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March 25, 2019
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Peek into an empty Steve Jobs Theater before tomorrow’s big Apple event

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What are you up to this afternoon? If your answer is anything “watching the livestream of an empty Steve Jobs Theater,” honestly, I’m not sure how you call yourself an Apple fan.

A day before the company’s event in Cupertino, Apple’s streaming video of what looks to be an empty theater, bathed in darkness, with some swirling psychedelic designs playing on the big screen. The whole thing is almost certainly a bid to drum up more interest a day out, as fan scramble to figure out if someone accidentally left the feed running after morning rehearsals.

Most likely, what we’re seeing is a composite, CG mockup or pre-recorded video of the space. There’s even the occasional odd pop up on the big screen. Apple’s been known to have fun at our expense just ahead of the big event. Call it a fun goof or good natured trolling, but the company’s certainly got out attention. Not that is needed it.

Apple is expected to launch a number of new products tomorrow, including a  Netflix competitor, news offering and gaming service. There’s even a credit card rumored to be in the works.

News Source = techcrunch.com

Hackers conquer Tesla’s in-car web browser and win a Model 3

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A pair of security researchers dominated Pwn2Own, the annual high-profile hacking contest, taking home $375,000 in prizes including a Tesla Model 3 — their reward for successfully exposing a vulnerability in the electric vehicle’s infotainment system.

Tesla handed over its new Model 3 sedan to Pwn2Own this year, the first time a car has been included in the competition. Pwn2Own is in its 12th year and run by Trend Micro’s Zero Day Initiative. ZDI has awarded more than $4 million over the lifetime of the program.

The pair of hackers Richard Zhu and Amat Cam, known as team Fluoroacetate, “thrilled the assembled crowd” as they entered the vehicle, according to ZDI, which noted that after a few minutes of setup, they successfully demonstrated their research on the Model 3 internet browser.

The pair used a JIT bug in the renderer to display their message — and won the prize, which included the car itself. In the most simple terms, a JIT, or just-in-time bug, bypasses memory randomization data that normally would keep secrets protected.

Tesla told TechCrunch it will release a software update to fix the vulnerability discovered by the hackers.

“We entered Model 3 into the world-renowned Pwn2Own competition in order to engage with the most talented members of the security research community, with the goal of soliciting this exact type of feedback. During the competition, researchers demonstrated a vulnerability against the in-car web browser,” Tesla said in an emailed statement. “There are several layers of security within our cars which worked as designed and successfully contained the demonstration to just the browser, while protecting all other vehicle functionality. In the coming days, we will release a software update that addresses this research. We understand that this demonstration took an extraordinary amount of effort and skill, and we thank these researchers for their work to help us continue to ensure our cars are the most secure on the road today.”

Pwn2Own’s spring vulnerability research competition, Pwn2Own Vancouver, was held March 20 to 22 and  featured five categories, including web browsers, virtualization software, enterprise applications, server-side software and the new automotive category.

Pwn2Own awarded a total of $545,000 for 19 unique bugs in Apple Safari, Microsoft Edge and Windows, VMware Workstation, Mozilla Firefox, and Tesla.

Tesla has had a public relationship with the hacker community since 2014 when the company launched its first bug bounty program. And it’s grown and evolved ever since.

Last year, the company increased the maximum reward payment from $10,000 to $15,000 and added its energy products as well. Today, Tesla’s vehicles and all directly hosted servers, services and applications are now in scope in its bounty program

News Source = techcrunch.com

Equity Shot: Pinterest and Zoom file to go public

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Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

What a Friday. This afternoon (mere hours after we released our regularly scheduled episode no less!), both Pinterest and Zoom dropped their public S-1 filings. So we rolled up our proverbial sleeves and ran through the numbers. If you want to follow along, the Pinterest S-1 is here, and the Zoom document is here.

Got it? Great. Pinterest’s long-awaited IPO filing paints a picture of a company cutting its losses while expanding its revenue. That’s the correct direction for both its top and bottom lines.

As Kate points out, it’s not in the same league as Lyft when it comes to scale, but it’s still quite large.

More than big enough to go public, whether it’s big enough to meet, let alone surpass its final private valuation ($12.3 billion) isn’t clear yet. Peeking through the numbers, Pinterest has been improving margins and accelerating growth, a surprisingly winsome brace of metrics for the decacorn.

Pinterest has raised a boatload of venture capital, about $1.5 billion since it was founded in 2010. Its IPO filing lists both early and late-stage investors, like Bessemer Venture Partners, FirstMark Capital, Andreessen Horowitz, Fidelity and Valiant Capital Partners as key stakeholders. Interestingly, it doesn’t state the percent ownership of each of these entities, which isn’t something we’ve ever seen before.

Next, Zoom’s S-1 filing was more dark horse entrance than Katy Perry album drop, but the firm has a history of rapid growth (over 100 percent, yearly) and more recently, profit. Yes, the enterprise-facing video conferencing unicorn actually makes money!

In 2019, the year in which the market is bated on Uber’s debut, profit almost feels out of place. We know Zoom’s CEO Eric Yuan, which helps. As Kate explains, this isn’t his first time as a founder. Nor is it his first major success. Yuan sold his last company, WebEx, for $3.2 billion to Cisco years ago then vowed never to sell Zoom (he wasn’t thrilled with how that WebEx acquisition turned out).

Should we have been that surprised to see a VC-backed tech company post a profit — no. But that tells you a little something about this bubble we live in, doesn’t it?

Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple PodcastsOvercast, Pocket Casts, Downcast and all the casts.

News Source = techcrunch.com

HoneyBook, a client management platform for creative businesses, raises $28M Series C led by Citi Ventures

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HoneyBook co-founders Oz and Naama Alon

HoneyBook, a customer-relationship management platform aimed at small businesses in creative fields, announced today it has raised a $28 million Series C led by Citi Ventures. All of its existing investors, including Norwest Venture Partners, Aleph, Vintage Investment Partners and Hillsven Capital, also returned for the round. Citi is a strategic partner for HoneyBook and this will enable it to offer new financial products to freelancers, its co-founder and CEO Oz Alon told TechCrunch.

This brings HoneyBook’s total raised so far to $72 million. It is using the funds to grow its teams in San Francisco and Tel Aviv and build new features for its user base, including small companies, people who work by themselves (“solopreneurs”) and freelancers. Like other CRMs, HoneyBook helps them develop relationships with potential new clients, manage projects, send invoices and accept payments, but with tools scaled for their business’ needs.

Alon told TechCrunch in an email that one segment HoneyBook is focused on is millennials (he cites a survey that found 49 percent of people under 40 plan to start their own business). HoneyBook currently claims tens of thousands of customers and has passed $1 billion in business booked using its software, along with 75,000 members in Rising Tide, the company’s online community for creative entrepreneurs.

Other management software platforms competing for the attention of entrepreneurs and freelancers include Tave, Dubsado and 17hats. One of the main ways HoneyBook differentiates is by enabling its users to accept online payments without integrating with a third-party service. Thanks to this, its users “transact more than 80 percent of their business online, significantly more than any other payments platform serving this audience, Alon said. It’s partnership with Citi will also allow the company to develop more unique services for its target customers, he added.

In a prepared statement, Citi Ventures’ Israel director and venture investing lead Omit Shinar said “We are in the midst of a period of extensive changes in societal structures and economic models. The fintech ecosystem is producing more and more breakthrough innovations that serve the needs of modern consumers, and we believe, as a pioneer in its space, HoneyBook can become a market leader in the U.S.”

News Source = techcrunch.com

LogRocket nabs $11M Series A to fix web application errors faster

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Every time a visitor experiences an issue on your website, it’s going to have an impact on their impression of the company. That’s why companies want to resolve issues in a timely manner.  LogRocket, a Cambridge, MA startup, announced an $11 Million Series A investment today to give engineering and web development teams access to more precise information they need to fix issues faster.

The round was led by Battery Ventures with participation from seed investor Matrix Partners. When combined with an earlier unannounced $4 million seed round, the company has raised of total of $15 million.

The two founders, Matthew Arbesfeld and Ben Edelstein, have been friends since birth growing up together in the Boston suburbs. After attending college separately at MIT and Columbia, the two friends both moved to San Francisco where they worked as engineers building front-end applications.

The company idea grew from the founders’ own frustration tracking errors. They found that they would have to do a lot of manual research to find problems, and it was taking too much time. That’s where they got the idea for LogRocket .

“What LogRocket does is we capture a recording in real time of all the user activity so the developer on the other end can replay exactly what went wrong and troubleshoot issues faster,” Arbesfeld explained.

Screenshot: LogRocket

The tool works by capturing HTML and CSS code of troublesome activity of each user and putting them together in a video. When there is an error or problem, the engineer can review the video and watch exactly what the user was doing when he or she encountered an error, allowing them to identify and resolve the problem much more quickly.

Arbesfeld said the company doesn’t actually have to store video because it is capturing code related to problems instead of the entire experience. “We’re looking at frustrating moments of the user, so that we can focus on the problem areas,” he explained.

Customers can access the data in the LogRocket dashboard, or it can be incorporated into help desk software like Zendesk. The company is growing quickly with 25 employees and 500 customers in just 18 months since inception, including Reddit, Ikea, and Bloomberg.

As for the funding, they see this as the start of a long-term journey. “Our goal is to get out to a much wider audience and build a mature sales and marketing organization,” Arbesfeld said. He sees a future with thousands of customers and ambitious revenue goals. “We want to continue to use the data we have to offer more proactive insights into highest impact problems,” he said

News Source = techcrunch.com

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