Notes on robotics research

Happy holidays from the Ghost of Actuator Past. I’m writing you from the beginning of the month and hopefully not checking my work email or Slack as you’re reading this. I’ll be back in action next week (hopefully the bags under my eyes will have subsided slightly), but until then, I’ve got one more great interview for you. This week I leave you in the very accomplished hands of Ken Goldberg, who dons the dual hats of U.C. Berkeley robotics professor and chief scientist at Ambi Robotics.

Q&A with Ken Goldberg

Image Credits: Kimberly White (opens in a new window) / Getty Images

TC: What was the biggest robotics story of 2022?

KG: For me, three major robotics developments in 2022 stand out:

The surprising progress of large language models (e.g., GPT-3) and associated text-to-image generation (e.g., Dall-E) is spurring excitement in the robotics community about how these can be applied to robotics, by completing robot-relevant prompts. An exciting paper from Brian Ichter and colleagues at Google AI was presented at the 2022 Conference on Robot Learning on December 14–18.
Elon Musk reframing Tesla as a robotics company, with their associated research initiative into humanoid robots. I doubt they will build a useful humanoid robot for $20K in 2 years, but Tesla has great expertise in sensors/motors, robot use cases in its own factories, and awareness of costs and mass production that is a strong vote of confidence in the field.
The widespread adoption of robots in warehouses to meet increasing demand for e-commerce was not diminished by the return to stores or inflation. Companies such as Ambi Robotics have installed 70+ AI-powered robotic sorting systems across the U.S., demonstrating the viability of deep learning to enhance worker productivity.

What are your biggest robotics predictions for 2023?

I believe we’ll see robots-as-a-service (RaaS) models that make robots available to a much wider segment of industry (e.g., Model T Ford financing that opened up car-buying to the middle class).

How profound of an impact has the pandemic had on robotics?

The pandemic dramatically increased adoption of teleconferencing and also telerobots in hospitals and nursing homes to prevent virus transmission. But the biggest impact was on e-commerce, which grew at 5x the previous pace.

How much of an impact has the macroeconomic environment had on robotics investing?

Venture capital is far harder to obtain than it was in December 2021, but funds are continuing to make investments in robotics companies with growing demand like Locus and Ambi.

What underaddressed category deserves more focus from robotics startups and investors?

Robotics-as-a-service (RaaS) shifts the cost from capital expenditure to operating expenditure, so it is very attractive and practical for industry.

How will automation impact the workforce of the future?

As Diego Kuonen noted: “It’s not about replacing the human with a robot. It’s about taking the robot out of the human.” Robots cannot replace most of the dextrous and nonrepetitive aspects of work. Robots won’t replace people; they will increase worker productivity.

Are home robotics finally having their moment?

Designing a cost-effective home robot to do more than cleaning floors is extremely challenging. Aging demographics will increase demand for this but it will take more time.

What more can/should the U.S. do to foster innovation in the category?

Fortunately, National Science Foundation budgets were increased this year; the NSF provides critical support for graduate students and increases much needed diversity.

Notes on robotics research by Brian Heater originally published on TechCrunch

3 Black investors talk about what they’re looking for in 2023

Founders and investors alike are bracing for a tough 2023 as the economy shows few signs of improving. But there are a lot of questions up in the air: Will the truckload of dry powder VCs have make its way to the market? Are there going to be more layoffs if the pressure on valuations persists? What’s in store for AI?

We can answer some questions, though: Some trends are bound to stay, like interest in artificial intelligence, and crypto will continue to be under scrutiny, even as the market looks to the future. There are other aspects of the venture world that will probably not change, like the lack of funding for minority and women founders.

To find out how minority investors are planning for 2023, we spoke with three active Black investors. For Xfund’s vice president, Jadyn Bryden, the creator economy is one hot spot worth watching in the coming months. “I’m expecting to see continued movement in the creator economy as more people venture out to build their own brands and rely on new tools for content creation and monetization,” she said.

Alexis Alston, principal at Lightship Capital, feels the future will be favorable for companies that build tech to help others do business and cut costs: “As fast-growing tech darlings begin to cut back on overhead expenses, I think we will see a strong shift toward companies relying more on sales optimization and content creation tools as a substitute for previously heavily redundant teams.”

But the investors were pessimistic about capital allocation to Black founders improving next year.

Richard Kerby, general partner at Equal Ventures, is hopeful that more diverse founders would get funding next year, but doesn’t expect a huge change. “I think a lot of the narrative that many investors put out there about investing in more Black founders was mostly just talk and not a lot of substance or actual dollars flowing to Black founders.”

We spoke with:

Alexis Alston, principal, Lightship Capital
Richard Kerby, general partner, Equal Ventures
Jadyn Bryden, vice president, Xfund

Alexis Alston, principal, Lightship Capital

Which sectors will you continue to keep an eye on, and which trends do you expect to take off next year? Why?

I’ve always been interested in the increasingly expanding applications of AI, including generative AI, natural language processing and deep learning. I’m looking forward to seeing how AI can contribute to scaling previously human-led areas of business, such as sales, social media, marketing and content development.

As fast-growing tech darlings begin to cut back on overhead expenses, I think we will see a strong shift toward companies relying more on sales optimization and content creation tools as a substitute for previously heavily redundant teams.

What is the most pressing political issue you are keeping tabs on, and what impact does it have on you as an investor? Would you back a startup that addresses any of these issues?

There is a deep undertone that is reverberating right now around the expectations of or the lack of political oversight for more nascent tech and financial products. Around everything from crowdfunding to crypto, there is a deep lack of oversight that is only now beginning to cause a ripple effect for many of our institutional and consumer investors.

As an investor, the lack of oversight has led to ultra-heightened valuations and unrealistic expectations of exit potential within these nascent markets. Ultimately, the everyday angel investor (who tends to be more representative of the general population than institutional investors) gets the short end of the stick every time.

Given that the percentage of venture capital going to Black founders has rarely exceeded 1%, do you feel next year will be any different? Why or why not?

I am not confident that next year will be any different. If anything, I am very concerned that the number will drop in 2023 as institutional funds either tighten their purse strings or begin to seek criteria for founders that often exclude Black founders.

3 Black investors talk about what they’re looking for in 2023 by Dominic-Madori Davis originally published on TechCrunch

‘Tis the season for more FTX charges

Welcome back to Chain Reaction.

And happy holidays!

’Tis the season to be jolly and check your crypto portfolio before buying a few more holiday gifts for your family and friends. It’s also ’tis season for more FTX charges and SBF’s extradition…

More has unfolded in the FTX collapse as its co-founder and former CTO Gary Wang and the former Alameda Research CEO Caroline Ellison have pleaded guilty to charges in regards to their roles in the crypto exchange’s demise, U.S. Attorney Damian Williams said Wednesday. Both Wang and Ellison are cooperating with the investigation, Williams added.

And in similar news, nine days after being arrested in the Bahamas on a handful of criminal charges from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), former FTX CEO Sam Bankman-Fried is heading back to the United States to face them.

Bankman-Fried got his own plane back to the U.S. and is expected to be arraigned in the Federal District Court in Manhattan. Where he’ll be held in the states is to be determined, but I’m pretty sure it won’t be as lavish as his $40 million place in the Bahamas — but hey, who’s he to complain?

Meanwhile, things are getting shaken up in the NFT world as Yuga Labs, creator of blue-chip NFT project Bored Ape Yacht Club, named Activision Blizzard COO Daniel Alegre as its new CEO. The current CEO, Nicole Muniz, will stay on as a strategic advisor.

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this week in web3

Here are some of the biggest crypto stories TechCrunch has covered this week.

Binance.US to buy Voyager Digital’s assets for $1 billion

It’s been a long year for Voyager Digital. After filing for bankruptcy, the crypto lender thought it would be able to return some funds to its customers by selling its assets to FTX. As you know, things haven’t been going well at FTX either. That’s why Binance.US is stepping in today and offering to buy Voyager Digital’s assets for $1.022 billion.

Magic Eden exec sees NFT gaming like the ‘early days of mobile gaming’ (TC+)

Blockchain games have grown exponentially over the past year as a new and innovative alternative to the traditional gaming world. While the two areas have been widely separated, some market players see an integrated future. In the past, big gaming companies became hyperfocused on the mobile gaming space and began acquiring smaller games to compete, Chris Akhavan, chief gaming officer at NFT marketplace Magic Eden, said to TechCrunch. “We think that the same journey is going to happen in web3,” Akhavan added.

India central bank chief warns crypto will cause the next financial crisis if permitted to grow

The Indian central bank’s governor said on Wednesday that it’s not at war with crypto, but warned that private cryptocurrencies will cause the next financial crisis unless its usage is prohibited. RBI Governor Shaktikanta Das told a room packed with banking executives and lawmakers that crypto has a huge inherent risk to the macroeconomic stability of the nation. “After the development of the last one year, including the latest episode surrounding FTX, I don’t think we need to say anything more. Time has proven that crypto is worth what it’s worth today.”

Starbucks’ NFT program may drive more digital collectible integrations with big brands (TC+)

As the world continues to become more digital, the demands and needs of consumers are changing — and NFTs might be a big part of the future for brands looking to shake up their rewards programs, Adam Brotman, co-CEO and co-founder of Forum3, said to TechCrunch. “We’re hearing from a lot of other brands, whether they have a loyalty program or not, that what all big brands are contending with right now is that the consumer is changing,” Brotman, who is also the former chief digital officer of Starbucks, said. “It’s not just Gen Z or millennials, but the consumer in general has become more hyperdigitalized and more appreciative of digital goods.”

Audit firm Mazars ceases proof-of-reserves work for Binance and others

Global audit firm Mazars has deleted the website that hosted proofs-of-reserves work for cryptocurrency exchanges. The company told Bloomberg that it is suspending its work with crypto companies on proofs-of-reserves reports going forward. Clients of the audit firm include Crypto.com and Kucoin. But the most prominent client was Binance.

the latest pod

Chain Reaction’s first season ended earlier this month and we’ll be bringing new content back in the New Year.

Subscribe to Chain Reaction on Apple Podcasts, Spotify or your favorite pod platform to keep up with the latest episodes, and please leave us a review if you like what you hear!

follow the money

Crypto trading firm Amber raises $300 millionas it seeks protection for FTX-hit customers
Revel raises $7.8 millionto become the Instagram and Robinhood of NFT platforms
Foundation raises $7 millionto return ‘sovereignty’ to a chaotic crypto world
Bitcoin development firm Layer 2 Labs raises $3 million in a seed round
Arrakis Finance raises $4 million for its decentralized market making infrastructure

This list was compiled with information from Messari as well as TechCrunch’s own reporting.

‘Tis the season for more FTX charges by Jacquelyn Melinek originally published on TechCrunch

Twitter lays off employees in public policy, engineering

Despite already cutting thousands of employees, the layoffs at Twitter continue. According to posts on Twitter and LinkedIn from a former public policy employee, Twitter cut half of its public policy team. TechCrunch asked both the former employee and Twitter for comment but could not immediately confirm the exact magnitude of these cuts.

Twitter also laid off some engineers in infrastructure via email on Friday. Across all of Twitter, it’s estimated that about 75% of employees have either chosen to leave or have been laid off since Elon Musk took ownership of the company in October.

And now it is my turn to say goodbye.

#LoveWhereYouWorked

Yesterday was my last day at Twitter, as half of the remaining Public Policy team was cut from the company.

It’s hard to convey how fortunate I feel to have had this exceptional opportunity. pic.twitter.com/98vt7Zy7dw

— Theodora (Theo) Skeadas (@theodoraskeadas) December 22, 2022

Theodora Skedas, the public policy employee who posted that she was laid off, said that she was responsible for managing the Trust and Safety Council, which was dissolved last week.

The group,formed in 2016, weighed in on content moderation and human rights-related issues such as the removal of Child Sexual Abuse Material (CSAM), suicide prevention and online safety. Skedas also worked to develop policies around CSAM and mental health issues.

The Trust and Safety Council was shut down days after three key members left and published an open letter.

“We are announcing our resignation from Twitter’s Trust and Safety Council because it is clear from research evidence that, contrary to claims by Elon Musk, the safety and wellbeing of Twitter’s users are on the decline,” the letter said.

Three of us resigned from Twitter’s Trust & Safety Council today: @eirliani @podesta_lesley and me. Here’s why https://t.co/h05TblfGIO pic.twitter.com/iqcHvhbgms

— annecollier (@annecollier) December 8, 2022

Made up of around 100 independent researchers and activists, the remaining council members received a notice that the group would be dissolved because it no longer seemed like the best system for Twitter to get external insight.

Musk has said that addressing the issue of CSAM is “priority #1,” but he has not yet taken action to follow through on that commitment. He also previously told a panel of civil rights leaders that he would refrain from reinstating banned users until there was a transparent process to do so, but he broke that promise.

Twitter lays off employees in public policy, engineering by Amanda Silberling originally published on TechCrunch

Pitch Deck Teardown: Card Blanch’s $460K deck for its angel round

We’ve seen attempts at gathering all cards (credit, debit, loyalty, etc.) in one before, but Card Blanch claims to have a fresh take on the concept and closed just shy of half a mil worth of angel investments with a very elegant deck. The company gets a few parts of the slide deck right that we rarely see done well, so that’s wonderfully refreshing. Let’s dive right in!

We’re looking for more unique pitch decks to tear down, so if you want to submit your own, here’s how you can do that.

Slides in this deck

Card Blanch’s deck consists of just 12 slides, and the team tells us that it is exactly as pitched without redactions.

Cover slide
Problem slide
Market size slide
Solution slide
Product slide
“How it works” slide
Competition slide
Revenue model slide
Market opportunity slide
“Next steps” — the ask slide
“Your whole wallet in one card” — value prop slide
“Complete spending analytic in one place”— summary slide

Three things to love

The graphic designers over at Card Blanch deserve a raise; this is one of the best-designed decks I’ve seen in a hot minute. Let’s take a peek at the highlights:

Well, that’s a big enough market

[Slide 3] Of course there’s a huge market size … Image Credits: Card Blanch

I don’t think anyone was going to argue against the number of cards in circulation and use in the U.S., and perhaps I’d have liked to have seen more of a “what’s the market we are going after?” type of approach, but as far as market-size slides go, this is hard to argue with.

Store cards, loyalty cards, credit cards — they all have different advantages (otherwise, the average American wouldn’t be carrying six cards with them all the time). I love how this slide presents the data simply and cleanly. And the “text flows behind the person” design is a very nice touch indeed.

If your market is huge and obvious, you can get away with a market slide like this. One thing, however: This is probably a very mature and rather plateaued market. I doubt there’s a lot more growth to be had in this industry. That means that to really stand out, you have to offer an enormous customer benefit. Can Card Blanch pull that off?

Awesome “ask” slide

[Slide 10] This is a good “ask” slide. In fact, it’s so good that we added it to our article that focuses on that very slide.Image Credits: Card Blanch

OK, so this is not a complete slam dunk as an “ask” slide, but at least it has a specific amount of money that’s being raised, and it has a number of goals that will be delivered in the next stretch of the company’s existence.

I wish the slide used SMART — specific, measurable, achievable, relevant and time-based — goals. This list is great, but none of the milestones are specifically measurable (product development will never be finalized; go-to-market will never be complete; “aggressive” doesn’t mean anything without numbers attached, etc.) or has specific deadlines attached. Still — it’s rare that I see slides that are even this good, so I figured I’d celebrate it nonetheless.

So easy to understand

[Slide 11] Really good product-driven storytelling. Image Credits: Card Blanch

If your would-be investors are going through your deck to see if you’re trying to defraud them, that’s not a great first impression.

What Card Blanch really masters is telling its story through design mockups. The full story of how the product works — paying with the right card in the right place to maximize card benefits — fits into four elegant screenshots. (Slide 12 includes the rest.)

It’s a really good storytelling device because the founders can give a voice-over of how it all works. Or will work?

That’s a quirk about this pitch deck: Nowhere in the deck is it stated how much of this is actually built and how much is mock-ups and good ideas. That’s not uncommon in pre-seed/angel stage pitch decks, to be clear, but in a world where investors are trying to ascertain how much risk is in the startup, including an update about what has been done so far would be helpful.

In the rest of this teardown, we’ll take a look at three things Card Blanch could have improved or done differently, along with its full pitch deck!

Pitch Deck Teardown: Card Blanch’s $460K deck for its angel round by Haje Jan Kamps originally published on TechCrunch

Fatal police shooting of startup founder puts Austin’s diversity problem in the spotlight

Rajan “Raj” Moonesinghe (right) and his brother Johann Moonesinghe (left) pictured with their cousin (center). Image Credits: Johann Moonesinghe

For years, Austin has made headlines as an evolving tech hub where startups, large companies and investors alike have flocked to set up a presence.

But as 2022 closes, the Texas capital is in the news for a very different, tragic reason — being home to the sudden death of a startup founder at the hands of a police officer.

On November 15, inKind co-founder Rajan “Raj” Moonesinghe was fatally shot outside of his south Austin home in what his family and colleagues describe as a senseless accident that could have been avoided.

The 33-year-old had returned from a two-week trip to discover that things looked out of place in his home, according to his brother, Johann. The affluent neighborhood had recently become a target for criminals — to the point that one homeowner had felt so unsafe after being robbed that she moved out. The new owners proactively hired 24-hour-security to stand guard in front of their house.

A few weeks prior, Moonesinghe had purchased an assault rifle to protect himself should a burglar attempt to enter his home. In what would turn out to be a sadly prophetic warning, his neighbor and inKind COO El Khattary had cautioned, “A brown man with a big gun doesn’t get the benefit of the doubt.”

It turns out he had reason to be concerned.

Moonesinghe had reportedly talked earlier with his neighbor across the street, expressing concern that someone might be in his home, and retrieved his rifle as he looked around his property. With his front door open, Moonesinghe yelled for whoever might be in his home to get out. He also shot his rifle into the home. The neighbor’s security guard called 911.

According to Moonesinghe’s brother, Ring camera footage showed police arriving at his brother’s property with no sirens or lights, with one of the officers fatally shooting Raj in the back.

“The police didn’t announce themselves or give him time to put the gun down,” Johann told TechCrunch. (A video of the incident can be seen here. Warning: It may be inappropriate for some viewers.)

The officers said they performed life-saving measures on Raj, before he was ultimately pronounced dead at a local hospital.

It was two days later, though, before Raj’s family knew what happened to him. The police at first held a press conference, saying that “a white man” had been shot but did not disclose details.

“We were super confused,” Johann said. “We knew the cops were there, and we couldn’t get a hold of Raj. At first we thought it was him, and then we thought it wasn’t. They said they killed a white man who had been shooting up the neighborhood. We didn’t know what to think.”

The incident took place at 12:30 am on Tuesday, November 15. But the Moonesinghe family claim they were not notified by police of Raj’s death until the evening of Thursday, November 17.

“Raj was awesome, absolutely phenomenal. He just went out of his way to help other people,” Johann told TechCrunch. “This is the worst thing that has ever happened to me and my family. The hardest part for me is that it was avoidable.”

“We’re lucky that we have a very strong family, incredible friends and super supportive people around us,” he continued. “It‘s not only hard to lose somebody you love, but it’s doubly, triply hard because of the way the police handled it.”

TechCrunch reached out to the Austin Police Department (APD) and was referred to a December 1 press release statingthe department continued to investigate the shooting.

At the top of the release, Raj was described as a deceased Middle Eastern male. In the body of the release, the APD said the 911 caller had described a man with a gun “as a white male, wearing a grey robe and dark pants.”

In that release, the police department identified Officer Daniel Sanchez as the individual who fatally shot Raj. Sanchez is reportedly on administrative leave pending the department’s investigations. In its statement, APD said that it would conduct two concurrent investigations into the incident — a criminal investigation conducted by the APD Special Investigations Unit in conjunction with the Travis County District Attorney’s Office, and an administrative investigation conducted by the APD Internal Affairs Unit, with oversight from the Office of Police Oversight.

After moving to Austin about five years ago, inKind this year leased 22,000 square feet of office space that was Facebook’s first office in Austin. Business is going well, according to Johann. The startup, which launched in 2016 by funding restaurants by purchasing large amounts of food and beverage credits upfront, has raised $27 million in growth equity and $130 million in debt over the past year and has about 74 employees. It’s operating at a $48 million run rate, Johann said.

“What makes me really sad is that startups are very, very hard, and Raj worked so hard for years and years. And now that the company is really on a rocket ship, he’s not here to enjoy that,” he added.

Johann told TechCrunch he also feels “guilty” because of the decision several years ago to move the startup he helped co-found with his brother, Andrew Harris and Miles Matthias to Austin from Washington, D.C. An early investor in Uber and Twilio, Johann said he was hoping to relocate to a state without taxes. Seattle and Miami were also considered.

“Obviously the shooting was not my fault,” Johann told TechCrunch. “But I don’t believe this would have happened in another place. I’m gay and brown, grew up in LA, and lived a long time in D.C. The only time I have ever experienced racism was when I moved to Austin.” While the brothers’ family is from Sri Lanka, the pair were born in Los Angeles.

Khattary told TechCrunch he views the city’s lack of diversity as “a weird thing” considering its so-called progressive reputation, and called police treatment of people of color “disheartening.” For example, during the Black Lives Matter protests in 2020, 19 officers were accused of seriously injuring protestors. Earlier this year, the officers were indicted for using excessive force.

“Clearly, there’s something in Austin and Black Lives Matter in 2020 highlighted a lot of it,” he told TechCrunch. “This is a nationwide problem but Austin definitely has more than its fair share. In this case, the officer perceived him [Raj] as a major threat and didn’t give him a chance.”

The contrast between the city’s progressiveness and a population that is mostly “very hospitable” and incidents such as this one can be hard for outsiders to grasp, Johann said.

“I don’t think there’s overt racism. It’s more unconscious biases, with people making judgements around others in a split second,” he added. “And that’s really problematic. I do believe that if Raj were white, he probably wouldn’t have been killed.”

Austin’s lack of diversity is not a new problem. As TechCrunch reported in March, the percentage of Black residents, for example, steadily decreased over time to an estimated 7% in 2020. Many of Austin’s neighborhoods resemble those seen in Silicon Valley, with largely white and Asian residents and far fewer Hispanic and Black people.

Johann doesn’t want his brother to have died in vain. While he says he currently doesn’t “feel safe” in Austin and that it’s hard for him to consider asking other people to move here, he also knows that they can’t just move inKind.

Instead, he’s hoping to help change Austin “to make it a place that’s safe for everyone.”

“I hope that the Austin police even start the dialogue, give us some answers and explain to us what they’re going to do differently so this doesn’t happen again,” Johann said.

He also wants to potentially raise capital that would go toward specifically investing in companies that through data, improved security cameras and other tech could possibly help prevent what happened to Raj from happening to others.

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Got a news tip or inside information about a topic we covered? We’d love to hear from you. You can reach me at maryann@techcrunch.com. Or you can drop us a note at tips@techcrunch.com. If you prefer to remain anonymous, click here to contact us, which includes SecureDrop (instructions here) and various encrypted messaging app.

Fatal police shooting of startup founder puts Austin’s diversity problem in the spotlight by Mary Ann Azevedo originally published on TechCrunch

Twitter now shows how many people view your tweets

Twitter is rolling out a feature that shows how many people view your tweets, similar to features on platforms like YouTube that show how many times a video has been viewed.

“Twitter is rolling out View Count, so you can see how many times a tweet has been seen! This is normal for video,” Elon Musk wrote in a tweet. “Shows how much more alive Twitter is than it may seem, as over 90% of Twitter users read, but don’t tweet, reply or like, as those are public actions.”

Already, Twitter has a feature that shows more detailed analytics about your tweets than just likes, retweets and quote tweets. If you click “view Tweet analytics” under something you posted, you can see how people interacted with your tweet in ways like clicking to view your profile or expanding the details of a quote tweet. You can also see the total impressions, which is defined as “Times this Tweet was seen on Twitter.”

What’s different about the new views feature is that now, views will be visible to everyone, not just the owner of the account.

Not all users have access to this feature just yet, as it takes time for a roll out to hit all users. Reverse app researcher Nima Owji shows what the feature will look like in practice, adding that it looks like this only works for tweets posted after December 15.

It’s only visible to the tweets that have been posted after Dec 15 though! pic.twitter.com/rwLtIzv7R3

— Nima Owji (@nima_owji) December 22, 2022

Twitter’s product rollouts have been hit or miss — remember less than a week ago when you could briefly get banned for tweeting the link to your Instagram? That didn’t last long. Over the last few days, Twitter thankfully seems to be prioritizing less divisive (or lowkey tyrannical) feature updates. On Wednesday, Twitter updated its cashtag system so that you can see the price of a stock or cryptocurrency simply by typing something like $ETH or $GOOG into the search bar.

Twitter now shows how many people view your tweets by Amanda Silberling originally published on TechCrunch

Amid renewed interest, startups are changing how bonds are traded

Bonds are having a “meme moment” on Reddit, Bloomberg reported.

A caveat first: The trend is not on par with WallStreetBets and its meme stock frenzy. The r/bonds subreddit forum only has some 8,000 members not 13 million. But the fact that laypeople are discussing bonds is still a noteworthy development for an asset class that never raised much enthusiasm from retail investors — or from anyone, to be honest.

The Exchange explores startups, markets and money.

Read it every morning on TechCrunch+ or get The Exchange newsletter every Saturday.

At their core, bonds are IOUs from either governments or companies — except that these IOUs can be traded (the BBC has a good Econ 101 explainer on the topic.) But to keep things simple, let’s say bonds are debt. And debt is boring, right?

Well, to most people, making money is never boring. When inflation rates are high and stock markets are volatile, this means looking for new sources of yield and diversification. We already looked into how this created tailwinds from alternative assets, such as passion investments.

Bonds aren’t exactly alts — the once-golden 60/40 portfolio rule used to recommend owning 60% of stocks and 40% of bonds. But it is fair to say that fixed-income offerings such as bonds are enjoying renewed interest, with Goldman Sachs wonderingearlier this month if it was “time to switch from stocks to bonds.”

Amid renewed interest, startups are changing how bonds are traded by Anna Heim originally published on TechCrunch

Uniswap Labs’ COO will judge pitches at the CCC Web3 Demo Day

Here comes the New Year and with it, resolution season. Why not resolve to do whatever it takes to build a stronger startup? Here’s one easy, fun and effective step. Tune in — for free — to the Cross Chain Coalition Web3 Demo Day on January 11, 2023.

Watch as we livestream more than 12 up-and-coming founders — spanning web3 infrastructure, DeFi, NFT and gaming — as they pitch to an audience (that’s where you come in), including influential execs, founders and investors. These influential folk will be in the audience to judge the pitches — and who knows what opportunities the founders might find with that kind of exposure?

We’re thrilled to tell you that one of those judges will be none other than Mary-Catherine (MC) Lader, the COO at Uniswap Labs. Before we get into MC’s background, here’s how you’ll benefit from tuning in.

In addition to learning about some of the newest projects happening across the world’s fastest-growing industry, watching other founders pitch is an incredibly valuable experience. It often reveals ways that you can tighten and improve how you present your own startup.

Okay, back to MC. Uniswap Labs develops foundational web3-based products and applications. As COO, Lader oversees the company’s growth efforts, strategic initiatives and operations. Previously, she held various leadership roles at BlackRock. She served as the global head of the firm’s digital sustainability business, chief operating officer of its digital wealth business, and leader of strategic fintech investments and blockchain activities.

Lader began her career as an investor at Goldman Sachs in its Special Situations Group. She received her J.D. and M.B.A. degrees at Harvard Law School and Harvard Business School, respectively, and her B.A. at Brown University.

Join us on January 11 and see for yourself what the brilliant minds behind 12 up-and-coming projects are building. The Cross Chain Coalition Web3 Demo Day, which takes place on January 11, 2023, is a joint production between the CCC and TechCrunch.Register now for this free online event and reserve your seat at the virtual table.

Uniswap Labs’ COO will judge pitches at the CCC Web3 Demo Day by Lauren Simonds originally published on TechCrunch

Reliance buys 23.3% stake in US-based AI firm Exyn

Reliance has backed Philadelphia-based AI and robotics startup Exyn, the Indian conglomerate disclosed in a stock exchange filing on Thursday, making further inroads in startups globally.

Reliance Strategic Business Ventures, a wholly owned subsidiary of Reliance Industries, has acquired a 23.3% stake in Exyn for $25 million, the Indian firm said.

The Indian firm’s investment is part of the lead investment in the Series B funding of the Philadelphia startup, which operates a robotic autonomy for complex, GPS-denied environments.

The AI startup “commercialises the highest level of aerial drone autonomy in the world, Autonomy Level 4 (AL4.) Exyn’s robots are able to autonomously navigate in previously inaccessible environments without a prior map, existing infrastructure (GPS, communications, etc.), or an operator in the loop. Subsequently, Exyn has established itself in a dominant position in the mining vertical with this technology and expanded into construction, warehouse, and government use cases including search & rescue and reconnaissance.”

Reliance, which operates India’s largest retail chain as well as the top telecom operator in the nation, said it will find synergies with the startup on the Indian conglomerate’s initiatives surrounding drone, industrial safety, security and robotics areas, while accelerating “Exyn’s product and technology development across multiple application areas and commercialization.”

The startup had a turnover of $4.32 million, $1.83 million and $0.16 million in CY 2021, CY 2020 and CY 2019 respectively, the Indian firm added.

Reliance buys 23.3% stake in US-based AI firm Exyn by Manish Singh originally published on TechCrunch

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