May
23
2018
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Meet the speakers at The Europas, and get your ticket free (July 3, London)

Excited to announce that this year’s The Europas Unconference & Awards is shaping up! Our half day Unconference kicks off on 3 July, 2018 at The Brewery in the heart of London’s “Tech City” area, followed by our startup awards dinner and fantastic party and celebration of European startups!

The event is run in partnership with TechCrunch, the official media partner. Attendees, nominees and winners will get deep discounts to TechCrunch Disrupt in Berlin, later this year.
The Europas Awards are based on voting by expert judges and the industry itself. But key to the daytime is all the speakers and invited guests. There’s no “off-limits speaker room” at The Europas, so attendees can mingle easily with VIPs and speakers.

What exactly is an Unconference? We’re dispensing with the lectures and going straight to the deep-dives, where you’ll get a front row seat with Europe’s leading investors, founders and thought leaders to discuss and debate the most urgent issues, challenges and opportunities. Up close and personal! And, crucially, a few feet away from handing over a business card. The Unconference is focused into zones including AI, Fintech, Mobility, Startups, Society, and Enterprise and Crypto / Blockchain.

We’ve confirmed 10 new speakers including:


Eileen Burbidge, Passion Capital


Carlos Eduardo Espinal, Seedcamp


Richard Muirhead, Fabric Ventures


Sitar Teli, Connect Ventures


Nancy Fechnay, Blockchain Technologist + Angel


George McDonaugh, KR1


Candice Lo, Blossom Capital


Scott Sage, Crane Venture Partners


Andrei Brasoveanu, Accel


Tina Baker, Jag Shaw Baker

How To Get Your Ticket For FREE

We’d love for you to ask your friends to join us at The Europas – and we’ve got a special way to thank you for sharing.

Your friend will enjoy a 15% discount off the price of their ticket with your code, and you’ll get 15% off the price of YOUR ticket.

That’s right, we will refund you 15% off the cost of your ticket automatically when your friend purchases a Europas ticket.

So you can grab tickets here.

Vote for your Favourite Startups

Public Voting is still humming along. Please remember to vote for your favourite startups!

Awards by category:

Hottest Media/Entertainment Startup

Hottest E-commerce/Retail Startup

Hottest Education Startup

Hottest Startup Accelerator

Hottest Marketing/AdTech Startup

Hottest Games Startup

Hottest Mobile Startup

Hottest FinTech Startup

Hottest Enterprise, SaaS or B2B Startup

Hottest Hardware Startup

Hottest Platform Economy / Marketplace

Hottest Health Startup

Hottest Cyber Security Startup

Hottest Travel Startup

Hottest Internet of Things Startup

Hottest Technology Innovation

Hottest FashionTech Startup

Hottest Tech For Good

Hottest A.I. Startup

Fastest Rising Startup Of The Year

Hottest GreenTech Startup of The Year

Hottest Startup Founders

Hottest CEO of the Year

Best Angel/Seed Investor of the Year

Hottest VC Investor of the Year

Hottest Blockchain/Crypto Startup Founder(s)

Hottest Blockchain Protocol Project

Hottest Blockchain DApp

Hottest Corporate Blockchain Project

Hottest Blockchain Investor

Hottest Blockchain ICO (Europe)

Hottest Financial Crypto Project

Hottest Blockchain for Good Project

Hottest Blockchain Identity Project

Hall Of Fame Award – Awarded to a long-term player in Europe

The Europas Grand Prix Award (to be decided from winners)

The Awards celebrates the most forward thinking and innovative tech & blockchain startups across over some 30+ categories.

Startups can apply for an award or be nominated by anyone, including our judges. It is free to enter or be nominated.

What is The Europas?

Instead of thousands and thousands of people, think of a great summer event with 1,000 of the most interesting and useful people in the industry, including key investors and leading entrepreneurs.

• No secret VIP rooms, which means you get to interact with the Speakers

• Key Founders and investors speaking; featured attendees invited to just network

• Expert speeches, discussions, and Q&A directly from the main stage

• Intimate “breakout” sessions with key players on vertical topics

• The opportunity to meet almost everyone in those small groups, super-charging your networking

• Journalists from major tech titles, newspapers and business broadcasters

• A parallel Founders-only track geared towards fund-raising and hyper-networking

• A stunning awards dinner and party which honors both the hottest startups and the leading lights in the European startup scene

• All on one day to maximise your time in London. And it’s PROBABLY sunny!

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That’s just the beginning. There’s more to come…

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Interested in sponsoring the Europas or hosting a table at the awards? Or purchasing a table for 10 or 12 guest or a half table for 5 guests? Get in touch with:
Petra Johansson
Petra@theeuropas.com
Phone: +44 (0) 20 3239 9325

May
22
2018
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Slack introduces Actions to make it easier to create and finish tasks without leaving

As Slack tries to graduate beyond a Silicon Valley darling to the go-to communications platform within a company, it’s had to find ways to increasingly pitch itself as an intelligent Swiss Army knife for companies — and not just a simple chat app — and it is trying to continue that today once again with a new feature called Actions.

Companies can now bake in a user experience of their own directly into the Slack application that isn’t yet another chatbot that’s tied into their services. Developers can essentially create a customized prompt for any kind of action, like submitting a support ticket, within the Slack core chat experience through a drop-down window called an Action. While Slackbots may have been an early incarnation of this, Slack’s platform has grown to include more than 200,000 developers, and there’s still constant need for robust tools internally. This offers partners and developers a little more flexibility when it comes to figuring out what experience makes the most sense for people that sit in Slack all day, but have to keep porting information to and from their own tools.

“There’s such a demand for specialized software, and for great tools that are easy to use and interoperable with all applications you use,” Slack chief product officer April Underwood said. “We think this is good, and we think more tools means customers have more choice. Ultimately there’s more competition in the marketplace, that means the best tools, the ones that truly help companies do their best work, rise to the top. But your work experience becomes increasingly siloed. Slack needs to be highly configurable, but in doing so we believe Slack is the collaboration hub that brings all this together.”

Each company that wants to build in an integration — like Asana for task management or Zendesk for ticket management — works to create a new flow within the core Slack experience, which includes a new dropdown inside a message and a prompt to bake something into the chat flow. Once that happens, all that information is then ported over to the integration and created in the same way an employee would create it within that environment. If someone creates a Zendesk ticket through an action in Slack, Zendesk automatically generates the ticket on their side.

Slack has sprawled out over time, and especially as companies using it get larger and larger, the company has to figure out a way to show that it can remain a dead-simple app without turning into a bloated window filled with thousands of instant messages. Actions is one potential approach to that, where users can know from the get-go where to coordinate certain activities like equipment procurement or managing some customer information — and not have to go anywhere else.

The other advantage here is that it makes the destination for completing a task not necessarily a “what,” but also a “who.” Slack is leaning on its machine learning tool to make it easier and easier to find the right people with the right answers, whether those questions are already answered somewhere or they know who can get you the information right away. Actions is another extension here, as well, as users can get accustomed to going to certain coworkers with the intent of completing tasks — such as their IT head in their office that they walk by every morning on the way to grabbing coffee.

The company says it’s also working on what it’s calling the Block Kit, which integrates those tasks and other elements directly into the Slack chat flow in a way that looks a little more user friendly from a kind of visual sense. The idea here is, again, to create an intuitive flow for people that goes beyond just a simple chat app, but also offers some additional way of interactivity that turns Slack into a more sensible feed rather than just a window with people talking to each other. Actions are available from Jira, Bitbucket, Asana, Zendesk, HubSpot, and several others.

Actions is a tool that Slack is unveiling at its own developer conference, Spec, this morning. That in of itself is yet another example of Slack looking to graduate beyond just a simpler information feed that works well with smaller companies. Developers are often the ones that figure out the best niche use cases for any platform, as it means Slack can focus on trying to figure out how all these integrations fit into its design ethos. The company has to figure out how to convince larger companies that they need a tool like this and it won’t get out of hand, and also ensure that smaller companies don’t graduate into something a little more flexible that can serve those niche cases as they get larger.

To be sure, Slack is growing. The company said it hit 8 million daily active users with 3 million paid users earlier this month. That’s helped it quickly jump to a $5.1 billion valuation (as of its most recent funding round), and the company has been carefully rolling out tools that might make communication within larger companies a little easier — including the long-awaited launch of threads a little more than a year ago.

But Slack also faces increasing competition as time goes on, not only from the traditional companies looking to build more robust but simpler tools, but also from companies that have spent a lot of time working on collaboration tools and are now exploring communication. Atlassian’s opened up its communications platform Stride to developers in February this year. Microsoft, too continues to update its Teams product. Slack was able to expose pent-up demand for this kind of an approach, but it also has to defend that approach — and making it a little more flexible without feature-creeping is going to be its biggest challenge going forward.

May
22
2018
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Dropbox beefs up mobile collaboration in latest release

Dropbox announced several enhancements today designed to beef up its mobile offering and help employees on the go keep up with changes to files stored in Dropbox .

In a typical team scenario, a Dropbox user shared a file with a team member for review or approval. If they wanted to check the progress of this process, the only way to do it up until now was to send an email or text message explicitly asking if the person looked at it yet — not a terribly efficient workflow.

Dropbox recognized this and has built in a fix in the latest mobile release. Now users can can simply see who has looked at or taken action on a file directly from the mobile application without having to leave the application.

In addition, those being asked to review files can see those notifications right at the top of the Home screen in the mobile app, making the whole feedback cycle much more organized.

Photo: Dropbox

Joey Loi, product manager at Dropbox says this is a much more streamlined way to understand activity inside of Dropbox. “With this feature, we think about the closing loop on collaboration. At its heart, collaboration is feedback flows. When I change something on a file, there are a few steps before [my co-worker] knows I’ve changed it,” Loi explained. With this feature that feedback loop can close much faster.

The company also changed the way it organizes and displays files putting the files that you opened most recently at the top of the Home screen, which is somewhat like Recents in Google Drive. It also provides a way to favorite a file and puts those files that are most important at the top of the list, making it easier to find the files that are likely most important to you more quickly when you access the mobile app.

Finally you can now drag and drop a file from an email into a Dropbox folder in a mobile context.

While none of these individual updates are earth shattering changes by any means, they do make it easier for users to access, share and work with files in Dropbox on a mobile device. “All the features are to help teams collaborate and be efficient on mobile,” Loi said.

May
16
2018
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Parsable secures $40M investment to bring digital to industrial workers

As we increasingly hear about automation, artificial intelligence and robots taking away industrial jobs, Parsable, a San Francisco-based startup sees a different reality, one with millions of workers who for the most part have been left behind when it comes to bringing digital transformation to their jobs.

Parsable has developed a Connected Worker platform to help bring high tech solutions to deskless industrial workers who have been working mostly with paper-based processes. Today, it announced a $40 million Series C cash injection to keep building on that idea.

The round was led by Future Fund with help from B37 and existing investors Lightspeed Venture Partners, Airbus Ventures and Aramco Ventures. Today’s investment brings the total to nearly $70 million.

The Parsable solution works on almost any smartphone or tablet and is designed to enter information while walking around in environments where a desktop PC or laptop simply wouldn’t be practical. That means being able to tap, swipe and select easily in a mobile context.

Photo: Parsable

The challenge the company faced was the perception these workers didn’t deal well with technology. Parsable CEO Lawrence Whittle says the company, which launched in 2013, took its time building its first product because it wanted to give industrial workers something they actually needed, not what engineers thought they needed. This meant a long period of primary research.

The company learned, it had to be dead simple to allow the industry vets who had been on the job for 25 or more years to feel comfortable using it out of the box, while also appealing to younger more tech-savvy workers. The goal was making it feel as familiar as Facebook or texting, common applications even older workers were used to using.

“What we are doing is getting rid of [paper] notebooks for quality, safety and maintenance and providing a digital guide on how to capture work with the objective of increasing efficiency, reducing safety incidents and increasing quality,” Whittle explained.

He likens this to the idea of putting a sensor on a machine, but instead they are putting that instrumentation into the hands of the human worker. “We are effectively putting a sensor on humans to give them connectivity and data to execute work in the same way as machines,” he says.

The company has also made the decision to make the platform flexible to add new technology over time. As an example they support smart glasses, which Whittle says accounts for about 10 percent of its business today. But the founders recognized that reality could change and they wanted to make the platform open enough to take on new technologies as they become available.

Today the company has 30 enterprise customers with 30,000 registered users on the platform. Customers include Ecolab, Schlumberger, Silgan and Shell. They have around 80 employees, but expect to hit 100 by the end of Q3 this year, Whittle says.

Apr
30
2018
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Suki raises $20M to create a voice assistant for doctors

When trying to figure out what to do after an extensive career at Google, Motorola, and Flipkart, Punit Soni decided to spend a lot of time sitting in doctors’ offices to figure out what to do next.

It was there that Soni said he figured out one of the most annoying pain points for doctors in any office: writing down notes and documentation. That’s why he decided to start Suki — previously Robin AI — to create a way for doctors to simply start talking aloud to take notes when working with patients, rather than having to put everything into a medical record system, or even writing those notes down by hand. That seemed like the lowest hanging fruit, offering an opportunity to make it easier for doctors that see dozens of patients to make their lives significantly easier, he said.

“We decided we had found a powerful constituency who were burning out because of just documentation,” Soni said. “They have underlying EMR systems that are much older in design. The solution aligns with the commoditization of voice and machine learning. If you put it all together, if we can build a system for doctors and allow doctors to use it in a relatively easy way, they’ll use it to document all the interactions they do with patients. If you have access to all data right from a horse’s mouth, you can use that to solve all the other problems on the health stack.”

The company said it has raised a $15 million funding round led by Venrock, with First Round, Social+Capital, Nat Turner of Flatiron Health, Marc Benioff, and other individual Googlers and angels. Venrock also previously led a $5 million seed financing round, bringing the company’s total funding to around $20 million. It’s also changing its name from Robin AI to Suki, though the reason is actually a pretty simple one: “Suki” is a better wake word for a voice assistant than “Robin” because odds are there’s someone named Robin in the office.

The challenge for a company like Suki is not actually the voice recognition part. Indeed, that’s why Soni said they are actually starting a company like this today: voice recognition is commoditized. Trying to start a company like Suki four years ago would have meant having to build that kind of technology from scratch, but thanks to incredible advances in machine learning over just the past few years, startups can quickly move on to the core business problems they hope to solve rather than focusing on early technical challenges.

Instead, Suki’s problem is one of understanding language. It has to ingest everything that a doctor is saying, parse it, and figure out what goes where in a patient’s documentation. That problem is even more complex because each doctor has a different way of documenting their work with a patient, meaning it has to take extra care in building a system that can scale to any number of doctors. As with any company, the more data it collects over time, the better those results get — and the more defensible the business becomes, because it can be the best product.

“Whether you bring up the iOS app or want to bring it in a website, doctors have it in the exam room,” Soni said. “You can say, ‘Suki, make sure you document this, prescribe this drug, and make sure this person comes back to me for a follow-up visit.’ It takes all that, it captures it into a clinically comprehensive note and then pushes it to the underlying electronic medical record. [Those EMRs] are the system of record, it is not our job to day-one replace these guys. Our job is to make sure doctors and the burnout they are having is relieved.”

Given that voice recognition is commoditized, there will likely be others looking to build a scribe for doctors as well. There are startups like Saykara looking to do something similar, and in these situations it often seems like the companies that are able to capture the most data first are able to become the market leaders. And there’s also a chance that a larger company — like Amazon, which has made its interest in healthcare already known — may step in with its comprehensive understanding of language and find its way into the doctors’ office. Over time, Soni hopes that as it gets more and more data, Suki can become more intelligent and more than just a simple transcription service.

“You can see this arc where you’re going from an Alexa, to a smarter form of a digital assistant, to a device that’s a little bit like a chief resident of a doctor,” Soni said. “You’ll be able to say things like, ‘Suki, pay attention,’ and all it needs to do is listen to your conversation with the patient. I’m, not building a medical transcription company. I’m basically trying to build a digital assistant for doctors.”

Apr
26
2018
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Dropbox rolls out a templates tool for its Paper online document service

As Dropbox looks to woo larger and larger businesses with its strategy of building simpler collaboration tools than what’s on the market, it’s making some moves in its online document tool Paper to further reduce that friction today.

Dropbox said it was rolling out a new tool for Dropbox Paper that allows users to get a paper document up and running through a set of templates. It may seem like something that would be table stakes for a company looking to create an online document tool like Google Docs, but figuring out what Paper’s core use cases look like can take a lot of thinking and user research before finally pulling the trigger. Dropbox at its heart hopes to have a consumer feel for its products, so preserving that as it looks to build more robust tools presents a bigger challenge for the freshly-public company.

The templates tool behaves pretty much like other tools out there: you open Dropbox Paper, and you’ll get the option to create a document from a number of templates. Some common use cases for Dropbox Paper include continuous product development timelines and design specs, but it seems the company hopes to broaden that by continuing to integrate new features like document previews. Dropbox Paper started off as a blank slate, but given the number of options out there, it has to figure out a way to differentiate itself eventually.

The company said it’s also rolling out a number of other small features. That includes a way to pin documents, launch presentations, format text and insert docs and stickers. There’s also a new meeting widget and increased formatting options in the comments section in Paper. Finally, it’s adding a number of small quality-of-life updates like viewing recent Paper docs by alphabetical order and the ability to unsubscribe to comment notifications and archive docs on iOS, as well as aggregating to-do lists across docs.

Dropbox went public earlier this year to dramatic success, immediately getting that desired “pop” and more or less holding it throughout the past month or so as one of the first blockbuster IPOs of 2018. There have been a wave that have followed since, including DocuSign, and it’s one of a batch of several enterprise companies looking to get out the door now that it appears the window is open for investor demand for fresh IPOs.

Paper, to that end, appears to be a key piece of the puzzle for Dropbox. The company has always sought to be a company centered around simple collaboration tools, coming from its roots as a consumer company to start. It’s an approach that has served it — and others, like Slack — well as the company looks to expand more and more into larger enterprises. While it’s been able to snap up users thanks to its simpler approach, those enterprise deals are always more lucrative and serve as a stronger business line for Dropbox.

Dropbox will have to continue to not only differentiate itself from Google Docs and other tools, but also an emerging class of startups that’s looking to figure out ways to snap up some of the core use cases of online document tools. Slite, for example, hopes to capture the internal wiki and note-taking portion of an online doc system like Google Docs. That startup raised $4.4 million earlier this month. There’s also Coda, a startup that’s looking to rethink what a document looks altogether, which raised $60 million. Templates are one way of reducing that friction and keeping it feeling like a simple document tool and hopefully getting larger businesses excited about its products.

Apr
22
2018
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Slite raises $4.4M to create a smarter internal notes tool

Slack exposed the demand for a dead-simple internal communications tool, which has inspired a wave of startups trying to pick apart the rest of a company’s daily activities — including Slite, which hopes to take on internal notes with a fresh round of new capital.

Slite is more or less an attempt at a replacement for a Google Doc or something in Dropbox Paper that is sprawling and getting a little out of control. An employee might create a Slite note like an onboarding manual or an internal contact list, and the hope is to replace the outdated internal wiki and offer employees a hub where they can either go and start stringing together important information, or find it right away. The company today said it has raised $4.4 million in a new seed funding round led by Index Ventures after coming out of Y Combinator’s 2018 winter class. Ari Helgason is joining Slite’s board of directors as part of the deal.

“We now have to develop this product enough to show we can actually replace large amounts of things,” co-founder Christophe Pasquier said. “Today we have more than 300 active teams, and we have to show that we can make it scale. In the short term is just we’re replacing Google Docs because these tools ahven’t evolved and we’re bringing something super fresh. The longer-term vision of really bringing all the information that has value from a team and becoming this single source of truth for teams.”

Slite tracks permissions and changes to the notes in order to allow companies to do a better job of maintaining them, rather than sharing around links and having different people jump in and make changes. The part about sharing links is one in particular that stung for Pasquier, as even larger companies can have issues with employees asking in Slack what policies are — or even for links to parts of the internal wiki where that important information is buried.

Getting there certainly won’t be easy. Companies like Dropbox continuing to invest in these kinds of collaborative note-taking tools — that could easily evolve into internal hubs of information. And as Pasquier tries to liken the development arc to Slack, which showed employees wanted some more seamless tool for communication, that company is also working on making its search tools smarter, like helping employees find the right person to ask a question. It doesn’t look like an asynchronous notes tool just yet, but if all the information is somewhere in Slack already, a smart search tool may be the only thing necessary to find all that information.

Mar
27
2018
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On-demand shipping startup Shyp is shutting down

After rocketing to a $250 million valuation in 2015 amid a massive hype cycle for on-demand companies, on-demand startup Shyp is shutting down today.

CEO Kevin Gibbon announced that the company would be shutting down in a blog post this afternoon. The company is ending operations immediately after, like many on-demand companies, struggling to find a scalable model beyond its launching point in San Francisco. Shyp missed targets for expanding to cities beyond its core base as well as pulled back from Miami. In July, Shyp said it would be reducing its headcount and shutting down all operations beyond San Francisco.

The company raised $50 million in a deal led by John Doerr at Kleiner Perkins back in 2015, one of his last huge checks as a variety of firms jumped onto the on-demand space. The thesis at the time was pretty sound: look at a strip mall, and see which businesses can come to you first. Shipping was a natural one, but there was also food, and eventually groceries. Today, there are only a few left standing, with Postmates, Instacart and DoorDash among the most prominent ones. Even then, Instacart is now under threat from Amazon, which is ramping up its own two-hour delivery after buying Whole Foods.

“At the time, I approached everything I did as an engineer,” Gibbon wrote. “Rather than change direction, I tasked the team with expanding geographically and dreaming up innovative features and growth tactics to further penetrate the consumer market. To this day, I’m in awe of the vigor the team possessed in tackling a 200-year-old industry. But, growth at all costs is a dangerous trap that many startups fall into, mine included.”

Shyp is now a casualty of the delivery space. Where it originally sought to make up the cost of delivery in the form of cheaper bulk costs for those deliveries, Shyp’s one-size-fits-all delivery — where you could deliver a computer or a bike — eventually ended up being one of the most challenging and frustrating elements of its business. It began adding fees to its online returns business and changing prices for its bulk shipments. As it turns out, a $5 carte blanche for delivery was not a model that really made sense.

Indeed, that growth-at-all-costs directive has cost many startups, with companies like Sprig shutting down and many companies getting slapped on the wrist for aggressive growth tactics like text spamming. It also meant that startups had to very quickly develop an effective playbook that, in the end, might not actually translate to markets beyond their core competency. Shyp pivoted to focusing on businesses toward the tail end of its lifetime, including a big deal with eBay, which we had heard at the time was doing well.

“We decided to keep the popular-but-unprofitable parts of our business running, with small teams of their own behind them,” he wrote. “This was a mistake—my mistake. While large, established companies have the financial freedom to explore new product categories for the sake of exploring, for startups it can be irresponsible.”

But Gibbon said the company kept parts of its popular but challenged models online – which may have also contributed to its eventual shut-down. The company expected to be in cities like Boston, Seattle and Philadelphia in early 2016, but that didn’t end up panning out. And Shyp increasingly felt the challenges of an on-demand model, trying to push the cost to the consumer as low as possible while handling the overheads and logistical headaches of a delivery business.

“My early mistakes in Shyp’s business ended up being prohibitive to our survival,” Gibbon wrote. “For that, I am sorry.”

Mar
20
2018
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Mythic nets $40M to create a new breed of efficient AI-focused hardware

Another huge financing round is coming in for an AI company today, this time for a startup called Mythic getting a fresh $40 million as it appears massive deals are closing left and right in the sector.

Mythic particularly focuses on the inference side of AI operations — basically making the calculation on the spot for something based off an extensively trained model. The chips are designed to be low power, small, and achieve the same kind of performance you’d expect from a GPU in terms of the lightning-fast operations that algorithms need to perform to figure out whether or not that thing your car is about to run into is a cat or just some text on the road. SoftBank Ventures led this most-recent round of funding, with a strategic investment also coming from Lockheed Martin Ventures. ARM executive Rene Haas will also be joining the company’s board of directors.

“The key to getting really high performance and really good energy efficiency is to keep everything on the chip,” Henry said. “The minute you have to go outside the chip to memory, you lose all performance and energy. It just goes out the window. Knowing that, we found that you can actually leverage flash memory in a very special way. The limit there is, it’s for inference only, but we’re only going after the inference market — it’s gonna be huge. On top of that, the challenge is getting the processors and memory as close together as possible so you don’t have to move around the data on the chip.”

Mythic, like other startups, is looking to ease the back-and-forth trips to memory on the processors in order to speed things up and lower the power consumption, and CEO Michael Henry says the company has figured out how to essentially do the operations — based in a field of mathematics called linear algebra — on flash memory itself.

Mythic’s approach is designed to be what Henry calls more analog. To visualize how it might work, imagine a set-up in Minecraft, with a number of different strings of blocks leading to an end gate. If you flipped a switch to turn 50 of those strings on with some unit value, leaving the rest off, and joined them at the end and saw the combined final result of the power, you would have completed something similar to an addition operation leading to a sum of 50 units. Mythic’s chips are designed to do something not so dissimilar, finding ways to complete those kinds of analog operations for addition and multiplication in order to handle the computational requirements for an inference operation. The end result, Henry says, consumes less power and dissipates less heat while still getting just enough accuracy to get the right solution (more technically: the calculations are 8-bit results).

After that, the challenge is sticking a layer on top of that to make it look and behave like a normal chip to a developer. The goal is to, like other players in the AI hardware space, just plug into frameworks like TensorFlow. Those frameworks abstract out all the complicated tooling and tuning required for such a specific piece of hardware and make it very approachable and easy for developers to start building machine learning projects. Andrew Feldman, CEO of another AI hardware startup called Cerebras Systems, said at the Goldman Sachs Technology and Internet conference last month that frameworks like TensorFlow had  most of the value Nvidia had building up an ecosystem for developers on its own system.

Henry, too, is a big TensorFlow fan. And for good reason: it’s because of frameworks like TensorFlow that allow next-generation chip ideas to even get off the ground in the first place. These kinds of frameworks, which have become increasingly popular with developers, have abstracted out the complexity of working with specific low-level hardware like a field programmable gate array (FPGA) or a GPU. That’s made building machine learning-based operations much easier for developers and led to an explosion of activity when it comes to machine learning, whether it’s speech or image recognition among a number of other use cases.

“Things like TensorFlow make our lives so much easier,” Henry said. “Once you have a neural network described on TensorFlow, it’s on us to take that and translate that onto our chip. We can abstract that difficulty by having an automatic compiler.”

While many of these companies are talking about getting massive performance gains over a GPU — and, to be sure, Henry hopes that’ll be the case — the near term goal for Mythic is to match the performance of a $1,000 GPU while showing it can take up less space and consume less power. There’s a market for the card that customers can hot swap in right away. Henry says the company is focused on using a PCI-E interface, a very common plug-and-play system, and that’s it.

The challenge for Mythic, however, is going to get into the actual design of some of the hardware that comes out. It’s one thing to sell a bunch of cards that companies can stick into their existing hardware, but it’s another to get embedded into the actual pieces of hardware themselves — which is what’s going to need to happen if it wants to be a true workhorse for devices on the edge, like security cameras or things handling speech recognition. That makes the buying cycle a little more difficult, but at the same time, there will be billions of devices out there that need advanced hardware to power their inference operations.

“If we can sell a PCI card, you buy it and drop it in right away, but those are usually for low-volume, high-selling price products,” Henry said. “The other customers we serve design you into the hardware products. That’s a longer cycle, that can take upwards of a year. For that, typically the volumes are much higher. The nice thing is that you’re really really sticky. If they design you into a product you’re really sticky. We can go after both, we can go after board sales, and then go after design.”

There are probably going to be two big walls to Mythic, much less any of the other players out there. The first is that none of these companies have shipped a product. While Mythic, or other companies, might have a proof-of-concept chip that can drop on the table, getting a production-ready piece of next-generation silicon is a dramatic undertaking. Then there’s the process of not only getting people to buy the hardware, but actually convincing them that they’ll have the systems in place to ensure that developers will build on that hardware. Mythic says it plans to have a sample for customers by the end of the year, with a production product by 2019.

That also explains why Mythic, along with those other startups, are able to raise enormous rounds of money — which means there’s going to be a lot of competition amongst all of them. Here’s a quick list of what fundraising has happened so far: SambaNova Systems raised $56 million last week; Graphcore raised $50 million in November last year; Cerebras Systems’s first round was $25 million in December 2016; and this isn’t even counting an increasing amount of activity happening among companies in China. There’s still definitely a segment of investors that consider the space way too hot (and there is, indeed, a ton of funding) or potentially unnecessary if you don’t need the bleeding edge efficiency or power of these products.

And there are, of course, the elephants in the room in the form of Nvidia and to a lesser extent Intel. The latter is betting big on FPGA and other products, while Nvidia has snapped up most of the market thanks to GPUs being much more efficient at the kind of math needed for AI. The play for all these startups is they can be faster, more efficient, or in the case of Mythic, cheaper than all those other options. It remains to be seen whether they’ll unseat Nvidia, but nonetheless there’s an enormous amount of funding flowing in.

“The question is, is someone going to be able to beat Nvidia when they have the valuation and cash reserves,” Henry said. “But the thing, is we’re in a different market. We’re going after the edge, we’re going after things embedded inside phones and cars and drones and robotics, for applications like AR and VR, and it’s just really a different market. When investors analyze us they have to think of us differently. They don’t think, is this the one that wins Nvidia, they think, are one or more of these powder keg markets explode. It’s a different conversation for us because we’re an edge company.”

Mar
16
2018
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Equity podcast: Theranos’s reckoning, BroadQualm’s stunning conclusion and Lyft’s platform ambitions

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

This week Katie Roof and I were joined by Mayfield Fund’s Navin Chaddha, an investor with early connections with Lyft to talk about, well, Lyft — as well as two bombshell news events in the form of an SEC fine for Theranos and Broadcom’s hostile takeover efforts for Qualcomm hitting the brakes. Alex Wilhelm was not present this week but will join us again soon (we assume he was tending to his Slayer shirt collection).

Starting off with Lyft, there was quite a bit of activity for Uber’s biggest competitor in North America. The ride-sharing startup (can we still call it a startup?) said it would be partnering with Magna to “co-develop” an autonomous driving system. Chaddha talks a bit about how Lyft’s ambitions aren’t to be a vertical business like Uber, but serve as a platform for anyone to plug into. We’ve definitely seen this play out before — just look at what happened with Apple (the closed platform) and Android (the open platform). We dive in to see if Lyft’s ambitions are actually going to pan out as planned. Also, it got $200 million out of the deal.

Next up is Theranos, where the SEC investigation finally came to a head with founder Elizabeth Holmes and former president Ramesh “Sunny” Balwani were formally charged by the SEC for fraud. The SEC says the two raised more than $700 million from investors through an “elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology, business, and financial performance.” You can find the full story by TechCrunch’s Connie Loizos here, and we got a chance to dig into the implications of what it might mean for how investors scope out potential founders going forward. (Hint: Chaddha says they need to be more careful.)

Finally, BroadQualm is over. After months of hand-wringing over whether or not Broadcom would buy — and then commit a hostile takeover — of the U.S. semiconductor giant, the Trump administration blocked the deal. A cascading series of events associated with the CFIUS, a government body, got it to the point where Broadcom’s aggressive dealmaker Hock Tan dropped plans to go after Qualcomm altogether. The largest deal of all time in tech will, indeed, not be happening (for now), and it has potentially pretty big implications for M&A going forward.

That’s all for this week, we’ll catch you guys next week. Happy March Madness, and may fortune favor* your brackets.

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

assuming you have Duke losing before the elite 8.

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