Jul
17
2019
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AlphaSense, a search engine for analysis and business intel, raises $50M led by Innovation Endeavors

Google and its flagship search portal opened the door to the possibilities of how to build a business empire on the back of organising and navigating the world’s information, as found on the internet. Now, a startup that’s built a search engine tailored to the needs of enterprises and their own quests for information has raised a round of funding to see if it can do the same for the B2B world.

AlphaSense, which provides a way for companies to quickly amass market intelligence around specific trends, industries and more to help them make business decisions, has closed a $50 million round of funding, a Series B that it’s planning to use to continue enhancing its product and expanding to more verticals.

The company counts some 1,000 clients on its books, with a heavy emphasis on investment banks and related financial services companies. That’s in part because of how the company got its start: Finnish co-founder and CEO Jaakko (Jack) Kokko had been an analyst at Morgan Stanley in a past life and understood the labor and time pain points of doing market research, and decided to build a platform to help shorten a good part of the information-gathering process.

“My experience as an analyst on Wall Street showed me just how fragmented information really was,” he said in an interview, citing as one example how complex sites like those of the FDA are not easy to navigate to look for new information and updates — the kind of thing that a computer would be much more adept at monitoring and flagging. “Even with the best tools and services, it still was really hard to manually get the work done, in part because of market volatility and the many factors that cause it. We can now do that with orders of magnitude more efficiency. Firms can now gather information in minutes that would have taken an hour. AlphaSense does the work of the best single analyst, or even a team of them.”

(Indeed, the “alpha” of AlphaSense appears to be a reference to finance: it’s a term that refers to the ability of a trader or portfolio manager to beat the typical market return.)

The lead investor in this round is very notable and says something about the company’s ambitions. It’s Innovation Endeavors, the VC firm backed by Eric Schmidt, who had been the CEO of none other than Google (the pace-setter and pioneer of the search-as-business model) for a decade, and then stayed on as chairman and ultimately board member of Google and then Alphabet (its later holding company) until just last June.

Schmidt presided over Google at what you could argue was its most important time, gaining speed and scale and transitioning from an academic idea into a full-fledged, huge public business whose flagship product has now entered the lexicon as a verb and (through search and other services like Android and YouTube) is a mainstay of how the vast majority of the world uses the web today. As such, he is good at spotting opportunities and gaps in the market, and while enterprise-based needs will never be as prominent as those of mass-market consumers, they can be just as lucrative.

“Information is the currency of business today, but data is overwhelming and fragmented, making it difficult for business professionals to find the right insights to drive key business decisions,” he said in a statement. “We were impressed by the way AlphaSense solves this with its AI and search technology, allowing businesses to proceed with the confidence that they have the right information driving their strategy.”

This brings the total raised by AlphaSense to $90 million, with other investors in this round including Soros Fund Management LLC and other unnamed existing investors. Previous backers had included Tom Glocer (the former Reuters CEO who himself is working on his own fintech startup, a security firm called BlueVoyant), the MassChallenge incubator, Tribeca Venture Partners and others. Kokko said AlphaSense is not disclosing its valuation at this point. (I’m guessing though that it’s definitely on the up.)

There have been others that have worked to try to tackle the idea of providing more targeted, and business-focused, search portals, from the likes of Wolfram Alpha (another alpha!) through to Lexis Nexis and others like Bloomberg’s terminals, FactSet, Business Quant and many more.

One interesting aspect of AlphaSense is how it’s both focused on pulling in requests as well as set up to push information to its users based on previous search parameters. Currently these are set up to only provide information, but over time, there is a clear opportunity to build services to let the engines take on some of the actions based on that information, such as adjusting asking prices for sales and other transactions.

“There are all kinds of things we could do,” said Kokko. “This is a massive untapped opportunity. But we’re not taking the human out of the loop, ever. Humans are the right ones to be making final decisions, and we’re just about helping them make those faster.”

Jun
12
2019
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Apollo raises $22M for its GraphQL platform

Apollo, a San Francisco-based startup that provides a number of developer and operator tools and services around the GraphQL query language, today announced that it has raised a $22 million growth funding round co-led by Andreessen Horowitz and Matrix Partners. Existing investors Trinity Ventures and Webb Investment Network also participated in this round.

Today, Apollo is probably the biggest player in the GraphQL ecosystem. At its core, the company’s services allow businesses to use the Facebook -incubated GraphQL technology to shield their developers from the patchwork of legacy APIs and databases as they look to modernize their technology stacks. The team argues that while REST APIs that talked directly to other services and databases still made sense a few years ago, it doesn’t anymore now that the number of API endpoints keeps increasing rapidly.

Apollo replaces this with what it calls the Data Graph. “There is basically a missing piece where we think about how people build apps today, which is the piece that connects the billions of devices out there,” Apollo co-founder and CEO Geoff Schmidt told me. “You probably don’t just have one app anymore, you probably have three, for the web, iOS and Android . Or maybe six. And if you’re a two-sided marketplace you’ve got one for buyers, one for sellers and another for your ops team.”

Managing the interfaces between all of these apps quickly becomes complicated and means you have to write a lot of custom code for every new feature. The promise of the Data Graph is that developers can use GraphQL to query the data in the graph and move on, all without having to write the boilerplate code that typically slows them down. At the same time, the ops teams can use the Graph to enforce access policies and implement other security features.

“If you think about it, there’s a lot of analogies to what happened with relational databases in the ’80s,” Schmidt said. “There is a need for a new layer in the stack. Previously, your query planner was a human being, not a piece of software, and a relational database is a piece of software that would just give you a database. And you needed a way to query that database, and that syntax was called SQL.”

Geoff Schmidt, Apollo CEO, and Matt DeBergalis, CTO

GraphQL itself, of course, is open source. Apollo is now building a lot of the proprietary tools around this idea of the Data Graph that make it useful for businesses. There’s a cloud-hosted graph manager, for example, that lets you track your schema, as well as a dashboard to track performance, as well as integrations with continuous integration services. “It’s basically a set of services that keep track of the metadata about your graph and help you manage the configuration of your graph and all the workflows and processes around it,” Schmidt said.

The development of Apollo didn’t come out of nowhere. The founders previously launched Meteor, a framework and set of hosted services that allowed developers to write their apps in JavaScript, both on the front-end and back-end. Meteor was tightly coupled to MongoDB, though, which worked well for some use cases but also held the platform back in the long run. With Apollo, the team decided to go in the opposite direction and instead build a platform that makes being database agnostic the core of its value proposition.

The company also recently launched Apollo Federation, which makes it easier for businesses to work with a distributed graph. Sometimes, after all, your data lives in lots of different places. Federation allows for a distributed architecture that combines all of the different data sources into a single schema that developers can then query.

Schmidt tells me the company started to get some serious traction last year and by December, it was getting calls from VCs that heard from their portfolio companies that they were using Apollo.

The company plans to use the new funding to build out its technology to scale its field team to support the enterprises that bet on its technology, including the open-source technologies that power both the services.

“I see the Data Graph as a core new layer of the stack, just like we as an industry invested in the relational database for decades, making it better and better,” Schmidt said. “We’re still finding new uses for SQL and that relational database model. I think the Data Graph is going to be the same way.”

May
16
2019
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OpenFin raises $17 million for its OS for finance

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 more than 1,500 major financial firms, almost 40 leading vendors and 15 of the world’s 20 largest banks.

More than 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.”

Feb
21
2019
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Microsoft bringing Dynamics 365 mixed reality solutions to smartphones

Last year Microsoft introduced several mixed reality business solutions under the Dynamics 365 enterprise product umbrella. Today, the company announced it would be moving these to smartphones in the spring, starting with previews.

The company announced Remote Assist on HoloLens last year. This tool allows a technician working onsite to show a remote expert what they are seeing. The expert can then walk the less-experienced employee through the repair. This is great for those companies that have equipped their workforce with HoloLens for hands-free instruction, but not every company can afford the new equipment.

Starting in the spring, Microsoft is going to help with that by introducing Remote Assist for Android phones. Just about everyone has a phone with them, and those with Android devices will be able to take advantage of Remote Assist capabilities without investing in HoloLens. The company is also updating Remote Assist to include mobile annotations, group calling and deeper integration with Dynamics 365 for Field Service, along with improved accessibility features on the HoloLens app.

IPhone users shouldn’t feel left out though because the company announced a preview of Dynamics 365 Product Visualize for iPhone. This tool enables users to work with a customer to visualize what a customized product will look like as they work with them. Think about a furniture seller working with a customer in their homes to customize the color, fabrics and design in place in the room where they will place the furniture, or a car dealer offering different options such as color and wheel styles. Once a customer agrees to a configuration, the data gets saved to Dynamics 365 and shared in Microsoft Teams for greater collaboration across a group of employees working with a customer on a project.

Both of these features are part of the Dynamics 365 spring release and are going to be available in preview starting in April. They are part of a broader release that includes a variety of new artificial intelligence features such as customer service bots and a unified view of customer data across the Dynamics 365 family of products.

Sep
11
2018
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Anaxi brings more visibility to the development process

Anaxi‘s mission is to bring more transparency to the software development process. The tool, which is now live for iOS, with web and Android versions planned for the near future, connects to GitHub to give you actionable insights about the state of your projects and manage your projects and issues. Support for Atlassian’s Jira is also in the works.

The new company was founded by former Apple engineering manager and Docker EVP of product development Marc Verstaen and former CodinGame CEO John Lafleur. Unsurprisingly, this new tool is all about fixing the issues these two have seen in their daily lives as developers.

“I’ve been doing software for 40 years,” Verstaen told me.” And every time is the same. You start with a small team and it’s fine. Then you grow and you don’t know what’s going on. It’s a black box.” While the rest of the business world now focuses on data and analytics, software development never quite reached that point. Verstaen argues that this was acceptable until 10 or 15 years ago because only software companies were doing software. But now that every company is becoming a software company, that’s not acceptable anymore.

Using Anaxi, you can easily see all issue reports and pull requests from your GitHub repositories, both public and private. But you also get visual status indicators that tell you when a project has too many blockers, for example, as well as the ability to define your own labels. You also can define due dates for issues.

One interesting aspect of Anaxi is that it doesn’t store all of this information on your phone or on a proprietary server. Instead, it only caches as little information as necessary (including your handles) and then pulls the rest of the information from GitHub as needed. That cache is encrypted on the phone, but for the most part, Anaxi simply relies on the GitHub API to pull in data when needed. There’s a bit of a trade-off here in terms of speed, but Verstaen noted that this also means you always get the most recent data and that GitHub’s API is quite fast and easy to work with.

The service is currently available for free. The company plans to introduce pricing plans in the future, with prices based on the number of developers that use the product inside a company.

Sep
05
2018
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Google adds a bunch of rugged devices to its Android Enterprise Recommended program

Rugged smartphones, the kind of devices that business can give to their employees who work in harsh environments, are a bit of a specialty market. Few consumers, after all, choose their smartphones based on how well they survive six-foot drops. But there is definitely a market there, and IDC currently expects that the market for Android -based rugged devices will grow at 23 percent annually over the next five years.

It’s maybe no surprise that Google is now expanding its Android Enterprise Recommended program to include rugged devices, too. Chances are you’ve never heard of many of the manufacturers in this first batch (or thought of them as smartphone manufacturers): Zebra, Honeywell, Sonim, Point Mobile, Datalogic. Panasonic, which has a long history of building rugged devices, will also soon become part of this program.

The minimum requirements for these devices are pretty straightforward: they have to support Android 7+, offer security updates within 90 days of release from Google and, because they are rugged devices, after all, be certified for ingress protection and rated for drop testing. They’ll also have to support at least one more major OS release.

Today’s launch continues our commitment to improving the enterprise experience for customers,” Google writes in today’s announcement. “We hope these devices will serve existing use cases and also enable companies to pursue new mobility use cases to help them realize their goals.

Feb
21
2018
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Google tries to make Android more enterprise-friendly with new recommendation program

 With so many Android devices out there to choose from, it’s not always easy to find one that’s enterprise-friendly. To help alleviate that problem, Google announced the Android Enterprise Recommended program today. As the name implies, it’s designed to point enterprise IT departments at devices that Google has deemed to be enterprise-ready. Read More

Sep
21
2017
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Google makes it easier for businesses to set up new phones for their employees

 Google is launching a new way for businesses to give new phones to their employees: zero-touch enrollment. Traditionally, when you want to give a new phone to an enterprise user, chances are some poor admin has to deal with ensuring that the device is configured correctly and that all the right policies are in place. As the name implies, the new zero-touch enrollment feature, however, takes… Read More

Jul
31
2017
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Facebook buys Ozlo to boost its conversational AI efforts

 Facebook has gone ahead and purchased Charles Jolley’s conversational AI startup Ozlo. Jolley, formerly Head of Platform for Android at Facebook, will not be returning to the company. The Ozlo team is expected to join Facebook to work on natural language processing challenges. Read More

Nov
21
2016
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Astronomer connects your SaaS with other SaaS for a true in-saas-ception

seedroundwallpapera Your SaaS is just out of control! You’re spending thousands or millions on products – a CRM system, a field operations app, a system to keep your life-like humanoid androids from killing park guests in your Wild West-themed adventure park – and none of these systems talk to each other, especially the ones that keep your robots from falling in love with the guests. What do… Read More

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