#USA These are the most successful companies to emerge from Y Combinator

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Earlier this month, Brex, a credit card provider to startups, announced it had raised $125 million at a $1.1 billion valuation.

The round was impressive for a couple of reasons. 1. The founders are a pair of 22-year-olds that had set out to build a virtual reality company before pivoting to payments. And 2. They had only completed Y Combinator, a well-known Silicon Valley startup accelerator, the year prior.

Y Combinator is responsible for many successes in the startup world, certainly more than its fellow accelerators, which are all known to provide early-stage companies with a seed investment  — in YC’s case, $150,000 — mentorship and educational resources through a short-term program that culminates in a demo day.

Today, YC has released the latest list of its most successful companies since it began backing startups in 2005. Ranked by valuation and/or market cap, Brex, sure enough, is the youngest company to crack the top 20:

  1. Airbnb: An online travel community and room-sharing platform founded by Brian Chesky, Joe Gebbia and Nathan Blecharczyk. Valuation: $31 billion. YC W2009.
  2. Stripe: A provider of an online payment processing system for internet businesses founded by John and Patrick Collison. Valuation: $20 billion. YC S2009.
  3. Cruise: Acquired by GM in 2006, the company is building autonomous vehicles. It was founded by Kyle Vogt and Daniel Kan. Valuation: $14 billion. YC W2014.
  4. Dropbox: A file hosting service and workplace collaboration platform founded by Drew Houston and Arash Ferdowsi that went public in March. Market cap: >$10 billion. YC S2007.
  5. Instacart: A grocery and home essentials delivery service founded by Apoorva Mehta, Max Mullen and Brandon Leonardo. Valuation: $7.6 billion. YC S2012.
  6. Machine Zone: A mobile games company, founded by Mike Sherril, Gabriel Leydon and Halbert Nakagawa, known for “Game of War.” Valuation: >$5 billion. YC W2008.
  7. DoorDash: An app-based food delivery service founded by Tony Xu, Stanley Tang and Andy Fang. Valuation: $4 billion. YC S2013.
  8. Zenefits: The provider of human resources software for small and medium-sized businesses founded by Laks Srini and Parker Conrad. Valuation: $2 billion. YC W2013.
  9. Gusto: The provider of software that automates and simplifies payroll for businesses, founded by Josh Reeves, Tomer London and Edward Kim. Valuation: $2 billion. YC W2012.
  10.  Reddit: An online platform for conversation and thousands of communities founded by Alexis Ohanian and Steve Huffman. Valuation: $1.8 billion. YC S2005.
  11.  Coinbase: An digital cryptocurrency exchange and wallet platform founded by Brian Armstrong and Fred Ehrsam. Valuation ~$1.6 billion. YC S2012.
  12.  PagerDuty: A digital ops management platform for businesses founded by Baskar Puvanathasan, Andrew Miklas and Alex Solomon. Valuation: $1.3 billion. YC S2012.
  13.  Docker: A platform for applications that gives developers the freedom to build, manage and secure business-critical applications, founded by Solomon Hykes and Sebastien Pahl. Valuation: $1.3 billion. YC S2010.
  14.  Ginkgo Bioworks: A biotech company focused on designing custom microbes founded by Reshma Shetty, Jason Kelly, Barry Canton and others. Valuation: >$1 billion. YC S2014.
  15.  Rappi: A Latin American on-demand delivery startup founded by Felipe Villamarin, Simon Borrero and Sebastian Mejia. Valuation: >$1 billion. YC W2016.
  16.  Brex: A B2B financial startup that provides corporate cards to startups. Its founders include Henrique Dubugras and Pedro Franceschi. Valuation: $1.1 billion. YC W2017.
  17.  GitLab: A developer service founded by Sid Sijbrandij and Dmitriy Zaporozhets, that aims to offer a full lifecycle DevOps platform. Valuation: $1.1 billion. YC W2015.
  18.  Twitch: An Amazon-acquired live streaming platform for video games used by millions. Its founders include Emmett Shear, Justin Kan, Michael Seibel and Kyle Vogt. YC W2007.
  19.  Flexport: A logistics company that moves freight globally by air, ocean, rail and truck founded by Ryan Petersen. Valuation: ~$1 billion. YC W2014.
  20.  Mixpanel: A user analytics platform that helps each person at a business understand its users founded by Suhail Doshi and Tim Trefren. Valuation: >$865 million. YC S2009.

The full list of Y Combinator’s 100 most successful companies is available here.

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#USA These are the most successful companies to emerge from Y Combinator

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Earlier this month, Brex, a credit card provider to startups, announced it had raised $125 million at a $1.1 billion valuation.

The round was impressive for a couple of reasons. 1. The founders are a pair of 22-year-olds that had set out to build a virtual reality company before pivoting to payments. And 2. They had only completed Y Combinator, a well-known Silicon Valley startup accelerator, the year prior.

Y Combinator is responsible for many successes in the startup world, certainly more than its fellow accelerators, which are all known to provide early-stage companies with a seed investment  — in YC’s case, $150,000 — mentorship and educational resources through a short-term program that culminates in a demo day.

Today, YC has released the latest list of its most successful companies since it began backing startups in 2005. Ranked by valuation and/or market cap, Brex, sure enough, is the youngest company to crack the top 20:

  1. Airbnb: An online travel community and room-sharing platform founded by Brian Chesky, Joe Gebbia and Nathan Blecharczyk. Valuation: $31 billion. YC W2009.
  2. Stripe: A provider of an online payment processing system for internet businesses founded by John and Patrick Collison. Valuation: $20 billion. YC S2009.
  3. Cruise: Acquired by GM in 2006, the company is building autonomous vehicles. It was founded by Kyle Vogt and Daniel Kan. Valuation: $14 billion. YC W2014.
  4. Dropbox: A file hosting service and workplace collaboration platform founded by Drew Houston and Arash Ferdowsi that went public in March. Market cap: >$10 billion. YC S2007.
  5. Instacart: A grocery and home essentials delivery service founded by Apoorva Mehta, Max Mullen and Brandon Leonardo. Valuation: $7.6 billion. YC S2012.
  6. Machine Zone: A mobile games company, founded by Mike Sherril, Gabriel Leydon and Halbert Nakagawa, known for “Game of War.” Valuation: >$5 billion. YC W2008.
  7. DoorDash: An app-based food delivery service founded by Tony Xu, Stanley Tang and Andy Fang. Valuation: $4 billion. YC S2013.
  8. Zenefits: The provider of human resources software for small and medium-sized businesses founded by Laks Srini and Parker Conrad. Valuation: $2 billion. YC W2013.
  9. Gusto: The provider of software that automates and simplifies payroll for businesses, founded by Josh Reeves, Tomer London and Edward Kim. Valuation: $2 billion. YC W2012.
  10.  Reddit: An online platform for conversation and thousands of communities founded by Alexis Ohanian and Steve Huffman. Valuation: $1.8 billion. YC S2005.
  11.  Coinbase: An digital cryptocurrency exchange and wallet platform founded by Brian Armstrong and Fred Ehrsam. Valuation ~$1.6 billion. YC S2012.
  12.  PagerDuty: A digital ops management platform for businesses founded by Baskar Puvanathasan, Andrew Miklas and Alex Solomon. Valuation: $1.3 billion. YC S2012.
  13.  Docker: A platform for applications that gives developers the freedom to build, manage and secure business-critical applications, founded by Solomon Hykes and Sebastien Pahl. Valuation: $1.3 billion. YC S2010.
  14.  Ginkgo Bioworks: A biotech company focused on designing custom microbes founded by Reshma Shetty, Jason Kelly, Barry Canton and others. Valuation: >$1 billion. YC S2014.
  15.  Rappi: A Latin American on-demand delivery startup founded by Felipe Villamarin, Simon Borrero and Sebastian Mejia. Valuation: >$1 billion. YC W2016.
  16.  Brex: A B2B financial startup that provides corporate cards to startups. Its founders include Henrique Dubugras and Pedro Franceschi. Valuation: $1.1 billion. YC W2017.
  17.  GitLab: A developer service founded by Sid Sijbrandij and Dmitriy Zaporozhets, that aims to offer a full lifecycle DevOps platform. Valuation: $1.1 billion. YC W2015.
  18.  Twitch: An Amazon-acquired live streaming platform for video games used by millions. Its founders include Emmett Shear, Justin Kan, Michael Seibel and Kyle Vogt. YC W2007.
  19.  Flexport: A logistics company that moves freight globally by air, ocean, rail and truck founded by Ryan Petersen. Valuation: ~$1 billion. YC W2014.
  20.  Mixpanel: A user analytics platform that helps each person at a business understand its users founded by Suhail Doshi and Tim Trefren. Valuation: >$865 million. YC S2009.

The full list of Y Combinator’s 100 most successful companies is available here.

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#USA The new normal

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When we first started writing about startups at TechCrunch the idea of a startup – a small business with global ambitions – was a pipe dream. How could a side hustle like Twitter turn into a mouthpiece for heroes and villains? How could a video uploading service like YouTube destroy the media industry? How could a blog – a blog written by a perpetually exhausted ex-lawyer from his bedroom – upturn and change the entire process of building, growing, and selling ideas?

But it happened. In a few years – between 2005 and 2010 – the world changed. TechCrunch became aspirational reading. Millions of would-be entrepreneurs sat in their cubicles scrolling down the river, wondering when it would be their turn to hold a comically large check from a VC in a fleece vest. I distinctly remember talking to two Dutch startuppers in 2007. They told me about a good idea they had based on scientific work they had done. They asked, quite simply, if they should quit their jobs. Three years before the question would have been ludicrous. Give up a cushy job in academia for a long shot? Absolutely not.

But on that afternoon, two years into the startup revolution when getting funding was as easy as getting a post on TechCrunch, the long shot was the better bet.

Now we’re facing a new normal and many of the advances wrought in those years are being reversed. In 2014, risk aversion and VC bag-holding behavior slowed angel and seed investment and startup growth beyond the behemoth b2b solution stalled. Further, an insipid culture of the Creamery, conferences, “passion,” and Allbirds. As I traveled the world I noticed that every city – from St. Louis to Skopje – went through the motions of post TechCrunch-style entrepreneurship. Every city had its own conferences replete with mason jars of wheatgrass smoothie and cuddle rooms where co-founders could emotion-hack their feelings. Members of the speaker circuit told one of two stories – “You can do it!” or “You’re doing it wrong!” – and pitch-offs and hackathons sprung up like kudzu across the globe.

But the amount of VC cash available to support these dreamers is shrinking. It is easy to enter into the entrepreneurial lifestyle but it is far harder to build an entrepreneurial life. One friend quit his job four years ago and is now cashing out IRAs. Other folks I know are taking a break from startups and are nestling into the warm confines of a desk job. The bloom is off the rose.

At the same time I’ve been watching the ICO – or now Security Token Offering – markets explode. In a few short years a massive wealth redistribution has made a few bold folks very rich and their startups are becoming funds in themselves. Thanks to the egalitarian nature of crypto you can take money from a fifteen year old in Zagreb and a mafia bookkeeper in Moscow as easily as you could get it on Sand Hill Road in 2006. Arguably this new market is full of risks and investors have little recourse if their investors move to the coast of Spain and disappear but it is the new normal, the new startup methodology. And as much as VCs like to crow that they add value, they don’t. Money adds value and money comes from the ICO market.

I’ve been working hard to understand the companies inside this market and I’ve found it very difficult. First, if you’re an ICO-funded or blockchain-based startup, visit this form and tell me about yourself. I’ll be writing up a few of you over the next few months. Second, I’d like to offer a bit of advice from a being birthed in the transparency-induced fires of 2005.

First, as I’ve written before, your ICO press relations are awful. I’ll reiterate what I wrote a few months ago:

Here’s the bad news: your PR person sucks. Every single PR person I’ve spoken to is awful at crypto. There are a number of companies out there and I won’t single anyone out but if you have any questions email me at john@biggs.cc and I’ll name names. Let me tell you: every single PR person I deal with, including internal communications managers, is awful. This isn’t always their fault because the space is so new but then again many of them are incompetent.

It is, thankfully, getting better. An ICO is essentially a crowd sale. Getting people to pay attention to crowd sales has always been nearly impossible. Kickstarter projects only started getting taken seriously after a mass of them succeeded in shipping and, as of this writing, very few ICOs have produced much of anything. The story, then, isn’t that you’re doing an ICO. The story is that a group of smart people are getting together to solve a big, hairy problem. That they raised $80 million from a bunch of nerds and gangsters is secondary or tertiary to the story unless, of course, the founders are found in a cage in a basement in Stockholm for not delivering on time.

Second, communication is key. I’ve reached out to a number of top 100 ICOs and they’re more secretive than a frat after a hazing accident. The thinking is that they’ve made their money and anything they say will affect the price because Reddit will say something bad about the coin. It is time to break this sad circle and decide that, once and for all, price should be more resistant to rumor and innuendo.

Both of these aspects of the ICO industry have been solved before. Startups once had awful PR and the only way Michael Arrington was able to get news was to talk to folks who passed on a deal and had an axe to grind. This sort of reporting is useful in the early years of an industry and will begin entering the mainstream as angry investors and ex-employees spill the dirt. But now startup PR is an accepted part of the business cycle. You can read about new fundings in the Wall Street Journal. Eventually the WSJ will cover ICOs the way they cover IPOs and then blockchain companies will really have to step up their game.

Second, communicating with the world is far more important than any ICOed founder thinks. Shareholder relations is an established industry and token holder relations will soon follow. But at this point the extent of token communications comes from a single person in a Telegram room whose job it is to delete trolls. Almost all the sites I visited had one email address – support@dingocoin.io, for example – that went to a Zendesk installation that, in turn, sent emails into a black hole. If a potential retail angel investor can’t contact you, they can’t trust you.

The idea that a small group of smart people can create something amazing with funding that seems to come out the ether is wildly compelling. It is the dawn of a new era in funding and it should give every single fund pause. Many of them are on the bandwagon, dutifully meeting founders who spout absolute gibberish. Because no one understood startups in 2005, everything was a potential winner. Because no one understands crypto today, everything is a potential winner. It is in every entrepreneur’s best interest to close that amazing new self-help book, “Zero to One Hard Thing About Corporate Startup Building Handbook” while sipping bone broth and get some real work done. It’s the only way we’ll all move forward, and it’s about time we started the trip.

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#USA Epsagon emerges from stealth with serverless monitoring tool

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Epsagon, an Israeli startup, launched today with a new serverless tool that helps customers monitor infrastructure, even when they don’t know where or what that is.

That’s the nature of serverless of course. It involves ephemeral resources. Developers build a series of event triggers and the cloud vendor spins up the necessary resources as needed. The beauty of that approach is programmers just codes without worrying about infrastructure, but the downside is that operations doesn’t have any way of controlling or understanding that infrastructure.

Epsagon is trying to solve that problem by giving visibility into serverless architecture. “What the company does, essentially is distributed tracing, observability and cost monitoring for serverless. We’ve been laying low for awhile, and now is actually the official launch of the company,” CEO and co-founder Nitzan Shapira told TechCrunch.

With serverless you can’t use an agent because you don’t know where to put it. There is no fixed server to attach it to. This makes using traditional logging tools inappropriate. Epsagon gets around this problem with an agentless approach using libraries. Shapria says the company will be open sourcing these libraries to make them more attractive to developers.

For starters, the company is supporting AWS Lambda, but plans to expand to other cloud platforms next year. First you sign up for Epsagon, enter your AWS credentials and it immediately begins providing some information about performance in the Epsagon dashboard. But Shapira says the real value comes from the libraries. “We have this library that is essentially the instrumentation, which acts in the same way an agent does,” he explained.

Screenshot: Epsagon

The product does more than simply provide traditional monitoring data though. It also allows customers to understand what they are spending. With serverless, the cloud company provides you resources as required, which is convenient, but could also spiral out of control quickly from a cost perspective. Epsagon lets you see exactly what you’re paying.

The company is still playing with pricing, but they are using a self-service approach for starters. You go and sign up on their website and there are a variety of pricing options starting with a free tier. All of the tiers have a free two-week trial.

Epsagon, which is based in Tel Aviv, currently has 11 employees. They are in the process of opening a US office where they will establish sales, marketing and support operations. They raised $4 million led by Lightspeed Venture Partners in January.

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#USA Azimo launches business money transfer service

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Hot on the heels of raising $20 million in Series C funding led by Japan’s Rakuten Capital, London-based money transfer service Azimo is launching a new service aimed at small and medium-sized businesses.

Dubbed “Azimo Business,” it lets SMEs across the U.K. and Europe send payments to an impressive 189 countries — including many emerging markets, which is Azimo’s traditional focus — and at a price the company claims undercuts banks by 50 percent or more.

The idea isn’t just to beat the banks on fees (which is often not hard to do) but also through better technology, delivering faster transfers and a smoother UX via the Azimo mobile apps and web versions.

In a brief call, Azimo co-founder and CEO Michael Kent told me that a fully fledged business version of Azimo was something that many of the company’s existing customers had been asking for as they wanted to expand their use of the money transfer service to the small businesses they operate, not just for sending money to family and friends in their original home country.

He also (rightly) noted that immigrants are much more likely to start their own business compared to native nationals, and that these micro and small businesses are often international in nature, such as importing or exporting specialist goods. This requires a significant amount of money transfer and exchange for things like paying suppliers and paying local salaries.

To that end, even though Azimo Business runs on the same rails as Azimo’s existing consumer service, Kent explained that there are additional regulatory requirements around anti-money laundering. This sees business users having to pass KYC and KYB checks, with Azimo ultimately needing to satisfy the regulator that it knows the beneficial owner of a business sending money.

However, the Azimo founder says that required building technology and processes to scale those checks but in a way that doesn’t expose Azimo to regulatory risk or creates too many false positives that would decline customers unnecessarily.

Meanwhile (and proof that there was pent-up demand), while running in beta, Azimo Business customers on average sent six times more money than Azimo’s consumer customers. The most popular sending countries were the U.K., Germany, the Netherlands, Spain and France. The most popular receiving countries were Poland, China, Singapore, Pakistan, Hong-Kong, and South Africa

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#USA Applied gets $2M to make hiring fairer — using algorithms, not AI

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London-based startup Applied has bagged £1.5M (~$2M) in seed funding for a fresh, diversity-sensitive approach to recruitment that deconstructs and reworks the traditional CV-bound process, drawing on behavioural science to level the playing field and help employers fill vacancies with skilled candidates they might otherwise have overlooked.

Fairer hiring is the pitch. “If you’re hiring for a product lead, for example, it’s true that loads and loads of product leads are straight, white men with beards. How do we get people to see well what is it actually that this job entails?” founder and CEO Kate Glazebrook tells us. “It might actually be the case that if I don’t know any of the demographic background I discover somebody who I would have otherwise overlooked.”

Applied launched its software as a service recruitment platform in 2016, and Glazebrook says so far it’s been used by more than 55 employers to recruit candidates for more than 2,000 jobs. While more than 50,000 candidates have applied via Applied to date.

The employers themselves are also a diverse bunch, not just the usual suspects from the charitable sector, with both public and private sector organizations, small and large, and from a range of industries, from book publishing to construction, signed up to Applied’s approach. “We’ve been pleased to see it’s not just the sort of thing that the kind of employers you would expect to care about care about,” says Glazebrook.

Applied’s own investor Blackbird Ventures, which is leading the seed round, is another customer — and ended up turning one investment associate vacancy, advertised via the platform, into two roles — hiring both an ethnic minority woman and a man with a startup background as a result of “not focusing on did they have the traditional profile we were expecting”, says Glazebrook.

“They discovered these people were fantastic and had the skills — just a really different set of background characteristics than they were expecting,” she adds.

Other investors in the seed include Skip Capital, Angel Academe, Giant Leap and Impact Generation Partners, plus some unnamed angels. Prior investors include the entity Applied was originally spun out of (Behavioural Insights Team, a “social purpose company” jointly owned by the UK government, innovation charity Nesta, and its own employees), as well as gender advocate and businesswoman Carol Schwartz, and Wharton Professor Adam Grant.

Applied’s approach to recruitment employs plenty of algorithms — including for scoring candidates (its process involves chunking up applications and also getting candidates to answer questions that reflect “what a day in the job actually looks like”), and also anonymizing applications to further strip away bias risks, presenting the numbered candidates in a random order too.

But it does not involve any AI-based matching. If you want to make hiring fairer, AI doesn’t look like a great fit. Last week, for example, Reuters reported how in 2014 ecommerce giant Amazon built and then later scrapped a machine learning based recruitment tool, after it failed to rate candidates in a gender-neutral way — apparently reflecting wider industry biases.

“We’re really clear that we don’t do AI,” says Glazebrook. “We don’t fall into the traps that [companies like] Amazon did. Because it’s not that we’re parsing existing data-sets and saying ‘this is what you hired for last time so we’ll match candidates to that’. That’s exactly where you get this problem of replication of bias. So what we’ve done instead is say ‘actually what we should do is change what you see and how you see it so that you’re only focusing on the things that really matter’.

“So that levels the playing field for all candidates. All candidates are assessed on the basis of their skill, not whether or not they fit the historic profile of people you’ve previously hired. We avoid a lot of those pitfalls because we’re not doing AI-based or algorithmic hiring — we’re doing algorithms that reshape the information you see, not the prediction that you have to arrive at.”

In practice this means Applied must and does take over the entire recruitment process, including writing the job spec itself — to remove things like gendered language which could introduce bias into the process — and slicing and dicing the application process to be able to score and compare candidates and fill in any missing bits of data via role-specific skills tests.

Its approach can be thought of as entirely deconstructing the CV — to not just remove extraneous details and bits of information which can bias the process (such as names, education institutions attended, hobbies etc) but also to actively harvest data on the skills being sought, with employers using the platform to set tests to measure capacities and capabilities they’re after.

“We manage the hiring process right from the design of an inclusive job description, right through to the point of making a hiring decision and all of the selection that happens beneath that,” says Glazebrook. “So we use over 30 behavioural science nudges throughout the process to try and improve conversion and inclusivity — so that includes everything from removal of gendered language in jobs descriptions to anonymization of applications to testing candidates on job preview based assessments, rather than based on their CVs.”

“We also help people to run more evidence-based structured interviews and then make the hiring decision,” she adds. “From a behavioral science standpoint I guess our USP is we’ve redesigned the shortlisting process.”

The platform also provides jobseekers with greater visibility into the assessment process by providing them with feedback — “so candidates get to see where their strengths and weaknesses were” — so it’s not simply creating a new recruitment blackbox process that keeps people in the dark about the assessments being made about them. Which is important from an algorithmic accountability point of view, even without any AI involved. Because vanilla algorithms can still sum up to dumb decisions.

From the outside looking in, Applied’s approach might sound highly manual and high maintenance, given how necessarily involved the platform is in each and every hire, but Glazebrook says in fact it’s “all been baked into the tech” — so the platform takes the strain of the restructuring by automating the hand-holding involved in debiasing job ads and judgements, letting employers self-serve to step them through a reconstructed recruitment process.

“From the job description design, for example, there are eight different characteristics that are automatically picked out, so it’s all self-serve stuff,” explains Glazebrook, noting that the platform will do things like automatically flag words to watch out for in job descriptions or the length of the job ad itself.

“All with that totally automated. And client self-serve as well, so they use a library of questions — saying I’m looking for this particular skill-set and we can say well if you look through the library we’ll find you some questions which have worked well for testing that skill set before.”

“They do all of the assessment themselves, through the platform, so it’s basically like saying rather than having your recruiting team sifting through paper forms of CVs, we have them online scoring candidates through this redesigned process,” she adds.

Employers themselves need to commit to a new way of doing things, of course. Though Applied’s claim is that ultimately a fairer approach also saves time, as well as delivering great hires.

“In many ways, one of the things that we’ve discovered through many customers is that it’s actually saved them loads of time because the shortlisting process is devised in a way that it previously hasn’t been and more importantly they have data and reporting that they’ve never previously had,” she says. “So they now know, through the platform, which of the seven places that they placed the job actually found them the highest quality candidates and also found people who were from more diverse backgrounds because we could automatically pull the data.”

Applied ran its own comparative study of its reshaped process vs a traditional sifting of CVs and Glazebrook says it discovered “statistically significant differences” in the resulting candidate choices — claiming that over half of the pool of 700+ candidates “wouldn’t have got the job if we’d been looking at their CVs”.

They also looked at the differences between the choices made in the study and also found statistically significant differences “particularly in educational and economic background” — “so we were diversifying the people we were hiring by those metrics”.

“We also saw directional evidence around improvements in diversity on disability status and ethnicity,” she adds. “And some interesting stuff around gender as well.”

Applied wants to go further on the proof front, and Glazebrook says it is now automatically collecting performance data while candidates are on the job — “so that we can do an even better job of proving here is a person that you hired and you did a really good job of identifying the skill-sets that they are proving they have when they’re on the job”.

She says it will be feeding this intel back into the platform — “to build a better feedback loop the next time you’re looking to hire that particular role”.

“At the moment, what is astonishing, is that most HR departments 1) have terrible data anyway to answer these important questions, and 2) to the extent they have them they don’t pair those data sets in a way that allows them to prove — so they don’t know ‘did we hire them because of X or Y’ and ‘did that help us to actually replicate what was working well and jettison what wasn’t’,” she adds.

The seed funding will go on further developing these sorts of data science predictions, and also on updates to Applied’s gendered language tool and inclusive job description tool — as well as on sales and marketing to generally grow the business.

Commenting on the funding in a statement, Nick Crocker, general partner at Blackbird Ventures said: “Our mission is to find the most ambitious founders, and support them through every stage of their company journey. Kate and the team blew us away with the depth of their insight, the thoughtfulness of their product, and a mission that we’re obsessed with.”

In another supporting statement, Owain Service, CEO of BI Ventures, added: “Applied uses the latest behavioural science research to help companies find the best talent. We ourselves have recruited over 130 people through the platform. This investment represents an exciting next step to supporting more organisations to remove bias from their recruitment processes, in exactly the same way that we do.”

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#USA Smule raises $20M, with plans to expand India operations

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App maker turned music social network Smule has raised another $20 million. The latest round follows a $54 million raise in May of last year, led by Tencent, intent on helping the company expand Asia operations. This time out, funding is arriving via Times Bridge, the VC wing of India media conglomerate The Times Group.

The “strategic investment” comes as Smule pushes to expand its footprint in India, currently the second largest of the app maker’s international markets. Engaging there requires building a platform for an utterly massive and multi-lingual market.

“Building the Smule brand in India is a long term process, but a critical facet of realizing our vision to connect the world through music,” CEO and co-founder Jeffrey Smith told TechCrunch. “We are therefore thrilled to expand our reach in India through this significant partnership with Times Bridge.”

The round marks the first full social media partnership for Times Bridge, which finds the organization leveraging connections with local artists and helping to provide targeted marketing for Smule.

“Times Bridge’s mission is to bring the world’s best ideas to India and share India’s best insights with the world,” Times Bridge CEO Rishi Jaitly says in a statement. “Smule is a deeply original, bold idea with a mission of changing the way the world experiences music. Our investment will advance Smule’s music mission across the Indian subcontinent and unlock the creativity of many millions along the way. We are delighted to be working with a partner who approaches India with the empathy, conviction and optimism that the Indian market warrants.”

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#USA Memory raises $5M to bring AI to time tracking

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Memory, a startup out of Norway and maker of time tracking app Timely, has raised $5 million in further funding. Leading the round is Concentric, and Investinor, with participation from existing investor SNÖ Ventures. The company had previously raised $1 million in 2016 from 500 Startups, and SNÖ.

Founded by Mathias Mikkelsen, a designer by background and who I understand turned down a job offer at Facebook to try his hand at startup life, Memory is applying what it describes as AI and digital technology to create various tools to help solve “the abuses of time” that workers typically face in the modern workplace. The first of those abuses being tackled is the monotonous and time-consuming task of time tracking and filing time sheets — a meta problem if there ever was one.

“The problem we’re trying to solve is with time tracking, the most common currency of work that exists,” Mikkelsen tells me. “The problem is that people find it extremely painful to do and thus do it incorrectly. For example, what did you do last Friday? How long did it take? Humans are not built to remember that kind of detail and we shouldn’t be doing it. Harvard Business Review estimates that U.S. companies loose billions of dollars per day because of incorrect time tracking, so we think the potential is massive”.

The resulting product, dubbed Timely, is billed as a fully automatic time tracking tool. Powered by “AI”, it automatically records everything employees work on and then claims to create accurate time sheets on their behalf.

“We solve it with tons of data and machine learning,” says Mikkelsen. “We have built an ML model (recurring neural net) that literally tracks, completely privately and securely, everything you do in life. Files you work on, locations, websites, calendar, email, etc. Then we analyse all of that, make sense of it and automatically create a timesheet for you. We round up the time, choose projects, tags, all of it. It matches your individual pattern and the only thing our customers have to do is to hit an Accept button and you’re done with your timesheet”.

Mikkelsen says that Timely is currently used by more than 4,000 paying businesses across 160 countries, and that having created a complete “virtual memory” of time data, the Oslo startup is developing new tools to improve the “quality of time” and help businesses use time more effectively. As part of this effort, Memory will use the new funding to double its current 30-person team. It also plans on refining Timely’s AI model and to accelerate international growth.

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#USA Memory raises $5M to bring AI to time tracking

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Memory, a startup out of Norway and maker of time tracking app Timely, has raised $5 million in further funding. Leading the round is Concentric, and Investinor, with participation from existing investor SNÖ Ventures. The company had previously raised $1 million in 2016 from 500 Startups, and SNÖ.

Founded by Mathias Mikkelsen, a designer by background and who I understand turned down a job offer at Facebook to try his hand at startup life, Memory is applying what it describes as AI and digital technology to create various tools to help solve “the abuses of time” that workers typically face in the modern workplace. The first of those abuses being tackled is the monotonous and time-consuming task of time tracking and filing time sheets — a meta problem if there ever was one.

“The problem we’re trying to solve is with time tracking, the most common currency of work that exists,” Mikkelsen tells me. “The problem is that people find it extremely painful to do and thus do it incorrectly. For example, what did you do last Friday? How long did it take? Humans are not built to remember that kind of detail and we shouldn’t be doing it. Harvard Business Review estimates that U.S. companies loose billions of dollars per day because of incorrect time tracking, so we think the potential is massive”.

The resulting product, dubbed Timely, is billed as a fully automatic time tracking tool. Powered by “AI”, it automatically records everything employees work on and then claims to create accurate time sheets on their behalf.

“We solve it with tons of data and machine learning,” says Mikkelsen. “We have built an ML model (recurring neural net) that literally tracks, completely privately and securely, everything you do in life. Files you work on, locations, websites, calendar, email, etc. Then we analyse all of that, make sense of it and automatically create a timesheet for you. We round up the time, choose projects, tags, all of it. It matches your individual pattern and the only thing our customers have to do is to hit an Accept button and you’re done with your timesheet”.

Mikkelsen says that Timely is currently used by more than 4,000 paying businesses across 160 countries, and that having created a complete “virtual memory” of time data, the Oslo startup is developing new tools to improve the “quality of time” and help businesses use time more effectively. As part of this effort, Memory will use the new funding to double its current 30-person team. It also plans on refining Timely’s AI model and to accelerate international growth.

from Startups – TechCrunch https://ift.tt/2PL0Z5G

#USA Roborace to replace F1 racing drivers with robots at Disrupt

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Formula E is so 2017. This year, it's all about Roborace, an upcoming F1-style competition. And the big new thing is that it's all about self-driving cars. I'm excited to announce that Roborace CEO Lucas DiGrassi will come to TechCrunch Disrupt Berlin to talk about this crazy idea.

DiGrassi may sound like a familiar name already as he's also a racing driver. He has competed in Formula One, Formula E and the World Endurance Championship. He’s also the current Formula E Champion. Clearly, DiGrassi is much better at parallel parking than I’ll ever be.

Racing has always been a great way to break new grounds for car manufacturers. Many of the technologies that you can find in your current car were first developed for endurance and Formula One competitions.

And it seems logical that the next radical step involves removing the driver altogether. Roborace will be a competition with self-driving cars that run using electric motors. Cars will compete on the Formula E tracks.

Teams will share the same chassis, powertrain, sensors and Nvidia Drive PX 2 system on a chip. You can find radars, lidars and other sensors on each car. But, of course, each team will be able to customize their AI-powered algorithm to beat competitors.

Right now, Roborace is testing the racing format alongside Formula E events. Sometimes, it involves putting an actual human being in a development car called a “DevBot”.

I’m incredibly excited about meeting DiGrassi and talking about this new competition. And if you want to meet him too, you should buy your ticket to Disrupt Berlin to listen to this discussion and many others. The conference will take place on November 29-30.

In addition to fireside chats and panels, like this one, new startups will participate in the Startup Battlefield Europe to win the highly coveted Battlefield cup.


Lucas DiGrassi

CEO, Roborace

Lucas DiGrassi is the CEO of Roborace, the world's first competition for human and artificial intelligent racing, making autonomous technology exciting and inspirational for a new generation of spectators.

Lucas is also a racing driver who has competed in Formula One, Formula E and the World Endurance Championship and is the current Formula E Champion.

He has been instrumental in building and growing the Formula E series over the past six years having joined as Special Advisor for the FE CEO Alejandro Agag back in 2012.

He is now bringing his business experience and extensive knowledge of racing, to Roborace, helping grow it into an established competition and cooperation of human and AI intelligence.

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