CaptivateIQ Raises $100M Series C, Reaching $1.25B Valuation

Daily Tech Roundup: January 26, 2022

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Today's Highlights

Greetings, and welcome to the Daily Crunch for January 26, 2022. The day’s coverage includes developments in surveillance robotics, an allusion to the Harry Potter series, reports of workforce reductions, and a wealth of startup-related news.

Furthermore, updates from Reddit are also featured. It represents a particularly engaging period for those involved in the technology sector, whether as employees or consumers.

Key News Items

Surveillance Robotics: New advancements are being made in the field of automated surveillance.
Pop Culture Reference: A connection to the Harry Potter universe was noted in recent tech discussions.
Layoffs: Several companies have announced reductions in their workforce.
Startup Activity: A significant number of new ventures and funding rounds were reported.
Reddit Updates: Notable changes and discussions are occurring within the Reddit platform.

This compilation aims to provide a comprehensive overview of the day’s most crucial events. It is designed to keep readers informed about the rapidly evolving landscape of technology.

Enjoy staying current with the latest developments! – Alex

TechCrunch's Top 3 Updates

Launching a public offering for a robotic surveillance firm in 2022 presents considerable challenges. Knightscope's decision to go public is particularly noteworthy given increasing public awareness regarding privacy concerns.

The initial public offering (IPO) market has also experienced volatility recently, leading to postponements for some companies.

This situation is being closely monitored, primarily due to the inherent fascination with robotic technology.

Firebolt's Rapid Growth

Firebolt has announced a significant $100 million funding round, resulting in a valuation of $1.4 billion. This achievement marks a substantial milestone for the startup.

The company, whose name evokes imagery from the Harry Potter series, is challenging established players like Google’s BigQuery and Snowflake.

Firebolt offers a cloud data warehouse solution that it asserts is both more affordable and operates at a higher speed, as reported by Ingrid Lunden.

Restructuring at Glossier

Glossier has announced a reduction in its corporate workforce, impacting approximately 80 employees. This represents roughly one-third of the company’s corporate staff.

According to internal communications, Glossier intends to utilize external technology solutions rather than developing its own in-house systems.

This strategic shift will allow the company to streamline operations and focus on core competencies.

Key Takeaway: These three stories highlight diverse trends in the tech landscape – from the challenges of public offerings to competitive disruption and internal restructuring.

Startups/VC

Recent developments in the startup world present a diverse range of news, prompting a shift towards a paragraph-based format to allow for more detailed coverage. Let's delve into the key updates.

Considering the current volatility in the stock market and the decreasing valuations of technology firms globally, a panel of three TechCrunch contributors collaborated to address a crucial question: What strategies should founders employ to navigate a potential decline in startup valuations and investor enthusiasm? This discussion, centered around a prevailing trend, offers multiple perspectives on a single event.

Today brought the announcement of UBS’s acquisition of robo-advisor Wealthfront for $1.4 billion. Those familiar with the fintech sector will remember the competitive landscape of Wealthfront and Betterment, as they both sought to attract customers and assets through innovative technology, simultaneously striving for market dominance. This acquisition marks a significant turning point in that narrative, prompting an analysis of the deal’s implications regarding revenue, assets under management, and customer base.

European startups are poised to benefit from forthcoming legislation in Spain, expected to be enacted within months. This new startup law aims to attract both tech talent and burgeoning companies to the country. Spain recognizes the potential for tech firms to evolve into substantial organizations, generating high-paying employment opportunities, provided they are given the necessary support and time to flourish. According to Natasha Lomas, the bill encompasses “key areas like tax breaks for investors, talent incentives like stock options and a new digital nomad visa to attract international tech workers.”

In the United States, TechCrunch recently profiled Boom, the supersonic jet startup aiming to revive high-speed travel for the general public. Following the retirement of the Concorde, current flight speeds appear comparatively slow, prompting a sense of acceptance – albeit reluctant. Despite initial skepticism, Boom has persevered and intends to manufacture its advanced jets in North Carolina.

From the realm of potentially controversial moves, Reddit is currently testing a feature allowing users to showcase NFTs as their profile pictures. This follows a similar implementation by Twitter. While conceptually similar to uploading a standard profile picture, the process is more complex. Despite varying opinions on the NFT market, it’s evident that many within the tech community are actively embracing this technology.

The conventional methods used by companies to assess engineering talent are often misaligned with the realities of software development. Most developers rarely engage in isolated logic problems on whiteboards under the scrutiny of recruiters. Recognizing this discrepancy, Byteboard’s innovative approach to evaluating computer engineering skills has secured $5 million in funding, suggesting a potential shift in hiring practices.

Investors in Europe may find opportunities in Asian stock markets, and those in Latin America might consider investing in U.S.-based companies. Navigating these cross-border investment strategies can be complex. Vest’s efforts to facilitate investment in U.S. companies for individuals in the Americas have garnered attention and backing from Founders Fund.

The sales technology sector is experiencing significant growth, exemplified by the success of companies like Gong, which demonstrate the substantial revenue potential within the sales use case. CaptivateIQ, another player in this space, focuses on a different aspect of sales optimization. The company, which “has developed a no-code SaaS platform to help companies design customized sales commission plans,” recently raised $100 million and reported a tripling of revenue in the past year.

Finally, the Equity team recently hosted Bessemer growth-stage investor Mary D’Onofrio for a discussion on evolving valuations, exit multiples, and the future outlook for startups. A proposition was also made suggesting that increased turbulence within the tech industry could ultimately prove beneficial.

A CISO’s Guide to Handling Zero-Day Exploits

The Log4Shell vulnerability, which allowed unauthorized execution of code on compromised servers, garnered significant media attention and disrupted the holiday season for numerous cybersecurity experts.

Despite numerous well-publicized security breaches, a substantial number of organizations remain without a defined incident response strategy, according to Jonathan Trull, SVP of Customer Solutions, Architecture and Engineering at Qualys.

Leveraging his background as a Chief Information Security Officer, Trull details three crucial actions organizations should undertake to formulate a robust playbook:

Define a Standard Operating Procedure
Conduct Thorough Asset Inventory
Prioritize Information Collection, Dissemination, and Evaluation

(TechCrunch+ is a membership program designed to empower founders and startup teams. Registration is available here.)

Establishing a Standard Operating Procedure

A clearly defined standard operating procedure (SOP) is paramount when dealing with zero-day exploits. This document should outline roles, responsibilities, and escalation paths.

The SOP must detail communication protocols, both internal and external, ensuring swift and accurate information flow during a crisis. Regularly testing and updating this procedure is essential.

The Importance of Comprehensive Inventory

Knowing what assets you have is fundamental to effective incident response. A complete and continuously updated inventory of hardware, software, and data is critical.

This inventory should include details such as software versions, configurations, and network connectivity. Without accurate asset visibility, identifying and mitigating vulnerabilities becomes significantly more challenging.

Information Gathering, Sharing, and Analysis

Rapidly gathering, sharing, and analyzing threat intelligence is vital during a zero-day event. Leverage threat feeds, security communities, and vendor advisories to stay informed.

Effective analysis allows for quick identification of affected systems and implementation of appropriate countermeasures. Sharing information with peers can also enhance collective defense capabilities.

Key Considerations for Information Sharing

Establish trusted relationships with industry partners.
Utilize secure channels for information exchange.
Ensure compliance with relevant data privacy regulations.

Proactive preparation, encompassing a well-defined SOP, meticulous asset inventory, and robust information management, is the cornerstone of a successful zero-day exploit response.

Big Tech Inc.

Recent security enhancements have been released by Apple, addressing vulnerabilities in both iOS 15.3 and macOS Monterey 12.2.

Users of these operating systems are strongly advised to implement these updates promptly to secure their systems.

The iOS update specifically resolves a total of ten identified security flaws.

Unionization Efforts at Activision Blizzard

Activision Blizzard has declined to voluntarily acknowledge a union formed by its employees.

This decision reflects a stance that contradicts claims of prioritizing employee well-being, as it disregards the collective desires of the workforce.

Despite limited expectations given the company’s internal challenges, the outcome remains disheartening.

Snapchat Enhances Augmented Reality Shopping

Snapchat is implementing improvements to its augmented reality (AR) shopping capabilities.

These upgrades encompass modifications to “Shopping Lenses” and the provision of enhanced analytics for third-party vendors, as reported by Sarah Perez.

Investment in Electric Vehicle Development

Further funding has been secured for the expansion of the electric vehicle (EV) sector.

Jidu, a collaborative venture between Baidu and Geely, has successfully raised $400 million in a recent funding round.

This investment will support the company’s efforts in the development and production of electric vehicles, as tracked by Rita Liao.

Key Developments Summarized

Apple has issued updates to address security vulnerabilities in iOS 15.3 and macOS Monterey 12.2.
Activision Blizzard has refused to voluntarily recognize its employee union.
Snapchat is upgrading its AR shopping features, including Shopping Lenses and analytics.
Jidu, a joint venture between Baidu and Geely, secured $400 million in funding for electric vehicle development.

TechCrunch Seeks Growth Marketing Professionals

TechCrunch is currently soliciting recommendations for skilled growth marketers. Expertise in areas such as SEO, social media marketing, and content creation is highly valued.

Request for Client Feedback

Growth marketers are encouraged to share a survey with their clients. TechCrunch aims to gather insights into positive client experiences and the reasons behind them.

The survey is designed to highlight the value that growth marketers provide to their clientele. Client testimonials will be used to identify top professionals in the field.

SEO specialists are particularly sought after.
Individuals proficient in social media strategies are also needed.
Content writers with a proven track record are of interest.

Participation in this initiative offers growth marketers an opportunity to gain recognition from a leading technology news source. Sharing the survey is a simple way to showcase client satisfaction.

TechCrunch’s goal is to create a resource for businesses seeking effective growth marketing solutions. Your clients’ feedback is crucial to this process.