funding

Yakoa raises $4.8M to help detect NFT fraud for platforms and creators • ZebethMedia

By zebethcontrolPosted on November 15, 2022Posted in Crypto, crypto ecosystem, funding, NFT, startupNo Comments

Yakoa, an NFT fraud detection startup, has raised $4.8 million to build tools to fight intellectual property fraud in web3, the company exclusively told ZebethMedia. One of the most common attacks Yakoa sees is people making copies of NFTs and claiming them as their own work, Andrew Dworschak, co-founder of the startup, said. Yakoa provides tools and an indexer that detects copies or infringement probabilities on original NFTs, ranging from direct forgery to partial or stylistic forgery, which will then notify platforms, brands or creators of these fraudulent activities. The funding round was led by Collab+Currency, Volt Capital, and Brevan Howard Digital with participation from Data Community Fund, Alliance DAO, Uniswap Labs Ventures, Orange DAO, Time Zero Capital, gmjp, Sunset Ventures and FAST by GETTYLAB, as well as angel investors. The capital will be used to grow its machine learning and data engineering teams internally, according to Graham Robinson, co-founder of Yakoa. The platform identifies an NFT’s first existence across a number of blockchains like Ethereum, Solana, Avalanche, Polygon and more. “In terms of blockchains, having every blockchain is on our road map,” Dworschak said. “The belief we have is it doesn’t matter where you mint IP or publish an address, what matters is that it’s publicly verifiable.” Anyone can make “a quick buck off of anyone,” Dworschak noted. “It’s really hard to protect against this stuff ’cause there’s so many assets. In some cases [fraudsters are] photoshopping and cropping or changing colors, when they’re really using someone else’s IP.” “When we’re doing an attribution search, we’re trying to figure out where an asset might be derived from and give as much information as we can,” Dworschak said. “Two assets can be similar and not fraudulent and that’s completely appropriate. There’s a lot of edge cases we need to be aware of and other ones that pop up in a similar vein and some use cases we take on as a platform and give people the chance to record their opinion.” “The entire ecosystem is open and we want to continue to make sure it stays that way,” Robinson said. “We’re trying to create the tools for the industry to use and they can use it in their environment.” The name Yakoa came from the saying, “A-OKAY,” but backward, Dworschak said. “When you’re using the blockchain, you want to make sure it’s ‘A-OKAY,’ so that’s why we named it that.” Today, the NFT market has “already demonstrated a lot of potential,” Dworschak said. “It has created types of assets not bound to a specific platform that allows creators to publish their assets and trade them freely across platforms. It’s a brand new method of commerce and it’ll spill over to what’s unimaginable today.” Long-term, fraud protection will be something that can run in the backend for platforms, Robinson said. “There’s a bunch of services that can start from this IP protection.”

MotherDuck secures investment from Andreessen Horowitz to commercialize DuckDB • ZebethMedia

By zebethcontrolPosted on November 15, 2022Posted in a16z, data analytics, Enterprise, funding, redpoint, startup, StartupsNo Comments

Jordan Tigani — a founding engineer at Google BigQuery, Google’s fully managed data analysis platform — was working as the chief product officer at SingleStore when he noticed that the vast majority of database workloads were small (less than 10GB in size) and low-bandwidth. While vendors were building for massive data sets, the term “big data” was becoming a misnomer thanks to recent advances in hardware, the way Tigani saw it. Around the same time, Tigani got in touch with Hannes Mühleisen, the co-creator of the lightweight database platform DuckDB, to toss ideas for a paid service back and forth. Seeking to launch a product for developers with light database requirements, Tigani — with Mühleisen’s blessing — began building a DuckDB-based cloud service. The service became the cheekily named MotherDuck, a startup independent of the original DuckDB that’s focused on commercializing open source DuckDB packages. “Users want easy and fast answers to their questions — they don’t want to wait for the cloud,” Tigani told ZebethMedia via email. “The fact is that a modern laptop is faster than a modern data warehouse. Cloud data vendors are focused on the performance of 100TB queries, which is not only irrelevant for the vast majority of users, but also distracts from vendors’ ability to deliver a great user experience.” It’s a classic playbook — take an open source tool and build a service on top of it. But while it might not be original, Tigani’s plan has already paid dividends. MotherDuck today announced that it raised $47.5 million across seed and Series A rounds, valuing the company at $175 million post-money. Redpoint led the seed while Andreessen Horowitz (a16z) led the Series A — other investors include Madrona, Amplify Partners and Altimeter. Tigani says that MotherDuck wasn’t planning to raise the Series A so soon after the seed, but did so at the urging of LPs — and for the opportunity to work with a16z. “With this funding, MotherDuck is able to build out their world-class engineering team and add a go-to-market function to provide a cloud analytics platform for organizations that want to use DuckDB in an evolved way,” Tigani said. “At the same time, it allows DuckDB to continue to be a vehicle for academic research.” Tigani claims that MotherDuck’s service — powered by DuckDB, which HackerNoon once described as “mutant offspring of SQLite and Redshift” — allows practitioners to start answering questions from data faster than most existing tooling. It uses local computing resources in concert with the cloud, driving data analytics and other data-heavy workloads. That’s in contrast to typical data warehouse systems that offer reporting and tools almost exclusively for enterprise-scale analytics. As Madrona’s Jon Turow explains in a forthcoming blog post (ZebethMedia got a sneak peak), MotherDuck uses a “hybrid execution” technique to query a data set that’s spread across multiple places. Some of the data might be on a developers laptop, some in the cloud instance and the rest in a different cloud, but MotherDuck makes it possible for a dev to query the combination of these sources. “The platform intelligently decides where to operate upon each bit of data to minimize the costs of compute and data transfer,” Turow writes. The data warehouse concept has existed since the ’80s, but it’s risen to prominence in recent years as companies shift their workloads to the cloud. There’s startups like Firebolt and Hydra, which aim to become the open cloud data warehouse of choice for large companies. Panoply, another player in the data warehouse space, has taken a different approach, developing tools that make it easier for businesses to analyze their data with standard database queries. While Tigani sees MotherDuck as a competitor in the data analytics market alongside data warehouse vendors, he positions the platform as the technological superior alternative. “The high efficiency of DuckDB will allow MotherDuck to be cost-competitive, while also being more performant for most data workloads,” Tigani asserted. “Advances in CPU, memory, disk performance and networks are making existing architectures obsolete. Large distributed analytics clusters are no longer necessary due to these advances. Single-node DuckDB can often be much faster, cheaper and simpler than these distributed systems.” The DuckDB team is involved to a degree with MotherDuck, which in turn is a member of the DuckDB Foundation, the nonprofit that holds much of DuckDB’s IP. DuckDB’s own commercial arm, DuckDB Labs, is a shareholder in the company and contributed code to the cloud platform. Tigani assures me that DuckDB will continue to be freely available under a permissive MIT license and that the original DuckDB team will build, maintain and promote the core DuckDB codebase going forward. Fueled by the fresh capital, MotherDuck plans to expand its small workforce from 13 people to 18 by the end of the year. When asked, he declined to answer questions about the size of the startup’s customer base or revenue, saying it’s too early.

Zest wants to make buying and sending gifts online ‘delightful’ • ZebethMedia

By zebethcontrolPosted on November 15, 2022Posted in Apps, boxgroup, character, Commerce, eCommerce, funding, GV, operator partners, startup, StartupsNo Comments

While e-commerce was on the rise before the pandemic, the massive shift to digital supercharged the online shopping industry — bringing entirely new categories of products (and shoppers) to the web. According to Adobe, Americans have spent a record $1.7 trillion online over the last two years, a 55% uptick from two years before the pandemic. A fair number of those online purchases are gifts as revealed by search trends — from 2019 to 2020, there was an 80% increase in searches for “online gifting” on Google Search. But despite the fact that hundreds of billions of people now regularly turn to digital channels (e.g. Amazon) to gift, the gifting experience remains subpar. That’s the opinion of Alex Ingram, at least, who co-founded a startup — Zest — that’s focused on e-commerce gifting flows. Zest is Ingram’s second company after Sunlight Health, which sought to make brand-name and specialty prescription medications affordable for patients with chronic conditions. He met Zest’s second co-founder, Jeremy Feinstein, while working at Flatiron Health, where they helped to develop cancer center software. “After Flatiron’s sale to Roche, we both felt it was time for something new,” Ingram told ZebethMedia via email. “Obviously, e-commerce is worlds away from oncology. But we wanted to build something that could really help small- and medium-sized businesses to succeed in an increasingly challenging environment.” Image Credits: Zest With Zest, Ingram says that the goal was to make the experience of online gifting “delightful.” How? By allowing e-commerce brands to embed a “send as a gift” button on their product or cart pages and letting givers choose a digital greeting card, add their own message, pay through Shopify and deliver the gift to the recipient via text or email. With gifts gifted through Zest, recipients — who can opt into shipping notifications — can add their own mailing address or customize the gift’s attributes (like size or color) and optionally send a thank-you note to the sender. There’s certainly something to affording recipients some choice in their online gifts. While it might ruin the surprise, a 2015 survey from Loop Commerce (now GiftNow) found that buying the wrong size and the hassle of online returns were some of the top reasons people were reluctant to buy gifts online. Ingram is well aware that Zest isn’t the only online gifting tool out there. There’s Goody, which has raised millions in venture capital for its mobile app that lets users send gifts via text. Givingli, an online gifting service that lets users customize digital greetings and send gifts to anyone, recently closed a $10 million equity round. GiftNow is perhaps Zest’s closest competitor, offering a checkout technology that lets customers buy gifts without having to worry about product details like size, color and shipping addresses. But Ingram argues that Zest uniquely takes a “brand-first” approach, helping brands grow by building direct relationships with their customers. “With some of the other gifting tools out there, the brands are almost an afterthought,” Ingram said. “Zest makes sending a gift a convenient and easy experience for shoppers, who never have to leave their favorite brand’s website — it’s as intuitive as clicking ‘Add to Cart’ or ‘Buy It Now.’ There are lots of e-gift card apps too, but we don’t believe e-gift cards are the future of gifting. They feel transactional and impersonal. They’re so forgettable that billions of dollars of gift cards go unused every year in the U.S. And many brands don’t like to deal with the accounting headaches that come with the long-standing liabilities of unused gift cards.” Image Credits: Zest The future of e-gift cards aside — to Ingram’s point, consumers seem to prefer physical gift cards over digital — Zest is evidently beating back rivals to gain a toehold in the gifting space, with about 50 customers across categories like food and beverage, apparel and flowers. Ingram wouldn’t disclose revenue figures. But he revealed that Zest has raised $4 million in seed funding led by GV (formerly Google Ventures) with participation from BoxGroup, Character, Operator Partners, Bungalow Capital and Company Ventures. “E-commerce and gifting exploded during the pandemic,” Ingram said. “People wanted to send more gifts to friends and family to help bridge the literal gap between them and loved ones. And while that growth rate has slowed, it’s a behavior that’s here to stay. [But] it’s never been harder for direct-to-consumer brands to acquire and retain customers. That’s partly due to the sheer number of direct-to-consumer brands out there today … For brands, the value we’re providing is first and foremost an elevated gifting experience for their customers. When it’s so easy and natural to send a gift directly from a product or cart page, these brands will sell more gifts and reach more people.”

With $18M in new funding, EngFlow wants to speed up your builds • ZebethMedia

By zebethcontrolPosted on November 15, 2022Posted in a16z, Bazel, EngFlow, Enterprise, funding, Gradle, StartupsNo Comments

Back in 2015, Google launched an open-source port of its internal automation tool for building and testing code. Dubbed Bazel (because the internal tool was called Blaze), the service uses a Python dialect to help developers write their rules and macros. Today, the tooling is used by companies ranging from Adobe to Databricks, Dropbox, LinkedIn and Redfin, so when the lead developer of Bazel at Google, Ulf Adams, and the lead of enterprise customer onboarding for Bazel at Google and co-creator of BazelCon, Helen Altshuler, raise new funding for their Bazel-centric startup EngFlow, it’s probably worth paying attention to. As the team announced today, EngFlow has raised an $18 million Series A round from Tiger Global, Firstminute Capital and Andreessen Horowitz, which also led the company’s $3.7 million seed round. Cockroach Labs CEO Spencer Kimball, Github co-founder Tom Preston-Werner and Snowflake CFO Mike Scarpelli, as well as Envoy creator Matt Klein and GitHub engineering VP Rachel Potvin also participated in this round. Image Credits: Bazel EngFlow describes itself as a “build acceleration company” that helps its enterprise customers more efficiently build and test their source code, with support for Bazel, Chromium and the Android Platform. “When we are talking about Bazel use at Google, an important factor is that Google has integrated Bazel with a lot of developer services,” Adams said. “So it’s not just the build tool, but you have remote execution, you have a user interface, you have coverage runners for analyzing coverage data from the tests, you have integration with deployment, all of that stuff. We’ve been talking to Bazel users for four years and they are looking for these things. Sometimes we say that Google is a snowflake, Google is special, but we often see that other companies want to want to do similar things. And so we thought there was an opportunity there.” Altshuler also stressed that increasingly, enterprises are creating platform engineering teams that aim to bring a more opinionated approach to CI/CD to their teams. “That is usually the audience for Bazel to try it to make it work for their specific company — and then launch it to the engineers. These platform engineering teams are our primary customers, but behind every platform engineering team, there are hundreds, thousands, maybe tens of thousands of engineers that are impacted by Bazel as a result and hopefully don’t have to be Bazel experts and know all of the internals — it should just work for them,” she noted. Image Credits: Bazel The team noted that a lot of new customers are migrating from Gradle or CMake to the service, so it’s maybe no surprise that EngFlow also recently hired Jay Conrod, the developer of the open-source Gazelle tool for migrating to Bazel (and also a former Googler). It’s worth stressing that while Bazel is a main focus here, the platform also supports Chromium and Android platform builds. Brave, with its Chromium-based browser, is a customer, for example. For Brave, EngFlow’s distributed build system brought build times down from two hours to fifteen minutes. But still, Bazel is the main focus here and the team today also launched its Bazel Invocation Analyzer, a new open-source tool that allows developers to get deeper insights into their Bazel profiles and optimize their builds. “Build is one of the most critical aspects of building software. And traditionally it’s been a massive time and cost sink for companies to get right,” said Martin Casado, General Partner at Andreessen Horowitz. “EngFlow is the leading company changing all of this. Coming from deep roots in Bazel and build, they’ve put together a solution which for the first time we’ve ever seen, is able to tackle the most complex code bases and large infrastructure environments and offer dramatic savings in development time and costs. These aren’t mere words, EngFlow has extraordinary customer traction across a number of verticals, far more than we normally see at this stage. We’re delighted to be investors and doubling down as EngFlow continues their path as the leading build company.” Given the popularity of taking Google open-source tools and bringing them to the enterprise (hello, Kubernetes), it’s maybe no surprise that EngFlow isn’t the only startup in this space. YC-backed BuildBuddy, for example, also offers a Bazel-centric build system. Meanwhile, well-funded Gradle Enterprise offers support for Gradle, Maven and Bazel as part of its enterprise build tool.

Meeting camera startup Owl Labs lands $25M and partnership with HP • ZebethMedia

By zebethcontrolPosted on November 14, 2022Posted in Enterprise, funding, HP, Matrix Partners, playground global, Robotics & AI, Spark Capital, startup, StartupsNo Comments

Owl Labs, a startup developing a linuep AI-powered meeting hardware, today announced that it raised $25 million in a Series C round led by HP Tech Ventures (HP’s venture capital arm) with participation from Sourcenext, Matrix Partners, Spark Capital and Playground Global. The closing of the tranche marks the start of a strategic partnership with HP, Owl Labs CEO Frank Weishaupt says, which will see HP invest in Owl Labs’ various product offerings while providing sales coverage and outreach with enterprise customers. HP, notably, recently acquired Poly, which developed a range of video and voice devices and software for virtual conferencing. Weishaupt sees no conflict, arguing that Poly’s products are complementary with Owl Labs’ and show “HP’s commitment to transforming the workplace to a hybrid model.” “The funding will allow Owl Labs to continue its accelerated growth … Owl Labs will use the investment to support product development and increase global adoption of the company’s products, including the [Owl Labs’] product line,” Weishaupt told ZebethMedia in an email interview. “The funding will also be used to expand Owl Labs’ global footprint and deepen go-to-market partnerships starting with a commercial agreement between Owl Labs and HP France, where HP will sell Owl Labs’ products through their local sales team.” Owl Labs was founded by Mark Schnittman and Max Makeev in 2014, who sought to develop a better videoconferencing experience than cameras at the time could achieve. (Weishaupt, a former CarGurus exec, joined Owl Labs as CEO in early 2019.) Drawing on their work at iRobot, the Schnittman and Schnittman created Owl Labs’ first product, the auto-swiveling Meeting Owl Pro, after testing the concept by putting a laptop on a spinning stool. Today, Owl Labs sells several products, including a dedicated whiteboard camera, meeting room control console and its latest-generation meeting camera, the Meeting Owl 3. The Meeting Owl 3 features a mic and speaker array paired with a 360-degree camera, which zooms in on whoever’s speaking. There’s countless “intelligent” meeting cameras on the market, including from heavy hitters like Microsoft and Google. But Weishaupt makes the case that Owl Labs’ software is a differentiator. Called the Owl Intelligence System, it allows customers to connect up to two Meeting Owls to expand their video and audio range and add facial recognition including for masked faces. “Meeting Owl 3 is the only 360-degree videoconferencing device on the market that can be connected to others to expand reach in larger spaces,” Weishaupt said. ” Owl Labs’ technology learns the space to create a more seamless experience, getting smarter over time.” Owl Labs got caught in a negative press cycle earlier this year when a security firm, Modzero, uncovered vulnerabilities in several models of the Meeting Owl and whiteboard camera that attackers could’ve exploit to obtain sensitive data. Owl Labs patched the exploit, which doesn’t appear to have majorly dented sales — Weishaupt says that over 130,000 organizations are using Owl Labs products including 84 Fortune 100 companies. “We can share that we’ve had a solid growth trajectory with more than 3x revenue growth year-over-year and 7x revenue growth since the pandemic began,” Weishaupt said, declining to share more precise revenue figures. “Owl Labs became the first company to build AI-powered, 360-degree video conferencing solutions for hybrid organizations. Owl Labs as a company was hybrid pre-pandemic and are experts at using technology to bridge the gap between remote and in-person work environments.” To date, Boston-based, over-100-employee Owl Labs has raised $47 million in funding.

Even Healthcare lands additional capital to advance primary care adoption in India • ZebethMedia

By zebethcontrolPosted on November 10, 2022Posted in Biotech & Health, Even Healthcare, funding, india, primary careNo Comments

Even Healthcare, an Indian “healthcare membership” company, landed new financial support in the form of $15 million to further drive its mission of providing affordable care to communities across India. Even isn’t insurance, but allows members to access primary and preventative care at any of over 100 partnered hospitals. Typically, the way Indians access healthcare is through emergency services as opposed to the preventative care model followed in Western countries. They most often pay for services out of pocket, but Even provides what it describes as a more affordable, comprehensive care model. The company said last year when they last raised money that less than 5% of the Indian population has insurance and plans that do exist mainly cover emergency services. “For us, Even is about giving members access to complete healthcare and building trust like a family doctor,” said co-founder Matilde Giglio. “Right from preventive care to diagnostics to hospitalization, our members will be assured of our support throughout their healthcare journey.” Depending on a user’s financial capabilities, there are three plans they can choose from. The cheapest is ₹ 40 per month ($0.50 USD) which includes unlimited consultations and a care team, but according to the company is meant for individuals looking to still pay for some services out of pocket. The plan gives users a glimpse at the care provided to then transition individuals to the second tier plan, Even Lite. Even Lite costs users ₹ 320 ($4 USD) per month and includes tests, consultations and a care team. For ₹ 528 ($6.54 USD) per month care becomes more comprehensive including COVID-19-specific services, emergency care across India and cashless hospitalization. The company’s standard pricing is for individuals, but it does have group plans for companies and groups. Even currently has 20,000 active members and has partnered with over 100 hospitals since its launch in 2020. Just a year ago the company had 5,000 on a waitlist. The Bangalore-based company asks new users to talk to a doctor to collect health information and assess risk for underlying conditions. According to Giglio, conditions like diabetes, high cholesterol, high BP and obesity are common in India, but often go uncontrolled due to a lack of primary care. The company claims half their new users learned they suffered from diabetes during the onboarding process. The new capital raised comes from Alpha Wave and Aspada (Lightrock). They are joining existing investors Khosla Ventures, Founders Fund, Lachy Groom, Palo Alto Networks CEO Nikesh Arora, CRED CEO Kunal Shah and DST Global partner Tom Stafford. Even first raised a $5 million seed round in 2021 led by Khosla Ventures. This round’s funds will be used to expand its clinical team and scale preventive care in conditions like diabetes, PCOS (polycystic ovary syndrome) and obesity.

OpenAI leads $23.5M round in Mem, an AI-powered note-taking app • ZebethMedia

By zebethcontrolPosted on November 10, 2022Posted in AI, Enterprise, funding, Mem, note taking, OpenAI, Robotics & AI, StartupsNo Comments

Last year, OpenAI announced the OpenAI Startup Fund, a tranche through which it and its partners, including Microsoft, are investing in early-stage AI companies tackling major problems. Mum’s been the word since on which companies have received infusions from the Fund. But today, the OpenAI Startup Fund revealed that it led a $23.5 million investment in Mem, a work-focused app that taps AI to automatically organize notes. The investment values Mem at $110 million post-money and brings the startup’s total raised to $29 million. Co-founded by Kevin Moody and Dennis Xu, Mem differentiates itself from traditional note-taking apps by emphasizing “lightweight organization,” in Moody and Xu’s words. The workflow revolves around search and a chronological timeline, allowing users to attach topic tags, tag other users and add recurring reminders to notes. Mem users can capture quick notes, send links and save images from anywhere using SMS, messaging apps and the platform’s mobile client. Collaboration features let teams share, edit and comment on notes and directly attach them to shared calendars for faster reference. Mem’s search experience uses AI to search across notes, aiming to understand which notes might be most relevant in a given moment to a particular person. Moody and Xu say the platform is designed to augment knowledge workers in their typical responsibilities, like reading through pages of information, extracting the pieces relevant to a particular question and transforming the information into an answer or a report. Mem taps AI to organize notes in real time. There’s no doubt knowledge-seeking tasks are time-consuming. According to Gartner, professionals spend 50% of their working hours searching for information and on average take 18 minutes to locate a file (albeit the veracity of metrics like these has been challenged over the years). One source estimates that document disorganization costs businesses $3,900 per employee each year in productivity losses, making Mem an attractive proposition if the tech works as advertised. “The number one thing we hear from the organizations we talk to is the desire to be able to marry their vast troves of proprietary knowledge with … generative AI models — to support use cases that range from conducting research to writing to selling and beyond,” Moody and Xu told ZebethMedia in an email interview. “The magic of Mem is that we bring together your own private and proprietary data along with state-of-the-art generative language models to unlock truly personalized, factual outputs. We combine knowledge sources across the individual, team and organizational levels, leading to significantly better performance across the board.” Mem recently launched Mem It for Twitter, which allows users to save threads, get AI-generated summaries of their contents and see suggestions for similar tweets. It’s also continuing to refine Mem X, Mem’s built-in work assistant, with new features like Smart Write and Smart Edit, which leverages AI to generate text based on a prompt, summarize files, generate titles for documents and let users use natural language commands to edit or format text. Mem’s AI-powered writing tools, which are launching in preview soon. The plan for the foreseeable future is to increasingly lean into these sorts of AI-powered experiences, Moody and Xu say, with support from OpenAI through the OpenAI Startup Fund. OpenAI Startup Fund participants receive early access to new OpenAI systems and Azure resources from Microsoft in addition to capital. “OpenAI is obviously leading the wave of technological revolutions that we are riding,” Moody and Xu said. “This makes the OpenAI Startup Fund the ideal partner for what we’re building — for both the technical expertise and strategic guidance they bring to the table.” OpenAI COO Brad Lightcap, who also manages the OpenAI Startup Fund, added in an emailed statement: “Mem uses powerful AI to make knowledge workers more productive by removing the tedium and drudgery of organizing and accessing information, ultimately allowing people to focus on the parts of their work that matter. Their vision aligns squarely with our goal at the OpenAI Startup Fund to accelerate companies using AI to enhance productivity and, more broadly, human potential.” Mem competes with a number of companies seeking to tackle the same knowledge-finding and notes-organizing challenges. In enterprise search, there’s Glean, which recently raised $100 million in a venture equity round. On the knowledge management side, Atlassian’s wiki-like collaborative workspace Confluence and Notion, which was valued at $2 billion in 2020, still dominate. But Moody and Xu argue that 16-employee Mem has an advantage in that it’s “self-organizing,” ostensibly resulting in less manual curation and labor. While they declined to reveal Mem’s revenue or the names of any major customers, they assert that Mem is successful, owing to its AI-driven tech. “We’re confident in our unique approach to self-organizing and generative knowledge management. … Our personalized machine learning models not only help knowledge workers stay organized automatically, but also go beyond simply helping find things — we actually help people do their work,” Moody and Xu said. “The shift to remote work has made effective, asynchronous knowledge sharing more important than ever, and the market slowdown has caused companies to focus on efficiency. Our AI-assisted knowledge work saves people time, and the rapid improvement in large language models gives us a further tailwind.”

OpenAI leads $23.5M round in Mem, an AI-powered note-taking app • ZebethMedia

By zebethcontrolPosted on November 9, 2022Posted in AI, Enterprise, funding, Mem, note taking, OpenAI, Robotics & AI, StartupsNo Comments

Last year, OpenAI announced the OpenAI Startup Fund, a tranche through which it and its partners, including Microsoft, are investing in early-stage AI companies tackling major problems. Mum’s been the word since on which companies have received infusions from the Fund. But today, the OpenAI Startup Fund revealed that it led a $23.5 million investment in Mem, a work-focused app that taps AI to automatically organize notes. The investment values Mem at $110 million post-money and brings the startup’s total raised to $29 million. Co-founded by Kevin Moody and Dennis Xu, Mem differentiates itself from traditional note-taking apps by emphasizing “lightweight organization,” in Moody and Xu’s words. The workflow revolves around search and a chronological timeline, allowing users to attach topic tags, tag other users and add recurring reminders to notes. Mem users can capture quick notes, send links and save images from anywhere using SMS, messaging apps and the platform’s mobile client. Collaboration features let teams share, edit and comment on notes and directly attach them to shared calendars for faster reference. Mem’s search experience uses AI to search across notes, aiming to understand which notes might be most relevant in a given moment to a particular person. Moody and Xu say the platform is designed to augment knowledge workers in their typical responsibilities, like reading through pages of information, extracting the pieces relevant to a particular question and transforming the information into an answer or a report. Image Credits: Mem There’s no doubt knowledge-seeking tasks are time-consuming. According to Gartner, professionals spend 50% of their working hours searching for information and on average take 18 minutes to locate a file (albeit the veracity of metrics like these has been challenged over the years). One source estimates that document disorganization costs businesses $3,900 per employee each year in productivity losses, making Mem an attractive proposition if the tech works as advertised. “The number one thing we hear from the organizations we talk to is the desire to be able to marry their vast troves of proprietary knowledge with … generative AI models — to support use cases that range from conducting research to writing to selling and beyond,” Moody and Xu told ZebethMedia in an email interview. “The magic of Mem is that we bring together your own private and proprietary data along with state-of-the-art generative language models to unlock truly personalized, factual outputs. We combine knowledge sources across the individual, team and organizational levels, leading to significantly better performance across the board.” Mem recently launched Mem It for Twitter, which allows users to save threads, get AI-generated summaries of their contents and see suggestions for similar tweets. It’s also continuing to refine Mem X, Mem’s built-in work assistant, with new features like Smart Write and Smart Edit, which leverages AI to generate text based on a prompt, summarize files, generate titles for documents and let users use natural language commands to edit or format text. Image Credits: Mem The plan for the foreseeable future is to increasingly lean into these sorts of AI-powered experiences, Moody and Xu say, with support from OpenAI through the OpenAI Startup Fund. OpenAI Startup Fund participants receive early access to new OpenAI systems and Azure resources from Microsoft in addition to capital. “OpenAI is obviously leading the wave of technological revolutions that we are riding,” Moody and Xu said. “This makes the OpenAI Startup Fund the ideal partner for what we’re building — for both the technical expertise and strategic guidance they bring to the table.” Mem competes with a number of companies seeking to tackle the same knowledge-finding and notes-organizing challenges. In enterprise search, there’s Glean, which recently raised $100 million in a venture equity round. On the knowledge management side, Atlassian’s wiki-like collaborative workspace Confluence and Notion, which was valued at $2 billion in 2020, still dominate. But Moody and Xu argue that 16-employee Mem has an advantage in that it’s “self-organizing,” ostensibly resulting in less manual curation and labor. While they declined to reveal Mem’s revenue or the names of any major customers, they assert that Mem is successful, owing to its AI-driven tech. “We’re confident in our unique approach to self-organizing and generative knowledge management. … Our personalized machine learning models not only help knowledge workers stay organized automatically, but also go beyond simply helping find things — we actually help people do their work,” Moody and Xu said. “The shift to remote work has made effective, asynchronous knowledge sharing more important than ever, and the market slowdown has caused companies to focus on efficiency. Our AI-assisted knowledge work saves people time, and the rapid improvement in large language models gives us a further tailwind.”

Security automation startup Veriti launches out of stealth with $18.5M • ZebethMedia

By zebethcontrolPosted on November 8, 2022Posted in AI, cybersecurity, Enterprise, funding, Security, startup, StartupsNo Comments

Veriti, a platform for unifying cybersecurity infrastructure, today emerged from stealth with $18.5 million in funding, a combination of $12 million from Insight Partners and a $6.5 million round led by NFX and Amiti. According to CEO Adi Ikan, the newly announced capital is being put toward scaling Veriti’s business operations and developing its product suite. Veriti’s launch comes as VCs continue to show enthusiasm for cybersecurity startups despite the generally unfavorable funding climate. According to PitchBook data, venture capital investments in the security sector this year eclipsed $13.66 billion — up from $11.47 billion in 2020. And the global cybersecurity market is projected to be worth over $500 billion by 2030. Founded in 2021 by Ikan and Oren Koren — both ex-Check Point executives — Veriti integrates with a company’s existing security stack to evaluate risk posture by analyzing security configurations, logs, sensor telemetries and threat intelligence feeds. The platform taps AI to identify which events might be impacting business uptime and present the root cause, as well as which security policy improvements need to be taken to remediate the impacts. “Enterprise security posture is usually sub-optimal. This is due to many reasons, including tool sprawl, increased complexity, massive amounts of data and limited resources,” Koren told ZebethMedia in an email interview. “This is what inspired us to build Veriti’s platform — to address these complexities and help IT and security stay on top of this challenge.” Koren makes the case that Veriti can augment security teams’ efforts in spotting security gaps, ultimately reducing the time spent on monitoring and maintenance tasks. The growing number of security solutions in organizations can introduce complexity because each solution has its own functions and tools to learn, he argues, while the volume of alerts issued by the solutions end up creating murky visibility into the actual security posture. Koren isn’t exactly an unbiased source. But he’s not the only one who’s observed these troubling trends in enterprise security. One recent survey of over 800 IT professionals found that almost 60% were receiving over 500 cloud security alerts per day, and that the alert fatigue created by the volume caused 55% to miss critical alerts on either a daily or weekly basis. “While affording more expansive security capabilities, the proliferation of security solutions creates room for misconfigurations that can result in inadvertent security gaps and adversely impact the business by blocking legitimate applications and users,” Ikan said via email. “IT and security leadership today have a poor idea of the true utilization of security investments and of the effective security posture of their organizations.” Veriti’s challenge will be demonstrating that its approach is superior to the other security posture-analyzing platforms on the market. Rival vendor Secureframe provides a service that integrates with cloud providers and apps to understand its customers’ security postures. Hunters, another competitor, aims to automate the threat-hunting process by taking in data from networking and security tools to detect stealth attacks. It’s very early days for Veriti — Koren wouldn’t reveal the size of the company’s customer base or current revenue. But he’s betting that Veriti’s tech expertise will help it stand out from the pack. “By leveraging modern techniques like machine learning, focusing on automation, we aim to provide a way for modern teams to maximize security posture while minimizing issues that impact business uptime,” he said. As the idiom goes: time will tell.

Eliyan raises $40M from Intel and Micron to build chiplet interconnects • ZebethMedia

By zebethcontrolPosted on November 8, 2022Posted in chips, funding, Hardware, Intel, Micron, semiconductor, startup, StartupsNo Comments

Increasingly, as Moore’s law rears its ugly head, computer chip developers are adopting “chiplet” architectures to scale their hardware’s processing power. Chiplets are Lego-like integrated circuit blocks designed to work with other, similar chiplets to form complex, stackable chips that boost performance while maintaining a similar physical footprint. Chiplets offer a number of advantages over conventional designs. But assembly issues — as well as challenges in balancing cost, performance, power consumption and time to market — often plague them in the early phases. Aiming to overcome the hurdles in chiplet creation, Ramin Fajadrad, Syrus Ziai and Patrick Soheili founded Eliyan, a chiplet interconnect startup, in 2021. Eliyan’s technology — dubbed NuLink — connects chiplet components using standard chip packaging, leading to what the company claims are faster-performing and more energy-efficient chips. “The focus is on developing a way to enable a more high-performance, lower-power and lower-latency interconnect for chiplet architectures, which experts agree is the only path to continuing to scale Moore’s law,” Farjadrad told ZebethMedia in an email interview. “We use our technology in standard packaging, thus saving time, cost and development effort compared to more advanced packing that other interconnect schemes require. In addition, our approach has sustainability benefits by reducing material costs and waste in the manufacturing process and lowering energy consumption for high-performance compute chips.” Eliyan’s roots are in a previous startup, Aquantia, that Marvell acquired in 2019. Farjadrad says the technology has been under development since 2017; he co-started Aquantia and served as the startup’s chief engineer for nearly 15 years. Prior to co-founding Eliyan, Farjadrad spent several years at Marvell as CTO and VP of the company’s networking and automotive division. Ziai is a former Qualcomm engineering VP, while Soheili was previously VP of business development at semiconductor firm eSilicon. While Eliyan hasn’t launched its technology commercially yet — it expects the first silicon to hit the market in Q2 2023 — the company claims to have achieved the last step before manufacturing, a tape-out, using semiconductor manufacturer TSMC’s 5 nm process. “Process” in chip lingo refers to an architectural platform; TSMC began mass-producing 5 nm chips in 2020. “Eliyan’s technology enables processors by allowing them to scale in performance and power to be more readily and practically manufacturable,” Farjadrad said. “The world will always need more computing power, and Eliyan is enabling a critical aspect of making sure scaling will happen for any type of high-performance computing application.” The fact that Eliyan’s tech has yet to reach market might give some would-be customers pause. But the startup has notable investors in the chip world behind it, including Intel and Micron, who alongside Cerberus and Celestra contributed to Eliyan’s $40 million Series A tranche that closed today. With the capital, Eliyan plans to continue chasing after a chiplet market that could be worth $50 billion in 2024 — specifically by ramping up testing and implementation. Farjadrad wouldn’t name clients, but said that Eliyan, which currently has a 21-person staff, is in discussions with “big semi companies, hyperscalers and AI processor startups.” “We’re dealing with the challenges and realities of physics in designing and manufacturing advanced chips … [but we’re] in a high-demand market,” Farjadrad said. “Our technology will ultimately lead to faster, more efficient and cheaper high-performance computing to run data centers, cloud computing AI, graphics and more.”