Author : zebethcontrol

Musixmatch launches a podcast platform for transcription driven by AI and community • ZebethMedia

By zebethcontrolPosted on October 20, 2022Posted in Apps, audio, musixmatch, podcast, transcriptionNo Comments

Italy-based company Musixmatch is well-known for providing community-powered lyrics to major music streaming platforms including Spotify, Apple Music, YouTube Music, Amazon Music, and Tidal. Now it’s launching a new platform for podcasts that combines AI-generated transcription and community-verified editing. While there are millions of podcast shows and episodes available for listeners, Musixmatch argues that podcast search is broken. As a result, it suggests a lot of great podcasts don’t get connected to potential fans. So it’s using its experience in training AI models through lyrics and leveraging its NLP (natural language processing) expertise to improve podcast transcription, search, discovery, and sharing. Musixmatch’s podcast platform automatically generates transcription every day for some of the top podcast episodes across different topics and charts. It’s using its NLP base model architecture, Umberto, to tag keywords such as places, people, and topics with Wikipedia IDs — alphanumeric IDs that are linked to topics on Wikipedia. (For instance, this link indicates a Wikipedia ID related to ZebethMedia.) Because of this approach, it says people searching for these topics in any language will get accurate results. The startup explained to ZebethMedia that based on these IDs it creates a topics graph called TopicRank which ranks podcasts based on factors like the number of mentions in an episode or the presenters’ expertise on the topic — enhancing search results for podcasts when users are looking for related topics. Image Credits: Musixmatch “Thanks to this classification, people can finally search for any particular keyword and find transcribed podcasts that match their query, ordered by their relevance. Our search index returns an array of results that is much more detailed and in-depth than any other listening services that rely on standard RSS metadata and predefined genres and categories,” the company claimed. When users search on Musixmatch’s podcast platform, it shows snippets from transcriptions where the searched phrase is mentioned. If they click on the result, the podcast will start playing direct from the timestamp of the snippet that mentions the phrase. That’s pretty neat for when you need to listen to a couple of minutes of audio while researching something. Musixmatch has long relied on its community to make accurate edits to lyrics, and now it’s asking these users to do the same with podcasts. The company’s new podcast portal also includes a tool called Podcast Studio, which allows editors and podcast owners to mend the AI-generated transcription — especially handy for things like people and brand names or cultural references. If there is no transcript for a particular episode the owner or community member can use the Podcast Studio to generate one. Musixmatch says it takes roughly five minutes for AI to generate a transcript for an episode. Regular listeners can also upvote an episode for transcription so the community prioritizes those. Image Credits: Musixmatch It’s important to note that on Musixmatch’s platform AI-generated transcription will have tags such as “Speaker 1” and “Speaker 2,” while Community-edited episodes will have labels with speakers’ names — along with a “verified” label. Human-curated podcast transcription and tags Image Credits: Musixmatch The company is also making sharing easier by displaying cards that have text snippets from the podcast with a shareable link. What’s more, it’s working on a feature called audiograms, which are small sharable videos that include audio and scrolling text snippets from a podcast. Image Credits: Musixmatch Musixmatch doesn’t want to keep all this data to itself. It is allowing podcast owners to export transcriptions to their web feeds and apps. And since these texts are SEO-friendly it argues it will make it easier for listeners to search for them. Some Musixmatch partners it says are using its tools for transcription include “The Talent Show” by The Financial Times; “Beyond the Ordinary” and “Why I Run” by Red Bull; and Chroa Media’s entire production. While Musixmatch’s podcasts platform offer features for listeners, it is not trying to be just a podcast player. The startup argues its competitors are companies that work in the audio analytics space — including apps that provide transcription services (such as Podcastle). “We think that audio analysis (AI, semantic etc) will be a must-have in the near future, for many different use cases. We are in a unique position to provide that service for podcasts because of our AI-powered content analysis tech, our engaged community, and our role within DSPs [demand side platforms], for which we syndicate third-party content already,” the company’s chief product officer, Marco Paglia, told ZebethMedia over email. He added that one of the goals for the company is to become a verified transcription provider for other services — just like its offerings in the lyrics space.

UK antitrust litigation targets Amazon Buy Box with $1BN+ damages claim • ZebethMedia

By zebethcontrolPosted on October 20, 2022Posted in 'Amazon UK Buy Box Claim', Amazon Buy Box, antitrust litigation, Commerce, self preferencingNo Comments

Another antitrust lawsuit is being filed in Europe targeting Big Tech for hefty damages over claims of abusive self-preferencing. This time ecommerce giant Amazon — and its nudge-tastic ‘Buy Box’ — is in the frame for an incoming opt-out representative legal action that’s been announced in the UK, seeking an estimated £900 million in damages to compensate tens of millions of consumers for alleged anti-competitive behavior. The key accusation of “The Amazon UK Buy Box Claim” — as the opt-out collective action suit is being styled — is that Amazon uses the Buy Box, a feature it displays on product pages encouraging shoppers to add a particular seller’s item to their cart, to unlawfully favor its own product offers, obscuring better deals that could save shoppers money. The suit will allege that Amazon uses a “secretive and self-favouring algorithm to ensure the Buy Box nearly always features goods sold directly by Amazon itself, or by third-party retailers who pay hefty storage and delivery fees to Amazon”, per a press release announcing the legal action. This is a familiar charge, with both the UK’s competition authority (since this summer) and the European Union’s antitrust unit (since 2020) investigating Amazon’s criteria for sellers to feature in the Buy Box, probing concerns it artificially favors both its own retail offers and those of sellers that use its logistics and delivery services. But the biggest punch to date has been landed by Italy — which fined Amazon ~$1.3BN at the end of last year for abusing its market position through self-preferencing. Its competition watchdog found Amazon abused its position by giving preferential treatment to third-party sellers that use its logistics service — including a higher higher chance of being featured in the Buy Box — than those sellers not paying Amazon to use its logistics service. The Amazon UK Buy Box Claim — which is slated to be filed in the Competition Appeal Tribunal in London before the end of this month — is being funded by LCM Finance, a global litigation funder. Consumer rights advocate, Julie Hunter, is putting herself forward as the class representative — seeking to represent the interests of tens of millions of Amazon users that the collective action alleges have been damaged by Amazon’s anti-competitive behavior. The suit will accuse Amazon of breaching section 18 of the UK Competition Act 1998 and Article 102 of the Treaty on the Functioning of the European Union. Commenting in a statement, Hunter said: “Many consumers believe that Amazon offers good choice and value but instead it uses tricks of design to manipulate consumer choice and direct customers towards the featured offer in its Buy Box. Far from being a recommendation based on price or quality, the Buy Box favours products sold by Amazon itself, or by retailers who pay Amazon for handling their logistics. Other sellers, however good their offers might be, are effectively shut out – relegated down-page, or hidden several clicks away in an obscure corner of Amazon’s website.” “Online shoppers have a right to be treated fairly and to be able to make informed decisions,” she added. “This lack of transparency and manipulation of choice is an abuse of consumers’ trust, as well as a raid on their wallets. Amazon occupies an incredibly powerful position in the market, making it impossible for consumers to take individual action. Amazon shouldn’t be allowed to set the rules in its favour and treat consumers unfairly. That is why I am bringing this action.” Reached for comment on the legal action, an Amazon spokesperson said: “This claim is without merit and we’re confident that will become clear through the legal process. Amazon has always focused on supporting the 85,000 businesses that sell their products on our UK store, and more than half of all physical product sales on our UK store are from independent selling partners. We always work to feature offers that provide customers with low prices and fast delivery.” While Italy has definitely thumped Amazon over self-preferencing, there has — more generally — been a widespread failure of traditional competition regulation to respond effectively to Big Tech’s market muscle despite heavily documented concerns. Hence other antitrust investigations over the same issue are still ongoing — or even only just being opened. This problem of classic competition regulation’s flat-footedness in the face of Internet-based market power dynamics has, in recent years, nudged a number of European lawmakers to announce a reboot of their rulebooks to bring in proactive regimes they hope will actually be able to clip the wings of the most powerful digital platforms. Reforms such as the EU’s just adopted Digital Markets Act (which will start operating next year); or Germany’s special abuse controls, which came into force after a 2021 update of domestic competition law (and which, earlier this year, its Federal Cartel Office confirmed apply to Amazon). However it’s still early days for those ex ante reboots so litigation funders have spotted an enforcement gap they can lean into in the meanwhile. Hence the flurry of antitrust litigation targeting Big Tech in Europe this year — including, in January, a UK class action style suit against Facebook-owner Meta (which is claiming data exploitation through abuse of dominance and seeking $3BN+ in damages); in February, a PriceRunner lawsuit against Google (seeking $2.4BN+ damages for alleged breaches of the EU’s 2017 Google Shopping antitrust enforcement); and, last month, a couple more suits against Google — filed on behalf of publishers who claim they have been harmed by anti-competitive adtech practices and are reported to be seeking up to $25BN in damages. It’s too early to say whether any of these legal actions will prevail but the stakes are high — obviously — given the billions in damages being sought. And the chance of a massive payday is evidently greasing the supply of litigation funders willing to take a punt. Commenting in another supporting statement, Lesley Hannah, one of the partners at Hausfeld & Co LLP (which is leading the litigation),

Read this before you reprice your SaaS product because of the downturn • ZebethMedia

By zebethcontrolPosted on October 20, 2022Posted in Column, EC Cloud and Enterprise Infrastructure, EC Column, EC How To, economic downturn, Enterprise, Pricing, SaaS, StartupsNo Comments

Torben Friehe Contributor Torben Friehe is CEO and co-founder of Wingback. No matter the circumstances, SasS pricing is always challenging and always will be. Underpricing your product, using a pricing model that is not working for your ICP, not offering self-signup or offering the wrong features as add-ons — all of these pricing and packaging issues (and many more) can cost you a lot of revenue. But the economic downturn has added another element to the mix. Common wisdom tells SaaS founders to adapt their pricing according to changing market conditions, but is that actually helpful advice for SaaS founders? As far as I can see, it isn’t for most. Undeniably, the economic downturn will change buying behaviors and decision-making processes for some of your potential customers. But it’s wrong to assume that this means you are overcharging for your product in the current market. In reality, most budget cuts right now, unfortunately, are the big ticket items (staff). SaaS is comparably just a drop in the bucket. However, that doesn’t mean SaaS is totally safe either. Companies are looking to trim the fat on their teams, often reconsidering entire workflows, and weighing which software can help fill in the gaps. This is especially true of low-code/no-code products where customers can make do with fewer pricey engineering resources. In this sense, SaaS products are just as much a part of the equation. Thinking through a pricing and packaging change right now can help you flourish when things are better again. When you see your numbers not picking up (or maybe plummet) it can get very tempting to frantically start changing your pricing, offer discounts or second-guess your strategies. But before you embark on a price-slashing journey, do some careful analysis. If your sales numbers are lagging behind what you expected, there is another question to ask: What’s actually wrong with your SaaS product or its pricing? It’s important to make a distinction here. Does the real problem lie in how you’ve valued (priced) your product? Is it the market’s impact on your product’s demand? Or is there a problem with the product itself? Each of these are entirely different diagnoses with different prescriptions. If the problem is how you’ve valued your product

Farmers are key to Lithos Carbon’s quest to remove gigatons of carbon • ZebethMedia

By zebethcontrolPosted on October 20, 2022Posted in agriculture, carbon removal, Climate, EC Food Climate and Sustainability, StartupsNo Comments

It almost sounds too good to be true: Take basalt dust that today is wasted in the manufacturing of things like asphalt shingles, sprinkle it on farmers’ fields, and it raises crop yields while also removing carbon dioxide from the atmosphere. Where’s the catch? For the entire thing to work, farmers need to add just the right amount of basalt. Too little and they don’t capture much carbon and their crops don’t see any benefits. Too much and the field could end up releasing carbon instead of removing it. Soils are complex systems. The team at Lithos Carbon thinks they’ve cracked the code. They’re working with farmers in the U.S. Midwest and Southeast, where they’ve already captured over 2,000 tons of carbon this year. The startup just announced a $6.3 million seed round led by Union Square Ventures and Greylock Partners with participation from Bain Capital Ventures, Carbon Removal Partners, the Carbon Drawdown Initiative, Fall Line Capital and Cavallo Ventures. For Greylock and Bain, it’s their first climate investment.

Banyan raises $43M to grow its network of item-level purchase data • ZebethMedia

By zebethcontrolPosted on October 20, 2022Posted in Commerce, Enterprise, Fin Capital, Fintech, funding, M13, startup, StartupsNo Comments

Banyan, a platform for product purchase data that allows customers such as banks, fintechs, hotels and merchants to automate expense management and more, today announced that it raised $43 million in a Series A funding round — $28 million in equity and $15 million in debt — led by Fin Capital with participation from M13, FIS Impact Ventures and TTV Capital. A source familiar with the matter tells ZebethMedia that the valuation is in the “mid-$100 million” range. CEO Jehan Luth says that the new capital will be put toward product research and development and infrastructure growth, as well as toward expanding Banyan’s headcount from 46 employees to 50 by the end of the year. “This funding round positions Banyan well with ample runway to grow,” he told ZebethMedia in an email interview, noting that it brings the company’s total raised to $53 million. Banyan maintains a database of “SKU-level” data and a platform that leverages the database to enable companies to use purchase data in various ways (e.g., fraud prevention, loyalty programs and card-linked offers). For example, Banyan can integrate item-level purchase data into business banking or expense management apps, removing the need to organize receipts and expense reports. Elsewhere, the platform organizes, classifies and standardizes receipt data to enable merchants and their partners to target offers to specific items, categories and aisle-level subcategories they want to reward (think ad campaigns like “buy grilling equipment at grocer X and get 20% cash back”). Luth — who holds an associate’s degree in computer science from the University of Cambridge, a bachelor’s degree in food science from the Culinary Institute of America, and master’s degrees in epidemiology and law from the University of Pennsylvania — founded Banyan in 2019 after serving as technology director of Harvard’s T.H. Chan School of Public Health. He claims one of the company’s major differentiators is that its network obtains data directly from first-party sources, such as merchants, and doesn’t collect personal information — addresses, phone numbers, email addresses and the like — “unless absolutely necessary” to deliver a service. “Merchants are a key collaborator in our network, providing secure purchase receipt data so that there is no need for screen scraping or problematic receipt snapshots with a mobile phone,” Luth said. “We are organizing and standardizing item-level data across all merchants so that it can be accurate and consistent when integrated into banking institution customer platforms.” Banyan claims to have processed billions of transactions and receipts from the over 35,000 merchant partners in its network. Luth, who declined to reveal the size of the company’s customer base, says it’s made up largely of banks and fintechs (he wouldn’t name names). “In an environment where many consumers are tightening their belts and rethinking brand loyalty, item-level data can be a key for retailers to offer real savings leveraging strategic ‘aisle’ budgets, while also managing inventory levels and efficiently driving sales retention,” Luth said, demurring when asked about Banyan’s revenue numbers. “Our investments will enable financial institutions to increase customer engagement by delivering personalized digital experiences, and enable merchants to streamline the purchase experience and create new sources of sales revenue along with improving their ability to manage inventories.”

Google’s Android Go for entry-level phones is now on 250 million devices • ZebethMedia

By zebethcontrolPosted on October 20, 2022Posted in Android, Android Go, Apps, Google, HardwareNo Comments

Five years after Google released the first version of Android Go, its mobile operating system for entry-level devices, the program has now amassed over 250 million monthly active devices. That’s up from 200 million Android Go monthly active devices milestone that Google shared in December last year. To mark the occasion, the search giant has also announced the new Android 13 (Go Edition) that delivers several premium features for the affordable smartphone lineups. The company said one of the key updates shipping with this version is Google Play System Updates for Android Go devices. This will allow consumers to receive some essential updates timely and on the fly without having to wait for the handset’s phonemakers to issue them. “This will make the delivery of critical updates quick and simple without compromising storage availability on the device. The result is a phone that stays up to date over time — and you don’t have to wait for the next release or a software push from your phone’s manufacturer to have the latest and greatest,” the company explained. Android 13 (Go Edition) also introduces company’s new design language, Material You, for better theming and personalization of the phone’s interface. Google first introduced Material You with Android 12 for a ubiquitous customization experience throughout the system. For instance, if you change your wallpaper, the color scheme across the system changes to reflect that. Image Credits: Google What’s more, the new Android Go version shows you personalized articles and content if you swipe left from the home screen. This Discover feed also includes short videos and game updates from sports teams you follow. The new Go Editon update also brings some of the Android 13 features like Notification Permissions and the ability to define languages per app. Google said devices with Android 13 (Go Edition) will show up in 2023. In September, Google quietly increased the requirement of minimum RAM size to 2GB for devices launching or updating to Android 13. The company also works on some local forks of Android Go for a customized user experience. Last year, the company partnered with Indian telecom giant Jio to release an $87 phone called JioPhone Next with a forked version of Android Go.

Reliance launches JioBook, its maiden Android-powered laptop • ZebethMedia

By zebethcontrolPosted on October 20, 2022Posted in Android, Gadgets, Hardware, Jio Platforms, Qualcomm, relianceNo Comments

Jio Platforms has quietly launched its first laptop, entering into a new product category as the Indian telecom giant aggressively expands its offerings. The laptop, called JioBook, runs JioOS, a custom Android-based OS that has been “optimized for superior performance” and local languages support. The laptop, manufactured in India, is selling at 15,799 Indian rupees, or $190. The JioBook, which also ships bundled with several Jio apps and Microsoft 365 services, has been in the works for at least two years. The company quietly demonstrated it at Indian Mobile Congress trade show event last month. JioBook’s specifications, as you would have guessed, are not very high-end. It sports a 11.6-inch HD display with a screen resolution of 1366 x 768. It is powered by Qualcomm’s 64-bit, 2GHz octa-core processor and 2GB of RAM. But the laptop ships with an embedded Jio sim card, enabling out of the box support for Jio 4G LTE connectivity. The firm says on its store page that the JioBook features up to 128GB of flash storage and can last up to eight hours on a single a charge. The laptop is the latest of a series of businesses Reliance, the Indian conglomerate and the parent firm of Jio Platforms, has entered in recent years. The firm, led by billionaire Mukesh Ambani, entered the telecom business six years ago and quickly became the top service provider in the country, thanks to the network’s cutrate data and voice tariffs. Jio Platforms, which secured over $20 billion in funding from over 10 investors in 2020 including Meta and Google, has also launched feature phones and smartphones in the past half decade. The company’s JioPhone Next smartphone went on sale last year. Jio Platforms has worked closely with Google to develop a custom Android operating system for the smartphone. The company appears to have ambitious plans with the JioBook. Reuters, which scooped the laptop’s imminent unveiling plan earlier this month, said Reliance plans to sell “hundreds of thousands” of units by March. Jio did not immediately respond to a request for comment.

N26 adds crypto trading with new Bitpanda integration • ZebethMedia

By zebethcontrolPosted on October 20, 2022Posted in challenger bank, Crypto, crypto trading, Fintech, N26, StartupsNo Comments

Challenger bank N26 is launching a new trading feature in its app — N26 Crypto. Users will be able to easily trade crypto assets using money in their N26 account. Behind the scenes, N26 is partnering with Bitpanda to handle trading and custody. N26 is going to slowly roll out N26 Crypto across Europe. At first, only some users in Austria will be able to access the new feature. Other countries should get the feature at some point over the next six months. N26 will let you buy, sell and hold 100 different crypto assets. The startup plans to add another 94 crypto assets later down the road. And I’m sure the company will expand to stocks and other asset classes soon. N26 Crypto will be accessible from the second tab, which has been renamed “Finances”. From this screen, you will find your spaces — those are sub-accounts that you can use to set some money aside in a different pocket of money. Spaces can also be used as shared accounts with someone else. Below your list of spaces, there is a new “Trading” section with your crypto portfolio. N26 lists all your crypto assets, the value of your positions and how they have changed over the last 24 hours, week, month or year. Whenever users want to buy or sell some cryptocurrencies, they can hit the buy or sell button, choose a crypto asset (or search for it) and enter an amount. N26 displays both the exchange rate and how much you will pay in fees. Image Credits: N26 N26 plans to charge 1.5% for bitcoin trades and 2.5% for all other cryptocurrencies. That’s the same fee that users pay in Bitpanda’s own app. Users who pay €16.90 per month for N26 Metal will pay 1% and 2% in transaction fees on bitcoin and other cryptocurrencies respectively. The main advantage with N26 Crypto is that it is directly tied with your existing bank account. You don’t have to upload money to a different trading account, switch to the Bitpanda app (ot another app) and then start trading. Similarly, when you cash out with N26 Crypto, you will get EUR in your main N26 account — no need to transfer money back to your bank account. N26 isn’t the first fintech startup that builds a deep integration with Bitpanda. French payment app Lydia also partnered with Bitpanda to introduce the ability to trade stock, precious metals, cryptocurrencies and ETFs in its app last year. In my experience, it works really well. Last week, N26 shared its 2021 financial results. While gross revenue grew by 50% to reach more than €180 million, its operating costs also grew at a rapid pace, resulting in a €170 million net loss. Of course, N26 has also raised hundreds of millions of euros. Thanks to these deep pockets, the company has plenty of time to figure out how to get more revenue from its users while keeping its operating costs under control. As N26 and Bitpanda have likely agreed to share revenue coming from N26 Crypto, the new feature should contribute to the company’s bottom line.

GlobalFair secures new cash to simplify procuring construction materials • ZebethMedia

By zebethcontrolPosted on October 20, 2022Posted in Commerce, construction tech, GlobalFair, india quotient, lightspeed venture partners, StartupsNo Comments

The construction materials market is fragmented, according to GlobalFair CEO Shaily Garg, because it involves layers of both supply chain and logistics complexities. In a 2021 survey for the National Association of Home Builders and Wells Fargo, the vast majority of builders said that the time it takes to obtain materials — and the cost of materials — continue to be the top issues they face. Garg posits that technology can help, which is why she launched GlobalFair in 2020 with Ashish Chandra. A business-to-business startup, GlobalFair aims to simplify the procurement of “ready-to-install” materials such as countertops, quartz countertops, cabinets, natural stones and tiles with a digital marketplace for U.S. construction contractors. GlobalFair today announced that it raised $20 million in a Series A funding round led by Lightspeed — a mix of equity ($12 million) and debt ($8 million) — with participation from Saama Capital, India Quotient, AUM Ventures and Stride Ventures. It brings the company’s total raised to $22 million following a $2 million seed round last February. “The idea of GlobalFair was something Chandra and I felt strongly about, given the fragmented nature of construction businesses,” Garg said. “Across the world, global supply chain challenges are resulting in construction delays and labor shortages.” Garg says she developed an interest in construction at an early age. Her family owned a quartz manufacturing business and she was trained as an engineer, going on to work for P&G prior to founding GlobalFair after stints at PwC and TransUnion. Chandra is also an engineer with an infrastructure consulting background, having worked as a director at PwC India and co-founded TrueCover, a startup creating blockchain-based insurance tools. With GlobalFair, Garg and Chandra drew on their technical backgrounds to create a platform with predictive modeling capabilities. While the platform’s flagship product is a marketplace that connects contractors, distributors, fabricators, architects and construction companies to procure materials, GlobalFair also offers a tool to automate construction material cost estimates from architectural plans and site shop drawings. Beyond this, the company hosts a material visualization app to help architects and designers anticipate how things might look once installed, as well as an automated enterprise resource planning system to — in Garg’s works — “enable swift response time for customers and suppliers across multiple geographies.” “[W]e have created an end-to-end synchronized supply chain from discovery to the final delivery of materials at a customer’s doorstep,” Garg said. “Our one-stop-shop platform is transformational for supply-side manufacturing, opening up the pockets of manufacturing that exist in India, Vietnam and other Southeast Asian countries for the global markets. We aim to become the largest technology-first global supplier of building materials, providing an easy, cost-efficient and seamless cross-border procurement experience for construction contractors.” To this end, GlobalFair claims to be working with “hundreds” of contractors and retail customers across the U.S., specifically for multifamily and hospitality projects with budgets ranging from $100 million to $500 million. Garg says that GlobalFair’s clientele runs the gamut from big manufacturers and local distributors, to exporters, to retail chains buying from distributors. Garg attributes the company’s recent success in part to the pandemic and the subsequent supply chain chaos. A report from Buildertrend found that the average number of days of delays more than doubled in 2022 compared to last year — a result of volatile material costs, shipping backlogs and scarce labor. Construction tech startups have broadly benefited from the tailwinds over the past two years. In H1 2022, alone, funding in the sector totaled $1.3 billion, according to Pitchbook — up 44% from H2 2021. “COVID-19 has had a seismic impact on global production networks, such that logistics costs and existing supply chains have altered fundamentally,” Garg said. “Businesses today are more worried about the resilience of their supply chains and are therefore looking to expand their supplier networks … At GlobalFair, we are disintermediating the long cross-border supply chain, connecting contractors directly to the suppliers.” Garg claims that GlobalFair is maintaining “unit profitability” despite the current economic uncertainty, having seen “strong customer pull and growth” between the seed and Series A rounds. The new capital will be put toward growing the company’s team (from around 100 people to more than 200 by mid-2023), building products and scaling GlobalFair’s tech offering to new markets, she said. Lightspeed partner Bejul Somaia shared via email: “The pandemic created stress in supply chains across industries, heightening the need for transparency, visibility and geographic diversification in the global procurement of construction products and building materials. By using technology to stitch together a network of manufacturing facilities across India and South East Asia, GlobalFair enables buyers in any country to discover new supply in an efficient, transparent and secure electronic market.”

Survey finds 67% of European women in tech feel under-paid compared to men, half experience sexism • ZebethMedia

By zebethcontrolPosted on October 20, 2022Posted in Government & Policy, sexism, sexism in tech, StartupsNo Comments

Last month, on International Equal Pay Day, the International Labour (ILO) Organization revealed that on average, women globally are paid about 20 percent less than men. This pay gap is even bigger for Black and Hispanic women, where Black women were found to earn over 63% less than white men, and Hispanic or Latina women 57.3% less. In survey after survey, this blatant sexism is continually proved evident in the technology industry, and a new survey has provided yet another dismal glimpse into how women are treated. The survey found that over the last 12 months, almost 67 percent feel they are paid unfairly compared to their male counterparts. In 2019 46.4 percent of respondents thought themselves to be paid fairly, while in 2022 this figure fell to 33.1 percent. And half (49.5 percent) had experienced sexism in the workplace. It also found over 62 percent felt pressure to choose between career and family at least some of the time, and 70 percent feel they need to work harder to prove themselves to others because of their gender. Although 92 percent felt confident in their own ability to do their job, 70 percent said they have been made feel they need, , because of their gender, to work harder to prove themselves in their roles, a stark increase from the same survey in 2019 when that figure was 44 percent. Over 53 percent feel that their workplace is making an adequate effort to combat gender inequality, almost no change on that view in 2019. Not exactly good news, then. In 2019, just 44 percent of those surveyed said they felt pressure to prove their worth when compared with their male counterparts. Regarding the gender ratio in the technology industry, this appears to be going moving in reverse. Only 24 percent of respondents said the gender ratio in the industry was becoming more balanced in the last 12 months compared to 42 percent three years ago. Was this the effects of the pandemic on hiring, where diversity of teams in terms of hiring can often be hidden? Perhaps further surveys could delve into this. The survey, distributed via email to the Web Summit Women in Tech community, received 340 responses, so technically it is not what would normally constitute a scientific polling. That said, the majority (70.4 percent) were aged between 25 and 44, and over 78 percent of respondents were from Europe. The survey follows a report by European Women in VC, that saw all-female startups secure just 2 percent of all funding in 2021, down from 3 percent in 2020.