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Sleuth raises $3M Seed to bring order to continuous deployment
Sleuth, an early stage startup from three former Atlassian employees, wants to bring some much-needed order to the continuous delivery process. Today, the company announced it has raised a $3 million seed round.
CRV led the round with participation from angel investors from New Relic, Atlassian and LaunchDarkly.
“Sleuth is a deployment tracker built to solve the confusion that comes when companies have adopted continuous delivery,” says CEO and co-founder Dylan Etkin. The company’s founders recognized that more and more companies were making the move to continuous delivery deployment, and they wanted to make it easier to track those deployments and figure out where the bottle necks were.
He says that typically, on any given DevOps team, there are perhaps two or three people who know how the entire system works, and with more people spread out now, it’s more important than ever that everyone has that capability. Etkin says Sleuth lets everyone on the team understand the underlying complexity of the delivery system with the goal of helping them understand the impact of a given change they made.
“Sleuth is trying to make that better by targeting the developer and really giving them a communications platform, so that they can discuss the [tools] and understand what is changing and who has changed what. And then more importantly, what is the impact of my change,” he explained.
Image Credit: Sleuth
The company was founded by three former Atlassian alumni — Ektin along with Michael Knighten and Don Brown — all of whom were among the first 50 employees at the now tremendously successful development tools company.
That kind of pedigree tends to get the attention of investors like CRV, but it is also telling that three companies including their former employer saw enough potential here to invest in the company, and be using the product.
Etkin recognizes this is a tricky time to launch an early-stage startup. He said that when he first entered the lock down, his inclination was to hunker down, but they concluded that their tool would have even greater utility at the moment. “The founders took stock and we were always building a tool that was great for remote teams and collaboration in general, and that hasn’t changed… if anything, I think it’s becoming more important right now.”
The company plans to spend the next 6-9 months refining the product, adding a few folks to the five person team and finding product-market fit. There is never an ideal time to start a company, but Sleuth believes now is its moment. It may not be easy, but they are taking a shot.
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Sinch acquires SAP’s Digital Interconnect messaging business for $250M
M&A activity has generally slowed down in the weeks since the novel coronavirus took a grip on the world, but there have been some pockets of activity in the tech industry when the price is right or when the divestment/acquisition just makes sense.
The world of messaging brings us the latest development in that theme: SAP, the CRM and enterprise software giant, is selling its Digital Interconnect messaging business to Sinch, a Swedish cloud voice, video and messaging company.
Sinch said it is paying €225 million (around $250 million) on a cash and debt-free basis for the business, which has 1,500 enterprise customers that use it for various messaging services, such as the now-popular option of running “omnichannel” conversations with customers over SMS, push, email, WhatsApp, WeChat and Viber; and messaging technology for carriers.
The deal will give Sinch, based in Sweden, a foothold in the US market — the Digital Interconnect business is headquartered in Silicon Valley — and access to a trove of customers using the kind of messaging technology that Sinch develops and sells.
The significance here is that messaging continues to be a very popular and high-volume, but low-margin (or even no-margin in some cases), business. So it makes sense for Sinch to pursue a bigger strategy for more economy of scale, a trend that I think will continue to play out. As a case in point: Sinch has been on an acquisition spree in the last month, and other deals have included Latin American messaging provider Wavy ($119 million, announced March 26), and ChatLayer ($6 million, announced April 20).
“With SAP Digital Interconnect now becoming a part of Sinch, we build on our scale, focus and capabilities to truly redefine how businesses engage with their customers, throughout the world,” comments Oscar Werner, Sinch CEO, in a statement. “The transaction strengthens our direct connectivity globally. Plus, it enables us to expand and accelerate a range of business-critical services to mobile operators, including products for person-to-person messaging, reporting and analytics.”
The news caps off nearly a month of speculation that SAP was gearing up for a sale of the legacy unit as part of a bigger strategy to focus more squarely on its CRM and newer enterprise IT services. It comes amid a particularly challenging economic environment, and that’s before considering all the IT, security and other challenges companies were facing even before COVID-19. SAP also has other fish to fry. It acquired Qualtrics in November 2018 for $8 billion, spearheading a stronger move into employee and customer experience, surveys and research; and other SAP exits this year have included shuttering travel business Hipmunk, which was part of Concur (another acquisition made by SAP), back in January.
Between then and now SAP has also seen a very notable personnel change. Its co-CEO Jennifer Morgan stepped away from the company by mutual agreement with the board, leaving Christian Klein as sole CEO (the two had been in the co-CEO roles for only six months). At the time, the company said that the abrupt change — a mere 10 days between late-Friday announcement and departure — was in response to “the current environment [which] requires companies to take swift, determined action which is best supported by a very clear leadership structure.”
It would appear that this sale is an example of the kind of swift and determined action that the board was hoping to see.
SAP’s messaging unit has been around in one form or another for years. It became a part of SAP in 2010 as part of its acquisition of Sybase, but even before that Sybase acquired Mobile 365, which had developed the messaging technology that ultimately became SAP Digital Interconnect, back in 2006.
At the time, the messaging business was the primary part of Mobile 365, and Sybase paid $417 million for that company. In that regard, it might look like SAP is now selling it for a loss, although you could also argue that 15+ year-old technology in the fast-moving world of messaging would have depreciated at this point.
The business itself is very typical of messaging: huge volumes but not huge revenues.
In 2019, SAP said that the enterprise messaging business processed 18 billion messages, while its carrier services processed 292 billion carrier messages. The Bloomberg report that broke the news about the intent to sell the division said that it made $50 million in EBITDA and $250 million in revenue last year. But actually this is small relatively speaking: SAP altogether had revenues of nearly $30 billion in the same period. In other words, it’s an okay business but not really core to SAP and where it’s going.
On the other hand, it’s a better fit for Sinch. The company originally spun out from low-cost IP calling company Rebtel, was then acquired by publicly-traded CLX, which subsequently rebranded as Sinch. It is a much smaller company than SAP — market cap of about $3.1 billion (30.82 billion Swedish krona), versus SAP’s market cap of $139 billion — but is squarely focused on messaging services similar to those that the former SAP division offers.
“SAP Digital Interconnect is a leader in its area showing profitable growth and reaching 99 percent of the world’s mobile subscribers. Looking at Sinch’s innovation and investment strategy in the area of cloud communication platforms, we welcome them as the new owner of SDI. Sinch is perfectly positioned to unleash further growth potential we
M&A continues on in the wider European region even while so much else has slowed down or stopped in the current market. This deal follows on the heels of Intel acquiring Israel’s Moovit for $900 million this week, and Avira in Germany getting acquired by Investcorp at a $180 million valuation several weeks ago.
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Cockroach Labs scores $86.6M Series D as scalable database resonates
Cockroach Labs, the NYC enterprise database company, announced an $86.6 million Series D funding round today. The company was in no mood to talk valuations, but was happy to have a big chunk of money to help build on its recent success and ride out the current economic malaise.
Altimeter Capital and Bond co-led the round with participation from Benchmark, GV, Index Ventures, Redpoint Ventures, Sequoia Capital, Tiger Capital and FirstMark Capital. Today’s funding comes on top of a $55 million Series C last August, and brings the total raised to $195 million, according to the company.
Cockroach has a tough job. It’s battling both traditional databases like Oracle and modern ones from the likes of Amazon, but investors see a company with a lot of potential market building an open source, on prem and cloud database product. In particular, the open source product provides a way to attract users and turn some percentage of those into potential customers, an approach investors tend to favor.
CEO and co-founder Spenser Kimball says that the company had been growing fast before the pandemic hit. “I think the biggest change between now and last year has just been our go to market which is seeing pretty explosive growth. By number of customers, we’ve grown by almost 300%,” Kimball told TechCrunch.
He says having that three-pronged approach of open source, cloud an on-prem products has really helped fuel that growth. The company launched the cloud service in 2018, and it has helped expand its market. Whereas the on-prem version was mostly aimed at larger customers, the managed service puts Cockroach in reach of individual developers and teams who might not want to deal with all of the overhead of managing a complex database on their own.
Kimball says it’s really too soon to say what impact the pandemic will have on his business. He recognizes that certain verticals like travel, hospitality and some retail business are probably going to suffer, but other businesses that are accelerating in the crisis could make use of a highly scalable database like CockroachDB.
“Obviously it’s a new world right now. I think there are going to be some losers and some winners, but on balance I think [our] momentum will continue to grow for something that really does represent a best in class solution for businesses, whether they are startups or big enterprises, as they’re trying to figure out how to build for a cloud native future,” Kimball said.
The company intends to keep hiring through this, but is being careful and regularly evaluating what its needs are much more carefully than it might have done prior to this crisis with a much more open mind toward remote work.
Kimball certainly recognizes that it’s not an easy time to be raising this kind of cash, and he is grateful to have the confidence of investors to keep growing his company, come what may.
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Orca Security raises $20M Series A for its multi-cloud security platform
Orca Security, an Israeli cloud security firm that focuses on giving enterprises better visibility into their multi-cloud deployments on AWS, Azure and GCP, today announced that it has raised a $20 million Series A round led by GGV Capital. YL Ventures and Silicon Valley CISO Investments also participated in this round. Together with its seed investment led by YL Ventures, this brings Orca’s total funding to $27 million.
One feature that makes Orca stand out is its ability to quickly provide workload-level visibility without the need for an agent or network scanner. Instead, Orca uses low-level APIs that allow it to gain visibility into what exactly is running in your cloud.
The founders of Orca all have a background as architects and CTOs at other companies, including the likes of Check Point Technologies, as well as the Israeli army’s Unit 8200. As Orca CPO and co-founder Gil Geron told me in a meeting in Tel Aviv earlier this year, the founders were looking for a big enough problem to solve and it quickly became clear that at the core of most security breaches were misconfigurations or the lack of security tools in the right places. “What we deduced is that in too many cases, we have the security tools that can protect us, but we don’t have them in the right place at the right time,” Geron, who previously led a security team at Check Point, said. “And this is because there is this friction between the business’ need to grow and the need to have it secure.”
Orca delivers its solution as a SaaS platform and on top of providing work level visibility into these public clouds, it also offers security tools that can scan for vulnerabilities, malware, misconfigurations, password issues, secret keys in personally identifiable information.
“In a software-driven world that is moving faster than ever before, it’s extremely difficult for security teams to properly discover and protect every cloud asset,” said GGV managing partner Glenn Solomon . “Orca Security’s novel approach provides unparalleled visibility into these assets and brings this power back to the CISO without slowing down engineering.”
Orca Security is barely a year and a half old, but it also counts companies like Flexport, Fiverr, Sisene and Qubole among its customers.
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Daily.co raises $4.6M video chat API service
API-powered startups are having a good year, with Plaid’s mega-exit to Visa still fresh in mind. And digital video-powered startups are also having a good year, as the world stays home more than before and work shifts to a more remote-friendly landscape. What about a company that does both?
Well, they’d probably raise money and see their usage spike, right? That’s precisely the case with Daily.co, a startup that has both raised new capital this year and has seen usage of its product rapidly rise.
New capital
In simple terms, Daily.co is a startup that provides an API that lets users and customers quickly integrate video chat into their product or website.
Today’s news is that Daily.co put together a $4.6 million round that was led by Jenny Lefcourt from Freestyle. The round was closed in January, but announced this week. (It’s common for venture rounds to close and then ripen in a dark cellar before they are uncorked and shared with the world, though increased Form D vigilance is changing the game.)
Freestyle was not alone in the new round. The investment was funded by a bevy of investors, including three new institutional investors (Moxxie, Slack Fund, SV Angel), and a host of angels (April Underwood, Sarah Imbach, Ellen Levy and Elizabeth Weil, among others). Three prior investors also took part: Haystack, TenOneTen and Root.
If the round didn’t have a lead investor the deal would feel like a unicorn-era party round. Daily.co previously raised $2.5 million in 2016, co-founder Kwindla Hultman Kramer told TechCrunch in an interview. TechCrunch’s first question was how the startup lasted so long on just a few million dollars. The answer was a surprise.
Hardware is … easy?
Daily.co’s path to an API-powered service was not as simple as you’d imagine. In fact, it’s the first startup I’ve ever spoken to that used a hardware product as a temporary method of funding itself.
According to Kramer, his company built and sold a video-conferencing hardware box that it sold for a few hundred dollars and a regular stream of SaaS payments (you can read more about it here, and here, if you want to go spelunking). The income its boxes generated helped the startup keep at its longer-term plan of building a WebRTC-powered API.
According to the firm, handling a “non-trivial” number of minutes via that first product was also an important learning mechanism.
Daily.co’s thesis that the live video tooling that large companies built into expensive conference rooms would come to everyone’s pocket now feels somewhat obvious. But back in 2015 when the company got started (it went through Y Combinator in 2016) the future wasn’t as clear.
A few market trends came together to make the company’s original vision bear out, including growing device power (your new iPhone has more oomph than your old iPhone), better, faster internet penetration, and the uptake of the WebRTC protocol. As each trend matured, Daily.co’s product wager has gone from possible to likely to existing in the market.
After moving away from the hardware world, Daily.co launched its video chat API in 2019, a year in which the company did not grow its staffing. However, 2020 has seen the startup’s headcount quickly expand (recall that this round was closed in January) and its usage skyrocket — according to Kramer, Daily.co has seen 12x usage growth in the last six weeks.
Daily.co charges a hybrid price for its service, including a small SaaS fee and usage costs. Given that it is a SaaS company, effectively, TechCrunch was curious about its margins. According to Kramer, the firm’s margins are attractive, and there are ways for the startup to actively manage its bandwidth costs (thus lowering revenue costs, and bolstering its gross margin profile). So, the startup should be valued at a SaaS multiple during its life.
Looking ahead, Daily.co is seeing increased attention from larger companies, it told TechCrunch, something that could power future growth. But those clients will require hand-holding, we presume, which means an ever-larger staff. It will be interesting to see how much Daily.co can grow in people and revenue terms in 2020 while the rest of the global economy slips into negative territory. More when we have it.
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Why COVID-19 could delay Interswitch, Africa’s next big IPO
The economic effects of COVID-19 could delay Africa’s next big IPO — that of Nigerian fintech unicorn Interswitch.
If so, it wouldn’t be the first time the Lagos-based payments company’s plans for going public were postponed; the tech world has been anticipating Interswitch’s stock market debut since 2016.
For the continent’s innovation ecosystem, there’s a lot riding on the digital finance company’s IPO. After e-commerce venture Jumia, it would become only the second listing of a VC-backed African tech company on a major exchange. And Interswitch’s stock market debut — when it occurs — could bring more investor attention and less controversy to the region’s startup scene.
What is Interswitch?
TechCrunch reached out to Interswitch on the window for listing, but the company declined to comment. The tech firm’s path from startup to IPO aspirant traces back to the vision of founder Mitchell Elegbe, a Nigerian electrical engineering graduate whose entire career has pretty much been Interswitch.
Africa’s tech scene is still fairly young, but it does have a timeline with several definitive points. An early one would be the success of mobile money in East Africa, with the launch of Safaricom’s M-Pesa in 2007. Another is the notable wave of VC-backed startups and founders that launched around 2010.
Interswitch CEO Mitchell Elegbe (Photo Credits: Interswitch)
With Interswtich, Elegbe pre-dated both by a number of years, founding his fintech company back in 2002 to connect Nigeria’s largely disconnected banking system. The firm became a pioneer of the infrastructure to digitize Nigeria’s economy.
Interswitch created the first electronic switch whereby Nigerian financial institutions could communicate and thereby operate ATMs and point of sales operations. The company now provides much of the rails for Nigeria’s online banking system.
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Robinhood raises $280M, pushing its valuation to $8.3B
As expected, Robinhood has closed a new round of capital. The late-stage, consumer investing app announced today that it has closed a $280 million Series F funding at an $8.3 billion valuation. This closely tracks prior coverage that the firm was hunting for a nine-figure round at a valuation of around $8 billion.
Robinhood raised capital several times in 2019, including a $323 million mid-year Series E that valued the firm at around $7.6 billion, counting the value of the investment.
The valuation gains that the Menlo Park, Calif.-based unicorn has enjoyed over time are slowing. The firm’s 2017 Series C valued it at around $1.3 billion. That rose to around $5.6 billion the next year when it raised $363 million in its Series D. The firm’s Series E’s $7.6 billion valuation was strong, then, but a deceleration. And today’s $8.3 billion valuation brings its slimmest valuation gain in years.
It seems likely that Robinhood is growing into its valuation as it scales. According to its blog post, Robinhood has added 3 million accounts this year.
According to Bloomberg, which broke the news of the firm’s then-impending funding round, Robinhood recorded around $60 million in revenue this March, three times its February result. It is unclear if the firm can continue that pace of revenue generation during the remainder of 2020, but Robinhood’s trailing valuation multiple would decline sharply if the feat was possible. (Revenue multiples are broadly contracting as the economy slows, and investors project slower growth amongst startups.)
But while Robinhood is caught in an updraft that is lifting the fortunes of many savings and investing apps, its road has not been entirely smooth this year.
Growing pains
Robinhood made headlines in March with less fortuitous news: three outages in two weeks. An outage, in the company’s case, means that consumers were unable to trade during specific hours due to technical difficulties. As the financial services startup handles people’s money — often tied to specific market movements — making any disruption to its operations the opposite of good news.
The stability of apps that handle your money is especially important right now, as people try to get their financial health in order amid rising unemployment and an uncertain future economy at large, let alone the stock market.
We don’t know whether the round was closed before the outages and before COVID-19, but we wouldn’t be surprised if discussions were underway months earlier. (We asked; Robinhood declined to comment.)
It’s worth noting that when Robinhood suffered its first massive outage, its co-CEOs noted that the cause was largely due to a stress on infrastructure due to an unprecedented load of usage.
Robinhood has spent time in the last few weeks figuring out how to handle another increases in usage — sensibly, the new capital will be used to build out capabilities and prevent future crashes. (The company said in its announcement that it intends to “continue to invest in scaling our platform.”)
It’s going to need that platform stability if the market keeps moving as swiftly toward its portion of the fintech world as it has in the last few months.
A savings boom
Robinhood’s citing of “unprecedented load” as part of the cause of its difficulties drove some snark. It’s hard to fit a small brag into an apology, after all. But one thing TechCrunch has learned is that individuals are investing and saving during the pandemic.
Data for this abounds. Acorns, a savings and investing app, saw a record of signups on March 19, the same day that the company noted the stock market recorded their second-worst day of trading since 1987.
We’ve collected further data in the same vein, with Public (another free stock-trading app) reporting surging usage, and other fintech providers telling TechCrunch that more folks than ever are looking to save and buy stocks. Indeed, Robinhood later said that in March it saw “more than 10x net deposits” when compared to the monthly average it set in the last quarter of 2019.
The company, then, raised around a usage high. This makes its failure to generate a larger valuation premium nearly confusing; after all, when would there be a better time for it to raise? The answer appears to be that the same market dynamic that gave it a surge in demand (the pandemic) is likely also the reason that its valuation gains were slight (falling revenue multiples and falling private investor sentiment).
Sequoia Capital led the round, which saw participation from NEA, fintech-focused Ribbit and smaller firms 9Yards Capital and Unusual Ventures.
Other companies are riding the same fundraising wave. Last week, investing app Stash raised a $112 million round led by LendingTree. In its most recent quarter Stash claims it had an over 100% increase in weekly customer deposits across banking and investing.
There are no shortages of other investing platforms for consumers during this time, even if that looks like a traditional incumbent bank. With a new nine-figure round, Robinhood will have to prove that it is competitive, and more importantly, reliable.
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NWU researchers develop a throat-worn wearable that could offer early warnings for COVID-19 patients
The ongoing COVID-19 pandemic is resulting in big shifts across industries, but the development of more long-term solutions that address a future in which what we need to do is mitigate the impact of the new coronavirus seems like a worthwhile place to invest time and effort. Projects like a new one from Northwestern University researchers working with the Shirley Ryan AbilityLab in Chicago that resulted in a wearable to potentially provide early warnings to COVID-19 patients are a prime example of that kind of work.
The wearable is designed to be worn on the throat, and it’s already in use by around 25 individuals, who are providing early data about its effectiveness via at-home and in-clinic monitoring. The hardware involved monitors coughs and respiratory activity, and then feeds that into a set of algorithms developed by the research team that can identify what might be early symptoms of COVID-19, and potential signs that the infection is progressing in a dangerous way that could require more advanced care.
The gadget is designed to be worn around the clock, and provides a continuous data stream. This has the advantage of providing insight as it becomes available, instantly, instead of relying on regular check-ins, or waiting for when symptoms are clearly bad enough that someone needs additional help, at which point it’s usually past the stage of early intervention. The wearable essentially looks like a thin bandage the size of a postage stamp, and it can monitor not only cough sounds and frequency, but also chest movements, heart rate, body temperature and respiratory rate.
It’s tuned specifically to what health experts have generally tagged as the most common early symptoms of COVID-19, which include fever, coughing and problem breathing. The “suprasternal notch,” which is the technical name for the site on the throat where the wearable rests, is “where airflow occurs near the surface of the skin” through the respiratory pathways of the body, according to Northwestern researcher John A. Rogers who led the device’s development team.
This hardware can potentially be useful in a number of ways: First, it’s a valuable tool for front-line healthcare workers, offering them what will hopefully be an early warning sign of any oncoming illness, so they can avoid infecting their colleagues and get the treatment they need as efficiently as possible. Second, it could be used by those already diagnosed with COVID-19, to potentially provide valuable insight into the course of the infection, and when it might be getting worse. Third, it could eventually also be used to tell scientists working on therapies what is working, how and how well, with live information from test subjects both in-clinic and at home.
The device is also relatively easy to produce, with the team saying they can do so at a rate of around hundreds per week, without even needing to lean very heavily on outside suppliers. That’s a considerable advantage for any hardware that might need to be leveraged in volume to address the crisis. Plus, people can wear it almost unnoticed, and it’s very easy to use both for clinicians and patients.
There are other projects in the works to see how devices that monitor biometrics, including the Oura ring, and the Kinsa thermometer, can help contain the epidemic. The researchers behind this wearable have spun up an engineering company called Sonica to manage their device’s development, and will now be working with various agencies (including through funding by BARDA) to deploy it in more places, and see about potentially productizing the wearable for wide-scale use.
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Instabug raises $5M Series A round led by Accel, as mobile app usage surges
There are some startups that behave like sprinters, and others that run a marathon. I came across Instabug when I was in Cairo in 2013. Born during the chaotic era of the Arab Spring, this plucky startup managed to make it to TechCrunch Disrupt, then Y Combinator in 2016, then a $1.7 million in seed round led by Accel Partners. Originally part of the Egyptian accelerator Flat6Labs Cairo, they raised $300,000 from angel investors in 2013.
Today they announced a $5 million Series A round, once again led by Accel . Other angel investors joining include Amr Awadallah, co-founder of Cloudera, and Jim Payne, founder and CEO of MoPub, both of whom have invested previously.
Instabug provides mobile developers with real-time insights throughout the app life cycle, with its bug and feedback reporting, secure crash reporting and in-app surveys. All the more important these days, given so many people are relying on apps during their pandemic lockdowns.
Omar Gabr, co-founder and CEO of Instabug, said in a statement: “We’ve been working with Accel since 2016 and we’re very excited to continue our partnership. We grew 120% in revenues in the last 12 months, adding dozens of Enterprise customers. We’ve always been running a disciplined business, we’re almost profitable for some time now. This is what made our fundraising fast in the middle of all the current events. Our fundraising conversations with Accel started after the pandemic outbreak.”
Instabug says that since the COVID-19 outbreak, it has seen a “massive surge” in usage, which has grown 45% since January. It’s also designed to streamline the communication between QA and developers, which is very relevant now, as many are working remotely.
Some 28 of the top 100 apps on the App Store use Instabug. Several competitors have been acquired, including Crashlytics (by Google) and HockeyApp (by Microsoft).
Given that the startup still has most of its team in Egypt, this is once again a great win for the MENA region.
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A turbulent stock market is a boon to investing-focused fintech startups
Hello and welcome back to our regular morning look at private companies, public markets and the gray space in between.
A few weeks back we dug into the boom that savings and investing apps and services were enjoying. Companies like Acorns, M1 Finance, Robinhood and others were seeing rapid growth in their assets under management (AUM) and downloads. New data out today underscores how well finance apps are faring in the new, chaotic COVID-19 era.
You can run a simple test on yourself in this case. Since, say, January of this year, have you paid more or less attention to your banking and investing related apps and, more broadly, your financial life? Perhaps you are trying to put a bit more away? Or make sure your 401k isn’t invested in something silly?
If so, you are far from alone. To detail just how much more activity this slice of the startup world is enjoying, this morning we’re taking another look at the growth that this slice of the fintech world is undergoing. We’ll lean on some new data from a mobile app analytics provider (AppAnnie) and a report from a brokerage-infra startup (DriveWealth) to get a clearer picture of where investing and savings apps are growing and just how well they are performing.
Investing in a downturn
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