Monthly Archives: October 2020

News: Pew: Most prolific Twitter users tend to be Democrats, but majority of users still rarely tweet

A new study from Pew Research Center, released today, digs into the different ways that U.S. Democrats and Republicans use Twitter. Based on data collected between Nov. 11, 2019 and Sept. 14, 2020, the study finds that members of both parties tweet fairly infrequently, but a majority of Twitter’s most prolific users tend to swing

A new study from Pew Research Center, released today, digs into the different ways that U.S. Democrats and Republicans use Twitter. Based on data collected between Nov. 11, 2019 and Sept. 14, 2020, the study finds that members of both parties tweet fairly infrequently, but a majority of Twitter’s most prolific users tend to swing left.

The report updates Pew’s 2019 study with similar findings. At that time, Pew found that 10% of U.S. adults on Twitter were responsible for 80% of all tweets from U.S. adults.

Today, those figures have changed. During the study period, the most active 10% of users produced 92% of all tweets by U.S. adults.

And of these highly active users, 69% identify as Democrats or Democratic-leaning independents.

In addition, the 10% most active Democrats typically produce roughly twice the number of tweets per month (157) compared with the most active Republicans (79).

Image Credits: Pew Research Center

These highly-active users don’t represent how most Twitter users tweet, however.

Regardless of party affiliation, the majority of Twitter users post very infrequently, Pew found.

The median U.S. adult Twitter user posted just once per month during the time of the study. The median Democrat posts just once per month, while the median Republican posts even less often than that.

The typical adult also has very few followers, with the median
Democrat having 32 followers while the median Republican has 21. Democrats, however, tend to follow more accounts than Republicans do, at 126 vs. 71, respectively.

Image Credits: Pew Research Center

The new study additionally examined other differences in how members of the two parties use the platforms, beyond frequency of tweeting.

For starters, it found 60% of the Democrats on Twitter would describe themselves as very or somewhat liberal, compared with 43% of Democrats who don’t use Twitter. Self-identified conservatives on Twitter vs. conservatives not on the platform had closer shares, at 60% and 62%, respectively.

Pew also found that the two Twitter accounts followed by the largest share of U.S. adults were those belonging to former President Barack Obama (@BarackObama) and President Donald Trump
(@RealDonaldTrump).

Not surprisingly, more Democrats followed Obama — 42% of Democrats did, vs. just 12% of Republicans. Trump, meanwhile, was followed by 35% of Republicans and just 13% of Democrats.

Other top political accounts saw similar trends. For instance, Rep. Alexandria Ocasio-Cortez (@AOC) is followed by 16% of Democrats and 3% of Republicans. Fox News personalities Tucker Carlson (@TuckerCarlson) and Sean Hannity (@seanhannity), meanwhile, are both followed by 12% of Republicans but just 1% of Democrats.

Image Credits:

This is perhaps a more important point than Pew’s study indicates, as it demonstrates that even though Twitter’s original goal was to build a “public town square” of sorts, where conversations could take place in the open, Twitter users have built the same isolated bubbles around themselves as they have elsewhere on social media.

Because Twitter’s main timeline only shows tweets and retweets from people you follow, users are only hearing their side of the conversation amplified back to them.

This problem is not unique to Twitter, of course. Facebook, for years, has been heavily criticized for delivering two different versions of reality to its users. An article from The WSJ in 2016 demonstrated how stark this contrast could be, when it showed a “blue” feed and “red” feed, side-by-side.

The problem is being exacerbated even more in recent months, as users from both parties are now exiting mainstream platforms, like Twitter, an isolating themselves even more. On the conservative side, users fled to free speech-favoring and fact check-eschewing platforms like Gab and Parler. The new social network Telepath, on the other hand, favors left-leaning users by aggressively blocking misinformation — often that from conservative news outlets — and banning identity-based attacks.

One other area Pew’s new study examined was the two parties’ use of hashtags on Twitter.

It found that no one hashtag was used by more than 5% of U.S. adults on Twitter during the study period. But there was a bigger difference when it came to the use of the #BlackLivesMatter hashtag, which was tweeted by 4% of Democrats on Twitter and just 1% of Republicans.

Other common hashtags used across both parties included #covid10, #coronavirus, @mytwitteranniversary, #newprofilepic, #sweepstakes, #contest, and #giveaway.

Image Credits: Pew Research Center

It’s somewhat concerning, too, that hashtags were used in such a small percentage of tweets.

While their use has fallen out of favor somewhat — using a hashtag can seem “uncool” — the idea with hashtags was to allow users a quick way to tap into the global conversation around a given topic. But this decline in user adoption indicates there are now fewer tweets that can connect users to an expanded array of views.

Twitter today somewhat addresses this problem through its “Explore” section, highlighting trends, and users can investigate tweets using its keyword search tools. But if Twitter really wants to burst users’ bubbles, it may need to develop a new product — one that offers a different way to connect users to the variety a conversations taking place around a term, whether hashtagged or not.

 

 

 

News: Alpaca raises $10M Series A for its API-powered equities trading service

This morning Alpaca, a startup that helps other companies add commission-free equities trading to their own products, announced a $10 million Series A. The new capital event was led by Portag3, and included prior investors Social Leverage, Spark Capital, Fathom Capital and Abstract Ventures. The company previously raised a $6 million pre-seed and $6 million

This morning Alpaca, a startup that helps other companies add commission-free equities trading to their own products, announced a $10 million Series A. The new capital event was led by Portag3, and included prior investors Social Leverage, Spark Capital, Fathom Capital and Abstract Ventures.

The company previously raised a $6 million pre-seed and $6 million seed round that TechCrunch covered last November.

Alpaca is a company that has cropped up in our coverage of the startup and private capital markets recently, adding its perspective to our discussion of API-powered startups and their recent success.

By our math, the new round pushes Alpaca to around $22 million in total funding.

It’s done a lot with the pre-existing funds, including driving its transaction volume sharply higher over the last year. As we’ve seen with commission-free broker Robinhood, transaction volume can be robustly lucrative. In a prior interview with Alpaca CEO Yoshi Yokokawa, the startup confirmed that it generates revenues from routing order flow through specific market makers.

So, as Alpaca’s trading volume grows, so too does its revenue. This matters as we have notes on Alpaca’s trading volume in 2020, and how some of those figures compare to its 2019 results. The data helps explain why, and how the startup attracted new capital.

Here’s the startup’s historical trading volume in dollars, generated via customers’ use of its API:

  • January: $388.1 million
  • February: $591.4 million
  • March: $999.0 million
  • April: $853.6 million
  • June: $1.59 billion
  • July: $1.58 billion
  • August: $959.3 million
  • September, 2020: ~$2 billion

Per the company, that $2 billion result in September is up 10x its year-ago performance, implying that revenue at Alpaca has soared in recent quarters. Fast revenue growth, and possible 10x revenue expansion, is investor catnip. The company’s Series A, therefore, is not a surprise event.

What’s next

Off the heels of this growth, Alpaca wants to go after more enterprise customers and double-down on building features into its API so that it can pursue a vision of providing financial services to everyone on the planet, according to Yokokawa. That hope, by the way, is why the company is building infrastructure tech and not consumer-facing tooling. Alpaca wants to sit behind the scenes, the world ’round, powering other players so that it can have maximum reach. (If it powers lots of different companies’ trading tooling, the startup might be able to reach more total end-users than trying to accrete the world’s trading population to a single, first-party service.)

To accomplish its aspirational goal, the startup needs more folks to build more things. Similar to many startups, Alpaca has gone fully remote and is taking its fresh cash to hire around the world. I asked the CEO if he was adding mostly, say, in-market salespeople as Alpaca looks to expand its customer base globally. He responded that most of its distributed hires have been developers, though some have been marketers as well.

After reducing staff to around 10 when COVID-19 arrived, Alpaca is now 35 people strong. Those folks will help Alpaca grow across two vectors, namely geographic expansion and growth into the enterprise, powered by API development. The company’s work on broker-dealer features is part of its international growth plan.

The API-space is hot. The fintech world is on fire. And inside of fintech itself, we’ve seen a savings and investing boom. Alpaca straddles all three of those worlds. Let’s see how far it can get with $10 million more.

 

News: AirBuddy’s AirPod integration for the Mac gets updated with more iOS-style features

The AirBuddy app is celebrating another successful Apple week by opening up preorders on v2.0. The original, which arrived in early 2019, brought a pop-up to the Mac when a pair of AirPods were brought near — bringing simple ecosystem integration to the desktop before Apple did. The update, which is set to arrive arrive

The AirBuddy app is celebrating another successful Apple week by opening up preorders on v2.0. The original, which arrived in early 2019, brought a pop-up to the Mac when a pair of AirPods were brought near — bringing simple ecosystem integration to the desktop before Apple did.

The update, which is set to arrive arrive on November 11, brings even deeper integration. At the top of the list is a quick status menu featuring all connected Apple and Beats devices. That includes the iPhone, iPad and the Apple Watch, along with other Macs that have the latest version of the $10 software installed. The devices are group together based on how they’re paired with one another — so, a set of AirPods connected to an iPhone will appear near that device in the menu.

AirBuddy 2 is now available for pre-order. Launching November 11. https://t.co/lB4Tc5ahGf pic.twitter.com/BEIqXcxAMI

— AirBuddy (@airbuddyapp) October 14, 2020

The update also brings device usage over the past 12 or 24 hours including listening time, call time and whether one of the buds in an AirPods pair is losing charge more quickly than the other. Users can also switch between AirPods Pro’s normal, noise canceling and transparency modes directly from the desktop.

Those who purchased the original version of the app will get the upgrade for free if they purchased it this year. If you bought it last year, you can get the new one for half-off.

News: News that Calm seeks more funding at a higher valuation is not transcendental thinking

Earlier this week, Bloomberg reported that meditation app Calm is looking into raising $150 million more at a valuation of around $2.2 billion, more than double its last private price. This should not surprise. Calm has raised capital at high prices before, including its 2018 Series A which valued the startup at more than a quarter

Earlier this week, Bloomberg reported that meditation app Calm is looking into raising $150 million more at a valuation of around $2.2 billion, more than double its last private price. This should not surprise.

Calm has raised capital at high prices before, including its 2018 Series A which valued the startup at more than a quarter billion dollars. Its 2019 Series B made Calm a unicorn. And the space that Calm plays in has been hot for years, so to see the company attract new capital at a higher price feels downright pedestrian.


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Sure, $2.2 billion for an app company might sound silly if your head is still suck in 2009. In 2020, the app stores of the world are not just economic engines that aging monopolies are desperate to preserve past their sell-by date, they are geopolitical footballs.

Back to Calm: Let’s rewind the clock a minute and review data from 2018, 2019 and 2020 about the meditation app, its broader category’s venture capital results through Q3 2020 and how the startup and its rivals have marched forward in terms of consumer and venture interest.

Calm down for more Headspace

At the time of its Series B, TechCrunch reported that Calm had “topped 40 million downloads worldwide, with more than one million paying subscribers” and that it had “quadrupled its revenue in 2018 — the company is now profitable — and is on track to do $150 million in annual revenue.” The company announced its Series B in February 2019, making the 2018 result pertinent at the time.

Since then, data has continued to be kind to the meditation sector, where Calm and its rival Headspace — which has its own history of rapid growth — have often led the pack.

Turning to 2019 from Calm’s 2018 data, the top 10 grossing meditation apps saw revenues of $195 million, up some 52% from 2018 results. Still, in 2018 these apps grossed $128 million, hardly a small sum — even with intermediaries Apple and Google taking a huge tax for their hard, and utterly defensible work.

The downloads and resulting revenue were not missed by VCs this year.

As TechCrunch reported in August, while wellness startups didn’t excel as a group in the first half of 2020 in VC terms, inside of the category, mental health-focused apps did rather well. According to CB Insights data at the time, “in Q1 and Q2 2020 [mental health] startups saw 106 rounds worth $1.08 billion. In the year-ago period, the figures were 87 rounds worth $750 million,” we wrote.

That’s a healthy step up in venture interest in a single year.

News: Koyeb raises $1.6 million for its serverless data-processing engine

French startup Koyeb has raised a $1.6 million (€1.4 million) pre-seed round. The company focuses on data-processing workflows across multiple cloud providers. It hides many complexities using a serverless model. Jean-David Chamboredon and Juliette Mopin from ISAI are leading the round with Plug and Play Ventures, Kima Ventures, AceCap and a long list of business

French startup Koyeb has raised a $1.6 million (€1.4 million) pre-seed round. The company focuses on data-processing workflows across multiple cloud providers. It hides many complexities using a serverless model.

Jean-David Chamboredon and Juliette Mopin from ISAI are leading the round with Plug and Play Ventures, Kima Ventures, AceCap and a long list of business angels also participating, such as Zachary Smith, Justin Ziegler, Alexis Lê-Quôc, Sébastien Lucas, Marc Jalabert, Amirhossein Malekzadeh, Philippe Besnard, Eric Ouisse, Dominique Vidal and Fabrice Bernhard.

Koyeb believes that companies will take advantage of the best cloud-native APIs and storage services going forward. In order to mix-and-match those various providers, Koyeb provides the serverless glue that ties everything together.

For instance, you can store videos on an object storage managed by DigitalOcean, transcribe the audio from those video files on Google Cloud using Google’s speech-to-text API and save the results on another object storage bucket.

You can move and process data based on a fixed schedule or based on events. For instance, when there’s a new file, you can trigger Koyeb with an API call. Everything scales automatically to process your task. And once your workflow is done, you no longer get billed for runtime.

Koyeb supports many different storage providers, such as AWS, Google Cloud, Microsoft Azure, Wasabi, Backblaze B2 as well as object storage products from DigitalOcean, Linode, Scaleway, Vultr, etc.

The company has also been working on a feature that lets you deploy your own Docker container so that you can build your custom functions. You can also push your function from GitHub directly.

This way, you don’t have to spin up new servers and shut them down later. You don’t have to manage your cloud infrastructure using Terraform and Kubernetes as Koyeb abstracts your infrastructure for you.

Image Credits: Koyeb

News: Extend banks $40M to bring a new approach to the old game of extended warranties

Extended warranties — those offers to add an extra year or two to an existing product warranty to give you a little more peace of mind in case something goes wrong with something you’ve purchased — have long been a part of the sales process when you’re buying big-ticket items from large stores. Today, a

Extended warranties — those offers to add an extra year or two to an existing product warranty to give you a little more peace of mind in case something goes wrong with something you’ve purchased — have long been a part of the sales process when you’re buying big-ticket items from large stores. Today, a startup is announcing a large round of funding to help democratise the concept, using APIs to make extended warranties it into something that even the smallest retailers can offer on the least expensive items. 

Extend, which works with companies like Peloton, iRobot, ​Harman / JBL, Advance Auto Parts, Traeger Grills, BlendJet, SoClean, 1More, August Home, Balsam Hill, NewAir, Evolve Skateboards and some 150 others to build and handle extended warranties on their products, has raised $40 million in a Series B round of funding.

Woody Levin, the CEO and founder of the company, said in an interview that his ambition is to remove the roadblocks for smaller merchants (especially in the direct-to-consumer space) in offering extended warranties on their products, and for consumers, to remove the stigma attached to the concept, which some see as simply preying on people’s insecurities and not worth the paper they are written on (or in these days, the splash screen they appear on in the checkout flow of your online transaction).

“There has been a stigma around the extended warranty for way too long,” he said. “We want to create a more elegant experience. We want extend to be Apple Care for everything.”

Levin added that today, the company touches more than $27 billion in warrantable gross merchandise value. 

If Apple is where it’s aiming, Extend is working the right VCs, situated in the top shelf of investors. The round is being led by Meritech Capital — which has backed the likes of Facebook, Salesforce and Tableau, among others — with participation from PayPal Ventures and previous backers Great Point Ventures and Shah Capital Partners.

PayPal is a key investor here: it’s one of the most ubiquitous providers of online payments and other services for merchants, and will forever be on the lookout for those building technology that will lead to more conversions, especially in the current market, where social distancing has led to a boom in e-commerce, which in turn has led to a much more competitive landscape: more places to buy things, more discounts and more tech to keep people from navigating away and buying elsewhere.

“Merchants of all sizes can benefit from extended warranties but implementing and maintaining them has been too complex for many businesses,” said ​Jay Ganatra, Partner at PayPal Ventures​, in a statement. “Extend shares PayPal’s commitment to providing merchants with easy to use tools that help them better connect with and support their customers. On top of that, the Extend team has seriously improved the end-user experience through its use of their conversational chatbot. We’re excited to invest in Extend as it continues to redefine this space.”

Extend has raised $56 million to date, and it’s not disclosing valuation.

Extended warranties may pivot on the idea of providing more peace of mind to buyers who will, for example, take out Apple Care in order to make sure that their expensive iPhones don’t cost a fortune to fix or end up getting thrown away after a misadventure. But from the point of view of the merchant, they serve as a huge fillip to getting a sale over the line.

And over the last few years, as merchants have realised this, they’ve been applying the extended warranty to a lot more than just the most expensive things.

“The top 1% of merchants have been benefitting from that peace of mind,” Levin said. “If you look at Amazon, they are offering extended warranties on $40 backpacks. That’s because the purchase rate goes up when there is an extended warranty even being advertised.”

But advertising is not all: extended warranties generated a whopping $130 billion in 2019, with the figures growing at a rate of about 7.4% annually. 

The roadblock for many up to now has been that the companies that provide extended warranties are old and tend only to work with the biggest sellers. Companies like Squarespace and Assurion, Levin said, work with only the “top 1% of companies,” ignoring smaller companies. “These are legacy companies focused on one-off integrations,” he said.

Extend’s solution has been to take the modern approach: it has built an API that can be integrated into any e-commerce storefront or check-out flow (it works also with others like Affirm that are also trying to disrupt and modernise this process). The actual can cost as little as $19.99 or far more than that for one- or two-year plans.

Extend then partners with underwriters like AIG to provide the insurance backing to the warranties. Those who claim back can file claims by speaking with an agent, but it also offers an automatic chatbot 24 hours a day to deal with claims. Levin said that some 98% of claims are processed through her. (She is called Kayley.)

Those claims, in turn, are processed with as little hassle as possible: since they are tied to transactions that happened online, buyers don’t need to have kept receipts in order to claim since Extend tracks that for them. It typically issues credits back for a buyer to either re-purchase the same product, or something else of equivalent value, at the same point of sale.

“Meritech always strives to work with companies that are seeking to define the future of an industry, and that’s exactly what Extend is doing with its platform,” said ​Alex Clayton, General Partner at Meritech Capital, in a statement. ​“Extend is filling a huge gap in the eCommerce infrastructure market by streamlining the process for merchants to offer extended warranties and protection plans on their products, and providing a seamless customer experience for consumers from start to finish. We’re eager to see what’s next.”

News: Snapchat launches its TikTok rival, Sounds on Snapchat

Snapchat this summer announced it would soon release a new music-powered feature that would allow users to set their Snaps to music. Today, the company made good on that promise with the launch of “Sounds on Snapchat” on iOS, a feature that lets users enhance their Snaps with music from curated catalog of both emerging

Snapchat this summer announced it would soon release a new music-powered feature that would allow users to set their Snaps to music. Today, the company made good on that promise with the launch of “Sounds on Snapchat” on iOS, a feature that lets users enhance their Snaps with music from curated catalog of both emerging and established artists.

The music can be added to Snaps either pre or post capture, then shared without any limitations. You can post it to your Story or share directly with friends, as you choose.

At launch, the Snapchat music catalog offers “millions” of licensed songs from Snap’s music industry partners, the company says.

When users receive a Snap with Sounds, they can then swipe up to view the album art, the song title, and the name of the artist. There’s also a “Play This Song” link that lets you listen to the full song on your preferred streaming platform, including Spotify, Apple Music and SoundCloud.

This differentiates Snapchat’s music feature from rival TikTok, where a tap on the “sound” takes users to a page in the app that shows other videos using the same music clip. Only some of these pages also offer a link to play the full song, however.

To kick off the launch of the new Snapchat music feature, Justin Bieber and benny blanco’s new song “Lonely” will be offered as an exclusive in Snapchat’s Featured Sounds list today.

“Music makes video creations and communication more expressive, and offers a personal way to recommend music to your closest friends,” notes the company, in announcement about the feature’s launch.

Snap had said in August it would begin testing the new music feature and detailed the deals that made the addition possible.

To power Sounds on Snapchat, the company forged multi-year agreements with major and independent publishers and labels, including Warner Music Group, Merlin (including their independent label members), NMPA, Universal Music Publishing Group, Warner Chappell Music, Kobalt, and BMG Music Publishing.

The move to introduce a music feature is meant to counter the growing threat of the ByteDance-owned TikTok app, which has popularized short-form video sharing with posts set to music from a large catalog.

Though TikTok’s future in the U.S. remains uncertain due to the ever-changing nature of the Trump administration’s TikTok ban (and an election that could upset those plans), it still remains one of the top U.S. apps, with around 100 million monthly active U.S. users as of August. (TikTok is currently engaged in a lawsuit to challenge its ban, so the app remains live today.)

Social media companies have capitalized on the chaos surrounding a possible TikTok U.S. exit to promote their alternatives, like Triller, Dubsmash, Byte, and others, including, of course Instagram Reels.

Snapchat, meanwhile, touts its traction with a younger user base as its new music feature goes to launch.

In the U.S., Snapchat now reaches 90% of all 13-24 year-olds, which the company notes is more than Facebook, Instagram, and Messenger combined. It also reaches 75% of all 13-34 year-olds and, o average, more than 4 billion Snaps are created every day.

The feature is live now on iOS to start.

News: River, the latest venture from Wander founder Jeremy Fisher, launches with $10.4 million in funding

River, the latest venture from Wander founder Jeremy Fisher, has today announced the close of a $10.4 million funding round from Founders Fund, .406, BoxGroup, Josh Kushner and Scooter Braun. River is meant to rethink the way we consume content across the internet. The app pulls stories and content from across the entire internet, including

River, the latest venture from Wander founder Jeremy Fisher, has today announced the close of a $10.4 million funding round from Founders Fund, .406, BoxGroup, Josh Kushner and Scooter Braun.

River is meant to rethink the way we consume content across the internet. The app pulls stories and content from across the entire internet, including from publishers, Twitter and other social media, etc. and organizes that content based on the topic.

For example, the confirmation hearings for Hon. Amy Coney Barrett were in my River feed this morning, with stories from a wide variety of publishers. River clips the story down to a headline, but gives users the ability to click through to the full text of the story. The app also prioritizes video content, giving users a chance to get more context on the story without clicking through at all.

What’s most interesting about River, however, is that there is no user account or profile, and no following. That means that the behavior of an individual user (or a phone, as Fisher calls it) will be the only influence on the content they’re served, rather than their social graph playing a role. According to PEW, 55 percent of U.S. adults get their news either ‘often’ or ‘sometimes’ from social media. The combination of the social graph with information consumption can cause echo chambers and social media has been a place where misinformation can proliferate quickly.

River serves up content from publishers and across the web without using account information, a social graph, or past browsing history, which allows those users to discover a broader range of perspectives. The more users get on the platform, the better it gets at serving them the content that’s relevant to them.

Onboarding to River simply includes ticking boxes for categories that interest you and you’re off to the races.

Rather than understanding everything about the user, River tries to understand everything it can about the content itself.

“We look at things like: who published that content, whether they’re a professional or a regular consumer, whether they are part of an organization that’s a subsidiary of another organization, what placement in that publication do they typically get, how are they connected to other people, what are the topics that are in that tweet or that video or that article,” said Fisher. “We look at how all those things are related to one another.”

Fisher and his cofounders Lev Brie and Leland Maschmeyer had originally planned to launch River before the pandemic struck with a variety of social sharing features. However, as the pandemic hit and protests in the wake of George Floyd’s murder grew into a global movement, the team realized that both consumption and content sharing were evolving rapidly.

This led the team to rethink the sharing features inside River and ultimately build a standalone, separate app called Overflow.

Overflow allows users to post a selfie video alongside news content out to other social networks. Overflow has an editorially selected feed of content from users, but users can also put their videos on their Instagram Stories or TikTok.

With $10 million+ in funding, River is not currently planning any specific revenue models.

The team is made up of 12 people and Fisher says that a third of the team is “diverse,” but declined to specify the breakdown by gender and/or ethnicity.

Fisher has been building products for nearly ten years, most notably coming from Wander, which sold to Yahoo back in 2014.

When asked what he learned from Wander that carries into River, he said that it’s about building a product that fits into the gaps of already established user behavior and keeping things as simple as possible.

“Often, you start with a really overdetermined product and an attitude that ‘more is more’,” said Fisher. “What I’ve learned over the years is that a product is the average of its features and not the sum of its features. Incremental things actually detract from the experience. You want every feature to be a ’10’.”

News: Application security platform NeuraLegion raises $4.7 million seed led by DNX Ventures

Application security platform NeuraLegion announced today it has raised a $4.7 million seed round led by DNX Ventures, an enterprise-focused investment firm. The funding included participation from Fusion Fund, J-Ventures and Incubate Fund. The startup also announced the launch of a new self-serve, community version that allows developers to sign up on their own for

A video call group photo of NeuraLegion's team working remotely around the world

A video call group photo of NeuraLegion’s team working remotely around the world

Application security platform NeuraLegion announced today it has raised a $4.7 million seed round led by DNX Ventures, an enterprise-focused investment firm. The funding included participation from Fusion Fund, J-Ventures and Incubate Fund. The startup also announced the launch of a new self-serve, community version that allows developers to sign up on their own for the platform and start performing scans within a few minutes.

Based in Tel Aviv, Israel, NeuraLegion also has offices in San Francisco, London, and Mostar, Bosnia. It currently offers NexDAST for dynamic application security testing, and NexPLOIT to integrate application security into SDLC (software development life-cycle). It was launched last year by a founding team that includes chief executive Shoham Cohen, chief technology officer Bar Hofesh, chief scientist Art Linkov, and president and chief commercial officer Gadi Bashvitz.

When asked who NeuraLegion views as its closest competitors, Bashvitz said Invicti Security and WhiteHat Security. Both are known primarily for their static application security testing (SAST) solutions, which Bashvitz said complements DAST products like NeuraLegion’s.

“These are complementary solutions and in fact we have some information partnerships with some of these companies,” he said.

Where NeuraLegion differentiates from other application security solutions, however, is that it was created for specifically for developers, quality assurance and DevOps workers, so even though it can also be used by security professionals, it allows scans to be run much earlier in the development process than usual while lowering costs.

Bashvitz added that NeuraLegion is now used by thousands of developers through their organizations, but it is releasing its self-serve, community product to make its solutions more accessible to developers, who can sign up on their own, run their first scans and get results within fifteen minutes.

In a statement about the funding, DNX Ventures managing partner Hiro Rio Maeda said, “The DAST market has been long stalled without any innovative approaches. NeuraLegion’s next-generation platform introduces a new way of conducting robust testing in today’s modern CI/CD environment.”

News: Spain’s Savana Medica raises $15 million to bring its AI toolkit turning clinical notes into care insights to the US

Savana, a machine learning-based service that turns clinical notes into structured patient information for physicians and pharmacists, has raised $15 million to take its technology from Spain to the U.S., the company said. The investment was led by Cathay Innovation with participation from the Spanish investment firm Seaya Ventures, which led the company’s previous round, and

Savana, a machine learning-based service that turns clinical notes into structured patient information for physicians and pharmacists, has raised $15 million to take its technology from Spain to the U.S., the company said.

The investment was led by Cathay Innovation with participation from the Spanish investment firm Seaya Ventures, which led the company’s previous round, and new investors like MACSF, a French insurance provider for doctors. 

The company has already processed 400 million electronic medical records in English, Spanish, German, and French.

Founded in Madrid in 2014, the company is relocating to New York and is already working with the world’s largest pharmaceutical companies and over 100 healthcare facilities.

“Our mission is to predict the occurrence of disease at the patient level. This focuses our resources on discovering new ways of providing medical knowledge almost in real time — which is more urgent than ever in the context of the pandemic,” said Savana chief executive Jorge Tello. “Healthcare challenges are increasingly global, and we know that the application of AI across health data at scale is essential to accelerate health science.”

Company co-founder and chief medical officer, Dr. Ignacio Hernandez Medrano, also emphasized that while the company is collecting hundreds of millions of electronic records, it’s doing its best to keep that information private.

“One of our main value propositions is that the information remains controlled by the hospital, with privacy guaranteed by the de-identification of patient data before we process it,” he said. 

 

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