Yearly Archives: 2021

News: Ragnarok ransomware gang shuts down and releases its decryption key

Ragnarok, a ransomware gang operational since 2019 that gained notoriety after launching attacks against unpatched Citrix ADC servers, has shut down and released a free decryption key for its victims. The gang, sometimes referred to as Asnarok, last week replaced all 12 of the victims listed on its dark web portal with a short instruction

Ragnarok, a ransomware gang operational since 2019 that gained notoriety after launching attacks against unpatched Citrix ADC servers, has shut down and released a free decryption key for its victims.

The gang, sometimes referred to as Asnarok, last week replaced all 12 of the victims listed on its dark web portal with a short instruction on how to decrypt files. This was accompanied by the release of a decryptor, which experts at Emsisoft confirmed contains the master decryption key. The security firm, known for assisting ransomware victims with data decryption, has also released a universal decryptor for Ragnarok ransomware.

Ragnarok is best known for using the Ragnar Locker ransomware to target IT networks. It claimed dozens of victims after exploiting a Citrix ADC vulnerability to search for Windows computers that are vulnerable to the EternalBlue vulnerability — the same vulnerability behind the now-notorious WannaCry attack — and has racked up more than $4.5 million in ransom payments, according to the Ransomwhe.re payments tracker.

In April 2020, the cybercriminals stole 10 terabytes of data belonging to Portuguese energy giant EDP and threatened to leak it if a ransom of $10.9 million was not paid. The gang went on to exfiltrate up to 2TB of data, including bank statements, employee records, and celebrity agreements, from the servers of Italian liquor giant Campari Group, and demanded it hands over $15 million in ransom.

And in November, the short-lived ransomware gang also targeted Capcom, the Japanese video games giant behind titles such as Street Fighter, Resident Evil, and Devil May Cry. The gang reportedly stole the personal data of 390,000 customers, business partners, and other external parties from Capcom’s systems.

News of the shut down was first reported by Bleeping Computer.

With no formal departure note, it’s not clear why Ragnarok has seemingly decided to call it quits. But other ransomware gangs have adopted a similar self-destruction tactic in the face of increasing pressure from the U.S. government, which earlier this year branded ransomware as a national security threat; REvil, the gang behind the JBS attack, mysteriously disappeared from the internet, and DarkSide, the gang behind the Colonial Pipeline incident, also announced it was retiring.

Other ransomware gangs, including Ziggy Avaddon, SynAck, and Fonix, have also all retired from hacking this year, each giving up their keys to help victims recover from their attacks.

Of course, it remains to be seen whether Ragnarok’s disappearance is permanent, or whether it will simply rebrand; the infamous DoppelPayment ransomware gang recently reappeared as Grief Ransomware after months of no activity.

“Even though I am sure is only temporary, it is nice to see another win,” tweeted Allan Liska, from Recorded Future’s Computer Security Incident Response Team.

News: Flip bags $28M to turn beauty, wellness social commerce on its head

Flip mixes a live commerce mobile app with real customer reviews to improve the buying experience and opportunity for the creator economy.

Social commerce startup Flip is mixing live commerce mobile apps with real customer reviews to improve the buying experience and opportunity for the creator economy. Today, the Los Angeles-based company closed on a $28 million Series A led Streamlined Ventures.

Nooruldeen “Noor” Agha, a serial e-commerce entrepreneur, founded Flip in 2019 after emigrating to the United States from Iraq. He had previously lived in Dubai, where he built some companies in the e-commerce space.

It was while leading the companies that he realized that the vision of commerce was broken and that people had a fragmented path to purchase: They may start on social media, then move to video platforms and conclude on yet another site to make the purchase.

Agha believes the future of e-commerce will be driven by shoppers and the experiences they have with social media, so Flip is pulling all of those experiences into one app, mixing in user-generated reviews and live shopping shows for beauty, wellness and health brands. It then adds same-day shipping and back-end logistics, Agha told TechCrunch. Users post video reviews of their purchases and can see in real-time data how they did, as well as receive commissions from sales that resulted from their posts.

“It’s not only a social platform, it is the best post-purchase experience — shipping, rewards, returns — everything people love and in a two-click process,” he added. “Our app is like if TikTok and Amazon had a baby.”

Joining Streamlined Ventures in the latest round is Mubadala Capital Ventures, BDMI and a group of early backers and angel investors, including Ruby Lu, an early investor in Kuaishou, China’s leading social commerce platform. In total, Flip raised $31.5 million, which includes a small seed two years ago, Agha said.

He intends to use the new funding to scale the company and its creator ecosystem, while also expanding the end-to-end logistics part of the platform.

Live commerce originated in China, where McKinsey estimates the market reached $171 billion in 2020 and will jump to a valuation of $423 billion by 2022. Meanwhile, U.S. live commerce market is trailing behind, expecting to reach $11 billion by the end of 2021.

Flip is now signing an average of 20 new brands per week and has already gained partnerships with Unilever and Coty. Agha expects to hit 500 brands by this year’s holiday season. In addition, the company has 1 million downloads and in the last quarter shopped out 30,000 orders, which Agha predicts will double in coming months.

“We were hiding on purpose so we could build out everything and be done when we launched,” he added. “We focused on onboarding brands instead of pushing for growth, but now we expect to have a grand launch at the end of September where we start aggressively pushing growth.”

Ullas Naik, founder and general partner of Streamlined Ventures, said his firm does a lot of investment in e-commerce and marketplaces and was one of the first investors in DoorDash and also backed Rappi.

Commerce has evolved over the past 20 years in a meaningful way, he said. During that time, spend shifted from retail and online, while the quality of the experience has also evolved. He has seen evidence of similar models in other geographies, particularly in China when they have “had massive success.”

“We are most intrigued with how live commerce intersects with social networking to create enhanced shopping experiences,” Naik said. “When I met with Noor and he told me he was going to start with beauty and cosmetics, I thought he was building a unique experience and wanted him to be in a broad range of categories, not just beauty. With what he is building on the back end, with the logistics piece, he is creating a super experience and I’m intrigued by what can be built.”

News: Thatch using $3M round to put travel creators on the map

The mobile app provides tools for travel creators to build their own travel-based businesses in order to curate, share and soon sell interactive travel guides and planning services.

After a difficult year, the travel industry is gaining steam again this summer and Thatch is carving out a space for itself in the sector by enabling travel creators to monetize their recommendations.

Today the company announced a $3 million Seed II round led by Wave Capital. They were joined by Freestyle VC’s Jenny Lefcourt, Netflix co-founder Marc Randolph and Airbnb’s head of data science for user trust, Kapil Gupta. It brings Thatch’s total investment to $5.2 million since the company was founded by West Askew, Abby West and Shane Farmer in 2018.

Prior to the global pandemic, the company was a subscription-based consumer travel service that matched travelers with someone who would essentially plan their trips from top to bottom. Then the industry came to a grinding halt in 2020, and the co-founders saw a bigger need to help travel creators — those who share their experiences on social media — better connect to their followers and capture value for the travel recommendations, tips and perspectives they create.

“We noticed consumers were willing to pay individuals for their time and expertise,” Abby West told TechCrunch. “Increasingly, instead of going to travel agencies, they are going to Instagram or YouTube and then DM’ing them for information. We are formalizing that relationship so that the travel creator can get paid and can then provide a better experience for the end user.”

Askew and West say travel creators drive billions of dollars of consumer travel spending. Thatch’s free mobile app provides tools for them to build their own travel-based businesses in order to curate, share and will soon be able to sell interactive travel guides and planning services. Thatch makes money when the creators do, taking a small percentage of the transactions.

While the pandemic was detrimental to the travel industry, it gave the Thatch team time to build out its app, and now it is focused on building the creator side and marketing to attract creators to the app. This is where the new funding will come in: The company intends to hire additional engineers, build out new content and launch new features for selling or earning tips on interactive guides that creators produce in the app.

Thatch app. Image Credits: Thatch

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Among the travel creators already using the app, their audience reach is over 12 million, and the company saw a bump in usage in July, a sign that the travel industry is improving, Askew said.

Following the seed, the company will go live with the monetization and booking features so the creators can get paid, and it is looking at a strong first quarter in terms of potential bookings. The founders also want to attract larger creators and build a network for them, with Askew saying they need to be considered like the small businesses that they are and wants to help them grow.

“There is unfortunately a graveyard full of travel companies, but we are doing things differently,” West said. “We are unique with our people-to-people angle, and in this case, with people who have a built-in audience and who are trusted by that audience. That is something we don’t see in this space today.”

Wave Capital’s general partner Riley Newman said he and his other general partner, Sara Adler, both former Airbnb executives, were introduced to the company through one of Thatch’s existing investors.

His firm typically invests in marketplaces at the seed stage and the investment in Thatch marks the first into the travel sector, saying, “It is one we know well from Airbnb and a good moment to dive back into the industry.”

The travel market is poised for growth in the years ahead, especially with the pent-up demand for travel post-pandemic, Newman said. At the same time, the creator economy is on the same trajectory to democratize travel planning similar to the way he said Airbnb did, and that was a compelling vision for Wave Capital.

“Travel planning has been around for a long time, but this is an interesting new angle,” Newman added. “We look at the founding team and see Abby and West having complementary backgrounds and energy. This is a good moment for travel given their approach, and their concept for attacking the market is right and needed.”

News: Xayn launches a desktop version of its ad-free, privacy-safe search

Berlin-based Xayn, which as we reported last year is doing ad-free, personalized, privacy-safe search as an alternative to tracking and profiling adtech giants like Google, has expanded its product offering — launching a desktop version (in beta for now). The desktop Xayn WebBeta is described as a “light web version” of the product with similar functionality

Berlin-based Xayn, which as we reported last year is doing ad-free, personalized, privacy-safe search as an alternative to tracking and profiling adtech giants like Google, has expanded its product offering — launching a desktop version (in beta for now).

The desktop Xayn WebBeta is described as a “light web version” of the product with similar functionality to the mobile app — though of course there are differences, such as not being able to literally swipe on content to signal interest/disinterest, as you do on Xayn’s mobile apps.

Xayn isn’t a browser itself, per se, though it’s crossing the streams a bit (and can self-describe as a “browsing engine”) — since, as well as private search, it also offers an in-app browsing experience by populating a feed with snippets of content organized in the form of a discovery/news feed.

You’ll likely notice a short lag on loading the software in a desktop browser (also true on mobile) as Xayn’s AI figures out what to populate this feed with. It seems marginally longer the first time you fire the software up — when it’s starting from scratch (localizing the content to your country) vs repeat visits when the AI will have your individual browsing signals to work with.

On the desktop Xayn, you can signal a like or dislike on a particular piece of content by hovering the mouse next to the green (to like) or pink (to dislike) bar, which appear on the left and right sides of the content box respectively, and then clicking on the up (or down) thumb icon that pops up. So it’s actually a left click to like.

And if you really don’t need another feed in your online life you can switch off the discovery view — and have only a search bar on loading.

Search results are displayed by default in a similar grid of rectangular content panes to the discovery feed. Which is a little lacking in information density for this information worker…

Sample search result page as seen on Xayn’s WebBeta version (Screengrab: Natasha Lomas/TechCrunch)

Xayn’s learning AI can be toggled off whenever you like, by clicking on the brain icon in the top right. Say if you want to browse ‘unwatched’ — i.e. without the stuff you’re looking at being used as learning material for the AI to decide what else you’ll get shown (both for content in the feed and search results).

You can also reset the learning manually by clearing your browsing data — if you want to purge the whole thing and start again.

Another carrot to entice users is no ads: Xayn is ad-free — which of course isn’t the case with other non-tracking private search engines (like DuckDuckGo or Qwant), which tend to rely on showing contextual ads.

And in another break from the search industry ‘norm’, its AI’s search algorithms are open source.

Other features available on the desktop version of Xayn include a ‘deep search’ offering that it says lets users dive into a topic via “a simple click to be shown a personal reference library of relevant content”; and ‘collections’ — a bookmark-like offering which lets users “collect and store their favorite web content by creating, filling, and managing collections”.

Plus, as well as being ad-free itself, Xayn has baked in an ad blocker — blocking ads on third party sites for a “noise-free” browsing experience as it puts it.

Its first focus for the desktop is Chromium-based browsers and Firefox — so Safari users will need to switch to a supported browser to kick the tyres of its WebBeta.

The mobile version of Xayn’s product launched back in December and has been downloaded more than 250,000 times worldwide since then, according to the startup.

Three months after launch it says users were already conducting 100,000+ active daily searches — feeding in the browsing data and interest-based swipes that the AI uses to train and improve the personalized content discovery which is core to Xayn’s value proposition. And because it’s doing all this learning and reranking on device it’s able to tout its user-specific search results as ‘privacy safe’.

It also tries to avoid a filter bubble type effect by consciously injecting variance — so its algorithms don’t always just feed users more of the same.

Both the desktop and mobile version of Xayn use a technique called Masked Federated Learning to tailor the user’s web experience without compromising their privacy.

Google is also of course working on evolving its own ad targeting technology — currently it’s piloting a technology called FloCs (aka ‘federated learning of cohorts’) to put browser users in interest buckets for ad targeting purposes, as it works on deprecating tracking cookies. But its core business remains people profiling and selling your attention to advertisers — something Xayn definitely isn’t doing.

“We started Xayn as a direct response to the false privacy vs convenience dilemma and quickly proved that it’s possible to solve this trade-off so users are no longer losers. In fact, with each update, our fantastic team of engineers and designers demonstrates all over again how privacy, quality, and great UX go hand in hand,” said Leif-Nissen Lundbæk, co-Founder and CEO, in a statement.

“We didn’t want to copy what’s already out there but instead re-think it and create something new. With Xayn, you can find your favorite part of the Internet — either by actively searching the web or by browsing through the discovery feed that offers personalized content suggestions from the entire Internet. Either way, your privacy is always protected.”

“In creating Xayn’s web version, we have taken all the elements that made the app great and adapted them to the desktop browser window,” added Julia Hintz, its head of design, in another statement.

“The privacy-protecting algorithms, the intuitive design, and the smooth animations have found their way into the web version. Users can switch effortless between mobile and desktop without leaving their familiar environment. This is key for the seamless, deep interaction experience that makes Xayn special.”

In the web version of the product, Xayn says users’ personal data stays privately within the browser.

Asked about the security of the desktop product, a spokesperson told us: “Desktop computers are less safe than smartphones in general. However, Xayn protects personal data by using decentralized privacy-preserving machine learning in combination with encryption. From the pure technical point of view, Xayn is actually a browser within a browser on a desktop device. On desktop devices, Xayn runs in a sandbox in the respective browsers and this is how it protects personal data from unwanted third-party access.”

Future features Xayn plans to add includes the ability for mobile and desktop users to synchronize their personalized experience across multiple devices, while keeping their privacy intact, so the AI’s learnings can go with them wherever they’re online.

To check out the WebBeta version of Xayn’s search engine on your desktop computer point your browser at www.xayn.com.

Earlier this summer, Xayn announced a $12 million Series A funding round led by the Japanese investors Global Brain and Japanese telco KDDI, along with participation from prior backers including Berlin’s Earlybird VC — bringing its total financing to $23M+. Unsurprisingly, then, Asia (starting with Japan) is now a big focus for the Berlin startup.

News: China restricts kids’ online gaming to three hours a week

China’s National Press and Publication Administration has released a notice imposing limits on online gaming for minors. On September 1st, video game companies will have to restrict gaming time to three hours a week — from 8 PM to 9 PM on Friday, Saturday and Sunday. With this new set of restrictions, Chinese authorities want

China’s National Press and Publication Administration has released a notice imposing limits on online gaming for minors. On September 1st, video game companies will have to restrict gaming time to three hours a week — from 8 PM to 9 PM on Friday, Saturday and Sunday.

With this new set of restrictions, Chinese authorities want to tackle addition to online games. According to the National Press and Publication Administration, online gaming has an impact on both the physical and mental health of minors.

In order to implement those time limits, game companies will have to leverage a real name-based registration system. In 2018, Tencent started using this system to limit playtime on Honor of Kings, a widely popular mobile game.

Back then, limits weren’t as strict though as children up to aged 12 could play one hour per day, and up to two hours per day for children between 13 and 18. At the time, authorities were concerned about worsening myopia among minors.

During the signup flow, users have to go through an ID verification system, which means that you can only have one account associated with your real name. Regulators will regularly check whether gaming companies comply with local regulation.

It’s going to be interesting to see how the new rules affect video games as a whole. Online gaming is mentioned specifically, which could mean that solo games won’t be restricted going forward. Similarly, it’s unclear whether console games and foreign games will have to implement the new real name-based registration system.

Some young gamers will also be tempted to circumvent the restrictions by signing up on a foreign server. It’s also worth noting that adult players will still be able to play 24/7.

Following the news, Tencent has issued a statement. “Tencent expressed its strong support and will make every effort to implement the relevant requirements of the Notice as soon as possible,” the company says.

As Bloomberg noticed, NetEase shares are currently down 8% compared to yesterday’s closing price. NetEase is another popular Chinese game development company and its activities aren’t as diversified as Tencent’s activities.

News: HAAS Alert raises $5M seed round to scale its automotive collision prevention system

HAAS Alert says it will use the funding to scale sales and outreach efforts and prioritize R&D with vehicle-to-vehicle and vehicle-to-infrastructure (V2X) technology partnerships.

HAAS Alert, a SaaS company that provides real-time automotive collision prevention for public safety and roadway fleets, has raised $5 million in seed funding that the company says it will use to scale sales and outreach efforts and prioritize R&D with vehicle-to-vehicle and vehicle-to-infrastructure (V2X) technology partnerships.

The round was led by R^2 and Blu Ventures and joined by TechNexus, Stacked Capital, Urban Us, Techstars, Ride Ventures and Gramercy Fund.

HAAS Alert relies on cellular-based sensors to ingest roadway hazard data from the environment surrounding a vehicle and its predictive technology to digitally alert drivers through their vehicle systems. HAAS Alert’s proprietary digital alerting system, Safety Cloud, can be found on a range of fleet vehicles in the public and private sector, from fire trucks, ambulances and police vehicles to tow trucks, construction and waste vehicles, school buses and more.

“Emergency responders, towing operators, construction and work zone crews and similar municipal fleets have extremely high death and injury rates from collisions,” Jeremy Agulnek, HAAS Alert’s senior vice president of connected vehicle, told TechCrunch. “They also really form the backbone of our communities, and every driver encounters them on the road daily. Many of these jobs are inherently risky to begin with, and yet struck-by incidents still rank as a leading cause of death for all of them.”

HAAS Alert sees advanced driver assistance systems (ADAS) and V2X as the solution, so it built its service to start with those at the highest risk on our roads, and grow from there.

“For us, this is not about using connected vehicles for entertainment and general connectivity – it is specifically about safety,” said Agulnek. “By connecting and protecting these folks, we can immediately bring a connected vehicle experience to all drivers and infrastructure in a way that also makes communities safer. We think that solving for safety with first responders and roadway workers is the most critical component to advancing mobility to the next stage.”

So far, Safety Cloud is present on vehicles in more than 750 public agencies and private organizations that have sent more than 1 billion alerts collectively.

HAAS Alert represents a growing number of startups looking to leverage V2X technology to reduce the risk of collisions, and funding is a big piece of the puzzle. Not only does the software cost money to build and keep updated, but the hardware and human-power costs associated with installing sensors, both on public infrastructure and within vehicles, aren’t cheap. HAAS Alert hopes to reach 10 billion driver safety alerts by 2022, and to do that, it’ll need to attract the automotive sector. Currently, the company works mainly with fleets, but it says the more fleets that are on its platform, the more automotive customers it will attract and vice versa.

We charge reasonable fees for fleet and agency customers to activate their roadway assets on Safety Cloud, and we charge a subscription fee to automotive customers to license the safety alerts, software and other services we provide,” Agulnek said.

The company says it’s actively installing its HA-5 Transponder hardware on vehicles across the nation, which allows equipped vehicles to automatically send digital alerts to approaching drivers when emergency fleets activate their flashing lights. These alerts give road users a heads up to the existence of response personnel on or near the roadway, giving drivers time to slow down or move over.

Agulnek says the hardware setup is quick and easy with minimal downtime, but fleets also have the option of integrating Safety Cloud without hardware via the vehicle’s existing CAD, GPS or telematics system.

“All that is needed to add Safety Cloud alerts to a vehicle is a software update to receive data via the vehicle’s existing telematics capabilities and display driver alerts in the infotainment screen and/or instrument cluster,” Agulnek said. “We are working on a project right now with a car manufacturer where it took less than a week to implement alerts inside their vehicles.”

Computations are done either in the cloud or on the edge of the chips inside the hardware, which means the alerting logic can reside in HAAS Alert’s cloud, in a vehicle OEM’s cloud, in the vehicle’s head unit or a hybrid multi-location architecture, according to Agulnek.

A fleet management platform, the Situational Awareness Dashboard, comes standard with the Safety Cloud and is designed to enable coordinating agencies across jurisdictions to work together. HAAS Alert also includes potential add-ons for specific industries. For example, responder-to-responder (R2R) features a set of lights attached inside a vehicle that sends notifications to responders when other Safety Cloud-equipped vehicles are in active response mode and approaching the same intersection. FleetFusion allows customers to integrate real-time data from Safety Cloud into internal dashboards, third-party applications and traffic management centers.

News: Astra’s first commercial launch fails to reach orbit

Astra, now a public company, ran into a problem during its first commercial launch (the mission carried a test payload contracted by the U.S. Space Force as part of its Space Test Program) that meant the rocket never made it to orbit. On Saturday, the rocket ignited all its engines at liftoff time on the

Astra, now a public company, ran into a problem during its first commercial launch (the mission carried a test payload contracted by the U.S. Space Force as part of its Space Test Program) that meant the rocket never made it to orbit. On Saturday, the rocket ignited all its engines at liftoff time on the pad in Alaska, but one of the five engines failed immediately after, which resulted in a rather remarkable hover and drift before but managed to get enough lift to ascend skyward.

Amazingly, despite the initial wobble and sideways list, the rocket did manage to climb to a max altitude of around 50KM (or around 164,000 feet) before the company issued a shutdown command and the rocket safely returned to Earth. That meant it didn’t reach its target, an orbital destination for the simulation of the payload deploy involved in its contracted test.

“We regret that we were unable to accomplish all mission objectives for the U.S. Space Force; however, we captured a tremendous amount of data from this test flight,” said Chris Kemp, Founder, Chairman and CEO of Astra in a press release issued by the company about the launch. “We will incorporate learnings from this test into future launch vehicles, including LV0007, which is currently in production.”

Astra last flew in December, when one of its test launches reached space, but fell just short of achieving orbital velocity. Astra at the time said that they were confident all that would be required to attain a good orbit were software tweaks to the navigation system.

News: Ola Electric in talks to raise at over $2.5 billion valuation

Ola Electric is in advanced talks to raise over $500 million in a new financing round as the Indian firm looks to scale its electric vehicle manufacturing business in the South Asian market, according to two sources familiar with the matter. Falcon Edge Capital is in advanced talks to the lead the round, which values

Ola Electric is in advanced talks to raise over $500 million in a new financing round as the Indian firm looks to scale its electric vehicle manufacturing business in the South Asian market, according to two sources familiar with the matter.

Falcon Edge Capital is in advanced talks to the lead the round, which values Ola Electric between $2.5 billion to $3 billion (up from $1 billion in its previous fundraise in 2019), sources told TechCrunch, requesting anonymity as the matter is private. Singapore’s Temasek is also holding conversations, the people said.

The talks come at a time when ride-hailing giant Ola, the initial parent firm of Ola Electric, is looking to file for an initial public offering. The firm, which recently raised $500 million, has signed up a few bankers and is looking to file for the IPO later this year, according to a third person familiar with the matter.

The firm is looking to raise as much as $1 billion, the person said, cautioning that the matter is not final. Indian media first wrote about the IPO talks.

Earlier this month, Ola Electric launched its first electric scooter, called Ola S1, that is priced at 99,999 Indian rupees, or $1,350. The electric scooter offers a range of 121 kilometers (75 miles) on a complete charge.

“Ola is the best product in the market currently with features significantly better than peers. Incumbents, despite all their resources have launched products which appear as another variant of an ICE product and lack the punch. We have in general been specifically disappointed with both Bajaj and TVS on this front,” analysts at Bernstein wrote to clients in a report earlier this month.

“While startups such as Ather have made significant efforts on the product, the steep pricing, significantly slow pace of manufacturing scale up, restricted launch in only a few cities earlier were the key drivers for weak sales. The crucial differentiators for Ola are the software based features, range, peak speeds, and acceleration (fastest EV scooter now), boot space, and colour options.”

Ola / Ola Electric didn’t immediately respond to a request for comment.

News: North Base Media leads $2.7M pre-Series A funding in digital media startup Vietcetera

Ho Chi Minh City-based Vietcetera, a digital medial network originally created for millennials and Gen-Z, will broaden its target demographic after getting $2.7 million in pre-Series A funding. The capital was raised over two rounds this year, led by media-focused venture firm North Base Media. Other investors included Go-Ventures, Gojek’s corporate venture arm; East Ventures;

Ho Chi Minh City-based Vietcetera, a digital medial network originally created for millennials and Gen-Z, will broaden its target demographic after getting $2.7 million in pre-Series A funding. The capital was raised over two rounds this year, led by media-focused venture firm North Base Media.

Other investors included Go-Ventures, Gojek’s corporate venture arm; East Ventures; Summit Media; Genesia Ventures; Hustle Fund; and Z Venture Capital, the corporate venture arm of Z Holdings, which is owned by SoftBank Group and Naver Corporation.

Vietcetera was founded in 2016 by Hao Tran and Guy Truong and now claims an audience of 20 million users per month. Its advertisers include AIA Life Insurance, Google, Facebook, Nestlé, MasterCard, Vingroup and Tiki. Tran told TechCrunch that Vietcetera will also monetize by “prioritizing original content licensing and development.”

The network was first created for millennials and Gen-Z audiences who wanted “content going beyond showbiz, sensational news and entertainment.” To serve more groups of readers, Vietcetera will launch new vertical brands in 2022 focused on women’s content, real estate and personal finance.

North Base Media was founded in 2013 by Marcus Brauchli, former lead editor of the Wall Street Journal and Washington Post, and Media Development Loan Fund chief executive officer Saša Vučinič to back digital media startups in markets where mobile internet penetration is growing. Its other portfolio companies include The News Lens, Atlas Obscura, Rappler and Majarra.

Vietcetera’s new funding will be used on content, including new shows and podcasts, mobile app development, franchise and content licensing, and potential acquisitions.

 

News: Korean 3D spatial data tool startup Urbanbase closes $11.1M Series B+ round

Urbanbase, a Seoul-based company that develops a 3D spatial data platform for interior planning and design, announced today it has raised $11.1 million (13 billion won) in a Series B+ round as it scales up. This round of funding was led by Hanwha Hotel & Resort, which is a subsidiary of South Korean conglomerate Hanwha

Urbanbase, a Seoul-based company that develops a 3D spatial data platform for interior planning and design, announced today it has raised $11.1 million (13 billion won) in a Series B+ round as it scales up.

This round of funding was led by Hanwha Hotel & Resort, which is a subsidiary of South Korean conglomerate Hanwha Corporation.

Urbanbase, founded in 2013 by chief executive officer and a former architect Jinu Ha, has now raised $20 million (approximately 23 billion won) in total.

Existing investors did not join this round. The company had raised Series A funding of $1.8 million and an additional $1.2 million in 2017 and its first Series B round in April 2020, from backers that included South Korea-based Shinsegae Information & Communication, Woomi Construction, SL Investment, KDB Capital, Shinhan Capital, Enlight Ventures, CKD Venture Capital, and Breeze Investment, Ha said.

The latest funding will be used for enhancing its B2B SaaS, investing in R&D for advanced virtual reality (VR), augmented reality (AR) and 3D tools, which are considered core technologies of metaverse that is its new business Urbanbase plans to enter, according to Ha. Global metaverse market size is projected to increase $280 billion by 2025 from $30.7 billion in 2021, based on Strategy Analytics’ report.

Companies that focus on opportunities in the so-called “metaverse” have been growing as part of a next-generation approach to building viable business models in areas like virtual and augmented reality, and all the hardware and software and new tech that are being built for them. Big tech corporations, ranging from Facebook, Intel to Microsoft, are targeting to move in the area. Apple also waded into the area of virtual reality, working on developing a high-end VR headset.

Urbanbase also plans to upgrade its home interior software platform, Urbanbase Studio, that has functions to transform 2D indoor space images into 3D displays via Urbanbase’s patented algorithm, visualize interior products in augmented reality and analyze spatial images based on the AI technology.

Urbanbase claims 50,000 monthly active users with 70,000 registered B2C users. The company has about 50 B2B customers.

“Most of our B2B clients are large conglomerates in South Korea and Japan, for example, LG Electronics, Japan-based Mitsubishi Real Estate Service, Nitori Holdings, Dentsu Group and SoftBank, but we would like to extend our B2B clients base to small, midsized companies and bring more B2C users after closing the Series B+ funding,” Ha mentioned.

Urbanbase is seeking an acquisition target in prop-tech and construction technology sectors, Ha told TechCrunch. Urbanbase currently focuses on developing the interior tools for apartment buildings because about 70-80 percent of total households in South Korea and Japan live in apartments, Ha said, adding that it will diversify its portfolio by acquiring a startup that covers different types of residence.

It currently operates the platform in Korean and Japanese, but it will add English language service prior to entering in Singapore in the end of 2021, Ha said.

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