Yearly Archives: 2021

News: Seqera Labs grabs $5.5M to help sequence Covid-19 variants and other complex data problems

Bringing order and understanding to unstructured information located across disparate silos has been one of more significant breakthroughs of the big data era, and today a European startup that has built a platform to help with this challenge specifically in the area of life sciences — and has, notably, been used by labs to sequence

Bringing order and understanding to unstructured information located across disparate silos has been one of more significant breakthroughs of the big data era, and today a European startup that has built a platform to help with this challenge specifically in the area of life sciences — and has, notably, been used by labs to sequence and so far identify two major Covid-19 variants — is announcing some funding to continue building out its tools to a wider set of use cases, and to expand into North America.

Seqera Labs, a Barcelona-based data orchestration and workflow platform tailored to help scientists and engineers order and gain insights from cloud-based genomic data troves, as well as to tackle other life science applications that involve harnessing complex data from multiple locations, has raised $5.5 million in seed funding.

Talis Capital and Speedinvest co-led this round, with participation also from previous backer BoxOne Ventures and a grant from the Chan Zuckerberg Initiative, Mark Zuckerberg and Dr. Priscilla Chan’s effort to back open source software projects for science applications.

Seqera — a portmanteau of “sequence” and “era”, the age of sequencing data, basically — had previously raised less than $1 million, and quietly, it is already generating revenues, with five of the world’s biggest pharmaceutical companies part of its customer base, alongside biotech and other life sciences customers.

Seqera was spun out of the Centre for Genomic Regulation, a biomedical research center based out of Barcelona, where it was built as the commercial application of Nextflow, open-source workflow and data orchestration software originally created by the founders of Seqera, Evan Floden and Paolo Di Tommaso, at the CGR.

Floden, Seqera’s CEO, told TechCrunch that he and Di Tommaso were motivated to create Seqera in 2018 after seeing Nextflow gain a lot of traction in the life science community, and subsequently getting a lot of repeat requests for further customization and features. Both Nextflow and Seqera have seen a lot of usage: the Nextflow runtime has been downloaded over 2 million times, the company said, while Seqera’s commercial cloud offering has now processed more than 5 billion tasks.

The Covid-19 pandemic is a classic example of the acute challenge that Seqera (and by association Nextflow) aims to address in the scientific community. With Covid-19 outbreaks happening globally, each time a test for Covid-19 is processed in a lab, live genetic samples of the virus get collected. Taken together, these millions of tests represent a goldmine of information about the coronavirus and how it is mutating, and when and where it is doing so. For a new virus about which so little is understood and that is still persisting, that’s invaluable data.

So the problem is not if the data exists for better insights (it does); it is that it’s nearly impossible to use more legacy tools to view that data as a holistic body. It’s in too many places, and there is just too much of it, and it’s growing every day (and changing every day), which means that traditional approaches of porting data to a centralized location to run analytics on it just wouldn’t be efficient, and would cost a fortune to execute.

That is where Segera comes in. The company’s technology treats each source of data across different clouds as a salient pipeline which can be merged and analyzed as a single body, without that data ever leaving the boundaries of the infrastructure where it already exists. Customised to focus on genomic troves, scientists can then query that information for more insights. Seqera was central to the discovery of both the alpha and delta variants of the virus, and work is still ongoing as Covid-19 continues to hammer the globe.

Seqera is being used in other kinds of medical applications, such as in the realm of so-called “precision medicine.” This is emerging as a very big opportunity in complex fields like oncology: cancer mutates and behaves differently depending on many factors, including genetic differences of the patients themselves, which means that treatments are less effective if they are “one size fits all.”

Increasingly, we are seeing approaches that leverage machine learning and big data analytics to better understand individual cancers and how they develop for different populations, to subsequently create more personalized treatments, and Seqera comes into play as a way to sequence that kind of data.

This also highlights something else notable about the Seqera platform: it is used directly by the people who are analyzing the data — that is, the researchers and scientists themselves, without data specialists necessarily needing to get involved. This was a practical priority for the company, Floden told me, but nonetheless, it’s an interesting detail of how the platform is inadvertently part of that bigger trend of “no-code/low-code” software, designed to make highly technical processes usable by non-technical people.

It’s both the existing opportunity, and how Seqera might be applied in the future across other kinds of data that lives in the cloud, that makes it an interesting company, and it seems an interesting investment, too.

“Advancements in machine learning, and the proliferation of volumes and types of data, are leading to increasingly more applications of computer science in life sciences and biology,” said Kirill Tasilov, principal at Talis Capital, in a statement. “While this is incredibly exciting from a humanity perspective, it’s also skyrocketing the cost of experiments to sometimes millions of dollars per project as they become computer-heavy and complex to run. Nextflow is already a ubiquitous solution in this space and Seqera is driving those capabilities at an enterprise level – and in doing so, is bringing the entire life sciences industry into the modern age. We’re thrilled to be a part of Seqera’s journey.”

“With the explosion of biological data from cheap, commercial DNA sequencing, there is a pressing need to analyse increasingly growing and complex quantities of data,” added Arnaud Bakker, principal at Speedinvest. “Seqera’s open and cloud-first framework provides an advanced tooling kit allowing organisations to scale complex deployments of data analysis and enable data-driven life sciences solutions.”

Although medicine and life sciences are perhaps Seqera’s most obvious and timely applications today, the framework originally designed for genetics and biology can be applied to are a number of other areas: AI training, image analysis and astronomy are three early use cases, Floden said. Astronomy is perhaps very apt, since it seems that the sky is the limit.

“We think we are in the century of biology,” Floden said. “It’s the center of activity and it’s becoming data-centric, and we are here to build services around that.”

Seqera is not disclosing its valuation with this round.

News: Women’s health tech brand, Elvie, tops up Series C to $97M

Elvie, the women’s health tech pioneer behind a connected breast pump and smart pelvic floor exerciser, has topped up a Series C which it announced earlier this summer (July) — adding a further £12.7m to bring the total raised to £70 million ($97m). The 2013-founded, UK-based startup previously raised a $42M Series B in 2019, and

Elvie, the women’s health tech pioneer behind a connected breast pump and smart pelvic floor exerciser, has topped up a Series C which it announced earlier this summer (July) — adding a further £12.7m to bring the total raised to £70 million ($97m).

The 2013-founded, UK-based startup previously raised a $42M Series B in 2019, and a $6M Series A in 2017 — when femtech startups were a lot rarer than they are now. Products designed for (and often by) women have gained a lot of momentum over this period as female-led startups have blazed a trail and shown there’s a sizeable market for femtech — leading investors to slow clock on to the opportunity too.

Analysts now project the femtech industry will become a $50 billion market by 2025.

Elvie says the Series C extension includes funds sponsored by the co-founders of Blume Equity – a PE firm that focuses on the food and health sectors – plus further capital from existing investors IPGL, Hiro Capital and Westerly Winds.

In July, when it announced the earlier ($80M) tranche of the raise, Elvie said the Series C was led by BGF and BlackRock alongside existing investors including Octopus Ventures.

The Series C will be used to drive for more growth through geographical expansion (including entering new markets) and diversifying its product portfolio to target other “key stages” in women’s lives, it said.

That means it’ll be splashing out on R&D to support product development — connected hardware that blends physical gadgetry with software still looks to be a strong focus — and also on strengthening its ops and infrastructure to prep for further scale.

Elvie sells four products at this stage: Its connected kegel trainer, and a wearable breast pump (plus two non-electric pumps).

Where the company goes next in terms of product will be an interesting one to watch.

Commenting in a statement, Tania Boler, CEO and founder, said: “Elvie is ready for the next phase of our growth. We have already revolutionized the categories we operate in, but we know that there is vast untapped potential to create better technology products and services for women in new areas.”

She added that Elvie’s goal is to create “the go-to destination for women’s health at all life stages” — selling “sophisticated, accurate and personalised solutions” to its target female consumer.

Elvie doesn’t break out product sales but it told us its pump business has doubled in the US over the last 12 months — adding that they are the highest single breast pump SKU revenue driver on Amazon in the US.

The company also touts “strong” growth for its European business — at 139% YoY. While, in the UK market, it says it’s seen a further +31% growth YoY over the last 12 months.

News: Hyundai Motor Group unveils its hydrogen strategy, plans to offer fuel cell versions of commercial cars by 2028

Hyundai Motor Group is backing hydrogen as a top energy solution for sustainability. With its new fuel cell system that it plans to launch in the next few years, the South Korean automaker said it will provide hydrogen fuel cell versions for all its commercial vehicles by 2028. Hyundai announced its strategy for the future

Hyundai Motor Group is backing hydrogen as a top energy solution for sustainability. With its new fuel cell system that it plans to launch in the next few years, the South Korean automaker said it will provide hydrogen fuel cell versions for all its commercial vehicles by 2028.

Hyundai announced its strategy for the future of hydrogen on Tuesday during a live stream of the automaker’s Hydrogen Wave conference. Saehoon Kim, executive vice president and head of the fuel cell center at Hyundai Motor Group, said Hyundai’s goal is to also achieve cost competitiveness comparable to that of EV batteries by 2030.

The company also shared details about its high-performance, rear-wheel drive hydrogen sports car, the Vision FK, with a 500kW fuel cell system that can push it from 0 to 100 kilometers per hour in under four seconds and has 600 kilometers (373 miles) of range. Hyundai did not share when the vehicle would go into production.

As most automakers begin to roll out electric vehicles for both passenger and commercial use, hydrogen is still a bit of a niche market, but one that is growing as Europe, China and the United States set ambitious emissions reductions goals. Toyota Motor Corp, BMW and Daimler have all begun embracing hydrogen fuel cell technology to varying degree, even as they continue to develop exclusively electric vehicles. For its part, Hyundai’s commitment to hydrogen doesn’t deter from its commitment to electric. With the climate situation as it is, we’re facing an all hands on deck situation. May the best fuel win.

At the event, Kim also announced Hyundai’s plans to launch two new hydrogen fuel cell powertrains in 2023, which the company hopes will help make hydrogen mainstream by 2040. The third generation of Hyundai’s hydrogen fuel stack will come in either 100 kW or 200kW outputs for either passenger cars or commercial vehicles, respectively.

Hyundai Motor Group, which includes Hyundai, Kia and Genesis, has one fuel cell bus on the market today, the Elec City Fuel Cell bus, with 115 buses live on the road in South Korea. The automaker also has one fuel cell truck, the Xcient Hyundai, on the market, 45 of which were launched in Switzerland last year.

Hyundai boasts a fuel-cell SUV, the NEXO, with plans to introduce the next model in 2023, alongside a hydrogen-powered multi-purpose vehicle model. The company announced at the IAA Mobility conference in Munich that it would also launch a large fuel cell-powered SUV after 2025, as well as four more commercial vehicles by the end of the decade. The company aims to provide fuel cell technology for different use cases, including emergency vehicles, ships, freights, trams, forklifts and other vehicles for industrial processes.

“Fuel cell is a proven technology that can deliver the benefits of hydrogen to people around the world in various fields,” said Kim. “Basically, a fuel cell is a power generator like an engine. It differs from a battery which stores electricity. A fuel cell system consists of a fuel cell stack that generates electricity, a hydrogen supply system, an air supply system and a thermal management system. It generates power by combining hydrogen and oxygen, similar to the engine of an internal combustion vehicle, but without the carbon emissions.”

Kim went onto explain that fuel cell systems produce energy through chemical reactions and operate as long as hydrogen fuel is supplied, unlike a battery which just passively stores energy. He said Hyundai is working on building up the necessary ecosystem to create success in the hydrogen space, including production, storage, fuel cell technology and infrastructure. Much of the infrastructure would be solar and wind sources that would produce the renewable energy needed to create clean power to split water into oxygen and ‘green’ hydrogen.

Alongside its own research and development, Hyundai Motor has also already invested in hydrogen startups like H2Pro and has announced plans to establish green hydrogen infrastructures in countries with supportive governments and abundant renewable energy resources.

Much of the movement in this space comes after the group announced its commitment to become carbon neutral by 2045 and to reduce its emissions by 75% below 2019 levels by 2040. By 2030, Hyundai expects 30% of all vehicle sales to be zero emission, with battery electric and fuel cell electric vehicles taking up 80% of total fleet sales by 2040.

News: Sequoia Heritage, Stripe and others invest $200M in African fintech Wave at $1.7B valuation

Francophone Africa has its first unicorn, and if you’ve been following tech on the continent, you will be very unsurprised to hear that it’s coming from the world of fintech. Wave, a U.S. and Senegal-based mobile money provider, has raised $200 million in Series A round of funding. The investment is the largest-ever Series A

Francophone Africa has its first unicorn, and if you’ve been following tech on the continent, you will be very unsurprised to hear that it’s coming from the world of fintech.

Wave, a U.S. and Senegal-based mobile money provider, has raised $200 million in Series A round of funding. The investment is the largest-ever Series A round for the region, and it values Wave at $1.7 billion.

Four big-name backers jointly led the round — Sequoia Heritage, a private investment fund and a subsidiary of Sequoia; Founders Fund; payments upstart Stripe; and Ribbit Capital. Others in the round include existing investor Partech Africa and Sam Altman, the former CEO of Y Combinator and current CEO of OpenAI.

The mobile money market in sub-Saharan Africa is growing exponentially. This past year, up to $500 billion has moved through the accounts of 300 million active mobile money users in the region. But despite being one of the largest alternative financial infrastructures known globally, this represents only a fraction of the overall market. 

The International Monetary Fund says that as of 2017, only 43% of adults in sub-Saharan Africa were “banked” by way of a traditional bank or mobile money account. When it comes to growing that proportion, however, mobile money — based on simpler technology and with an easier onboarding process — wins out, and it is set to capture more market share faster than traditional banking in the region. And this has investors, especially foreign ones, excited and looking to get on board.

(Neobanking, based on mobile technology too, falls somewhere in the middle of the two).

From Sendwave to Wave

If you’re wondering why you haven’t heard of Wave, the reason might be because you don’t know it’s a spinoff from Africa-focused remittance provider Sendwave.

Drew Durbin and Lincoln Quirk founded Sendwave in 2014 to offer little or no fee remittances from North America and Europe to select African and Asian countries. The YC-backed company became a WorldRemit subsidiary last year when the global fintech paid up to $500 million in cash and stock for Sendwave.

Wave

L-R: Drew Durbin and Lincoln Quirk

But before that, the team stealthily worked on a mobile money product described as having no account fees and “instantly available and accepted everywhere.”

In 2018, the product was piloted as Wave in Senegal but it was still within the Sendwave ecosystem. When WorldRemit acquired Sendwave, Durbin and his team turned their focus to Wave.

“We saw an opportunity to make a bigger impact by trying to build a better, much more affordable mobile money service than the telcos are building throughout much of sub-Saharan Africa,” Durbin told TechCrunch in an interview. “We didn’t see any companies besides the telcos trying to solve that problem.”

Going up against incumbents

Telecom operators and banks have been the early entrants in the mobile money space, not least because they control much of the infrastructure in the process, from having mobile subscribers using handsets on their networks through to building the financial services to manage money and payments at the back end, and everything in between. 

Third-party providers, mostly fintechs, have tried to capture some market share from these incumbents. Wave, however, wants to disrupt it.

Durbin tells TechCrunch that unlike M-Pesa, the mobile payment provider led by Safaricom, and other products of telecom operators like Orange and Tigo, Wave is building a mobile money service that is “radically affordable.”

The Dakar-based platform is akin to PayPal (with mobile money accounts, not bank accounts) runs an agent network that uses their cash on hand to service Wave users. According to the company, users can make free deposits and withdrawals and charge a 1% fee whenever they send money.

Durbin says this is 70% cheaper than telecom-led mobile money and whenever there is a transfer problem, refunds are made instantly, unlike with incumbents where users might need to wait for some days.   

Wave’s technology also differs from telecom-led mobile money. Whereas the incumbents mostly focus on USSD (although there are provisions to use applications), Wave is solely app-based. For users without a smartphone, Wave also provides a free QR-card to transact with an agent.

By building its own infrastructure full-stack — agent network, agent and consumer applications, QR cards, business collections, and disbursements — Wave has been able to fuel its growth to several million monthly active users and billions of dollars in annual volume.

Wave

Image Credits: Wave

The two-year-old startup claims to be the largest mobile money player in Senegal and that over half of the country’s adults are active users. That pegs the number of users between 4 million and 5 million, and Wave wants to replicate this growth in Ivory Coast, the second market it officially expanded to last year.

This sort of growth pressure on telecom operators. That has indeed been the case for the leading telecom operator in both regions, Orange. In June, the telecom operator stopped users in Senegal from purchasing Orange airtime via Wave’s mobile application.

Per this report, Wave argued that Orange was applying anti-competitive tactics by restricting it from selling directly or via an approved wholesaler. Orange said it had made proposals “in line with those offered to its other providers” and that Wave wanted special treatment.

To reach a fair decision, both parties are working with the regulatory body in charge, Regulatory Authority for Telecommunications and Posts (RATP). And if the regulator isn’t capable of settling the issue, BCEAO, the regional bank of Francophone countries, is the next in line to resolve the dispute.

According to Wave’s CEO, the bank’s regulatory approach is one reason why Wave has been able to take on the telecom operators in the first place. But among all the West African countries where mobile money is prevalent, why start with Senegal, an emerging market?

“Senegal is a big enough market that we would have to work really hard to potentially win the market. But also a small enough market that if we were doing well, we could win the market quicker than if we were in a giant country. And so that combination of those two things made it seem like a good place to start,” Durbin remarked.

Following this fundraise, Wave will deepen its presence in Senegal and Ivory Coast and grow its already 800-strong team across product, engineering, and business. In addition, Wave will expand into other markets it feels are regulatory-friendly like Uganda.

I think there’s a pretty broad array of countries that have strong central banks and clear regulations are open to new players, or even want new players to come in and try to compete with the telcos. And so we have a lot of licenses that are in progress, and we’ll try to prioritize the countries where we’re able to get started sooner over the ones that it takes longer.”

A unicorn after two rounds

While some reports say Wave had raised $13.8 million prior to this, Durbin declined to comment on the figure when asked. However, he did mention that Partech, the French outfit with an African fund, invested in a seed round alongside other investors like Founders Fund and Stripe.

In addition to Sequoia and Sam Altman, the same crop of investors also participated in this monster Series A round.

In a market that has typically lacked innovation, Partech general partner Tidjane Deme says the investment will help Wave improve its service.

“Since 2018, we’ve supported Wave because we were convinced mobile money is still an unsolved problem in Africa,” he said in a statement. “Wave has great product design, stellar execution, and a strong financial trajectory. We are proud to see it become the first unicorn from Senegal.”

In May, Sequoia Capital invested in Egyptian fintech Telda, its first big deal on the continent. The Wave investment, meanwhile, is coming via subsidiary Sequoia Heritage and is the latter’s first investment in an Africa-focused startup. 

In a call with TechCrunch, Altman said that Wave ticked the boxes he considers before an investment — strong founders, an important problem in a large market, working product, and traction.

“I’ve known these founders for a long time, and I think they’re like off the charts good. I’ve been super impressed with their ability to figure out what users want and how to grow,” he said. “I think the company is solving the most important problem around money transfer in Africa and fixing the inefficient agent networks.”

The largest venture rounds for any venture in Africa remain OPay’s recent $400 million fundraise and Jumia’s equivalent in 2016. Both were Series C rounds. The next biggest rounds include Interswitch’s $200 million investment from Visa and Flutterwave’s $170 million Series C.

All these companies attained unicorn status following their respective rounds. The same goes for Wave but more spectacularly, considering the company bagged it in a Series A round, it’s transcending the region and is one of the largest A-rounds globally this year.

Wave joins OPay and Flutterwave as the newly minted unicorns in Africa this year — that is, startups valued above $1 billion — and the fourth African unicorn after Interswitch. Other billion-dollar companies include publicly traded Jumia and Egyptian fintech Fawry.

Funding rounds in Africa keep getting bigger and the continent has reached an inflection point. However, some skeptics have questioned the valuations of previous unicorns; Wave wouldn’t be an exception.

The argument would be around why Wave commands such a high valuation when for instance, two prominent telecom operators, Airtel and MTN, are looking to list their mobile money businesses between $2 to $6 billion despite being in the operations for several years across multiple African countries.

Yet like any investor optimistic about a portfolio company, Altman doesn’t believe Wave is overvalued. In fact, he thinks the company is undervalued.

“The opportunity in front of the company is massive. But plenty of times, I’ve gotten it wrong, so you never know. However, I have been fortunate to make a number of great investments and I feel Wave has as good of a shot as you can ask for,” he said. “Africa is going to be the fastest growing and most important market over the next coming decades for many companies. I think people are realizing how big the market opportunity is and how much value is going to be created and we’ll see a lot more things like this happen.”

News: BP Ventures invests $11.9M in in-car payments provider Ryd to support expansion

BP Ventures, the investing arm of oil and gas giant BP, has announced a €10 million (~$11.9 million) investment in Ryd, a German in-car digital payments provider. The fresh funds will help Ryd expand its service into international markets and build out its offering, according to a statement. Ryd’s service allows users to lump together

BP Ventures, the investing arm of oil and gas giant BP, has announced a €10 million (~$11.9 million) investment in Ryd, a German in-car digital payments provider. The fresh funds will help Ryd expand its service into international markets and build out its offering, according to a statement.

Ryd’s service allows users to lump together online payments for services like fuel purchases, EV charging and car washing via the startup’s app or integration with smart car systems. BP already offers digital payment options in the UK and the Netherlands through its BPme app. As part of its investment and partnership with Ryd, the legacy company hopes to expand its digital offerings as it learns from the startup’s secure and flexible digital payment options. Ryd will get the benefit of scaling its technology to BP customers across Europe.

“In-car digital payments are an integral part of the seamless and convenient experience that customers increasingly expect at our retail sites,” Alex Jensen, bp’s senior vice president mobility and convenience, Europe and Southern Africa, said in a statement. “Ryd’s technology can help deliver just that, and for an increasing range of services.”

This isn’t the first bet BP is taking in the smart vehicle space, and it likely won’t be the last. In June, the firm also invested $7 million in IoTecha, a smart EV charging company that connects chargers with the electricity grid using IoT and automates charging payments. Strategic investments like these ultimately add to BP Ventures’s ecosystem which is designed to help BP reinvent itself as an integrated energy company, as well as help it reduce its carbon footprint.

Ryd is already accepted today at 3,000 partner service stations across seven countries, according to the company. It has 1.4 million direct customers, as well as access to up to 100 million additional customers through its partnerships with Mastercard and several car manufacturers. With the connected car data market expected to reach $19 billion globally by 2030, and the non-fuel retail sales market expected to reach $285 billion globally by the same year, the startup is now homing in on its strategy to integrate its tech into more vehicles.

“With Ryd we want to enable hassle-free and secure interactions with cars,” said Oliver Goetz, founder and chairman of Ryd, in a statement. “BP is the final piece to our puzzle and completes our ecosystem with strong strategic partners in all of our business areas: finance, automotive and energy. BP expects tens of millions of car drivers to move to direct digital payment systems, which are both connected to car data and to payment systems at gas stations and beyond. This new payment form is much faster, easier and more comfortable. Ryd is on its way to lead this movement in Europe.”

Ryd expects to go live at the first BP filling stations in the fourth quarter of 2021, according to Ryd’s CEO Sandra Dax.

News: Indian crypto exchange CoinSwitch Kuber in talks to raise funds at unicorn valuation

Indian crypto exchange CoinSwitch Kuber is in advanced stages of talks to raise a new financing round at up to $2 billion in valuation, several sources familiar with the matter told TechCrunch. If the talks materialize in a deal, CoinSwitch Kuber will become the second crypto startup in the world’s second largest internet market to

Indian crypto exchange CoinSwitch Kuber is in advanced stages of talks to raise a new financing round at up to $2 billion in valuation, several sources familiar with the matter told TechCrunch.

If the talks materialize in a deal, CoinSwitch Kuber will become the second crypto startup in the world’s second largest internet market to attain the unicorn status.

The four-year-old startup, which counts Tiger Global, Sequoia Capital India, and Ribbit Capital among its existing investors, was valued at over $500 million valuation in its Series B financing round in April this year.

It’s unclear who is positioning to lead the round. The firm has engaged closely with Andreessen Horowitz and Coinbase in recent weeks, several people aware of those discussions told TechCrunch.

A deal may finalize within this month, sources said. The size of the deal, according to one source, is over $100 million. Usual caveats apply: terms of the proposed deal may change or the talks may not result in a deal.

The startup declined to comment. Coinbase and A16z, which has yet to back any Indian startup, did not respond to a request for comment Monday. Tiger Global and Sequoia Capital India did not respond to a request for comment last week.

The investment talks come at a time when CoinSwitch Kuber has almost doubled its userbase in recent months — even as local authorities push back against crypto assets. Its eponymous app had over 7 million monthly active users in India last month, up from about 4 million in April this year, according to mobile insight platform App Annie (data of which an industry exec shared with TechCrunch).

B Capital backed CoinSwitch Kuber’s rival CoinDCX last month in a $90 million round that valued the Indian startup at about $1.1 billion. CoinDCX reported 3.5 million users last month.

Policymakers in India have been debating on the status of digital currencies in the South Asian market for several years. India’s central bank, Reserve Bank of India, has expressed concerns about private virtual currencies though it is planning to run trial programs of its first digital currency as soon as December.

More than two dozen Indian startups have become a unicorn this year, up from 11 last year, as several high-profile investors, including Tiger Global, SoftBank and Falcon Edge, have increased the pace of their investments in the South Asian market. TechCrunch reported last week that Tiger Global is engaging with Apna to fund a new round that values the 21-month-old Indian firm at over $1 billion.

News: Financial comparison “super app” Jeff raises $1.5M seed extension

Financial services, especially those for people who don’t have access to traditional bank accounts or lines of credit, are proliferating in Southeast Asia. Jeff App wants to give consumers a “super app” where they can compare many financial products and apply for them using the startup’s proprietary data-scoring models. For service providers, Jeff serves as

Financial services, especially those for people who don’t have access to traditional bank accounts or lines of credit, are proliferating in Southeast Asia. Jeff App wants to give consumers a “super app” where they can compare many financial products and apply for them using the startup’s proprietary data-scoring models. For service providers, Jeff serves as a distribution channel, helping them find and retain customers. The startup announced today it has raised a seed extension of $1.5 million, led by J12 Ventures. Other participants included iSeed Ventures and Toy Ventures, and returning investors EstBAN, Startup Wise Guys and other angels.

The funding brings Jeff’s total raised to about $2.5 million. It announced a $1 million seed round back in March. Founder and chief executive officer Tom Niparts told TechCrunch that Jeff had a net profitable second quarter and wasn’t planning on raising again, but investors were interested because of its strong growth since the beginning of the year. The startup claims that since the end of January, its users have tripled to 700,000, who compared a total of four million products over the past six months.

Founded in 2019, the startup is operational in Vietnam and has applied for a license to launch in Indonesia. It also plans to enter the Philippines in the third quarter. Part of the funding will be used to increase Jeff’s team from about 15 people now to more than 40 employees for its offices in Latvia and Southeast Asia.

Before launching Jeff, Niparts was CEO of Spain for Digital Finance International, a fintech company that is part of the Finstar Financial Group. During that time, Niparts saw that in many Southeast Asian countries, people struggled to get loans not because of their credit history or income, but because they simply didn’t have enough personal financial data. Jeff was created to develop alternative data scoring models for financial services.

Niparts said Jeff’s goal is to become a main distribution channel for financial services in Southeast Asia and the top place for consumers to compare products and apply for them.

One of the reasons Jeff enjoyed strong growth during the first half of this year was by honing its user acquisition strategy in Vietnam. At first, it relied on global channels for user acquisition, like Google and Facebook ads, but now its top acquisition channel is through partnering with local affiliates, including bloggers and social media influencers who have grown considerable followings with educational content about finances.

“What we were surprised about is that in Europe, for instance, TikTok would never work for financial services, but in Vietnam we saw that it is a pretty amazing channel,” said Niparts.

While one of Jeff’s main features is loan comparison, the company has started expanding its offerings because most people only borrow money once in a while.

To create incentives to return to Jeff, instead of offloading the app once they secure a loan, Jeff is also offering coupons, like Shopee discounts and planning to launch telecom top-ups with cashback offers and a user referral functionality. It is also working on neobank and mobile wallet comparisons, payment functionalities, installment financing, services for micro-to small-sized merchants and a data science model to increase conversions for providers.

News: Ledgy is an equity management tool for European startups

Every startup founder faces the same issue — how do you manage your cap table and equity plans in a transparent and lightweight manner? If you’re based in the U.S., chances are you’re using an equity management solution like Carta. But if you’re not based in the U.S., you don’t have a ton of options.

Every startup founder faces the same issue — how do you manage your cap table and equity plans in a transparent and lightweight manner? If you’re based in the U.S., chances are you’re using an equity management solution like Carta. But if you’re not based in the U.S., you don’t have a ton of options.

Ledgy wants to become the ownership management tool for the rest of the world. Based in Switzerland, several well-known European startups are already using Ledgy, such as Wefox, Kry, Bitpanda, Gorillas and Trade Republic.

The company recently closed a $10 million Series A funding round led by Sequoia Capital. Other investors in the round include Xavier Niel, Harry Stebbings, Visionaries Club, UiPath’s Daniel Dines and Front’s Mathilde Collin. Some of Ledgy’s existing investors also invested once again, such as Myke Näf, Paul Sevinç, btov Partners, Creathor Ventures and VI Partners.

A few years ago, when Ledgy co-founder and CEO Yoko Spirig talked with an entrepreneur, the founder showed her how he managed ownership. He opened an Excel spreadsheet and scrolled, scrolled, scrolled… “Each line represented a share. You can imagine how error-prone it is,” she told me.

While the implementation was odd, most companies in Europe are still using Excel spreadsheets to manage ownership. And Ledgy wants to convince those companies that switching to a software solution that has been specifically designed to solve this issue could be beneficial.

“The key has really been to focus on the software infrastructure. What we do is that we have implemented automation workflows that are adaptable depending on countries,” Spirig said. “We’re not focusing on one regulation and we’re really offering the infrastructure layer,” she added.

That’s why Ledgy already supports 32 countries. It has tweaked its product even more specifically for Germany, Austria and Switzerland. There will be more country-specific releases in the near future for startups based in the U.K. and France. 1,500 companies are using Ledgy right now.

When you switch to Ledgy, there are three main advantages. First, like other software-as-a-service products, Ledgy acts as a single source of truth for all stakeholders — the HR team, the finance team, investors, lawyers and employees.

The second selling point is that you can automate some of the most tedious tasks. For instance, Ledgy can automatically generate documents based on templates and different variables. Signed documents are stored on Ledgy. You can export data every quarter or every year for compliance reasons.

Third, it fosters transparency across the company. Employees can check the value of their options. They can see how much their options could be worth if the leadership team is in the process of raising a new round of funding.

With today’s funding round, Ledgy plans to expand into new markets. The company also plans to roll out support for public companies so that some of its existing customers can go public and keep using Ledgy.

News: Portcast gets $3.2M to create more transparent and sustainable supply chains

For many manufacturers and freight forwarders, managing logistics is still a very manual process: tracking shipments with a call or online lookup, and entering that data into an Excel spreadsheet. Portcast, which describes itself as a “next-generation logistics operating system,” makes the process more efficient by gathering data from myriad sources and not only track

A photo of Portcast founders Dr. Lingxiao Xia and Nidhi Gupta

Portcast founders Dr. Lingxiao Xia and Nidhi Gupta

For many manufacturers and freight forwarders, managing logistics is still a very manual process: tracking shipments with a call or online lookup, and entering that data into an Excel spreadsheet. Portcast, which describes itself as a “next-generation logistics operating system,” makes the process more efficient by gathering data from myriad sources and not only track shipments in real-time, but also predicts what might affect its progress, like major weather events, the tide and pandemic-related issues.

The company announced today it has raised $3.2 million in pre-Series A funding, led by Newtown Partners, through the Imperial Venture Fund, with participation from Wavemaker Partners, TMV, Innoport and SGInnovate. Based in Singapore, Portcast serves clients in Asia and Europe, and will use part of its funding to expand into more markets.

Co-founders Nidhi Gupta and Dr. Lingxiao Xia met at Entrepreneur First in Singapore. Before launching Portcast, Gupta, its chief executive officer, served in leadership roles across Asia at DHL. During that time, she realized the logistic sector’s “inefficiencies are actually an opportunity in this space to create something.” Dr. Xia, who holds a PhD in machine learning and has a background in product development and cloud computing, “was a great complementary fit” and is now Portcast’s chief technology officer.

Portcast says it tracks more than 90% of world trade volume that travels by ocean carriers, and 35% of air cargo, and can forecast demand for 30,000 trade routes. Sources include geospatial data, like satellite data about where ships are, what speed and direction they’re moving in, what ports they are headed for, wind speed and wave height. Portcast also looks at economic patterns (for example, Brexit’s impact on ports around the United Kingdom, and how vaccine rollouts around the world changes airline and ship capacity), weather events like typhoon and disruptions like the Suez Canal blockage.

Other data sources include proprietary transactional data from customers including large shipping companies and freight forwarders.

“The challenge for us is how do we let all of this data speak the same language,” Gupta told TechCrunch. “This data is coming in at different frequencies, different granularities, so how do you consolidate that and make sure the machine can start understanding it and interpreting it.”

Portcast’s two main solutions are currentlu Intelligent Container Visibility for real-time tracking of shipment containers, and Forecasting and Demand Management, which tracks booking patterns. Portcast doesn’t use IoT to track containers since it is cost-prohibitive to place a device in every one, but is working with IoT providers on hybrid solutions—for example, putting a tracking device in one container and then using that data to help manage the rest of the shipment.

The startup’s goal is to make predictions that help companies improve the efficiency of their operations, and reduce their reliance on manual processes. “There are logistics operators with hundreds of cargo coming in every single week, they’re going and checking this manually every day. That goes into an Excel sheet and that’s what the planning of downstream operations is based off of,” said Gupta.

But the COVID-19 pandemic created an “urgent need to digitize, and it’s transformed supply chains from being a cost function to the core of getting products on time, so we work with some of the largest manufacturers as well as freight forwarders,” she added. For example, a food and beverage company in Europe sent a shipment to Taipei, a trip that usually takes about 70 days. But it took more than three months to arrive. Portcast was able to track the shipment as it moved across different ports and ships, helping its customers understand what caused the delay.

“Besides just predicting when there will be a likely disruption, we’re able to pinpoint and say there’s a delay of X days because there will likely be a typhoon or a transshipment, and that empowers them because they can tell their trucking and warehousing teams how many containers are going to come in,” said Gupta. “This reduces port fees, detention charges and the number of hours spent on manually checking different company’s websites and trying to figure out what happened to their supply chain.”

One of Portcast’s advantages over other logistics tech startups that want to fix supply chain visibility is that it launched out of the Asia-Pacific region, where ships usually go through multiple ports and have to work around frequent weather events like tropical storms and typhoons. The technology Portcast developed to create shorter voyages between Singapore and Malaysia (for example) is also applicable to intercontinental routes like Asia and Europe, or Asia and the United States.

“Our technology is global in scale and that allows us to compete against other players in this market,” said Gupta. “The other thing that differentiates us is that we work not just with manufacturers, but also with shipping companies, logistics companies and cargo airlines, and that allows us to create network effects. There is a really strong synergy between what’s happening in ocean freight and air freight, and that allows us to understand patterns in the industry and creates leverage for any other company that comes onto our platform.

Portcast’s future plans include moving from predictive AI to include prescriptive AI within the next two quarters. Right now, the platform can tell companies what is causing delays, but prescriptive AI will also enable it to make automated suggestions. For example, it can tell clients what ports are faster, other ships and modes of transport that can help them get around a disruption and how to optimize their capacity.

The company is also planning to launch Order Visiblity by the end of this year, a feature that will track containers filled with a specific item. Consumer prices for many different kinds of products are rising, due in part to overwhelmed supply chains. By enabling companies to track specific SKUs in real-time, Portcast can not only help items arrive more quickly, but also show how much CO2 emissions each shipment creates.

“Carbon offsetting or carbon trading can only happen once you have visibility into how much you are actually spending, and that’s the piece we can get involved in,” said Gupta. “By allowing predictions like, for example, if you will arrive early, that’s an opportunity for a shipping company to slow down and save fuel like bunker fuel, which not only brings an immense amount of savings, but also reduces CO2 emissions.

 

News: After years of inaction against adtech, UK’s ICO calls for browser-level controls to fix ‘cookie fatigue’

In the latest quasi-throwback toward ‘do not track‘, the UK’s data protection chief has come out in favor of a browser- and/or device-level setting to allow Internet users to set “lasting” cookie preferences — suggesting this as a fix for the barrage of consent pop-ups that continues to infest websites in the region. European web

In the latest quasi-throwback toward ‘do not track‘, the UK’s data protection chief has come out in favor of a browser- and/or device-level setting to allow Internet users to set “lasting” cookie preferences — suggesting this as a fix for the barrage of consent pop-ups that continues to infest websites in the region.

European web users digesting this development in an otherwise monotonously unchanging regulatory saga, should be forgiven — not only for any sense of déjà vu they may experience — but also for wondering if they haven’t been mocked/gaslit quite enough already where cookie consent is concerned.

Last month, UK digital minister Oliver Dowden took aim at what he dubbed an “endless” parade of cookie pop-ups — suggesting the government is eyeing watering down consent requirements around web tracking as ministers consider how to diverge from European Union data protection standards, post-Brexit. (He’s slated to present the full sweep of the government’s data ‘reform’ plans later this month so watch this space.)

Today the UK’s outgoing information commissioner, Elizabeth Denham, stepped into the fray to urge her counterparts in G7 countries to knock heads together and coalesce around the idea of letting web users express generic privacy preferences at the browser/app/device level, rather than having to do it through pop-ups every time they visit a website.

In a statement announcing “an idea” she will present this week during a virtual meeting of fellow G7 data protection and privacy authorities — less pithily described in the press release as being “on how to improve the current cookie consent mechanism, making web browsing smoother and more business friendly while better protecting personal data” — Denham said: “I often hear people say they are tired of having to engage with so many cookie pop-ups. That fatigue is leading to people giving more personal data than they would like.

“The cookie mechanism is also far from ideal for businesses and other organisations running websites, as it is costly and it can lead to poor user experience. While I expect businesses to comply with current laws, my office is encouraging international collaboration to bring practical solutions in this area.”

“There are nearly two billion websites out there taking account of the world’s privacy preferences. No single country can tackle this issue alone. That is why I am calling on my G7 colleagues to use our convening power. Together we can engage with technology firms and standards organisations to develop a coordinated approach to this challenge,” she added.

Contacted for more on this “idea”, an ICO spokeswoman reshuffled the words thusly: “Instead of trying to effect change through nearly 2 billion websites, the idea is that legislators and regulators could shift their attention to the browsers, applications and devices through which users access the web.

“In place of click-through consent at a website level, users could express lasting, generic privacy preferences through browsers, software applications and device settings – enabling them to set and update preferences at a frequency of their choosing rather than on each website they visit.”

Of course a browser-baked ‘Do not track’ (DNT) signal is not a new idea. It’s around a decade old at this point. Indeed, it could be called the idea that can’t die because it’s never truly lived — as earlier attempts at embedding user privacy preferences into browser settings were scuppered by lack of industry support.

However the approach Denham is advocating, vis-a-vis “lasting” preferences, may in fact be rather different to DNT — given her call for fellow regulators to engage with the tech industry, and its “standards organizations”, and come up with “practical” and “business friendly” solutions to the regional Internet’s cookie pop-up problem.

It’s not clear what consensus — practical or, er, simply pro-industry — might result from this call. If anything.

Indeed, today’s press release may be nothing more than Denham trying to raise her own profile since she’s on the cusp of stepping out of the information commissioner’s chair. (Never waste a good international networking opportunity and all that — her counterparts in the US, Canada, Japan, France, Germany and Italy are scheduled for a virtual natter today and tomorrow where she implies she’ll try to engage them with her big idea).

Her UK replacement, meanwhile, is already lined up. So anything Denham personally champions right now, at the end of her ICO chapter, may have a very brief shelf life — unless she’s set to parachute into a comparable role at another G7 caliber data protection authority.

Nor is Denham the first person to make a revived pitch for a rethink on cookie consent mechanisms — even in recent years.

Last October, for example, a US-centric tech-publisher coalition came out with what they called a Global Privacy Standard (GPC) — aiming to build momentum for a browser-level pro-privacy signal to stop the sale of personal data, geared toward California’s Consumer Privacy Act (CCPA), though pitched as something that could have wider utility for Internet users.

By January this year they announced 40M+ users were making use of a browser or extension that supports GPC — along with a clutch of big name publishers signed up to honor it. But it’s fair to say its global impact so far remains limited. 

More recently, European privacy group noyb published a technical proposal for a European-centric automated browser-level signal that would let regional users configure advanced consent choices — enabling the more granular controls it said would be needed to fully mesh with the EU’s more comprehensive (vs CCPA) legal framework around data protection.

The proposal, for which noyb worked with the Sustainable Computing Lab at the Vienna University of Economics and Business, is called Advanced Data Protection Control (ADPC). And noyb has called on the EU to legislate for such a mechanism — suggesting there’s a window of opportunity as lawmakers there are also keen to find ways to reduce cookie fatigue (a stated aim for the still-in-train reform of the ePrivacy rules, for example).

So there are some concrete examples of what practical, less fatiguing yet still pro-privacy consent mechanisms might look like to lend a little more color to Denham’s ‘idea’ — although her remarks today don’t reference any such existing mechanisms or proposals.

(When we asked the ICO for more details on what she’s advocating for, its spokeswoman didn’t cite any specific technical proposals or implementations, historical or contemporary, either, saying only: “By working together, the G7 data protection authorities could have an outsized impact in stimulating the development of technological solutions to the cookie consent problem.”)

So Denham’s call to the G7 does seem rather low on substance vs profile-raising noise.

In any case, the really big elephant in the room here is the lack of enforcement around cookie consent breaches — including by the ICO.

Add to that, there’s the now very pressing question of how exactly the UK will ‘reform’ domestic law in this area (post-Brexit) — which makes the timing of Denham’s call look, well, interestingly opportune. (And difficult to interpret as anything other than opportunistically opaque at this point.)

The adtech industry will of course be watching developments in the UK with interest — and would surely be cheering from the rooftops if domestic data protection ‘reform’ results in amendments to UK rules that allow the vast majority of websites to avoid having to ask Brits for permission to process their personal data, say by opting them into tracking by default (under the guise of ‘fixing’ cookie friction and cookie fatigue for them).

That would certainly be mission accomplished after all these years of cookie-fatigue-generating-cookie-consent-non-compliance by surveillance capitalism’s industrial data complex.

It’s not yet clear which way the UK government will jump — but eyebrows should raise to read the ICO writing today that it expects compliance with (current) UK law when it has so roundly failed to tackle the adtech industry’s role in cynically sicking up said cookie fatigue by failing to take any action against such systemic breaches.

The bald fact is that the ICO has — for years — avoided tackling adtech abuse of data protection, despite acknowledging publicly that the sector is wildly out of control.

Instead, it has opted for a cringing ‘process of engagement’ (read: appeasement) that has condemned UK Internet users to cookie pop-up hell.

This is why the regulator is being sued for inaction — after it closed a long-standing complaint against the security abuse of people’s data in real-time bidding ad auctions with nothing to show for it… So, yes, you can be forgiven for feeling gaslit by Denham’s call for action on cookie fatigue following the ICO’s repeat inaction on the causes of cookie fatigue…

Not that the ICO is alone on that front, however.

There has been a fairly widespread failure by EU regulators to tackle systematic abuse of the bloc’s data protection rules by the adtech sector — with a number of complaints (such as this one against the IAB Europe’s self-styled ‘transparency and consent framework’) still working, painstakingly, through the various labyrinthine regulatory processes.

France’s CNIL has probably been the most active in this area — last year slapping Amazon and Google with fines of $42M and $120M for dropping tracking cookies without consent, for example. (And before you accuse CNIL of being ‘anti-American’, it has also gone after domestic adtech.)

But elsewhere — notably Ireland, where many adtech giants are regionally headquartered — the lack of enforcement against the sector has allowed for cynical, manipulative and/or meaningless consent pop-ups to proliferate as the dysfunctional ‘norm’, while investigations have failed to progress and EU citizens have been forced to become accustomed, not to regulatory closure (or indeed rapture), but to an existentially endless consent experience that’s now being (re)branded as ‘cookie fatigue’.

Yes, even with the EU’s General Data Protection Regulation (GDPR) coming into application in 2018 and beefing up (in theory) consent standards.

This is why the privacy campaign group noyb is now lodging scores of complaints against cookie consent breaches — to try to force EU regulators to actually enforce the law in this area, even as it also finds time to put up a practical technical proposal that could help shrink cookie fatigue without undermining data protection standards. 

It’s a shining example of action that has yet to inspire the lion’s share of the EU’s actual regulators to act on cookies. The tl;dr is that EU citizens are still waiting for the cookie consent reckoning — even if there is now a bit of high level talk about the need for ‘something to be done’ about all these tedious pop-ups.

The problem is that while GDPR certainly cranked up the legal risk on paper, without proper enforcement it’s just a paper tiger. And the pushing around of lots of paper is very tedious, clearly. 

Most cookie pop-ups you’ll see in the EU are thus essentially privacy theatre; at the very least they’re unnecessarily irritating because they create ongoing friction for web users who must constantly respond to nags for their data (typically to repeatedly try to deny access if they can actually find a ‘reject all’ setting).

But — even worse — many of these pervasive pop-ups are actively undermining the law (as a number of studies have shown) because the vast majority do not meet the legal standard for consent.

So the cookie consent/fatigue narrative is actually a story of faux compliance enabled by an enforcement vacuum that’s now also encouraging the watering down of privacy standards as a result of such much unpunished flouting of the law.

There is a lesson here, surely.

‘Faux consent’ pop-ups that you can easily stumble across when surfing the ‘ad-supported’ Internet in Europe include those failing to provide users with clear information about how their data will be used; or not offering people a free choice to reject tracking without being penalized (such as with no/limited access to the content they’re trying to access), or at least giving the impression that accepting is a requirement to access said content (dark pattern!); and/or otherwise manipulating a person’s choice by making it super simple to accept tracking and far, far, far more tedious to deny.

You can also still sometimes find cookie notices that don’t offer users any choice at all — and just pop up to inform that ‘by continuing to browse you consent to your data being processed’ — which, unless the cookies in question are literally essential for provision of the webpage, is basically illegal. (Europe’s top court made it abundantly clear in 2019 that active consent is a requirement for non-essential cookies.)

Nonetheless, to the untrained eye — and sadly there are a lot of them where cookie consent notices are concerned — it can look like it’s Europe’s data protection law that’s the ass because it seemingly demands all these meaningless ‘consent’ pop-ups, which just gloss over an ongoing background data grab anyway.

The truth is regulators should have slapped down these manipulative dark patterns years ago.

The problem now is that regulatory failure is encouraging political posturing — and, in a twisting double-back throw by the ICO! — regulatory thrusting around the idea that some newfangled mechanism is what’s really needed to remove all this universally inconvenient ‘friction’.

An idea like noyb’s ADPC does indeed look very useful in ironing out the widespread operational wrinkles wrapping the EU’s cookie consent rules. But when it’s the ICO suggesting a quick fix after the regulatory authority has failed so spectacularly over the long duration of complaints around this issue you’ll have to forgive us for being sceptical.

In such a context the notion of ‘cookie fatigue’ looks like it’s being suspiciously trumped up; fixed on as a convenient scapegoat to rechannel consumer frustration with hated online tracking toward high privacy standards — and away from the commercial data-pipes that demand all these intrusive, tedious cookie pop-ups in the first place — whilst neatly aligning with the UK government’s post-Brexit political priorities on ‘data’.

Worse still: The whole farcical consent pantomime — which the adtech industry has aggressively engaged in to try to sustain a privacy-hostile business model in spite of beefed up European privacy laws — could be set to end in genuine tragedy for user rights if standards end up being slashed to appease the law mockers.

The target of regulatory ire and political anger should really be the systematic law-breaking that’s held back privacy-respecting innovation and non-tracking business models — by making it harder for businesses that don’t abuse people’s data to compete.

Governments and regulators should not be trying to dismantle the principle of consent itself. Yet — at least in the UK — that does now look horribly possible.

Laws like GDPR set high standards for consent which — if they were but robustly enforced — could lead to reform of highly problematic practices like behavorial advertising combined with the out-of-control scale of programmatic advertising.

Indeed, we should already be seeing privacy-respecting forms of advertising being the norm, not the alternative — free to scale.

Instead, thanks to widespread inaction against systematic adtech breaches, there has been little incentive for publishers to reform bad practices and end the irritating ‘consent charade’ — which keeps cookie pop-ups mushrooming forth, oftentimes with ridiculously lengthy lists of data-sharing ‘partners’ (i.e. if you do actually click through the dark patterns to try to understand what is this claimed ‘choice’ you’re being offered).

As well as being a criminal waste of web users’ time, we now have the prospect of attention-seeking, politically charged regulators deciding that all this ‘friction’ justifies giving data-mining giants carte blanche to torch user rights — if the intention is to fire up the G7 to send a collect invite to the tech industry to come up with “practical” alternatives to asking people for their consent to track them — and all because authorities like the ICO have been too risk averse to actually defend users’ rights in the first place.

Dowden’s remarks last month suggest the UK government may be preparing to use cookie consent fatigue as convenient cover for watering down domestic data protection standards — at least if it can get away with the switcheroo.

Nothing in the ICO’s statement today suggests it would stand in the way of such a move.

Now that the UK is outside the EU, the UK government has said it believes it has an opportunity to deregulate domestic data protection — although it may find there are legal consequences for domestic businesses if it diverges too far from EU standards.

Denham’s call to the G7 naturally includes a few EU countries (the biggest economies in the bloc) but by targeting this group she’s also seeking to engage regulators further afield — in jurisdictions that currently lack a comprehensive data protection framework. So if the UK moves, cloaked in rhetoric of ‘Global Britain’, to water down its (EU-based) high domestic data protection standards it will be placing downward pressure on international aspirations in this area — as a counterweight to the EU’s geopolitical ambitions to drive global standards up to its level.

The risk, then, is a race to the bottom on privacy standards among Western democracies — at a time when awareness about the importance of online privacy, data protection and information security has actually never been higher.

Furthermore, any UK move to weaken data protection also risks putting pressure on the EU’s own high standards in this area — as the regional trajectory would be down not up. And that could, ultimately, give succour to forces inside the EU that lobby against its commitment to a charter of fundamental rights — by arguing such standards undermine the global competitiveness of European businesses.

So while cookies themselves — or indeed ‘cookie fatigue’ — may seem an irritatingly small concern, the stakes attached to this tug of war around people’s rights over what can happen to their personal data are very high indeed.

WordPress Image Lightbox Plugin