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TCL teases a 5G device, headset and its first foldable at CES

Published January 6, 2020

TCL is hardly a household name in the smartphone space. That’s hardly surprising, however, as the Chinese electronics company is better known for sub-brands like Alcatel and BlackBerry (hardware, not software — long story). Late last year, the company began really pushing its branded devices in Europe, a strategy it’s set to expand upon with some more cutting-edge devices.

The company’s been teasing the launch of both 5G and foldable handsets since last year, and is finally offering a little more info — on the former, at least. The TCL 10 5G will be its first 5G handset, following the release of an Alcatel-branded router last year. The device is set for a Q2 launch in the U.S. and Canada.

It’s one of three TCL 10 devices set for launch, with pricing on the line starting at less than $500. It’s clear that budget will continue to be a primary selling point for the line, though one assumes the 5G model will carry a not-insignificant premium on top of that. The device will be powered by Qualcomm’s 5G SoC line. The chipmaker introduced the 765 late last year, with the intent of offering a more affordable entry-point for the next-gen wireless technology.

And then there’s the matter of the foldable. At press time, we don’t have much information about the device, first alluded to at last year’s Mobile World Congress. What we do have, however, are a lot more renders. The fact that it’s still listed as “Foldable Smartphone Concept” doesn’t give one a lot of confidence that it’s ready for prime time.

The images do, however, point to a form factor similar to Samsung’s Galaxy Fold, along with what appears to be a quartet of rear-facing cameras. More information, one assumes, at Mobile World Congress late next month. So, something to look forward to in Barcelona, I guess.

And who can forgot Project Archery? Just kidding. Forgetting it would require that you’ve heard about it in the first place. I’m going to go out on a limb and say probably you have not. The device was announced — or, rather, alluded to — at last year’s IFA. It’s a wearable display with a “cinematic viewing experience.” We’ve seen those come and go over the years. TCL’s shown off the 2.0 version of the product, but offered up no additional information.

As NIO and Tesla rally, Chinese EV company Lixiang said to file for US IPO

Published January 6, 2020

The recovery in value of several high-profile electric car companies could help move yet-private EV manufacturers out of the pit lane and onto the IPO track.

On the heels of NIO’s shocking value appreciation after its recent earnings report, and Tesla’s own public market run, China-based Lixiang Automotive is reported to have filed privately for an IPO in the United States.

Lixiang Automotive is a Beijing-based company that was founded in 2015, according to Crunchbase data. The company has raised north of $1 billion while private, and is said to be valued at just under $3 billion. It most recently raised a $530 million round led by Xing Wang, of Meituan-Dianping fame.

It would not be the first Chinese EV company to go public in the United States, as NIO managed the feat in 2018. But the reported filing shows newfound confidence concerning investor sentiment by the alternative car market’s players and bankers.

To understand the news, we’ll first look at recent happenings from Lixiang’s public peers, and then examine the company itself.

A month ago, the Lixiang Automotive confidential IPO filing would have appeared quixotic. After all, its closest market comparable was flirting with penny-stock status.

NIO was in the tank more than a year after an IPO that proved far from smooth. After going public at $6.26 per share, its equity had traded down to nearly the $1 mark, setting a 52-week low at the terrifying figure of $1.19 per share. However, since then, shares of the unprofitable, cash-strapped EV manufacturer have recovered, trading for $3.84 per share today. Still down from its IPO price, yes, but up more than 200% from its recent all-time lows (a more than tripling in value).

One Medical’s IPO will test the value of tech-enabled startups

That likely cleared a path for Lixiang Automotive to file, albeit privately. Reuters broke the news of its IPO prospects.

Tesla’s ascent also helped. After some oddly normal (for Tesla) drama cooled, the company’s shares have come back a long way. From 52-week lows of $176.99, Elon’s car company is now worth $445.25. Shares of Tesla are up 150% from their lows, a more than doubling in market cap. Investors appeared to find its earnings and delivery totals (and progress on its Chinese factory) heartening.

For Lixiang Automotive, the moves showed that U.S. equity markets were warming waters worth testing. Given that it is certainly unprofitable, the opening of a new funding avenue was welcome.

Notably, similar to NIO when it went public, the company is set to debut while its history of actually delivering cars is nascent. NIO went public having delivered cars in the mere hundreds. The firm did note at the time that it had commits north of 10,000 for its cars. During the early days of its IPO I wrote that the company’s limited history of revenue generation made its shares a gamble.

Lixiang is set to go public at a similar level of immaturity. According to Equal Ocean, Lixiang now delivers cars, though it began to ship them just last month:

Chinese electric vehicle manufacturer Lixiang Automotive, formerly known as CHJ, has announced that its EV project ‘Lixiang ONE 2020’ is officially mass-produced at the Changzhou factory and will start mass delivery in early December.

Pre-sales for the car took place in Q4 2019, as well, meaning that the company’s pre-Q4 2019 revenue should wind up looking very light.

If Lixiang does successfully go public it will show that corporate maturity is not a requirement for an IPO. When we do get to see Lixiang’s F-1 filing, we won’t see the history of a company with an obvious path to profits amid quick growth — we’ll see a deeply unprofitable company in the early motion of generating material revenue.

A little bit ago I would have given such an offering slim chance of success. But with NIO on the bounce and Tesla back on form, who knows?

FPV Robotics debuts Waver drone to inspect infrastructure on land, on water and in the air

Published January 6, 2020

Japanese startup FPV Robotics is leveraging drone technology to address a growing global need: inspecting aging infrastructure in an effort to avoid major issues like unexpected bridge collapses. FPV Robotics CEO and founder Masaki Komagata showed me his company’s production Waver drone, which is debuting for the first time ever at CES 2020 in Las Vegas this week.

Waver is an amphibious drone, which can fly thanks to eight rotors, and also speed along the surface of bodies of water using its floats. This dual nature makes it particularly well-suited to solving a very specific task — a problem Komagata set out specifically to solve after observing that Japan Railways (JR) needed this addressed.

This specific problem was rail bridge collapse, including damaged and destroyed bridges along the Tadami River in 2011 due to floods in Niigata and Fukushima. Many of the spans that JR relies upon for its Shinkansen and other local trains in Japan are considerably old, and beginning to show their age. That wear can be further exasperated by environmental disasters — which are occurring with greater frequency as a result of climate change.

FPV Robotics can’t magically repair this aging infrastructure or prevent natural disasters, but it can deliver on-demand, flexible monitoring and inspection at a greatly reduced cost compared to current methods. Komagata partnered with JR and with sensor company OKI on development of the Waver to custom-design it specifically for this use, which is where it got its amphibious abilities and attached multibeam sensor array.

This multibeam technology, provided by OKI, is installed on the bottom of the Waver drone and provides sonar imaging capabilities that allow the drone to accurately map the bottom of a river or seabed from the water’s surface. This information, Komagata tells me, can be used to help predict when infrastructure, including bridges and roads, might need to be replaced or reinforced, prior to any actual collapse or damage.

Waver can autonomously map a predetermined section of riverbed, moving like a Roomba across the water in segment sweeps to build the full picture. It’s also equipped with eight rotors, more than your average VTOL drone, which Komagata tells me is for added redundancy so that it can continue to operate effectively even in the unlikely event that it loses power to multiple rotors at once.

In addition to the sea and river bed inspection, the Waver can do a visual inspection of the bridge itself from up close using a more traditional camera, as well as the supporting land from which it extends. Komagata points out that this kind of multi-part inspection can require specialized boats, many hours of trained personnel time, things like temporary scaffolding for a close-up eyes-on approach and a lot more. He estimates based on studies FPV has done that their drone could reduce inspection costs to as little as 1/20th the cost of existing methods. That means it would be possible to monitor much more frequently than can be done currently, and in circumstances where risk to human inspectors on the ground might be a necessary component of using more traditional means.

Waver estimates that just taking into account bridges alone, there’s a roughly $25 million per year total addressable market, and it’s aiming to acquire around 4% of that (roughly $1 million in revenue) in 2020, and then to grow that by about $2 million per year in the next two fiscal years. It’s currently mostly bootstrapped, with 90% of the startup’s existing ¥30,700,000 ($300,000) in seed funding coming from Komagata himself. With that capital, the company has already gone from working prototype (which you can see in the GIF above) to the much more polished production version debuted at CES.

Komagata, an engineer with a focus in drone development, envisions Waver being able to address challenges with aging infrastructure not just in Japan, but globally, though FPV’s initial focus is on the market opportunity at home. Ultimately, he hopes that Waver and other drone technology FPV Robotics brings to market helps to “make the world a better place,” and addressing challenges like infrastructure inspection is definitely a good place to start.

Despite JEDI loss, AWS retains dominant market position

Published January 6, 2020

AWS took a hard blow last year when it lost the $10 billion, decade-long JEDI cloud contract to rival Microsoft. Yet even without that mega deal for building out the nation’s Joint Enterprise Defense Infrastructure, the company remains fully in control of the cloud infrastructure market — and it intends to fight that decision.

In fact, AWS still owns almost twice as much cloud infrastructure market share as Microsoft, its closest rival. While the two will battle over the next decade for big contracts like JEDI, for now, AWS doesn’t have much to worry about.

There was a lot more to AWS’s year than simply losing JEDI. Per usual, the news came out with a flurry of announcements and enhancements to its vast product set. Among the more interesting moves was a shift to the edge, the fact the company is getting more serious about the chip business and a big dose of machine learning product announcements.

The fact is that AWS has such market momentum now, it’s a legitimate question to ask if anyone, even Microsoft, can catch up. The market is continuing to expand though, and the next battle is for that remaining market share. AWS CEO Andy Jassy spent more time than in the past trashing Microsoft at 2019’s re:Invent customer conference in December, imploring customers to move to the cloud faster and showing that his company is preparing for a battle with its rivals in the years ahead.

AWS remains in firm control of the cloud infrastructure market

Numbers, please

AWS closed 2019 on a $36 billion run rate, growing from $7.43 billion in in its first report in January to $9 billion in earnings for its most recent earnings report in October. Believe it or not, according to CNBC, that number failed to meet analysts expectations of $9.1 billion, but still accounted for 13% of Amazon’s revenue in the quarter.

Regardless, AWS is a juggernaut, which is fairly amazing when you consider that it started as a side project for Amazon .com in 2006. In fact, if AWS were a stand-alone company, it would be a substantial business. While growth slowed a bit last year, that’s inevitable when you get as large as AWS, says John Dinsdale, VP, chief analyst and general manager at Synergy Research, a firm that follows all aspects of the cloud market.

“This is just math and the law of large numbers. On average over the last four quarters, it has incremented its revenues by well over $500 million per quarter. So it has grown its quarterly revenues by well over $2 billion in a twelve-month period,” he said.

Dinsdale added, “To put that into context, this growth in quarterly revenue is bigger than Google’s total revenues in cloud infrastructure services. In a very large market that is growing at over 35% per year, AWS market share is holding steady.”

Dinsdale says the cloud infrastructure market didn’t quite break $100 billion last year, but even without full Q4 results, his firm’s models project a total of around $95 billion, up 37% over 2018. AWS has more than a third of that. Microsoft is way back at around 17% with Google in third with around 8 or 9%.

While this is from Q1, it illustrates the relative positions of companies in the cloud market. Chart: Synergy Research

JEDI disappointment

It would be hard to do any year-end review of AWS without discussing JEDI. From the moment the Department of Defense announced its decade-long, $10 billion cloud RFP, it has been one big controversy after another.

Weber’s new Smart Grilling Hub uses June tech to make everyone a grillmaster

Published January 6, 2020

Weber is deepening its partnership with smart cooking startup June, with a new product debuting at CES 2020 today that can turn any grill into a smart grill — and providing expert guidance and grilling advice to even novice home cooks.

The new Weber Connect Smart Grilling Hub includes a small device with ports for connecting wired thermometers that you can use to monitor the temperature of your meats or other foods as they cook. The Hub supports use of up to four temperature sensors at once, so you can monitor the temperature of different dishes all at the same time; you connect to the hub with your smartphone via Weber’s dedicated app to receive up-to-date info about the current internal temperature of whatever you’re cooking. The app will alert you when your meats reach the proper temperature for whatever level of doneness you’re shooting for.

The app also provides step-by-step cooking instructions, notifications for things like when it’s time to flip food if that’s part of the cooking process and tips and tricks culled from actual expert grillers about how best to cook your stuff. Weber also says it plans to add Alexa support to the Hub later in the year, as well as provide other new features via software updates.

Weber previously partnered with June on their forthcoming Weber SmokeFire pellet grill, the first pellet grill made by Weber, which also has smart cooking technology similar to what the Smart Grilling Hub provides, but built-in.

The Smart Grilling Hub will launch in more than 30 countries initially starting in “early 2020,” and will sell for $129.99 in the U.S.

Come to TechCrunch’s free CES Pitch Night

Published January 6, 2020

CES is a magical place full of gizmos, gadgets and communicable diseases.

TechCrunch is hosting another pitch-off event this year. Called Pitch Night, select early-stage companies will take the stage and have 60 seconds to present their wares to TechCrunch editorial and industry experts.

This event is free. Obtain a ticket here. Want to pitch at the event? Apply below.

This Vegas Pitch Night isn’t a polished show with massive screens, celebrity guests and life-changing cash prizes. This event is quick and efficient, held in a co-working event space outside of downtown Vegas. There will be coolers of beer, sodas and whatever snacks we can find at a 7-Eleven.

We’ve held these events for years and they’re among our favorite to host. There are countless startups in town for CES and we just want to hang out away from the noise of the Vegas strip.

Space is very limited. Register as soon as possible.

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BigID bags another $50M round as data privacy laws proliferate

Published January 6, 2020

Almost exactly 4 months to the day after BigID announced a $50 million Series C, the company was back today with another $50 million round. The Series C extension came entirely from Tiger Global Management. The company has raised a total of $144 million.

What warrants $100 million in interest from investors in just four months is BigID’s mission to understand the data a company has and manage that in the context of increasing privacy regulation including GDPR in Europe and CCPA in California, which went into effect this month.

BigID CEO and co-founder Dimitri Sirota admits that his company formed at the right moment when it launched in 2016, but says he and his co-founders had an inkling that there would be a shift in how governments view data privacy.

“Fortunately for us, some of the requirements that we said were going to be critical, like being able to understand what data you collect on each individual across your entire data landscape, have come to [pass],” Sirota told TechCrunch. While he understands that there are lots of competing companies going after this market, he believes that being early helped his startup establish a brand identity earlier than most.

Meanwhile, the privacy regulation landscape continues to evolve. Even as California privacy legislation is taking effect, many other states and countries are looking at similar regulations. Canada is looking at overhauling its existing privacy regulations.

Sirota says that he wasn’t actually looking to raise either the C or the D, and in fact still has B money in the bank, but when big investors want to give you money on decent terms, you take it while the money is there. These investors clearly see the data privacy landscape expanding and want to get involved. He recognizes that economic conditions can change quickly, and it can’t hurt to have money in the bank for when that happens.

That said, Sirota says you don’t raise money to keep it in the bank. At some point, you put it to work. The company has big plans to expand beyond its privacy roots and into other areas of security in the coming year. Although he wouldn’t go into too much detail about that, he said to expect some announcements soon.

For a company that is only four years old, it has been amazingly proficient at raising money with a $14 million Series A and a $30 million Series B in 2018, followed by the $50 million Series C last year, and the $50 million round today. And Sirota said, he didn’t have to even go looking for the latest funding. Investors came to him — no trips to Sand Hill Road, no pitch decks. Sirota wasn’t willing to discuss the company’s valuation, only saying the investment was minimally diluted.

BigID, which is based in New York City, already has some employees in Europe and Asia, but he expects additional international expansion in 2020. Overall the company has around 165 employees at the moment and he sees that going up to 200 by mid-year as they make a push into some new adjacencies.

BigID announces $50M Series C investment as privacy takes center stage

Nvidia’s new 360Hz G-Sync displays are tailor-made for esports

Published January 6, 2020

Nvidia has developed new technology that enables 360Hz refresh rates on PC displays, achieving unprecedented responsiveness that’s perfectly suited to esports, where any advances in terms of refresh speeds can translate to improved performance during play.

Nvidia’s new G-sync tech that delivers the 360Hz refresh speeds will be coming to market first through a partnership with Asus, via the Asus ROG Swift 360 monitor that’s debuting at this week’s annual CES show in Las Vegas. It works in combination with Nvidia’s RTX line of GPUs, and will provide refresh rates that translate to less than 3 milliseconds of input latency, all available on a 24.5-inch, fully 1080p HD gaming panel.

Nvidia’s G-Sync tech debuted in 2013, and works by introducing Variable Refresh Rate (VRR) that syncs up the refresh rate of the display (provided it’s G-Sync certified) with the GPU’s frame rate, so that you get optimized performance. Since its debut, Nvidia has been especially focused on optimizing G-Sync and its features for use by esports players and professionals, to ensure best possible reaction times in genres like shooters where every millisecond counts when it comes to aiming at and actually hitting your target.

The Asus ROG Swift 360 monitor will be coming out sometime “later this year,” and pricing isn’t yet available — but you can bet it’ll be more than your average gaming monitor, given its advanced performance features and esports target market.

CrowdStrike’s CEO on how to IPO, direct listings and what’s ahead for SaaS startups

Published January 5, 2020

A few days before Christmas, TechCrunch caught up with CrowdStrike CEO George Kurtz to chat about his company’s public offering, direct listings and his expectations for the 2020 IPO market. We also spoke about CrowdStrike’s product niche — endpoint security — and a bit more on why he views his company as the Salesforce of security.

The conversation is timely. Of the 2019 IPO cohort, CrowdStrike’s IPO stands out as one of the year’s most successful debuts. As 2020’s IPO cycle is expected to be both busy and inclusive of some of the private market’s biggest names, Kurtz’s views are useful to understand. After all, his SaaS security company enjoyed a strong pricing cycle, a better-than-expected IPO fundraising haul and strong value appreciation after its debut.

Notably, CrowdStrike didn’t opt to pursue a direct listing; after chatting with the CEO of recent IPO Bill.com concerning why his SaaS company also decided on a traditional flotation, we wanted to hear from Kurtz as well. The security CEO called the current conversation around direct listings a “great debate,” before explaining his perspective.

Pulling from a longer conversation, what follows are Kurtz’s four tips for companies gearing up for a public offering, why his company elected chose a traditional public offering over a more exotic method, comments on endpoint security and where CrowdStrike fits inside its market, and, finally, quick notes on upcoming debuts.

The following interview has been condensed and edited for clarity.

How to go public successfully

Share often

What’s most important is the fact that when we IPO’d in June of 2019, we started the process three years earlier. And that is the number one thing that I can point to. When [CrowdStrike CFO Burt Podbere] and I went on the road show everybody knew us, all the buy side investors we had met with for three years, the sell side analysts knew us. The biggest thing that I would say is you can’t go on a road show and have someone not know your company, or not know you, or your CFO.

And we would share — as a private company, you share less — but we would share tidbits of information. And we built a level of consistency over time, where we would share something, and then they would see it come true. And we would share something else, and they would see it come true. And we did that over three years. So we built, I believe, trust with the street, in anticipation of, at some point in the future, an IPO.

Practice early

We spent a lot of time running the company as if it was public, even when we were private. We had our own earnings call as a private company. We would write it up and we would script it.

You’ve seen other companies out there, if they don’t get their house in order it’s very hard to go [public]. And we believe we had our house in order. We ran it that way [which] allowed us to think and operate like a public company, which you want to get out of the way before you come become public. If there’s a takeaway here for folks that are thinking about [going public], run it and act like a public company before you’re public, including simulated earnings calls. And once you become public, you already have that muscle memory.

Why Bill.com didn’t pursue a direct listing

Raw numbers matter

The third piece is [that] you [have to] look at the numbers. We are in rarified air. At the time of IPO we were the fastest growing SaaS company to IPO ever at scale. So we had the numbers, we had the growth rate, but it really was a combination of preparation beforehand, operating like a public company, […] and then we had the numbers to back it up.

TAM is key, even at scale

One last point, we had the [total addressable market, or TAM] as well. We have the TAM as part of our story; security and where we play is a massive opportunity. So we had that market opportunity as well.

On this topic, Kurtz told TechCrunch two interesting things earlier in the conversation. First that what many people consider as “endpoint security” is too constrained, that the category includes “traditional endpoints plus things like mobile, plus things like containers, IoT devices, serverless, ephemeral cloud instances, [and] on and on.” The more things that fit under the umbrella of endpoint security, CrowdStrike’s focus, the bigger its market is.

Kurtz also discussed how the cloud migration — something that builds TAM for his company’s business — is still in “the early innings,” going on to say that in time “you’re going to start to see more critical workloads migrate to the cloud.” That should generate even more TAM for CrowdStrike and its competitors, like Carbon Black and Tanium.

Why CrowdStrike opted for a traditional IPO instead of a direct listing

The future (and past) of mobile gaming

Published January 5, 2020

The summer of 2008 changed everything.

Apple’s launch of the App Store a year after the release of the iPhone was a watershed moment not only in the business of technology, but in every aspect of humanity. Nearly every industry can look back at data before July 2008 and after and see how rapidly and profoundly things changed. But one sector in particular turned into a completely different beast.

Gaming.

We’ve seen some amazing firms come out of the mobile gaming space, some with more success than others. One gaming founder who experienced the full gamut of entrepreneurial emotion is Thor Fridriksson, founder of QuizUp. As we head into 2020, I hopped on the phone with him to discuss the rapid rise of QuizUp in the early oughts, its hard fall from grace following a botched deal with NBC and Fridriksson’s predictions about the next decade of mobile gaming.

(This interview has been edited for length and clarity. Emphasis is mine.)

Jordan Crook: Can you believe it’s almost 2020? Doesn’t feel real.

Thor Fridikksson: I remember when I was teenager. I was into role playing games like the typical nerds. One of the ones I loved the most was called Cyberpunk 2020. It was set in 2020, and it was all about bionic arms and implants and very, very futuristic stuff. And this is kind of why 2020 has a special meaning to me. But, usually, when people predict the future, they’re always so far off. It’s almost unbelievable.

Yeah, we haven’t quite gotten that that down yet, have we? Really being good at predicting the future. Maybe this next decade, with the era of big data, will change that. But let’s focus on the past for a bit. Take me 10 years back. I want to hear about how QuizUp became the popular game it was. You guys reached 20 million users in the first 12 months.

At the beginning of the decade, I was just graduating from university. I had lived in Iceland all my life, but for my MBA I moved to the UK to attend Oxford. It was a pretty wild time for me, especially because Oxford University had this annual thing called ‘Silicon Valley Comes to Oxford.’ I was watching this whole smartphone revolution that was just taking place.

We had the privilege of getting some really top entrepreneurs from the Valley at Oxford and they actually spent a whole week with students in the MBA program. People like Reid Hoffman, the founder of LinkedIn, and Biz Stone, one of the founders of Twitter, and others. I volunteered to be a tour guide for them.

And it was just fantastic! It was fantastic to be having dinners with these entrepreneurs from this totally different kind of environment in Silicon Valley. The environment for the U.S. entrepreneur is so much different from the European, in many ways. U.S. entrepreneurs have this kind of boldness, this fearlessness. Their feelings about failure were something that I was fascinated by.

At later stages, I would have to experience this myself. Personally, I think that one of the things that the U.S. entrepreneurial ecosystem gets right is that the stigma of starting a business and failing one is not nearly as strong as it is in Europe. If you start the business in Europe and you somehow fail, you will not have any chance to … it’s like, you’re an immediate loser. Whereas the thinking, or how people perceive entrepreneurs in the U.S., is that they’re those guys that try and try and try again. This is such a big difference in mentality between the two continents, and this is one big advantage that the U.S. has.

Fridriksson returned to Iceland after graduating Oxford during one of the biggest economic collapses in the world, which hit Iceland particularly hard. “There was absolutely nothing for a newly graduated business guy to do,” he said. This is around the time he started Plain Vanilla, which would be the parent company of QuizUp. He completely focused on the Icelandic market, unconcerned with the U.S., after having seen the smartphone unlock various geographies.

The first game out of Plain Vanilla wasn’t a trivia game at all. It was actually a children’s game called The Moogies that Fridriksson spent 18 months designing and producing. He recalls it as the classic founder story — he sold all of his stuff, spent all of his money and took out a bunch of loans to fund the project. “I wasn’t really thinking about VCs or anything like that, especially because there weren’t any here in Iceland at the time,” said Fridriksson.

In 2011, Plain Vanilla launched the Moogies, a sort of interactive, cartoon-based game for kids.

It was a massive failure. It’s one of those moments in life where you just put your heart and soul into something. I will always remember this moment. It was a pivotal moment before I started QuizUp. We were working with this big publisher, and I was waiting to see the first sales numbers for the game after it launched.

It was a big thing in Iceland. I was in the press and doing interviews and the launch of the game was big news in Iceland because we’re such a small country. I was really excited and I was thinking, ‘I hope it’s going to be 500,000 downloads, but 100,000 would be great. 50,000 would be OK.’ I was refreshing the dashboard and when I finally saw the number, it was only 500 units sold. Immediately, in one heartbeat, I knew that one and a half years of hard labor was down the drain.

What do you think went wrong there? Did you spend too much time building it out without an MVP or a beta? Do you think it would have done better if you shipped something a bit more bare bones earlier?

I don’t think that was what I did wrong. Actually, I’m a big believer in polish. Especially when it comes to games, I don’t think you should just try to get something out to prove something. You should really, in all your products, think about the details and offer a more finished product than an MVP.

In the case of the Moogies, it was a paid app. This is just around the time when free-to-play and the freemium economy was starting. So, paid apps just did significantly worse. The reason I wanted it to be paid is because I didn’t like advertising, especially not in children’s apps. I was against in-app purchases at the time and advertising, and I just wanted to create a very safe and nice experience for young children. I had my own toddler at the time who was the Chief Tester of the game.

So, it was a paid app. But the other issue is that breaking into the children’s category is so tough. They are probably the most brand loyal audience you will ever find. And I’m not really talking about the kids, I’m talking about their parents. When you have a kid that likes a certain theme of toy, like Mickey Mouse or whatever it is, their parents will only buy that. It’s very hard to get any sort of virality or break into children’s brands without mainstream marketing money.

Was the Moogies the only game Plain Vanilla launched before QuizUp?

Well, I get this idea of QuizUp. It’s a dark winter night in Iceland. I had just realized that I was bankrupt. And there was no way for me to get any more funding from Iceland. I was really feeling, what I mentioned before, this scorn. I would go to see investors and they’d ask how Moogies went, and I would tell them and try to make it look prettier than it was. They would block me immediately because there is this stigma of failure. And this is when I really felt that being in Europe, and having failed on my first try… it really damages your chances of getting up again.

I get this idea for QuizUp and write it on this electric bill that I can’t pay. And I was just convinced. I get this really strong feeling that this game would be the formula to virality and success. Users would play real people in real time and they would have all these rankings and titles. People are so vain, in general, that I knew they would just love it. It felt like something that hadn’t been done before and I really wanted to do it.

But, again, I had no money. I was totally bankrupt and had no employees anymore. But I remembered those guys from Oxford, Reid Hoffman and Biz Stone, and I think to myself, ‘I’m so connected. I’ll just go there. I’m 100 percent sure that with this great idea, these VCs will just throw money at me. I’ll be able to do this. Easy Peasy.’

Fridriksson hired two engineers on the promise of getting to move to San Francisco and help on the project. The plan was for the engineers to build a prototype of QuizUp while Fridriksson went around to VCs trying to secure seed funding. They all lived in a small apartment together.

This plan was a bit naive, when I look back at that time. I was expecting a red carpet to be waiting for me. That, when I arrived in San Francisco, people would be throwing money at me. And it was actually quite the opposite. Getting seed funding with just an idea is quite hard.

So did you get the funding?