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FortressIQ snags $30M Series B to streamline processes with AI-fueled data

Published May 13, 2020

As we move through life in the pandemic, companies are being forced to review and understand how workflows happen. How do you distribute laptops to your workforce? How do you make sure everyone has the correct tool set? FortressIQ, a startup that wants to help companies use data to understand and improve internal processes, announced a $30 million Series B investment today.

M12, Microsoft’s venture fund and Tiger Global Management led the round with help from previous investors Boldstart Ventures, Comcast Ventures, Eniac Ventures and Lightspeed Venture Partners. The company has now raised almost $65 million, according to Pitchbook data.

As the product has matured, founder and CEO Pankaj Chowdhry, says its focus has shifted a bit. Whereas before it was primarily about using computer vision to understand workflows, customers are now using that data to help drive their own internal transformations.

That used to require a high priced consulting team to pull off, but FortressIQ is trying to use software, data and artificial intelligence to replace the consultant and expose processes that could be improved.

“We’re building this kind of cool computer vision to help with process discovery, mostly in the automation space to help you automate processes. But what we’ve seen is people leveraging our data to drive transformation strategies, of which automation ends up being a pretty small component,” Chowdry explained.

He said that this is helping define new ways of using the tool they hadn’t considered when they first started the company. “If you think about it, we can use analytics to drive better experiences, better training, all of that. We’ve seen how customers are driving overall improvement strategies by leveraging the data coming out of this system,” he said.

The company currently has 65 employees, but he couldn’t commit to a future number at this point because of the uncertainty that exists in the economy. He knows he wants to hire, but he’s not sure what that will look like. He said they used to revisit hiring every six months. Now it’s ever six weeks, and so they keep having to reevaluate based on an ever-shifting set of conditions.

Chowdry believes that companies will need to be more agile moving forward to react more quickly to changing circumstances beyond the current crisis, and he thinks that’s going to require solid business relationships to pull off.

“I think the idea is to be leveraging this time to build that relationship with your customers so as they do start looking at what are they going to do and where they need to be invested in the business, that we’ve got both the data and the infrastructure to help them do that.”

FortressIQ raises $12M to bring new AI twist to process automation

Expel lands $50M Series D as security operations increase in importance

Published May 13, 2020

Even in these trying economic times, there are some services that companies can’t do without. Having good security tools is one of them. Expel, a four-year-old startup that offers security operations as a service, announced a $50 million Series D financing today.

CapitalG led the round with participation from existing investors Battery Ventures, Greycroft, Index Ventures, Paladin Capital Group and Scale Venture Partners. The company has now raised almost $117 million, according to PitchBook data.

It’s never easy finding quality security talent to help protect a large organization. The idea behind Expel is to give customers a set of tools to help use automation to reduce the number of people required to keep an organization safe.

Most companies struggle to find experienced security employees, so it’s using automation to solve a real pain point for them. While co-founder and CEO Dave Merkel says you still need to staff the security operations center, you can do it with fewer people with his platform.

“You may have a 24×7 Security Operations Center, but you don’t need the number of people everybody else does to protect your customers because Workbench does all of the heavy lifting for you. So instead of a SOC with 100 people, maybe you’ve got one with 15 people, and that gives tremendous leverage through this platform, and the platform ensures that you can provide high quality security without having to continually grow headcount,” Merkel explained.

Merkel sees the same economy everyone else does, but he believes that companies will continue to invest in security because they have to.

“Security tends to be a need as opposed to a want in many organizations, and so we still do see business happening. We will be using some of the money to continue to invest smartly in sales and marketing, but we’ll just need to be deliberate to make sure that we’re picking the right things that are still effective right now,” he said.

One thing that’s remarkable about this round is that Expel didn’t go looking for this new money. In fact, CapitalG came knocking, according to CapitalG general partner Gene Frantz.

“We sought out Expel, first and foremost. It wasn’t that Expel sought out to raise money and they called a bunch of people. We called them, and that was in response to a bunch of thematic work that we continually do in the security space,” Frantz told TechCrunch.

That work involved three main areas, where Expel happened to check all the boxes. The first was the threat landscape becoming ever more treacherous. The second was information overload from a variety of security products, and finally the dearth of experienced security personnel to deal with the first two problems.

“And so our bet is that this is the company in the space that actually will take on and address these challenges,” Frantz said.

Merkel describes having a company like CapitalG come to him as a humbling experience for him and his co-founders, especially under the current circumstances.

“It’s tremendous validation, but it is also humbling. We’re pretty thankful to be in that position, and we want to make sure that we do the right things to continue to honor the opportunity that we see in front of us.”

SirionLabs raises $44M to scale its contract management software

Published May 13, 2020

SirionLabs, a startup that provides contract management software to enterprises, has raised $44 million in a new financing round as it looks to expand and handle surge in demand from clients.

Tiger Global and Avatar Growth Capital led the Seattle-headquartered startup’s Series C round. The eight-year-old startup, which was founded in India, has raised $66 million to date. The new round values the startup at about $250 million. Indian VC fund Avatar has long invested in SaaS startups in India, an area that Tiger Global has also made serious bets on in recent quarters.

Enterprises broadly handle two kinds of contracts, one when they are buying things from a supplier for which they use a procurement contract, and the other when they are selling things to customers, when a sales contract comes into play.

A significant number of companies today handle these contracts manually with different teams within an organization often dealing with the same entity, which leads to discrepancies in their promises. Teams work in silos and often don’t know the terms others in the organization have already agreed upon.

That’s where SirionLabs comes into the picture. “We use artificial intelligence and natural language processing to connect the dots between contracts and what happens after the contract has been signed,” explained Ajay Agrawal, cofounder, chairman and chief executive of the startup, in an interview with TechCrunch.

“For us, it’s not just creating a contract, but also realizing the promises that have been made in those contracts,” he said. SirionLabs also audits the invoice of suppliers, which has enabled its customers to save a significant amount of money.

SirionLabs today hosts contracts in over 40 languages for more than 200 of the world’s largest companies including Credit Suisse, Vodafone, EY, Unilever, Abbvie, BP, and Fujitsu.

Agrawal said the startup has seen a 4X growth in the number of customers it has signed up in the last 18 months. Part of the new capital would go into handling their demand. He said the coronavirus crises has resulted in many companies becoming more cautious about what they promise in their contracts.

The startup, which just opened a technology center in Seattle, also plans to open an AI laboratory in the Washington state to fuel technology innovation and grow sales.

It has also hired several industry veterans including the appointment of Amol Joshi as chief revenue officer, Anu Engineer as chief technology officer, Mahesh Unnikrishnan as chief product officer, and Vijay Khera, who will serve as chief customer officer.

Vishal Bakshi, founder and managing partner at Avatar Growth Capital, said he expects SirionLabs, which competes with Apttus and Icertis among other firms, to “capture massive network effects as the platform continues to scale.”

Sonantic is ready to convince listeners that synthetic voices can cry

Published May 12, 2020

When you think of voice assistants like Amazon’s Alexa and Apple’s Siri, the words “emotional” and “expressive” probably don’t come to mind. Instead, there’s that recognizably flat and polite voice, devoid of all affect — which is fine for an assistant, but isn’t going to work if you want to use synthetic voices in games, movies and other storytelling media.

That’s why a startup called Sonantic is trying to create AI that can convincingly cry and convey “deep human emotion.” The U.K.-based startup announced last month that it has raised €2.3 million in funding led by EQT Ventures, and today it’s releasing a video that shows off what its technology is capable of.

You can judge the results for yourself in the video below; Sonantic says all the voices were created by its technology. Personally, I’m not sure I’d say the performances were interchangeable with a talented human voice actor — but they’re certainly more impressive than anything synthetic that I’ve heard before.

Sonantic’s actual product is an audio editor that it’s already testing with game makers. The editor includes a variety of different voice models, and co-founder and CEO Zeena Qureshi said those models are based on and developed with actual voice actors, who then get to share in the profits.

“We delve into the details of voice, the nuances of breath,” Qureshi said. “That voice itself needs to tell a story.”

Co-founder and CTO John Flynn added that game studios are an obvious starting point, as they often need to record tens of thousands of lines of dialogue. This could allow them to iterate more quickly, he said, to alter voices for different in-game circumstances (like when a character is running and should sound like they’re out of breath) and to avoid voice strain when characters are supposed to do things like cry or shout.

At the same time, Flynn comes from the world of movie post-production, and he suggested that the technology applies to many industries beyond gaming. The goal isn’t to replace actors, but instead to explore new kinds of storytelling opportunities.

“Look how much CGI technology has supported live-action films,” he said. “It’s not an either-or. A new technology allows you to tell new stories in a fantastic way.”

Sonantic also put me in touch with Arabella Day, one of the actors who helped develop the initial voice models. Day remembered spending hours recording different lines, then finally getting a phone call from Flynn, who proceeded to play her a synthesized version of her own voice.

“I said to him, ‘Is that me? Did I record that?’ ” she recalled.

She described the work with Sonantic as “a real partnership,” one in which she provides new recordings and feedback to continually improve the model (apparently her latest work involves American accents). She said the company wanted her to be comfortable with how her voice might be used, even asking her if there were any companies she wanted to blacklist.

“As an actor, I’m not at all thinking that the future of acting is AI,” Day said. “I’m hoping this is one component of what I’m doing, an extra possible edge that I have.”

At the same time, she said that there are “legitimate” concerns in many fields about AI replacing human workers.

“If it’s going to be the future of entertainment, I want to be a part of it,” she said. “But I want to be a part of it and work with it.”

Sonantic scores €2.3M funding to bring ‘human-quality’ artificial voices to games

RenovAI helps retailers offer automated interior design advice to their customers

Published May 12, 2020

Alon Gilady, CEO of RenovAI, told me his startup is trying to solve the problem that many of us face when we’re moving into a new home — we aren’t interior designers, but we can’t afford to hire real designers, either.

Apparently Gilady’s co-founder and vice president of products, Alon Chelben, had this issue himself when he moved into a new apartment and tried to use DIY design applications, only to be disappointed by the “very ugly” results.

“He thought to himself, ‘I cannot design,’ ” Gilady said. “From that idea, we realized that there’s an opportunity here.”

While there are other online design services, Gilady said most of them are focused on creating 3D visualizations, or on connecting customers with human designers.

RenovAI (which is part of the current class of startups at Alchemist Accelerator) can also create visualizations, but its focus is on building AI tools that understand the principles of good design. And while the team started out by thinking of the consumer problem, they decided that the best path to market was by working with retailers.

RenovAI’s products can design an entire space based on a customer’s specifications and taste. There’s also RenovAI Scout, which recommends a specific product based on your taste and current room design; and Complete the Look, which recommends items that complement what you’re already buying.

But what does it mean for an AI to understand good design? Gilady said the team has trained its algorithms on “thousands of different floor plans” to understand the rules of how a room should be laid out, and also broken down design into 16 different “substyles.”

“Our picture recommendation engine goes through the images to understand the relations between the items, the color, the palette, the texture and material,” he said. “It does a statistical analysis to understand how things are matching each other, how to create the design rules of every substyle.”

RenovAI already has pilots with online furniture retailers like Made.com and Mobly. And Gilady said that there’s plenty of opportunity for growth, even during the COVID-19 pandemic, as plenty of people are stuck at home and wanting to make improvements.

“I think more and more retailers and mom-and-pop shops are paying more attention to online,” he said. “[They know] that if they offer a more fun and seamless experience online, in the long run, it’s a bigger opportunity and we can reach more customers.”

Here are all 21 companies from Alchemist Accelerator’s latest batch

Slice, an online ordering and marketing platform for pizzerias, raises $43M

Published May 12, 2020

Global investment firm KKR is betting on the pizza business — it just led a $43 million Series C investment in Slice.

Formerly known as MyPizza, Slice has created a mobile app and website where diners can order a custom pizza delivery from their local, independent pizzeria.

And for those pizzerias, CEO Ilir Sela said Slice helps to digitize their whole business by also creating a website, improving their SEO and even allowing them to benefit from the “economies of scale” of the larger network, through bulk orders of supplies like pizza boxes.

Sela contrasted his company’s approach with other popular food delivery apps that he characterized as aggregators. For one thing, Slice “anchors” your favorite pizzerias in the app, giving them the top spots and making it easy to place your regular order with just a few taps. And it will be adding more loyalty features soon.

“Our job is to make loyal customers even more loyal,” he said.

Everyone loves pizza, including VCs

In addition, while there’s been services like Grubhub have faced criticism for their steep fees, Sela said Slice’s fee is capped at $2.25 per order, allowing pizzerias to get all the upside from large orders.

Of course, the environment for restaurants has changed dramatically in the last few months, thanks to COVID-19. But most pizzerias are already set up for takeout and delivery, and Sela said that more than 90% of the 12,000-plus pizzerias that work with Slice have stayed open.

He also pointed to the company’s Pizza vs Pandemic initiative, which raises funds for pizzerias to feed healthcare workers. The program has raised more than $470,000 and fed an estimated 140,000 workers.

“Local independent pizzerias have been feeding Americans across communities for decades and we are excited to put our resources behind Slice as they help to move these businesses online,” said KKR Principal Allan Jean-Baptiste in a statement. “Slice charges small business owners a fraction of the fees charged by food delivery apps and offers a suite of vertical specific solutions to solve the challenges faced by independent pizza makers.”

Slice had previously raised $30 million, according to Crunchbase. Sela said he’ll be using the new funding to bring on more pizzerias and continue building a “vertically integrated solution for the small businesses, in order to solve more and more of their challenges.”

Slice makes it easy for you to order from your favorite pizzeria

Snap’s Yellow accelerator debuts its third batch of investments

Published May 12, 2020

This morning, Snap joined a host of startup accelerators shifting its demo day online amid the COVID-19 quarantine. With its third class of startups, Yellow, Snap’s in-house startup accelerator that launched in 2018, brought investors and founders together in private slack channels after a live-streamed presentation.

The event kicked off with a few words from CEO Evan Spiegel and soon transitioned into a succession of live-streamed pitches from the 10 startups in Yellow’s latest batch. The group occupies some familiar spaces for past investments, with a focus on niche social communities, mobile media tools and augmented reality.

Snap investment Hardworkers

The 10 startups in Yellow’s third batch include:

Brightly: a media platform and community that promotes ethical and sustainable brands.
Charli Cohen: a “next-gen” streetwear fashion brand.
Hardworkers: a professional network for blue-collar workers.
Mogul Millennial: a media startup sharing professional resources for Black entrepreneurs.
Nuggetverse: a web comics media startup.
SketchAR: an augmented reality drawing app with social tie-ins.
Stipop: a rich cross-platform chat sticker API.
TRASH: an app for quickly editing social video cuts using machine learning.
Veam: a social network built around AirDrop.
Wabisabi Design: an augmented reality game studio focused on bit-sized titles.

Yesterday, I got the opportunity to chat with Mike Su, who leads the Yellow program at Snap. Su said that shifting to a fully online program was a bit of a shock to the program, which was about one month in when COVID-19’s impact worsened stateside.

Yellow’s small batches are much easier to manage than other accelerator behemoths like Y Combinator that are pushing hundreds of startups through their network. Nevertheless, Su says it was an interesting adjustment shifting the accelerator program to a remote setting, though a later program start date gave them the advantage of seeing how others wrapped up their programs. “We tuned into a bunch of different digital demo days; one of our advantages was being able to learn from others,” he says.

Yellow investment SketchAR

While emerging during a possible recession is far from ideal launch timing, Su believes this class of startups are still in a good position. “When you look across a lot of the companies, actually their work becomes more essential than it ever was before,” Su tells TechCrunch, particularly highlighting the program’s investment in Hardworkers, which is building a professional network for blue-collar workers who have been particularly affected by the pandemic. Another investment from this batch, Mogul Millennial, is building a media brand around connecting Black professionals with professional resources.

“If you look up and down the class, all the founders aren’t just taking after an opportunity, but personally are on a mission to solve a particular problem,” Su says. “So I think that foundation made them more predisposed I guess, to be able to push through this kind of environment.”

While web comics brands and AR sketching might not immediately seem like huge problems during trying times like the COVID-19 pandemic, many of the startups in Yellow’s recent batch are working to solve problems that have proven to be key opportunities for Snap, which has been on a redemptive growth spree since early 2019, locking down young users and seeing its share price surge.

Snap invests $150,000 in each Yellow startup for an equity stake, and while the program does not require batch participants to integrate with Snap’s services, the company has used the program to invest in strategic areas that it has also pushed on the product side.

Earlier Yellow bets skewed more toward content investments as Snapchat was scaling Discover. Now Su says he’s fielding plenty of augmented reality pitches. Su also notes that the accelerator had its most international batch to date this year, with startups from Lithuania, Korea, Mexico and the U.K. making their way to Los Angeles.

“We always start with top-level strategy, with [CEO Evan Spiegel], figuring out overall direction of where we see the world evolving, where we think there are real opportunities and where we think we can make a difference in supporting these companies,” Su says. “And then once we’re aligned on the top-level strategy I think Evan puts a lot of trust in myself and my partner in crime Alex Levitt to find good companies that we’re excited about.”

Decrypted: Contact-tracing privacy, Zoom buys Keybase, Microsoft eyes CyberX

Published May 12, 2020

As the world looks to reopen after weeks of lockdown, governments are turning to contact tracing to understand the spread of the deadly coronavirus.

Most nations are leaning toward privacy-focused apps that use Bluetooth signals to create an anonymous profile of where a person has been and when. Some, like Israel, are bucking the trend and are using location and cell phone data to track the spread, prompting privacy concerns.

Some of the biggest European economies — Germany, Italy, Switzerland and Ireland — are building apps that work with Apple and Google’s contact-tracing API. But the U.K., one of the worst-hit nations in Europe, is going it alone.

Unsurprisingly, critics have both security and privacy concerns, so much so that the U.K. may end up switching over to Apple and Google’s system anyway. Given that one of Israel’s contact-tracing systems was found on an passwordless server this week, and India denied a privacy issue in its contact-tracing app, there’s not much wiggle-room to get these things wrong.

Turns out that even during a pandemic, people still care about their privacy.

Here’s more from the week.

THE BIG PICTURE

Zoom acquires Keybase, but questions remain

When Zoom announced it acquired online encryption key startup Keybase, for many, the reaction was closer to mild than wild. Even Keybase, a service that lets users store and manage their encryption keys, acknowledged its uncertain future. “Keybase’s future is in Zoom’s hands, and we’ll see where that takes us,” the company wrote in a blog post. Terms of the deal were not disclosed.

Zoom has faced security snafu after snafu. But after dancing around the problems, it promised to call in the cavalry and double down on fixing its encryption. So far, so good. But where does Keybase, largely a consumer product, fit into the fray? It doesn’t sound like even Zoom knows yet, per enterprise reporter Ron Miller. What’s clear is that Zoom needs encryption help, and few have the technical chops to pull that off.

Keybase’s team might — might — just help Zoom make good on its security promises.

Tony Hawk’s Pro Skater 1 and 2 are getting remade from the ground up

Published May 12, 2020

2020 sucks. Want to let your brain slip back to 1999 for a while? This news might help: Tony Hawk’s Pro Skater 1 and 2 are coming back, complete with a full-blown graphic overhaul, online multiplayer — and, yes, the song “Superman” by Goldfinger.

Here’s the announcement trailer, which does a great job of showing just how much better things can look 20 years later:

THPS 1 and 2 were originally published by Activision and developed by Neversoft — a studio that, sadly, is no longer around. These remakes, meanwhile, are being built by Vicarious Visions — a team that Activision acquired back in 2005, and is probably best known for its 2017 remake of the original Crash Bandicoot trilogy.

A return to THPS’ roots is probably the right move for Activision right now; the last title they managed in the series, THPS5, was a bug-ridden mess that was largely slammed by critics and fans alike. As long as they get the mechanics and “feel” of this one right, nostalgia-factor alone should make it work.

The two titles will be sold as one “Tony Hawk’s Pro Skater 1+2” package, and will feature every level and pro skater found in the originals — now in glorious 4K, with all of the 3D models and levels recreated from scratch. Also returning is most of the original soundtrack; licensing changes over the years prevent the remake’s soundtrack from being exhaustive, but most of the jams you remember should still be there.

THPS1+2 will be picking up a few tricks that didn’t appear in the series until THPS3 — perhaps most notable are reverts, which let you build absolutely massive combos and hit otherwise impossible scores.

Another big feature coming to the remakes that the originals lacked: online multiplayer. You’ll be able to play any level online with friends, or share levels you’ve pieced together in the “Create-A-Park” editor.

Tired of playing 1 and want to check out 2? Vicarious tells me you’ll be able to hop back and forth between the two titles pretty quickly, and that they’ve added a progression system that meshes the two together — so it’s less like playing two entirely separate games, and more like one game with two distinct halves.

Tony Hawk’s Pro Skater 1+2 is expected to hit PlayStation 4, Xbox One and PC on September 4th for $39, with pre-orderers getting access to the Warehouse level before the full game ships. Sadly, no mention of Switch support.

Dear Sophie: What’s the best option for international founders to expand in the US?

Published May 12, 2020

Sophie Alcorn
Contributor

Sophie Alcorn is the founder of Alcorn Immigration Law in Silicon Valley and 2019 Global Law Experts Awards’ “Law Firm of the Year in California for Entrepreneur Immigration Services.” She connects people with the businesses and opportunities that expand their lives.