Jun
18
2019
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Atlassian’s co-CEO Scott Farquhar will join us at TC Sessions: Enterprise

Few companies have changed the way developers work as profoundly as Atlassian. Its tools like Jira and Confluence are ubiquitous, and over the course of the last few years, the company has started to adapt many of them for wider enterprise usage outside of developer teams.

To talk about Atlassian’s story from being a small shop in Australia to a successful IPO — and its plans for the future — the company’s co-founder and co-CEO Scott Farquhar will join us at our inaugural TechCrunch Sessions: Enterprise event on September 5 in San Francisco.

Farquhar co-founded Atlassian with Mike Cannon-Brookes, in 2001. It wasn’t until 2010, though, that the company raised its first major venture round ($60 million from Accel Partners). Even by that point, though, the company already had thousands of customers and a growing staff in Sydney and San Francisco.

Today, more than 150,000 companies use Atlassian’s tools. These range from the likes of Audi to Spotify, Twilio and Visa, with plenty of startups and small and medium businesses in between.

It’s no secret that Farquhar and Cannon-Brookes consider themselves accidental billionaires, so it’s maybe no surprise that in 2015, ahead of Atlassian’s successful IPO that valued it at well above $10 billion, he also signed on to the 1% Pledge movement.

Today, Farquhar also makes his own venture investments as part of Skip Capital, which he co-founded.

TC Sessions: Enterprise (September 5 at San Francisco’s Yerba Buena Center) will take on the big challenges and promise facing enterprise companies today. TechCrunch’s editors will bring to the stage founders and leaders from established and emerging companies to address rising questions, like the promised revolution from machine learning and AI, intelligent marketing automation and the inevitability of the cloud, as well as the outer reaches of technology, like quantum computing and blockchain.

Tickets are now available for purchase on our website at the early-bird rate of $395; student tickets are just $245.

We have a limited number of Startup Demo Packages available for $2,000, which includes four tickets to attend the event.

For each ticket purchased for TC Sessions: Enterprise, you will also be registered for a complimentary Expo Only pass to TechCrunch Disrupt SF on October 2-4.

May
13
2019
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Slack aims to be the most important software company in the world, says CEO

Slack this morning disclosed estimated preliminary financial results for the first quarter of 2019 ahead of a direct listing planned for June 20.

Citing an addition of paid customers, the workplace messaging service posted revenues of about $134 million, up 66% from $81 million in the first quarter of 2018. Losses from operations increased from $26 million in Q1 2018 to roughly $39 million this year.

In addition to filing updated paperwork, the Slack executive team gathered on Monday to make a final pitch to potential shareholders, emphasizing its goal of replacing email within enterprises across the world.

“People deserve to do the best work of their lives,” Slack co-founder and chief executive officer Stewart Butterfield said in a video released alongside a live stream of its investor day event. “This desire of feeling aligned with your team, of removing confusion, of getting clarity; the desire for support in doing the best work of your life, that’s universal, that’s deeply human. It appeals to people with all kinds of roles, in all kinds of industries, at all scales of organization and all cultures.”

“We believe that whoever is able to unlock that potential for people … is going to be the most important software company in the world. We aim to be that company,” he added.”

Slack, valued at more than $7 billion with its last round of venture capital funding, plans to list on the NYSE under the ticker symbol “SK.”

The business filed to go public in April as other well-known tech companies were finalizing their initial public offerings. Following Uber’s disastrous IPO last week, public and private market investors alike will be keeping a close-eye on Slack’s stock market performance, which may determine Wall Street’s future appetite for Silicon Valley’s unicorns.

Though some of the recent tech IPOs performed famously, like Zoom, Uber and Lyft’s performance has served as a cautionary tale for going out in poor market conditions with lofty valuations. Uber began trading last week at below its IPO price of $45 and is today down significantly at just $36 per share. Lyft, for its part, is selling for $47.5 apiece today after pricing at $72 per share in March.

Slack isn’t losing billions per year like Uber, but it’s also not as close to profitability as expected. In the year ending January 31, 2019, Slack posted a net loss of $138.9 million and revenue of $400.6 million. That’s compared to a loss of $140.1 million on revenue of $220.5 million for the year ending January 31, 2018. In its S-1, the company attributed its losses to scaling the business and capitalizing on its market opportunity.

Workplace messaging startup Slack said Monday, February 4, 2019 it had filed a confidential registration for an initial public offering, becoming the latest of a group of richly valued tech enterprises to look to Wall Street. (Photo by Eric BARADAT / AFP) (Photo credit should read ERIC BARADAT/AFP/Getty Images)

Slack currently boasts more than 10 million daily active users across more than 600,000 organizations — 88,000 on the paid plan and 550,000 on the free plan.

Slack has been able to bypass the traditional roadshow process expected of an IPO-ready business, opting for a path to Wall Street popularized by Spotify in 2018. The company plans to complete in mid-June a direct listing, which allows companies to forgo issuing new shares and instead sell directly to the market existing shares held by insiders, employees and investors. The date, however, is subject to change.

Slack has previously raised a total of $1.2 billion in funding from investors, including Accel, Andreessen Horowitz, Social Capital, SoftBank, Google Ventures and Kleiner Perkins.

May
08
2019
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Slack to live stream pitch to shareholders on Monday ahead of direct listing

Slack, the ubiquitous workplace messaging tool, will make its pitch to prospective shareholders on Monday at an invite-only event in New York City, the company confirmed in a blog post on Wednesday. Slack stock is expected to begin trading on the New York Stock Exchange as soon as next month.

Slack, which is pursuing a direct listing, will live stream Monday’s Investor Day on its website.

An alternative to an initial public offering, direct listings allow businesses to forgo issuing new shares and instead sell directly to the market existing shares held by insiders, employees and investors. Slack, like Spotify, has been able to bypass the traditional roadshow process expected of an IPO-ready business, as well as some of the exorbitant Wall Street fees.

Spotify, if you remember, similarly live streamed an event that is typically for investors eyes only. If Slack’s event is anything like the music streaming giant’s, Slack co-founder and chief executive officer Stewart Butterfield will speak to the company’s greater mission alongside several other executives.

Slack unveiled documents for a public listing two weeks ago. In its SEC filing, the company disclosed a net loss of $138.9 million and revenue of $400.6 million in the fiscal year ending January 31, 2019. That’s compared to a loss of $140.1 million on revenue of $220.5 million for the year before.

Additionally, the company said it reached 10 million daily active users earlier this year across more than 600,000 organizations.

Slack has previously raised a total of $1.2 billion in funding from investors, including Accel, Andreessen Horowitz, Social Capital, SoftBank, Google Ventures and Kleiner Perkins.

Feb
14
2019
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Peltarion raises $20M for its AI platform

Peltarion, a Swedish startup founded by former execs from companies like Spotify, Skype, King, TrueCaller and Google, today announced that it has raised a $20 million Series A funding round led by Euclidean Capital, the family office for hedge fund billionaire James Simons. Previous investors FAM and EQT Ventures also participated, and this round brings the company’s total funding to $35 million.

There is obviously no dearth of AI platforms these days. Peltarion focus on what it calls “operational AI.” The service offers an end-to-end platform that lets you do everything from pre-processing your data to building models and putting them into production. All of this runs in the cloud and developers get access to a graphical user interface for building and testing their models. All of this, the company stresses, ensures that Peltarion’s users don’t have to deal with any of the low-level hardware or software and can instead focus on building their models.

“The speed at which AI systems can be built and deployed on the operational platform is orders of magnitude faster compared to the industry standard tools such as TensorFlow and require far fewer people and decreases the level of technical expertise needed,” Luka Crnkovic-Friis, of Peltarion’s CEO and co-founder, tells me. “All this results in more organizations being able to operationalize AI and focusing on solving problems and creating change.”

In a world where businesses have a plethora of choices, though, why use Peltarion over more established players? “Almost all of our clients are worried about lock-in to any single cloud provider,” Crnkovic-Friis said. “They tend to be fine using storage and compute as they are relatively similar across all the providers and moving to another cloud provider is possible. Equally, they are very wary of the higher-level services that AWS, GCP, Azure, and others provide as it means a complete lock-in.”

Peltarion, of course, argues that its platform doesn’t lock in its users and that other platforms take far more AI expertise to produce commercially viable AI services. The company rightly notes that, outside of the tech giants, most companies still struggle with how to use AI at scale. “They are stuck on the starting blocks, held back by two primary barriers to progress: immature patchwork technology and skills shortage,” said Crnkovic-Friis.

The company will use the new funding to expand its development team and its teams working with its community and partners. It’ll also use the new funding for growth initiatives in the U.S. and other markets.

Feb
04
2019
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Workplace messaging platform Slack has confidentially filed to go public

Slack, the provider of workplace communication and collaboration tools, has submitted paperwork with the Securities and Exchange Commission to go public later this year, the company announced on Monday.

This is its first concrete step toward becoming a publicly listed company, five years after it launched.

Headquartered in San Francisco, Slack has raised more than $1 billion in venture capital investment, including a $427 million funding round in August. The round valued the business at $7.1 billion, cementing its position as one of the most valuable privately held businesses in the U.S.

The company counted 10 million daily active users around the world and 85,000 paying users as of January 2019. According to data provided (via email) by SensorTower, Slack’s new users on mobile increased roughly 21 percent last quarter compared to Q4 2017, while total installs on mobile grew 24 million. The company recorded 8 million installs in 2018, up 21 percent year-over-year.

Slack’s investors include SoftBank’s Vision Fund, Dragoneer Investment Group, General Atlantic, T. Rowe Price Associates, Wellington Management, Baillie Gifford, Social Capital and IVP, as well as early investors Accel and Andreessen Horowitz.

Slack is one of several tech unicorns on deck to go public this year. Uber and Lyft have both similarly filed confidentially to go public in what are expected to be traditional initial public offerings. Slack, however, is expected to pursue a direct listing, following in Spotify’s footsteps. Instead of issuing new shares, Slack will sell directly to the market existing shares held by insiders, employees and investors, a move that will allow it to bypass a roadshow and some of Wall Street’s exorbitant IPO fees.

Dec
06
2018
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Contentful raises $33.5M for its headless CMS platform

Contentful, a Berlin- and San Francisco-based startup that provides content management infrastructure for companies like Spotify, Nike, Lyft and others, today announced that it has raised a $33.5 million Series D funding round led by Sapphire Ventures, with participation from OMERS Ventures and Salesforce Ventures, as well as existing investors General Catalyst, Benchmark, Balderton Capital and Hercules. In total, the company has now raised $78.3 million.

It’s been less than a year since the company raised its Series C round and, as Contentful co-founder and CEO Sascha Konietzke told me, the company didn’t really need to raise right now. “We had just raised our last round about a year ago. We still had plenty of cash in our bank account and we didn’t need to raise as of now,” said Konietzke. “But we saw a lot of economic uncertainty, so we thought it might be a good moment in time to recharge. And at the same time, we already had some interesting conversations ongoing with Sapphire [formerly SAP Ventures] and Salesforce. So we saw the opportunity to add more funding and also start getting into a tight relationship with both of these players.”

The original plan for Contentful was to focus almost explicitly on mobile. As it turns out, though, the company’s customers also wanted to use the service to handle its web-based applications and these days, Contentful happily supports both. “What we’re seeing is that everything is becoming an application,” he told me. “We started with native mobile application, but even the websites nowadays are often an application.”

In its early days, Contentful focused only on developers. Now, however, that’s changing, and having these connections to large enterprise players like SAP and Salesforce surely isn’t going to hurt the company as it looks to bring on larger enterprise accounts.

Currently, the company’s focus is very much on Europe and North America, which account for about 80 percent of its customers. For now, Contentful plans to continue to focus on these regions, though it obviously supports customers anywhere in the world.

Contentful only exists as a hosted platform. As of now, the company doesn’t have any plans for offering a self-hosted version, though Konietzke noted that he does occasionally get requests for this.

What the company is planning to do in the near future, though, is to enable more integrations with existing enterprise tools. “Customers are asking for deeper integrations into their enterprise stack,” Konietzke said. “And that’s what we’re beginning to focus on and where we’re building a lot of capabilities around that.” In addition, support for GraphQL and an expanded rich text editing experience is coming up. The company also recently launched a new editing experience.

Nov
07
2018
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Spotify Connect speakers will soon work with its free tier

Spotify’s ad-supported tier has long been one of the service’s differentiators. Naturally, the model’s not nearly as feature-rich as its paid counterpart, though the company’s removing one of those key distinctions as of this morning.

In a press release, the company notes that free users will soon be able to stream music through Spotify Connect-sporting speakers. The newfound integration will work with hardware companies that switch to the new SDK.

Here’s your standard game-changer quote, this time from Senior Product Director Michael Ericsson: “The release of our new eSDK will change the game for Spotify’s Free users who want to enjoy music on their connected speakers. We look forward to supporting our partners over the coming months as they update existing speakers and bring new products to market.”

Most (around 104 million) of Spotify’s 191 million subscribers are free users. The tier has been a tremendous part of the service’s global growth, and it continues to be a difference as Apple Music gains a foothold, particularly here in the U.S.

Earlier this year, Spotify fleshed out its free offering, but Premium continues to offer some marked advantages. Along with getting rid of ads, it includes higher-quality streams and the ability to download offline tracks.

Sep
06
2018
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PagerDuty raises $90M to wake up more engineers in the middle of the night

PagerDuty, the popular service that helps businesses monitor their tech stacks, manage incidents and alert engineers when things go sideways, today announced that it has raised a $90 million Series D round at a valuation of $1.3 billion. With this, PagerDuty, which was founded in 2009, has now raised well over $170 million.

The round was led by T. Rowe Price Associates and Wellington Management . Accel, Andreessen Horowitz and Bessemer Venture Partners participated. Given the leads in this round, chances are that PagerDuty is gearing up for an IPO.

“This capital infusion allows us to continue our investments in innovation that leverages artificial intelligence and machine learning, enabling us to help our customers transform their companies and delight their customers,” said Jennifer Tejada, CEO at PagerDuty in today’s announcement. “From a business standpoint, we can strengthen our investment in and development of our people, our most valuable asset, as we scale our operations globally. We’re well positioned to make the lives of digital workers better by elevating work to the outcomes that matter.”

Currently PagerDuty users include the likes of GE, Capital One, IBM, Spotify and virtually every other software company you’ve ever heard of. In total, more than 10,500 enterprises now use the service. While it’s best known for its alerting capabilities, PagerDuty has expanded well beyond that over the years, though it’s still a core part of its service. Earlier this year, for example, the company announced its new AIOps services that aim to help businesses reduce the amount of noisy and unnecessary alerts. I’m sure there’s a lot of engineers who are quite happy about that (and now sleep better).

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