FreshRSS

🔒
❌ About FreshRSS
There are new available articles, click to refresh the page.
Before yesterdayYour RSS feeds

The SPAC trash ticker is counting down

By Natasha Mascarenhas

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

This week had the whole crew aboard to record: Grace and Chris making us sound good, Danny to provide levity, Natasha to actually recall facts and Alex to divert us from staying on topic. It’s teamwork, people — and our transitions are proof of it.

And it’s good that we had everyone around the virtual table, as there was quite a lot to get through:

  • The team felt all kinds of ways about the Amazon-MGM deal. Some of us are more positive than the rest, but what gists out from the transaction is that for Amazon, the purchase price is modest and the company is famously playing a supposedly long-game. Let’s see how James Bond fits into it. Alex receives four points for not bringing up F1 thanks to the Bond-Aston Martin connection.
  • Turning to the SPAC game, we chatted through the recent Lordstown Motors earnings results, and what we can parse from them regarding blank-check companies, promises and reality.
  • After launching last June with just $2 million, Collab Capital has closed its debut fund at its target goal: $50 million. The Black-led firm invests exclusively in Black-led startups, and got checks from Apple, PayPal, and Mailchimp to name a few. We talk about this feat, and note a few other Black-led venture capital firms making waves in the industry lately.
  • We Resolved our transition puns and eventually spoke about the Affirm spin-out, which raised $60 million in a funding round for BNPL for businesses. There’s bigger questions there around the accessibility and point of BNPL, and if its really re-inventing the wheel or just repackaging it with simpler UX.
  • Next up, we got into a can of worms about the future of meetings thanks to Rewatch, which raised a $20 million Series A this week led by Andreessen Horowitz. The startup helps other startups create internal, private Youtubes to archive their meetings and any video-based comms. We could only spend a second on this, so if you want our longer thoughts in the form of text, check out our 3 views on the topic on Extra Crunch! (Discount Code: Equity)
  • From there we had Interactio and Fireflies.ai, two more startups that are tackling the complexities of meetings in the COVID-19 era, and whatever comes next. Both recently raised new funding, and Alex brought up Kudo to add one more upstart to the mix.
  • Noom, a weight loss platform, bulked up with $540 million in funding after nearly doubling its revenue from 2019 to 2020. The pandemic has made many people gain weight, but we chew into why Noom’s moment might be right now after a decade in the works.

Thanks for hanging out this week, Equity is back on Tuesday with our usual weekly kickoff, thanks to the American holiday on Monday. Chat then, unless you want to follow us on Twitter and get a first-look at all of Chris’ meme work. 

Equity drops every Monday at 7:00 a.m. PST, Wednesday, and Friday morning at 7:00 a.m. PST, so subscribe to us on Apple PodcastsOvercastSpotify and all the casts.

Zoom fatigue no more: Rewatch raises $20M to index, transcribe and store enterprise video content

By Ingrid Lunden

We don’t hear as much these days about “Zoom fatigue” as we did in the first months after the Covid-19 pandemic kicked off last year, but what’s less clear is whether people became more tolerant to the medium, or if they’d found ways of coping with it better, or if they were hopeful that tools for coping would soon be around the corner.

Today, a startup that has come up with a solution to handling all that video is announcing some funding to grow, on the understanding that whatever people are doing with video today, there will be a lot more video to handle in the future, and they will need more than just a good internet connection, microphone and video camera to deal with it.

Rewatch, which has built a set of tools for organizations to create a “system of record” for their internal video archives — not just a place to “rewatch” all of their older live video calls, but to search and organise information arising from those calls — has closed a $20 million round of funding.

Along with this, Rewatch from today is opening up its platform from invite-only to general availability.

This latest round is a Series A and is being led by Andreessen Horowitz, with Semil Shah at Haystack and Kent Goldman at Upside Partners, as well as a number of individuals, also participating.

It comes on the heels of Rewatch announcing a $2 million seed round only in January of this year. But it’s had some buzz in the intervening months: customers that have started using Rewatch include GitHub (where co-founders Connor Sears and Scott Goldman previously worked together), Brex, Envoy, and The Athletic.

The issue that Rewatch is tackling is the fact that a lot more of our work communications are happening over video. But while video calling has been hailed as a great boost to productivity — you can work wherever you are now, as long as you have a video connection — in fact, it’s not.

Yes, we are talking to each other a lot, but we are also losing information from those calls because they’re not being tracked as well as they could be. And, by spending all of our time talking, many of us are working on other things less, or are confined into more rigid times when we can.

Rewatch has built a system that plugs into Zoom and Google Meet, two of the most-used video tools in the workplace, and automatically imports all of your office’s or team’s video chats into a system. This lets you browse libraries of video-based conversations or meetings to watch them on-demand, on your time. It also provides transcripts and search tools for finding information in those calls.

You can turn off the automatic imports, or further customize how meetings are filed or accessibility. Sears said that Rewatch can be used for any video created on any platform, for now those require manually importing the videos into the Rewatch system.

Sears also said that over time it will also be adding in ways to automatically turn items from meetings into, say, work tickets to follow them up.

While there are a number of transcription services available on tap these days, as well as any number of cloud-based storage providers where you can keep video archives, what is notable about Rewatch’s is that it’s identified the pain point of managing and indexing those archives and keeping them in a single place for many to use.

In this way, Rewatch is highlighting and addressing what I think of as the crux of the productivity paradox.

Essentially, it is this: the tech industry has given us a lot of tools to help us work better, but actually, the work required to use those tools can outweigh the utility of the tools themselves.

(And I have to admit, this is one of the reasons why I’ve grown to dislike Slack. Yes, we all get to communicate on it, and it’s great to have something to connect all of us, but it just takes up so much damn time to read through everything and figure out what’s useful and what is just watercooler chat.)

“We go to where companies already are, and we automate, pull in video so that you don’t have to think about it,” Sears said. “The effort around a lot of this takes a lot of diligence to make sure people are recording and transcribing and distributing and removing. We are making this seamless and effortless.”

It sometimes feels like we are on the cusp, technologically, of leaning on tools by way of AI and other innovations that might finally cross that chasm and give us actual productivity out of our productivity apps. Dooly, which raised funding last week, is looking to do the same in the world of sales software (automatically populating various sales software with data from your phone, video and text chats, and other sources), is another example of how this is playing out.

Similarly, we’re starting to see an interesting wave of companies emerge that are looking for better ways to manage and tap into all that video content that we now have swimming around us. AnyClip, which announced funding yesterday, is also applying better analytics and search to internal company video libraries, but also has its sights on a wider opportunity: organizing any video trove. That points, too, to the bigger opportunity for Rewatch.

For now, though, enterprises and businesses are an opportunity enough.

“As investors we get excited about founders first and foremost, and Connor and Scott immediately impressed us with their experience, clear articulation of the problem, and their vision for how Rewatch could be the end-all solution for video and knowledge management in an organization,” noted David Ulevitch, a general partner at Andreessen Horowitz, in a blog post. “They both worked at GitHub in senior roles from the early days, as a Senior Director of Product Design and a Principal Engineer, respectively, and have first-hand experience scaling a product. Since founding Rewatch in early 2020, they have very quickly built a great product, sold it to large-scale customers, and hired top-tier talent, demonstrating rapid founder and company velocity that is key to building an enduring company.”

❌