Oct
05
2020
--

As it closes in on Arm, Nvidia announces UK supercomputer dedicated to medical research

As Nvidia continues to work through its deal to acquire Arm from SoftBank for $40 billion, the computing giant is making another big move to lay out its commitment to investing in U.K. technology. Today the company announced plans to develop Cambridge-1, a new £40 million AI supercomputer that will be used for research in the health industry in the country, the first supercomputer built by Nvidia specifically for external research access, it said.

Nvidia said it is already working with GSK, AstraZeneca, London hospitals Guy’s and St Thomas’ NHS Foundation Trust, King’s College London and Oxford Nanopore to use the Cambridge-1. The supercomputer is due to come online by the end of the year and will be the company’s second supercomputer in the country. The first is already in development at the company’s AI Center of Excellence in Cambridge, and the plan is to add more supercomputers over time.

The growing role of AI has underscored an interesting crossroads in medical research. On one hand, leading researchers all acknowledge the role it will be playing in their work. On the other, none of them (nor their institutions) have the resources to meet that demand on their own. That’s driving them all to get involved much more deeply with big tech companies like Google, Microsoft and, in this case, Nvidia, to carry out work.

Alongside the supercomputer news, Nvidia is making a second announcement in the area of healthcare in the U.K.: it has inked a partnership with GSK, which has established an AI hub in London, to build AI-based computational processes that will be used in drug vaccine and discovery — an especially timely piece of news, given that we are in a global health pandemic and all drug makers and researchers are on the hunt to understand more about, and build vaccines for, COVID-19.

The news is coinciding with Nvidia’s industry event, the GPU Technology Conference.

“Tackling the world’s most pressing challenges in healthcare requires massively powerful computing resources to harness the capabilities of AI,” said Jensen Huang, founder and CEO of Nvidia, in his keynote at the event. “The Cambridge-1 supercomputer will serve as a hub of innovation for the U.K., and further the groundbreaking work being done by the nation’s researchers in critical healthcare and drug discovery.”

The company plans to dedicate Cambridge-1 resources in four areas, it said: industry research, in particular joint research on projects that exceed the resources of any single institution; university granted compute time; health-focused AI startups; and education for future AI practitioners. It’s already building specific applications in areas, like the drug discovery work it’s doing with GSK, that will be run on the machine.

The Cambridge-1 will be built on Nvidia’s DGX SuperPOD system, which can process 400 petaflops of AI performance and 8 petaflops of Linpack performance. Nvidia said this will rank it as the 29th fastest supercomputer in the world.

“Number 29” doesn’t sound very groundbreaking, but there are other reasons why the announcement is significant.

For starters, it underscores how the supercomputing market — while still not a mass-market enterprise — is increasingly developing more focus around specific areas of research and industries. In this case, it underscores how health research has become more complex, and how applications of artificial intelligence have both spurred that complexity but, in the case of building stronger computing power, also provides a better route — some might say one of the only viable routes in the most complex of cases — to medical breakthroughs and discoveries.

It’s also notable that the effort is being forged in the U.K. Nvidia’s deal to buy Arm has seen some resistance in the market — with one group leading a campaign to stop the sale and take Arm independent — but this latest announcement underscores that the company is already involved pretty deeply in the U.K. market, bolstering Nvidia’s case to double down even further. (Yes, chip reference designs and building supercomputers are different enterprises, but the argument for Nvidia is one of commitment and presence.)

“AI and machine learning are like a new microscope that will help scientists to see things that they couldn’t see otherwise,” said Dr. Hal Barron, chief scientific officer and president, R&D, GSK, in a statement. “NVIDIA’s investment in computing, combined with the power of deep learning, will enable solutions to some of the life sciences industry’s greatest challenges and help us continue to deliver transformational medicines and vaccines to patients. Together with GSK’s new AI lab in London, I am delighted that these advanced technologies will now be available to help the U.K.’s outstanding scientists.”

“The use of big data, supercomputing and artificial intelligence have the potential to transform research and development; from target identification through clinical research and all the way to the launch of new medicines,” added James Weatherall, PhD, head of Data Science and AI, AstraZeneca, in his statement.

“Recent advances in AI have seen increasingly powerful models being used for complex tasks such as image recognition and natural language understanding,” said Sebastien Ourselin, head, School of Biomedical Engineering & Imaging Sciences at King’s College London. “These models have achieved previously unimaginable performance by using an unprecedented scale of computational power, amassing millions of GPU hours per model. Through this partnership, for the first time, such a scale of computational power will be available to healthcare research – it will be truly transformational for patient health and treatment pathways.”

Dr. Ian Abbs, chief executive & chief medical director of Guy’s and St Thomas’ NHS Foundation Trust Officer, said: “If AI is to be deployed at scale for patient care, then accuracy, robustness and safety are of paramount importance. We need to ensure AI researchers have access to the largest and most comprehensive datasets that the NHS has to offer, our clinical expertise, and the required computational infrastructure to make sense of the data. This approach is not only necessary, but also the only ethical way to deliver AI in healthcare – more advanced AI means better care for our patients.”

“Compact AI has enabled real-time sequencing in the palm of your hand, and AI supercomputers are enabling new scientific discoveries in large-scale genomic data sets,” added Gordon Sanghera, CEO, Oxford Nanopore Technologies. “These complementary innovations in data analysis support a wealth of impactful science in the U.K., and critically, support our goal of bringing genomic analysis to anyone, anywhere.”

 

Aug
21
2020
--

As the pandemic creates supply chain chaos, Craft raises $10M to apply some intelligence

During the COVID-19 pandemic, supply chains have suddenly become hot. Who knew that would ever happen? The race to secure PPE, ventilators and minor things like food was and still is an enormous issue. But perhaps, predictably, the world of “supply chain software” could use some updating. Most of the platforms are deployed “empty” and require the client to populate them with their own data, or “bring their own data.” The UIs can be outdated and still have to be juggled with manual and offline workflows. So startups working in this space are now attracting some timely attention.

Thus, Craft, the enterprise intelligence company, today announces it has closed a $10 million Series A financing round to build what it characterizes as a “supply chain intelligence platform.” With the new funding, Craft will expand its offices in San Francisco, London and Minsk, and grow remote teams across engineering, sales, marketing and operations in North America and Europe.

It competes with some large incumbents, such as Dun & Bradstreet, Bureau van Dijk and Thomson Reuters . These are traditional data providers focused primarily on providing financial data about public companies, rather than real-time data from data sources such as operating metrics, human capital and risk metrics.

The idea is to allow companies to monitor and optimize their supply chain and enterprise systems. The financing was led by High Alpha Capital, alongside Greycroft. Craft also has some high-flying angel investors, including Sam Palmisano, chairman of the Center for Global Enterprise and former CEO and chairman of IBM; Jim Moffatt, former CEO of Deloitte Consulting; Frederic Kerrest, executive vice chairman, COO and co-founder of Okta; and Uncork Capital, which previously led Craft’s seed financing. High Alpha partner Kristian Andersen is joining Craft’s board of directors.

The problem Craft is attacking is a lack of visibility into complex global supply chains. For obvious reasons, COVID-19 disrupted global supply chains, which tended to reveal a lot of risks, structural weaknesses across industries and a lack of intelligence about how it’s all holding together. Craft’s solution is a proprietary data platform, API and portal that integrates into existing enterprise workflows.

While many business intelligence products require clients to bring their own data, Craft’s data platform comes pre-deployed with data from thousands of financial and alternative sources, such as 300+ data points that are refreshed using both Machine Learning and human validation. Its open-to-the-web company profiles appear in 50 million search results, for instance.

Ilya Levtov, co-founder and CEO of Craft, said in a statement: “Today, we are focused on providing powerful tracking and visibility to enterprise supply chains, while our ultimate vision is to build the intelligence layer of the enterprise technology stack.”

Kristian Andersen, partner with High Alpha commented: “We have a deep conviction that supply chain management remains an underinvested and under-innovated category in enterprise software.”

In the first half of 2020, Craft claims its revenues have grown nearly threefold, with Fortune 100 companies, government and military agencies, and SMEs among its clients.

Jul
30
2020
--

Buildots raises $16M to bring computer vision to construction management

Buildots, a Tel Aviv and London-based startup that is using computer vision to modernize the construction management industry, today announced that it has raised $16 million in total funding. This includes a $3 million seed round that was previously unreported and a $13 million Series A round, both led by TLV Partners. Other investors include Innogy Ventures, Tidhar Construction Group, Ziv Aviram (co-founder of Mobileye & OrCam), Magma Ventures head Zvika Limon, serial entrepreneurs Benny Schnaider and  Avigdor Willenz, as well as Tidhar chairman Gil Geva.

The idea behind Buildots is pretty straightforward. The team is using hardhat-mounted 360-degree cameras to allow project managers at construction sites to get an overview of the state of a project and whether it remains on schedule. The company’s software creates a digital twin of the construction site, using the architectural plans and schedule as its basis, and then uses computer vision to compare what the plans say to the reality that its tools are seeing. With this, Buildots can immediately detect when there’s a power outlet missing in a room or whether there’s a sink that still needs to be installed in a kitchen, for example.

“Buildots have been able to solve a challenge that for many seemed unconquerable, delivering huge potential for changing the way we complete our projects,” said Tidhar’s Geva in a statement. “The combination of an ambitious vision, great team and strong execution abilities quickly led us from being a customer to joining as an investor to take part in their journey.”

The company was co-founded in 2018 by Roy Danon, Aviv Leibovici and Yakir Sundry. Like so many Israeli startups, the founders met during their time in the Israeli Defense Forces, where they graduated from the Talpiot unit.

“At some point, like many of our friends, we had the urge to do something together — to build a company, to start something from scratch,” said Danon, the company’s CEO. “For us, we like getting our hands dirty. We saw most of our friends going into the most standard industries like cloud and cyber and storage and things that obviously people like us feel more comfortable in, but for some reason we had like a bug that said, ‘we want to do something that is a bit harder, that has a bigger impact on the world.’ ”

So the team started looking into how it could bring technology to traditional industries like agriculture, finance and medicine, but then settled upon construction thanks to a chance meeting with a construction company. For the first six months, the team mostly did research in both Israel and London to understand where it could provide value.

Danon argues that the construction industry is essentially a manufacturing industry, but with very outdated control and process management systems that still often relies on Excel to track progress.

Image Credits: Buildots

Construction sites obviously pose their own problems. There’s often no Wi-Fi, for example, so contractors generally still have to upload their videos manually to Buildots’ servers. They are also three dimensional, so the team had to develop systems to understand on what floor a video was taken, for example, and for large indoor spaces, GPS won’t work either.

The teams tells me that before the COVID-19 lockdowns, it was mostly focused on Israel and the U.K., but the pandemic actually accelerated its push into other geographies. It just started work on a large project in Poland and is scheduled to work on another one in Japan next month.

Because the construction industry is very project-driven, sales often start with getting one project manager on board. That project manager also usually owns the budget for the project, so they can often also sign the check, Danon noted. And once that works out, then the general contractor often wants to talk to the company about a larger enterprise deal.

As for the funding, the company’s Series A round came together just before the lockdowns started. The company managed to bring together an interesting mix of investors from both the construction and technology industries.

Now, the plan is to scale the company, which currently has 35 employees, and figure out even more ways to use the data the service collects and make it useful for its users. “We have a long journey to turn all the data we have into supporting all the workflows on a construction site,” said Danon. “There are so many more things to do and so many more roles to support.”

Image Credits: Buildots

Dec
16
2019
--

Cisco acquires ultra-low latency networking specialist Exablaze

Cisco today announced that it has acquired Exablaze, an Australia-based company that designs and builds advanced networking gear based on field programmable gate arrays (FPGAs). The company focuses on solutions for businesses that need ultra-low latency networking, with a special emphasis on high-frequency trading. Cisco plans to integrate Exablaze’s technology into its own product portfolio.

“By adding Exablaze’s segment leading ultra-low latency devices and FPGA-based applications to our portfolio, financial and HFT customers will be better positioned to achieve their business objectives and deliver on their customer value proposition,” writes Cisco’s head of corporate development Rob Salvagno.

Founded in 2013, Exablaze has offices in Sydney, New York, London and Shanghai. While financial trading is an obvious application for its solutions, the company also notes that it has users in the big data analytics, high-performance computing and telecom space.

Cisco plans to add Exablaze to its Nexus portfolio of data center switches. The company also argues that in addition to integrating Exablaze’s current portfolio, the two companies will work on next-generation switches, with an emphasis on creating opportunities for expanding its solutions into AI and ML segments.

“The acquisition will bring together Cisco’s global reach, extensive sales and support teams, and broad technology and manufacturing base, with Exablaze’s cutting-edge low-latency networking, layer 1 switching, timing and time synchronization technologies, and low-latency FPGA expertise,” explains Exablaze co-founder and chairman Greg Robinson.

Cisco, which has always been quite acquisitive, has now made six acquisitions this year. Most of these were software companies, but with Acacia Communications, it also recently announced its intention to acquire another fabless semiconductor company that builds optical interconnects.

 

Nov
20
2019
--

Google makes converting VMs to containers easier with the GA of Migrate for Anthos

At its Cloud Next event in London, Google today announced a number of product updates around its managed Anthos platform, as well as Apigee and its Cloud Code tools for building modern applications that can then be deployed to Google Cloud or any Kubernetes cluster.

Anthos is one of the most important recent launches for Google, as it expands the company’s reach outside of Google Cloud and into its customers’ data centers and, increasingly, edge deployments. At today’s event, the company announced that it is taking Anthos Migrate out of beta and into general availability. The overall idea behind Migrate is that it allows enterprises to take their existing, VM-based workloads and convert them into containers. Those machines could come from on-prem environments, AWS, Azure or Google’s Compute Engine, and — once converted — can then run in Anthos GKE, the Kubernetes service that’s part of the platform.

“That really helps customers think about a leapfrog strategy, where they can maintain the existing VMs but benefit from the operational model of Kubernetes,” Google VP of product management Jennifer Lin told me. “So even though you may not get all of the benefits of a cloud-native container day one, what you do get is consistency in the operational paradigm.”

As for Anthos itself, Lin tells me that Google is seeing some good momentum. The company is highlighting a number of customers at today’s event, including Germany’s Kaeser Kompressoren and Turkey’s Denizbank.

Lin noted that a lot of financial institutions are interested in Anthos. “A lot of the need to do data-driven applications, that’s where Kubernetes has really hit that sweet spot because now you have a number of distributed datasets and you need to put a web or mobile front end on [them],” she explained. “You can’t do it as a monolithic app, you really do need to tap into a number of datasets — you need to do real-time analytics and then present it through a web or mobile front end. This really is a sweet spot for us.”

Also new today is the general availability of Cloud Code, Google’s set of extensions for IDEs like Visual Studio Code and IntelliJ that helps developers build, deploy and debug their cloud-native applications more quickly. The idea, here, of course, is to remove friction from building containers and deploying them to Kubernetes.

In addition, Apigee hybrid is now also generally available. This tool makes it easier for developers and operators to manage their APIs across hybrid and multi-cloud environments, a challenge that is becoming increasingly common for enterprises. This makes it easier to deploy Apigee’s API runtimes in hybrid environments and still get the benefits of Apigees monitoring and analytics tools in the cloud. Apigee hybrid, of course, can also be deployed to Anthos.

Oct
07
2019
--

83North closes $300M fifth fund focused on Europe, Israel

83North has closed its fifth fund, completing an oversubscribed $300 million raise and bringing its total capital under management to $1.1BN+.

The VC firm, which spun out from Silicon Valley giant Greylock Partners in 2015 — and invests in startups in Europe and Israel, out of offices in London and Tel Aviv — last closed a $250M fourth fund back in 2017.

It invests in early and growth stage startups in consumer and enterprise sectors across a broad range of tech areas including fintech, data centre & cloud, enterprise software and marketplaces.

General partner Laurel Bowden, who leads the fund, says the latest close represents investment business as usual, with also no notable changes to the mix of LPs investing for this fifth close.

“As a fund we’re really focused on keeping our fund size down. We think that for just the investment opportunity in Europe and Israel… these are good sized funds to raise and then return and make good multiples on,” she tells TechCrunch. “If you go back in the history of our fundraising we’re always somewhere between $200M-$300M. And that’s the size we like to keep.”

“Of course we do think there’s great opportunities in Europe and Israel but not significantly different than we’ve thought over the last 15 years or so,” she adds.

83North has made around 70 investments to date — which means its five partners are usually making just one investment apiece per year.

The fund typically invests around $1M at the seed level; between $4M-$8M at the Series A level and up to $20M for Series B, with Bowden saying around a quarter of its investments go into seed (primarily into startups out of Israel); ~40% into Series A; and ~30% Series B.

“It’s somewhat evenly mixed between seed, Series A, Series B — but Series A is probably bigger than everything,” she adds.

It invests roughly half and half in its two regions of focus.

The firm has had 15 exits of portfolio companies (three of which it claims as unicorns). Recent multi-billion dollar exits for Bowden are: Just Eat, Hybris (acquired by SAP), iZettle (acquired by PayPal) and Qlik.

While 83North has a pretty broad investment canvas, it’s open to new areas — moving into IoT (with recent investments in Wiliot and VDOO), and also taking what it couches as a “growing interest” in healthtech and vertical SaaS. 

“Some of my colleagues… are looking at areas like lidar, in-vehicle automation, looking at some of the drone technologies, looking at some even healthtech AI,” says Bowden. “We’ve looked at a couple of those in Europe as well. I’ve looked, actually, at some healthtech AI. I haven’t done anything but looked.

“And also all things related to data. Of course the market evolves and the technology evolves but we’ve done things related to BI to process automation through to just management of data ops, management of data. We always look at that area. And think we’ll carry on for a number of years. ”

“In venture you have to expand,” she adds. “You can’t just stay investing in exactly the same things but it’s more small additional add-ons as the market evolves, as opposed to fundamental shifts of investment thesis.”

Discussing startup valuations, Bowden says European startups are not insulated from wider investment dynamics that have been pushing startup valuations higher — and even, arguably, warping the market — as a consequence of more capital being raised generally (not only at the end of the pipe).

“Definitely valuations are getting pushed up,” she says. “Definitely things are getting more competitive but that comes back to exactly why we’re focused on raising smaller funds. Because we just think then we have less pressure to invest if we feel that valuations have got too high or there’s just a level… where startups just feel the inclination to raise way more money than they probably need — and that’s a big reason why we like to keep our fund size relatively small.”

Aug
05
2019
--

Cybereason raises $200 million for its enterprise security platform

Cybereason, which uses machine learning to increase the number of endpoints a single analyst can manage across a network of distributed resources, has raised $200 million in new financing from SoftBank Group and its affiliates. 

It’s a sign of the belief that SoftBank has in the technology, since the Japanese investment firm is basically doubling down on commitments it made to the Boston-based company four years ago.

The company first came to our attention five years ago when it raised a $25 million financing from investors, including CRV, Spark Capital and Lockheed Martin.

Cybereason’s technology processes and analyzes data in real time across an organization’s daily operations and relationships. It looks for anomalies in behavior across nodes on networks and uses those anomalies to flag suspicious activity.

The company also provides reporting tools to inform customers of the root cause, the timeline, the person involved in the breach or breaches, which tools they use and what information was being disseminated within and outside of the organization.

For co-founder Lior Div, Cybereason’s work is the continuation of the six years of training and service he spent working with the Israeli army’s 8200 Unit, the military incubator for half of the security startups pitching their wares today. After his time in the military, Div worked for the Israeli government as a private contractor reverse-engineering hacking operations.

Over the last two years, Cybereason has expanded the scope of its service to a network that spans 6 million endpoints tracked by 500 employees, with offices in Boston, Tel Aviv, Tokyo and London.

“Cybereason’s big data analytics approach to mitigating cyber risk has fueled explosive expansion at the leading edge of the EDR domain, disrupting the EPP market. We are leading the wave, becoming the world’s most reliable and effective endpoint prevention and detection solution because of our technology, our people and our partners,” said Div, in a statement. “We help all security teams prevent more attacks, sooner, in ways that enable understanding and taking decisive action faster.”

The company said it will use the new funding to accelerate its sales and marketing efforts across all geographies and push further ahead with research and development to make more of its security operations autonomous.

“Today, there is a shortage of more than three million level 1-3 analysts,” said Yonatan Striem-Amit, chief technology officer and co-founder, Cybereason, in a statement. “The new autonomous SOC enables SOC teams of the future to harness technology where manual work is being relied on today and it will elevate  L1 analysts to spend time on higher value tasks and accelerate the advanced analysis L3 analysts do.”

Most recently the company was behind the discovery of Operation SoftCell, the largest nation-state cyber espionage attack on telecommunications companies. 

That attack, which was either conducted by Chinese-backed actors or made to look like it was conducted by Chinese-backed actors, according to Cybereason, targeted a select group of users in an effort to acquire cell phone records.

As we wrote at the time:

… hackers have systematically broken in to more than 10 cell networks around the world to date over the past seven years to obtain massive amounts of call records — including times and dates of calls, and their cell-based locations — on at least 20 individuals.

Researchers at Boston-based Cybereason, who discovered the operation and shared their findings with TechCrunch, said the hackers could track the physical location of any customer of the hacked telcos — including spies and politicians — using the call records.

Lior Div, Cybereason’s co-founder and chief executive, told TechCrunch it’s “massive-scale” espionage.

Call detail records — or CDRs — are the crown jewels of any intelligence agency’s collection efforts. These call records are highly detailed metadata logs generated by a phone provider to connect calls and messages from one person to another. Although they don’t include the recordings of calls or the contents of messages, they can offer detailed insight into a person’s life. The National Security Agency  has for years controversially collected the call records of Americans from cell providers like AT&T and Verizon (which owns TechCrunch), despite the questionable legality.

It’s not the first time that Cybereason has uncovered major security threats.

Back when it had just raised capital from CRV and Spark, Cybereason’s chief executive was touting its work with a defense contractor who’d been hacked. Again, the suspected culprit was the Chinese government.

As we reported, during one of the early product demos for a private defense contractor, Cybereason identified a full-blown attack by the Chinese — 10,000 thousand usernames and passwords were leaked, and the attackers had access to nearly half of the organization on a daily basis.

The security breach was too sensitive to be shared with the press, but Div says that the FBI was involved and that the company had no indication that they were being hacked until Cybereason detected it.

Aug
02
2019
--

United Airlines CISO Emily Heath joins TC Sessions: Enterprise this September

In an era of massive data breaches, most recently the Capital One fiasco, the risk of a cyberattack and the costly consequences are the top existential threat to corporations big and small. At TechCrunch’s first-ever enterprise-focused event (p.s. early-bird sales end August 9), that topic will be front and center throughout the day.

That’s why we’re delighted to announce United’s chief information security officer Emily Heath will join TC Sessions: Enterprise in San Francisco on September 5, where we will discuss and learn how one of the world’s largest airlines keeps its networks safe.

Joining her to talk enterprise security will be a16z partner Martin Casado and DUO / Cisco’s head of advisory CISOs Wendy Nather, among others still to be announced.

At United, Heath oversees the airline’s cybersecurity program and its IT regulatory, governance and risk management.

The U.S.-based airline has more than 90,000 employees serving 4,500 flights a day to 338 airports, including New York, San Francisco, Los Angeles and Washington, D.C.

A native of Manchester, U.K., Heath served as a former police detective in the U.K. Financial Crimes Unit where she led investigations into international investment fraud, money laundering and large scale cases of identity theft — and ran joint investigations with the FBI, SEC and London’s Serious Fraud Office.

Heath and her teams have been the recipients of CSO Magazine’s CSO50 Awards for their work in cybersecurity and risk.

At TC Sessions: Enterprise, Heath will join a panel of cybersecurity experts to discuss security on enterprise networks large and small — from preventing data from leaking to keeping bad actors out of their network — where we’ll learn how a modern CSO moves fast without breaking things.

Join hundreds of today’s leading enterprise experts for this single-day event when you purchase a ticket to the show. The $249 early-bird sale ends Friday, August 9. Make sure to grab your tickets today and save $100 before prices go up.

Apr
09
2018
--

Juro grabs $2M to take the hassle out of contracts

UK startup Juro, which is applying a “design centric approach” and machine learning tech to help businesses speed up the authoring and management of sales contracts, has closed $2m in seed funding led by Point Nine Capital.

Prior investor Seedcamp also contributed to the round. Juro is announcing Taavet Hinrikus (TransferWise’s co-founder) as an investor now too, as well as Michael Pennington (Gumtree co-founder) and the family office of Paul Forster (co-founder of Indeed.com).

Back in January 2017 the London-based startup closed a $750,000 (£615k) seed round, though CEO and co-founder Richard Mabey tells us that was really better classed as an angel round — with Point Nine Capital only joining “late” in the day.

“We actually could have strung it out to Series A,” he says of the funding that’s being announced now. “But we had multiple offers come in and there is so much of an explosion in demand for the [machine learning] that it made sense to do a round now rather than wait for the A. The whole legal industry is undergoing radical change and we want to be leading it.”

Juro’s SaaS product is an integrated contracts workflow that combines contract creation, e-signing and commenting capabilities with AI-powered contract analytics.

Its general focus is on customers that have to manage a high volume of contacts — such as marketplaces.

The 2016-founded startup is not breaking out any customer numbers yet but says its client list includes the likes of Estee Lauder, Deliveroo and Nested. And Mabey adds that “most” of its demand is coming from enterprise at this point, noting it has “several tech unicorns and Fortune 500 companies in trial”.

While design is clearly a major focus — with the startup deploying clean-looking templates and visual cues to offer a user-friendly ‘upgrade’ on traditional legal processes — the machine learning component is its scalable, value-added differentiator to serve the target b2b users by helping them identify recurring sticking points in contract negotiations and keep on top of contract renewals.

Mabey tells TechCrunch the new funding will be used to double down on development of the machine learning component of the product.

“We’re not the first to market in contract management by about 25 years,” he says with a smilie. “So we have always needed to prove out our vision of why the incumbents are failing. One part of this is clunky UX and we’ve succeeded so far in replacing legacy providers through better design (e.g. we replace DocuSign at 80% of our customers).

“But the thing we and our investors are really excited about is not just helping businesses with contract workflow but helping them understand their contract data, auto-tag contracts, see pattens in negotiations and red flag unusual contract terms.”

While this machine learning element is where he sees Juro cutting out a competitive edge in an existing and established market, Mabey concedes it takes “quite a lot of capital to do well”. Hence taking more funding now.

“We need a level of predictive accuracy in our models that risk averse lawyers can get comfortable with and that’s a big ask!” he says.

Specifically, Juro will be using the funding to hire data scientists and machine learning engineers — building out the team at both its London and Riga offices. “We’re doing it like crazy,” adds Mabey. “For example, we just hired from the UK government Digital Service the data scientist who delivered the first ML model used by the UK government (on the gov.uk website).

“There is a huge opportunity here but great execution is key and we’re building a world class team to do it. It’s a big bet to grow revenue as quickly as we are and do this kind of R&D but that’s just what the market is demanding.”

Juro’s HQ remains in London for now, though Mabey notes its entire engineering team is based in the EU — between Riga, Amsterdam and Barcelona — “in part to avoid ‘Brexit risk’”.

“Only 27% of the team is British and we have customers operating in 12 countries — something I’m quite proud of — but it does leave us rather exposed. We’re very open minded about where we will be based in the future and are waiting to hear from the government on the final terms of Brexit,” he says when asked whether the startup has any plans to Brexit to Berlin.

“We always look beyond the UK for talent: if the government cannot provide certainty to our Romanian product designer (ex Kalo, Entrepreneur First) that she can stay in the UK post Brexit without risking a visa application, tbh it makes me less bullish on London!”

Apr
19
2017
--

Nauta Capital closes out $170M third fund

 Early stage VC firm Nauta Capital, which has offices in London, UK, Barcelona, Spain and Boston in the US, has closed out a 2016 fund raising — capping it off at $170 million. Read More

Powered by WordPress | Theme: Aeros 2.0 by TheBuckmaker.com