No matter what slice of the mobility market you’ve claimed as your own — AVs, EVs, data mining, AI, dockless scooters, robotics or the batteries that will charge and change the world — you won’t find a better place to showcase your extraordinary tech and talent than TC Sessions: Mobility 2021.
Buy a Startup Exhibitor Package and virtually plant your early-stage mobility startup in front of a global audience that’s focused exclusively on one of the most complex, rapidly evolving industries. TC Sessions: Mobility, which takes place on June 9, features the top minds and makers, draws thousands of attendees, fosters collaborative community and creates a networking environment ripe with opportunities.
Pro tip: This package is for pre-Series A, early-stage startups only.
The Startup Exhibitor Package costs $380, and it comes with four all-access passes to the event. But wait (insert infomercial voice here), there’s more!
Your virtual expo booth features lead-generation capabilities. You can highlight your pitch deck, run a video loop and/or host live demos. Network with CrunchMatch, our AI-powered platform, to find and connect with the people who can help move your business forward. CrunchMatch lets you host private video meetings — pitch investors, recruit new talent or grow your customer base.
You’ll have access to all the presentations, panel discussions and breakout sessions, too. And video-on-demand means you won’t miss out.
Here’s a peek at just some of the agenda’s great programming you and, thanks to those extra passes, your team can attend — or catch later with VOD:
Is your company interested in sponsoring or exhibiting at TC Sessions: Mobility 2021? Contact our sponsorship sales team by filling out this form.
With an increasing number of enterprise systems, growing teams, a rising proliferation of the web and multiple digital initiatives, companies of all sizes are creating loads of data every day. This data contains excellent business insights and immense opportunities, but it has become impossible for companies to derive actionable insights from this data consistently due to its sheer volume.
According to Verified Market Research, the analytics-as-a-service (AaaS) market is expected to grow to $101.29 billion by 2026. Organizations that have not started on their analytics journey or are spending scarce data engineer resources to resolve issues with analytics implementations are not identifying actionable data insights. Through AaaS, managed services providers (MSPs) can help organizations get started on their analytics journey immediately without extravagant capital investment.
MSPs can take ownership of the company’s immediate data analytics needs, resolve ongoing challenges and integrate new data sources to manage dashboard visualizations, reporting and predictive modeling — enabling companies to make data-driven decisions every day.
AaaS could come bundled with multiple business-intelligence-related services. Primarily, the service includes (1) services for data warehouses; (2) services for visualizations and reports; and (3) services for predictive analytics, artificial intelligence (AI) and machine learning (ML). When a company partners with an MSP for analytics as a service, organizations are able to tap into business intelligence easily, instantly and at a lower cost of ownership than doing it in-house. This empowers the enterprise to focus on delivering better customer experiences, be unencumbered with decision-making and build data-driven strategies.
Organizations that have not started on their analytics journey or are spending scarce data engineer resources to resolve issues with analytics implementations are not identifying actionable data insights.
In today’s world, where customers value experiences over transactions, AaaS helps businesses dig deeper into their psyche and tap insights to build long-term winning strategies. It also enables enterprises to forecast and predict business trends by looking at their data and allows employees at every level to make informed decisions.
The two founders of Crusoe Energy think they may have a solution to two of the largest problems facing the planet today — the increasing energy footprint of the tech industry and the greenhouse gas emissions associated with the natural gas industry.
Crusoe, which uses excess natural gas from energy operations to power data centers and cryptocurrency mining operations, has just raised $128 million in new financing from some of the top names in the venture capital industry to build out its operations — and the timing couldn’t be better.
Methane emissions are emerging as a new area of focus for researchers and policymakers focused on reducing greenhouse gas emissions and keeping global warming within the 1.5 degree targets set under the Paris Agreement. And those emissions are just what Crusoe Energy is capturing to power its data centers and bitcoin mining operations.
The reason why addressing methane emissions is so critical in the short term is because these greenhouse gases trap more heat than their carbon dioxide counterparts and also dissipate more quickly. So dramatic reductions in methane emissions can do more in the short term to alleviate the global warming pressures that human industry is putting on the environment.
And the biggest source of methane emissions is the oil and gas industry. In the U.S. alone roughly 1.4 billion cubic feet of natural gas is flared daily, said Chase Lochmiller, a co-founder of Crusoe Energy. About two thirds of that is flared in Texas with another 500 million cubic feet flared in North Dakota, where Crusoe has focused its operations to date.
For Lochmiller, a former quant trader at some of the top American financial services institutions, and Cully Cavmess, a third generation oil and gas scion, the ability to capture natural gas and harness it for computing operations is a natural combination of the two men’s interests in financial engineering and environmental preservation.
NEW TOWN, ND – AUGUST 13: View of three oil wells and flaring of natural gas on The Fort Berthold Indian Reservation near New Town, ND on August 13, 2014. About 100 million dollars worth of natural gas burns off per month because a pipeline system isn’t in place yet to capture and safely transport it . The Three Affiliated Tribes on Fort Berthold represent Mandan, Hidatsa and Arikara Nations. It’s also at the epicenter of the fracking and oil boom that has brought oil royalties to a large number of native americans living there. (Photo by Linda Davidson / The Washington Post via Getty Images)
The two Denver natives met in prep-school and remained friends. When Lochmiller left for MIT and Cavness headed off to Middlebury they didn’t know that they’d eventually be launching a business together. But through Lochmiller’s exposure to large scale computing and the financial services industry, and Cavness assumption of the family business they came to the conclusion that there had to be a better way to address the massive waste associated with natural gas.
Conversation around Crusoe Energy began in 2018 when Lochmiller and Cavness went climbing in the Rockies to talk about Lochmiller’s trip to Mt. Everest.
When the two men started building their business, the initial focus was on finding an environmentally friendly way to deal with the energy footprint of bitcoin mining operations. It was this pitch that brought the company to the attention of investors at Polychain, the investment firm started by Olaf Carlson-Wee (and Lochmiller’s former employer), and investors like Bain Capital Ventures and new investor Valor Equity Partners.
(This was also the pitch that Lochmiller made to me to cover the company’s seed round. At the time I was skeptical of the company’s premise and was worried that the business would just be another way to prolong the use of hydrocarbons while propping up a cryptocurrency that had limited actual utility beyond a speculative hedge against governmental collapse. I was wrong on at least one of those assessments.)
“Regarding questions about sustainability, Crusoe has a clear standard of only pursuing projects that are net reducers of emissions. Generally the wells that Crusoe works with are already flaring and would continue to do so in the absence of Crusoe’s solution. The company has turned down numerous projects where they would be a buyer of low cost gas from a traditional pipeline because they explicitly do not want to be net adders of demand and emissions,” wrote a spokesman for Valor Equity in an email. “In addition, mining is increasingly moving to renewables and Crusoe’s approach to stranded energy can enable better economics for stranded or marginalized renewables, ultimately bringing more renewables into the mix. Mining can provide an interruptible base load demand that can be cut back when grid demand increases, so overall the effect to incentivize the addition of more renewable energy sources to the grid.”
Other investors have since piled on including: Lowercarbon Capital, DRW Ventures, Founders Fund, Coinbase Ventures, KCK Group, Upper90, Winklevoss Capital, Zigg Capital and Tesla co-founder JB Straubel.
The company now operate 40 modular data centers powered by otherwise wasted and flared natural gas throughout North Dakota, Montana, Wyoming and Colorado. Next year that number should expand to 100 units as Crusoe enters new markets such as Texas and New Mexico. Since launching in 2018, Crusoe has emerged as a scalable solution to reduce flaring through energy intensive computing such as bitcoin mining, graphical rendering, artificial intelligence model training and even protein folding simulations for COVID-19 therapeutic research.
Crusoe boasts 99.9% combustion efficiency for its methane, and is also bringing additional benefits in the form of new networking buildout at its data center and mining sites. Eventually, this networking capacity could lead to increased connectivity for rural communities surrounding the Crusoe sites.
Currently, 80% of the company’s operations are being used for bitcoin mining, but there’s increasing demand for use in data center operations and some universities, including Lochmiller’s alma mater of MIT are looking at the company’s offerings for their own computing needs.
“That’s very much in an incubated phase right now,” said Lochmiller. “A private alpha where we have a few test customers… we’ll make that available for public use later this year.”
Crusoe Energy Systems should have the lowest data center operating costs in the world, according to Lochmiller and while the company will spend money to support the infrastructure buildout necessary to get the data to customers, those costs are negligible when compared to energy consumption, Lochmiller said.
The same holds true for bitcoin mining, where the company can offer an alternative to coal powered mining operations in China and the construction of new renewable capacity that wouldn’t be used to service the grid. As cryptocurrencies look for a way to blunt criticism about the energy usage involved in their creation and distribution, Crusoe becomes an elegant solution.
Institutional and regulatory tailwinds are also propelling the company forward. Recently New Mexico passed new laws limiting flaring and venting to no more than 2 percent of an operator’s production by April of next year and North Dakota is pushing for incentives to support on-site flare capture systems while Wyoming signed a law creating incentives for flare gas reduction applied to bitcoin mining. The world’s largest financial services firms are also taking a stand against flare gas with BlackRock calling for an end to routine flaring by 2025.
“Where we view our power consumption, we draw a very clear line in our project evaluation stage where we’re reducing emissions for an oil and gas projects,” Lochmiller said.
Saikat Dey, the founder of Detroit’s own Guardhat Technologies, got his start working in the steel industry. His last job, before founding Guardhat, was serving as the chief executive officer of Severstal International, the multinational steel conglomerate whose headquarters were in Dearborn, Mich.
There, managing the global business of the fourth largest steelmaker by volume and revenue, with 3,600 employees in Mississippi, Michigan, and the coal mines of West Virginia, Dey became obsessed with safety, he said.
Beyond tracking cash flow and EBITDA, the typical numbers companies use, Dey said that worker safety was another measurement that effected compensation. “One of the key metrics is how well and how safe we keep our frontline workers,” Dey said.
Dey’s concerns over safety at his plants is what led him to reach out to union leadership and begin developing the technology that would form the core of Guardhat’s offerings.
The company pitches a multi-product intelligent safety system that integrates wearable technology and proprietary software to detect, alert, and prevent hazardous industrial work-related incidents.
Investors including Dan Gilbert’s Detroit Venture Partners, General Catalyst, and RTP Ventures, the venture investment firm led by Ru-Net Holdings co-founder, Leonid Boguslavsky, are backing Dey’s vision, which also has buy-in from the most important audience of all, the unions representing the workers that use the company’s tech.
Notes on the first day brainstorming session for Guardhat’s industrial wearable. Image Credit: Guardhat
Made in Detroit, built for the world’s industrial workers
Roughly fifteen workers are killed every day on the job in industrial jobs like mining, metals and oil and gas and another 3 million people are injured every year. For executives in the industry, the issue is as much a financial concern as it is an ethical one. At Severstal, 40 percent of Dey’s salary was tied to worker safety, he said.
In fact, the idea for Guardhat hit Dey while he was walking the floor of the company’s Detroit-area steel plant. On one of his regular walks through the factory Dey said he wandered past a man working on a piece of equipment when the employee’s carbon monoxide alarm started to buzz. Instead of trying to find the source of the leak, the man turned off his monitor.
“You’re taking about a steel facility in the heart of Detroit having the largest blast furnace in North America,” said Dey. “Whatever that individual was doing, it could have led to a catastrophic accident.”
That’s what inspired Guardhat’s technology that Dey said was designed to answer a few simple, situational questions that apply to any factory anywhere in the world: Where are you? What conditions do you face? When can help get to you? Those are the questions that Guardhat’s technology is designed to answer.
“We didn’t have effective means to prevent or if an accident happens to intervene with timely information,” Dey said.
The technology may have been designed by executives, but it was made in consultation with the heads of the Detroit area unions, to ensure that workers would actually use the product.
“We decided that we wanted to do this in September 2014,” Dey said. “And when I was struggling with whether to scratch that itch and start the business, the union guys said go for it and do it…. I was a person of color with a $6 billion P&L running one of the six largest steelmakers in the U.S. building this literally out of the garage. It took a lot of guts, stupidity, and it took a lot of support from regular friends at the UAW.”
That collaboration ensured that the union’s workers were comfortable that the information wasn’t being generated and stored in a way that employees would not feel that they were being monitored unnecessarily or punitively.
Guardhat Technologies wearable safety helmet. Image Credit Guardhat Technologies
From prototype to product
The company’s first product was the HC1 — a helmet that comes jam-packed with sensor equipment. “You want to put it on something that everyone wears and is mandated to wear,” Dey said.
Initially the thought was to just create the wearable, but over time Dey and his team realized that the device alone wouldn’t be enough. “The helmet is just another form factor… [and] whatever the form factor, you need to know how you make this information the single source of truth for the platform of all things that surround the worker.”
Like dozens of other Detroit-area startups that came before them, when Dey and his team needed to raise cash, they first turned to Dan Gilbert.
Gilbert tested the prototype by running around a building and asking the GuardHat team if they could find him and tell him where they thought he was.
With Gilbert on board, the product design firm frog labs came into the picture and so did 3M. By then, it was time to test the prototype.
“I still remember the first day we were in testing in a third party certified lab in Akron, Ohio,” sad Dey. These guys were dropping a metal ball from 5 meters and each one of those puppies was $3,000 a-piece and 27 of those hats got ground down to powder,” Dey said. “We failed every test because we didn’t know how to build a helmet.”
Assistance from frog and others brought the device over the finish line and it’s now being used by over 5,000 workers and prevented or alerted workers to at least 2,000 potentially dangerous incidents.
For Dey, the business could only have come from Detroit. “The Detroit thing is symbolic,” he said. It’s a symbol of the school of hard knocks that educated its founding team in the ways these heavy industries.
Automation has become a big theme in enterprise IT, with organizations using RPA, no-code and low-code tools, and other technology to speed up work and bring more insights and analytics into how they do things every day, and today IBM is announcing an acquisition as it hopes to take on a bigger role in providing those automation services. The IT giant has acquired MyInvenio, an Italian startup that builds and operates process mining software.
Process mining is the part of the automation stack that tracks data produced by a company’s software, as well as how the software works, in order to provide guidance on what a company could and should do to improve it. In the case of myInvenio, the company’s approach involves making a “digital twin” of an organization to help track and optimize processes. IBM is interested in how myInvenio’s tools are able to monitor data in areas like sales, procurement, production and accounting to help organizations identify what might be better served with more automation, which it can in turn run using RPA or other tools as needed.
Terms of the deal are not being disclosed. It is not clear if myInvenio had any outside investors (we’ve asked and are awaiting a response). This is the second acquisition IBM has made out of Italy. (The first was in 2014, a company called CrossIdeas that now forms part of the company’s security business.)
IBM and myInvenio are not exactly strangers: the two inked a deal as recently as November 2020 to integrate the Italian startup’s technology into IBM’s bigger automation services business globally.
Dinesh Nirmal, GM of IBM Automation, said in an interview that the reason IBM acquired the company was two-fold. First, it lets IBM integrate the technology more closely into the company’s Cloud Pak for Business Automation, which sits on and is powered by Red Hat OpenShift and has other automation capabilities already embedded within it, specifically robotic process automation (RPA), document processing, workflows and decisions.
Second and perhaps more importantly, it will mean that IBM will not have to tussle for priority for its customers in competition with other solution partners that myInvenio already had. IBM will be the sole provider.
“Partnerships are great but in a partnership you also have the option to partner with others, and when it comes to priority who decides?” he said. “From the customer perspective, will they will work just on our deal, or others first? Now, our customers will get the end result of this… We can bring a single solution to an end user or an enterprise, saying, ‘look you have document processing, RPA, workflow, mining. That is the beauty of this and what customers will see.”
He said that IBM currently serves customers across a range of verticals including financial, insurance, healthcare and manufacturing with its automation products.
Notably, this is not the first acquisition that IBM has made to build out this stack. Last year, it acquired WDG to expand into robotic process automation.
And interestingly, it’s not even the only partnership that IBM has had in process mining. Just earlier this month, it announced a deal with one of the bigger names in the field, Celonis, a German startup valued at $2.5 billion in 2019.
Ironically, at the time, my colleague Ron wondered aloud why IBM wasn’t just buying Celonis outright in that deal. It’s hard to speculate if price was one reason. Remember: we don’t know the terms of this acquisition, but given myInvenio was off the fundraising radar, chances are it’s possibly a little less than Celonis’s pricetag.
We’ve asked and IBM has confirmed that it will continue to work with Celonis alongside now offering its own native process mining tools.
“In keeping with IBM’s open approach and $1 billion investment in ecosystem, [Global Business Services, IBM’s enterprise services division] works with a broad range of technologies based on client and market demand, including IBM AI and Automation software,” a spokesperson said in a statement. “Celonis focuses on execution management which supports GBS’ transformation of clients’ business processes through intelligent workflows across industries and domains. Specifically, Celonis has deep connectivity into enterprise systems such as Salesforce, SAP, Workday or ServiceNow, so the Celonis EMS platform helps GBS accelerate clients’ transformations and BPO engagements with these ERP platforms.”
Indeed, at the end of the day, companies that offer services, especially suites of services, are working in environments where they have to be open to customers using their own technology, or bringing in something else.
There may have been another force pushing IBM to bring more of this technology in-house, and that’s wider competitive climate. Earlier this year, SAP acquired another European startup in the process mining space, Signavio, in a deal reportedly worth about $1.2 billion. As more of these companies get snapped up by would-be IBM rivals, and those left standing are working with a plethora of other parties, maybe it was high time for IBM to make sure it had its own horse in the race.
“Through IBM’s planned acquisition of myInvenio, we are revolutionizing the way companies manage their process operations,” said Massimiliano Delsante, CEO, myInvenio, who will be staying on with the deal. “myInvenio’s unique capability to automatically analyze processes and create simulations — what we call a ‘Digital Twin of an Organization’ — is joining with IBM’s AI-powered automation capabilities to better manage process execution. Together we will offer a comprehensive solution for digital process transformation and automation to help enterprises continuously transform insights into action.”
Before you can improve a workflow, you have to understand how work advances through a business, which is more complex than you might imagine inside a large enterprise. That’s where Celonis comes in. It uses software to identify how work moves through an organization and suggests more efficient ways of getting the same work done, also known as process mining
Today, the company announced a significant partnership with IBM where IBM Global Services will train 10,000 consultants worldwide on Celonis. The deal gives Celonis, a company with around 1200 employees access to the massive selling and consulting unit, while IBM gets a deep understanding of a piece of technology that is at the front end of the workflow automation trend.
Miguel Milano, chief revenue officer at Celonis says that digitizing processes has been a trend for several years. It has sped up due to COVID, and it’s partly why the two companies have decided to work together. “Intelligent workflows, or more broadly spoken workflows built to help companies execute better, are at the heart of this partnership and it’s at the heart of this trend now in the market,” Milano said.
The other part of this is that IBM now owns Red Hat, which it acquired in 2018 for $34 billion. The two companies believe that by combining the Celonis technology, which is cloud based, with Red Hat, which can span the hybrid world of on premises and cloud, the two together can provide a much more powerful solution to follow work wherever it happens.
“I do think that moving the [Celonis] software into the Red Hat OpenShift environment is hugely powerful because it does allow in what’s already a very powerful open solution to now operate across this hybrid cloud world, leveraging the power of OpenShift which can straddle the worlds of mainframe, private cloud and public cloud. And data straddle those worlds, and will continue to straddle those worlds,” Mark Foster, senior vice president at IBM Services explained.
You might think that IBM, which acquired robotic process automation vendor, WDG Automation last summer, would simply attempt to buy Celonis, but Foster says the partnership is consistent with the company’s attempt to partner with a broader ecosystem.
“I think that this is very much part of an overarching focus of IBM with key ecosystem partners. Some of them are going to be bigger, some of them are going to be smaller, and […] I think this is one where we see the opportunity to connect with an organization that’s taking a leading position in its category, and the opportunity for that to take advantage of the IBM Red Hat technologies…” he said.
The companies had already been working together for some time prior to this formal announcement, and this partnership is the culmination of that. As this firmer commitment to one another goes into effect, the two companies will be working more closely to train thousands of IBM consultants on the technology, while moving the Celonis solution into Red Hat OpenShift in the coming months.
It’s clearly a big deal with the feel of an acquisition, but Milano says that this is about executing his company’s strategy to work with more systems integrators (SIs), and while IBM is a significant partner it’s not the only one.
“We are becoming an SI consulting-driven organization. So we put consulting companies like IBM at the forefront of our strategy, and this [deal] is a big cornerstone of our strategy,” he said.
Tesla made headlines earlier this year when it took out significant holdings in bitcoin, acquiring a roughly $1.5 billion stake at then-prices in early February. At the time, it also noted in an SEC filing disclosing the transaction that it could also eventually accept the cryptocurrency as payment from customers for its vehicles. Now, Elon Musk says they’ve made that a reality, at least for customers in the U.S., and he added that the plan is for the automaker to ‘hodl’ all their bitcoin payments, too.
In terms of its infrastructure for accepting bitcoin payments, Tesla isn’t relying on any third-party networks or wallets — the company is “using only internal & open source software & operates Bitcoin nodes directly,” Musk said on Twitter. And when customers pay in bitcoin, those won’t be converted to fiat currency, the CEO says, but will instead presumably add to the company’s stockpile.
You can now buy a Tesla with Bitcoin
— Elon Musk (@elonmusk) March 24, 2021
In February when Tesla revealed its bitcoin purchase, observers either lauded the company’s novel approach to converting its cash holdings, or criticized the plan for its attachment to an asset with significant price volatility. Many also pointed out that the environmental cost of mining bitcoin seems at odds with Tesla’s overall stated mission, given its carbon footprint. Commenters today echoed these concerns, noting the irony of Tesla accepting the grid-taxing cryptocurrency for its all-electric cars.
As for how the bitcoin payment process works today, Tesla has detailed that in an FAQ. Customers begin the payment process from their own bitcoin wallet, and have to set the exact amount for a vehicle deposit based on current rates, with the value of Tesla’s cars still set in U.S. dollars. The automaker further notes that in the case of any refunds, it’s buyer-beware in terms of any change in value relative to the U.S. dollar from time of purchase to time of refund.
Musk also said that the plan is to expand Bitcoin payments to other countries outside the U.S. by “later this year.” Depending on the market, that could require some regulatory work, but clearly Musk thinks it’s worth the effort. Meanwhile, Bitcoin is up slightly on the news early Wednesday morning.