Daily Crunch: May 25, 2021

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Today's Highlights

This Daily Crunch edition, dated May 25, 2021, offers a variety of content. It caters to developers, startup enthusiasts, and those interested in general technological advancements.

However, the day brings unfavorable news for investors in Lordstown Motors. They face considerable losses following the company’s recent, disappointing financial report.

Beyond Lordstown Motors

Despite the challenges faced by some, a wealth of other tech and startup news is available. The following sections detail key developments and emerging trends.

Key Takeaways

• The electric vehicle sector continues to evolve, with both successes and setbacks.
• Lordstown Motors’ earnings report has significantly impacted investor confidence.
• A broad range of technological innovations and startup activities are currently underway.

This compilation aims to provide a concise overview of the most noteworthy events in the tech and startup world.

— Alex

TechCrunch Highlights: Top 3 Stories

TechCrunch has been conducting an in-depth analysis of Expensify as it prepares for its initial public offering (IPO). Their latest report focuses on the company’s evolution, specifically how it overcame a perception of being overly confident to expand its operations internationally.

Expensify's Global Transformation

The analysis details Expensify’s journey from a startup to a unicorn company. A key aspect of this growth involved shedding what was described as “Silicon Valley arrogance” to successfully enter and compete in global markets.

Bowery Farms Secures $300 Million

Significant investment continues to flow into the agricultural technology sector. Bowery Farms recently closed a $300 million funding round, demonstrating the growing interest in vertical farming solutions.

This new valuation brings Bowery Farms’ worth to $2.3 billion. Their produce is currently available in 850 grocery stores, indicating a substantial expansion of their market reach.

Growth in African Venture Capital

Venture capital investment in Africa is experiencing a period of rapid growth. Recent data suggests the continent is quickly catching up in terms of VC funding compared to other regions.

Record-Breaking Investment

According to a report by Tage Kene-Okafor, VC activity in Africa is projected to reach between $2.25 billion and $2.8 billion this year. If realized, this would represent a new record for venture capital investment on the continent.

This surge in funding highlights the increasing recognition of Africa’s potential as a burgeoning market for innovation and entrepreneurship.

Startups and Venture Capital Funding

Airbyte has secured $26 million in funding to enhance data connectivity. The company focuses on streamlining how data is delivered to its intended destinations. Simply possessing data isn't enough; startups are increasingly concentrating on data ingestion and efficient data movement.

We inquired with Ron Miller regarding his coverage of this funding round. He highlighted the founders’ strategy of prioritizing open-source development and community building before focusing on revenue generation as particularly compelling.

Twilio invests in Hyro’s communication platform: When a technology leader makes an investment, it’s noteworthy. Similar to Salesforce’s earlier impact, Twilio’s backing of Hyro is generating attention.

According to Jordan Crook, Hyro is an “adaptive communications platform,” enabling businesses to deliver information to customers through easily integrated, conversational tools. This approach offers a compelling user experience.

Whatnot receives $50 million to pioneer livestream e-commerce: If you aren’t a shopper, Whatnot might not appeal to you. However, for those who enjoy purchasing goods, the platform presents a unique e-commerce model gaining traction globally, but still emerging in North America. This funding follows a recent $20 million raise.

Exploring the intersection of real estate and NFTs: Propy is experimenting with applying blockchain technology to the real estate market. The company is currently “auctioning a real apartment as an NFT.” The concept may be unconventional, but it represents an innovative approach.

Tessian secures $65 million to combat social engineering threats: U.K.-based Tessian, a cybersecurity firm, has raised significant funding. The cybersecurity sector is experiencing rapid growth due to the increasing frequency of data breaches. Tessian distinguishes itself by addressing the human element of security, identifying and flagging potentially risky user behaviors.

Airbnb’s Post-Pandemic Evolution: A Discussion with Brian Chesky

A recent interview with Brian Chesky, co-founder and CEO of Airbnb, conducted by Managing Editor Jordan Crook, explored the evolving landscape of travel and the challenges of steering a major hospitality company through a global crisis.

Chesky detailed the dramatic initial impact of the pandemic, stating that Airbnb experienced an 80% decline in business within just eight weeks.

He likened this situation to a vehicle traveling at high speed, abruptly braking, and the inevitable consequences that would follow.

The situation was further complicated by the need to simultaneously reconstruct the company while continuing operations and preparing for an initial public offering – all conducted remotely via Zoom.

This required a level of agility and responsiveness previously unseen within the organization.

Rebuilding and Adapting was a core focus during this period of intense disruption.

The company had to fundamentally rethink its strategies and operational procedures to navigate the unprecedented challenges.

(Access to exclusive insights and resources for founders and startup teams is available through Extra Crunch. Sign up here.)

Big Tech Inc.

Microsoft’s Build conference occurred today, marking the second consecutive year the Redmond-based developer event was held in a virtual format.

However, prior to delving into the conference details, a brief mention regarding autonomous deliveries is warranted.

The concept of delivering goods to residences without human intervention represents a longstanding technological aspiration. Recall the Amazon drones that initially generated considerable excitement, yet subsequently faded from public view – not once, but on two separate occasions?

Or consider the charming Postmates robot. Currently, other companies, specifically JD.com and Meituan, are actively involved in this field. TechCrunch provides the most recent updates on their advancements in self-driving delivery systems.

Returning to Build, a substantial amount of news was unveiled. Microsoft is expanding the integration of Azure services with Kubernetes.

Furthermore, new developer tools for building applications on the Teams platform were announced.

Updates to the Edge browser were also presented, coinciding with the phasing out of Internet Explorer.

Enterprise-level Azure support for PyTorch is now available, and notably, the company is utilizing GPT-3 – a technology considered exceptionally innovative – to facilitate coding through natural language input.

Previously, I worked as a journalist covering Microsoft. I often found those days quite enjoyable.

The company’s extensive reach across numerous sectors makes covering it a surprisingly broad undertaking. Enjoy Frederic’s comprehensive reporting!

Community Updates

Travel is experiencing a resurgence for many, often referred to as “revenge travel.” A recent discussion between our team member, Jordan Crook, and the CEO of Airbnb explored the longevity of current travel patterns.

Specifically, they investigated whether the shift towards more remote locations and a reduction in business trips represents a lasting change. You can find the full interview and share your own perspectives here and here.

Data Discussions

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We encourage participation and look forward to hearing your insights on this important topic.

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