Monthly Archives: February 2021

News: Biden’s commitment to diversity sets the tone for business leaders

Every business should have a DEI game plan in 2021. Here’s ours.

Elias Torres
Contributor

Elias Torres is the founder and CTO of Drift, a conversational marketing and sales platform.

I have a confession to make: my company fell short of its DEI goal in 2020.

Heading into the year, our goal was to build a workforce that’s 44% women and 14% Underrepresented People (URP). We made some strides, but currently those figures are 43% and 13%, respectively.

Here’s why these goals are important to me: I immigrated to America at 17 with my mother and brother from Nicaragua. I was promised a land where anything is possible with some know-how and hard work. Yet, growing up, I can’t recall ever seeing a business leader, an elected official, or even a school principal who looked like me. There was never a Black Marc Benioff or a Latino Steve Jobs in the press to make that kind of accomplishment feel possible.

Things have changed at the very highest levels, beginning with the election of President Obama in 2008, which can’t be understated for its impact on people of color. Now, as a new administration takes power, President Biden is doing something well overdue in building a cabinet that “represents the diversity of our nation.”

His team is highlighted by influential voices from the Black and Latinx communities, including Ambassador to the United Nations nominee Linda Thomas-Greenfield and Department of Homeland Security Secretary nominee Alejandro Mayorkas.

I thought back to how a 17-year-old me would have felt seeing a former refugee steering the future of our country and how differently my worldview might have developed. I became more motivated to double down on our commitment. After all, if the public sector is able to make this commitment, then surely it should be possible for businesses to do the same.

Every business should have a DEI game plan in 2021. Here’s ours:

Skip the board and tap employees for ideas

While the board room is becoming a more diverse place, ultimately, this isn’t where progress is made. Rather, progress is made when employees feel empowered to combine their skills with their passions.

This is exactly what happened in our company this year.

Watching the outsized impact that the coronavirus pandemic has had on Black-owned businesses, several employees came to us with an idea: they wanted to find a way to use our products to help Black-owned businesses outlast the shutdowns. They started by working with William Murrell, owner of BlackBoston.com to understand his needs–and how we could help him connect with website visitors. By working with William’s network, we became more aware of the barriers that deter Black-owned businesses from adopting technology and created a repeatable process to bridge the gap.

These decisions, and the resulting initiative weren’t made in a boardroom–where so much time is spent determining the path to profitability–but rather among employees that wanted to improve their community and saw a way how.

To make these efforts more commonplace, we’ve hired a diversity-focused recruiter to make sure our teams better reflect our communities. We’ve also created processes like Balanced Hiring, to help underrepresented groups get to the interview stage and reduce bias in the hiring decision. On the other side of the coin, we also aim to learn from our leavers–so we understand areas for improvement and can help them thrive beyond our company.

Don’t let remote work hinder expression and belonging

Right now, people are not working normal hours; they are juggling childcare, remote work and more; for leaders, understanding and relating to that trauma is an essential. To date, we announced that we moved our fiscal year-end to January. This way, our sales and go-to-market teams could spend the holidays recharging with family, rather than scrambling to hit year-end goals.

Moreover, we are empowering and expanding the role of our employee-led Employee Resource Groups (ERG) to create safe spaces for expression among peers. Belonging is essential in any business, and as founders who have often found themselves a token in a boardroom, we know the value in having an outlet for employees to express themselves and encourage the sharing of learnings from individual successes, and mishaps.

These steps alone will not directly improve diversity, but they will go a long way toward building trust.

Don’t stop at race or gender: embrace diverse perspectives

The final consideration we are making is acknowledging that diversity is not solely inclusive of outward appearance. Rather, diversity of thought and background are critical factors to how teams collaborate to reach a unified goal.

After all, building a culture where differences aren’t acknowledged only seeks to push minorities further to the outskirts of organizational structure. Part of our focus on DEI will encourage diversity of thought as much as it does ethnic diversity–and hold ourselves accountable to employees that will speak up when it matters.

2020 was a year of trauma, and one where every person was alike in sharing the same fears and anxieties. Thankfully, we have a light at the end of the tunnel with two promising vaccines, and an incoming administration that knows the value in encouraging equal representation across gender and ethnic borders.

Regardless of these positive developments, our focus toward empowering diverse communities must remain steadfast. After all, the systemic issue of low representation of URPs in tech will not be ended because of these efforts alone, but through sustained attention toward addressing the issue and learning each day. We might have missed our mark in 2020, but now we will take the President’s lead and build equity within our offices in 2021, wherever they might be.

I encourage all business owners to make this same commitment.

News: Are SAFEs obscuring today’s seed volume?

SAFEs have effectively pushed a lot of public signal regarding seed deals, and even smaller rounds, underground.

Just over a year ago in our coverage of the 2019 venture capital market,  we noted that “United States-demarcated angel and seed deals dipped in 2019.” Our reporting concerning the Q1 2020 venture capital market had a similar tone, noting that “domestic seed rounds, in slow decline since peaks in 2017, have sharply fallen since Q3 2019.”

The same theme continued in the second quarter. Widening our lens to global seed data, own we wrote that “global seed and angel deals […] were down from 4,256 rounds in Q2 2019 worth $3.7 billion to 1,791 rounds worth just $2.3 billion in Q2 2020.”


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Of course, the second quarter of 2020 was the middle of the storm when it came to the temporary decline in venture capital confidence. So, what about Q3? One source noted, as we wrote at the time, that the “percentage of U.S. VC deals that were for rounds of $5 million or less was the lowest since at least 2010.” Another data source showed a slight rebound in domestic seed rounds, but it was a rare positive data point.

Then came Q4 2020 data and a full-year look at the market. We wrote that in “the U.S., seed deal count was high in 2020, around 5,227,” per that day’s data source.

Weird, right?

The Exchange leans on PitchBook, CB Insights, the NVCA, Silicon Valley Bank and Crunchbase along with other more focused data sources for its raw inputs. I’m not citing individual sources in the above (you can find them at the links) to avoid appearing to be cross with any particular entity; that’s not my goal.

Instead, I’m curious how we can have so many different seed data signals in the same year. This is a question I’ve had for some time, as whenever I’d report that seed deal volume in any particular part of the world was looking light — Europe, for example — investors would tell me, in polite tones or with sheer incredulity, that the seed data in question did not match their lived realities.

Investors were seeing a hot seed market, while data often showed a flat-to-down seed market. So, what’s going on?

SAFEs could be to blame

Thanks to angel investor and Twitter bon vivant Trace Cohen, I think we have a good idea of what’s to blame for discrepant data and reality when it comes to seed and earlier dealmaking. Per Cohen, could SAFEs be to blame?

SAFEs, or Simple Agreements for Future Equity, are a method of raising capital that is quick and cheap. Y Combinator invented them back in 2013, and they’ve become rather popular amongst seed deals over time.

News: Huawei’s CEO wants to talk to Joe Biden

During a small gathering of journalists in China, Ren Zhengfei made his first public remarks since Joe Biden was inaugurated at the 46th President of the United States. The Huawei CEO struck a hopeful tone for those gathered around the table, in comments reported by CNBC among others. “I would welcome such phone calls and

During a small gathering of journalists in China, Ren Zhengfei made his first public remarks since Joe Biden was inaugurated at the 46th President of the United States. The Huawei CEO struck a hopeful tone for those gathered around the table, in comments reported by CNBC among others.

“I would welcome such phone calls and the message is around joint development and shared success,” the executive said, noting a readiness to speak with the new administration in translated remarks. “The U.S. wants to have economic growth and China wants to have economic growth as well.”

Huawei’s future in the U.S. has been a major question mark hanging over the new administration. Under Trump, a number of high profile Chinese companies were added to the Commerce Department’s so-called “entity list” to various effects. Huawei has been among the hardest hit by the moves.

In addition to blocking sales in the world’s third-largest smartphone market, the company has been unable to work with key U.S. companies, including Google. That, in turn, has blocked access to key technologies, including the Android ecosystem and left Huawei scrambling. The company’s support among consumers has increased within China, but the move has been a big blow to the smartphone maker’s bottom line.

The incoming Biden administration has mostly been quiet on the matter. Though, facing mounting criticism from Republican lawmaker, Commerce Secretary nominee Gina Raimondo has since added that, “I currently have no reason to believe that entities on those lists should not be there. If confirmed, I look forward to a briefing on these entities and others of concern.”

While there haven’t been many positive signs for Huawei thus far, the company’s Chief understandably would prefer to make nice with the new administration.

“If Huawei’s production capacity can be expanded, that would mean more opportunities for U.S. companies to supply too,” Ren said in the translated comments. “I believe that’s going to be mutually beneficially. I believe that (the) new administration would bear in mind such business interests as they are about to decide their new policy.”

 

News: Seed firm Eniac Ventures raises $125M for its fifth fund

Eniac Ventures, a seed firm with a focus on New York startups, is announcing its fifth fund totaling $125 million. Eniac’s four general partners — Hadley Harris, Nihal Mehta, Vic Singh and Tim Young — have been making seed investments together for more than a decade, and they’ve known each other for even longer, having first

Eniac Ventures, a seed firm with a focus on New York startups, is announcing its fifth fund totaling $125 million.

Eniac’s four general partners — Hadley Harris, Nihal Mehta, Vic Singh and Tim Young — have been making seed investments together for more than a decade, and they’ve known each other for even longer, having first met at the University of Pennsylvania. Singh described the firm as “one of the OGs” in seed investing, while Mehta said, “Consistency has been our superpower.”

The size of Eniac’s funds has grown dramatically over the past decade, from its $1.6 million first fund in 2010 to its $100 million fourth fund in 2017. However, Mehta said the team approached the latest fund with $125 million as both a goal and a “hard cap.”

The larger funds allow Eniac to make more investments, and to lead rounds as the definition of a seed deal has expanded. (The firm says it can invest anywhere from $350,000 to $3 million in a single round.) At the same time, GP Hadley Harris emphasized that Eniac will remain focused on seed deals rather than Series As, and that it wants to remain “really collaborative, so that we never need to take more than half the round.”

Eniac’s general partners usually only two or three investments each per year, which Harris said is “quite a bit less than average seed fund.”

“We always want to be the investor of record in the companies that we invest in, leading or co-leading these rounds,” he continued. “And we want to have the bandwidth to be partners with them in the early stages of their journey. We think the only way to do that is concentration.”

Eniac’s portfolio now includes more than 120 companies, with 50-plus exits. Recent successes include mobile messaging company Attentive (which raised a $230 million Series D last fall), podcasting startup Anchor (acquired by Spotify) and online retailer Boxed (which recently partnered with one of Asia’s largest brick-and-mortar companies, Aeon).

While Eniac initially billed itself as a mobile-focused firm, it now invests across software-as-a-service, developer platforms, consumer and deeptech. Harris said they’re not pointing to any specific industries or trends that they’re focused on because, “We want to be balanced between thesis-driven and opportunistic … The theses that we tend to focus on tend to be on a per-partner basis and change pretty quickly.”

The firm is headquartered in New York, with an office in San Francisco. Hadley said New York-based startups remain a priority, while at the same time, “We also believe that great founders can be anywhere and we’re more and more interested in distributed teams.”

Singh added that despite the hype around other emerging startup hubs, “A lot of the founders we partner with in New York are staying in New York. They have not left.”

They might hire team members elsewhere, he said, but there’s a high bar for remote employees. And if a startup wants to be fully distributed, “You have to be fully remote and distributed first. You can’t go distributed later; you have to very intentionally build the organization in that way from the start.”

As for the team’s longevity, I noted that it also has a potential downside from a diversity perspective, especially since all four of the founding GPs are men. However, the firm has recently promoted two other team members — Vice President of Finance and Operations Anna Nitschke and Investor Kristin McDonald — who Singh noted “votes on deals with us” and “feels as if she has an equal say in how the firm is run.” And the firm plans to hire six new team members this year.

If you want to hear more from the firm’s partners, I’ll be interviewing them on Superpeer (another recent Eniac investment) tomorrow, February 10, at 2:30pm Eastern.

News: nextmv raises $8M Series A to increase accessibility to its automation optimization tech

Nextmv, a platform that optimizes and tests decision models for logistics companies, announced the close of an $8 million Series A round earlier today. FirstMark, an existing investor, doubled down on nextmv and led the Series A. Other investors include Github CTO Jason Warner, Seamless founder Jason Finger, Stripe COO Claire Johnson, Ankit Agarwal from

Nextmv, a platform that optimizes and tests decision models for logistics companies, announced the close of an $8 million Series A round earlier today.

FirstMark, an existing investor, doubled down on nextmv and led the Series A. Other investors include Github CTO Jason Warner, Seamless founder Jason Finger, Stripe COO Claire Johnson, Ankit Agarwal from Greenhawk Capital, as well as other institutional investors such as 2048, Dynamo, and Atypical.

Image Credits: nextmv

Founded by Carolyn Mooney and Ryan O’Neil, nextmv simplifies the process of optimizing and testing logistics-focused decision models. Consider a company like GrubHub, where the duo worked previously. GrubHub has to weigh a wide variety of priorities each time an order comes through on the platform, from speed of delivery to mileage on the drivers’ cars to overall efficiency.

It takes an immense amount of resources, and personnel talent, to optimize the algorithm running those platforms based on the company’s key performance indicators, or KPIs. And if those KPIs change, or tweaks to the algorithm need to be made, it takes even more resources to test those modifications.

And you would need a simulated environment to test the changes, something that nextmv has provided since its launch.

On the heels of this latest round, nextmv is working to simplify its product. The company has launched nextmv Cloud to allow developers, not just operations researchers, to use its software. nextmv Cloud has quick start models in the routing and delivery space to allow developers to automate decision-making, with plans to launch into new verticals in the coming months.

Before nextmv, it could take an entire team of operations researchers to optimize decision-making models and simulate test environments. When nextmv launched, a team still needed to have at least one operations researcher to use the product. Now, developers can hop on the platform and get started.

“There are hundreds of thousands of operations researchers, like my cofounder, out there that are trying to solve these problems in a research capacity or in very specialized groups within companies,” said Mooney. “But there are millions of developers out there. Why can’t this be a superpower that every developer has in their pocket. It’s the same way that Twilio made it so that every every engineer could be a messaging engineer.”

nextmv

Image Credits: nextmv

A good chunk of the funding is going toward building out that Cloud platform to productize and distribute the nextmv technology and increase accessibility, but the company is also using funding to ramp up a content arm to help users explore the software.

Eventually, nextmv wants to build out a community arm of the platform, letting developers show each other how they’re automating decisions, not unlike Figma Community.

 

News: Shopify expands its payment option, Shop Pay, to its merchants on Facebook and Instagram

Shopify announced this morning it’s partnered with Facebook to expand its payment option, Shop Pay, to all Shopify merchants selling across both Facebook and Instagram. This is the first time Shop Pay will be made available outside of Shopify’s own platform, and represents a significant expansion for the e-commerce platform’s payments technology. The company tells

Shopify announced this morning it’s partnered with Facebook to expand its payment option, Shop Pay, to all Shopify merchants selling across both Facebook and Instagram. This is the first time Shop Pay will be made available outside of Shopify’s own platform, and represents a significant expansion for the e-commerce platform’s payments technology.

The company tells TechCrunch Shop Pay will first become available to all Shopify merchants using checkout on Instagram in the U.S., and will then be rolled out to Facebook in the weeks that follow.

Prior to this launch, Facebook’s platform has been one of Shopify’s most popular sales and marketing channels for merchants, Shopify says. At the beginning of the pandemic last year (March through April 2020), marketing on Facebook and Instagram via Shopify’s channel integration saw 36% growth in monthly active users, and that trend continues to rise.

Today, Shop Pay’s payment option is used by a number of top direct-to-consumer and newer brands, including Allbirds, Kith, Beyond Yoga, Kylie Cosmetics, Jonathan Adler, Loeffler Randall, Blueland and others. Over 40 million buyers now regularly use Shop Pay at these merchants and others on Shopify’s platform to complete their purchases.

Image Credits: Shopify

Through the course of 2020, Shop Pay helped buyers complete 137 million orders. And by the end of the year, Shop Pay had facilitated nearly $20 billion in cumulative GMV since its launch in 2017. Through its carbon offsetting feature, this also represented 75,000 tons of carbon emissions.

In addition to the carbon offsets, Shopify claims Shop Pay on its own platform is 70% faster with a conversion rate that’s 1.72x higher than a typical checkout. It also includes order tracking and management, which, to date, have tracked over 430 million orders across over 450 million miles.

Once available on Instagram, consumers will be able to find tagged products from Shopify merchants in the app, then add them to their in-app cart. At checkout, they can then select Shop Pay as their preferred payment option from among credit card, debit card, and PayPal. The consumer will receive a confirmation code to their phone, then enter the code to complete the order without leaving Instagram. A similar experience will be available on Facebook.

These orders can also be tracked via Shopify’s Shop app, the same as those processed on Shopify itself.

Image Credits: Shopify

“People are embracing social platforms not only for connection, but for commerce,” said Carl Rivera, General Manager of Shop, in a statement. “Making Shop Pay available outside of Shopify for the first time means even more shoppers can use the fastest and best checkout on the Internet. And there’s more to come; we’ll continue to work with Facebook to bring a number of Shopify services and products to these platforms to make social selling so much better.”

This is not the first third-party payment option integrated into Facebook’s shopping platforms, as PayPal is also accepted. But it is a notable addition, given how heavily Facebook has pushed its own “shops” platform, which encourages merchants to sell and transact within its own apps — an even more critical source of revenue now that Apple’s privacy changes will impact Facebook’s ads business to the tune of billions of dollars. But likely, working with a third-party like Shopify is allowing the company to spin up a new revenue stream.

Shopify, however, declined to discuss its financial arrangement with Facebook.

Shopify isn’t limiting itself to Facebook in an effort to expand its e-commerce business. Last fall, it also partnered with TikTok on social commerce, allowing merchants to publish their marketing ads directly to the video platform.

News: Monte Carlo raises $25M for its data observability service

This morning Monte Carlo, a startup focused on helping other companies better monitor their data inflows, announced that it has closed a $25 million Series B. The round, which was co-led by GGV and Redpoint, comes mere months after its September Series A that was worth $15 million. Accel led the company’s Series A and

This morning Monte Carlo, a startup focused on helping other companies better monitor their data inflows, announced that it has closed a $25 million Series B.

The round, which was co-led by GGV and Redpoint, comes mere months after its September Series A that was worth $15 million. Accel led the company’s Series A and Seed deals, participating in its Series B as well.

The round caught our attention not only for the speed at which it was raised following Monte Carlo’s preceding investment, but also because your humble servant had no idea what data observability, the startup’s niche, really was.

So we got Monte Carlo co-founder and CEO Barr Moses on a call to explain both her company’s space, and how it managed to attract so much more capital so quickly.

Data inflows

Big data was the jam a while back, but it turned out to be merely one piece in the broader data puzzle. We can see evidence of that in recent revenue growth at Databricks, which reached $425 million ARR in 2020 by building an analytics and AI service that sits on top of companies’ data.

Monte Carlo is another bet on the data space, sitting a bit earlier in the data lifecycle. Think of it this way: Snowflake can hold all your data, and Databricks can help you analyze it. But what’s checking to make sure that data flowing into your repositories is, you know, not bullshit?

Figuring out if data inflows are healthy and not bunk is what Monte Carlo does.

According to Moses, companies now have myriad data sources. That’s great in theory as more data is usually a good thing. But if one or two of those sources goes haywire, figuring that out before you collect, store, and analyze the bad information is pretty important.

So Monte Carlo sits upstream from the other data companies that are hot these days, keeping tabs on inbound data sources across a number of parameters to make sure that what’s actually arriving in your data lake is legit.

The startup does that, Moses said, by checking data freshness (how recent, or tardy the data in question is), volume (is there too little, too much?), schema (the data’s structure itself, to see if things have changed that could matter, or break downstream services), distribution (if data points suddenly jump from say, the single digits to the millions), and lineage, which can help find breakpoints in data inflows.

Hearing that Monte Carlo learns from a company’s particular data pipes to figure out what could be non-standard data inflow made me curious how long it takes to get the startup’s software set up and running; not long, per Barr, an hour to fire it up in many cases, and a week to learn.

A growing sector

Monte Carlo’s product is neat enough to warrant our attention by itself. But, fitting neatly inside the growth of the broader data space, and especially data tooling that isn’t directly concerning storage, makes it all the more worth considering.

And now with $25 million more, Monte Carlo can expand its current staff of 25, and keep attacking its mid-market and enterprise customer target. Let’s see how quickly it can scale, and how soon we can start squeezing the startup for growth numbers.

News: CD Projekt hit by ransomware attack, refuses to pay ransom

Polish video game maker CD Projekt, which makes Cyberpunk 2077 and The Witcher, has confirmed it was hit by a ransomware attack. In a statement posted to its Twitter account, the company said it will “not give in nor negotiate” with the hackers, saying it has backups in place. “We have already secured our IT

Polish video game maker CD Projekt, which makes Cyberpunk 2077 and The Witcher, has confirmed it was hit by a ransomware attack.

In a statement posted to its Twitter account, the company said it will “not give in nor negotiate” with the hackers, saying it has backups in place. “We have already secured our IT infrastructure and begun restoring data,” the company said.

According to the ransom note, the hackers said they would release the company’s stolen source code and other internal files if it did not pay the ransom, since the company would “most likely recover from backups.”

But the company said for now that no personal data was taken. “We are still investigating the incident, however at this time we can confirm that — to our best knowledge — the compromised systems did not contain any personal data of our players or users of our services.”

Important Update pic.twitter.com/PCEuhAJosR

— CD PROJEKT RED (@CDPROJEKTRED) February 9, 2021

It’s an increasingly hostile tactic used by ransomware actors: Hackers target high-value businesses and companies with file-encrypting malware and hold the files for a ransom. But since many companies have backups, some ransomware groups threaten to publish the stolen files unless the ransom is paid.

CD Projekt Red did not immediately respond to TechCrunch’s questions, including what kind of ransomware was used to attack its systems.

It’s thought to be the second time in recent years that the company has been hit by ransomware. The game maker confirmed in 2017 that a hack resulted in the compromising of early work related to the Cyberpunk 2077. Weeks following the game’s launch Sony and Microsoft offered gamers refunds, citing bugs and poor performance on older consoles.

News: Swarm’s low-cost satellite data network is now available to commercial clients

One of the original startups that set out to create a low-Earth orbit satellite constellation to provide a data network here on Earth is now open for business: Swarm, which now operates 81 of its sandwich-sized satellites on orbit, announced today that its network service is live and available to commercial customers. Founded in 2017

One of the original startups that set out to create a low-Earth orbit satellite constellation to provide a data network here on Earth is now open for business: Swarm, which now operates 81 of its sandwich-sized satellites on orbit, announced today that its network service is live and available to commercial customers.

Founded in 2017 by CEO Sara Spangelo and CTO Ben Longmier, Swarm has accomplished a lot in a relatively short time, culminating in its recent launch of 36 of its smalll satellites during SpaceX’s first ride-sharing rocket launch late last month. Now that those are all online and operational, Swarm is able to provide full global network coverage, with the ability to check in with connected devices on its network up to multiple times per day.

Swarm’s offering uses embedded modems also designed and built by the company – the Swarm Tile, a tiny, low-powered modem that’s designed for maximum compatibility. The network is low-power and low-bandwidth, meaning it’s ideally suited for situations that require relatively low amounts of data transfer, but on a regular frequency over very long durations. That describes a wide range of use cases, including in shipping in logistics, agriculture, and other Internet of Things (IoT ) deployments. The breadth of their customer base has actually been a surprise, and far outstripped the early vision for the startup.

“We actually started with the containership use case […] we talked a lot about how many containers there are in the world, how many ship there are in the world,” Spangelo told me in an interview. “We also knew that logistics, trucks, and agriculture would probably be interesting markets. But I’m frankly surprised not only how many verticals, this applies to – there’s a lot more in ag and global development and maritime than I probably ever anticipated – but also just the number of use cases within those industries.”

Swarm's sandwich-sized IoT network satellites.

Swarm’s sandwich-sized IoT network satellites.

Spangelo is referring to the depth of the need for monitoring across the industries Swarm serves. So a client in green power wouldn’t want to just monitor the amount of power being generated by their turbines, but also to monitor the grid for power outgoing and power inbound. And in agriculture, industrial farms might want to monitor soil moisture levels, but also integrate Swarm connectivity in every single truck and tractor in operation in order to monitor their assets and their location. She also told me that vertically, she was surprised to discover just how many opportunities exist for low-bandwidth networks in construction, mining and in defense.

Swarm’s focus at this stage is strictly commercial, but Spangelo said that people have even approached the company to see if they can purchase a Swarm Tile and use it with an app with their phone for providing basic emergency connectivity while hiking. She says “they’re not quite” at the point where they have a commercially available product for consumers, but it’s an idea they’re working on.

One key aspect of Swarm’s business model is affordability: Its service is available for just $5 per month per connected device (with a one-time cost of $119 for each Swarm Tile itself), which is far below any other satellite service available today. Spangelo says that has meant they are seeing new customers not only in the form of switchers from other satellite network providers, but also from businesses entirely new to satellite connectivity – and for some of those, it’s changing what’s possible at a fundamental level.

“Take wineries – it’s a high-yield type of crop,” she said. “People want to monitor very accurately the moisture and soil. Traditionally, they’ve only been able to do that within cell range. So think of like Sonoma and Napa, cell connectivity is actually is really bad, because of the rolling hills. So now with Swarm you can have connectivity in those regions outside of cell, and provide that value, and much better knowledge and user data analytics to make much more informed business decisions, save water, save energy, save all those things.”

Some of these new use cases include projects like more finite weather and climate monitor to try to assist with efforts to control and contain wildfires, as well as providing detailed tracking of the cold storage chain required to safely and effectively transport COVID-19 vaccines. Spangelo says this is one of the most exciting aspects of Swarm reaching this commercialization stage – seeing what new opportunities are possible that just couldn’t be done before.

News: Nanome raises $3 million to help scientists get up close with molecular structures in VR

Discovery and research of new molecular compounds is an expensive business, with development costs exceeding $10 billion per substance in some cases. Part of that comes from the need to closely examine every relevant molecule, studying its chemical composition and interactions as well as its physical structure at the atomic level. Despite advances in software

Discovery and research of new molecular compounds is an expensive business, with development costs exceeding $10 billion per substance in some cases. Part of that comes from the need to closely examine every relevant molecule, studying its chemical composition and interactions as well as its physical structure at the atomic level. Despite advances in software to help model these compounds and molecules, there are still challenges in fully understanding their shapes through a two-dimensional computer screen.

San Diego-based startup Nanome uses virtual reality to solve that problem. The idea for Nanome came out of CEO and Founder Steve McCloskey’s time in the nanoengineering program at UC San Diego, where he saw a need for a better understanding of three-dimensional molecular structures.

“Understanding structure empowers our users to understand how their designs function,” he wrote in an email. “Yet, the R&D process for drug discovery relies on 2D monitors, keyboard, and mouse, which limits the understanding of complex 3D structures or interactions and contributes to massive R&D costs averaging $2.5B per drug.”

Nanome recently closed a funding round led by Bullpen Capital for $3 million to establish new business partnerships, build up the company’s brand, and expand their science and engineering team. “Nanome is reimagining the way we interact with science at a time when innovation in collaboration is more important than ever before,” said Bullpen Capital General Partner Ann Lai in a press release. Formic Ventures, led by Oculus co-founder Michael Antonov, also took part in the round.

McCloskey thinks that Nanome’s platform has become even more relevant during the COVID-19 pandemic, as researchers might be forced to work remotely on occasion, limiting their access to in-lab technology and software.

“Nanome helps scientists get on the same page quicker,” he wrote in an email. “Traditionally scientists working with molecules use screenshots or screen sharing, and rely on the mouse cursor and Zoom to communicate their insights and ask for feedback from other team members.” Nanome streamlines this process by bringing researchers to the same virtual reality space to work on molecule development together.

So far, Nanome has worked largely on projects with companies in the food and beverage industry, as well as another to develop more sustainable batteries. But they have plans to use this new funding to expand into pharmaceutical chemistry, synthetic biology, and even education. Their next product update will feature what McCloskey calls ‘Spatial Recording,’ that will allow users to record their work for later review – basically a screen recording but with a VR experience. “This is not only an amazing feature for asynchronous collaboration among researchers, it is also useful for producing lectures and lessons,” he wrote in an email.

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