Lux, the startup and makers of the popular pro photography app Halide and others, is venturing into video. The team today announced its plans to debut a new app, Kino, arriving in roughly two months’ time, that will allow iPhone users to work with video in a more professional capacity. The news follows advances in iPhone video capture that have allowed Apple to film its own press events using an … [Read more...]
23andMe confirms hackers stole ancestry data on 6.9 million users
On Friday, genetic testing company 23andMe announced that hackers accessed the personal data of 0.1% of customers, or about 14,000 individuals. The company also said that by accessing those accounts, hackers were also able to access “a significant number of files containing profile information about other users’ ancestry.” But 23andMe would not say how many “other users” were impacted by the … [Read more...]
AssemblyAI lands $50M to build and serve AI speech models
Companies are betting big on generative AI to gain a competitive edge. But adoption challenges remain. According to a recent survey from EY, a significant portion of businesses looking to embrace generative AI say that the field’s rapid progress — and the surge in vendors claiming to have AI expertise — is complicating their deployment prospects. You wouldn’t know it from their spending, though. … [Read more...]
Spotify’s layoffs make sense when you consider its margins and market
Spotify’s decision to lay off 17% of its staff is the leading technology story of the morning, and I wouldn’t fault you if you were a little confused why it is doing so. After all, the music streaming company just reported positive operating income and nine figures worth of free cash flow in the third quarter. Well, the short answer is: Corporate and market fundamentals. Spotify has grown into a … [Read more...]
Tesla’s cheapest vehicle is losing half its tax credit next year
Tesla’s lowest-priced vehicle, the rear-wheel drive Model 3, won’t be eligible for the full $7,500 federal tax credit as of next year. Tesla started warning buyers (and window shoppers) on Monday that the Inflation Reduction Act credit for its cheapest Model 3, as well as the long range variant, will drop to $3,750 for deliveries on or after January 1. The change means that Tesla believes … [Read more...]
Twilio lays off another 5% of employees following activist pressure
Just a few hours after Spotify announced a large round of layoffs, Twilio is also announcing hundreds of job cuts. Around 5% of the company’s workforce will be impacted. Today’s news proves that we’re not done with tech layoffs. And this isn’t even Twilio’s first round of layoffs as the company cut around 11% of its staff in September, 2022. Just a few months later, in February of this year, … [Read more...]
Threads downloads return to growth as X adds Walmart to its advertiser exodus
Recent efforts by Meta to grow Threads’ install base have been working. According to a new analysis of app store trends, Instagram Threads is now outpacing X, formerly Twitter, at least in terms of new downloads. App intelligence firm Apptopia indicates that, although Threads’ daily downloads had been declining since September, things have shifted in the opposite direction over the past week or … [Read more...]
Negotiating cross-border investments: Insights from a seasoned investor
Daniel Lloreda Contributor Daniel Lloreda is the co-founder and general partner of H2O Capital Innovation. His approach to identifying and catalyzing the potential of the founders in his portfolio has positioned him as one of the most committed figures to fostering innovation in the continent. Today, there are great opportunities in the cross-border investment world. … [Read more...]
Bitcoin is on the move, Spotify cuts staff, and more money floods AI
Listen here or wherever you get your podcasts. Hello, and welcome back to Equity, the podcast about the business of startups, where we unpack the numbers and nuance behind the headlines. Our Monday show covers the latest in tech news from the weekend and what’s making headlines early in the week. And we had a lot to cover this morning! Crypto prices are rising, which is good news for … [Read more...]
Up Catalyst draws €4M seed round to make battery graphite from carbon dioxide
Lithium might be the new oil, but it’s just one of several materials needed to make the batteries powering today’s electric vehicles. There’s also cobalt, nickel and manganese, all of which have garnered their share of attention from commodities traders and policymakers alike. But one material that doesn’t get a lot of press and yet makes up 16% of a typical lithium-ion battery by weight is … [Read more...]
Strava gets in-app messaging to help you bypass WhatsApp
Strava is taking one big step closer to becoming a true social network, as the fitness-tracking platform introduces in-app messaging to let users send private one-to-one and group messages. The new messaging feature, which is available to both free and premium subscribers, goes some way toward unifying everything in a single app, so budding athletes can coordinate activities without having to … [Read more...]
ArmorCode raises $40M to consolidate security data in one place
ArmorCode, a cybersecurity platform that gathers vulnerability data from connected apps and software infrastructure, consolidating the data into a single location and standardizing it for analysis, has raised $40 million in a Series B round led by HighlandX with participation from NGP Capital, Ballistic Ventures, Sierra Ventures and Cervin. Bringing ArmorCode’s total raised to $65 million, the … [Read more...]
The best kitchen gifts for techy chefs in 2023
The kitchen is a sacred place. Some chefs insist on keeping things low-tech — Christine’s favorite purchase of the year is a piece of plastic from QVC, and Haje thinks that the Internet of Things has gone too far with Wi-Fi enabled toasters. But some of us cannot resist the allure of a highly precise meat thermometer that happens to come in 10 different colors. Sure, we probably don’t need an … [Read more...]
Meta faces $600M competition damages claim in Spain as media owners pursue privacy breach lawsuit
Meta is facing a major legal challenge and damages claim in Spain that argues the adtech giant’s years of failing to have a valid legal basis for processing people’s data for ads under European Union data protection rules also constitutes a competition breach for which they should be compensated financially. AMI, an association of newspaper owners whose more than 80 members include the publishers … [Read more...]
TikTok expands its in-app Ticketmaster ticketing feature to users in 20 countries
TikTok and Ticketmaster are expanding their partnership into 20 new countries after initially launching it in the United States back in August 2022. The partnership allows users to discover events and buy tickets for them directly in TikTok without having to leave the app. The feature is now available in the United Kingdom, Ireland, Australia, Germany, France, Canada, Mexico, Austria, Belgium, … [Read more...]
Doubtnut, once offered a $150M deal by Byju’s, sells for $10M
Allen Career Institute has acquired Doubtnut in a deal that values the young edtech at $10 million, according to a person familiar with the matter, a reversal of fortune for the once promising edtech leading app. The two firms confirmed the deal on Monday, but declined to share financial terms of the acquisition. Seven-year-old Doubtnut, whose learning app helps students solve math and science … [Read more...]
Bending Spoons lays off entire staff of Flimic
Milan-based creative app studio Bending Spoons has laid off the entire staff of Filmic, which made popular video and photo editing apps such as Filmic Pro, per a report by PetaPixel. Bending Spoons acquired Filmic last July and the move was announced in September. In the past few days, several Filmic employees have posted about their departure on LinkedIn and X including CTO Christopher Cohen and … [Read more...]
Spotify cuts 17% jobs amid rising capital costs
Spotify is eliminating about 17% jobs, its third round of layoffs this year, as the music streaming looks to become “both productive and efficient.” In a note to employees Monday, Spotify founder and chief executive Daniel Ek said right-sizing the workforce is crucial for the company to face the “challenges ahead.” He cited the slow economic growth and rising capital costs among reasons for the … [Read more...]
India’s MoveinSync eyes $50–60M in fresh funding
MoveinSync, an Indian startup offering mobility solutions to blue-chip companies for workplace commute, is engaging with investors to raise a growth round, according to people familiar with the deliberations. The 14-year-old startup is engaging with investors to raise about $50–$60 million, part of which is to offer partial exit to some early backers, the people said, requesting anonymity as the … [Read more...]
More layoffs come for micromobility, Cruise cuts loom, and what the Cybertruck signals for Elon
The Station is a weekly newsletter dedicated to all things transportation. Sign up here — just click The Station — to receive the newsletter every weekend in your inbox. Subscribe for free. Welcome back to The Station, your central hub for all past, present and future means of moving people and packages from Point A to Point B. Electric vehicles are one of the main characters in … [Read more...]
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