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Instagram opens a San Francisco office

Last year, Facebook was reportedly scouting for office space in San Francisco in order to find a space suitable to house some 100 Instagram employees. Today, the company is officially confirming its San Francisco plans with an announcement that it has leased four floors at 181 Fremont in San Francisco. It will initially house its under-200 person Creation & Communication team, which builds for Stories, Direct, Live and more, but plans to expand its San Francisco headcount in time.

TechCrunch had reported last summer that the Fremont location was being considered, among others. At the time, the 70-story tower wasn’t yet open, and no lease had been signed.

Today, Instagram confirms its lobby will be on the 7th floor of the Fremont building and will be connected to the TransBay Transit Center City Park.

Employees started moving in on May 7th, but that transition remains in progress. It’s also still putting the finishing touches on the space, but shared a few photos (see above and below) of what the space looks like today.

Instagram notes it has just under 200 employees in the Fremont office at present, but it expects that number to grow over the course of the year. It also has around 200 in New York, and 400 at its main office in Menlo Park.

Having a space in the city will likely help Instagram with its recruiting efforts – the new office may attract those who prefer to live in the city, for all its advantages, including the fact that they would no longer have to endure the hour-plus shuttle ride to Instagram’s Menlo Park headquarters, near the main Facebook campus.

“We have space to grow the team and plan to do so considerably this year,” an Instagram spokesperson said.

The company declined to share details like square footage or the cost of the lease at this time.

However, real estate data firm the CoStar Group told the San Francisco Chronicle that Facebook signed a lease for 432,000 square feet of office space in the tower, which could house around 2,000 employees. So this is clearly an investment in the future.

“This is not a pilot,” the spokesperson acknowledged, referencing the claims that it’s a way for the company to “test” out having San Francisco office space.

“Instagram is officially establishing a presence in San Francisco and growing the team on-the-ground here,” they said.

News Source = techcrunch.com

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Delhi

58-year-old NRI masturbates sitting beside woman on board flight, held at Delhi airport

The security control room at the IGI Airport was informed in the early hours today that there was an “unruly passenger” on board a Turkish Airlines flight approaching Delhi.

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After tens of thousands of pre-orders, 3D audio headphones startup Ossic disappears

After taking tens of thousands of crowd-funding pre-orders for a high-end pair of “3D sound” headphones, audio startup Ossic announced this weekend that it is shutting down the company and backers will not be receiving refunds.

The company raised $2.7 million on Kickstarter and $3.2 million on Indiegogo for their Ossic X headphones which they pitched as a pair of high-end head-tracking headphones that would be perfect for listening to 3D audio, especially in a VR environment. While the company also raised a “substantial seed investment,” in a letter on the Ossic website, the company blamed the slow adoption of virtual reality alongside their crowdfunding campaign stretch goals which bogged down their R&D team.

“This was obviously not our desired outcome. The team worked exceptionally hard and created a production-ready product that is a technological and performance breakthrough. To fail at the 5 yard-line is a tragedy. We are extremely sorry that we cannot deliver your product and want you to know that the team has done everything possible including investing our own savings and working without salary to exhaust all possibilities.”

We have reached out to the company for additional details.

Through January 2017, the San Diego company had received more than 22,000 pre-orders for their Ossic X headphones. This past January, Ossic announced that they had shipped out the first units to the 80 backers in their $999 developer tier headphones. In that same update, the company said they would enter “mass production” by late spring 2018.

In the end, after tens of thousands of pre-orders, Ossic only built 250 pairs of headphones and only shipped a few dozen to Kickstarter backers.

Crowdfunding campaign failures for hardware products are rarely shocking, but often the collapse comes from the company not being able to acquire additional funding from outside investors. Here, Ossic appears to have been misguided from the start and even with nearly $6 million in crowdfunding and seed funding, which they said nearly matched that number, they were left unable to begin large-scale manufacturing. The company said in their letter, that it would likely take more than $2 million in additional funding to deliver the existing backlog of pre-orders.

Backers are understandably quite upset about not receiving their headphones. A group of over 1,200 Facebook users have joined a recently-created page threatening a class action lawsuit against the team.

News Source = techcrunch.com

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With at least $1.3 billion invested globally in 2018, VC funding for blockchain blows past 2017 totals

Although bitcoin and blockchain technology may not take up quite as much mental bandwidth for the general public as it did just a few months ago, companies in the space continue to rake in capital from investors.

One of the latest to do so is Circle, which recently announced a $110 million Series E round led by bitcoin mining hardware manufacturer Bitmain. Other participating investors include Tusk VenturesPantera CapitalIDG Capital PartnersGeneral CatalystAccel PartnersDigital Currency GroupBlockchain Capital and Breyer Capital.

This round vaults Circle into an exclusive club of crypto companies that are valued, in U.S. dollars, at $1 billion or more in their most recent venture capital round. According to Crunchbase data, Circle was valued at $2.9 billion pre-money, up from a $420 million pre-money valuation in its Series D round, which closed in May 2016. According to Crunchbase data, only Coinbase and Robinhood — a mobile-first stock-trading platform which recently made a big push into cryptocurrency trading — were in the crypto-unicorn club, which Circle has now joined.

But that’s not the only milestone for the world of venture-backed cryptocurrency and blockchain startups.

Back in February, Crunchbase News predicted that the amount of money raised in old-school venture capital rounds by blockchain and blockchain-adjacent startups in 2018 would surpass the amount raised in 2017. Well, it’s only May, and it looks like the prediction panned out.

In the chart below, you’ll find worldwide venture deal and dollar volume for blockchain and blockchain-adjacent companies. We purposely excluded ICOs, including those that had traditional VCs participate, and instead focused on venture deals: angel, seed, convertible notes, Series A, Series B and so on. The data displayed below is based on reported data in Crunchbase, which may be subject to reporting delays, and is, in some cases, incomplete.

A little more than five months into 2018, reported dollar volume invested in VC rounds raised by blockchain companies surpassed 2017’s totals. Not just that, the nearly $1.3 billion in global dollar volume is greater than the reported funding totals for the 18 months between July 1, 2016 and New Year’s Eve in 2017.

And although Circle’s Series E round certainly helped to bump up funding totals year-to-date, there were many other large funding rounds throughout 2018:

There were, of course, many other large rounds over the past five months. After all, we had to get to $1.3 billion somehow.

All of this is to say that investor interest in the blockchain space shows no immediate signs of slowing down, even as the price of bitcoin, ethereum and other cryptocurrencies hover at less than half of their all-time highs. Considering that regulators are still figuring out how to treat most crypto assets, massive price volatility and dubious real-world utility of the technology, it may surprise some that investors at the riskiest end of the risk capital pool invest as much as they do in blockchain.

Notes on methodology

Like in our February analysis, we first created a list of companies in Crunchbase’s bitcoin, ethereum, blockchaincryptocurrency and virtual currency categories. We added to this list any companies that use those keywords, as well as “digital currency,” “utility token” and “security token” that weren’t previously included in the above categories. After de-duplicating this list, we merged this set of companies with funding rounds data in Crunchbase.

Please note that for some entries in Crunchbase’s round data, the amount of capital raised isn’t known. And, as previously noted, Crunchbase’s data is subject to reporting delays, especially for seed-stage companies. Accordingly, actual funding totals are likely higher than reported here.

News Source = techcrunch.com

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