Menu

Timesdelhi.com

February 24, 2019
Category archive

Recent Funding

Slack off. Send videos instead with $11M-funded Loom

in Apps/Delhi/Enterprise/enterprise video communications/funding/Fundings & Exits/India/Jared Leto/Kleiner Perkins/loom/Politics/Recent Funding/SaaS/slack/Social/Startups/TC/video messaging/vidyard/Wistia by

If a picture is worth a thousand words, how many emails can you replace with a video? As offices fragment into remote teams, work becomes more visual, and social media makes us more comfortable on camera, it’s time for collaboration to go beyond text. That’s the idea behind Loom, a fast-rising startup that equips enterprises with instant video messaging tools. In a click, you can film yourself or narrate a screenshare to get an idea across in a more vivid, personal way. Instead of scheduling a video call, employees can asynchronously discuss projects or give ‘stand-up’ updates without massive disruptions to their workflow.

In the 2.5 years since launch, Loom has signed up 1.1 million users from 18,000 companies. And that was just as a Chrome extension. Today Loom launches its PC and Mac apps that give it a dedicated presence in your digital workspace. Whether you’re communicating across the room or across the globe, “Loom is the next best thing to being there” co-founder Shahed Khan tells me.

Now Loom is ready to spin up bigger sales and product teams thanks to an $11 million Series A led by Kleiner Perkins . The firm’s partner Ilya Fushman, formally Dropbox’s head of business and corporate development, will join Loom’s board. He’ll shepherd Loom through today’s launch of its $10 per month per user Pro version that offers HD recording, calls-to-action at the end of videos, clip editing, live annotation drawings, and analytics to see who actually watched like they’re supposed to.

“We’re ditching the suits and ties and bringing our whole selves to work. We’re emailing and messaging like never before. but though we may be more connected, we’re further apart” Khan tells me. “We want to make it very easy to bring the humanity back in.”

Loom co-founder Shahed Khan

But back in 2016, Loom was just trying to survive. Khan had worked at Upfront Ventures after a stint as a product designer at website builder Weebly. Him and two close friends, Joe Thomas and Vinay Hiremath, started Opentest to let app makers get usabilty feedback from experts via video. But after six months and going through the NFX accelerator, they were running out of bootstrapped money. That’s when they realized it was the video messaging that could be a business as teams sought to keep in touch with members working from home or remotely.

Together they launched Loom in mid-2016, raising a pre-seed and seed round amounting to $4 million. Part of its secret sauce is that Loom immediately starts uploading bytes of your video while you’re still recording so it’s ready to send the moment you’re finished. That makes sharing your face, voice and screen feel as seamless as firing off a Slack message, but with more emotion and nuance.

“Sales teams use it to close more deals by sending personalized messages to leads. Marketing teams use Loom to walk through internal presentations and social posts. Product teams use Loom to capture bugs, stand ups, etc” Khan explains.

Loom has grown to a 16-person team that will expand thanks to the new $11 million Series A from Kleiner, Slack, Cue founder Daniel Gross, and actor Jared Leto that brings it to $15 million in funding. They predict the new desktop apps that open Loom to a larger market will see it spread from team to team for both internal collaboration and external discussions from focus groups to customer service.

Loom will have to hope that after becoming popular at a company, managers will pay for the Pro version that shows exactly how long each viewer watched for. That could clue them in that they need to be more concise, or that someone is cutting corners on training and cooperation. It’s also a great way to onboard new employees. ‘Just watch this collection of videos and let us know what you don’t understand.’

Next Loom will have to figure out a mobile strategy — something that’s surprisingly absent. Khan imagines users being able to record quick clips from their phones to relay updates from travel and client meetings. Loom also plans to build out voice transcription to add automatic subtitles to videos and even divide clips into thematic sections you can fast-forward between. Loom will have to stay ahead of competitors like Vidyard’s GoVideo and Wistia’s Soapbox that have cropped up since its launch. But Khan says Loom looms largest in the space thanks to customers at Uber, Dropbox, Airbnb, Red Bull, and 1100 employees at Hubspot.

“The overall space of collaboration tools is becoming deeper than just email + docs” says Fushman, citing Slack, Zoom, Dropbox Paper, Coda, Notion, Intercom, Productboard, and Figma. To get things done the fastest, businesses are cobbling together B2B software so they can skip building it in-house and focus on their own product.

No piece of enterprise software has to solve everything. But Loom is dependent on apps like Slack, Google Docs, Convo, and Asana. Since it lacks a social or identity layer, you’ll need to send the links to your videos through another service. Loom should really build its own video messaging system into its desktop app. But at least Slack is an investor, and Khan says “they’re trying to be the hub of text-based communication” and the soon-to-be-public unicorn tells him anything it does in video will focus on real-time interaction.

Still, the biggest threat to Loom is apathy. People already feel overwhelmed with Slack and email, and if recording videos comes off as more of a chore than an efficiency, workers will stick to text. But Khan thinks the ubiquity of Instagram Stories is making it seem natural to jump on camera briefly. And the advantage is that you don’t need a bunch of time-wasting pleasantries to ensure no one misinterprets your message as sarcastic or pissed off.

Khan concludes “We believe instantly sharable video can foster more authentic communication between people at work, and convey complex scenarios and ideas with empathy.”

News Source = techcrunch.com

GoTrendier raises $3.5 million to take on Spanish-language fashion marketplaces

in Chile/Colombia/Delhi/designer/e-commerce/GGV/GoTrendier/India/latin america/menlo ventures/Mexico/online marketplaces/peer to peer/Politics/Recent Funding/Startups/TC by

Thanks to environmentally conscious young buyers, throwaway culture is dying not only in the U.S., but also in Latin America — and startups are poised to jump in with services to help people recycle used clothing.

GoTrendier, a peer-to-peer fashion marketplace operative in Mexico and Colombia, has raised $3.5 million USD to do just that. And investors are eyeing the startup as the digital fashion marketplace growth leader in Spanish-speaking countries. 

GoTrendier, founded by Belén Cabido, is a platform that lets users buy and sell secondhand clothing. Cabido tells me that the new capital will enable GoTrendier to expand deeper into Mexico and Colombia, and launch in a new country: Chile. 

GoTrendier enables users to buy and sell used items through the GoTrendier site and app. The platform categorizes users as either salespeople or buyers. Salespeople create their own stores by uploading photos of garments along with a description and sale price. Buyers browse the platform for deals and once a buyer bites, the seller is given a prepaid shipping label. 

Sound familiar? Businesses like Poshmark and GoTrendier have no actual inventory, which allows the companies to take on less of a risk by having smaller overhead costs. In turn, the company acts as more of a social community for fashion exchanges.

In order to make money, Poshmark takes a flat commission of $2.95 for sales under $15. For anything more than that, the seller keeps 80 percent of their sale and Poshmark takes a 20 percent commission. Poshmark also owes its success to the socially connected shopping experience it created and the audience building features available to sellers — as detailed in this Harvard Business School study. GoTrendier has a similar commission pricing strategy, taking 20 percent off plus an additional nine pesos (about 48 cents in U.S. currency) for all purchases. The service also takes advantage of social media and sharing features to help connect and engage its fashion-loving community. 

But these companies are also largely venture-backed. In the case of GoTrendier, the round gave shareholder entry to Ataria, a Peruvian fund that invests in early-stage tech companies with high earning potential. Existing investors Banco Sabadell and IGNIA reinforced their position, along with Barcelona-based investors Antai Venture Builder, Bonsai Venture Capital and Pedralbes Partners.

GoTrendier amassed a user base of 1.3 million buyers and sellers throughout its four years of existence. The service operates in Mexico and Colombia, and will use its newest capital to launch in Chile — another market Cabido says is experiencing high demand for a secondhand fashion buying and selling service.

Online marketplace companies are growing in Latin America as smartphone adoption and digital banking services multiply in the region. But international expansion has proven to be an issue. Enjoei, a similar fashion marketplace that owns the market share in Brazil, had a botched attempt at expanding to Argentina due to Portugese-Spanish language barriers and eventually determined that Brazil was a large enough market in which to build its business — thus carving out an opportunity for companies like GoTrendier that offer the same services to dominate the surrounding Spanish-speaking markets in Latin America.

Many have remarked that Latin America’s tech scene is filled with copycats — or companies that emulate the business models of American or European startups and bring the same service to their home market. In order to secure bigger foreign investment checks, founders from growing tech regions like Latin America certainly must invent proprietary technologies. Yet there’s still value — and capital — in so-called copycat businesses. Why? Because the users are there and in some cases it’s just easier to start up.

According to investor Sergio Pérez of Sabadell Venture Capital, “The volume of the market for buying and selling second-hand clothes in the world was 360 million transactions in 2017 and is expected to reach 400 million in 2022.” A 2018 report from ThredUp also claimed that the size of the global secondhand market is set to hit $41 billion by 2022. The “throwaway” culture is disappearing thanks to environmentally conscious millennial buyers. As designer Stella McCartney famously said, “The future of fashion is circular – it will be restorative and regenerative by design and the clothes we love never end up as waste.” By buying on GoTrendier, the company claims its users have been able to save USD $12 million and have avoided more than 1,000 tons of CO2 emissions.

Founders building companies in Latin America aren’t necessarily as capital-hungry as Silicon Valley-based founders, (where a Series A can now equate to $68 million, apparently). Cabido tells me her company is able to fulfill operations and marketing needs with a lean staff of 30, noting that there’s a lot of natural demand for buying and selling used clothing in these regions, thus creating organic growth for her business. She wasn’t looking to raise capital, but investors had their eye on her. “[Investors] saw the tension of the marketplace, and we demonstrated that GoTrendier’s user base could be bigger and bigger,” she says. With sights set on new markets like Chile and Peru, Cabido decided to move forward and close the round.  

Poshmark, which benefits from indirect and same-side network effects, has raised $153 million to date from investors like Temasek Holdings, GGV and Menlo Ventures. Just like GoTrendier, Poshmark’s Series A was also a $3.5 million round.

Who’s to say that that amount of capital can’t boost a network effects growth model in Latin America too? The users are certainly waiting. 

News Source = techcrunch.com

Biotech AI startup Sight Diagnostics gets $27.8M to speed up blood tests

in AI/Artificial Intelligence/Biotech/blood testing/Computer Vision/Delhi/Europe/fda/Food and Drug Administration/Fundings & Exits/Health/India/Israel/Italy/leukemia/machine learning/olo/Politics/Recent Funding/Sight Diagnostics/Startups/TC by

Sight Diagnostics, an Israeli medical devices startup that’s using AI technology to speed up blood testing, has closed a  $27.8 million Series C funding round.

The company has built a desktop machine, called OLO, that analyzes cartridges manually loaded with drops of the patient’s blood — performing blood counts in situ.

The new funding is led by VC firm Longliv Ventures, also based in Israel, and a member of the multinational conglomerate CK Hutchison Group.

Sight Diagnostics said it was after strategic investment for the Series C — specifically investors that could contribute to its technological and commercial expansion. And on that front CK Hutchison Group’s portfolio includes more than 14,500 health and beauty stores across Europe and Asia, providing a clear go-to-market route for the company’s OLO blood testing device.

Other strategic investors in the round include Jack Nicklaus II, a healthcare philanthropist and board member of the Nicklaus Children’s Health Care Foundation; Steven Esrick, a healthcare impact investor; and a “major medical equipment manufacturer” — which they’re not naming.

Sight Diagnostics also notes that it’s seeking additional strategic partners who can help it get its device to “major markets throughout the world”.

Commenting in a statement, Yossi Pollak, co-founder and CEO, said: “We sought out groups and individuals who genuinely believe in our mission to improve health for everyone with next-generation diagnostics, and most importantly, who can add significant value beyond financial support. We are already seeing positive traction across Europe and seeking additional strategic partners who can help us deploy OLO to major markets throughout the world.”

The company says it expects that customers across “multiple countries in Europe” will have deployed OLO in actual use this year.

Existing investors OurCrowd, Go Capital, and New Alliance Capital also participated in the Series C. The medtech startup, which was founded back in 2011, has raised more than $50M to date, only disclosing its Series A and B raises last year.

The new funding will be used to further efforts to sell what it bills as its “lab-grade” point-of-care blood diagnostics system, OLO, around the world. Although its initial go-to-market push has focused on Europe — where it has obtained CE Mark registration for OLO (necessary for commercial sale within certain European countries) following a 287-person clinical trial, and went on to launch the device last summer. It’s since signed a distribution agreement for OLO in Italy.

“We have pursued several pilots with potential customers in Europe, specifically in the UK and Italy,” co-founder Danny Levner tells TechCrunch. “In Europe, it is typical for market adoption to begin with pilot studies: Small clinical evaluations that each major customers run at their own facilities, under real-world conditions. This allows users to experience the specific benefits of the technology in their own context. In typical progress, pilot studies are then followed by modest initial orders, and then by broad deployment.”

The funding will also support ongoing regulatory efforts in the U.S., where it’s been conducting a series of trials as part of FDA testing in the hopes of gaining regulatory clearance for OLO. Levner tells us it has now submitted data to the regulator and is waiting for it to be reviewed.

“In December 2018, we completed US clinical trials at three US clinical sites and we are submitting them later this month to the FDA. We are seeking 510(k) FDA clearance for use in US CLIA compliant laboratories, to be followed by a CLIA waiver application that will allow for use at any doctor’s office. We are very pleased with the results of our US trial and we hope to obtain the FDA’s 510(k) clearance within a year’s time,” he says.

“With the current funding, we’re focusing on commercialization in the European market, starting in the UK, Italy and the Nordics,” he adds. “In the US, we’re working to identify new opportunities in oncology and pediatrics.”

Funds will also go on R&D to expand the menu of diagnostic tests the company is able to offer via OLO.

The startup previously told us it envisages developing the device into a platform capable of running a portfolio of blood tests, saying each additional test would be added individually and only after “independent clinical validation”.

The initial test OLO offers is a complete blood count (CBC), with Sight Diagnostics applying machine learning and computer vision technology to digitize and analyze a high resolution photograph of a finger prick’s worth of the patient’s blood on device.

The idea is to offer an alternative to having venous blood drawn and sent away to a lab for analysis — with an OLO-based CBC billed as taking “minutes” to perform, with the startup also claiming it’s simple enough for non-professional to carry out, whereas it says a lab-based blood count can take several days to process and return a result.

On the R&D front, Levner says it sees “enormous potential” for OLO to be used to diagnose blood diseases such as leukemia and sickle cell anemia.

“Also, given the small amount of blood required and the minimally-invasive nature of the test when using finger-prick blood samples, there is an opportunity to use OLO in neonatal screening,” he says. “Accordingly, one of the most important immediate next steps is to tailor the test procedures and algorithms for neonate screening.”

Levner also told us that some of its pilot studies have looked at evaluating “improvements in operator and patient satisfaction”. “Clearly standing out in these studies is the preference for finger-prick-based testing, which OLO provides,” he claims. 

One key point to note: Sight Diagnostics has still yet to publish peer reviewed results of its clinical trials for OLO. Last July it told us it has a publication pending in a peer-reviewed journal.

“With regards to the peer-reviewed publication, we’ve decided to combine the results from the Israel clinical trials with those that we just completed in the US for a more robust publication,” the company says now. “We expect to focus on that publication after we receive FDA approval in the US.”

News Source = techcrunch.com

Asteroid is building a human-machine interaction engine for AR developers

in Asteroid Technologies/Augmented Reality/biosensory data/Delhi/Hardware/India/Politics/Recent Funding/Startups/TC by

When we interact with computers today we move the mouse, we scroll the trackpad, we tap the screen, but there is so much that the machines don’t pick up on — what about where we’re looking, the subtle gestures we make and what we’re thinking?

Asteroid is looking to get developers comfortable with the idea that future interfaces are going to take in much more biosensory data. The team has built a node-based human-machine interface engine for macOS and iOS that allows developers to build interactions that can be imported into Swift applications.

“What’s interesting about emerging human-machine interface tech is the hope that the user may be able to ‘upload’ as much as they can ‘download’ today,”Asteroid founder Saku Panditharatne wrote in a Medium post.

To bring attention to their development environment, they’ve launched a crowdfunding campaign that gives a decent snapshot of the depth of experiences that can be enabled by today’s commercially available biosensors. Asteroid definitely doesn’t want to be a hardware startup, but their campaign is largely serving as a way to expose developers to what tools could be in their interaction design arsenal.

There are dev kits and then there are dev kits, and this is a dev kit. Developers jumping on board for the total package get a bunch of open hardware, i.e. a bunch of gear and cases to build out hacked-together interface solutions. The $450 kit brings capabilities like eye-tracking, brain-computer interface electrodes and some gear to piece together a motion controller. Backers can also just buy the $200 eye-tracking kit alone. It’s all very utility minded and clearly not designed to make Asteroid those big hardware bucks.

“The long-term goal is to support as much AR hardware as we can, we just made our own kit because I don’t think there is that much good stuff out there outside of labs,” Panditharatne told TechCrunch.

The crazy hardware seems to be a bit of a labor of love for the time being, while a couple of AR/VR devices have eye-tracking baked-in, it’s still a generation away from most consumer VR devices, and you’re certainly not going to find too much hardware with brain-computer interface systems built-in. The startup says their engine will do plenty with just a smartphone camera and a microphone, but the broader sell with the dev kit is that you’re not building for a specific piece of hardware, you’re experimenting on the bet that interfaces are going to grow more closely intertwined with how we process the world as humans.

Panditharatne founded the company after stints at Oculus and Andreessen Horowitz where she spent a lot of time focusing on the future of AR and VR. Panditharatne tells us that Asteroid has raised more than $2 million in funding, but that they’re not detailing the source of that cash quite yet.

The company is looking to raise $20,000 from their Indiegogo campaign, but the platform is the clear sell here, exposing people to their human-machine interaction engine. Asteroid is taking sign-ups to join the waiting list for the product on their site.

News Source = techcrunch.com

Donde Search picks up $6 million to help fashion retailers with visual search

in Delhi/Donde Search/Enterprise/India/Matrix Partners/Politics/Recent Funding/Startups/TC by

Donde Search has just closed a $6 million Series A investment led by Matrix Partners, with participation from previous investors such as senior leaders from AliExpress, Google and Waze.

Donde first launched in 2014 as a consumer-facing app that helped users search and discover apparel items based on visual characteristics rather than text-based searches. In early 2018, the company pivoted to the enterprise space, helping retailers power suggestions and related items on their websites.

Here’s how it works:

Retailers partnered with Donde hand over their product catalog and run it through the Donde algorithm, which identifies all the visual features associated with each product. Retailers can then add a widget to their site to let users search based on those features (like sleeve length or type, color or material).

As users interact with the products, the website adapts to that behavior to offer personalized product recommendations and related items.

Moreover, Donde offers an analytics dashboard that not only provides insights on the customer’s own website, but a look into trends being featured on competing e-commerce websites to understand the industry in general.

Donde was founded by Liat Zakay, who previously served as a software engineer and R&D team manager in the Israeli intelligence unit 8200. Using her technical expertise, she built Donde to solve her own problem of not having the time or energy to go through the tedious process of online shopping.

Zakay told TechCrunch that Donde is focused on apparel for now, but that the technology can be applied to almost any vertical.

“One of the interesting pieces about Donde is that it’s language agnostic,” said Zakay. “You don’t need to know what it’s called and it doesn’t matter what language you speak, you can still find what you want based on visual features. Which makes us extremely relevant to global retailers.”

The new funding, which will be used to expand the product and the team, came shortly after the announcement of Donde’s partnership with Forever 21. The fast-fashion retailer tested out the Donde platform on its mobile app and, after a month, saw a 20 percent increase in average purchase value and higher conversions. Forever 21 has now expanded the program, putting Donde on the web, as well.

Donde said it is working on pilot programs with several other retailers across the U.S. and Europe.

Fast fashion, in particular, represents a big opportunity for Donde. Because product turnover is so fast, retailers rarely have reliable data around a certain SKU, with the website being run on outdated data from last “season.”

This latest round brings Donde’s total funding to $9.5 million, with backing from UpWest, Afterdox and Golden Seeds.

News Source = techcrunch.com

1 2 3 24
Go to Top