daily crunch: tesla switches on camera-based driver monitoring for autopilot users

Daily TechCrunch News Summary – May 28

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This is the Daily Crunch for May 28th, and it represents the final edition before the extended Memorial Day weekend in the U.S. Despite the approaching holiday, numerous developments warrant attention, with a particular focus on updates concerning Elon Musk in today’s leading stories.

Top Stories

Today’s news is dominated by developments surrounding Elon Musk. We’ll cover the key events in a concise, top-three summary.

— Alex

Further Updates

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Key features of the Daily Crunch include:

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TechCrunch's Weekly Highlights

This week in the technology sector saw familiar trends continue, including significant venture capital activity and ongoing scrutiny of prominent figures. Elon Musk, alongside developments in European regulation and the healthcare tech industry, dominated the headlines.

Elon Musk's Recent Activities

Elon Musk remained a central figure in tech news this week. His ventures, Tesla and The Boring Company, both garnered attention.

Specifically, reports surfaced regarding Tesla's activation of in-car cameras when driver-assistance features are engaged. This development sparked considerable discussion.

Furthermore, The Boring Company's tunnel project in Las Vegas faced challenges, drawing media coverage and public interest.

TikTok Under EU Scrutiny

The relationship between technology companies and governmental bodies continued to be a key theme. This week, the European Union initiated a formal dialogue with TikTok.

This dialogue centers around the platform’s commercial practices and policies. The EU’s focus appears to be on TikTok’s strategies concerning younger users.

The EU described this process as a “formal dialogue,” indicating a serious examination of the video-sharing platform’s operations.

Healthcare Tech IPO: Doximity

The potential for profitability within the healthcare technology sector was highlighted by Doximity’s recent IPO filing.

The company experienced substantial growth during the COVID-19 pandemic, fueled by venture capital investment.

Doximity is now leveraging its gains by pursuing a public offering during favorable market conditions. This demonstrates the lucrative opportunities available in health tech.

Startups and Venture Capital Updates

Let's conclude this week by examining startups that are disrupting conventional practices.

Penfold has secured $8.5 million in funding to revitalize pension plans: While pensions may be declining in some regions, Penfold aims to sustain retirement planning within the U.K. through a dedicated mobile application. Despite many companies abandoning comprehensive post-employment support for their workforce, Penfold anticipates its pension system, tailored for freelancers, will gain traction in the market.

Kitt has completed a $5 million funding round to facilitate the development of modern office spaces: A return to office work is being observed in various parts of the globe. Kitt intends to capitalize on this shift by offering “a fully customizable” workspace solution to tenants through collaborations with property owners, as reported by TechCrunch. There is a consensus that the post-pandemic office environment will be markedly different.

Anthropic has raised $124 million to enhance the controllability of artificial intelligence: The team previously involved in the creation of GPT-3 has received substantial funding for their AI-focused venture. However, unlike many other AI startups, this company is concentrating on model refinement rather than developing systems for specific, narrow applications.

As Devin notes, “Currently in the field of AI, a more powerful system generally equates to greater difficulty in understanding its decision-making processes.” This is “not an ideal trajectory.” Anthropic may be able to develop the AI adjustment tools that have been sought after for some time, and they now possess the financial resources to pursue this objective.

Debunking Common Misconceptions About Securing Initial Funding

The increasing intricacies of fundraising present a potential divide, making technology either more accessible or more restrictive. For emerging founders seeking capital, it’s crucial to address prevalent myths surrounding the process of raising a first check. Instead, let's concentrate on the insights offered by investors and experienced founders regarding the subtleties involved in obtaining funding.

Natasha Mascarenhas consulted with Elizabeth Yin, a founding partner at Hustle Fund, and Leslie Feinzaig, the founder of Female Founders Collective, to gather their honest perspectives on the obstacles encountered by first-time founders during fundraising efforts.

Yin posits that all startups should aim for one of two significant achievements: reaching $100 million in Annual Recurring Revenue (ARR) or attaining a $1 billion valuation within five years.

“Achieving this is a considerable undertaking,” she stated. “The majority of businesses will not reach this milestone – not due to a lack of effort – but because a substantial element of success depends on whether there is sufficient demand for the idea at that pace.”

Successfully navigating the fundraising landscape requires a realistic understanding of these challenges.

(Extra Crunch is our membership program designed to empower founders and startup teams. Registration is available here.)

Big Tech Inc.

This week brings further developments in the ongoing dynamic between major technology firms and the Indian government. According to reporting by Manish Singh, “Google, Facebook, Telegram, LinkedIn, and Indian startups ShareChat and Koo – backed by Tiger Global – have demonstrated either complete or partial adherence to the nation’s recently enacted IT regulations,” as indicated by two sources and a government document reviewed by TechCrunch.

Singh also highlights that “Twitter remains non-compliant with these rules.” Earlier in the week, we observed Twitter resisting pressure from the Indian government, which attempted to coerce the platform into violating its established policies to support the ruling party’s objectives.

A Recurring Pattern

Social media networks originating in the United States, benefiting from a permissive environment for innovation, frequently encounter friction with foreign governments exhibiting either increasing authoritarianism or a desire for comprehensive control. This situation represents a continuation of that trend.

The central question now is whether Twitter’s stance will serve as a cautionary example in its dispute with the Indian government, or instead, as an inspiring precedent for others.

The outcome of this conflict could significantly shape the future of digital freedom and platform autonomy within India.

It remains to be seen how the Indian government will respond to Twitter’s continued resistance to the new IT rules.

Key players involved include Google, Facebook, Telegram, LinkedIn, ShareChat, Koo, and, of course, Twitter.

The situation underscores the challenges faced by global tech companies operating in diverse regulatory landscapes.

This ongoing saga highlights the importance of balancing national interests with principles of free speech and open internet access.

The implications of this dispute extend beyond the immediate parties involved, potentially setting a precedent for similar conflicts in other nations.

Further updates will be provided as the situation evolves.

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