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May 23, 2019
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Meet Projector, collaborative design software for the Instagram age

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Mark Suster of Upfront Ventures bonded with Trevor O’Brien in prison. The pair, Suster was quick to clarify, were on site at a correctional facility in 2016 to teach inmates about entrepreneurship as part of a workshop hosted by Defy Ventures, a nonprofit organization focused on addressing the issue of mass incarceration.

They hit it off, sharing perspectives on life and work, Suster recounted to TechCrunch. So when O’Brien, a former director of product management at Twitter, mentioned he was in the early days of building a startup, Suster listened.

Three years later, O’Brien is ready to talk about the idea that captured the attention of the Bird, FabFitFun and Ring investor. It’s called Projector.

It’s the brainchild of a product veteran (O’Brien) and a gaming industry engineer turned Twitter’s vice president of engineering (Projector co-founder Jeremy Gordan), a combination that has given way to an experiential and well-designed platform. Projector is browser-based, real-time collaborative design software tailored for creative teams that feels and looks like a mix of PowerPoint, Google Docs and Instagram . Though it’s still months away from a full-scale public launch, the team recently began inviting potential users to test the product for bugs.

We want to reimagine visual communication in the workplace by building these easier to use tools and giving creative powers to the non-designers who have great stories to tell and who want to make a difference,” O’Brien told TechCrunch. “They want change to happen and they need to be empowered with the right kinds of tools.”

Today, Projector is a lean team of 13 employees based in downtown San Francisco. They’ve kept quiet since late 2016 despite closing two rounds of venture capital funding. The first, a $4 million seed round, was led by Upfront’s Suster, as you may have guessed. The second, a $9 million Series A, was led by Mayfield in 2018. Hunter Walk of Homebrew, Jess Verrilli of #Angels and Nancy Duarte of Duarte, Inc. are also investors in the business, among others.

O’Brien leads Projector as chief executive officer alongside co-founder and chief technology officer Gordon. Years ago, O’Brien was pursuing a PhD in computer graphics and information visualization at Brown University when he was recruited to Google’s competitive associate product manager program. He dropped out of Brown and began a career in tech that would include stints at YouTube, Twitter, Coda and, finally, his very own business.

O’Brien and Gordan crossed paths at Twitter in 2013 and quickly realized a shared history in the gaming industry. O’Brien had spent one year as an engineer at a games startup called Mad Doc Software, while Gordon had served as the chief technology officer at Sega Studios. Gordan left Twitter in 2014 and joined Redpoint Ventures as an entrepreneur-in-residence before O’Brien pitched him on an idea that would become Projector.

Projector co-founders Jeremy Gordan (left), Twitter’s former vice president of engineering, and Trevor O’Brien, Twitter’s former director of product management

“We knew we wanted to create a creative platform but we didn’t want to create another creative platform for purely self-expression, we wanted to do something that was a bit more purposeful,” O’Brien said. “At the end of the day, we just wanted to see good ideas succeed. And with all of those good ideas, succeeding typically starts with them being presented well to their audience.”

Initially, Projector is targeting employees within creative organizations and marketing firms, who are frequently tasked with creating visually compelling presentations. The tool suite is free for now and will be until it’s been sufficiently tested for bugs and has fully found its footing. O’Brien says he’s not sure just yet how the team will monetize Projector, but predicts they’ll adopt Slack’s per user monthly subscription pricing model.

As original and user-friendly as it may be, Projector is up against great competition right out of the gate. In the startup landscape, it’s got Canva, a graphic design platform valued at $2.5 billion earlier this week with a $70 million financing. On the old-guard, it’s got Adobe, which sells a widely used suite of visual communication and graphic design tools. Not to mention Prezi, Figma and, of course, Microsoft’s PowerPoint, which is total crap but still used by millions of people.

There are many tools scratching at the surface, but there’s not one visual communications tool that wins them all,” Suster said of his investment in Projector.

Projector is still in its very early days. The company currently has just two integrations: Unsplash for free stock images and Giphy for GIFs. O’Brien would eventually like to incorporate iconography, typography and sound to liven up Projector’s visual presentation capabilities.

The ultimate goal, aside from generally improving workplace storytelling, is to make crafting presentations fun, because shouldn’t a corporate slideshow or even a startup’s pitch be as entertaining as scrolling through your Instagram feed?

“We wanted to try to create something that doesn’t feel like work,” O’Brien said.

News Source = techcrunch.com

Indonesia restricts WhatsApp, Facebook and Instagram usage following deadly riots

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Indonesia is the latest nation to hit the hammer on social media after the government restricted the use of WhatsApp and Instagram following deadly riots yesterday.

Numerous Indonesia-based users are today reporting difficulties sending multimedia messages via WhatsApp, which is one of the country’s most popular chat apps, and posting content to Facebook, while the hashtag #instagramdown is trending among the country’s Twitter users due to problems accessing the Facebook-owned photo app.

Wiranto, a coordinating minister for political, legal and security affairs, confirmed in a press conference that the government is limiting access to social media and “deactivating certain features” to maintain calm, according to a report from Coconuts.

Rudiantara, the communications minister of Indonesia and a critic of Facebook, explained that users “will experience lag on Whatsapp if you upload videos and photos.”

Facebook — which operates both WhatsApp and Instagram — didn’t explicitly confirm the blockages , but it did say it has been in communication with the Indonesian government.

“We are aware of the ongoing security situation in Jakarta and have been responsive to the Government of Indonesia. We are committed to maintaining all of our services for people who rely on them to communicate with their loved ones and access vital information,” a spokesperson told TechCrunch.

A number of Indonesia-based WhatsApp users confirmed to TechCrunch that they are unable to send photos, videos and voice messages through the service. Those restrictions are lifted when using Wi-Fi or mobile data services through a VPN, the people confirmed.

The restrictions come as Indonesia grapples with political tension following the release of the results of its presidential election on Tuesday. Defeated candidate Prabowo Subianto said he will challenge the result in the constitutional court.

Riots broke out in capital state Jakarta last night, killing at least six people and leaving more than 200 people injured. Following this, it is alleged that misleading information and hoaxes about the nature of riots and people who participated in them began to spread on social media services, according to local media reports.

Protesters hurl rocks during clash with police in Jakarta on May 22, 2019. – Indonesian police said on May 22 they were probing reports that at least one demonstrator was killed in clashes that broke out in the capital Jakarta overnight after a rally opposed to President Joko Widodo’s re-election. (Photo by ADEK BERRY / AFP)

For Facebook, seeing its services forcefully cut off in a region is no longer a rare incident. The company, which is grappling with the spread of false information in many markets, faced a similar restriction in Sri Lanka in April, when the service was completely banned for days amid terrorist strikes in the nation. India, which just this week concluded its general election, has expressed concerns over Facebook’s inability to contain the spread of false information on WhatsApp, which is its largest chat app with over 200 million monthly users.

Indonesia’s Rudiantara expressed a similar concern earlier this month.

“Facebook can tell you, ‘We are in compliance with the government’. I can tell you how much content we requested to be taken down and how much of it they took down. Facebook is the worst,” he told a House of Representatives Commission last week, according to the Jakarta Post.

Update 05/22 02:30 PDT: The original version of this post has been updated to reflect that usage of Facebook in Indonesia has also been impacted.

News Source = techcrunch.com

Chat app Line is adding Snap-style disappearing stories

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Facebook cloning Snap to death may be old news, but others are only just following suit. Line, the Japanese messaging app that’s popular in Asia, just became the latest to clone Snap’s ephemeral story concept.

The company announced today that it is adding stories that disappear after 24-hours to its timeline feature, a social network like feed that sits in its app, and user profiles. The update is rolling out to users now and the concept is very much identical to Snap, Instagram and others that have embraced time-limited content.

“As posts vanish after 24 hours, there is no need to worry about overposting or having posts remain in the feed,” Line, which is listed in the U.S. and Japan, wrote in an update. “Stories allows friends to discover real-time information on Timeline that is available only for that moment.”

Snap pioneered self-destructed content in its app, and the concept has now become present across most of the most popular internet services in the world.

In particular, Facebook added stories to across the board: to its core app, Messenger, Instagram and WhatsApp, the world’s most popular chat app with over 1.5 billion monthly users. Indeed, Facebook claims that WhatsApp stories are used by 500 million people, while the company has built Instagram into a service that has long had more users than Snap — currently over one billion.

The approach doesn’t always work, though — Facebook is shuttering its most brazen Snap copy, a camera app built around Instagram direct messages.

China’s top chat app WeChat added its own version earlier this year, and while it said in its earnings this week that users upload “hundreds of millions of videos each day” to its social platforms, it didn’t give numbers on its Snap-inspired feature.

Line doesn’t have anything like the reach of Facebook’s constellation of social apps or WeChat, but it is Japan’s dominant messaging platform and is popular in Thailand, Taiwan and Indonesia.

The Japanese company doesn’t give out global user numbers but it reported 164 million monthly users in its four key markets as of Q1 2019, that’s down one million year-on-year. Japan accounts for 80 million of that figure, ahead of Thailand (44 million), Taiwan (21 million) and Indonesia (19 million.)

While user growth has stagnated, Line has been able to extract increase revenue. In addition to a foray into services — in Japan its range covers ride-hailing, food delivery, music streaming and payments — it has increased advertising in the app’s timeline tab, and that is likely a big reason for the release of stories. The new feature may help timeline get more eyeballs, while the company could follow the lead of Snap and Instagram to monetize stories by allowing businesses in.

In Line’s case, that could work reasonably well — for advertising — since users can opt to follow business accounts already. It would make sense, then, to let companies push stories to users that opted in follow their account. But that’s a long way in the future and it will depend on how the new feature is received by users.

News Source = techcrunch.com

OpenFin raises $17 million for its OS for finance

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OpenFin, the company looking to provide the operating system for the financial services industry, has raised $17 million in funding through a Series C round led by Wells Fargo, with participation from Barclays and existing investors including Bain Capital Ventures, J.P. Morgan and Pivot Investment Partners. Previous investors in OpenFin also include DRW Venture Capital, Euclid Opportunities and NYCA Partners.

Likening itself to “the OS of finance”, OpenFin seeks to be the operating layer on which applications used by financial services companies are built and launched, akin to iOS or Android for your smartphone.

OpenFin’s operating system provides three key solutions which, while present on your mobile phone, has previously been absent in the financial services industry: easier deployment of apps to end users, fast security assurances for applications, and interoperability.

Traders, analysts and other financial service employees often find themselves using several separate platforms simultaneously, as they try to source information and quickly execute multiple transactions. Yet historically, the desktop applications used by financial services firms — like trading platforms, data solutions, or risk analytics — haven’t communicated with one another, with functions performed in one application not recognized or reflected in external applications.

“On my phone, I can be in my calendar app and tap an address, which opens up Google Maps. From Google Maps, maybe I book an Uber . From Uber, I’ll share my real-time location on messages with my friends. That’s four different apps working together on my phone,” OpenFin CEO and co-founder Mazy Dar explained to TechCrunch. That cross-functionality has long been missing in financial services.

As a result, employees can find themselves losing precious time — which in the world of financial services can often mean losing money — as they juggle multiple screens and perform repetitive processes across different applications.

Additionally, major banks, institutional investors and other financial firms have traditionally deployed natively installed applications in lengthy processes that can often take months, going through long vendor packaging and security reviews that ultimately don’t prevent the software from actually accessing the local system.

OpenFin CEO and co-founder Mazy Dar. Image via OpenFin

As former analysts and traders at major financial institutions, Dar and his co-founder Chuck Doerr (now President & COO of OpenFin) recognized these major pain points and decided to build a common platform that would enable cross-functionality and instant deployment. And since apps on OpenFin are unable to access local file systems, banks can better ensure security and avoid prolonged yet ineffective security review processes.

And the value proposition offered by OpenFin seems to be quite compelling. Openfin boasts an impressive roster of customers using its platform, including over 1,500 major financial firms, almost 40 leading vendors, and 15 out of the world’s 20 largest banks.

Over 1,000 applications have been built on the OS, with OpenFin now deployed on more than 200,000 desktops — a noteworthy milestone given that the ever popular Bloomberg Terminal, which is ubiquitously used across financial institutions and investment firms, is deployed on roughly 300,000 desktops.

Since raising their Series B in February 2017, OpenFin’s deployments have more than doubled. The company’s headcount has also doubled and its European presence has tripled. Earlier this year, OpenFin also launched it’s OpenFin Cloud Services platform, which allows financial firms to launch their own private local app stores for employees and customers without writing a single line of code.

To date, OpenFin has raised a total of $40 million in venture funding and plans to use the capital from its latest round for additional hiring and to expand its footprint onto more desktops around the world. In the long run, OpenFin hopes to become the vital operating infrastructure upon which all developers of financial applications are innovating.

Apple and Google’s mobile operating systems and app stores have enabled more than a million apps that have fundamentally changed how we live,” said Dar. “OpenFin OS and our new app store services enable the next generation of desktop apps that are transforming how we work in financial services.”

News Source = techcrunch.com

Slack aims to be the most important software company in the world, says CEO

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Slack this morning disclosed estimated preliminary financial results for the first quarter of 2019 ahead of a direct listing planned for June 20.

Citing an addition of paid customers, the workplace messaging service posted revenues of about $134 million, up 66 percent from $81 million in the first quarter of 2018. Losses from operations increased from $26 million in Q1 2018 to roughly $39 million this year.

In addition to filing updated paperwork, the Slack executive team gathered on Monday to make a final pitch to potential shareholders, emphasizing its goal of replacing email within enterprises across the world.

“People deserve to do the best work of their lives,” Slack co-founder and chief executive officer Stewart Butterfield said in a video released alongside a livestream of its investor day event. “This desire of feeling aligned with your team, of removing confusion, of getting clarity; the desire for support in doing the best work of your life, that’s universal, that’s deeply human. It appeals to people with all kinds of roles, in all kinds of industries, at all scales of organization and all cultures.”

“We believe that whoever is able to unlock that potential for people … is going to be the most important software company in the world. We aim to be that company,” he added.”

Slack, valued at more than $7 billion with its last round of venture capital funding, plans to list on the NYSE under the ticker symbol “SK.”

The business filed to go public in April as other well-known tech companies were finalizing their initial public offerings. Following Uber’s disastrous IPO last week, public and private market investors alike will be keeping a close-eye on Slack’s stock market performance, which may determine Wall Street’s future appetite for Silicon Valley’s unicorns.

Though some of the recent tech IPOs performed famously, like Zoom, Uber and Lyft’s performance has served as a cautionary tale for going out in poor market conditions with lofty valuations. Uber began trading last week at below its IPO price of $45 and is today down significantly at just $36 per share. Lyft, for its part, is selling for $47.5 apiece today after pricing at $72 per share in March.

Slack isn’t losing billions per year like Uber but it’s also not as close to profitability as expected. In the year ending January 31, 2019, Slack posted a net loss of $138.9 million and revenue of $400.6 million. That’s compared to a loss of $140.1 million on revenue of $220.5 million for the year ending January 31, 2018. In its S-1, the company attributed its losses to scaling the business and capitalizing on its market opportunity.

Workplace messaging startup Slack said Monday, February 4, 2019 it had filed a confidential registration for an initial public offering, becoming the latest of a group of richly valued tech enterprises to look to Wall Street. (Photo by Eric BARADAT / AFP) (Photo credit should read ERIC BARADAT/AFP/Getty Images)

Slack currently boasts more than 10 million daily active users across more than 600,000 organizations — 88,000 on the paid plan and 550,000 on the free plan.

Slack has been able to bypass the traditional roadshow process expected of an IPO-ready business, opting for a path to Wall Street popularized by Spotify in 2018. The company plans to complete a direct listing, which allows companies to forgo issuing new shares and instead sell existing shares held by insiders, employees and investors directly to the market, in mid-June. The date, however, is subject to change.

Slack has previously raised a total of $1.2 billion in funding from investors, including Accel, Andreessen Horowitz, Social Capital, SoftBank, Google Ventures and Kleiner Perkins.

News Source = techcrunch.com

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