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Pro.com raises $33M for its home improvement platform
Pro.com is basically a general contractor for the age of Uber and Prime Now. While the company started as a marketplace for hiring home improvement professionals, it has now morphed into a general contractor and serves Denver, Phoenix, San Francisco, San Jose and Seattle. Today, Pro.com announced that it has raised a $33 million Series B round led by WestRiver Group, Goldman Sachs and Redfin. Previous investors DFJ, Madrona Venture Group, Maveron and Two Sigma Ventures also participated.
WestRiver founder Erik Anderson, Redfin CEO Glenn Kelman and former Microsoft exec Charlotte Guyman are joining the Pro.com board.
“Many of Redfin’s customers struggle to get professional renovation services, so we know firsthand that Pro.com’s market opportunity is massive,” writes Redfin’s Kelman. “Pro.com and Redfin share a commitment to combining technology and local, direct services to best take care of customers.”
The company tells me that the round caps off a successful 2018, where Pro.com saw its job bookings grow by 275 percent over 2017, a number that was also driven by its expansion beyond the Seattle market (as well as the good economic climate that surely helped in driving homeowners to tackle more home improvement projects). The company now has 125 employees.
With this funding round, Pro.com has now raised a total of $60 million. It’ll use the funding to enter more markets, with Portland, Oregon being next on the list, and expand its team as it goes along.
It’s no secret that the home improvement market could use a bit of a jolt. The market is extremely local and fragmented — and finding the right contractor for any major project is a long and difficult process, where the outcome is never quite guaranteed. The process has enough vagaries that many people never get around to actually commissioning their projects. Pro.com wants to change that with a focus on transparency and technology. That’s a startup that’s harder to scale than the marketplace the company started out with, but it also gives the company a chance to establish itself as one of the few well-known brands in this space.
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Squad is the new screensharing chat app everyone will copy
Squad could be the next teen sensation because it makes it easy to do nothing… together. Spending time with friends in the modern age often means just being on your phones next to each other, occasionally showing off something funny you found. Squad lets you do this even while apart, and that way of punctuating video chat might make it the teen girl “third place” like Fortnite is for adolescent boys.
With Squad, you fire up a video chat with up to six people, but at any time you can screenshare what you’re seeing on your phone instead of showing your face. You can browse memes together, trash talk about DMs or private profiles, brainstorm a status update, co-work on a project or get consensus on your Tinder swipe. It’s deceptively simple, but remarkably alluring. And it couldn’t have happened until now.
How Squad screensharing looks
Squad takes advantage of Apple’s ReplayKit for screensharing. While it was announced in 2015, it wasn’t until June 2018’s iOS 12 that ReplayKit became stable and easy enough to be built into a consumer app for teens. Meanwhile, plus-size screens and speedy LTE and upcoming 5G networks make screensharing watchable. And with Instagram aging and Snapchat shrinking, there’s demand for a more intimately connected social network.
Squad only launched its app last week, but droves of Facebook and Snap employees have signed up to spy on and likely copy the startup, co-founder and CEO Esther Crawford tells me. Screensharing would fit well in group video chat startup Houseparty too. To fuel its head start, Squad has the $2.2 million it raised before it pivoted away from Molly, the team’s previous App where people can make FAQs about themselves. That cash came from betaworks, Y Combinator, BBG Ventures, Basis Set Ventures, Jesse Draper, Gary Vaynerchuk, Niv Dror, and [Disclosure: former TechCrunch editor] Alexia Bonatsos’ Dream Machine. Next, Squad wants to let people tune in to screenshares via URL to unlock a new era of Live broadcasting, and equip other apps with the capability through a Squad SDK.
“People under 24 do video chat way different than people 25 and above” says Crawford. Adding screensharing is “an excuse for hanging out.”
Serious ideas are preludes to toys
Screensharing has long been common in enterprise communication apps like Webex, Zoom and Slack. I even called a collaborative browsing and desktop screensharing app my favorite project from Facebook’s 2011 college hackathon. But we don’t just use our screens for work any more. Teens and young adults live on the digital plane, navigating complex webs of friendships, entertainment and academia through their phones. Squad makes those experiences social — including the “social” networks we often scroll through in isolation. Charles and Ray Eames said “Toys are preludes to serious ideas,” but this time, it is happening in reverse.
Squad co-founders from left: Ethan Sutin, Esther Crawford
“The idea came from a combination of things — a pain we were experiencing as a team,” Crawford recalls. My development team is constantly sending each other screenshots and screen recordings. It seemed ridiculous that I can’t just show you what’s on my screen. It was a business use case internally.” But then came the wisdom of a 13-year-old. “My daughter over the summer was bugging me. ‘Why can’t I just show what’s on my screen with my friends?’ I said I think it’s not technically possible.” That’s when Crawford discovered advances in ReplayKit meant it suddenly was possible.
Crawford had already seen this cycle of tool to toy before, as she was an early YouTuber. Back in the mid-2000s, people thought of YouTube as a place to host videos about eBay listings, professional presentations or dating profile supplements. “They couldn’t imagine that if you let people just reliably and easily upload video content, there’d be all these creative enterprises.”
Use cases for Squad
After stints in product marketing at Coach.com and Stride Labs, she built Estherbot — a chatbot version of herself that let people learn about her. Indeed, 50,000 people ended up trying it, convincing her people needed new ways to reveal themselves to friends. She met Ethan Sutin through the project and together they co-founded FAQ app Molly before it fizzled out and was shut down. “Molly wasn’t working; it had high initial engagement sessions, but then they would drop off. Maybe it’s not the right time for the augmented version of you,” noted Crawford.
Crawford and Sutin pivoted Molly into Squad to keep exploring new formats for vulnerability. “What excited Ethan and I was this mission to help people feel less lonely.”
Alone, together
Squad recommends apps to screenshare
Squad worked, thanks to a slick way to activate screensharing. The app launches to the selfie camera similar to Snapchat, but with a + button for inviting friends to a video call. Tap the screenshare button at the bottom, select Squad and start the broadcast. To guide users toward the best screensharing experiences, a menu of apps emerges encouraging users to open Instagram, TikTok, Bumble, their camera roll and others.
People can bounce back and forth between screensharing and video chat, and tap a friend’s window to view it full-screen. And when they want another friend to see what they’re seeing, Squad goes viral. One concern is that Squad breaks privacy controls. You could have friends show you someone’s Instagram profile you’re blocked by or aren’t allowed to see. But the same goes for hanging out in person, and this is one reason Squad doesn’t let you download videos of your chats and is considering screenshot warnings.
What’s so special about Squad is that it lacks the intensity of traditional video chat, where you constantly feel pressured to perform. You can fire up a chat room, and then go back to phoning as you please with your screen displayed instead of your blank face (though the Android version in beta offers picture-in-picture so you can show your mug and the screen).
“There’s no picture-in-picture on iOS, but younger users don’t even really care. I can point it at the bed and you can tell me when there’s something to look at,” Crawford tells me. A few people, alone in their houses, video chatting without looking at each other, still feel a sense of togetherness.
The future of Squad could grant that feeling to a massive audience of a celebrity or influencer. The startup is working on shareable URLs that creators could post on other social networks like Twitter or Facebook that their fans could click to watch. Tagging along as Kylie Jenner or Ninja play around on their phone could bring people closer to their heroes while serving as a massive growth opportunity for Squad. Similarly, colonizing other apps with an SDK for screensharing could allow Squad to recruit their users.
Squad makes starting a screenshare easy
The startup will face stiff technical challenges. Lag or low video quality destroy the feeling of delight it delivers, Crawford admits, so the team is focused on making sure the app works well even in rural areas like middle America where many early users live. But the real test will be whether it can build a new social graph upon the screensharing idea if already popular apps build competing features. Gaming tools like Discord and Twitch already offer web screensharing, and I suggested Facebook should bring the feature to Messenger when in late-2017 it launched in its Workplace office collaboration app.
Helping a friend choose when to swipe right on Tinder via Squad
In June I wrote that Instagram and Snapchat would try to steal the voice-activated visual effects at the center of an app called Panda. Snapchat started testing those just two months later. Instagram’s whole Stories feature was cloned from Snapchat, and it also cribbed Q&A Stories from Polly. Overshadowed, Panda and Polly have faded from the spotlight. With Facebook and Snap already sniffing around Squad, it’s quite possible they’ll try to copy it. Squad will have to hope first-mover advantage and focus can defeat a screensharing feature bolted on to apps with hundreds of millions or even billions of users.
But regardless of who delivers this next phase of sharing, it’s coming. “Everyone knows that the content flooding our feeds is a filtered version of reality. The real and interesting stuff goes down in DMs because people are more authentic when they’re 1:1 or in small group conversations,” Crawford wrote.
Perhaps there’s no better antidote to the poison of social media success theater that revealing that beyond the Instagram highlights, we’re often just playing around on our phones. Squad might not be glamorous, but it’s authentic and a lot more fun.
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Former Facebook engineer picks up $15M for AI platform Spell
In 2016, Serkan Piantino packed up his desk at Facebook with hopes to move on to something new. The former director of Engineering for Facebook AI Research had every intention to keep working on AI, but quickly realized a huge issue.
Unless you’re under the umbrella of one of these big tech companies like Facebook, it can be very difficult and incredibly expensive to get your hands on the hardware necessary to run machine learning experiments.
So he built Spell, which today received $15 million in Series A funding led by Eclipse Ventures and Two Sigma Ventures.
Spell is a collaborative platform that lets anyone run machine learning experiments. The company connects clients with the best, newest hardware hosted by Google, AWS and Microsoft Azure and gives them the software interface they need to run, collaborate and build with AI.
“We spent decades getting to a laptop powerful enough to develop a mobile app or a website, but we’re struggling with things we develop in AI that we haven’t struggled with since the 70s,” said Piantino. “Before PCs existed, the computers filled the whole room at a university or NASA and people used terminals to log into a single main frame. It’s why Unix was invented, and that’s kind of what AI needs right now.”
In a meeting with Piantino this week, TechCrunch got a peek at the product. First, Piantino pulled out his MacBook and opened up Terminal. He began to run his own code against MNIST, which is a database of handwritten digits commonly used to train image detection algorithms.
He started the program and then moved over to the Spell platform. While the original program was just getting started, Spell’s cloud computing platform had completed the test in less than a minute.
The advantage here is obvious. Engineers who want to work on AI, either on their own or for a company, have a huge task in front of them. They essentially have to build their own computer, complete with the high-powered GPUs necessary to run their tests.
With Spell, the newest GPUs from Nvidia and Google are virtually available for anyone to run their tests.
Individual users can get on for free, specify the type of GPU they need to compute their experiment and simply let it run. Corporate users, on the other hand, are able to view the runs taking place on Spell and compare experiments, allowing users to collaborate on their projects from within the platform.
Enterprise clients can set up their own cluster, and keep all of their programs private on the Spell platform, rather than running tests on the public cluster.
Spell also offers enterprise customers a “spell hyper” command that offers built-in support for hyperparameter optimization. Folks can track their models and results and deploy them to Kubernetes/Kubeflow in a single click.
But perhaps most importantly, Spell allows an organization to instantly transform their model into an API that can be used more broadly throughout the organization, or used directly within an app or website.
The implications here are huge. Small companies and startups looking to get into AI now have a much lower barrier to entry, whereas large traditional companies can build out their own proprietary machine learning algorithms for use within the organization without an outrageous upfront investment.
Individual users can get on the platform for free, whereas enterprise clients can get started for $99/month per host you use over the course of a month. Piantino explains that Spell charges based on concurrent usage, so if the customer has 10 concurrent things running, the company considers that the “size” of the Spell cluster and charges based on that.
Piantino sees Spell’s model as the key to defensibility. Whereas many cloud platforms try to lock customers in to their entire suite of products, Spell works with any language framework and lets users plug and play on the platforms of their choice by simply commodifying the hardware. In fact, Spell doesn’t even share with clients which cloud cluster (Microsoft Azure, Google or AWS) they’re on.
So, on the one hand the speed of the tests themselves goes up based on access to new hardware, but, because Spell is an agnostic platform, there is also a huge advantage in how quickly one can get set up and start working.
The company plans to use the funding to further grow the team and the product, and Piantino says he has his eye out for top-tier engineering talent, as well as a designer.
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On-demand workspace platform Breather taps new CEO
Breather’s new CEO Bryan Murphy / Breather Press Kit
Breather, the platform that provides on-demand private workspace, announced today that it has appointed Bryan Murphy as its new CEO.
Before joining Breather, Murphy was the founder and president of direct-to-consumer mattress startup, Tomorrow Sleep. Prior to Tomorrow Sleep, Murphy held posts as an advisor to investment firms and as an executive at eBay after the company acquired his previous company, WHI Solutions — an e-commerce platform for aftermarket auto parts — where Murphy was the co-founder and CEO.
Breather believes Murphy’s extensive background scaling e-commerce and SaaS platforms, as well as his experience working with incumbents across a number of traditional industries, can help it execute through its next stage of global growth.
Murphy is filling the vacancy left by co-founder and former CEO Julien Smith, who stepped down as chief executive this past September, just three months after the company completed its $45 million Series C round, which was led by Menlo Ventures and saw participation from RRE Ventures, Temasek Holdings, Ascendas-Singbridge and Caisse de Depot et Placement du Quebec.
In a past statement on his transition, Smith said: “As I reflect on my strengths and consider what it will take for the company to reach its full potential, I realize bringing on an executive with experience scaling a company through the next level of growth is the best thing for the business.”
Smith, who remains with the company as chairman of the board, believes Murphy more than fits the bill. “Bryan’s record of scaling brands in competitive markets makes him an ideal leader to support this momentum, and I’m excited to see where he takes us next,” Smith said.
In a conversation with TechCrunch, Murphy explained that Breather’s next growth phase will ultimately come down to its ability to continue the global expansion of its network of locations and partner landlords while striking the optimal balance between rental economics and employee utility, productivity and performance. With new spaces and ramped marketing efforts, Murphy and the company expect 2019 to be a big year for Breather — “I think this year, you’re going to start hearing a lot about Breather and it really being in a leadership role for the industry.”
Breather’s workspace at 900 Broadway in New York City is one of 500+ network locations accessible to users.
On Breather’s platform, users are currently able to access a network of more than 500 private workspaces across 10 major cities around the world, which can be booked as meeting space or short-term private office space.
Meeting spaces can be reserved for as little as two hours, while office space can be booked on a month-to-month basis, providing businesses with financial flexibility, private and more spacious alternatives to co-working options, and the ability to easily change offices as they grow. For landlords, Breather allows property owners to generate value from underutilized space by providing a turnkey digital booking system, as well as expertise in the short-term rental space.
Murphy explained to TechCrunch that part of what excited him most about his new role was his belief in Breather’s significant product-market fit and the immense addressable market that he sees for flexible workspaces longer-term. With limited penetration to date, Murphy feels the commercial office space industry is in just the third inning of significant transformation.
Murphy believes that long-term growth for Breather and other flexible space providers will be driven by a heightened focus on employee flexibility and wellness, a growing number of currently underserved companies whose needs fall between co-working and traditional direct leasing, and the need for landlords to support a wider variety of office space options as workforce demographics and behaviors shift.
Murphy believes that the ease, flexibility and unlocked value Breather provides puts the platform in a great position to win market share.
“Breather has built a remarkable commercial real estate e-commerce and services platform that offers one-click access to over 500 workspaces around the world,” said Murphy in a press release. “To our customers, having access to workspace that is turnkey, affordable, beautiful, productive and that can flex up and down based on needs is a total game changer.”
To date, Breather has served more than 500,000 customers and has raised more than $120 million in investment.
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Alation announces $50M Series C investment as data catalog biz takes off
Alation, a startup that helps crawl a company’s databases in order to build a data search catalog, announced a $50 million Series C investment today.
The round was led by Sapphire Ventures and Salesforce Ventures. Existing investors Costanoa Ventures, DCVC (Data Collective), Harmony Partners and Icon Ventures also participated. Today’s investment brings the total raised to $82 million, according to Crunchbase data.
The participation of Sapphire Ventures, originally launched by SAP, and Salesforce Ventures, the venture arm of Salesforce, is particularly telling. One of the issues these enterprise software companies face when they go inside large enterprises is helping customer’s access and understand data wherever it lives. It’s one of the reasons that Salesforce bought MuleSoft for $6.5 billion last year.
This is a problem that employees face, as well. It’s simply inefficient to query multiple databases manually, or to even know what databases exist inside a large organization. Alation uses out-of-the-box connectors to connect to common data sources like Oracle, Redshift, Teradata, Spark and Tableau to create a centralized data catalog.
With that catalog in place, employees can search just as they would with any enterprise search engine, with the notable difference that this tool is focused strictly on structured data inside of supported data sources.
The company goes beyond pure matching to find the data an employee is searching for. Company CEO and co-founder Satyen Sangani says they also use a method to analyze usage to display the most likely result. “What differentiates us in particular is that we look at the logs of how people are using that information,” he explained. This is analogous to how Google uses the PageRank algorithm to measure the popularity of a page based on the number of times people link to a page.
Alation catalog page. Screenshot: Alation
It is certainly not alone in the space, with competitors like Alteryx and Informatica, but Alation’s approach seems to be resonating. Sangani reports triple-digit growth four years running. The company has soared from 89 employees at the end of last year to around 200 today. It boasts 100 large enterprise customers in production, including names like BMW, Hilton, American Express and Salesforce (whose investment arm, Salesforce Ventures also helped lead today’s round).
As the company grows rapidly, Sangani says he wants the capital in place to help fuel the increasing interest. The size and scope of his customers means that he will need to hire not just engineers to keep developing the product and building new connectors, but customer support and sales and marketing. In all, he expects to add between 100 and 200 employees in the next year.
He also wants to continue building out partnerships. As an example, Teradata is an authorized reseller, and has helped sell the product in global markets where a startup like Alation might lack the resources to enter.
Based in Redwood City, Calif., the company launched in 2012 and released the first version of the product in 2014. Its most recent round prior to today was a $23 million Series B in 2017.
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Email security company Tessian is closing in on a $40M round led by Sequoia Capital
Continuing a trend that VCs here in London tell me is seeing an increasing amount of deal-flow in Europe attract the interest of top-tier Silicon Valley venture capital firms, TechCrunch has learned that email security provider Tessian is the latest to raise from across the pond.
According to multiple sources, the London-based company has closed a Series B round led by Sequoia Capital. I understand that the deal could be announced within a matter of weeks, and that the round size is in the region of $40 million. Tessian declined to comment.
Founded in 2013 by three engineering graduates from Imperial College — Tim Sadler, Tom Adams and Ed Bishop — Tessian is deploying machine learning to improve email security. Once installed on a company’s email systems, the machine learning tech analyses an enterprise’s email networks to understand normal and abnormal email sending patterns and behaviours.
Tessian then attempts to detect anomalies in outgoing emails and warns users about potential mistakes, such as a wrongly intended recipient, or nefarious employee activity, before an email is sent. More recently, the startup has begun addressing in-bound email, too. This includes preventing phishing attempts or spotting when emails have been spoofed.
Meanwhile, Tessian (formerly called CheckRecipient) raised $13 million in Series A funding just 7 months ago in a round led by London’s Balderton Capital. The company’s other investors include Accel, Amadeus Capital Partners, Crane, LocalGlobe, Winton Ventures, and Walking Ventures.
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Ubiquity6 acquires AR music startup Wavy
Today, Ubiquity6 has announced that it is acquiring Wavy, a small AR music startup founded last year.
In a blog post, the Wavy team confirmed they’ll be joining the Ubiquity6 team and won’t be continuing their work on the Wavy app. “When we met the team at Ubiquity6, it became apparent that joining the team there would be a leap forward towards our shared mission of enabling creators to edit reality,” the post reads.
Wavy’s app sought to give musicians an outlet to bring concerts into phone-based AR users’ living rooms.
The tight team of three joins Ubiquity6 after what was generally a rough year for the consumer-focused AR industry. While the number of supported devices climbed, the actual user base didn’t see much growth. A lot of the progress came in the platform tools, such as Ubiquity6; the startup closed a $27 million Series B led by Benchmark and Index Ventures in August. The company now has just shy of 40 employees.
The Wavy app shares some essential DNA with what Ubiquity6 is looking to build. The app allows people to drop 3D objects into spaces and upload videos of the “music experiences” unfolding in front of them. It’s very fundamental stuff, but at its base level asks questions about how 3D content can interact with spaces and people and how those new environments change the context of the art and music.
This fits into Ubiquity6’s idea of a spatial internet, where users can stumble upon 3D environments where AR content lives based on where they are and what their phone camera is seeing. The company hasn’t launched widely, but had a pilot program with the SFMOMA last year and also announced they are working with Disney.
We chatted with Ubiquity6 CEO Anjney Midha at TechCrunch Disrupt SF 2018 about the opportunities and challenges that lie ahead for the consumer-focused AR industry.
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Driving down the cost of preserving genetic material, Acorn Biolabs raises $3.3 million
Acorn Biolabs wants consumers to pay them to store genetic material in a bet that the increasing advances in targeted genetic therapies will yield better healthcare results down the line.
The company’s pitch is to “Save young cells today, live a longer, better, tomorrow.” It’s a gamble on the frontiers of healthcare technology that has managed to net the company $3.3 million in seed financing from some of Canada’s busiest investors.
For the Toronto-based company, the pitch isn’t just around banking genetic material — a practice that’s been around for years — it’s about making that process cheaper and easier.
Acorn has come up with a way to collect and preserve the genetic material contained in hair follicles, giving its customers a way to collect full-genome information at home rather than having to come in to a facility and getting bone marrow drawn (the practice at one of its competitors, Forever Labs) .
“We have developed a proprietary media that cells are submerged in that maintains the viability of those cells as they’re being transported to our labs for processing,” says Acorn Biolabs chief executive Dr. Drew Taylor.
“Rapid advancements in the therapeutic use of cells, including the ability to grow human tissue sections, cartilage, artificial skin and stem cells, are already being delivered. Entire heart, liver and kidneys are really just around the corner. The urgency around collecting, preserving and banking youthful cells for future use is real and freezing the clock on your cells will ensure you can leverage them later when you need them,” Taylor said in a statement.
Typically, the cost of banking a full genome test is roughly $2,000 to $3,000, and Acorn says they can drop that cost to less than $1,000. Beyond the cost of taking the sample and storing it, Acorn says it will reduce to roughly $100 a year the fees to store such genetic materials.
It’s important to note that healthcare doesn’t cover any of this. It’s a voluntary service for those neurotic enough or concerned enough about the future of healthcare and their potential health.
There’s also no services that Acorn will provide on the back end of the storage… yet.
“What people do need to realize is that there is power with that data that can improve healthcare. Down the road we will be able to use that data to help people collect that data and power studies,” says Taylor.
The $3.3 million the company raised came from Real Ventures, Globalive Technology, Pool Global Partners and Epic Capital Management and other undisclosed investors.
“Until now, any live cell collection solutions have been highly expensive, invasive and often painful, as well as being geographically limited to specialized clinics,” said Anthony Lacavera, founder and chairman at Globalive. “Acorn is an industry-leading example of how technology can bring real innovation to enable future healthcare solutions that will have meaningful impact on people’s wellbeing and longevity, while at the same time — make it easy, affordable and frictionless for everyone.”
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We Company CEO in hot water over being both a tenant and a landlord
The company formerly known as WeWork has come under scrutiny for potential conflict of interest issues regarding CEO Adam Neumann’s partial ownership of three properties where WeWork is (or will be) a tenant. TechCrunch has seen excerpts of the company’s prospectus for investors that details upwards of $100 million in total future rents WeWork will pay to properties owned, in part, by Adam Neumann.
In March 2018, The Real Deal reported that Neumann had purchased a 50 percent stake in 88 University Place alongside fashion designer Elie Tahari. That property was then leased by WeWork, which then leased space within the building to IBM.
Today, the WSJ is reporting that 88 University Place isn’t alone. Neumann also personally invested in properties in San Jose that are either currently leased to WeWork as a tenant or are earmarked for such a purpose. Unlike 88 University, where Neumann is a 50/50 owner with Tahari, the CEO of the We Company — as WeWork is now known — invested in the two San Jose properties as part of a real estate consortium and owns a smaller stake of an unspecified percentage.
These transactions were all disclosed in the company prospectus documents it filed as part of its $700 million bond sale in April 2018. According to the prospectus, WeWork’s total future rents on these properties (partially owned by Neumann) are $110.8 million, as of December 2017.
That doesn’t include the reported $65 million purchase of a Chelsea property by Neumann and partners, which is said to be earmarked for a new WeLive space built from the ground up. That, too, will be subject to rent payments from the We Company to run WeLive out of it.
This raises questions of whether there is a conflict of interest in Neumann being both the landlord and the tenant of properties through WeWork. The WSJ says that investors of the company are concerned that the CEO could personally benefit on rents or other terms with the company in these deals.
According to WeWork, however, the company has not been made aware of any issues by any of its investors about related party transactions or their disclosures. The company also said that the majority of the Board are independent of Adam and all of these transactions were approved.
A WeWork spokesperson also had this to say: “WeWork has a review process in place for related party transactions. Those transactions are reviewed and approved by the board, and they are disclosed to investors.”
As it stands now, The We Company is privately held and in the midst of a transition as it contemplates how to turn a substantial profit on its more than 400 property assets across the world. The company is taking a broad-stroke approach, serving tiny startups and massive corporate clients alike, while also offering co-living WeLive spaces to renters and building out the Powered By We platform to spread its bets.
The company is valued at a hefty $47 billion, even after a scaled back investment from SoftBank (which went from $16 billion to $2 billion). But as the We Company inches toward an IPO, we may start to see a call for tighter corporate governance and more scrutiny of potential conflicts of interest.
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HyperScience, the machine learning startup tackling data entry, raises $30 million Series B
HyperScience, the machine learning company that turns human readable data into machine readable data, has today announced the close of a $30 million Series B funding round led by Stripes Group, with participation from existing investors FirstMark Capital and Felicis Ventures, as well as new investors Battery Ventures, Global Founders Capital, TD Ameritrade and QBE.
HyperScience launched out of stealth in 2016 with a suite of enterprise products focused on the healthcare, insurance, finance and government industries. The original products were HSForms (which handled data-entry by converting hand-written forms to digital), HSFreeForm (which did a similar function for hand-written emails or other non-form content) and HSEvaluate (which could parse through complex data on a form to help insurance companies approve or deny claims by pulling out all the relevant info).
Now, the company has combined all three of those products into a single product called HyperScience. The product is meant to help companies and organizations reduce their data-entry backlog and better serve their customers, saving money and resources.
The idea is that many of the forms we use in life or in the workplace are in an arbitrary format. My bank statements don’t look the same as your bank statements, and invoices from your company might look different than invoices from my company.
HyperScience is able to take those forms and pipe them into the system quickly and easily, without help from humans.
Instead of charging by seat, HyperScience charges by documents, as the mere use of HyperScience should mean that fewer humans are actually “using” the product.
The latest round brings HyperScience’s total funding to $50 million, and the company plans to use a good deal of that funding to grow the team.
“We have a product that works and a phenomenally good product market fit,” said CEO Peter Brodsky. “What will determine our success is our ability to build and scale the team.”
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