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Not all startups mourn IPOs, but liquidity still must flow

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Water drop mapping money dripping from a faucet

Welcome to Startups Weekly — your weekly recap of everything you can’t miss from the world of startups. Want it in your inbox every Friday? Sign up here.

Several startups announced new rounds this week without disclosing their valuation. This doesn’t mean that these were down rounds, but rather it confirms that our collective focus has shifted far away from unicorns: These days, $1 billion can be the ARR (annual recurring revenue) figure a company wants to hit before going public.

Most interesting startup stories from the week

Vinted CEO Thomas Plantenga
Image Credits:Vinted

IPOs are making their way back into the conversation, but not everyone is lamenting their absence.

Secondhand: Vinted was valued at €5 billion in a secondary share sale. The Lithuanian secondhand marketplace joins the growing number of European scale-ups that have followed this route to unlock liquidity for their stakeholders in the absence of IPOs on their roadmap.

Bright side: Ro CEO Zachariah Reitano would “never say never” to taking the telehealth company public, but he thinks the benefits of being a private company are growing, he said in a recent interview.

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Checking boxes: Checking boxes: Wiz hopes that 2025 will be the year its ARR reaches $1 billion, a number its co-founders see as a prerequisite for the cybersecurity company to go public after it declined to get acquired by Google for $23 billion.

Big moves: Fintech company Groww is one of several Indian startups that are relocating their headquarters to India to better comply with local legislation and potentially go public more easily, TechCrunch’s Manish Singh reported.

Tailwinds: U.S. federal regulators have cleared the way for electric vertical takeoff and landing (eVTOL) aircraft to share U.S. airspace with planes and helicopters, a big win for startups in this category.

Most interesting fundraises this week

Finix CEO and founder Richie Serna
Image Credits:Finix

Just a handful of AI-related funding rounds this week, but AI will be central to some really big ones that may be around the corner.

Counter-Stripe: One year after becoming a payment processor, fintech startup Finix raised a $75 million Series C round of funding that will help it grow in the U.S. and expand into more countries. 

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Money circle: Concentric AI recently raised a $45 million Series B round. The San Mateo-based startup operates in the data security posture management space, which had several M&As in recent years.

Open checks: Socket raised $40 million to detect security vulnerabilities in open source code, which software companies are increasingly relying on. 

Augmented: Fixify closed a $25 million Series A round to help IT teams deal with ticket overload thanks to a combination of automation and human analysts.

Rumors: AI search engine Perplexity is reportedly seeking to raise $500 million. Former OpenAI CTO Mira Murati is also said to be fundraising for a new AI startup. 

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Most interesting VC and fund news this week

Gabriel Weinberg is creator of DuckDuckGo.
Image Credits:Sean Simmers, for The Washington Post / Getty Images

Ducks in a row: Privacy-focused company DuckDuckGo will invest into similarly minded early-stage startups and consider acquisitions. Its past investments include AI model training platform EverArt, TechCrunch learned.

Breathing room: Andreessen Horowitz is making a private GPU cluster available to AI startups in its portfolio through a program called Oxygen, the VC firm confirmed this week.

Partners only: Filings revealed that Benchmark is raising $170 million for a new fund. TechCrunch understands this will be a partners-only fund, where most of the funding will come from the firm’s historical and current partners.

Old and new: U.S. VC veteran firm General Catalyst raised $8 billion in fresh funds. As for new VC firm Chemistry, it raised $350 million for its debut fund.

Last but not least

Accel partner Philippe Botteri
Accel partner Philippe BotteriImage Credits:Accel

The race for AI foundational models is only beginning, and smaller startups still stand a chance, Accel partner Philippe Botteri told TechCrunch. This includes European ones, despite the fundraising gap with their U.S. peers.

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Look for the AI disclaimer from Google on photos that look a little too good to be true

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October 25, 2024

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Google Photos AI

We’ve all been using photo filters and related tools for years to make our faces, food, and fall decor look their best. AI tools arguably manipulate photos in fundamental ways well beyond better lighting and removing red eyes.

Google Photos has several generative AI features that can alter an image, but Google will now mark on a photo that you’ve used those tools in the name of transparency.

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Why the feud matters to the internet

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24 mins ago

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October 25, 2024

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Why the feud matters to the internet
Perthshire Picture Agency Blonde woman with her arms folded looking up at the cameraPerthshire Picture Agency

Tricia Fox’s small business in Scotland has been affected by the row between two major US companies

One of the world’s biggest web publishing platforms – used by a large chunk of the internet – is locked in a spat which is affecting thousands of businesses worldwide.

While most of the work WordPress does is not seen by internet users, it says its behind-the-scenes web-building tools power 40% of the world’s websites.

That means its disagreement with a company called WP Engine is causing disruption to the huge number businesses that rely on the two organisations to keep their websites running.

Tricia Fox, who runs an agency that manages about 70 websites – and is caught up in the row – told the BBC: “I can’t run a business on this level of uncertainty.”

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The very wide use of WordPress makes it “crucial to the internet”, according to Daniel Card, fellow of BCS, the Chartered Institute for IT.

But that also means “its actions definitely have a big ripple effect online”, he says – a ripple effect firms like Tricia Fox’s are starting to really feel.

Source of the row

The row between the companies begins with the fact that WordPress has two sides: its non-profit organisation, called WordPress.org, and its profit-making arm, called Automattic.

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WordPress.org makes its source code open, which mean anyone can use it to create and redistribute their own tools for free.

That’s what WP Engine does to run a web hosting service.

But in return for the source code, WordPress expects those who use it to contribute to its maintenance, for example by fixing bugs and testing new features.

The boss of WordPress accuses WP Engine of failing to do so, going so far as to call it “a cancer to WordPress.”

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As a result, in late September, he banned WP Engine from using key parts of WordPress.

WP Engine rejects these claims.

“We are proud of our extensive contributions to the WordPress ecosystem,” WP Engine wrote in a post on X/Twitter.

Counting the cost

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Caught in the middle of this row are the countless websites and blogs that rely on the two companies services.

People like Tricia Fox, who uses a WP Engine subsidiary to host the websites her company serves.

She now says she is “almost certain” to migrate her websites to a different host – a decision which she says is worth “tens of thousands of pounds” over the next few years.

She wants to move away from WP Engine because the fallout has resulted in dozens of hours of extra work for her staff – increasing costs for her business.

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“The team don’t know if it’s going to work today or not,” Ms Fox told the BBC.

But she worries even a costly move away from WP Engine may not solve her problems, as she would still be using another host based on the WordPress code.

“What’s to stop WordPress from doing this again [to another company]?” she asks.

“Right now we are currently focused on resolving our dispute with WP Engine,” WordPress said when the BBC asked if it would go after other companies in a similar manner.

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Wiring the web

The row also underscores how important the open source principle is to the online economy.

While big tech might attract the headlines, for many people and businesses it is something much less eye-catching that keeps them afloat.

“Open source is all about sharing code and standards so everyone benefits, and it’s a huge part of what makes the internet work,” says Daniel Card.

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And with WordPress being such a big player in that world, if it makes changes to its tools, he adds, “it’s felt by users everywhere and often impacts hosting, plugins, and web standards across the internet.”

WordPress A screenshot of the WordPress website which shows a tick box which says: "I am not affiliated with WP Engine in any way, financially or otherwise."WordPress

Users on WordPress.org now have to click a box saying they are unaffiliated with WP Engine when they log in

Here come the lawyers

While much of the spat between the two sides has taken place through official social media accounts and blog posts, it has also entered the courtroom.

WordPress.org cannot force WP Engine to contribute to its open source project – but it does have control over its trademarks.

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It argues that WP Engine mentions WordPress in its marketing tools to help sell its product – and therefore should pay to use the trademark.

“Any business making hundreds of millions of dollars off of an open source project ought to give back, and if they don’t, then they can’t use its trademarks,” Mr Mullenweg wrote in a blog post.

The trademarks do not cover the “WP” abbreviation, but the WordPress Foundation says: “please don’t use it in a way that confuses people”.

WP Engine has meanwhile filed a legal case against Mr Mullenweg and Automattic, with accusations of attempted extortion, libel and a violation of the Computer Fraud and Abuse Act among its complaints.

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It claims Automattic told WP Engine they would have to pay “tens of millions of dollars” in order to continue using the WordPress trademarks.

WP Engine has since asked for the legal process to be sped up as its businesses are suffering.

Its recent filing claimed the number of cancellation requests it receives have increased by 14% compared to normal trading, as a result of the disruption.

It said it it is also losing out on potential new customers due to uncertainty over its future access to WordPress products.

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Automattic has called the lawsuit “baseless” and “flawed, start to finish.”

“We vehemently deny WP Engine’s allegations – which are gross mischaracterizations of reality,” it said in a statement, adding that it would “vigorously litigate against this absurd filing”.

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ISRO’s new system to detect space junk- The Week

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45 mins ago

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October 25, 2024

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ISRO's new system to detect space junk- The Week

The ISRO has developed a system to track active and dead satellites, said ISRO chairman S Somnath. He added that Safe and Sustainable Operations Management will detect space junk formed due to the collision of objects in space.

Somnath was speaking at the National Space Day celebrations held on Friday in Delhi. The National Space Day fete is held to mark the first year anniversary of the Chandrayaan-3 moon mission.

Detailing ISRO’s policy against littering in space, Somnath said the system also tracks the movement of unwanted satellites and anything that is above 10 cm in size. “We have created a mathematical model for the same. We can model them, we can understand them, we can predict their movement. We already have certain observational capabilities. And are now trying to expand it,” he said. ISRO has vowed to bring satellites back to Earth after the completion of their mission life.

The ISRO chairman reminisced about the Chandrayaan-3 mission and the impact the mission had on the country. He also briefed on the National Space Day celebration held with the participation of departments, ministries, educational institutions, science organisations, NGOs, and the general public. 

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The event held at Bharath Mandapam Convention Centre in New Delhi also saw President Droupadi Murmu sharing her concern over the space debris as a result of numerous satellites being placed in orbit. “Space debris can cause problems for space missions,” she said while lauding ISRO for setting itself a target to make future space missions debris-free by 2030.

The President also appreciated the ISRO System for Safe and Sustainable Operations Management Facility, which ensures continuous progress of space research activities. 

The event was also attended by Minister of State for the Department of Space, Dr Jitendra Singh. The minister said that the government has set a target of $ 44 billion in revenue by 2032. As per the new report released by a European consulting firm, the space sector generated $60 billion in revenue in the last ten years against an investment of $13 billion.

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AI models fall for the same scams that we do

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1 hour ago

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October 25, 2024

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New Scientist. Science news and long reads from expert journalists, covering developments in science, technology, health and the environment on the website and the magazine.
New Scientist. Science news and long reads from expert journalists, covering developments in science, technology, health and the environment on the website and the magazine.

Scams can fool AI models

Wong Yu Liang/Getty Images

The large language models (LLMs) that power chatbots are increasingly being used in attempts to scam humans – but they are susceptible to being scammed themselves.

Udari Madhushani Sehwag at JP Morgan AI Research and her colleagues peppered three models behind popular chatbots – OpenAI’s GPT-3.5 and GPT-4, as well as Meta’s Llama 2 – with 37 scam scenarios.

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The chatbots were told, for instance, that they had received an email recommending investing in a new cryptocurrency, with…

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Roborock Qrevo Curv vs. Qrevo Master

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1 hour ago

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October 25, 2024

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Roborock Qrevo Curv vs. Qrevo Master
Qrevo Curv climbing a threshold.
Roborock

The Roborock Qrevo Curv was one of many new devices shown off during IFA 2024. Offering a shocking amount of suction and an updated vacuuming setup, it’s poised to be one of the best robot vacuums of the year. But how does it stack up with the existing Roborock Qrevo Master? More importantly, should owners of the Qrevo Master make the jump to the Qrevo Curv? Here’s a closer look at both robot vacuums to help you decide.

Pricing and design

The Qrevo Curv next to a plant.
Jon Bitner / Digital Trends

The Roborock Qrevo Curv is priced at $1,600, making it one of the most expensive robots on the market. It offers a striking dome-shaped docking station and is a stark departure from the rectangular shapes of the competition. Most shoppers should find it to be a well-designed device.

The Roborock Qrevo Master was originally priced at $1,600, but it seems to have been permanently slashed to $950 following the arrival of the Curv. It boasts a traditional rectangular docking station. It looks great — but after seeing the Curv, it definitely seems a bit dated. Still, at under $1,000, it’s a better choice for frugal shoppers.

Winner: Roborock Qrevo Master

Vacuuming

The FlexiArm on the Qrevo Curv.
Jon Bitner / Digital Trends

Churning out 18,500Pa of suction, the Qrevo Curv is remarkably powerful. Combined with its new DuoDivide Brush that’s built to avoid tangles and a redesigned FlexiArm swinging side brush, it cleans thick carpets as well as some cordless vacuums. Its brushes can also lift while mopping to ensure they don’t get wet.

The Qrevo Master can also lift its brushes and uses a FlexiArm swinging side brush, but its bristles don’t use the new design — making it a bit more prone to tangles. The same goes for its older DuoRoller Brush on the bottom. The biggest difference, however, is when it comes to suction levels. The Qrevo Master tops out at 10,000Pa.

Both docking stations can hold up to seven weeks of dust, making them incredibly hands-free when it comes to vacuuming operations.

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Winner: Roborock Qrevo Curv

Mopping

The Qrevo Master mopping.
Roborock

Mopping specs are largely the same across both robots. They use dual rotating mopping pads that spin at 200 rpm, offer a variety of different water flow levels, and feature a swinging mop to clean near baseboards. Once a cleaning run is completed, it’ll head back to the dock.

Here, its mops will be rinsed with hot water until no dirt is detected. The docking station will then automatically clean its own washboard to ensure all the debris knocked off the mops is washed away into its dirty water reservoir. Mops will then be dried with warm air to ensure nasty odors don’t develop.

Winner: Tie

Additional features

The Qrevo Curv and its mobile app.
Roborock

Both robots are packed with additional features. This includes a built-in voice assistant, a powerful mobile app to customize your settings, premium obstacle detection, and the fun ability to capture snapshots of your pets. The Qrevo Curv also features a liftable chassis to climb over thresholds up to 4cm and the ability to heat its water up to 75 degrees Celsius compared to just 60 degrees Celsius on the Master.

Winner: Roborock Qrevo Curv

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Verdict

The Roborock Qrevo Curv is undoubtedly the better robot vacuum and mop combo. More suction, better roller brushes, a bold new dock design, and the ability to climb over thresholds make it superior to the older model. Of course, it’s also much more expensive, clocking in at a cool $1,600.

If you need the absolute best robot vacuum, however, it’s an easy recommendation. It offers nearly double the suction of the Master, allowing it to give even the thickest carpets an impeccable clean.

On the other hand, if you already own the Master, don’t feel the need to rush out and buy the Curv. Mopping performance is largely the same across both devices, as are many of the additional features. So unless you need the extra suction for plush carpets, you can probably pass on an upgrade.


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8BitDo makes a mobile controller with Hall Effect sticks now

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2 hours ago

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October 25, 2024

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8BitDo makes a mobile controller with Hall Effect sticks now

The ultimate mobile gaming controller is one that you enjoy using the most, and 8BitDo thinks its new controller for mobile games is going to be that controller for you. And, you know what it just might be. It’s called the Ultimate Mobile Gaming Controller and based on the features, it’s quite possible that it will live up to that title.

For starters, 8BitDo is coming out of the gate strong with two very sought-after features. Hall Effect sticks and triggers. While it’s nice that triggers are Hall Effect, it’s much more important that the stick use this technology. Hall Effect joysticks mean that the joysticks on this controller are essentially drift-proof. Stick drift has been a big problem for many users across all platforms, but it seems to have been the biggest issue for Nintendo Switch and PS5 owners. Where the sticks on the JoyCon and the DualSense have encountered this problem on a pretty large scale.

8BitDo wants you to avoid running into this problem.

The 8BitDo Ultimate Mobile Gaming Controller is $50

The other big thing that 8BitDo has going for it is the controller’s price. It’s only $50. Compare that to the $100 Backbone One which is a favorite of many, and the $78 Razer Kishi V2 Pro and $150 Razer Kishi Ultra, the latter of which has been our favorite. Even with the regular Kishi V2 is still more expensive at $60. And while it’s a fine controller, we have loved ours, 8BitDo’s entry into the market has a considerable advantage in size.

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The Ultimate Mobile Gaming Controller appears to be a full-size controller and it comes with an enhanced grip. So you should have more for your hands to hold onto. This was one of the main reasons why we love the Kishi Ultra. It’s a full-size mobile controller in this Nintendo Switch-like style where the phone sits in the middle. That being said, it does cost $150. So it’s expensive, and for many, the cost may not be justified.

This is where 8BitDo has a chance to carve out a real piece of the market. It can offer a full-size or nearly full-size mobile controller with loads of features at a reasonably low price. And that will probably be hard to beat.

It’s compatible with nearly every device

8BitDo says the controller is compatible with nearly every phone out there. That’s partially due to the Bluetooth connection, as there’s no direct USB-C connection to plug your phone into. It’s also due to the controller’s extendable body to fit larger devices. There is still a limit of course. The controller will only support phones from 100mm to 170mm in length. If your phone (or tablet perhaps) fits into those measurements then you should be fine.

In addition to the wide range of phone compatibility, the Ultimate Mobile Gaming Controller offers a lot more. There are two pro-style back paddles, tactile bumpers and d-pad, a turbo button, a macro button, and the controller works with 8BitDo’s Ultimate software.

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You can use this software to remap controls and adjust different settings. This is also where you can set up and customize profiles. Which is useful since the controller has a profile button too. Now since this is powered by Bluetooth it does have a battery. That battery should last up to 15 hours though, and it only takes about 1.5 hours to recharge.

The Ultimate Mobile Gaming Controller is available for pre-order today through Amazon. 8BitDo says it begins shipping out on November 29. it comes in black and white.

Buy at Amazon

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