India's Crypto Ban & Digital Currency Plans | Daily Crunch
Daily Crunch: November 23, 2021
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A Thanksgiving Eve Update
Greetings, and welcome to the Daily Crunch for November 23rd, 2021. Thanksgiving is rapidly approaching, yet professional obligations persist. Just one more day of work remains!
Before diving into the latest news, please remember that our upcoming Space event is fast approaching.
— Alex
TechCrunch's Leading Three Stories
This report summarizes the three most prominent tech stories covered by TechCrunch recently. These include legal action by Apple, potential cryptocurrency restrictions in India, and a discussion regarding the evolving terminology for highly valued startups.
Apple Initiates Legal Action Against NSO Group
Apple has filed a lawsuit against NSO Group, a company widely recognized for developing hacking tools. These tools have reportedly been utilized by various governments for surveillance purposes, targeting individuals such as political dissidents and members of the press.
The lawsuit centers around NSO Group’s Pegasus spyware. Apple has publicly condemned the company, labeling them as unethical actors who profit from the creation of advanced cyber-surveillance technology prone to misuse.
India Considers a Ban on Cryptocurrencies
Legislative action is anticipated in India during the upcoming winter session, potentially leading to a prohibition of all private cryptocurrencies within the nation. This initiative involves the introduction, assessment, and implementation of a bill designed to enforce this ban.
India is not alone in exploring alternatives to privately issued blockchain technologies. China has also been developing plans for a state-backed digital currency. While exceptions to the proposed ban may be considered, the outlook for the Indian cryptocurrency market appears uncertain.
The Need for Updated Startup Valuation Terminology
The term "unicorn," once used to describe startups achieving a $1 billion valuation, has become commonplace. With over 900 unicorns currently in existence globally, the term has lost its original significance.
This shift necessitates the development of new terminology to accurately represent companies reaching exceptionally high valuations. The industry is now seeking alternative ways to categorize and acknowledge these increasingly numerous high-growth businesses.
The discussion highlights the dynamic nature of the startup landscape and the need for evolving language to reflect its changing realities.
Startups/VC
AR tomatoes: Dent Reality, a London-based company, is focused on integrating augmented reality (AR) into the grocery shopping experience.
While the metaverse receives considerable attention, particularly following developments from Facebook’s parent company, more focused AR applications could become integral to our future.
The startup recently secured $3.4 million in funding.
AI-Powered Mental Healthcare
Your AI therapist will see you now: ieso, a U.K.-based startup, has successfully raised $53 million in a Series B funding round.
This investment will support their efforts to deliver cognitive behavioral therapy (CBT) through the National Health Service (NHS) in the U.K.
The company is actively incorporating AI and automation technologies into the therapy process.
Advancements in AI Transcription
Verbit raises (again) for AI transcription software: The transcription of audio content represents a significant market opportunity.
Many individuals currently earn income through manual transcription services.
However, startups like Otter are also competing in this space, but Verbit possesses a substantial financial advantage.
The company recently closed a $250 million Series E round, achieving a $2 billion valuation just months after its previous funding.
Verbit employs a hybrid approach, combining both software and human expertise.
The Resurgence of Experiential Activities
Peek shows that Doing Things is making a comeback: Similar to how Airbnb facilitates house rentals, Peek enables the rental of experiences.
The company has secured $80 million in funding, resulting in a $2 billion valuation.
This investment suggests a renewed interest in participating in activities outside the home, despite ongoing COVID-related concerns.
Buy Now, Pay Later (BNPL) Developments
Today’s news from BNPL Land: The buy now, pay later (BNPL) sector continues to experience growth.
TruePay has raised $23 million to support its Brazilian BNPL solution.
Furthermore, Klarna, a major player in the BNPL industry, has launched a new “buy now” option.
Simplifying Tax Preparation
Column Tax preps for tax season with new round: Completing U.S. tax returns is often a complex and frustrating process.
This complexity is partly attributed to deliberate efforts by Intuit to maintain its dominance in the tax preparation market.
Column is targeting a younger demographic, integrating with commonly used technologies, and aims to launch its tax preparation service in time for the upcoming U.S. tax season.
TechCrunch Gift Guide
And in keeping with the season, a TechCrunch gift guide featuring items with a chlorophyll-inspired theme is now available.
Robert Falck of Einride Discusses the Ethical Imperative of Electric, Autonomous Trucking
Image Credits: Bryce DurbinEinride, a Swedish firm specializing in autonomous freight, has secured $110 million in funding to facilitate its growth into the U.S. market.
The company is collaborating with American companies, including Oatly and GE Appliances, to deploy self-driving trucks and electric autonomous pods.
These vehicles are integrated with Saga, Einride’s unique Internet of Things (IoT) platform.
The Drive Behind Climate Tech and Autonomy Levels
Robert Falck, the founder and CEO of Einride, shared his perspectives with TechCrunch regarding the increased likelihood of climate technology breakthroughs originating from startup ventures.
He also articulated his skepticism towards the concept of Level 5 autonomy – the complete automation of driving in all possible scenarios.
Falck believes that achieving full Level 5 autonomy is not a realistic or necessary goal for the near future.
Why Startups Lead in Climate Tech
According to Falck, the agility and focused mission of startups position them favorably to develop and implement impactful climate solutions.
Established corporations often face internal resistance and legacy systems that hinder rapid innovation in this crucial area.
Einride’s commitment to sustainability is central to its business model, driving its development of electric and autonomous transport solutions.
A Pragmatic View on Autonomous Driving
Falck’s perspective diverges from some in the industry who prioritize achieving Level 5 autonomy.
He suggests that focusing on specific, well-defined operational design domains (ODDs) is a more practical and effective approach.
This involves deploying autonomous vehicles in controlled environments and gradually expanding their capabilities as technology matures.
Saga plays a vital role in managing and optimizing these ODDs, ensuring safe and efficient operation.
(Access to TechCrunch+ is available through a membership program designed to support founders and startup teams. Sign up here.)
Big Tech Inc.
The acquisition of Tidal by Square initially raised eyebrows. However, the two companies have unveiled their collaborative plans.
Tidal has partnered with DistroKid to introduce a system for direct artist payments. This initiative aims to reshape streaming payout models.
TechCrunch highlights that this new system is designed to distribute funds more fairly to musicians who may not achieve massive streaming numbers.
NASA's Asteroid Redirection Mission
NASA is preparing to launch a satellite with a specific objective: to alter the trajectory of potentially hazardous asteroids. This mission is known as the Double Asteroid Redirection Test, or DART.
The ability to deflect space rocks from Earth’s path is considered a crucial safety measure, safeguarding against potential impacts.
Innovative Rocket Booster Retrieval
Traditional methods of rocket booster recovery involved allowing them to fall into the ocean. However, new approaches are emerging.
SpaceX utilizes specialized flat boats for booster retrieval. Rocket Lab, conversely, is developing a system to capture its Electron rockets mid-air using helicopters.
AWS Leadership Expectations
For those focused on enterprise technology, Ron Miller has published a detailed blog post outlining his expectations for the incoming AWS leader.
The post explores anticipated announcements and potential strategic shifts under the new leadership.
Netflix's Gaming Strategy
Netflix’s venture into gaming is being closely monitored as a significant strategic shift for the streaming giant.
The company is relaunching Gameloft’s Asphalt Xtreme, which was previously discontinued in September. This represents a step in Netflix’s efforts to differentiate itself within the competitive streaming landscape.
While not a AAA title, this move demonstrates Netflix’s commitment to exploring new content offerings and engaging a broader audience.
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