Here’s the thing about asking investors for money: they want to see returns.
Technology
Russia is building ground-based kamikaze robots out of old hoverboards
Hoverboards, or self-balancing scooters, are already used by hobbyists as a basis for robots, but now a group in Russia is putting them to use on the battlefields of Ukraine
Technology
Canoo hit with two supplier lawsuits as last remaining co-founder leaves
EV startup Canoo has been hit with two new lawsuits from suppliers linked to the drivetrains that power its electric vehicles, just weeks after the company kicked off a major reorganization that included the departure of its chief technology officer.
Canoo has also parted ways with senior director of advanced vehicle engineering Christoph Kuttner, who was the last remaining co-founder from the team of nine that created the startup in late 2017, TechCrunch has learned.
Kuttner was one of nine co-founders who split off from Faraday Future at the end of 2017 to start up Evelozcity, the original incarnation of Canoo. Those co-founders have steadily slipped away from the company before, during, and after its transition from a private startup to a publicly traded company in late 2020 when it merged with a special purpose acquisition company.
Kuttner and Canoo did not immediately respond to requests for comment.
The supplier lawsuits, both of which were filed in September with Oakland County Circuit Court in Michigan, come at a time when Canoo is moving away from its original California headquarters and focusing increasingly on its operations in Texas and Oklahoma, and while courting potential customers in the U.K. and Middle East. It’s doing all of this on a tight budget. The company reported just a little more than $19 million in total cash, of which $4.5 million was unrestricted, as of June 30, 2024.
The two firms suing Canoo are Jing-Jin Electric North America and Dana Limited. Canoo had tapped Jing-Jin, or JJE, to design and build electric motors for the EV startup’s vehicles. JJE claims Canoo failed to pay for the motors and owed more than $1.4 million as of August 2023. The supplier alleges Canoo didn’t dispute the money owed and then “strung JJE along for months — repeatedly promising to pay JJE, blaming its delay on issues and factors wholly unrelated to JJE.”
In November 2023, according to the complaint, JJE and Canoo entered into a repayment plan to set things right. JJE says Canoo made its first three payments, totaling $851,013, and an additional payment of $120,649.23. But JJE says the payments stopped soon after, despite Canoo owing another $446,692.77. JJE suspended all work for Canoo in June 2024 and says the EV startup stopped responding.
Dana Limited, meanwhile, says it entered an agreement with Canoo in February 2022 to co-design and develop a drive assembly for Canoo’s vehicles. Dana Limited says that as part of the agreement, Canoo was required to compensate the supplier for any costs incurred if the EV startup’s vehicle production was delayed by more than three months.
“Canoo’s production and work under the Agreement was significantly delayed,” Dana Limited writes in the complaint. The supplier now alleges Canoo failed to make two $4.3 million cost recovery payments despite sending “several notices” to the EV startup through late 2023 and into 2024.
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Technology
OpenAI was a research lab — now it’s just another tech company
OpenAI launched with a famously altruistic mission: to help humanity by developing artificial general intelligence. But along the way, it became one of the best-funded companies in Silicon Valley. Now, the tension between those two facts is coming to a head.
Weeks after releasing a new model it claims can “reason,” OpenAI is barreling toward dropping its nonprofit status, some of its most senior employees are leaving, and CEO Sam Altman — who was once briefly ousted over apparent trust concerns — is solidifying his position as one of the most powerful people in tech.
On Wednesday, OpenAI’s longtime chief technology officer, Mira Murati, announced she’s leaving “to create the time and space to do my own exploration.” The same day, chief research officer Bob McGrew and VP of post training Barret Zoph said they would depart as well. Altman called the leadership changes “a natural part of companies” in an X post following Murati’s announcement.
“I obviously won’t pretend it’s natural for this one to be so abrupt, but we are not a normal company,” Altman wrote.
But it follows a trend of departures that’s been building over the past year, following the failed attempt by the board to fire Altman. OpenAI cofounder and chief scientist Ilya Sutskever, who delivered Altman the news of his firing before publicly walking back his criticism, left OpenAI in May. Jan Leike, a key OpenAI researcher, quit just days later, saying that “safety culture and processes have taken a backseat to shiny products.” Nearly all OpenAI board members at the time of the ouster, except Quora CEO Adam D’Angelo, have resigned, and Altman secured a seat.
The company that once fired Altman for being “not consistently candid in his communication” has since been reshaped by him.
No longer just a “donation”
OpenAI started as a nonprofit lab and later grew a for-profit subsidiary, OpenAI LP. The for-profit arm can raise funds to build artificial general intelligence (AGI), but the nonprofit’s mission is to ensure AGI benefits humanity.
In a bright pink box on a webpage about OpenAI’s board structure, the company emphasizes that “it would be wise” to view any investment in OpenAI “in the spirit of a donation” and that investors could “not see any return.”
Investor profits are capped at 100x, with excess returns supporting the nonprofit to prioritize societal benefits over financial gain. And if the for-profit side strays from that mission, the nonprofit side can intervene.
We’re way past the “spirit of a donation” here
Reports claim OpenAI is now approaching a $150 billion valuation — about 37.5 times its reported revenue — with no path toward profitability in sight. It’s looking to raise funds from the likes of Thrive, Apple, and an investment firm backed by the United Arab Emirates, with a minimum investment of a quarter-million dollars.
OpenAI doesn’t have deep pockets or existing established businesses like Google or Meta, which are both building competing models (though it’s worth noting that these are public companies with their own responsibilities to Wall Street.) Fellow AI startup Anthropic, which was founded by former OpenAI researchers, is nipping at OpenAI’s heels while looking to raise new funds at a $40 billion valuation. We’re way past the “spirit of a donation” here.
OpenAI’s “for-profit managed by a non-profit” structure puts it at a moneygrubbing disadvantage. So it made perfect sense that Altman told employees earlier this month that OpenAI would restructure as a for-profit company next year. This week, Bloomberg reported that the company is considering becoming a public benefit corporation (like Anthropic) and that investors are planning to give Altman a 7 percent stake. (Altman almost immediately denied this in a staff meeting, calling it “ludicrous.”)
And crucially, in the course of these changes, OpenAI’s nonprofit parent would reportedly lose control. Only a few weeks after this news was reported, Murati and company were out.
Both Altman and Murati claim that the timing is only coincidental and that the CTO is just looking to leave while the company is on the “upswing.” Murati (through representatives) declined to speak to The Verge about the sudden move. Wojciech Zaremba, one of the last remaining OpenAI cofounders, compared the departures to “the hardships parents faced in the Middle Ages when 6 out of 8 children would die.”
Whatever the reason, this marks an almost total turnover of OpenAI leadership since last year. Besides Altman himself, the last remaining member seen on a September 2023 Wired cover is president and cofounder Greg Brockman, who backed Altman during the coup. But even he’s been on a personal leave of absence since August and isn’t expected to return until next year. The same month he took leave, another cofounder and key leader, John Schulman, left to work for Anthropic.
When reached for comment, OpenAI spokesperson Lindsay McCallum Rémy pointed The Verge to previous comments made to CNBC.
And no longer just a “research lab”
As Leike hinted at with his goodbye message to OpenAI about “shiny products,” turning the research lab into a for-profit company puts many of its long-term employees in an awkward spot. Many likely joined to focus on AI research, not to build and sell products. And while OpenAI is still a nonprofit, it’s not hard to guess how a profit-focused version would work.
Research labs work on longer timelines than companies chasing revenue. They can delay product releases when necessary, with less pressure to launch quickly and scale up. Perhaps most importantly, they can be more conservative about safety.
There’s already evidence OpenAI is focusing on fast launches over cautious ones: a source told The Washington Post in July that the company threw a launch party for GPT-4o “prior to knowing if it was safe to launch.” The Wall Street Journal reported on Friday that the safety staffers worked 20-hour days and didn’t have time to double-check their work. The initial results of tests showed GPT-4o wasn’t safe enough to deploy, but it was deployed anyway.
Meanwhile, OpenAI researchers are continuing to work on building what they consider to be the next steps toward human-level artificial intelligence. o1, OpenAI’s first “reasoning” model, is the beginning of a new series that the company hopes will power intelligent automated “agents.” The company is consistently rolling out features just ahead of competitors — this week, it launched Advanced Voice Mode for all users just days before Meta announced a similar product at Connect.
So, what is OpenAI becoming? All signs point to a conventional tech company under the control of one powerful executive — exactly the structure it was built to avoid.
“I think this will be hopefully a great transition for everyone involved and I hope OpenAI will be stronger for it, as we are for all of our transitions,” Altman said onstage at Italian Tech Week just after Murati’s departure was announced.
Science & Environment
50 “exceptionally well-preserved” Viking skeletons unearthed in Denmark
Archaeologists said they’ve unearthed more than 50 well-preserved Viking skeletons over the past six months, providing rare insights into how the sea-faring society lived and traveled.
“This discovery offers extraordinary opportunities to perform a wide range of scientific analyses, which can reveal more about the general health, diet, and origins of those buried,” said Michael Borre Lundø, archaeologist and curator at Museum Odense, in a statement.
He added that it was “truly unusual” to find so many well-preserved skeletons at once.
The 2,000-square-meter Viking burial ground was used during the 9th and 10th centuries. It was discovered on the southern outskirts of the village of Åsum.
The skeletons are so well-preserved archaeologists believe they will be able to pull DNA samples for scientific analysis. Subsequent analysis might reveal whether some of the buried Vikings were related — something that had never been examined in similar grave findings, said Borre Lundø.
“It will be incredibly exciting to learn where these people came from and whether the same families were buried here across multiple generations,” said Sarah Croix, associate professor at Aarhus University in Denmark.
Several skeletons had high standing in society, the archaeologists said, as evidenced by one of the women being buried in a wagon hull — likely the wagon she traveled in. She was buried along with a beautiful glass bead necklace, an iron key, a knife with a silver-threaded handle, and a small shard of glass that may have served as an amulet.
There was a finely decorated wooden chest at the foot of the wagon. Archaeologists do not know what was inside of the chest, but imagine the woman was buried with all of her finest things.
Other skeletons were found buried with jewelry, including one female with a metal ring around her neck, another with a single red glass bead hanging on a cord, and another with a special buckle on.
Recent Viking discoveries include nearly 300 silver coins believed to be more than 1,000 years old, which were discovered in 2023 near a Viking fortress site in northwestern Denmark. And a large Viking burial site was discovered in 2020 by Norwegian archaeologists.
Technology
Hyundai Motor and Kia team up with Samsung to strengthen infotainment in future vehicles
Automotive giants Hyundai Motor Group and Kia have announced a new strategic technology partnership with Samsung Electronics to help them transition towards the future of Software Defined Vehicles (SDVs).
Speaking to TechRadar at the Consumer Electronics Show in Las Vegas earlier this year, Chang Song, President and Head of Hyundai Motor Group Advanced Vehicle Platform (AVP) Division, explained how the Hyundai and Kia were rapidly heading towards the era of SDVs, where constantly connected cars could do more than transport occupants from A to B, offering on-demand services, the ability to interact with partner apps and control elements of the smart home.
The recent partnership with Samsung cements this notion and will further integrate Samsung’s SmartThings IoT platform with a future infotainment system that Chang Song’s department is busy developing.
This also means that Samsung’s popular Galaxy smartphones will enjoy greater integration with future cars, allowing users to check key vehicle data, such as battery range, upcoming service intervals, and even the location of their vehicles, via their phones.
In addition to this, Hyundai Motor Group also wants the vehicle to fit more seamlessly into everyday life, with the potential for one Samsung Electronics account to manage everything, including health care, pet care, and vehicle systems, in one convenient place.
Chang Song is also a founding member of 42dot, an innovative autonomous transportation company now part of the wider Hyundai Motor Group.
His vision is to create a seamless mobility system that will see one app or piece of software take care of privately owned cars, as well as the ability to summon autonomous ride-share services and potentially electronic vertical take-off and landing craft (eVTOL) like those currently being developed by sister company Supernal.
Analysis: Will ‘killer apps’ kill off the car?
The tie-up with Samsung proves Hyundai Motor and Kia’s commitment to a future where the automobile as we know it becomes more a part of our digital lives than a mere method of transport.
Chang Song spoke of his plan to invite third-party developers to create ‘killer apps’ for his future systems, which would effectively do what Internet Explorer did for Microsoft computers in the 1990s, where customers flocked to the hardware purely to take advantage of the software.
Software Defined Vehicles – and to an extent, electric vehicles – are setting the automotive industry on a path toward cars becoming a commodity, where customers treat their vehicles like smartphones, chopping and changing depending on who offers the best digital experience.
The private ownership model as we know it today will likely change, as advances in technology allow companies like Hyundai and Kia to become transport service providers rather than mere car manufacturers.
Song’s influence in software development, as well as Samsung’s recent integration, will bring more of the wider digital world into the car. Checking in on smart fridges, remotely activating the lights, and being able to locate a vehicle through a Galaxy phone is just the beginning.
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