom of the issue and was clear to fly again.

“If you’re going to own a rocket company and launch vehicles, you have to be prepared for this kind of thing,” he said at the time. And now Electron is even more reliable than it was before, he pointed out.

Now Rocket Lab is expanding into adjacent businesses as well with the secretive launch of its First Light satellite platform, demonstrating tech that it hoped to share with customers who don’t want to build a satellite from scratch. “It’s just really painful to go from an idea to getting something in orbit,” he said, and by making it easier to actually build a spacecraft, it both democratizes space and creates customers out of thin air.

At TC Sessions: Space, Beck will discuss all of this and more. You can get early-bird tickets right now, and save $100 before prices go up on November 13 — and you can even get a fifth person free if you bring a group of four from your company. Special discounts for current members of the government/military/nonprofit and student tickets are also available directly on the website. And if you are an early-stage space startup looking to get exposure to decision makers, you can even exhibit for the day for just $360.

Is your company interested in presenting your company at TC Sessions: Space 2020Click here to talk with us about available opportunities.

News: Prop 22 opponents say Yes on 22 should not be able to mail flyers as nonprofit

Opponents of California’s Proposition 22, the measure that seeks to continue classifying rideshare drivers and delivery workers as independent contractors, filed a complaint this morning with the United States Postal Service. The No on 22 campaign alleges the Yes side is not eligible for a nonprofit postal status and is asking USPS to revoke its

Opponents of California’s Proposition 22, the measure that seeks to continue classifying rideshare drivers and delivery workers as independent contractors, filed a complaint this morning with the United States Postal Service. The No on 22 campaign alleges the Yes side is not eligible for a nonprofit postal status and is asking USPS to revoke its permit.

It’s much cheaper to send campaign mailers as a nonprofit organization. For example, sending between 1 – 200.000 small mailers to every door normally costs $0.302 per piece. As a non-profit, that costs $0.226 per piece, according to USPS. To be clear, the Yes on 22 campaign confirmed it was formed as a nonprofit organization under IRS section 501(c)(4), which pertains to social welfare organizations. But the No on 22 side says USPS erred in approving the Yes on 22 campaign.

“The Yes on 22 nonprofit permit was unlawfully issued,” a lawyer for No on 22 wrote to USPS Postmaster General Louis DeJoy. “[…] This misuse of the nonprofit permit coming from a corporate backed $200 million campaign is unprecedented and should be remedied by the Postal Service immediately.”

According to USPS, any organization that wants to send mail as a non-profit must first be authorized by the postal service as being eligible. Those that are eligible for nonprofit privileges, according to USPS, include “some political committees” but not “certain political organizations.” The political committees that may qualify for nonprofit prices regardless of nonprofit status, according to USPS, are the national or state committees of a political party, and the Democratic or Republican congressional or senatorial campaign committees.

“Campaign committees participating in ballot measure advocacy routinely form themselves as non-profits under section 501(c)(4) of the Internal Revenue Code, as the No on 22 lawyers know well,” Yes on 22 campaign spokesperson Geoff Vetter told TechCrunch. “Furthermore, the IRS granted Yes on 22’s non-profit status. As a 501(c)(4) organization, Yes on 22 is eligible for the appropriate non-profit postage rates with the USPS, which we applied for and were granted by the U.S. Postmaster. Moreover, pursuant to USPS Customer Support Ruling 128 – the USPS has a long-term policy in place of allowing the ballot measure committee of a duly authorized nonprofit to mail under the non-profit’s authorization. The above is true for many ballot measure campaigns, and as stated, like all entities, our applications were reviewed and approved by both the IRS and the USPS.”

To date, the Yes on 22 campaign has contributed $185,096,892 to its cause. The Yes on 22 committee consists of companies like Uber, Lyft, Instacart and DoorDash, as well as drivers, small businesses, and public safety and community organizations. The bulk of its funding has come from Uber, Lyft and DoorDash. In comparison, No on 22 has contributed $12,166,063.

“It’s outrageous but not surprising that the app companies that are going to the mat to keep shortchanging workers would shamelessly rip off the postal service,” No on Prop 22 spokesperson Mike Roth said in a statement. “This is just more evidence of the kind of greed we are dealing with from these companies who are spending $186 million in their selfish quest to buy themselves a new law but refused to buy their workers PPE in a pandemic.”

TechCrunch has reached out to USPS and will update this story if we hear back.

News: Kite adds support for 11 new languages to its AI code completion tool

When Kite, the well-funded AI-driven code completion tool, launched in 2019, its technology looked very impressive, but it only supported Python at the time. Earlier this year, it also added JavaScript and today, it is launching support for 11 new languages at once. The new languages are Java, Kotlin, Scala, C/C++, Objective C, C#, Go,

When Kite, the well-funded AI-driven code completion tool, launched in 2019, its technology looked very impressive, but it only supported Python at the time. Earlier this year, it also added JavaScript and today, it is launching support for 11 new languages at once.

The new languages are Java, Kotlin, Scala, C/C++, Objective C, C#, Go, Typescript, HTML/CSS and Less. Kite works in most popular development environments, including the likes of VS Code, JupyterLab, Vim, Sublime and Atom, as well as all Jetbrains IntelliJ-based IDEs, including Android Studio.

This will make Kite a far more attractive solution for a lot of developers. Currently, the company says, it saves its most active developers from writing about 175 “words” of code every day. One thing that always made Kite stand out is that it ranks its suggestions by relevance — not alphabetically as some of its non-AI driven competitors do. To build its models, Kite fed its algorithms code from GitHub .

The service is available as a free download for Windows users and as a server-powered paid enterprise version with a larger deep learning model that consequently offers more AI smarts, as well as the ability to create custom models. The paid version also includes support for multi-line code completion, while the free version only supports line-of-code completions.

Kite notes that in addition to adding new languages, Kite also spent the last year focusing on the user experience, which should now be less distracting and, of course, offer more relevant completions.

Image Credits: Kite

News: Descript, Andrew Mason’s platform to edit audio by editing text, now lets you edit video, too

Descript, the latest startup from Groupon co-founder Andrew Mason, made a splash in the world of audio last year with a platform for easy audio editing based on how you edit written documents, adding features like an AI-based tool that uses a recording of you to let you create audio of any written text in

Descript, the latest startup from Groupon co-founder Andrew Mason, made a splash in the world of audio last year with a platform for easy audio editing based on how you edit written documents, adding features like an AI-based tool that uses a recording of you to let you create audio of any written text in your own voice.

Today the startup is moving into the next phase of its growth. It is launching Descript Video, with a set of tools to take screen recordings or videos and then create titles, transitions, images, video overlays or edits on them with no more effort than it takes to edit a Word document. It also features live collaboration links so that multiple people can work on a file at the same time — similar to a Google Doc — by way of links that you can share with others to the file itself.

You work with video on Descript in the same way you do audio: you upload the raw material onto the Descript platform, which then turns it into text. Then you add new features, or remove sections, or add in new parts, by adding in widgets or cutting out or adding in written words.

The video tools are launching today as part of Descript’s freemium service, with basic price tiers of  free, $12 and $24 per month depending on which features you take.

Descript’s launch comes at a key moment in the world of tech. Before the Covid-19 pandemic, video was already king of the content hill, thanks to advances in streaming, broadband speeds, processors on devices, a proliferation of services, and society’s inclination to lean back and watch things in their leisure time.

Yes, some people still read. And podcasts, recorded books, and other formats have definitely led to a kind of renaissance for audio. But video cuts through all of that when it comes to time spent online and consumer engagement. Like cats, it seems we’re just attracted by moving objects.

Now we have another added twist. The pandemic has become the age of video in the worlds of work, learning and play, with platforms like Zoom, Meet, Teams and WebEx taking on the role of conference room, quick coffee, dinner party, pub, and whatever other place you might have chosen to meet people before Covid-19 came along.

“We are increasingly living in a video-first world,” Mason said the other week from his house in the Bay Area, over a Zoom call. All of that means not just a ton of video, but a ton of video creators, counting not just the 50 million or so making content for Twitch, YouTube, Instagram, Snapchat and the rest, but also any one of us that is snapping a moving picture and posting it somewhere either for fun or for pay.

Video was always on the cards for Descript, Mason added, but it made sense first to focus on audio tools. That was in part because Descript itself was a spin-off from Detour (a detour from Detour, as it happens), an audio-guide business that was sold to Bose, and so sound was the focus.

“There is so much to build, so we wanted to start with some version of the product, and then add features in concentric circles of addressable markets,” said Mason. 

And that essentially is how the company sees the opportunity for selling a video editing product as an extension of an audio-editing tool. People who produce content for podcasts also often produce videos, and those who got their start on a platform like YouTube are now expanding their footprints with recorded word. Sometimes there is distinct material created for one platform or the other, but oftentimes there are excerpts repurposes, or full versions of audio from video turned into podcasts.

YouTubers or podcasters, meanwhile, have something in common with the average person: everyone is using technology now to produce content, but not everyone knows how to work with it on a technical level if you need to cut, edit or manipulate it in any way.

Descript’s aimed at professionals and prosumers, but actually it also follows in the vein of tools that let people build websites without needing to know HTML or have special design experience; or use any piece of software without having to build the functionality before using it. With all of the advances in actual tech, that idea has come a long way in modern times.

“Before I got into tech I was a music major. I got a degree in music tech and worked in a recording studio. I’ve been using these tools since I was a kid and know them super well,” Mason said. “But our approach has been to think of us like Airtable. We want to be part of that modern class of SaaS products that don’t mean you need to make a tradeoff between power and ease of use.”

Tools in this first build of the video include not just the ability to import video from anywhere that you can edit, but also a screen recorder that you can use to record excerpts from other places, or indeed your whole screen, which then can either be edited as standalone items, or as part of larger works. Things like this seem particularly aimed at the new class of “video producers” that are actually knowledge workers creating material to share with colleagues or customers.

While Overdub — the feature that uses natural language processing to let you create a “deepfake” of your own voice to overlay new audio into a recording by typing something out — work very smoothly on an audio recording, where you would be hard-pressed to notice where the changes have been made, on video cuts work out as small jumps, and Overdubs simply come out as added audio in the video. While audio and video jumps are pretty commonplace these days in videos these days, I imagine that the company is likely working on a way to smooth that out to mirror the audio experience as it is today.

Descript today is used by a number of big-name content publishers, including NPR, Pushkin Industries, VICE, The Washington Post and The New York Times, although Mason declined to disclose how many users it has in total.

At some point, however, numbers will tell another kind of story: just how much traction Descript is getting among the masses of competition in the field. Platforms like Zoom and Google’s are also adding in more editing tools, and there are a plethora of others building easy to use software to better work with audio and video, from Otter.ai through to Scribe, Vimeo, Adobe, Biteable and more.

In the meantime, Descript has caught the eye of some important backers, raising some $20 million to date from investors including Andreessen Horowitz and Redpoint.

News: Gen Z spends 10% more time in non-game apps than older users

A new report released today by App Annie digs into how Gen Z consumers engage with their smartphones and mobile apps. According to data collected in Q3 2020, Gen Z users spend an average of 4.1+ hours per month in non-gaming apps, or 10% longer than older demographics. They also engage with apps more often,

A new report released today by App Annie digs into how Gen Z consumers engage with their smartphones and mobile apps. According to data collected in Q3 2020, Gen Z users spend an average of 4.1+ hours per month in non-gaming apps, or 10% longer than older demographics. They also engage with apps more often, with 20% more sessions per user in non-gaming apps at 120 sessions per month per app, compared with older groups.

This app engagement data is only a view into Gen Z trends but is an incomplete analysis as it only focuses on select markets, including the U.S., U.K., Brazil, France, Germany, Indonesia, Japan, Mexico, South Korea and Turkey. It also included only data collected from Android devices, which doesn’t provide as full a picture.

App Annie found that Gen Z is more likely to use games than older users, but they don’t access them as often or use them as long. Those ages 25 and older actually spent nearly 20% longer in their most-used games and accessed them 10% more frequently. Both demographics spent more total time gaming than using non-game apps, on a monthly basis.

Image Credits: App Annie

One breakout in the games category for Gen Z users, however, was the casual arcade game Among Us!, which just became the third-most played game worldwide, thanks to its team-based multiplayer features and the surge of Twitch streams. When Rep. Alexandria Ocasio-Cortez played the game on Twitch last night, it became one of the biggest-ever Twitch streams, peaking at 435,000 concurrent viewers.

Other popular Gen Z games include Match-3 games like Candy Crush Saga and Toon Blast, action games like PUBG Mobile and Free Fire, and casual simulation games like Minecraft Pocket Edition and Roblox.

Image Credits: App Annie

The report also examined what apps Gen Z users prefer across a range of non-game categories across both iOS and Android.

TikTok and Snapchat, in particular, stood out as the top over-indexed social and communication apps among Gen Z in 9 out of the 10 markets analyzed for this report. This comes on the heels of Snap’s blowout earnings yesterday, where the social app topped analyst expectations and saw daily user growth climb 4% to 238M.

Discord is also seeing strong growth, particularly in France, as mobile and remote gaming has become an epicenter of social interactions during the pandemic.

Image Credits: App Annie

Among entertainment apps, Twitch was the top over-indexed app in 6 out of the 10 markets for Gen Z users, though live streaming niconico was popular in Japan.

App Annie found that finance and shopping apps haven’t yet reached a broad Gen Z audience, but are demonstrating promising growth.

Image Credits: App Annie

Few finance apps over-index with Gen Z, though the demographic tends to interact with non-bank fintech apps like Venmo, Monzo, and DANA. In South Korea, a top app was peer-to-peer payments app Toss, which also offers loans, insurance and credit.

Top Gen Z fashion apps, meanwhile, included Shein, ASOS, Shopee and Mercari.

Overall, active Gen Z users are rising faster across the markets analyzed, compared with older groups, with emerging markets like Indonesia and Brazil, seeing the most growth.

Image Credits: App Annie

App Annie noted that Gen Z is becoming one of the most powerful consumer segments on mobile, as 98% own a smartphone and have an combined estimated spending power of $143 billion annually.

“Gen Z has never known a world without their smartphone. They see the world through this mobile first lens,” said Ted Krantz, CEO, App Annie, in a statement about the report’s findings.

News: Secureframe raises $4.5M to help businesses speed up their compliance audits

While certifications for security management practices like SOC 2 and ISO 27001 have been around for a while, the number of companies that now request that their software vendors go through (and pass) the audits to be in compliance with these continues to increase. For a lot of companies, that’s a harrowing process, so it’s

While certifications for security management practices like SOC 2 and ISO 27001 have been around for a while, the number of companies that now request that their software vendors go through (and pass) the audits to be in compliance with these continues to increase. For a lot of companies, that’s a harrowing process, so it’s maybe no surprise that we are also seeing an increase in startups that aim to make this process easier. Earlier this month, Strike Graph, which helps automate security audits, announced its $3.9 million round and today, Secureframe, which also helps businesses get and maintain their SOC 2 and ISO 27001 certifications, is announcing a $4.5 million round.

Secureframe’s round was co-led by Base10 Partners and Google’s AI-focused Gradient Ventures fund. BoxGroup, Village Global, Soma Capital, Liquid2, Chapter One, Worklife Ventures, and Backend Capital. Current customers include Stream, Hasura and Benepass.

Image Credits: Secureframe

Shrav Mehta, the company’s co-founder and CEO, spent time at a number of different companies, but he tells me that the idea for Secureframe was mostly born during his time at direct-mail service Lob.

“When I was at Lob, we dealt with a lot of issues around security and compliance because we were sometimes dealing with very sensitive data, and we’d hop on calls with customers, had to complete thousand-line security questionnaires, do exhaustive security reviews, and this was a lot for a startup of our size at the time. But it’s just what our customers needed. So I started to see that pain,” Mehta said.

Secureframe co-founder and CEO Shrav Mehta

Secureframe co-founder and CEO Shrav Mehta

After stints at Pilot and Scale AI after he left Lob in 2017 — and informally helping other companies manage the certification process — he co-founded Secureframe together with the company’s CTO Natasja Nielsen.

“Because Secureframe is basically adding a lot of automation with our software — and making the process so much simpler and easier — we’re able to bring the cost down to a point where this is something that a lot more companies can afford,” Mehta explained. “This is something that everyone can get in place from day one, and not really have to worry that, ‘hey, this is going to take all of our time, it’s going to take a year, it’s going to cost a lot of money.’ […] We’re trying to solve that problem to make it super easy for every organization to be secure from day one.”

The main idea here is to make the arcane certification process more transparent and streamline the process by automating many of the more labor-intensive tasks of getting ready for an audit (and it’s virtually always the pre-audit process that takes up most of the time). Secureframe does so by integrating with the most-often used cloud and SaaS tools (it currently connect to about 25 services) and pulling in data from them to check up on your security posture.

“It feels a lot like a QuickBooks- or TurboTax-like experience, where we’ll essentially ask you to enter basic details about your business. We try to autofill as much of it as possible from third-party sources — then we asked you to connect up all the integrations your business uses,” Mehta explained.

The company plans to use much of the new funding to staff up and build out these integrations. Over time, it will also add support for other certifications like PCI, HITRUST and HIPAA.

News: Contrast launches its security observability platform

Contrast, a developer-centric application security company with customers that include Liberty Mutual Insurance, NTT Data, AXA and Bandwidth, today announced the launch of its security observability platform. The idea here is to offer developers a single pane of glass to manage an application’s security across its lifecycle, combined with real-time analysis and reporting, as well

Contrast, a developer-centric application security company with customers that include Liberty Mutual Insurance, NTT Data, AXA and Bandwidth, today announced the launch of its security observability platform. The idea here is to offer developers a single pane of glass to manage an application’s security across its lifecycle, combined with real-time analysis and reporting, as well as remediation tools.

“Every line of code that’s happening increases the risk to a business if it’s not secure,” said Contrast CEO and chairman Alan Nauman. “We’re focused on securing all that code that businesses are writing for both automation and digital transformation.”

Over the course of the last few years, the well-funded company, which raised a $65 million Series D round last year, launched numerous security tools that cover a wide range of use cases from automated penetration testing to cloud application security and now DevOps — and this new platform is meant to tie them all together.

DevOps, the company argues, is really what necessitates a platform like this, given that developers now push more code into production than ever — and the onus of ensuring that this code is secure is now also often on that.

Image Credits: Contrast

Traditionally, Nauman argues, security services focused on the code itself and looking at traffic.

“We think at the application layer, the same principles of observability apply that have been used in the IT infrastructure space,” he said. “Specifically, we do instrumentation of the code and we weave security sensors into the code as it’s being developed and are looking for vulnerabilities and observing running code. […] Our view is: the world’s most complex systems are best when instrumented, whether it’s an airplane, a spacecraft, an IT infrastructure. We think the same is true for code. So our breakthrough is applying instrumentation to code and observing for security vulnerabilities.”

With this new platform, Contrast is aggregating information from its existing systems into a single dashboard. And while Contrast observes the code throughout its lifecycle, it also scans for vulnerabilities whenever a developers check code into the CI/CD pipeline, thanks to integrations with most of the standard tools like Jenkins. It’s worth noting that the service also scans for vulnerabilities in open-source libraries. Once deployed, Contrast’s new platform keeps an eye on the data that runs through the various APIs and systems the application connects to and scans for potential security issues there as well.

The platform currently supports all of the large cloud providers like AWS, Azure and Google Cloud, and languages and frameworks like Java, Python, .NET and Ruby.

Image Credits: Contrast

News: Bob Iger goes from managing Mickey to directing a milk replacement startup as new Perfect Day boardmember

Bob Iger, the chairman and former chief executive at Walt Disney is trading his mouse ears for milk substitutes as the new director of massively funded dairy replacement startup Perfect Day. Milk substitutes are a $1 trillion category and Perfect Day is angling to be the leader in the market. Iger’s ascension to a director

Bob Iger, the chairman and former chief executive at Walt Disney is trading his mouse ears for milk substitutes as the new director of massively funded dairy replacement startup Perfect Day.

Milk substitutes are a $1 trillion category and Perfect Day is angling to be the leader in the market. Iger’s ascension to a director position at the company just affirms that Perfect Day is a big business in the big business of making milk replacements.

Unlike almond milk or soy milk companies, Perfect Day is angling to be a direct replacement for bovine dairy using a protein cultivated from mushrooms.

The move comes as Perfect Day ramps up its development of consumer products on its own and through investments in startups like the Urgent Company. That’s the consumer food company Perfect Day backed to commercialize technologies and create more sustainable food brands.

For Iger, the Perfect Day board represents the first new board seat the longtime entertainment powerbroker has taken since he left Apple.

“Innovation and leadership are both key to world changing ideas,” said Iger, in a statement. “Perfect Day has established both innovation in its use of technology and novel approach to fighting climate change, and clear leadership in building a category with a multi-year head start in the industry they’re helping to build. I’m thrilled to join at this pivotal moment and support the company’s swift growth into new categories and markets.”

Iger joins Perfect Day’s co-founders Ryan Pandya and Perumal Gandhi, and representatives from the company’s international backers and lead investors, Aftab Mathur, from Temasek Holdings, and Patrick Zhang, of Horizons Ventures.

Until yesterday, Perfect Day was the most well-capitalized protein fermentation company focused on dairy in the world. That’s when Impossible Foods, the alternative meat manufacturer which has raised $1.5 billion from investors, unveiled that it, too, was working on a dairy product.

Perfect Day, by contrast, has raised $360 million in total funding to-date.

“We’re thrilled to have Bob Iger join our team, and are confident his tenured operational expertise and visionary leadership style will further help us scale our ambitions,” said Ryan Pandya, the chief executive and co-founder of Perfect Day, in a statement. “We’re focused on rapid commercialization in the U.S. and globally. But we know we can’t do it alone. That’s why we’re excited and humbled to have a proven leader like Bob to help us thoughtfully transform our purpose-driven aspirations into tangible and sustainable impact.”

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