Monthly Archives: May 2021

News: Cognixion’s brain-monitoring headset enables fluid communication for people with severe disabilities

Of the many frustrations of having a severe motor impairment, the difficulty of communicating must surely be among the worst. The tech world has not offered much succor to those affected by things like locked-in syndrome, ALS, and severe strokes, but startup Cognixion aims to with a novel form of brain monitoring that, combined with

Of the many frustrations of having a severe motor impairment, the difficulty of communicating must surely be among the worst. The tech world has not offered much succor to those affected by things like locked-in syndrome, ALS, and severe strokes, but startup Cognixion aims to with a novel form of brain monitoring that, combined with a modern interface, could make speaking and interaction far simpler and faster.

The company’s One headset tracks brain activity closely in such a way that the wearer can direct a cursor — reflected on a visor like a heads-up display — in multiple directions or select from various menus and options. No physical movement is needed, and with the help of modern voice interfaces like Alexa, the user can not only communicate efficiently but freely access all kinds of information and content most people take for granted.

But it’s not a miracle machine, and it isn’t a silver bullet. Here’s where how it got started.

Overhauling decades-old brain tech

Everyone with a motor impairment has different needs and capabilities, and there are a variety of assistive technologies that cater to many of these needs. But many of these techs and interfaces are years or decades old — medical equipment that hasn’t been updated for an era of smartphones and high-speed mobile connections.

Some of the most dated interfaces, unfortunately, are those used by people with the most serious limitations: those whose movements are limited to their heads, faces, eyes — or even a single eyelid, like Jean-Dominique Bauby, the famous author of “The Diving Bell and the Butterfly.”

One of the tools in the toolbox is the electroencephalogram, or EEG, which involves detecting activity in the brain via patches on the scalp that record electrical signals. But while they’re useful in medicine and research in many ways, EEGs are noisy and imprecise — more for finding which areas of the brain are active than, say, which sub-region of the sensory cortex or the like. And of course you have to wear a shower cap wired with electrodes (often greasy with conductive gel) — it’s not the kind of thing anyone wants to do for more than an hour, let alone all day every day.

Yet even among those with the most profound physical disabilities, cognition is often unimpaired — as indeed EEG studies have helped demonstrate. It made Andreas Forsland, co-founder and CEO of Cognixion, curious about further possibilities for the venerable technology: “Could a brain-computer interface using EEG be a viable communication system?”

He first used EEG for assistive purposes in a research study some five years ago. They were looking into alternative methods of letting a person control an on-screen cursor, among them an accelerometer for detecting head movements, and tried integrating EEG readings as another signal. But it was far from a breakthrough.

A modern lab with an EEG cap wired to a receiver and laptop – this is an example of how EEG is commonly used.

He ran down the difficulties: “With a read-only system, the way EEG is used today is no good; other headsets have slow sample rates and they’re not accurate enough for a real-time interface. The best BCIs are in a lab, connected to wet electrodes — it’s messy, it’s really a non-starter. So how do we replicate that with dry, passive electrodes? We’re trying to solve some very hard engineering problems here.”

The limitations, Forsland and his colleagues found, were not so much with the EEG itself as with the way it was carried out. This type of brain monitoring is meant for diagnosis and study, not real-time feedback. It would be like taking a tractor to a drag race. Not only do EEGs often work with a slow, thorough check of multiple regions of the brain that may last several seconds, but the signal it produces is analyzed by dated statistical methods. So Cognixion started by questioning both practices.

Improving the speed of the scan is more complicated than overclocking the sensors or something. Activity in the brain must be inferred by collecting a certain amount of data. But that data is collected passively, so Forsland tried bringing an active element into it: a rhythmic electric stimulation that is in a way reflected by the brain region, but changed slightly depending on its state — almost like echolocation.

The Cognixion One headset with its dry EEG terminals visible.

They detect these signals with a custom set of six EEG channels in the visual cortex area (up and around the back of your head), and use a machine learning model to interpret the incoming data. Running a convolutional neural network locally on an iPhone — something that wasn’t really possible a couple years ago — the system can not only tease out a signal in short order but make accurate predictions, making for faster and smoother interactions.

The result is sub-second latency with 95-100 percent accuracy in a wireless headset powered by a mobile phone. “The speed, accuracy and reliability are getting to commercial levels —  we can match the best in class of the current paradigm of EEGs,” said Forsland.

Dr. William Goldie, a clinical neurologist who has used and studied EEGs and other brain monitoring techniques for decades (and who has been voluntarily helping Cognixion develop and test the headset), offered a positive evaluation of the technology.

“There’s absolutely evidence that brainwave activity responds to thinking patterns in predictable ways,” he noted. This type of stimulation and response was studied years ago. “It was fascinating, but back then it was sort of in the mystery magic world. Now it’s resurfacing with these special techniques and the computerization we have these days. To me it’s an area that’s opening up in a manner that I think clinically could be dramatically effective.”

BCI, meet UI

The first thing Forsland told me was “We’re a UI company.” And indeed even such a step forward in neural interfaces as he later described means little if it can’t be applied to the problem at hand: helping people with severe motor impairment to express themselves quickly and easily.

Sad to say, it’s not hard to imagine improving on the “competition,” things like puff-and-blow tubes and switches that let users laboriously move a cursor right, right a little more, up, up a little more, then click: a letter! Gaze detection is of course a big improvement over this, but it’s not always an option (eyes don’t always work as well as one would like) and the best eye-tracking solutions (like a Tobii Dynavox tablet) aren’t portable.

Why shouldn’t these interfaces be as modern and fluid as any other? The team set about making a UI with this and the capabilities of their next-generation EEG in mind.

Image of the target Cognixion interface as it might appear to a user, with buttons for yes, no, phrases and tools.

Image Credits: Cognixion

Their solution takes bits from the old paradigm and combines them with modern virtual assistants and a radial design that prioritizes quick responses and common needs. It all runs in an app on an iPhone, the display of which is reflected in a visor, acting as a HUD and outward-facing display.

In easy reach of, not to say a single thought but at least a moment’s concentration or a tilt of the head, are everyday questions and responses — yes, no, thank you, etc. Then there are slots to put prepared speech into — names, menu orders, and so on. And then there’s a keyboard with word- and sentence-level prediction that allows common words to be popped in without spelling them out.

“We’ve tested the system with people who rely on switches, who might take 30 minutes to make 2 selections. We put the headset on a person with cerebral palsy, and she typed our her name and hit play in 2 minutes,” Forsland said. “It was ridiculous, everyone was crying.”

Goldie noted that there’s something of a learning curve. “When I put it on, I found that it would recognize patterns and follow through on them, but it also sort of taught patterns to me. You’re training the system, and it’s training you — it’s a feedback loop.”

“I can be the loudest person in the room”

One person who has found it extremely useful is Chris Benedict, a DJ, public speaker, and disability advocate who himself has Dyskinetic Cerebral Palsy. It limits his movements and ability to speak, but doesn’t stop him from spinning (digital) records at various engagements, however, or from explaining his experience with Cognixion’s One headset over email. (And you can see him demonstrating it in person in the video above.)

DJ Chris Benedict wears the Cognixion Headset in a bright room.

Image Credits: Cognixion

“Even though it’s not a tool that I’d need all the time it’s definitely helpful in aiding my communication,” he told me. “Especially when I need to respond quickly or am somewhere that is noisy, which happens often when you are a DJ. If I wear it with a Bluetooth speaker I can be the loudest person in the room.” (He always has a speaker on hand, since “you never know when you might need some music.”)

The benefits offered by the headset give some idea of what is lacking from existing assistive technology (and what many people take for granted).

“I can use it to communicate, but at the same time I can make eye contact with the person I’m talking to, because of the visor. I don’t have to stare at a screen between me and someone else. This really helps me connect with people,” Benedict explained.

“Because it’s a headset I don’t have to worry about getting in and out of places, there is no extra bulk added to my chair that I have to worry about getting damaged in a doorway. The headset is balanced too, so it doesn’t make my head lean back or forward or weigh my neck down,” he continued. “When I set it up to use the first time it had me calibrate, and it measured my personal range of motion so the keyboard and choices fit on the screen specifically for me. It can also be recalibrated at any time, which is important because not every day is my range of motion the same.”

Alexa, which has been extremely helpful to people with a variety of disabilities due to its low cost and wide range of compatible devices, is also part of the Cognixion interface, something Benedict appreciates, having himself adopted the system for smart home and other purposes. “With other systems this isn’t something you can do, or if it is an option, it’s really complicated,” he said.

Next steps

As Benedict demonstrates, there are people for whom a device like Cognixion’s makes a lot of sense, and the hope is it will be embraced as part of the necessarily diverse ecosystem of assistive technology.

Forsland said that the company is working closely with the community, from users to clinical advisors like Goldie and other specialists, like speech therapists, to make the One headset as good as it can be. But the hurdle, as with so many devices in this class, is how to actually put it on people’s heads — financially and logistically speaking.

Cognixion is applying for FDA clearance to get the cost of the headset — which, being powered by a phone, is not as high as it would be with an integrated screen and processor — covered by insurance. But in the meantime the company is working with clinical and corporate labs that are doing neurological and psychological research. Places where you might find an ordinary, cumbersome EEG setup, in other words.

The company has raised funding and is looking for more (hardware development and medical pursuits don’t come cheap), and has also collected a number of grants.

The One headset may still be some years away from wider use (the FDA is never in a hurry), but that allows the company time to refine the device and include new advances. Unlike many other assistive devices, for example a switch or joystick, this one is largely software-limited, meaning better algorithms and UI work will significantly improve it. While many wait for companies like Neuralink to create a brain-computer interface for the modern era, Cognixion has already done so for a group of people who have much more to gain from it.

You can learn more about the Cognixion One headset and sign up to receive the latest at its site here.

News: Forerunner’s Eurie Kim and Oura’s Harpreet Rai discuss betting on consumer hardware

“I think every founder I know thinks that their decks are shared a lot more. I don’t feel like that, but I know that comes from experience.”

There’s a stark contrast between Oura’s deck and the others we pored through on Extra Crunch Live. The slides CEO Harpreet Rai brought to the event were the clear output of a more mature and confident company seeking out its Series B. It’s a company with a focus, aware of where it wants the product to go and do (and it went there, announcing a massive followup round on Tuesday).

Then there’s that giant image of the Duke and Duchess of Sussex, with the company’s smart ring adorning Harry’s right hand. From there, it’s a parade of celebrity faces: Will Smith, Lance Armstrong, Bill Gates, Arianna Huffington and Seth Rogen, to name a few.

It’s clearly been a wild half-dozen years since the company was founded. Rai joined up in 2018, not long before the company embarked on its $28 million Series B. Forerunner General Partner Eurie Kim got on board during the round.

“[I] enthusiastically took the meeting and Harpreet shared his story and the story of Oura. The deck is what we talked through,” says Kim. “Because I was a consumer, it was just a no-brainer that I knew what he was trying to build. So we were very excited to lead the round.”

Kim and Rai joined us on Extra Crunch Live to discuss the process of taking Oura to the next level — and beyond — as the product found a second (or third) life during the pandemic through partnerships with sports leagues like the NBA. And as we’re wont to do, we asked the pair to take a look and a handful of user-submitted pitch decks. If you’d like your deck to be reviewed by experienced founders and investors on a future episode, you can submit it here.

On the hardness of hardware

By the time Oura sought out its Series B, the startup had already progressed pretty far. Kim compares the first-generation product (circa 2016 — predating both Rai and Kim’s time with the company ) to a “Power Rangers ring.” You’ve got to start somewhere, of course — and if nothing else, the admittedly bulky original edition of the product served as a powerful proof of concept.

News: Multicoin Capital debuts new $100M fund to bet on crypto startups and tokens

Crypto startups couldn’t be hotter as currencies push past all-time-highs and investor appetite reaches mania for new projects. Crypto investment firms that have been investing in blockchain startups for years are not only beginning to see major movement from their portfolio, but are gaining renewed appetite from LPs after a lengthy crypto winter to make

Crypto startups couldn’t be hotter as currencies push past all-time-highs and investor appetite reaches mania for new projects. Crypto investment firms that have been investing in blockchain startups for years are not only beginning to see major movement from their portfolio, but are gaining renewed appetite from LPs after a lengthy crypto winter to make bigger, more audacious bets.

Austin-based Multicoin Capital has been around since 2017 investing in blockchain startups, cryptocurrencies and tokens with a venture fund and separate hedge fund. Today, the firm announced its raise of its second venture fund as it aims to further capitalize on rampant excitement in the crypto world. The new $100 million fund will help the company back new entrants in the space including companies tackling DeFi, digital collectibles, Web3 and crypto-enabled infrastructure.

Multicoin’s team says that it has already been investing out of this fund for several months and it seems the timing is more aligned with the promotion of three of the firm’s employees — Matt ShapiroMable Jiang, and John Robert Reed — to Partner status. The team is just 12, but is looking to expand as they build out their remote presence in other geographies.

The firm’s previous bets include The Graph, Solana, Torus, StarkWare and Arweave, among others.

News: Fitness ring maker Oura raises $100M

It’s been a wild couple of years for Oura. Last year, in particular, proved to be a major driver for the wearable fitness manufacturer. With the pandemic bringing professional sports to a screeching halt in 2020, a number of major leagues have adopted the ring, including the NBA, WNBA, UFC and NASCAR. The company has

It’s been a wild couple of years for Oura. Last year, in particular, proved to be a major driver for the wearable fitness manufacturer. With the pandemic bringing professional sports to a screeching halt in 2020, a number of major leagues have adopted the ring, including the NBA, WNBA, UFC and NASCAR.

The company has also been making a major push into health research courtesy of UCSF, which has published peer-review studies around the ring’s temperature monitor. That feature in particular has made it a big draw for the aforementioned leagues, as temperature spikes could point to larger issues, including the early stages of COVID-19.

Today the company is announcing a $100 million Series C. The round, led by The Chernin Group and Elysian Park (the Dodgers’ investment arm), brings the wearable company’s total funding up to $148.3 million. New investors include Temasek, JAZZ Venture Partners and Eisai, joining existing investors Forerunner Ventures, Square, MSD Capital, Marc Benioff, Lifeline Ventures, Metaplanet Holdings and Next Ventures.

The company initially set itself apart with its form factor, joining a crowded field that largely revolved around the wrist. Clearly, however, it’s come into its own over the last few years. To date, it’s sold more than 500,000 rings.

“The wearables industry is transitioning from activity trackers to health platforms that can improve people’s lives,” CEO Harpreet Singh Rai said in a press release tied to the news. “Oura focused first on sleep because it’s a daily habit, and lack of sleep has been linked to worsening health conditions including diabetes, cardiac disease, Alzheimer’s, cancer, poor mental health, and more.”

The company says the round will go toward R&D (both hardware and software development) and hiring, including additional marketing and customer experience. The round also sees the hiring of a number of key roles, including head of Science, Shyamal Patel; site leader Tommi Heinonen and Daniel Welch, who has been promoted to CFO.

“This year has shined a spotlight on gaps in our healthcare industry, and the increasing need for each of us to take control over our own health,” Forerunner Managing Director Eurie Kim said in the release. “Oura is emerging as the trusted leader and community in the space by empowering people with personalized data that provides actionable insights for health improvement.”

News: Pivoting from offline into virtual events for enterprises nets Tame a $5.5M Seed round

In March 2020, Tame had a digital event suite for offline corporate events. But with the pandemic hitting, it did a hard pivot into providing a highly customizable virtual events platform, primarily used by companies for their sales events. The result is that it has now raised a seed round of $5.5m, a large round

In March 2020, Tame had a digital event suite for offline corporate events. But with the pandemic hitting, it did a hard pivot into providing a highly customizable virtual events platform, primarily used by companies for their sales events. The result is that it has now raised a seed round of $5.5m, a large round for its native Denmark, led by VF Venture (The Danish Growth Fund), along with byFounders and and three leading angels: Mikkel Lomholt (CTO & Co-founder, Planday); Sune Alstrup (Ex-CEO & Co-founder, The Eye Tribe); and Ulrik Lehrskov Schmidt.

The investment will be used to scale from 20 to 60 new employees across Copenhagen, London, and Krakow; expand to the UK, and grow revenues.

Founder Jasenko Hadzic, CEO and Co-founder said the pivot to virtual grew revenues “by 700% organically last year. No sales. No marketing. Organically. Therefore, Tame sees a huge opportunity and is going all-in on expanding aggressively to position itself as a market leader.”

Jacob Bratting Pedersen, Partner, VF Venture, said: “At VF Venture, we want to help develop and drive innovation. The corona crisis has brought digital momentum with it, and here Danish IT entrepreneurs have the opportunity to seize that agenda and bring Danish technology and expertise to the global market. Tame is a really good example of that. Tame has great potential to create a strong, global business for the benefit of growth and jobs in Denmark.”

Hadzic himself is already a success story – he eventually made it into the tech industry after arriving in Denmark as a child refugee from war-torn Bosnia during the Yugoslavian civil war.

But don’t mistake Tame for a Hopin. Hadzic told me: “We’re not interested in getting TechCrunch Disrupt as a customer or, or the big trade fairs. We just want to focus on those enterprise companies which we sell to a marketing department or an HR department.”

News: IAC’s NurseFly rebrands to Vivian Health as it expands its healthcare jobs marketplace

NurseFly, the healthcare jobs marketplace owned by IAC, has rebranded to Vivian Health as it expands its range of services. Originally launched for traveling nurses (or nurses willing to travel for short-term positions), Vivian Health now includes listings for permanent positions, per diem shifts and local openings. It also added employer reviews and a pay

NurseFly, the healthcare jobs marketplace owned by IAC, has rebranded to Vivian Health as it expands its range of services. Originally launched for traveling nurses (or nurses willing to travel for short-term positions), Vivian Health now includes listings for permanent positions, per diem shifts and local openings. It also added employer reviews and a pay database that uses information gathered from the 1.7 million jobs that have come through its system.

Founded in 2017, NurseFly was acquired by IAC in August 2019. It is used by providers like AMN Healthcare, Cross Country Healthcare, Host Healthcare, Trinity Health, SSM Health and Honor Health. During the pandemic, Vivian Health quadrupled its employee headcount in order to meet demand, founder and chief executive officer Parth Bhakta told TechCrunch in an email.

“Over the past year, we’ve grown to fill nearly 10% of all travel nursing positions across the United States, oftentimes helping fill a crisis position in a matter of hours rather than weeks,” Bhakta said. During that time, the platform heard from major health systems “that their challenges around hiring for permanent roles were oftentimes even more dire than filling their travel positions,” he added. “Permanent roles at health systems were taking months to fill, costing tens of thousands of dollars to hire, and leading to short-staffed facilities in the meantime.”

As a result of these conversations, Vivian Health’s team spent three months rebuilding the platform to serve a wider range of healthcare providers and employers. Its rebranding and expansion comes at a time when many healthcare professionals are reporting burnout as a result of the pandemic.

In a study of 1,300 respondents published earlier this month, Vivian Health found that 83% said their mental health had been affected by working in healthcare over the past year. About 43% said they had considered quitting the profession.

One of the main reasons for burnout is working overtime, with 86% of their respondents reporting that their facilities are short-staffed, even as demand for healthcare professionals accelerates. According to the Bureau of Labor Statistics (BLS), about 17.3 million people were employed in the heatlhcare sector in 2018, and that number is expected to increase 15% to 19.9 million by 2028, making it one of the fastest growing sectors.

“Crisis-level staffing shortages” are compounded by the amount of time, sometimes up to 120 days, it can take to hire a permanent employee. Shortening the amount of time it takes to fill positions has a ripple effect because clinicians need to work less overtime. Meanwhile, recruiters can focus on the right leads. Bhakta said employers have been able to use Vivian Health to fill permanent positions in as little as one week, and are typically able to do so within 30 days.

Vivian Heath built a proprietary dataset of healthcare industry information through the 1.7 million jobs that have come through its systems and asks all of its staffing agency partners to include pay rates in their listings. As a result, job seekers are able to see how a position’s compensation compares against the market, while employers can quickly adjust their rates to be more competitive.

Bhakta said Vivian Health added pay information because “our business is built on transparency, which we believe is a crucial element in solving the healthcare hiring crisis.”

News: Just 72 hours left to save $100 on passes to TC Sessions: Mobility 2021

So much can happen in 72 hours, and it’s easy to get distracted — especially when you’re building a startup in the fast lane that is mobility tech. But listen up: you have just 72 hours left to save $100 on your pass to TC Sessions: Mobility 2021 on June 9. Don’t let “busy” distract

So much can happen in 72 hours, and it’s easy to get distracted — especially when you’re building a startup in the fast lane that is mobility tech. But listen up: you have just 72 hours left to save $100 on your pass to TC Sessions: Mobility 2021 on June 9.

Don’t let “busy” distract you. Buy your pass to Mobility 2021 before the price increase goes into effect on Thursday, May 6 at 11:59 pm (PT).

Why should you attend TC Sessions: Mobility 2021? It’s where you can tap into the latest trends, regulatory concerns, technical and ethical challenges surrounding the technologies that will forever change how we move people and material goods across towns, cities, states, countries — and space.

Or, as Jens Lehmann, technical lead and product manager at SAP, told us:

“TC Sessions Mobility is definitely worth your time, especially if you’re an early-stage founder. You get to connect to people in your field and learn from founders who are literally a year into your same journey. Plus, you can meet and talk to the movers and shakers — the people who are making it happen.”

Take a gander at just some of the fascinating people and topics waiting for you and see the event agenda here.

  • Supercharging Self-Driving Super Vision: Few startups were as prescient as Scale AI when it came to anticipating the need for massive sets of tagged data for use in AI. Co-founder and CEO Alex Wang also made a great bet on addressing the needs of lidar sensing companies early on, which has made the company instrumental in deploying AV networks. We’ll hear about what it takes to make sense of sensor data in driverless cars and look at where the industry is headed.
  • EV Founders in Focus: We sit down with the founders poised to take advantage of the rise in electric vehicle sales. We’ll chat with Ben Schippers, co-founder and CEO of TezLab, an app that operates like a Fitbit for Tesla vehicles (and soon other EVs) and allows drivers to go deep into their driving data. The app also breaks down the exact types and percentages of fossil fuels and renewable energy coming from charging locations.
  • The Future of Flight: Joby Aviation founder JoeBen Bevirt spent more than a decade quietly developing an all-electric, vertical take-off and landing passenger aircraft. Now he is preparing for a new phase of growth as Joby Aviation merges with the special purpose acquisition company formed by famed investor and Linked co-founder Reid Hoffman. Bevirt and Hoffman will come to our virtual stage to talk about how to build a startup (and keep it secret while raising funds), the future of flight and, of course, SPACs.

Pro tip: Between the live stream and video on demand, you can keep your work schedule on track without missing out.

TC Sessions: Mobility 2021 takes place on June 9, but you have only 72 short hours left to save $100 on all the info and opportunity that TC Sessions: Mobility 2021 offers. Kick distractions to the curb. Buy your pass before the early bird price disappears on Thursday, May 6 at 11:59 pm (PT).

Is your company interested in sponsoring or exhibiting at TC Sessions: Mobility 2021? Contact our sponsorship sales team by filling out this form.

News: London’s Stride VC raised second $138.6M seed fund, hunts for third partner

Stride VC, a London-based seed investment fund, has raised its second fund, which will be £100M ($138.6M) – identical to its first fund. The fund will invest primarily in London startups but also look at select European opportunities. The breakup of the LPs in the fund is 10% fund of funds, 60% other institutional, 28%

Stride VC, a London-based seed investment fund, has raised its second fund, which will be £100M ($138.6M) – identical to its first fund. The fund will invest primarily in London startups but also look at select European opportunities.

The breakup of the LPs in the fund is 10% fund of funds, 60% other institutional, 28% family offices, and 10% individuals. Stride said some 80% of this new fund came from returning LPs, and 20% from two new unnamed institutional investors. Stride does not have any public or government investment.

Investors include the founders of Cazoo, King, Pillpack, Dott, and institutional investors such as Delin Ventures, Draper Esprit, Mubadala, and CNP (Groupe Frere).

Stride Founder Fred Destin told me that while the fundraising was planned for June, the two new unnamed institutional investors “reached out in January, and confirmed their intention to invest around mid-Feb after a quick diligence process. We weren’t planning to raise until June. We secured all allocations March 12 and closed 31 March. Breakneck speed for a fund,” he said.

Stride has also gone through some personnel additions. The successful podcaster about VC, Harry Stebbings, who co-founded Stride with Destin, departed amicably in early February to set up his own fund. Cleo Sham is the new partner joining full-time in June, as announced on Twitter. In August last year it lost its Paris-based partner, Pia d’Iribarne, who has set up Newwave.vc.

Destin also told me he will be looking for a new third partner for the fund, and two more team members: “I’m mainly looking for exceptional talent. If they don’t fit some kind of mold, or don’t have an MBA and speak like MBA people, even better. What I mean is I don’t want people who just look for your references.” But, he added, “don’t @ me on Twitter about it!”

Shane Burgess has joined to head up talent; Pietro Invernizzi, formerly of The Family, runs the ‘First Check Programme’.

Destin says Stride remains “firmly committed to Seed”, usually leading or co-leading a funding round. But that it will also expand from pre-seed funding with £250K checks to sometimes larger investments in companies like Huboo where it invested £4.5M. Its core investment program ranges from £750K to £4M (usually £2M) and lower rounds from £250K.

Destin describes the fund as “artisan venture capital” where it invests in “small batches”. He said: “We understand startups are chaotic and we embrace the chaos. We value trust over everything else. We are not about control; we’re about impact. We’d rather do the work than talk about it, hence the minimal website.”

Over a call, he added: “We don’t take board seats, we prefer to provide something to the founders that’s meaningful to them. So we’ll do ad hoc things, such as a strategy session, help them recruit someone, pointed interventions. The founders seem to really like it.”

Stride’s Fund I has backed 29 companies so far. Perhaps the best know is Cazoo. Although much of its portfolio is undisclosed and defies ‘themes’ it’s known to have invested in:

  • API Infrastructure: STRAPI, Impala, WeGift
  • Ecommerce: Cazoo, Front of the Pack
  • SaaS: SEDNA, Cord, Unibuddy, WeGift

Destin told me: “We don’t necessarily think it’s helpful for companies to be announcing what they do and what they’ve raised. And for ourselves, we don’t need it to flatter our ego. A lot of our companies are happily operating below the radar.”

News: As Q2’s lull fades, unicorn IPOs are revving up

Let’s discuss IPOs this morning to fully understand where we stand today in the realm of unicorn liquidity.

The public markets give, and the public markets take away. Earlier this morning, enterprise cloud storage and productivity company Box got into a more public spat with some of its shareholders upset with its performance and management decisions. But while Box endures the more difficult chapters of being a public company, other companies are racing to join the ranks of the listed concerns of the world.

If it feels like IPO news slowed for a few weeks at the start of the second quarter, your gut is correct. Investors previously told The Exchange that the first, third and fourth quarters of 2021 would be hot periods for public debuts, but that Q2 would be slower. Their argument revolved around reporting cadences and how long it takes for certain periods of accounting work to be completed.


The Exchange explores startups, markets and money. Read it every morning on Extra Crunch or get The Exchange newsletter every Saturday.


So we weren’t surprised when the second quarter’s IPO cycle began to feel a bit soft compared to the rapid-fire first quarter. And, as we’ve all heard in recent days, the great SPAC rush is slowing.

But that hasn’t stopped a number of firms from defying expectations and going public all the same. Online hosting and website builder Squarespace has not only filed but filled in its public filing with notes on its anticipated direct listing. We have to talk about its choice to list directly in light of new financial information we have concerning its recent performance.

But there’s more: Expensify filed to go public yesterday, albeit privately. And the SmartRent SPAC combination, though now slightly dated, is also worth a moment of our time.

The final element in the current IPO landscape is the recent Darktrace IPO in the United Kingdom, which, after that market had a rough start to its tech IPO calendar, is now seeing better results. So, let’s discuss IPOs to fully understand where we stand today in the realm of unicorn liquidity.

Squarespace’s direct listing

When The Exchange first dug into Squarespace’s IPO filing, we did our best to parse its full-year results because we lacked its quarterly details. This leaves us with two things to chew on: Why is Squarespace pursuing a direct listing over another listing technique, and what can its current and more granular operating results tell us about the choice?

On the first count, if Squarespace is direct listing, we can presume that it doesn’t need more cash to operate. So, how much cash does the company have on hand? A good chunk of change: $183.3 million.

News: Evening Fund debuts with $2M micro fund focused on investments between $50K and $100K

We tend to think of venture capital in tens or hundreds of millions, even billions of dollars, so it’s refreshing to find Evening Fund, a new $2 million micro fund that focuses on small investments between $50,000 and $100,000 as it seeks to help young startups that may be struggling to find funding elsewhere. The

We tend to think of venture capital in tens or hundreds of millions, even billions of dollars, so it’s refreshing to find Evening Fund, a new $2 million micro fund that focuses on small investments between $50,000 and $100,000 as it seeks to help young startups that may be struggling to find funding elsewhere.

The new fund was launched by Kat Orekhova and Rapha Danilo. Orekhova, who started her career as a math professor, is a former Facebook data scientist who has been dabbling in angel investing and working with young startups for awhile now. They call it Evening Fund because they work as founders by day and investors by night.

She says that she wanted to create something more formal to help early-stage startups get off the ground and has help from limited partners that include Sarah Smith at Bain Capital, Lee Linden, general partner at Quiet Capital and a long list of tech industry luminaries.

Orekhova says she and her partner invest small sums of money in B2B SaaS companies, which are pre-seed, seed and occasionally A rounds. They will invest in consumer here and there as well. She says one of their key value propositions is that they can help with more than just the money. “One way in which I think Rapha and I can really help our founders is that we give very specific, practical advice, not just kind of super high level,” she told me.

That could be something like how to hire your first designer where the founders may not even know what a designer does. “You’re figuring out ‘how do I hire my first designer?’ and ‘what does the designer even do?’ because most founders have never hired a designer before. So we give them extremely practical hands-on stuff like ‘here are the competencies’ or ‘what’s the difference between a graphic designer, a visual designer, a UX designer and a researcher,’ ” she said. They go so far as to give them a list of candidates to help them get going.

She says that she realized while she was at Facebook that she wanted to eventually start a company, so she began volunteering her time to work with companies going through Y Combinator. “I think a lot of people don’t know where to start, but in my case I looked at the YC list, found a company that I thought I could be helpful to. I reached out cold and said ‘Hey, I don’t want money. I don’t want equity. I just want to try to be helpful to you and see where that goes,’ ” she said.

That lead to scouting for startups for some larger venture capital firms and eventually dabbling in financing some of these startups that she was helping. Today’s announcement is the culmination of these years of work and the groundwork she laid to make herself familiar with how the startup ecosystem works.

The new firm already has its first investment under its belt, Dala, an AI-powered internal search tool that helps connect users to workplace knowledge that’s often locked in applications like Google Suite, Slack and Notion.

As though Evening isn’t enough to keep her and Danilo busy, they are also working on a startup, which she says is very much related to the fund. But she wasn’t ready to share much on that just yet as the company remains in stealth.

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