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How F1 got the data crunched for its new race car – | #Tech

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How F1 got the data crunched for its new race car – TechCrunch

Welcome back to The TC Exchange, a weekly startups-and-markets newsletter. It’s inspired by what the weekday Exchange column digs into, but free, and made for your weekend reading. Want it in your inbox every Saturday? Sign up here

Friends! Hello and thanks for dropping by. Today we have lots of our usual fare: Funding rounds to digest, some data on the startup market (thank you, DocSend), and the like. But we’re starting with a passion of mine: Racing.

The Exchange has made various jokes about technology money finding its way into the Formula One world this year. Companies like Splunk and Webex and Microsoft and Zoom and Oracle and others are sponsoring teams, races and the league itself.

One particular F1 partner of note is Amazon. Its public cloud project, AWS, has powered on-screen graphics for the sport, for example. Sure, sometimes fans wonder precisely how the group’s compute clusters are coming up with certain metrics, but AWS’ notes on tire wear are useful and timely.

It turns out, however, that behind the scenes Amazon has been more active in the F1 world than I had previously understood. In short, the tech-and-F1 money story that we’ve discussed was just a piece of a larger puzzle. How so? It turns out that AWS was key to the design process of F1’s new 2022 car.

It looks like this:

Image Credits: Formula One

Pretty neat, yeah?

I’ll bet you are wondering why it is so swoopy. The answer to that is that the car is designed with some very specific aerodynamic goals in mind. Like reducing something called “dirty air,” a phenomenon when the wind flying off the back of an F1 car makes the car following it struggle to stay on the track.

Today’s F1 cars — we’re in the midst of the last season with the current generation of Formula One hardware; let’s go Lando! — generate lots of dirty air. Which makes for somewhat awkward racing as the cars on the track can’t get too close to one another for fear of losing their all-important downforce. You know, the stuff that keeps the cars on the tarmac and not in the wall.

To design a base car that will do what F1 wanted for its next era of competition, namely cut dirty air and allow for more close racing, a lot of computing effort had to go into computational fluid dynamics, or CFD. And it turns out that AWS handled the computing needs of the racing group.

The Exchange got on Amazon Chime — our first time on the platform, we might add — to chat with F1’s Rob Smedley, its director of Data Systems, to chat about how it all came together. Per the former Ferrari and Williams engineer, the racing org and Amazon have been working on the new car project since 2018. F1 has lots of in-house brains to handle its own side of the affair, while Amazon provided thousands of cores to do all the tricky math.

According to Smedley, if his team had used the same computing power that individual F1 teams are allowed — the sport of Formula One racing is replete with regulations designed to help keep teams on a somewhat equal footing, or to hold Mercedes back, depending on your perspective — it would have taken four days per compute cycle to model two of the new cars driving one behind the other.

But with Amazon providing 2,500 compute cores, Smedley and the data boffins at F1 could get the same work done in six or eight hours. That means that the group could run more simulations and design a better car. At times they absorbed even more compute, with the data director telling The Exchange that at one point last year his team was running simulations on more than a dozen iterations concurrently. That was made possible by around 7,500 cores powering the data work. The simulation runs took 30 hours.

This is all to say that yes, there is lots of tech money in Formula One helping the teams do their job and stay financially solvent. But there’s also a boatload of tech going into the real guts and bolts of F1 as well. And as an F1 dweeb, it brings me great joy to see a passion of mine intersect with work.

Now, back to our more regular fare.

The Midwest’s latest unicorn

M1 Finance is a company that keeps cropping up in my reporting life. Mostly because it keeps raising money and announcing new performance metrics. This week the company landed a $150 million round at a valuation of $1.45 billion. The consumer fintech superapp’s latest funding was led by SoftBank’s Vision Fund 2.

So, why do we care? Well what’s super fun about M1 is that the company told us how to track its revenue growth over time. Early in my coverage of the startup its CEO said that it hopes to generate around 1% of its assets under management (AUM) as revenue. So, we can kinda back-of-the-envelope the company’s revenue growth by tracking how quickly it accretes AUM.

And the company keeps releasing AUM numbers. (PR folks, providing longitudinal data is a great way to keep us interested in a startup!)

Here’s a rundown of M1’s AUM over time:

At its 1% target, those work out to target run rates of $14.5 million, $20 million, $35 million and $45 million. Or the company effectively tripled its revenues since last June. That’s pretty good and is the sort of growth that investors want to back. Hence today’s round. And M1’s new unicorn price tag.

Truveta

Remember Truveta? We’ve talked about it before, back when it was taking the wraps off its plans. Former Microsoft exec Terry Myerson is part of the team, and since I used to cover Microsoft for a living I paid attention to the startup’s early days. Truveta, as a reminder, wants to “collect oodles of data from healthcare providers, anonymize it, aggregate it and make it available to third parties for research,” as we put it last time.

Well, this week the startup announced new partnerships and $95 million in funding. That’s a pretty big check! The startup now has 17 partner health groups to boot.

By bringing together lots more data in one place, the startup hopes to help make the medical world better and more equitable. And now it has a zillion bucks to go after that goal. Let’s see what it can get done.

Other important things

To save modestly on word count and avoid braking the c0py editng stiff here at TC [ed. note: done broke], here’s the rest of what’s important that we couldn’t get to in other pieces:

Cambridge Savings Bank (CSB) gets into fintech: Remember how Goldman launched Marcus, a digital bank for regular folks? It’s not alone in the effort. Now CSB has built and launched its own digital-first bank called Ivy. Frankly I kinda like this idea: Take a bank that has a long operating history and a classic tech stack and services suite. Then build something right next to it that is more modern. It’s probably a better solution than trying to force an old bank to learn new tricks. Also if more banks do this, it undercuts neobanks to some degree, right?

Code-X raises $5 million, proves that you can share your valuation and not burst into flame: A small note that Code-X, a Florida-based startup that has built a “lattice-based data protection platform,” is now worth $40 million thanks to its latest capital raise. No, I don’t know what a “lattice-based data protection platform” is. But I do know that Code-X announced its valuation as part of an early-stage round. That’s worth applauding. Good on Code-X.

Finally, data from DocSend: The document-sending company with a somewhat literal name dropped some new data this week that I’ve been chewing on. Here’s the core bit:

[N]ew Q2 2021 data from DocSend’s Startup Index shows a 41% year-over-year (YOY) increase in investor interest and engagement (a proxy for demand) with startup pitch decks. Links created by founders actively fundraising with their pitch decks (an indicator of supply) were up 36% YOY in Q2 2021.

Why is this fun? Demand went up more than supply! Ha! That really kinda says it all.

We’ve been digging into the venture world’s Q2 results for weeks now, and somehow failed to summarize succinctly. Why are startup valuations going up? Why are startups raising more, and faster? Because amongst venture-backable companies, investor demand is far greater than startup supply.

2021 in a nutshell.

You are amazing and delightful and look great today!

Next week we’ll have notes on two battery-focused SPACs, namely Evonix and SES. Lots to chat about there when it comes to battery tech, energy density and the future of well, everything. And money.

Your friend,

Alex


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Instagram restricts teens’ accounts, Elon Musk criticizes App Store fees, Google Play’s new policies – | #Tech

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Instagram restricts teens’ accounts, Elon Musk criticizes App Store fees, Google Play’s new policies – TechCrunch

Welcome back to This Week in Apps, the weekly TC series that recaps the latest in mobile OS news, mobile applications and the overall app economy.

The app industry continues to grow, with a record 218 billion downloads and $143 billion in global consumer spend in 2020. Consumers last year also spent 3.5 trillion minutes using apps on Android devices alone. And in the U.S., app usage surged ahead of the time spent watching live TV. Currently, the average American watches 3.7 hours of live TV per day, but now spends four hours per day on their mobile devices.

Apps aren’t just a way to pass idle hours — they’re also a big business. In 2019, mobile-first companies had a combined $544 billion valuation, 6.5x higher than those without a mobile focus. In 2020, investors poured $73 billion in capital into mobile companies — a figure that’s up 27% year over year.

This Week in Apps will finally be a newsletter! It will launch on August 7. Sign up now! 

Google Play updates its policies

Did you hear the one about Google Play banning sugar daddy dating apps? Google this week updated its terms to clarify that apps where users offer sex acts in exchange for money, or “sugar dating,” as the new terms state, are no longer allowed as of September 1, 2021.

More interesting, perhaps, to the larger group of legitimate Android developers is this week’s unveiling of the UI for the upcoming Google Play safety section and the accompanying app labels. The labels will function as the Android counterpart to the app “nutrition labels” the Apple App Store recently introduced. Google is giving developers plenty of time to get used to the idea of increased transparency and disclosure, by offering a detailed timeline of when it expects developers to have their privacy label submissions ready. By April 2022, all developers will need to declare specific info and have a privacy policy.

Developers will have to disclose to users whether their app uses security practices like data encryption, whether it follows Google Play’s Families policy for apps aimed at kids, whether users have a choice in data sharing, whether the app’s safety section had been verified by a third party, and if the app allowed users to request data deletion at the time of uninstalling, among other things.

Apps that don’t disclose won’t be able to list or update until the problems are fixed.

The safety section wasn’t the only Google Play policy news to be announced this week.

Google also reminded developers that it was making a technical change to how advertising IDs work. Now, when users opt out of interest-based advertising or ads personalization, their advertising ID is removed and replaced with a string of zeros. The change, however, is a phased rollout, affecting apps running on Android 12 devices starting late 2021 and expanding to all apps running on devices that support Google Play in early 2022.

Google also said it will test a new feature that notifies developers and ad/analytics service providers of user opt-out preferences and is prohibiting linking persistent device identifiers to personal and sensitive user data or resettable device identifiers. Kids apps will also not be able to transmit an ad ID.

Another policy update includes a plan to close dormant accounts. Google says if the account is inactive or abandoned after a year, it will be closed. This will include accounts where the developer has never uploaded an app or accessed Google Play Console in a year.

Tools to build accessible experiences will also be locked down, as Google is adding new requirements on how AccessibilityService API and IsAccessibilityTool can be used.

Apple tries to fix the Safari mess

In response to feedback and complaints, Apple is clearly trying to fix some of the issues that arose from this change. It re-added a Share button to the tab bar and put additional controls under that menu. There’s also once again a reload button in the tab bar next to the domain name, though it’s a bit smaller, and a Reader Mode button will appear in the tab bar when Reader is available

On iPad, Safari also reverted back to the traditional separate row of tabs, instead of the new compact experience.

Elon Musk sides with Epic Games

Elon Musk sided with Fortnite maker Epic Games in the Apple App Store antitrust lawsuit, as the Tesla CEO tweeted on Friday that Apple’s App Store fees were “a de facto global tax on the Internet.” The lawsuit alleges Apple is abusing its platform power with how it commissions apps and in-app purchases on its App Store platform — fees that add up to big numbers for a game like Fortnite, which arguably doesn’t need an App Store for discovery, marketing, payments and distribution. But there’s no other way to sell to iOS users today. On Android, apps can at least be sideloaded. It’s not currently clear why Musk has decided to take a stand on the issue, as none of his companies’ apps are dramatically impacted by Apple’s fees at present.

Other Platform News (Apple & Google)

Apple announced plans to end support for a number of SiriKit intents and commands, including those that could impact major apps — like ride-sharing app Uber. In total, there are over 20 SiriKit intent domains that will be deprecated and no longer supported in new and existing OS releases, Apple says.

Apple tweaked the controversial iOS 15 Safari changes in the latest betas (iOS 15 and iPadOS 15, beta 4). The new Safari design had moved the tab bar (URL bar) to the bottom of the screen — a fairly radical change for one of the iPhone’s most used apps. It was meant to make the controls easier to reach but critics said that the change made other often used features — like the reload button or Reader Mode — harder to find and use, impacting the overall usability of the browser itself.

Google this week launched version 1.0 of Jetpack Compose, Android’s new, native UI toolkit aimed at helping developers build better apps faster. The tool had been in beta since March. The new production release is built to integrate with the Jetpack libraries developers already use, and offers an implementation of Material Design components and theming. New features include Compose Preview and Deploy Preview, which require Android Studio Arctic Fox, which is also out now in a stable release.

Google also announced the availability of the CarHardwareManager API via the Android for Cars App Library as part of Jetpack.

E-commerce

Twitter launched a U.S. e-commerce pilot test that will help determine the current appetite for online shopping on its platform. The test allows brands and businesses to feature a “Shop Module” with various products for sale at the top of their Professional Profile, a business-friendly version of a profile page with support for things like an address, hours, phone number and more. Users can click on the Shop Module to go to a retail website and transact. Early testers include Game Stop and Arden Cove. The feature itself is somewhat bare bones for now, as it’s really just an image that launches an in-app browser. That’s not enough to really compete with something like Instagram Shop or Shopify’s Shop and the integrated, native checkout experience those types of app offers.

Fintech

Fintech giant Robinhood raised $2.1 billion in its IPO this week. The IPO valued the trading app at $31.8 billion, making it larger that traditional rivals like Charles Schwab, even though the offering priced at the bottom of its range. The stock dropped 8% during its first day’s trading, however. Robinhood now has 21.3 million MAUs.

PayPal during its second-quarter earnings call announced its new “super app” is now code-complete and ready to roll out. The app will feature early direct deposit, check cashing, high yield savings, budgeting tools, improved bill pay, crypto support, subscription management, buy now, pay later functionality, mobile commerce, and person-to-person messaging features. The latter hadn’t yet been announced and would allow users to chat outside of the payments process.

Code found in Apple’s Wallet app indicates that iOS 15 will require users to verify their identities by taking a selfie when they add their driver’s license or other state identification card to the iPhone.

Social

Instagram announced a series of significant changes to how it handles the accounts of younger teens. The company says it will now default users to private accounts at sign-up if they’re under the age of 16  — or under 18 in certain locales, including in the EU. It will also push existing users under 16 to switch their account to private if they have not already done so. In addition, Instagram is rolling out new technology aimed at reducing unwanted contact from adults — like those who have already been blocked or reported by other teens — and it will change how advertisers can reach its teenage audience. The changes give the company a way to argue to regulators that it’s capable of self-policing as it attempts to roll out a version of Instagram to younger users under the age of 13.

Twitter rolls out an update to its live audio platform, Twitter Spaces, that will make it easier to share the audio room with others. Users will be able to compose a tweet right from the Space that links to the room and includes any accompanying hashtags. iOS users also received new guest management controls for hosts.

Snapchat resolved an outage that was stopping people from logging in on Thursday. Unlike other app blips, which fix themselves often without users’ awareness, Snap told users to manually update their app if the issues continued.

Snapchat also this week added a “My Places” feature to Snap Map, which allows users to log their favorite spots, share them with friends and find recommendations. The feature supports over 30 million businesses and allows Snap to differentiate its map from a utility like Google Maps or Apple Maps, because it’s about personal recommendations from people you know and trust: your friends.

Instagram added support for 60-second videos to its TikTok clone, Reels. Previously, only Reels of up to 30 seconds were supported. Sixty seconds is in line with other platforms like YouTube Shorts and Snapchat’s Spotlight. But TikTok is now inching into YouTube territory, as it recently expanded to support three-minute videos.

TikTok expanded its LIVE platform with a huge lineup of new features including the ability to go live with others, host Q&As, use moderators and improved keyword filters, and more. For viewers, TikTok is adding new discovery and viewing tools, including picture-in-picture mode and ways to jump to LIVE streams from the For You and Following feeds. Some markets, including the U.S. already had access to LIVE Events, but the feature is now expanding. Meanwhile, the co-host feature currently supports going live with one other creator, but TikTok says it’s now testing multiple hosts.

Discord launched a new feature, Threads, which will make it easier to read through longer conversations on busy servers. Now, any server with “Community” features enabled will be able to transform their messages into threaded conversations across mobile and desktop. The threads will be designated by their own subject name and can be created by selecting a new hashtag symbol that appears in the menu when hovering over messages or by pressing the + sign in the chat bar.

Pinterest shares dropped by more than 12% after the company reported its second-quarter earnings on Thursday. Despite beating on estimates with revenue of $613.2 million and earnings per share of 25 cents, investors were disappointed by the miss on user growth. The company reported monthly active user growth of just 9% to reach 454 million, when analysts were expecting 482 million. Pinterest blamed COVID impacts for the slowdown. The news follows Pinterest’s launch of new tools for creators to monetize their content, with Ideas Pins — the recently launched video-first format that lets creators show off their work. Now, creators can make their pins “shoppable” and take commissions on those purchases.

Messaging

WhatsApp is testing support for higher image upload quality on iOS devices. The feature was discovered on WhatsApp’s TestFlight version for iOS but is not yet public and offers three options: auto, best quality or data saver.

Streaming & Entertainment

Spotify’s Clubhouse clone, Greenroom, is off to a slow start. The app has only been downloaded 140,000+ times on iOS and 100,000+ on Android, including installs from its earlier life as Locker Room, an app that Spotify acquired to move into live audio. Meanwhile, Spotify has 365 million monthly active users on its flagship streaming app.

Spotify also reported its Q2 earnings this week, where it posted a $23.6 million loss and failed to reach its forecast for total MAUs, despite growing MAUs 22% YOY to 365 million. It now has 165 million paying subscribers, which is up 20% YOY.

In a change to its app, Spotify added an attention-grabbing “What’s New” feed that offers personalized updates about new releases and new podcast episodes. The feature is available through a notification bell icon and uses a blue dot to indicate when there’s something new to see. Dots like this are a psychological hacks popularized by social apps like Facebook and Instagram to addict users, which could impact user engagement time on Spotify’s app.

Apple’s GarageBand app for iOS and iPadOS now lets you remix tracks from top artists and producers like Dua Lipa and Lady Gaga. There are also new Producer Packs with beats, loops and instruments created for GarageBand by top producers, including Boys Noize, Mark Lettieri, Oak Felder, Soulection, Take A Daytrip, Tom Misch and TRAKGIRL.

Google TV’s mobile app was updated with new services and personalized recommendations, following last fall’s launch of the Google TV user experience for Chromecast devices. The app now sports 16:9 widescreen movie and show posters, and added new providers Discovery+, Viki, Cartoon Network, PBS Kids, Boomerang, plus on-demand content from live TV services, including YouTube TV, Philo and fuboTV.

Gaming

Epic Games announced that Fortnite will host another in-game event it’s calling the “Rift Tour,” which kicks off Friday, August 6 and runs through Sunday, August 8. What it hasn’t yet said is what the Rift Tour is, beyond a “musical journey into magical new realities” that will feature a “record-breaking superstar.”

Health & Fitness

Facebook’s Oculus division is exploring an integration of Oculus Workouts with Apple’s Health app, according to the app’s code. An integration would allow users to store their workout data in Health.

Productivity

Usage of mobile video conferencing apps like Zoom grew by 150% in the first half of 2021, according to a report from Sensor Tower. Zoom, Microsoft Teams and Google Meet saw a surge in usage, collectively climbing to nearly 21x higher than in H1 2019, the firm found.

Google Voice’s app was updated with a few refinements, including a way to see the reason for a missed call or dropped call, and an easy way to redial. iOS users can now show their Google Voice number as their caller ID when they get a calling through a forwarding number. Another change will allow users to delete multiple SMS messages at once.

Edtech

Language learning app Duolingo raised $521 million in its U.S. IPO, priced above the marketed range. The company priced 5.1 million shared at $102, after first marketing them at $95 to $100.

Utilities

Amazon this week rolled out an update to its Alexa iOS app that allows users to add an Alexa widget to their iOS homescreen. The widget lets you tap on a button to speak to the virtual assistant and issue commands. Watch out Siri! (Ha, just kidding.)

Google Maps also updated its iOS app this week to add support for a homescreen widget. There are two different widgets sizes to choose from — one that gives info like weather and traffic, while another is more of a shortcut to nearby places like gas stations, restaurants, work and home.

Google is working on a”Switch to Android” app for iOS users that will copy over data and apps from an iPhone to bring them to a new Android device. Apple already offers a similar app, called “Move to iOS” for Android users.

Transportation

Parking app usage has popped to pre-pandemic levels, Apptopia reported. Apps in this space help users find availability in lots and garages nearby and facilitate payments. Browsing time in apps was up 57% YOY in July, and overall parking app usage is now 6.2% above Jan. 2020 pre-pandemic levels.

Moovit integrated Lime’s electric scooters, bikes and mopeds into its transit-planning app that’s live in 117 cities across 20 countries and continents, including the United States, South America, Australia and Europe.

Government & Policy

Tencent’s WeChat suspended new user registrations in China to comply with “relevant laws and regulations.” The move comes amid a broad crackdown on tech companies by Chinese regulators, related to data collection and other harmful practices.

Recently, China ordered Tencent and 13 other developers to fix problems related to pop-ups inside their apps, as part of the tech crackdown. The regulator also said it would tighten controls on misleading and explicit content used for marketing, and issued fines for offensive content to Tencent, Kuaishou and Alibaba.

Security & Privacy

Apple released patches for iOS, iPadOS and macOS to address a zero-day vulnerability that had been exploited in the wild. Apple said the exploit could exploit the vulnerability known as CVE-2021-30807 to execute arbitrary code with kernel privileges on a vulnerable and unpatched device.

Google Play Protect failed an Android security test, according to a report from Bleeping Computer. The mobile threat protection solution ranked last out of 15 Android security apps tested over a span of six months, between January to June 2021.

💰 Product insights and analytics startup Pendo raised $150 million at a $2.6 billion valuation, ahead of its expected IPO. The round was led by B Capital, the firm from Facebook co-founder Eduardo Saverin, and included new investor Silver Lake Waterman, alongside existing backers. Pendo’s platform helps companies gather data on how customers use their apps, including clients like Okta, Toast and others.

🤝 Twitter “acqui-hired” the team from subscription news app, Brief, who will now join Twitter’s Experience.org group, which works on Twitter Spaces and Explore. Brief had offered a non-biased news app that allowed you to get both sides of a story and all the necessary facts. Deal terms weren’t disclosed.

💰 Delivery app Gopuff confirmed its $1 billion fundraise at a $15 billion valuation, aimed at expanding its instant delivery service. TC previously reported the news when the Series H was still being closed.

💰 Indian travel app Ixigo raised $53 million (Rs 395 crore), prepping the business for a valuation of $750 million-$800 million for its upcoming IPO. The round was led by Singapore sovereign wealth fund GIC.

💰 Mobile-first digital wallet Valora native to the Celo network raised $20 million in Series A funding led by Andreessen Horowitz (a16z), a Celo backer, to become a global gateway to crypto.

💰 Crypto wallet company Eco, backed by a16z, raised $60 million in new funding led by Activant Capital and L Catterton. Eco offers a digital wallet with rewards and no fees, and has average deposits of around $6,000.

💰 Search API startup Algolia, which lets developers integrate real-time search in apps or websites, raised $150 million in Series D funding, valuing the business at $2.25 billion, post-money. The round was led by Lone Pine Capital. Algolia now has over 10,000 customers, including Slack, Stripe, Medium, Zendesk and Lacoste.

💰 Brain Technologies raised $50+ million for Natural, a natural language search engine and super app for iOS, which wants users to stop switching between apps to order food, groceries or go shopping. Backers include Laurene Powell Jobs’ Emerson Collective, Goodwater Capital, Scott Cook and WTT Investment.

💰 Messaging app Element, built on the decentralized Matrix protocol, raised $30 million in a Series B round of funding. Investors include open-source R&D lab Protocol Labs and Metaplanet. a fund from Skype co-founder Jaan Tallinn, as well as past investors Automattic and Notion.

💰 Indonesia-based grocery app HappyFresh raised $65 million in Series D funding in a round led by Naver Financial Corporation and Gafina B.V. The app offers an Instacart-like grocery delivery service for parts of Asia, which today operates in Indonesia, Malaysia and Thailand.

💰 Indian D2C beauty brand MyGlamm, which sells products through an app and website, raised $71.3 million in Series C financing, from Amazon, Ascent Capital and Wipro.

Nanogram

Image Credits: Nanogram

Developer Kosta Eleftheriou may have taken on Apple in legal battles and on Twitter, as he points out the numerous app scams on the App Store, but that hasn’t stopped him from building new apps.

This week, Eleftheriou introduced Nanogram, a Telegram client app that works on the Apple Watch without needing an iPhone connection. Eleftheriou said he was inspired to build Nanogram because he wanted a Telegram app for his LTE Apple Watch and didn’t like the official version that didn’t provide “basic and reliable messaging functionality.” So he built his own app from scratch using the Telegram SDK, which allows you to send, receive and view all your messages and notifications right from your wrist — even if you don’t have your phone nearby. The app also supports Eleftheriou’s FlickType Swipe Keyboard for faster replies while on the go.

Eleftheriou notes the app doesn’t collect any personal information and requires an Apple Watch Series 3 or later, running watchOS 7 or later.

Lightricks’ Videoleap for Android

Image Credits: Lightricks

After seeing a 70% yearly increase for its iOS version, Lightricks brought its Videoleap app to the Google Play Store. The app has grown popular with online creators for offering professional quality editing tools on mobile, including those that let you apply artistic effects, mix videos with images, add text and layer transformations and more. The company says Videoleap users are now creating 35 million pieces of content per month, and 47% of users are exporting their creations to TikTok in pursuit of monetizing their content further. The app, like others from Lightricks (which also makes FaceTune and others), monetizes by way of in-app subscriptions.


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Pittsburgh Google contractors ratify deal with HCL – | #Tech

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Pittsburgh Google contractors ratify deal with HCL – TechCrunch

Nearly two years ago, contractors for Google’s Pittsburgh operations voted to join the United Steelworkers union in a bid to secure more labor rights representation. It was an early example of a building union movement for tech workers across the spectrum. But as other hard-fought battles have been waged among blue and white collar workers alike, both sides have continued hashing out negotiations. This week, those have finally resulted in something more concrete.

The contract workers held out for what they believed to be similar treatment as others in the tech industry. At the time, it seemed Google was hoping to stay out of the fray with HCL Technologies, the consulting company that staffed the workers.

“We work with lots of partners, many of which have unionized workforces, and many of which don’t,” Google said following the initial union vote. “As with all our partners, whether HCL’s employees unionize or not is between them and their employer. We’ll continue to partner with HCL.”

According to the USW, the 65 Pittsburgh-based workers have ratified the contract with HCL. It’s a three-year-deal that covers working conditions, job security and wages, per a note from the union.

“After close to two years of hard work, patience and solidarity from our members at HCL, we are proud of what we achieved in this agreement,” USW President Tom Conway said in a release tied to the news. “More than ever, our struggle with HCL shows that all workers deserve the protections and benefits of a union contract.”

Last week, with the deal nearing completion, HCL said in a statement provided to The Verge, “Throughout this process, HCL has been actively engaged in meaningful and fair discussions with the USW in good faith. We have been steadfast in our commitment to respect our employees’ right to pursue unionization should they choose to do so.”

In a release issued by USW, however, bargaining committee member Renata Nelson notes some clear tension in the process. “After ignoring our concerns, HCL tried to prevent us from forming a union, and when it failed, the company dragged out the negotiating process while sending our jobs overseas in retaliation,” Parks said in the release. “Now, with a strong union and contract in place, we’re confident that our voices will be heard.”

We’ve reached out to Google for comment.

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TuSimple’s self-driving truck network takes shape with Ryder partnership – | #Tech

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TuSimple, the self-driving truck company that went public earlier this year, has partnered with Ryder as part of its plan to build out a freight network that will support its autonomous trucking operations.

Under the deal announced this week, Ryder’s fleet maintenance facilities will act as terminals for TuSimple’s freight network. TuSimple’s so-called AFN, or autonomous freight network, is a collection of shipping routes and terminals designed for autonomous trucking operations that will extend across the United States by 2024. UPS, which took a minority stake in TuSimple before it went public, carrier U.S. Xpress, Penske Truck Leasing and Berkshire Hathaway’s grocery and food service supply chain company McLane Inc. were the inaugural partners in the network.

TuSimple’s AFN involves four pieces that includes its self-driving trucks, digital mapped routes, freight terminals and a system that will let customers monitor autonomous trucking operations and track their shipments in real time.

Ryder’s facilities will primarily serve as strategic terminals where TuSimple trucks can receive maintenance and have sensors used in the self-driving system calibrated, if needed. In some cases, the terminals might be used as a transfer hub for a smaller operator that might want to pick up cargo. But this is not meant to be a hub-to-hub system where its customers would come and pick up freight, according to TuSimple President and CEO Cheng Lu.

“These trucks need to be serviceable and maintainable and they need to have higher uptime, which is what every carrier cares about regardless of whether it is autonomous or not,” Lu said.

Small shippers and carriers might use these terminals to pick up and drop off freight. However, Lu stressed that in most cases, especially for large-scale operators like UPS, TuSimple will take the freight directly to the customer’s distribution centers. The Ryder facilities work as nodes, or stops, on its network to allow TuSimple to reach more customers over a larger geographic area, Lu added.

The partnership will start gradually. TuSimple has 50 autonomous trucks in its fleet that — along with a human safety operator behind the wheel — transport freight for customers in Arizona, New Mexico and Texas. The partnership will initially use Ryder’s facilities in these areas and eventually expand to the company’s 500 maintenance facilities in the United States.

TuSimple said it expects to expand operations to the East Coast, carrying freight between Phoenix and Orlando later this year. TuSimple has about 25 new trucks on order, which will be added to the fleet once they become available.

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Deliveroo could leave Spanish market ahead of on-demand labor reclassification – | #Tech

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Deliveroo could leave Spanish market ahead of on-demand labor reclassification – TechCrunch

Deliveroo announced today that it is considering leaving the Spanish market, citing limited market share and a long road of investment with “highly uncertain long-term potential returns” on the horizon.

The company, an on-demand outfit based in the U.K., went public earlier in 2021. Its shares initially sagged, drawing concern about both the value of on-demand companies and tech concerns listing in London more broadly. However, shares of Deliveroo have since recovered, and the company’s second-quarter earnings report saw it raise its expected gross order volume growth expectations “from between 30% to 40% to between 50% to 60%.”

Given its rising growth expectations and improving public-market valuation, you may be surprised that Deliveroo is willing to leave any of the 12 markets in which it currently operates. In the case of Spain, it appears that Deliveroo is concerned that changes to local labor laws will make its operations more expensive in the country, which, given its modest market share, is not palatable.

Recall that Spain adopted a law in May — a law generally agreed to in March — requiring on-demand companies to hire their couriers. This is the sort of arrangement that on-demand companies in food delivery and ride-hailing have long fought; many on-demand companies are unprofitable without hiring couriers, and doing so could raise their costs. The possibility of worsened economics makes such changes to labor laws in any market a worry for startups and public companies alike that lean on freelance delivery workers.

Let’s parse the Deliveroo statement to better understand the company’s perspective. Here’s the introductory paragraph:

Deliveroo today announces that it proposes to consult on ending its operations in Spain. Deliveroo currently operates across 12 markets worldwide, with the vast majority of the Company’s gross transaction value (GTV) coming from markets where Deliveroo holds a #1 or #2 market position.

Translation: We’re probably leaving Spain. Most of our order volume comes from markets where we are in a leading position (the company competes with Uber Eats, Glovo and Just Eat in different markets). We are not in a leading position in Spain.

Spain represents less than 2% of Deliveroo’s GTV in H1 2021. The Company has determined that achieving and sustaining a top-tier market position in Spain would require a disproportionate level of investment with highly uncertain long-term potential returns that could impact the economic viability of the market for the Company. 

Translation: Spain is a very small market for Deliveroo. To gain lots of market share in Spain would be very costly, and the company isn’t sure about the long-term profitability of the country’s business. This is where labor issues like this come into play — investing to gain market share in a country where your business is less profitable is hard to pencil out.

And according to El Pais, the decision by Deliveroo comes as it was up against a deadline regarding worker reclassification. That may have contributed to the timing of the announcement.

From this juncture, Deliveroo spends three paragraphs discussing how it will support workers in case it does leave the Spanish market. It closes with the following:

This proposal does not impact previously communicated full-year guidance on Group annual GTV growth and gross profit margin.

Fair enough.

On-demand companies have made arguments over the years that changes to labor laws that would push more costs onto their plates in the form of hiring couriers — or simply paying them more — would make certain markets uneconomic and drive them away. Here, Deliveroo can follow through with an exit at essentially no cost, given how small its order volume is compared to its other 11 markets.

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Robinhood’s CFO says it was ready to go public – | #Tech

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Robinhood’s CFO says it was ready to go public – TechCrunch

But the company’s debut is not burning up the stock charts. What happened?

Robinhood priced at $38 per share this week, opened flat and closed its first day’s trading yesterday worth $34.82 per share, or a bit more than 8% underwater. The company posted a mixed picture today, falling early before recovering to breakeven in late-morning trading.

It wasn’t the debut that some expected Robinhood to have.


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To close out the week, we’re not going to noodle on banned Chinese IPOs or do a full-week mega-round discussion. Instead, let’s parse some notes from a chat The Exchange had with Robinhood’s CFO about his company’s IPO and go over a few reasonable guesses as to why we’re not wondering how much money Robinhood left on the table by pricing its public offering lower than it closed on its first day.

Let’s not be dicks about it. The time for Twitter jokes was yesterday. We’ll put our thinking caps on this morning.

Why Robinhood went public when it did

Chatting with Robinhood CFO Jason Warnick earlier this week, we wanted to know why this was the right time for Robinhood to go public.

Now, no public company CEO or CFO will come out and directly say that they are going public because they think that they can defend — or extend — their most recent private valuation thanks to current market conditions.

Instead, execs on IPO day tend to deflect the question, pivoting to a well-oiled bon mot about how their public offering is a mere milestone on their company’s long-term trajectory. For some reason in our capitalist society, during an arch-capitalist event, by a for-profit company, leaders find it critical to downplay their IPO’s importance.1

With that in mind, Warnick did not say Robinhood went public because the IPO market has recently rewarded big-brand consumer tech companies like Airbnb and DoorDash with strong debuts. And he didn’t say that with tech shares near all-time highs and a taste for high-growth concerns, the company was likely set to enter a market that would be willing to price it at a valuation that it found attractive.


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Airtel Africa gets an extra $200M for its mobile money business from QIA – | #Tech

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Airtel Africa gets an extra $200M for its mobile money business from QIA – TechCrunch

Three months ago, Mastercard invested $100 million in Airtel Mobile Commerce BV (AMC BV) — the mobile money business of telecom Airtel Africa. This was two weeks after it also received $200 million from TPG’s Rise Fund.

Today, the African telecoms operator has announced that it has secured another investment for its mobile money arm. The investor? Qatar Holding LLC, an affiliate of the Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar with over $300 billion in assets. The Middle Eastern corporation is set to invest $200 million into AMC BV through a secondary purchase of shares from Airtel Africa.

AMC BV is an Airtel Africa subsidiary and the holding company for several of Airtel Africa’s mobile money operations across 14 African countries, including Kenya, Uganda and Nigeria. The mobile money arm operates one of the largest financial services on the continent. It provides users access to mobile wallets, support for international money transfers, loans and virtual credit cards.

According to a statement released by the telecoms operator, the proceeds of the investment will be used to reduce debt and invest in network and sales infrastructure in the respective operating countries. The deal will close in two tranches — $150 million invested at the first close, most likely in August. The remaining $50 million will be invested at second close.

Airtel Africa claims QIA will hold a minority stake while it continues to hold the majority stake. This transaction still values Airtel Africa at $2.65 billion on a cash and debt-free basis like other deals. However, what’s different this time is that QIA is entitled to appoint a director to AMC BV’s board and “to certain customary information and minority protection rights.”

Airtel Africa’s most recent report for Q1 2021 shows signs of growth. The telecoms operator saw a year on year revenue growth of 53.7%, pushed by a 24.6% growth in customer base to 23.1 million. Transaction value went up 64.4% to $14.7 billion ($59 billion annualised); and EBITDA stood at $60 million ($240 million annualised) at a margin of 48.8%. The company also generated $124 million in revenue ($496 million annualised), while its profits before tax year-on-year for Q1 2021 stood at $185 million.

Mansoor bin Ebrahim Al-Mahmoud, CEO of QIA, said the sovereign’s wealth fund investment in Airtel Africa would help promote financial inclusion in Sub-Saharan Africa. “Airtel Money plays a critical role in facilitating economic activity, including for customers without access to traditional financial services. We firmly believe in its mission to expand these efforts over the coming years,” he added.

In February, Airtel Africa first made it known that it wanted to sell a minority stake in AMC BV to raise cash and sell off some assets. The subsequent month, it sold off telecommunication towers in Madagascar and Malawi to Helios Towers for $119 million and raised $500 million from outside investors.

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