A Dutch security researcher says he accessed President Trump’s @realDonaldTrump Twitter account last week by guessing his password: “maga2020!”.
Victor Gevers, a security researcher at the GDI Foundation and chair of the Dutch Institute for Vulnerability Disclosure, which finds and reports security vulnerabilities, told TechCrunch he guessed the president’s account password and was successful on the fifth attempt.
The account was not protected by two-factor authentication, granting Gevers access to the president’s account.
After logging in, he emailed US-CERT, a division of Homeland Security’s cyber unit Cybersecurity and Infrastructure Security Agency (CISA), to disclose the security lapse, which TechCrunch has seen. Gevers said the president’s Twitter password was changed shortly after.
A screenshot from inside Trump’s Twitter account. (Image: Victor Gevers)
It’s the second time Gevers has gained access to Trump’s Twitter account.
The first time was in 2016, when Gevers and two others extracted and cracked Trump’s password from the 2012 LinkedIn breach. The researchers took his password — “yourefired” — his catchphrase from the television show “The Apprentice” — and found it let them into his Twitter account. Gevers reported the breach to local authorities in the Netherlands, with suggestions on how Trump could improve his password security. One of the passwords he suggested at the time was “maga2020!” he said. Gevers said he “did not expect” the password to work years later.
Dutch news outlet Vrij Nederland first reported the story.
In a statement, Twitter spokesperson Ian Plunkett said: “We’ve seen no evidence to corroborate this claim, including from the article published in the Netherlands today. We proactively implemented account security measures for a designated group of high-profile, election-related Twitter accounts in the United States, including federal branches of government.”
Twitter said last month that it would tighten the security on the accounts of political candidates and government accounts, including encouraging but not mandating the use of two-factor authentication.
Trump’s account is said to be locked down with extra protections after he became president, though Twitter has not said publicly what those protections entail. His account was untouched by hackers who broke into Twitter’s network in July in order to abuse an “admin tool” to hijack high-profile accounts and spread a cryptocurrency scam.
A spokesperson for the White House and the Trump campaign did not immediately comment, but White House deputy press secretary Judd Deere reportedly said the story is “absolutely not true,” but declined to comment on the president’s social media security. A spokesperson for CISA did not immediately confirm the report.
“It’s unbelievable that a man that can cause international incidence and crash stock markets with his Tweets has such a simple password and no two-factor authentication,” said Alan Woodward, a professor at the University of Surrey. “Bearing in mind his account was hacked in 2016 and he was saying only a couple of days ago that no one is hacked the irony is vintage 2020.”
Updated with Twitter comment, and corrected the name of publication which first published the news.
In an overcrowded market of online fashion brands, consumers are spoilt for choice on what site to visit. They are generally forced to visit each brand one by one, manually filtering down to what they like. Most of the experience is not that great, and past purchase history and cookies aren’t much to go on to tailor user experience. If someone has bought an army-green military jacket, the e-commerce site is on a hiding to nothing if all it suggests is more army-green military jackets…
Instead, Psycke ( it’s brand name is ‘PSYKHE’) is an e-commerce startup that uses AI and psychology to make product recommendations based both on the user’s personality profile and the ‘personality’ of the products. Admittedly, a number of startups have come and gone claiming this, but it claims to have taken a unique approach to make the process of buying fashion easier by acting as an aggregator that pulls products from all leading fashion retailers. Each user sees a different storefront that, says the company, becomes increasingly personalized.
It has now raised $1.7 million in seed funding from a range of investors and is announcing new plans to scale its technology to other consumer verticals in the future in the B2B space.
The investors are Carmen Busquets – the largest founding investor in Net-a-Porter; SLS Journey – the new investment arm of the MadaLuxe Group, the North American distributor of luxury fashion; John Skipper – DAZN Chairman and former Co-chairman of Disney Media Networks and President of ESPN; and Lara Vanjak – Chief Operating Officer at Aser Ventures, formerly at MP & Silva and FC Inter-Milan.
So what does it do? As a B2C aggregator, it pools inventory from leading retailers. The platform then applies machine learning and personality-trait science, and tailors product recommendations to users based on a personality test taken on sign-up. The company says it has international patents pending and has secured affiliate partnerships with leading retailers that include Moda Operandi, MyTheresa, LVMH’s platform 24S, and 11 Honoré.
The business model is based around an affiliate partnership model, where it makes between 5-25% of each sale. It also plans to expand into B2B for other consumer verticals in the future, providing a plug-in product that allows users to sort items by their personality.
How does this personality test help? Well, Psykhe has assigned an overall psychological profile to the actual products themselves: over 1 million products from commerce partners, using machine learning (based on training data).
So for example, if a leather boot had metal studs on it (thus looking more ‘rebellious’), it would get a moderate-low rating on the trait of ‘Agreeableness’. A pink floral dress would get a higher score on that trait. A conservative tweed blazer would get a lower score tag on the trait of ‘Openness’, as tweed blazers tend to indicate a more conservative style and thus nature.
It’s competitors include The Yes and Lyst. However, Psykhe’s main point of differentiation is this personality scoring. Furthermore, The Yes is app-only, US-only, and only partners with monobrands, while Lyst is an aggregator with 1,000s of brands, but used as more of a search platform.
Psykhe is in a good position to take advantage of the ongoing effects of COVID-19, which continue to give a major boost to global ecommerce as people flood online amid lockdowns.
The startup is the brainchild of Anabel Maldonado, CEO & founder, (along with founding team CTO Will Palmer and Lead Data Scientist, Rene-Jean Corneille, pictured above), who studied psychology in her hometown of Toronto, but ended up working at in the UK’s NHS in a specialist team that made developmental diagnoses for children under 5.
She made a pivot into fashion after winning a competition for an editorial mentorship at British Marie Claire. She later went to the press department of Christian Louboutin, followed by internships at the Mail on Sunday and Marie Claire, then spending several years in magazine publishing before moving into e-commerce at CoutureLab. Going freelance, she worked with a number of luxury brands and platforms as an editorial consultant. As a fashion journalist, she’s contributed industry op-eds to publications such as The Business of Fashion, T The New York Times Style, and Marie Claire.
As part of the fashion industry for 10 years, she says she became frustrated with the narratives which “made fashion seem more frivolous than it really is. I thought, this is a trillion-dollar industry, we all have such emotional, visceral reactions to an aesthetic based on who we are, but all we keep talking about is the ‘hot new color for fall and so-called blanket “must-haves’.”
But, she says, “there was no inquiry into individual differences. This world was really missing the level of depth it deserved, and I sought to demonstrate that we’re all sensitive to aesthetic in one way or another and that our clothing choices have a great psychological pay-off effect on us, based on our unique internal needs.” So she set about creating a startup to address this ‘fashion psychology’ – or, as she says “why we wear what we wear”.
Three months on since the former founders of SoundCloud launched their e-bike subscription service, Dance they are today announcing the close of a $17.7 million (€15 million) Series A funding round led by one of the larger European VCs, HV Holtzbrinck Ventures.
Founded by Eric Quidenus-Wahlforss (ex-Soundcloud), Alexander Ljung (ex-Soundcloud) and Christian Springub (ex-Jimdo), Dance has ambitions to offer its all-inclusive service subscription package into expanded markets across Europe and eventually the US. Dance is currently operating the invite-only pilot of its e-bike subscription in Berlin, with plans for a broader launch, expanded accessibility and availability and new cities next year.
Rainer Märkle, general partner at HV Holtzbrinck Ventures said in a statement: “The mobility market is seeing a huge shift towards bikes, strongly fueled by the paradigm shift of vehicles going electric. Unfortunately, the majority of e-bikes on the market today have some combination of poor design, high upfront costs, and cumbersome maintenance. We analyzed the overall mobility market, evaluated all means of transport, and crunched the numbers on all types of business models for a few years before we found what we were looking for. Dance is by the far the most viable future of biking, bridging the gap between e-bike ownership and more ‘joyful’ accessibility to go places.”
E-bikes tend to be notoriously expensive to purchase and a hassle to repair. That said, startups like VanMoof and Cowboy have brought an Apple -esque business model to the market which is fast bringing the cost of full ownership down.
Most commuters are put off cycling the average 10 kilometers (6.2 miles) commute but e-bikes make this distance a breeze. Dance sits in that half-way house between owning an expensive bike and having to hunt down a rentable ebike or electric scooter close to your location.
Additionally, the COVID-19 pandemic has brought individual, socially distanced, transport into sharp relief. UK sales of e-bikes have boomed, seeing a 230% surge in demand over the summer. This has happened at the same time as EU governments have put in more than 2300km of bike lanes, with the UK alone pledging £250 million in investment.
Quidenus-Wahlforss said the startup has been “inundated with positive responses from around the world since we announced our invite-only pilot program.”
Dance’s subscription model includes a fully assembled e-bike delivered to a subscriber’s door within 24 hours. This comes with maintenance, theft replacement insurance, a dedicated smartphone app, concierge services, GPS location tracking and unlocking capabilities.
A new report released today by App Annie digs into how Gen Z consumers engage with their smartphones and mobile apps. According to data collected in Q3 2020, Gen Z users spend an average of 4.1+ hours per month in non-gaming apps, or 10% longer than older demographics. They also engage with apps more often, with 20% more sessions per user in non-gaming apps, at 120 sessions per month per app, compared with older groups.
This app engagement data is only a view into Gen Z trends, but is an incomplete analysis, as it only focuses on select markets, including the U.S., U.K., Brazil, France, Germany, Indonesia, Japan, Mexico, South Korea and Turkey. It also included only data collected from Android devices, which doesn’t provide as full a picture.
App Annie found that Gen Z is more likely to use games than older users, but they don’t access them as often or use them as long. Those ages 25 and older actually spent nearly 20% longer in their most-used games and accessed them 10% more frequently. Both demographics spent more total time gaming than using non-game apps, on a monthly basis.
Image Credits: App Annie
One breakout in the games category for Gen Z users, however, was the casual arcade game Among Us!, which just became the third-most played game worldwide, thanks to its team-based multiplayer features and the surge of Twitch streams. When Rep. Alexandria Ocasio-Cortez played the game on Twitch last night, it became one of the biggest-ever Twitch streams, peaking at 435,000 concurrent viewers.
Other popular Gen Z games include Match-3 games like Candy Crush Saga and Toon Blast, action games like PUBG Mobile and Free Fire, and casual simulation games like Minecraft Pocket Edition and Roblox.
Image Credits: App Annie
The report also examined what apps Gen Z users prefer across a range of non-game categories across both iOS and Android.
TikTok and Snapchat, in particular, stood out as the top over-indexed social and communication apps among Gen Z in nine out of the 10 markets analyzed for this report. This comes on the heels of Snap’s blowout earnings yesterday, where the social app topped analyst expectations and saw daily user growth climb 4% to 238 million.
Discord is also seeing strong growth, particularly in France, as mobile and remote gaming has become an epicenter of social interactions during the pandemic.
Image Credits: App Annie
Among entertainment apps, Twitch was the top over-indexed app in six out of the 10 markets for Gen Z users, though live streaming niconico was popular in Japan.
App Annie found that finance and shopping apps haven’t yet reached a broad Gen Z audience, but are demonstrating promising growth.
Image Credits: App Annie
Few finance apps over-index with Gen Z, though the demographic tends to interact with non-bank fintech apps like Venmo, Monzo and DANA. In South Korea, a top app was peer-to-peer payments app Toss, which also offers loans, insurance and credit.
Top Gen Z fashion apps, meanwhile, included Shein, ASOS, Shopee and Mercari.
Overall, active Gen Z users are rising faster across the markets analyzed, compared with older groups, with emerging markets like Indonesia and Brazil seeing the most growth.
Image Credits: App Annie
App Annie noted that Gen Z is becoming one of the most powerful consumer segments on mobile, as 98% own a smartphone and have a combined estimated spending power of $143 billion annually.
“Gen Z has never known a world without their smartphone. They see the world through this mobile first lens,” said Ted Krantz, CEO, App Annie, in a statement about the report’s findings.
Milk substitutes are a $1 trillion category and Perfect Day is angling to be the leader in the market. Iger’s ascension to a director position at the company just affirms that Perfect Day is a big business in the big business of making milk replacements.
Unlike almond milk or soy milk companies, Perfect Day is angling to be a direct replacement for bovine dairy using a protein cultivated from mushrooms.
The move comes as Perfect Day ramps up its development of consumer products on its own and through investments in startups like the Urgent Company. That’s the consumer food company Perfect Day backed to commercialize technologies and create more sustainable food brands.
For Iger, the Perfect Day board represents the first new board seat the longtime entertainment powerbroker has taken since he left Apple.
“Innovation and leadership are both key to world changing ideas,” said Iger, in a statement. “Perfect Day has established both innovation in its use of technology and novel approach to fighting climate change, and clear leadership in building a category with a multi-year head start in the industry they’re helping to build. I’m thrilled to join at this pivotal moment and support the company’s swift growth into new categories and markets.”
Iger joins Perfect Day’s co-founders Ryan Pandya and Perumal Gandhi, and representatives from the company’s international backers and lead investors, Aftab Mathur, from Temasek Holdings, and Patrick Zhang, of Horizons Ventures.
Until yesterday, Perfect Day was the most well-capitalized protein fermentation company focused on dairy in the world. That’s when Impossible Foods, the alternative meat manufacturer which has raised $1.5 billion from investors, unveiled that it, too, was working on a dairy product.
Perfect Day, by contrast, has raised $360 million in total funding to-date.
“We’re thrilled to have Bob Iger join our team, and are confident his tenured operational expertise and visionary leadership style will further help us scale our ambitions,” said Ryan Pandya, the chief executive and co-founder of Perfect Day, in a statement. “We’re focused on rapid commercialization in the U.S. and globally. But we know we can’t do it alone. That’s why we’re excited and humbled to have a proven leader like Bob to help us thoughtfully transform our purpose-driven aspirations into tangible and sustainable impact.”
SoftBank’s Opportunity Growth Fund has made the health insurance startup Vitable Health the first commitment from its $100 million fund dedicated to investing in startups founded by entrepreneurs of color.
The Philadelphia-based company, which recently launched from Y Combinator, is focused on bringing basic health insurance to underserved and low-income communities.
Founded by Joseph Kitonga, a 23 year-old entrepreneur whose parents immigrated to the U.S. a decade ago, Vitable provides affordable acute healthcare coverage to underinsured or un-insured populations and was born out of Kitonga’s experience watching employees of his parents’ home healthcare agency struggle to receive basic coverage.
The $1.5 million commitment was led by the SoftBank Group Corp Opportunity Fund, and included Y Combinator, DNA Capital, Commerce Ventures, MSA Capital, Coughdrop Capital, and angels like Immad Akhund, the chief executive of Mercury Bank; and Allison Pickens, the former chief operating officer of Gainsight, the company said in a blog post.
“Good healthcare is a basic right that every American deserves, whoever they are,” said Paul Judge, the Atlanta-based Early Stage Investing Lead for the fund and the founder of Atlanta’s TechSquare Labs investment fund. “We’ve been inspired by Joseph and his approach to addressing this challenge. Vitable Health is bridging critical gaps in patient care and has emerged as a necessary, essential service for all whether they’re uninsured, underinsured, or simply need a better plan for their lifestyle.”
SoftBank created the opportunity fund while cities around the U.S. were witnessing a wave of public protests against systemic racism and police brutality stemming from the murder of the Black Minneapolis citizen George Floyd at the hands of white police officers. Floyd’s murder reignited simmering tensions between citizens and police in cities around the country over issues including police brutality, the militarization of civil authorities, and racial profiling.
SoftBank has had its own problems with racism in its portfolio this year. A few months before the firm launched its fund, the CEO and founder of one of its portfolio companies, Banjo, resigned after it was revealed that he once had ties to the KKK.
With the Opportunity Fund, SoftBank is trying to address some of its issues, and notably, will not take a traditional management fee for transactions out of the fund “but instead will seek to put as much capital as possible into the hands of founders and entrepreneurs of color.”
The Opportunity Fund is the third investment vehicle announced by SoftBank in the last several years. The biggest of them all is the $100 billion Vision Fund; then last year it announced the $2 billion Innovation Fund focused on Latin America.
Amazon has launched a new program that directly pays consumers for information about what they’re purchasing outside of Amazon.com and for responding to short surveys. The program, Amazon Shopper Panel, asks users to send in 10 receipts per month for any purchases made at non-Amazon retailers, including grocery stores, department stores, drug stores and entertainment outlets (if open), like movie theaters, theme parks, and restaurants.
Amazon’s own stores, like Whole Foods, Amazon Go, Amazon Four Star and Amazon Books do not qualify.
Program participants will take advantage of the newly launched Amazon Shopper Panel mobile app on iOS and Android to take pictures of paper receipts that qualify or they can opt to forward emailed receipts to firstname.lastname@example.org to earn a $10 reward that can then be applied to their Amazon Balance or used as a charitable donation.
Amazon says users can then earn additional rewards each month for every survey they complete. The optional surveys will ask about brands and products that may interest the participant and how likely they are to purchase a product. Other surveys may ask what the shopper thinks of an ad. These rewards may vary, depending on the survey.
The program is currently opt-in and invite-only, and is also only open to U.S. consumers at this time. Invited participants can now download the newly launched Shopper Panel app and join the panel. Other interested users can use the app to join a waitlist for an invite.
Image Credits: Amazon
Consumer research panels are common operations, but in Amazon’s case, it plans to use the data in several different ways.
On the website, Amazon explains it “may use” customer data to improve product selection at Amazon.com and Whole Food Market, as well as to improve the content selection offered through Amazon services, like Prime Video.
Amazon also says the collected data will help advertisers better understand the relationship between their ads and product purchases at an aggregate level and will help Amazon build models about which groups of customers are likely to be interested in certain products.
And Amazon may choose to offer data to brands to help them gain feedback on existing products, the website notes.
Image Credits: Amazon
The program’s launch follows increased scrutiny over Amazon’s anti-competitive business practices in the U.S. and abroad when it comes to using consumers’ purchase data.
Amazon came under fire from U.S. regulators over how it had leveraged third-party merchants’ sales data to benefit its own private label business. When Amazon CEO Jeff Bezos testified before Congress in July, he said the company had a policy against doing this, but couldn’t confirm that policy hadn’t been violated. The retailer may also be facing antitrust charges over the practice in the E.U..
At the same time, Amazon has been increasing its investment in its advertising business, which grew by 44% year-over-year in Q1 to reach $3.91 billion. That was a faster growth rate than both Google (13%) and Facebook (17%), even if tiny by comparison — Google ads made $28 billion that quarter and Facebook made $17.4 billion, Digiday reported.
As the pandemic has accelerated the shift to e-commerce by 5 years or so, Amazon’s need to better optimize advertising space has also been sped up — and it may rapidly need to ingest more data that what it can collect directly from its own website.
In a message to advertisers about the program’s launch, Amazon positioned its e-commerce business as a small piece of the overall retail market — a point it often makes in hopes of avoiding regulation:
“In this incredibly competitive retail environment, Amazon works with brands of all sizes to help them grow their businesses not just in our store, but also across the myriad of places customers shop. We also work hard to provide our selling partners—and small businesses in particular—with tools, insights, and data to help them be successful in our store. But our store is just one piece of the puzzle. Customers routinely use Amazon to discover and learn about products before purchasing them elsewhere. In fact, Amazon only represents 4% of US retail sales. Brands therefore often look to third-party consumer panel and business intelligence firms like Nielsen and NPD, and many segment-specific data providers, for additional information. Such opt-in consumer panels are well-established and used by many companies to gather consumer feedback and shopping insights. These firms aggregate shopping behaviors across stores to report data like average sales price, total units sold, and revenue on tens of thousands of the most popular products.”
The retailer then explained that the Shopper Panel could help it to support sellers and brands by offering additional insights beyond its own store.
Amazon doesn’t say when the program waitlist will be removed, but says anyone can sign up starting today.
Klar, a new online bank based in Mexico City, has become the first big bet that Prosus Ventures (the firm formerly known as Naspers Ventures) is taking in Latin America outside of Brazil.
Founded by Stefan Moller, a former consultant at Bain & Co. who advised large banks, Klar blends Moller’s work experience in Mexico with his connections to the German banking world and the tech team at Berlin -based n26, to create a challenger bank offering deposit and credit services for Mexican customers.
The Mexican market is woefully underserved when it comes to the finance industry, according to Moller. Only 10% of Mexican adults have a credit card, something Moller said is the cheapest consumer lending instrument around.
That’s why Klar launched last year with both credit and debit services. The company has 200,000 banking customers and roughly 27,000 of those customers have taken out loans through the bank. A typical loan is roughly $110, according to Moller, and each loan comes with a 68% annual percentage rate.
If that sounds usurious, that’s because it is — at least by U.S. standards. In the U.S. a typical credit card will run somewhere between 16% and 24%, according to data from WalletHub. In Mexico, Moller said the typical interest rate is 70% (no wonder only 10% of adults have credit cards).
Still, the opportunity to expand credit and debit services made sense to Prosus, which led the company’s Series A round alongside investors including the International Finance Corporation and former investors Quona capital, who led Klar´s SEED round, Mouro Capital (formerly Santander Innoventures) and aCrew.
Banafsheh Fathieh, the Prosus Ventures principal who led the investment for the firm, said that the commitment to Klar will likely be the first of many investments that her firm makes in the region — both in fintech and likely in Mexico’s tech ecosystem more broadly.
Prosus is famous for making early bets on emerging technology companies in developing markets. Perhaps most famously the firm’s parent company was an early investor in Tencent — a multi-million dollar bet that has generated billions in returns.
“Prosus Ventures partners with entrepreneurs that are solving big societal problems with technology, in a uniquely local way. We invest in sectors of the economy where technology can lead to meaningful change in the lives of consumers. Klar has identified a massive need in the Mexican financial market and brings a unique solution through their credit and debit offering,” said Banafsheh Fathieh from Prosus Ventures, in a statement. “In less than a year, the team has shown an ability to build a world-class digital bank for the masses, one focused on financial access and inclusion. We are very excited to partner with them on that mission.”
As the coming of winter combined with the coronavirus continues to put new restrictions on peoples’ movements, location-based apps are on the rise again. People are looking to find out who is close to them. Who is in their community. People are understandably looking for new friends and resources close to them.
Apps that connect young mums locally (Pumpspotting, Peanut), professionals (Fishbowl, Lunchclub), Jetset daters (Raya, Bumble), digital nomads (Homeis), locals (Nextdoor ) and millennials (Friended) are all being dialed-up.
And with government lockdowns coming back for their “2nd album” the UK’s millennials and Gen-Zs are increasingly turning to location-based apps to try and hang out with each other and burst the so-called ‘rule of six’ bubble, whether the government wants them to or not.
Pickle is fast making a name for itself amongst an estimated 350,000 millennials and Gen-Zs for that reason. After starting out as a taskrabbit-style app for Gen-Z, it is now seeing growth as an app for that generation to find fellow travelers locally, even as their normal travel has been curtailed by COVID-19.
Founder Daneh Westropp says: “Loneliness is the number one fear of young people today – ranking ahead of losing a home or a job. 71% of millennials reported feeling lonely [survey conducted by Cigna] and 69% of millennials experience FOMO when they can’t attend something that their family or friends are going to [study by Eventbrite]. So it comes as no surprise that people genuinely hate doing certain activities alone.” That’s why, she says, Pickle is climbing up app-store rankings.
Westropp understands the feeling of alienation. She ran away from Tehran during the 1988 Iran/Iraq war with her mother and sister, and was raised by a single mother who suffered from loneliness and depression. After dropping out of school at the age of 15 she went on to join the ranks of other entrepreneurs.
But a few problems remain with the Pickle app that are cause for concern. It has no 2FA for starters. Plus, the lack of regulation or content filtering means it’s anyone’s guess who users might be arranging to meet. Those are big red flags for the average observer.
Whether Gen-Z cares or not during a global pandemic that has shut down their lives, remains to be seen.
The public sector usually publishes its business opportunities in the form of ‘tenders,’ to increase transparency to the public. However, this data is scattered, and larger businesses have access to more information, giving them opportunities to grab contracts before official tenders are released. We have seen the controversy around UK government contracts going to a number of private consultants who have questionable prior experience in the issues they are winning contracts on.
And public-to-private sector business makes up 14% of global GDP, and even a 1% improvement could save €20B for taxpayers per year, according to the European Commission .
Stotles is a new UK startup technology that turns fragmented public sector data — such as spending, tenders, contracts, meeting minutes, or news releases — into a clearer view of the market, and extracts relevant early signals about potential opportunities.
It’s now raised a £1.4m seed round led by Speedinvest, with participation from 7Percent Ventures, FJLabs, and high-profile angels including Matt Robinson, co-founder of GoCardless and CEO at Nested; Carlos Gonzalez-Cadenas, COO at Go -Cardless; Charlie Songhurst, former Head of Corporate Strategy at Microsoft; Will Neale, founder of Grabyo; and Akhil Paul. It received a previous investment from Seedcamp last year.
Stotles’ founders say they had “scathing” experiences dealing with public procurement in their previous roles at organizations like Boston Consulting Group and the World Economic Forum.
The private beta has been open for nine months, and is used by companies including UiPath, Freshworks, Rackspace, and Couchbase. With this funding announcement, they’ll be opening up an early access program.
Competitors include: Global Data, Contracts Advance, BIP Solutions, Spend Network/Open Opps, Tussel, TenderLake. However, most of the players out there are focused on tracking cold tenders, or providing contracting data for periodic generic market research.
In the suit, the Justice Department is expected to argue that Google used anticompetitive practices to safeguard its monopoly position as the dominant force in search and search-advertising, which sit at the foundation of the company’s extensive advertising, data mining, video distribution, and information services conglomerate.
It would be the first significant legal challenge that Google has faced from U.S. regulators despite years of investigations into the company’s practices.
A 2012 attempt to bring the company to the courts to answer for anti-competitive practices was ultimately scuttled because regulators at the time weren’t sure they could make the case stick. Since that time Alphabet’s value has skyrocketed to reach over $1 trillion (as of today’s share price).
Alphabet, Google’s parent company, holds a commanding lead in both search and video. The company dominates the search market — with roughly 90% of the world’s internet searches conducted on its platform — and roughly three quarters of American adults turn to YouTube for video, as the Journal reported.
In the lawsuit, the Department of Justice will say that Alphabet’s Google subsidiary uses a web of exclusionary business agreements to shut out competitors. The billions of dollars that the search giant collects wind up paying mobile phone companies, carriers and browsers to make the Google search engine a preset default. That blocks competitors from being able to access the kinds of queries and traffic they’d need to refine their own search engine.
It will be those relationships — alongside Google’s insistence that its search engine come pre-loaded (and un-deletable) on phones using the Android operating system and that other search engines specifically not be pre-loaded — that form part of the government’s case, according to Justice Department officials cited by the Journal.
The antitrust suit comes on the heels of a number of other regulatory actions involving Google, which is not only the dominant online search provider, but also a leader in online advertising and in mobile technology by way of Android, as well as a strong player in a web of other interconnected services like mapping, online productivity software, cloud computing and more.
MOUNTAIN VIEW, UNITED STATES – 2020/02/23: American multinational technology company Google logo seen at Google campus. (Photo by Alex Tai/SOPA Images/LightRocket via Getty Images)
A report last Friday in Politico noted that Democrat Attorneys General would not be signing the suit. That report said those AGs have instead been working on a bipartisan, state-led approach covering a wider number of issues beyond search — the idea being also that more suits gives government potentially a stronger bargaining position against the tech giant.
A third suit is being put together by the state of Texas, although that has faced its own issues.
While a number of tech leviathans are facing increasing scrutiny from Washington, with the US now just two weeks from Election Day, it’s unlikely that we are going to see many developments around this and other cases before then. And in the case of this specific Google suit, in the event that Trump doesn’t get re-elected, there will also be a larger personnel shift at the DoJ that could also change the profile and timescale of the case.
In any event, fighting these regulatory cases is always a long, drawn-out process. In Europe, Google has faced a series of fines over antitrust violations stretching back several years, including a $2.7 billion fine over Google shopping; a $5 billion fine over Android dominance; and a $1.7 billion fine over search ad brokering. While Goolge slowly works through appeals, there are also more cases ongoing against the company in Europe and elsewhere.
Google is not the only one catching the attention of Washington. Earlier in October, the House Judiciary Committee released a report of more than 400 pages in which it outlined how tech giants Apple, Amazon, Alphabet (Google’s parent company) and Facebook were abusing their power, covering everything from the areas in which they dominate, through to suggestions for how to fix the situation (including curtailing their acquisitions strategy).
That seemed mainly to be an exercise in laying out the state of things, which could in turn be used to inform further actions, although in itself, unlike the DoJ suit, the House report lacks teeth in terms of enforcement or remedies.
VENN , the streaming network hoping to be gaming culture’s answer to MTV, has raised $26 million to bring its mix of video game-themed entertainment and streaming celebrity features to the masses.
The financing came from previous investor Bitkraft, one of the largest funds focused on the intersection of gaming and synthetic reality, and new investor Nexstar Media Group, a publicly traded operator of regional television broadcast stations and cable networks around the U.S.
The investment from Nexstar gives Venn a toehold in local broadcast that could see the network’s shows appear on regular broadcast televisions in most major American cities, and adds to a roster of Nexstar properties including CourtTV, Bounce, and Ion Television. The company has over 197 television stations and a network of websites that average over 100 million monthly active users and 1 billion page views, according to a statement from Ben Kusin, Venn’s co-founder and chief executive.
“VENN is a new kind of TV network built for the streaming and digital generation, and it’s developing leading-edge content for the millennial and Gen Z cultures who are obsessed with gaming,” Nexstar Media Group President, Chief Operating Officer and Chief Financial Officer, Thomas E. Carter said in a statement. “Gaming and esports are two fast growing sectors and through our investment we plan to distribute VENN content across our broadcast platform to address a younger audience; utilize VENN to gain early access to gaming-adjacent content; and present local and national brands with broadcast and digital marketing and advertising opportunities to reach younger audiences.”
It’s unclear how much traction with younger audiences Venn has. The company’s YouTube channel has 14,000 subscribers and its Twitch Channel boasts a slightly more impressive 57.7 thousand subscribers. Still, it’s early days for the streaming network, which only began airing its first programming in September.
Since its launch a little over a year ago, Venn has managed to poach some former senior leadership from Viacom’s MTV and MTV Music Entertainment Group, which has been the model the gaming-focused streaming network has set for itself. Jeff Jacobs, the former senior vice president for production planning, strategies and operations at MTV’s parent company, Viacom and most recently an independent producer for Viacom, the NBA, Global Citizen and ACE Universe.
Venn is currently available on its own website and various streaming services as well as through partnerships with the Roku Channel, Plex, Xumo, Samsung TV Plus and Vizio.
Six Russian intelligence officers accused of launching some of the “world’s most destructive malware” — including an attack that took down the Ukraine power grid in December 2015 and the NotPetya global ransomware attack in 2017 — have been charged by the U.S. Justice Department.
Prosecutors said the group of hackers, who work for the Russian GRU, are behind the “most disruptive and destructive series of computer attacks ever attributed to a single group.”
“No country has weaponized its cyber capabilities as maliciously or irresponsibly as Russia, wantonly causing unprecedented damage to pursue small tactical advantages and to satisfy fits of spite,” said John Demers, U.S. assistant attorney general for national security. “Today the department has charged these Russian officers with conducting the most disruptive and destructive series of computer attacks ever attributed to a single group, including unleashing the NotPetya malware. No nation will recapture greatness while behaving in this way.”
The six accused Russian intelligence officers. Image Credits: FBI/supplied
In charges laid out Monday, the hackers are accused of developing and launching attacks using the KillDisk and Industroyer (also known as Crash Override) to target and disrupt the power supply in Ukraine, which left hundreds of thousands of customers without electricity two days before Christmas.
The prosecutors also said the hackers were behind the NotPetya attack, a ransomware attack that spread across the world in 2017, causing billions of dollars in damages.
The hackers are also said to have used Olympic Destroyer, designed to knock out internet connections during the opening ceremony of the 2018 PyeongChang Winter Olympics in South Korea.
Prosecutors also blamed the six hackers for trying to disrupt the 2017 French elections by launching a “hack and leak” operation to discredit the then-presidential frontrunner, Emmanuel Macron, as well as launching targeted spearphishing attacks against the Organization for the Prohibition of Chemical Weapons and the U.K.’s Defense Science and Technology Laboratory, tasked with investigating the use of the Russian nerve agent Novichok in Salisbury, U.K. in 2018, and attacks against targets in the former Soviet state of Georgia.
John Hultquist, senior director of analysis at FireEye’s Mandiant threat intelligence unit, said the charges “reads like a laundry list of many of the most important cyberattack incidents we have ever witnessed.”
The alleged hackers — Yuriy Sergeyevich Andrienko, 32; Sergey Vladimirovich Detistov, 35; Pavel Valeryevich Frolov, 28; Anatoliy Sergeyevich Kovalev, 29; Artem Valeryevich Ochichenko, 27; and Petr Nikolayevich Pliskin, 32 — are all charged with seven counts of conspiracy to hack, commit wire fraud and causing computer damage.
The accused are believed to be in Russia. But the indictment serves as a “name and shame” effort, frequently employed by Justice Department prosecutors in recent years where arrests or extraditions are not likely or possible.
Remember back in March when the VC game was done for the year, checkbooks were snapping shut and startup layoffs led the headlines? So much for all that. Q3’s venture capital numbers are in and they are anything but weak.
In retrospect, the Q2 VC slowdown looks more like a short-lived recharge ahead of a big push in Q3 than anything existential. We can see this today through the lens of data concerning what happened after June concluded and we moved into Q3.
I want to dig into the data and pull out most important data points for you. We’ll get you informed and out the door in around 900 words.
If you want a more global look at the venture capital world in Q3, don’t worry. We’re doing that tomorrow right here at The Exchange. Ready? This should be both fun and informative. Let’s go!
To get a clear look at the U.S. venture capital market, we’ll start from the top down. So, the biggest numbers first, followed by increasingly narrow slices of data so we can drill down into smaller startups.
First, the top-line numbers:
What to make of all this information? Simple: Q3 2020 U.S.-based startup venture capital dollar volume was very strong, with deal counts coming in slightly weaker.
This means that we saw fewer, larger deals in the quarter on average, right? Let’s see:
Over the last five years, Brazil has witnessed a startup boom.
The main startups hubs in the country have traditionally been São Paulo and Belo Horizonte, but now a new wave of cities are building their own thriving local startup ecosystems, including Recife with Porto Digital hub and Florianópolis with Acate. More recently, a “Black Silicon Valley” is beginning to take shape in Salvador da Bahia.
While finance and media are typically concentrated in São Paulo and Rio de Janeiro, Salvador, a city of three million in the state of Bahia, is considered one of Brazil’s cultural capitals.
With an 84% Afro-Brazilian population, there are deep, rich and visible roots of Africa in the city’s history, music, cuisine and culture. The state of Bahia is almost the size of France and has 15 million people. Bahia’s creative legacy is quite clear, given that almost all the big Brazilian cultural patrimonies have their roots here, from samba and capoeira to various regional delicacies.
Many people are unaware that Brazil has the largest Black population in any country outside of Africa. Like counterparts in the U.S. and across the Americas, Afro-Brazilians have long struggled for socio-economic equity. As with counterparts in the United States, Brazil’s Black founders have less access to capital.
According to research by professor Marcelo Paixão for the Inter-American Development Bank, Afro-Brazilians are three times more likely to have their credit denied than their white counterparts. Afro-Brazilians also have over twice the poverty rates of white Brazilians and only a handful of Afro-Brazilians have held legislative positions, despite comprising more than 50% of the population. Not to mention, they make up less than 5% of the top level of the top 500 companies. Compared with countries like the United States or the United Kingdom, the racial funding gap is even more stark as more than 50% of Brazil’s population is classified as Afro-Brazilian.
Salvador (Bahia’s capital) is the natural birthplace of Brazil’s Black Silicon Valley, which largely centers around a local ecosystem hub, Vale do Dendê.
Vale do Dendê coordinates with local startups, investors and government agencies to support entrepreneurship and innovation and runs startup acceleration programs specifically focusing on supporting Afro-Brazilian founders. The Vale do Dendê Accelerator organization has already been in the spotlight at international and national publications because of its innovative work in bringing startup and tech education from mainstream to traditionally underserved communities.
In almost three years, the accelerator has supported 90 companies directly that cut across various industries, with high representation from the creative and social impact sectors. Almost all of the companies have achieved double-digit growth and various companies have gone on to raise further funding or corporate backing. One of the first portfolio companies, TrazFavela, a delivery app that focuses on linking customers and goods from traditionally marginalized communities, was supported by the accelerator in 2019. Despite the lockdown, the business grew 230% between the period of March and May after incubation and recently signed an agreement for further support and investment from Google Brasil.
There is a clear recognition of the business case for Afro-Brazilian businesses. Another company supported in the beginning with mentoring by Vale do Dendê is Diaspora Black (which focuses on Black culture in the tourism sectors). It attracted backing from Facebook Brasil and grew 770% in 2020.
The same is true for AfroSaúde, a health tech company focused on low-income communities with a new service to prevent COVID-19 in favelas (urban slums, which incidentally have high Black representation). The app now has more than 1,000 Black health professionals on its platform, creating jobs while addressing a health crisis that had been tremendously racialized.
Despite Brazil’s challenging economic situation, large national and global companies and investors are taking notice of this startup boom. Major IT company Qintess has come on board as a major sponsor to help Salvador become the leading Black tech hub in Latin America.
The company announced an investment of around 10 million reais (nearly $2 million USD) over the next five years in Black startups, including a collaboration with Vale do Dendê to train around 2,000 people in tech and accelerate more than 500 startups led by Black founders. Also, in September, Google launched a 5 million reais (around $1 million USD) Black Founders Fund with the support of Vale do Dendê to boost the Afro-Brazilian startup ecosystem.
There is no doubt that the new wave of innovation will come from the emerging markets, and the African Diaspora can play an important role. With the world’s largest African diaspora population in the hemisphere, Brazil can be a major leader on this. Vale do Dendê is keen to build partnerships to make Brazil and Latin America a more representative startup and creative economy ecosystem.
A new study from Pew Research Center, released today, digs into the different ways that U.S. Democrats and Republicans use Twitter. Based on data collected between Nov. 11, 2019 and Sept. 14, 2020, the study finds that members of both parties tweet fairly infrequently, but a majority of Twitter’s most prolific users tend to swing left.
The report updates Pew’s 2019 study with similar findings. At that time, Pew found that 10% of U.S. adults on Twitter were responsible for 80% of all tweets from U.S. adults.
Today, those figures have changed. During the study period, the most active 10% of users produced 92% of all tweets by U.S. adults.
And of these highly active users, 69% identify as Democrats or Democratic-leaning independents.
In addition, the 10% most active Democrats typically produce roughly twice the number of tweets per month (157) compared with the most active Republicans (79).
Image Credits: Pew Research Center
These highly-active users don’t represent how most Twitter users tweet, however.
Regardless of party affiliation, the majority of Twitter users post very infrequently, Pew found.
The median U.S. adult Twitter user posted just once per month during the time of the study. The median Democrat posts just once per month, while the median Republican posts even less often than that.
The typical adult also has very few followers, with the median
Democrat having 32 followers while the median Republican has 21. Democrats, however, tend to follow more accounts than Republicans do, at 126 vs. 71, respectively.
Image Credits: Pew Research Center
The new study additionally examined other differences in how members of the two parties use the platforms, beyond frequency of tweeting.
For starters, it found 60% of the Democrats on Twitter would describe themselves as very or somewhat liberal, compared with 43% of Democrats who don’t use Twitter. Self-identified conservatives on Twitter vs. conservatives not on the platform had closer shares, at 60% and 62%, respectively.
Pew also found that the two Twitter accounts followed by the largest share of U.S. adults were those belonging to former President Barack Obama (@BarackObama) and President Donald Trump
Not surprisingly, more Democrats followed Obama — 42% of Democrats did, vs. just 12% of Republicans. Trump, meanwhile, was followed by 35% of Republicans and just 13% of Democrats.
Other top political accounts saw similar trends. For instance, Rep. Alexandria Ocasio-Cortez (@AOC) is followed by 16% of Democrats and 3% of Republicans. Fox News personalities Tucker Carlson (@TuckerCarlson) and Sean Hannity (@seanhannity), meanwhile, are both followed by 12% of Republicans but just 1% of Democrats.
This is perhaps a more important point than Pew’s study indicates, as it demonstrates that even though Twitter’s original goal was to build a “public town square” of sorts, where conversations could take place in the open, Twitter users have built the same isolated bubbles around themselves as they have elsewhere on social media.
Because Twitter’s main timeline only shows tweets and retweets from people you follow, users are only hearing their side of the conversation amplified back to them.
This problem is not unique to Twitter, of course. Facebook, for years, has been heavily criticized for delivering two different versions of reality to its users. An article from The WSJ in 2016 demonstrated how stark this contrast could be, when it showed a “blue” feed and “red” feed, side-by-side.
The problem is being exacerbated even more in recent months, as users from both parties are now exiting mainstream platforms, like Twitter, an isolating themselves even more. On the conservative side, users fled to free speech-favoring and fact check-eschewing platforms like Gab and Parler. The new social network Telepath, on the other hand, favors left-leaning users by aggressively blocking misinformation — often that from conservative news outlets — and banning identity-based attacks.
One other area Pew’s new study examined was the two parties’ use of hashtags on Twitter.
It found that no one hashtag was used by more than 5% of U.S. adults on Twitter during the study period. But there was a bigger difference when it came to the use of the #BlackLivesMatter hashtag, which was tweeted by 4% of Democrats on Twitter and just 1% of Republicans.
Other common hashtags used across both parties included #covid10, #coronavirus, @mytwitteranniversary, #newprofilepic, #sweepstakes, #contest, and #giveaway.
Image Credits: Pew Research Center
It’s somewhat concerning, too, that hashtags were used in such a small percentage of tweets.
While their use has fallen out of favor somewhat — using a hashtag can seem “uncool” — the idea with hashtags was to allow users a quick way to tap into the global conversation around a given topic. But this decline in user adoption indicates there are now fewer tweets that can connect users to an expanded array of views.
Twitter today somewhat addresses this problem through its “Explore” section, highlighting trends, and users can investigate tweets using its keyword search tools. But if Twitter really wants to burst users’ bubbles, it may need to develop a new product — one that offers a different way to connect users to the variety a conversations taking place around a term, whether hashtagged or not.
Savana, a machine learning-based service that turns clinical notes into structured patient information for physicians and pharmacists, has raised $15 million to take its technology from Spain to the U.S., the company said.
The investment was led by Cathay Innovation with participation from the Spanish investment firm Seaya Ventures, which led the company’s previous round, and new investors like MACSF, a French insurance provider for doctors.
The company has already processed 400 million electronic medical records in English, Spanish, German, and French.
Founded in Madrid in 2014, the company is relocating to New York and is already working with the world’s largest pharmaceutical companies and over 100 healthcare facilities.
“Our mission is to predict the occurrence of disease at the patient level. This focuses our resources on discovering new ways of providing medical knowledge almost in real time — which is more urgent than ever in the context of the pandemic,” said Savana chief executive Jorge Tello. “Healthcare challenges are increasingly global, and we know that the application of AI across health data at scale is essential to accelerate health science.”
Company co-founder and chief medical officer, Dr. Ignacio Hernandez Medrano, also emphasized that while the company is collecting hundreds of millions of electronic records, it’s doing its best to keep that information private.
“One of our main value propositions is that the information remains controlled by the hospital, with privacy guaranteed by the de-identification of patient data before we process it,” he said.
Elon Musk has shared some updated info about the timeline for the seven-seat version of the Model Y, Tesla’s more affordable electric SUV. The Model Y began deliveries to customers in March of this year in the U.S., but Musk said in June that he anticipated the company would start shipping seven-seat variants of the vehicle by sometime in the fourth quarter of this year.
A seven-seater Model Y would up the total passenger capacity of the vehicle by two, and we’ve known that it supports such a configuration ever since its official unveiling in 2019. The seven-seat version will include a third row, though it isn’t yet entirely clear what that will look like in the vehicle. The larger Model X offers a third row, but there’s less space to work with in the Model Y. There’s also a seven-seat Model S design for the Plaid variant that Tesla showed off last year.
Still, additional seats could be a key addition for anyone looking for a premium, but lower-priced SUV that can handle the whole family — including a couple of young kids. And if production sticks to Musk’s timeline, it won’t be long before we start to see the seven-seat version of the Model Y on roads. Typically, his timing projections have been overly optimistic, but the Model Y actually started being delivered earlier than anticipated, so maybe these dates will stick.
NASA has announced more than a third of a billion dollars worth of “Tipping Point” contracts awarded to over a dozen companies pursuing potentially transformative space technologies. The projects range from in-space testing of cryogenic tech to a 4G LTE network for the Moon.
The space agency is almost always accepting applications for at least one of its many grant and contract programs, and Tipping Point is directly aimed at commercial space capabilities that need a bit of a boost. According to the program description, “a technology is considered at a tipping point if an investment in a demonstration will significantly mature the technology, increase the likelihood of infusion into a commercial space application, and bring the technology to market for both government and commercial applications.”
In this year’s awards, which take the form of multi-year contracts with multiple milestones, the focus was on two main areas: cryogenics and lunar surface tech. Note that the amounts provided are not necessarily the cost of developing the tech, but rather the sums deemed necessary to advance it to the next stage. Here’s a brief summary of each award:
You can read more about the proposal process and NASA’s areas of interest at the Tipping Point solicitation page.
Plenty Unlimited has raised $140 million in new funding to build more vertical farms around the U.S.
The new funding, which brings the company’s total cash haul to an abundant $500 million, was led by existing investor SoftBank Vision Fund and included the berry farming giant Driscoll’s. It’s a move that will give Driscoll’s exposure to Plenty’s technology for growing and harvesting fruits and vegetables indoors.
The funding comes as Plenty has inked agreements with both its new berry-interested investor and the Albertsons grocery chain. The company also announced plans to build a new farm in Compton, California.
The financing provides plenty of cash for a company that’s seeing a cornucopia of competition in the tech-enabled cultivated crop market raising a plethora of private and public capital.
In the past month, AppHarvest has agreed to be taken public by a special purpose acquisition company in a deal that would value that greenhouse tomato-grower at a little under $1 billion. And another leafy green grower, Revol Greens, has raised $68 million for its own greenhouse-based bid to be part of the new green revolution.
Meanwhile, Plenty’s more direct competitor, Bowery Farming, is expanding its retail footprint to 650 stores, even as Plenty touts its deal with Albertsons to provide greens to 431 stores in California.
Discoll’s seemed convinced by Plenty’s technology, although the terms of the agreement with the company weren’t disclosed.
“We looked at other vertical farms, and Plenty’s technology was one of the most compelling systems we’d seen for growing berries,” said J. Miles Reiter, Driscoll’s chairman and CEO, in a statement. “We got to know Plenty while working on a joint development agreement to grow strawberries. We were so impressed with their technology, we decided to invest.”