Browsing Tag: Startups

Factories and warehouses have been two of the biggest markets for robots in the last several years, with machines taking on mundane, if limited, processes to speed up work and free up humans to do other, more complex tasks. Now, a startup out of Poland that is widening the scope of what those robots can do is announcing funding, a sign not just of how robotic technology has been evolving, but of the growing demand for more automation, specifically in the world of logistics and fulfilment.

Nomagic, which has developed way for a robotic arm to identify an item from an unordered selection, pick it up and then pack it into a box, is today announcing that it has raised $8.6 million in funding, one of the largest-ever seed rounds for a Polish startup. Co-led by Khosla Ventures and Hoxton Ventures, the round also included participation from DN Capital, Capnamic Ventures and Manta Ray, all previous backers of Nomagic.

There are a number of robotic arms on the market today that can be programmed to pick up and deposit items from Point A to Point B. But we are only starting to see a new wave of companies focus on bringing these to fulfilment environments because of the limitations of those arms: they can only work when the items are already “ordered” in a predictable way, such as on an assembly line, which has mean that fulfilment of, for example, online orders is usually carried out by humans.

Nomagic has incorporated a new degree of computer vision, machine learning and other AI-based technologies to  elevate the capabilities of those robotic arm. Robots powered by its tech can successfully select items from an “unstructured” group of objects — that is, not an assembly line, but potentially another box — before picking it up and placing it elsewhere.

Kacper Nowicki, the ex-Googler CEO of Nomagic who co-founded the company with Marek Cygan (an academic) and Tristan d’Orgeval (formerly of Climate Corporation), noted that while there has been some work on the problem of unstructured objects and industrial robots — in the US, there are some live implementations taking shape, with one, Covariant, recently exiting stealth mode — it has been mostly a “missing piece” in terms of the innovation that has been done to make logistics and fulfilment more efficient.

That is to say, there has been little in the way of bigger commercial roll outs of the technology, creating an opportunity in what is a huge market: fulfilment services are projected to be a $56 billion market by 2021 (currently the US is the biggest single region, estimated at between $13.5 billion and $15.5 billion).

“If every product were a tablet or phone, you could automate a regular robotic arm to pick and pack,” Nowicki said. “But if you have something else, say something in plastic, or a really huge diversity of products, then that is where the problems come in.”

Nowicki was a longtime Googler who moved from Silicon Valley back to Poland to build the company’s first engineering team in the country. In his years at Google, Nowicki worked in areas including Google Cloud and search, but also saw the AI developments underway at Google’s DeepMind subsidiary, and decided he wanted to tackle a new problem for his next challenge.

His interest underscores what has been something of a fork in artificial intelligence in recent years. While some of the earliest implementations of the principles of AI were indeed on robots, these days a lot of robotic hardware seems clunky and even outmoded, while much more of the focus of AI has shifted to software and “non-physical” systems aimed at replicating and improving upon human thought. Even the word “robot” is now just as likely to be seen in the phrase “robotic process automation”, which in fact has nothing to do with physical robots, but software.

“A lot of AI applications are not that appealing,” Nowicki simply noted (indeed, while Nowicki didn’t spell it out, DeepMind in particular has faced a lot of controversy over its own work in areas like healthcare). “But improvements in existing robotics systems by applying machine learning and computer vision so that they can operate in unstructured environments caught my attention. There has been so little automation actually in physical systems, and I believe it’s a place where we still will see a lot of change.”

Interestingly, while the company is focusing on hardware, it’s not actually building hardware per se, but is working on software that can run on the most popular robotic arms in the market today to make them “smarter”.

“We believe that most of the intellectual property in in AI is in the software stack, not the hardware,” said Orgeval. “We look at it as a mechatronics problem, but even there, we believe that this is mainly a software problem.”

Having Khosla as a backer is notable given that a very large part of the VC’s prolific investing has been in North America up to now. Nowicki said he had a connection to the firm by way of his time in the Bay Area, where before Google, Vinod Khosla backed a startup of his (which went bust in one of the dot-com downturns).

While there is an opportunity for Nomagic to take its idea global, for now Khosla’s interested because of the a closer opportunity at home, where Nomagic is already working with third-party logistics and fulfilment providers, as well as retailers like Cdiscount, a French Amazon-style, soup-to-nuts online marketplace.

“The Nomagic team has made significant strides since its founding in 2017,” says Sven Strohband, Managing Director of Khosla Ventures, in a statement. “There’s a massive opportunity within the European market for warehouse robotics and automation, and NoMagic is well-positioned to capture some of that market share.”

Source: Tech Crunch Startups | Nomagic, a startup out of Poland, picks up .6M for its pick-and-place warehouse robots

This morning Finix, a software-as-a-service (SaaS) startup selling payments tech to other businesses, announced that it has raised a $35 million Series B. Sequoia led the round, which also saw participation from new investors Activant Capital and Inspired Capital.

Finix did not disclose a new valuation as part of its round, and declined to share any growth metrics regarding its business. Instead, it offered a TAM figure and noted the number of countries in which it currently operates.

The company’s latest round is a doubling of its Series A, a $17.5 million round from July of 2019 led by Bain Capital Ventures; Insight Venture Partners, Aspect Ventures and Visa also took part in that round. Adding to the list, Homebrew invested in the company during its infancy. (Update: Acrew Capital as well.)

Finix has now raised more than $55 million to date, according to the company, inclusive of an October, 2017-era seed investment.

The round

In an interview, Finix’s Richie Serna told TechCrunch that his company put together its latest round “to scale up the organization,” boosting its product and engineering muscles while also pursuing further international payment support. According to Serna, Finix’s larger clients have asked the company to expand international support, as having “international reach is a really key component for any business.”

Internationalization in the payments space requires many hands, a need that Finix intends to meet by doubling its staff by the end of the year. The company had around 60 staff at year’s end, Serna previously told TechCrunch.

Notably Finix, despite being a player in the payments space, doesn’t think of itself as a payments company. Instead, according to its CEO, Finix self-describes “as a payment infrastructure company.”

That difference is reflected in how the company charges for its service. Instead of charging similarly to, say, Stripe, which takes 2.9% and $0.30 “per successful card charge,” Finix charges its customers a regular software fee, along with a sliding fee depending on the number of payments they process.

Not taking a percentage cut of transactions opens up interesting revenue opportunities for Finix customers. Serna detailed how bringing payment tech via Finix can help some companies grow top line, something that’s quite interesting for other SaaS players:

Historically the distribution of payments has been fairly fragmented and almost bolted on. So there’s a number of software companies like MindBody and Toast, who, historically would just have sort of a revenue share with one of their payment processors. So if you signed up for someone like a MindBody as a yoga studio, you would then go and set up a partnership with FirstData or WorldPay to start accepting payments on that platform. In that model, someone like a MindBody would make a few basis points on every single transaction. By bringing their payments back in-house, and offering a more comprehensive, all in one solution, they can actually take more revenue.

Startups can expand revenue by owning their own payments tech — sometimes substantially. Serna told TechCrunch that Lightspeed said during their IPO process that “they were actually doubling their overall take rate by becoming a payment company.”

How does that work?

The yoga example that Serna mentioned is easy to unpack by way of analogy. Doing so will help us better understand why Finix expects SaaS companies, to pick an example, to bring payment tech “in-house.”

Imagine you own a company called, say WeaveBasket, and that it sells SaaS software to underwater basket weaving instructional studios, helping them manage client booking and the like. You can charge only so much for company’s your software, presenting you with a revenue ceiling; after all, the average underwater basket weaving studio can only generate so much margin with which to pay costs. But if you set up WeaveBasket to help underwater basket weaving studios to also accept payments for classes through your software, you can generate lots more revenue for your SaaS company — WeaveBasket generates revenue from regular software fees, and by taking a cut of its customers’ customer payment flow.

“Vertical SaaS companies are looking at how they can directly embed and bake these payments capabilities into their platform,” Serna told TechCrunch.

All this fits back into the round; Finix is a bet that providing payment technology on a SaaS basis will attract legion uptake by companies of all sorts. As a deck that Finix’s Serna showed TechCrunch a few weeks ago stated, “software companies are becoming payments companies,” and his company wants to be the engine behind that change.

The bet

The payments world is stuffed full of players at different points of the transaction stack, including processors, banks, card networks and payment facilitators like Lightspeed and Stripe. It’s a complex set of relationships. Serna agrees, calling the industry “a blackbox to basically everybody” in a 2019 interview.

Creating simplicity through software is something that has generally done well in the technology world in recent years. Twilio took telephony and boiled it down into APIs. Plaid did the same thing with consumer finance. Finix, it seems, wants to let anyone who takes lots of payments to be able to reduce their relationship load, control costs and perhaps drive more revenue.

The startup now has the capital with which to bring its vision more fully to life, but domestically and abroad. Let’s see how far Finix can get on its new check — and its willingness to take a small risk and share a bit more concerning its business performance in the future.

Source: Tech Crunch Startups | Payments infra startup Finix closes M Series B led by Sequoia

Toronto-based Top Hat, a company that makes a number of software tools for teachers in higher education, today announced that it has raised a $55 million Series D funding round co-ed by Georgian Partners and Inovia Capital. All of the company’s previous investors, including Union Square Ventures, Emergence Capital and Leaders Fund, also participated in this round, which also includes debt financing from BMO Technology and Innovation Banking Group.

According to Top Hat, about 2.7 million students are currently enrolled in courses that use its tools and schools that use its services include 750 out of the top 1,000 colleges and universities in North America.

“Higher education is undergoing a sea change brought on by the massive price of a degree, combined with an economy undergoing radical transformation,” said Top Hat founder and CEO Mike Silagadze. “This has created a demand to raise the impact of educational outcomes. With the support and confidence of our investors, customers, and employees, Top Hat will continue building on the exponential growth we’ve achieved to empower professors to work smarter and more effectively so they can improve the educational return on investment for their students.”

The company, which has now raised a total of just under $105 million according to Crunchbase, plans to use the new funding to expand its efforts around digital textbooks and course materials. That’s a process the company started in 2017 when it moved beyond its quiz and feedback system for in-class use to becoming more of a platform that included textbooks and other tools for teachers and students. Today it has exclusive partnerships with textbook publishers Fountainhead Press and Bluedoor Publishing.

As of last year, Top Hat is bundling its products into a single platform to provide teachers with a comprehensive set of tools for managing their classes.

“As university students rebel against ridiculous textbook prices much as music consumers did in the early 2000s, Top Hat has emerged a visionary leader by bringing students and educators together in a collaborative digital teaching and learning experience that improves outcomes while reducing costs,” said Inovia Capital partner Shawn Abbott. “My partnership is proud to be part of the massive societal impact of building an enduring, trusted platform on which our children are being better educated, affordably.”

Source: Tech Crunch Startups | Top Hat raises M Series D for its higher ed learning platform

Azimo, the money transfer service that is HQ’d in London but has the majority of its staff based in based in Poland, has secured €20 million in debt from the European Investment Bank (EIB), the lending arm of the European Union.

The financing is supported by the European Fund for Strategic Investments (EFSI), the financial pillar of the EU’s “Investment Plan for Europe”. Azimo says the capital provided by EIB will be used to accelerate the company’s R&D and to “scale up” its proprietary payments platform. This will include further job creation at the fintech’s Kraków offices, where 130 out of 160 total staff are currently located.

Azimo has raised $50 million of equity funding to date — investors include Rakuten, eVentures, Greycroft and Frog Capital — and in August the company said it was profitable. It offers low cost international payments to 200+ countries and territories around the world, and claims 2 million registered customers.

“[We are] planning to use the finance to scale faster in Europe,” Azimo co-founder and executive chairman Michael Kent tells TechCrunch. This will include investing in engineering and product talent, “so we can adapt our product for ever more countries and build ever better instant payment rails”.

In addition, the fintech plans to increase marketing spend and “spread the gospel of Azimo’s faster and cheaper proposition to more customers in the EU,” says Kent.

Meanwhile, Azimo securing a line of credit from the EIB is interesting in the context of Brexit. The company is very typical of European tech scale-ups that have teams split across the U.K. and continental Europe, born in part out of the U.K.’s membership of the EU and freedom of movement, which as of this week came to an end.

Kent has already had to re-jig the business by securing an e-money license in the Netherlands in order to continue trading in Europe. And he has views on what the U.K. government needs to do next, specifically with regards to accessing European skilled labour, which he has said is the “lifeblood of fintech“.

“I have a very international team in London too and always will,” Kent tells me. “I want to be able to keep them here and augment that team with top talent. Skilled tech workers are super mobile and they don’t come to London for the weather or the living costs but for the opportunities. The noises coming from government and eventually the policies are super important in framing how that target audience thinks”.

Source: Tech Crunch Startups | Azimo, the money transfer service, secures €20M debt finance from the European Investment Bank

Dixa, the customer engagement platform, has closed $36 million in Series B funding. Leading the round is Notion Capital, with participation from existing investors Project A Ventures and SEED Capital.

The Copenhagen and now London-based startup says it will use the new capital to accelerate its product development. This will including innovating with regards to the way it handles data, and further integrations with third-party software.

Headcount in its product and engineering teams will also increase, and Dixa says it plans to “double-down” on its go-to-market strategy in Europe and the U.S., where the company says it is seeing strong demand. In the last two years, it has grown from 12 to 120 employees across 5 offices in Copenhagen, London, Berlin, Kyiv, and Lviv.

Noteworthy, the Series B comes less than a year after Dixa raised a $14 million Series A, and the startup claims it didn’t need the cash. A sign of an overheated market and cheap money, perhaps? However, Dixa co-founder and CEO Mads Fosselius says it was all about investor-startup-fit based on Notion Capital’s track record investing in SaaS. The VC firm’s SaaS investments include Tradeshift, Mews, NewVoiceMedia, Paddle, Unbabel and others.

Founded in 2015 by Jacob Vous Petersen and Mads Fosselius, Dixa wants to end bad customer service with the help of technology that claims to be able to facilitate more personalised customer support. Dubbed a “customer friendship” platform, the Dixa cloud-based software works across multiple channels — including phone, chat, e-mail and Facebook Messenger — and employs a smart routing system so the right support requests reach the right people within an organisation.

“The problem for customer-facing support teams today is that tickets shared in boxes and legacy call center solutions limit a brand’s ability to connect to their customers where they want to and add extra administrative burdens that ultimately harms the customer experience,” co-founder and CEO Mads Fosselius told me when the company raised its Series A.

More broadly, the platform competes with Zendesk, Freshdesk and Salesforce Servicecloud. However, Fosselius says that in contrast Dixa provides a more “holistic and data-driven customer and agent experience”.

Adds Jos White, General Partner at Notion: “Customer service is one of the largest software categories out there, and yet the market is still operating in transactional silos and not reflecting the world we live in. We think Dixa has what it takes to upend the industry with a platform that works across any channel and brings real-time intelligence to every conversation. We couldn’t be more excited to be investing in the company”.

Source: Tech Crunch Startups | Dixa, the customer engagement platform, picks up M Series B

As Silicon Valley’s entrepreneurs cluster around the worldview that artificial intelligence is poised to change how we work, investors are deciding which use cases make the most sense to pump money into right now. One focus has been the relentless communication between companies and customers that takes place at call centers.

Call center tech has spawned dozens if not hundreds of AI startups, many of which have focused on automating services and using robotic voices to point customers somewhere they can spend money. There has been a lot of progress, but not all of those products have delivered. Cresta is more focused on using AI suggestions to help human contact center workers make the most of an individual call or chat session and lean on what’s worked well for past interactions that were deemed successful.

“I think that there will always be very basic boring stuff that can be automated like frequently asked questions and ‘Oh, what’s the status of my order?,’ ” CEO Zayd Enam says. “But there’s always the role of the person that’s building the relationship between the company and the customer, and that’s a really strategic role for companies in the modern age.”

Udacity co-founder Sebastian Thrun is the startup’s board chairman and is listed as a co-founder. Enam met Thrun during his PhD research at Stanford focused on workplace productivity. Cresta is launching from stealth and announcing that they’ve raised $21 million in funding from investors including Greylock Partners and Andreessen Horowitz. The company recently closed a $15 million Series A round.

Cresta wants to use AI to school customer service workers and salespeople on how to close the deal.

There’s quite a lot of turnover in contact center jobs and that can leave companies reticent to spend a ton of time investing in each employee’s training. Naturally, there are some inherent issues where the workers interacting with an individual customer might not have the experience necessary to suggest a solution that they might if they had more experience. In terms of live feedback, for many, fumbling through paper scripts at their desk can be about as good as it gets. Cresta is hoping that by tapping improvements in natural language processing, their software can help alleviate some stress for contact center workers and help them move conversations in the direction of selling something else for their company.

Cresta is entering a field where there’s already quite a bit of interest from established software giants. Salesforce, Google and Twilio all operate AI-driven products for contact centers. Even with substantial competition, Enam believes Cresta’s team of 30 can offer its customers a lot more individual attention.

“We’re one of the few technical teams where we’re just obsessed with the customer, to the point where it’s normal for people on our team to fly to the customer and live by a call center in an Airbnb for a week,” Enam said. “When Greylock led the Series A, they had heard that and said that’s what gave them so much conviction that we were the team to solve the problem.”

Sun Microsystems co-founder Andy Bechtolsheim, Mark Leslie and Vivi Nevo are also investors in Cresta.

Source: Tech Crunch Startups | AI startup Cresta launches from stealth with millions from Greylock and a16z

HPE announced today that it has acquired Scytale, a cloud native security startup that is built on the open-source Secure Production Identity Framework for Everyone (SPIFFE) protocol. The companies did not share the acquisition price.

Specifically, Scytale looks at application-to-application identity and access management, something that is increasingly important as more transactions take place between applications without any human intervention. It’s imperative that the application knows it’s OK to share information with the other application.

This is an area that HPE wants to expand into, Dave Husak, HPE fellow and GM of cloudless initiative wrote in a blog post announcing the acquisition. “As HPE progresses into this next chapter, delivering on our differentiated, edge to cloud platform as-a-service strategy, security will continue to play a fundamental role. We recognize that every organization that operates in a hybrid, multi-cloud environment requires 100% secure, zero trust systems, that can dynamically identify and authenticate data and applications in real-time,” Husak wrote.

He also was careful to stress that HPE would continue to be good stewards of the SPIFFE and SPIRE (the SPIFFE Runtime Environment) projects, both of which are under the auspices of the Cloud Native Computing Foundation.

Scytale co-founder Sunil James, writing in a blog post about the deal, indicated that this was important to the founders that HPE respect the startup’s open-source roots. “Scytale’s DNA is security, distributed systems, and open-source. Under HPE, Scytale will continue to help steward SPIFFE. Our ever-growing and vocal community will lead us. We’ll toil to maintain this transparent and vendor-neutral project, which will be fundamental in HPE’s plans to deliver a dynamic, open, and secure edge-to-cloud platform,” he wrote.

Scytale was founded in 2017 and had raised $8 million, according to PitchBook data. The bulk of that was in a $5 million Series A last March led by Bessemer. The deal closed today.

Source: Tech Crunch Startups | HPE acquires cloud native security startup Scytale

Small business lending is a huge market that has attracted massive attention from VC investors in recent years. Startups like Kabbage have raised more than a billion dollars in venture capital and debt to create lending platforms for businesses, and others in the space like Fundbox for lending and BlueVine for banking are trying to build new, digital-first models for helping SMB owners grow their businesses.

While startups targeting the U.S. and European markets have proliferated, other international markets have seen less attention. Portal Finance raised $200 million to help businesses with lending in Latin America, and First Circle raised a $26 million round to do the same in the Philippines.

Now Jenfi wants to enter the mix. The company, founded by Jeffrey Liu, who sold his past startup GuavaPass to ClassPass for a few million, and Justin Louie, who was one of the first employees at GuavaPass, wants to expand access to small and medium business loans for owners in Southeast Asia, starting with their first base of operations in Singapore.

“Even in a market like Singapore which is quite well-established … half of these companies are still underbanked, [and] they don’t have access to credit,” Liu explained to me in an interview. “We realized there was a big problem there.”

The company raised a US$1 million angel round of debt and equity, and is currently going through YC’s accelerator program. So far, the startup has 50 borrowers on its platform according to Liu, and has lent SGD$600,000 so far since launch last year.

In terms of its product, the company either lends directly to a small business, or offers a virtual Jenfi Mastercard that can be used for purchases.

What’s more interesting right now, though, is Jenfi’s model, which is something that you don’t see all the time in the lending space. The company is approaching SMB lending purely from a growth perspective. The startup wants to help owners invest in the growth of their businesses primarily through digital marketing, and takes a small percentage of future revenue in lieu of a fixed repayment schedule.

Liu says that “part of the value-add is that we can help them be more effective in their alternative marketing channels…” He said that the startup doesn’t want to become a service provider, but has been building partnerships with other marketing agencies and services that can help owners find the right growth strategies for them, and then execute on them funded by Jenfi capital. “Our goal is to be able to build a network,” Liu says. “Marketing growth is our initial product focus for this company.”

The timing could be propitious. A study by Google and Bain late last year pegged Southeast Asia as a massive opportunity for digital services, with deep smartphone penetration but still a relatively limited array of digital services across a range of categories. Online marketing channels exist, but are under-optimized, particularly in comparison to the large sums devoted to them in countries like the U.S.

Over the next two years, Liu and Louie hope to expand to more geographies, build out their product offering and continually build long-term partnerships with business owners.

Source: Tech Crunch Startups | Jenfi wants to solve small business lending in Southeast Asia

Senior citizens are not early adopters of new technology; many of our 65+ friends and family might not use much tech in the first place. That said, two-thirds of America’s 50 million seniors use the internet and more than 40% own a smartphone, according to a 2017 Pew study.

So where’s the disconnect? Why are modern software companies largely non-compatible with one of the nation’s largest demographics?

Starting with day-to-day care

The most notorious venture-funded elder tech startups were historically focused on building better healthcare and day-to-day living solutions. Honor built a managed marketplace for in-home care; YC startup GoGoGrandparent is Uber for people who don’t use apps; Umbrella* helps seniors get tasks done around the house.

The concept behind these companies is that daily basics are the root of other problems affecting seniors. If you have any issues with your home or mobility, for example, you end up exposing yourself to scams that frequently plague seniors, as well as health and safety risks. That’s not to mention the financial burden — most retirees have a modest budget or fixed income. Even if a service like TaskRabbit is somehow accessible to a senior, it’s not affordable in the long-term when lifespans and future costs are impossible to predict.

Source: Tech Crunch Startups | Venture investing in elder tech

This is it, startup fans. It’s your very last chance to scoop up the few remaining tickets to our 3rd Annual Winter Party at Galvanize — the best Silicon Valley startup soiree, bar none. If you want to join this fun gathering of 1,000+ like-minded startuppers on February 7, you’d best act quickly. Exhibitor tables have long sold out. Don’t get left behind — buy your ticket now before they’re gone for good.

A big shout out to our sponsors Calgary, Uncork Capital, Brex, Galvanize and Snap Fiesta for helping us throw this bash. You’re in for an unabashed night of fabulous food, delicious drinks and festive foolishness. Time to loosen your collar and network in a relaxed setting with some of the Valley’s brightest entrepreneurs, founders and investors — attendees span the entire startup ecosystem.

You never know when a casual conversation could develop into a serious opportunity, and TechCrunch parties have a strong track record for making startup magic.

Here are just five of the many companies with whom you can meet and greet — talk about an opportunity to connect: Deloitte, Perkins Coie, Ceres Robotics, Samsung, Okta, Facebook. And while you’re at it, don’t miss meeting the 10 outstanding startups that will exhibit their tech and talent. More connections equal more opportunity.

Here’s the essential 411 on the party details:

• When: Friday, February 7, 6:00 p.m. – 9:00 p.m.
• Where: Galvanize, 44 Tehama St., San Francisco, CA 94105
• Ticket price: $85

As always, you’ll find plenty of fun. Bust out your karaoke skills, play games, and plenty of photo ops will let you light up your Insta. You might even win one of the many door prizes, including TC swag and free passes to Disrupt SF in September 2020.

The 3rd Annual Winter Party at Galvanize takes place in just three days. We have only a few tickets left, so don’t waste another minute. Buy your ticket today and come join the fun!

Is your company interested in sponsoring the 3rd Annual Winter Party at Galvanize? Contact our sponsorship sales team by filling out this form.

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Source: Tech Crunch Startups | Last chance: Only a few tickets left to the Winter Party at Galvanize this Friday