TechCrunch Summary (2023-05-04 02AM)

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Source: Green-Got is a neobank for climate-conscious customers

aims to offer investment products that are focused on climate-friendly companies and initiatives.Summary
Neobank Green-Got has raised €5m ($5.5m) in a funding round led by Pale Blue Dot, as the company aims to provide a bank account that does not finance polluting industries. It showcases its clients’ carbon footprint on purchases and offers a €6 per month account that focuses on sustainable growth.

Fact

  • 🌍 Green-Got guarantees savings won’t finance fossil fuel projects and recently raised €2m from its customers.
  • 💸 The neobank generates revenue from subscriptions, not interchange fees, and donations based on interchange fees are made to nonprofits.
  • 💳 Clients receive a current account with a French account number and the card works with Apple Pay and Google Pay.
  • 🌱 Green-Got will also offer future investment products based on climate-friendly initiatives and companies.

    • Source: European startups: Apply to Startup Battlefield 200

    Summary
    TechCrunch is inviting early-stage startups from Europe to apply for the Startup Battlefield 200 competition at Disrupt 2023 in San Francisco. Last year, three European startups qualified as finalists in the $100,000 pitch competition, which features pitches from 20 Startup Battlefield finalists selected by TechCrunch editors.

    Fact

  • 💼 Startup Battlefield 200 at Disrupt 2023, the global competition for early-stage startups with world-changing impact, is open for applications.
  • 💰 Pitching startups have a chance to win $100,000 in an equity-free prize.
  • 👥 Selected founders will receive valuable pitch training, workshops, and masterclasses in the buildup to TC Disrupt 2023.
  • 🌍 Last year, 35 startups from 13 European nations participated in the competition.

    • Source: Temu accelerates global expansion with parent’s new Dublin office

    Summary
    Ecommerce platform Temu, known for offering cheap deals, is expanding into new markets as its parent company PDD Holdings sets up a base in Dublin, joining tech giants like Meta and Twitter. PDD Holdings also owns Pinduoduo, one of China’s largest online marketplaces.

    Fact

  • 💻 Temu is headquartered in Boston and Pinduoduo in Shanghai, while their parent company PDD Holdings is based in Dublin.
  • 🌎 Temu’s teams in Boston and Dublin focus on tax, marketing, and legal matters.
  • 📈 Temu is ranked #1 in the App Store’s overall category in Australia, Canada, New Zealand, the U.K., and the U.S.

    • Source: Mercu meets deskless workers where they are

    Summary
    Singapore-based startup, Mercu, raised $1.6m seed funding for its platform, which helps companies communicate and engage with deskless workers. The app works with popular messaging apps used by workers.

    Fact

  • 💰 Mercu raised $1.6m in seed funding from backers including 500 Global and Sequoia Capital India.
  • 💼 Over 70% of the global workforce is deskless, with low engagement and high staff churn.
  • 📱 The app connects via popular messaging apps that workers use already, like WhatsApp.
  • 🏢 Mercu is already being used by retail, logistics, hospitality and manufacturing companies in different countries around the world.

    • Source: Maxar completes $6.4B sale to private equity

    Summary
    Private equity firm Advent International, along with minority investor British Columbia Investment Management Corporation, have closed their acquisition of Maxar Technologies for $6.4bn. Maxar is the product of a 2017 merger between DigitalGlobe and MDA Holdings Company and has since seen a fluctuating stock price. Nevertheless, the satellite imaging and manufacturing company has been awarded significant contracts, including a $3.2bn deal with the US National Reconnaissance Office in 2021.

    Fact

  • 🌎 Maxar Technologies has landed a contract from the National Geospatial-Intelligence Agency worth up to $192 million over five years.
  • 🛰️ Maxar Technologies is the result of a 2017 merger between DigitalGlobe and MDA Holdings Company.
  • 💰 The acquisition of Maxar Technologies by private equity firm Advent International and minority investor British Columbia Investment Management Corporation is valued at $6.4 billion.
  • 🇺🇸 Maxar Technologies has secured significant government and military contracts, including a $3.2 billion contract from the National Reconnaissance Office in 2021.

    • Source: Google I/O 2023 is next week; here’s what we’re expecting

    Summary
    Google I/O 2023 is expected to showcase a lot of AI, new hardware, and the best look yet at Android 14. The event will reportedly debut a Pixel 7a smartphone with a 90Hz refresh rate and a 64-megapixel rear camera.

    Fact

  • 📱 Google will showcase new hardware, specifically the Pixel 7a smartphone.
  • 🤖 The event will focus on AI with real-world practical applications.
  • 🎛️ The Pixel 7a will have a 90Hz refresh rate and a 64-megapixel rear camera.
  • 🚫 The company is likely to miss the generative AI land rush.
  • 💻 Google confirmed the existence of a Pixel tablet to be released in 2023.

    • Source: Payment software giant AvidXchange suffers its second ransomware attack of 2023

    Summary
    Payment software provider AvidXchange has been struck by a ransomware attack for the second time in several months, with a data trove published by cybercrime group the RansomHouse. As well as customer payment details, the firms’ own login information was leaked, stored with weak passwords that were often guessable from the company name.

    Fact

  • 💳 AvidXchange’s software is used by 8,000 organisations and handled 70 million transactions in 2022.
  • 👥 Stolen data included NDAs, employee payroll details and corporate bank details.
  • 🔐 Login details including passwords, security questions and surveillance camera info was also exposed.
  • 💰It is unclear if AvidXchange paid a ransom to the RansomHouse or if the company’s decryption process was successful.
  • 🕵️‍♂️ RansomHouse, which caused this and other recent breaches, describes itself as a “professional mediators community” that targets firms with a “negligent attitude to privacy”. 

    • Source: Joby Aviation lands $180M equity investment from returning backer Baillie Gifford

    Summary
    Baillie Gifford is investing $180 million in Joby Aviation, acquiring nearly 44 million newly issued shares at $4.10 per share. The funds are expected to speed up Joby’s early production to capitalise on revenue opportunities while developing an electric vertical take-off and landing aircraft (eVTOL). The company’s recently secured contract with the United States Department of Defense for nine aircraft is noted as a significant milestone.

    Fact

  • 💰 Baillie Gifford is investing $180 million in Joby Aviation, acquiring nearly 44 million newly issued shares at $4.10 per share
  • ✈️ The funds are expected to speed up Joby’s early production to capitalise on revenue opportunities while developing an electric vertical take-off and landing aircraft (eVTOL)
  • 🇺🇸 The investment comes after Joby secured a $55 million contract from the United States Department of Defense to produce nine aircraft, with the earliest two to be delivered in 2024
  • 👥 Baillie Gifford invested $15 million in January 2020 and $49 million in a private investment in public equity (PIPE) that was associated with Joby’s IPO via a merger with Reinvent Technology Partners in February 2021
  • 📈 Joby shares closed Wednesday 1.49% higher at $4.10

    • Source: Blue verified checkmarks are coming to Gmail

    Summary
    Google is introducing blue checkmarks for verified senders on Gmail to help users identify messages from legitimate senders versus impersonators. Once you hover over the blue checkmark next to a sender’s name, you will see a blurb that says “the sender of this email has verified” that they own the domain and logo in the profile image. The update will be rolled out across both Workspace accounts and personal Google accounts.

    Facts

  • 💡 Google will add a blue checkmark to the name of Gmail senders who have adopted Gmail’s Brand Indicators for Message Identification feature.
  • 💻 The feature requires senders to verify their domain ownership and brand logo before displaying the avatar in emails.
  • 👥 The checkmark will help users identify messages from legitimate senders versus impersonators.
  • 📨 The feature is being rolled out on both Workspace accounts and personal Google accounts.

    • Source: AI is just someone else’s computer

    Summary
    Samsung has prohibited its staff from using generative AI tools, including Google Bard and ChatGPT. This ban follows the discovery that an engineer leaked sensitive internal source code to ChatGPT. Other companies, including JPMorgan, Amazon, Verizon, and Accenture, have also restricted use due to the risks posed by generative AI tools. Even OpenAI has admitted that ChatGPT suffered a significant data breach, exposing personal and partial payment data of its subscribers.

    Fact

  • 🛑 Samsung has banned generative AI tools following an internal leak of sensitive source code, while other companies have also limited their use due to the risks posed by these tools
  • 🤖 ChatGPT poses a data breach risk and could be used to create legitimate phishing and malicious code, according to industry observers
  • 🔍 OpenAI has admitted that ChatGPT had already undergone a significant data breach, exposing personal and payment data of ChatGPT Plus subscribers
  • 💻 Microsoft’s Azure cloud server unit plans to sell a separate version of ChatGPT that runs on dedicated cloud servers
  • 🌎 ChatGPT stores users’ data from chat conversations, location, IP address, payment details and device information, together with prompts, to train and enhance its natural language processing capabilities

    • Source: Ask Sophie: Will I be allowed into the US if my passport expires in 5 months?

    Summary
    A startup founder from Zimbabwe wanted to travel to the US next month to explore the market. Although the common rule is to have at least six months left on a passport when travelling to the US, the Embassy clarified that Zimbabwe is exempt from the rule if the current passport remains valid until the end of the trip.

    Fact

  • 🛂 Citizens of Zimbabwe are exempt from the six-month passport validity rule as long as they leave the US before their current passport expires.

    • Source: Checks, the AI-powered data protection project incubated in Area 120, officially ‘exits’ to Google

    Summary
    Checks, an AI-powered tool that allows mobile app developers to identify how best to comply with privacy rules and regulations, is moving to Google as part of its Developer X division. Created in February 2022 under Google’s incubator Area 120, the amount the company invested in it was undisclosed, though Checks’ co-founders say it grew significantly in value since its launch. The service offers integrated machine learning that can scan and identify potential violations of privacy and data protection rules, with suggestions on how best to fix them.

    Fact

  • 📱Checks is an AI tool that uses machine learning to identify potential violations of privacy and data protection rules, offering remediation suggestions on how best to fix them.
  • 💰No figures have been disclosed regarding the monetary valuation previously given to it by Google, but co-founders Fergus Hurley and Nia Castelly confirm that it grew significantly in value since its launch.
  • 📊Checks’ clientele covers a range of different sectors including finance, retail, and gaming, comprising over three billion users.
  • 👥The dashboard of Checks enables clients to address compliance monitoring, store disclosure support, and data monitoring.
  • 🏢Checks will be under the stewardship of Google’s Developer X division rather than Area 120.

    • Source: FTC moves to completely prohibit Meta from monetizing kids

    Summary
    The Federal Trade Commission (FTC) is proposing new restrictions on Meta, formerly Facebook, after accusing the company of violating privacy rules. Among the changes is the total prohibition of collecting data on anyone below the age of 18 for monetisation.

    Fact

  • 🔒 Facebook/Meta violated privacy rules according to the FTC, putting young users at risk.
  • 🧒 One violation is the irresponsible management of data from users under 18.
  • 🕵️‍♂️ The 2020 order requires an independent assessor to confirm the company adheres to privacy rules.
  • 📱 Some of Meta’s products failed to comply with COPPA regulations and allowed children to communicate with unapproved contacts—a violation.
  • 📝 A proposed new restriction is the total prohibition of monetising data collected from anyone under 18.

    • Source: UK’s antitrust watchdog announces initial review of generative AI

    Summary
    The UK Competition and Markets Authority (CMA) has initiated a review of “AI foundational models” including large language models (LLMs) like OpenAI’s ChatGPT and Microsoft’s New Bing. The review will examine the competition and consumer protection implications of AI foundational model development and use, issues that could emerge from such models’ market evolution, and produce guiding principles to safeguard competition and consumers.

    Fact

  • 🤖 The UK CMA has initiated a review of “AI foundational models” including LLMs and generative AI models powering tools such as OpenAI’s DALL-E or Midjourney.
  • 👥 The review will assess the competition and consumer protection implications of AI Foundational model development and use, looking at how competitive markets for such models could evolve and examining the opportunities and risks that may arise.
  • 🧐 The CMA will produce guiding principles to protect competition and consumers as AI foundation models develop.

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