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Archivo del Autor: Belen De Leon

Starbucks challenger Luckin’s fundraising spree continues with $150M investment

Coffee startup Luckin is continuing its fundraising spree as it sets its sight on becoming an alternative to Starbucks in China.

The a-year-and-a-half old company announced on Thursday that it closed a Series B-plus raise totaling $150 million. The fresh proceeds valued Luckin at $2.9 billion post-money, up from $2.2 billion just four months ago.

While many question Luckin’s cash-fueled expansion, Blackrock, which owns a 6.58 percent stake in Starbucks, shows its confidence in the Chinese startup by pumping $125 million through its private equity fund into Luckin’s new round.

With that, the New York-based investment firm has its bet on two contrasting models for China’s coffee consumption. While Starbucks zeroes in on the brick-and-mortar experience, Luckin is a network of last-mile coffee delivery centers plus places for people to pick up orders and sit down targeting busy white-collar workers.

In a move that would amp up its battle with Luckin, Starbucks teamed up with Alibaba’s food delivery unit Ele.me last August to put hot and cold drinks in people’s hands.

Luckin did not disclose how it will spend the fresh capital infusion, but the pace at which it’s raising suggests the startup is in dire need of cash. The new round arrived less than a year after it secured a $200 million Series A in July and another $200 million from a Series B in December.

Indeed, Luckin founder Qian Zhiya, a former executive at auto rental firm Car Inc, confessed the company burned through $150 million within just six months from launching. A big chunk of money had gone to shelling out deep discounts for consumers, while the coffee challenger’s offline expansion was as cash-intensive.

As of late, Luckin has opened 2,000 outlets consisting of small prep kitchens, pickup stations and cafes in 22 Chinese cities, up from 1,700 locations reached in December. That gives Luckin less than eight months to fulfill its ambition of becoming the “biggest coffee chain in China by the number of outlets run and cups sold.” The goal is to top 4,500 outlets by the end of 2019.

Starbucks, which made its foray into China 20 years ago, has also been aggressively putting up storefronts. It currently runs 3,600 stores across 150 cities in China, up from 3,300 last May.

When it comes to actual people using the service, Starbucks still enjoys a huge lead. The Luckin app that allows one to order and pay has 650 thousand unique downloads in March, data from research firm iResearch shows. Starbucks’s app is more than four times its size with 2.81 million unique downloads from the same period.

Other investors who joined in on Luckin’s latest round included existing backers such as Singapore’s sovereign wealth fund GIC, Chinese government-controlled China International Capital Corporation, Dazheng Capital and Joy Capital, whose founding partner Liu Erhai sits on Luckin’s board.


Source: TechCrunch

Samsung responds to reviewer complaints about its Galaxy Fold phone

Samsung has issued a statement about its new, folding phone as early photos of tech reviewers with their shiny new toys were replaced on social media (and in numerous columns) with complaints from those same tech reviewers about problems with the phone’s screen.

Apparently a number of reviewers either mistakenly destroyed their phone screens or had the screens bork on them after a few days of use. It’s not a good look for Samsung.

However, our own Brian Heater had his hands on the Samsung phone, and has had nary a dent in his two days of use.

He wrote:

This sort of thing can happen with pre-production models. I’ve certainly had issues with review units in the past, but these reports are worth mentioning as a note of caution with a product, which we were concerned might not be ready for prime time only a couple of weeks ago.

At the very least, it’s as good a reason as any to wait a couple of weeks before more of these are out in the world before dropping $2,000 to determine how widespread these issues are.

All of that said, I’ve not had any technical issues with my Samsung Galaxy Fold. So far, so good. A day or so in does, however, tend to be the time when the harsh light of day starts to seep in on these things, after that initial novelty of the company’s admittedly impressive feat begins wane.

In its response, the company is bravely forging ahead and (sort of) blaming the messenger for not using the thing correctly. The phones will go on sale in the U.S. on April 26 as planned.

No less esteemed a tech reviewer than Recode’s Walt Mossberg called the response from Samsung “Really weak“.

Here’s the statement in full:

“A limited number of early Galaxy Fold samples were provided to media for review. We have received a few reports regarding the main display on the samples provided. We will thoroughly inspect these units in person to determine the cause of the matter.

Separately, a few reviewers reported having removed the top layer of the display causing damage to the screen. The main display on the Galaxy Fold features a top protective layer, which is part of the display structure designed to protect the screen from unintended scratches. Removing the protective layer or adding adhesives to the main display may cause damage. We will ensure this information is clearly delivered to our customers.”


Source: TechCrunch

Giant prehistoric lion fossil discovered hiding in museum drawer – CNET

Simbakubwa kutoaafrika takes its place in the circle of life.
Source: CNET

Consumers get another digital home health offering as Tyto Care and Best Buy launch TytoHome

Best Buy is partnering with the Israeli technology Tyto Care to become the official retailer for the company’s all-in-one digital diagnostics kit through its physical stores in California, the Dakotas, Ohio and Minnesota and through its online store.

Tyto previously sold its technology through healthcare plans, making its handheld examination device with attachments that act as a thermometer, a stethoscope, an otoscope and a tongue depressor available to families with insurance that wanted to reduce the cost of checkups through remote monitoring. The company’s handheld device comes with an exam camera so it can prompt users on where to position the device to get the most accurate readings.

 

Now, through Best Buy, consumers can buy the company’s kit for $299.99. Through a partnership with American Well, users of the TytoHome kit have access to the company’s LiveHealth Online consultation service (if they live outside of Minnesota or the Dakotas). Which means patients can use the device to perform a medical exam and send the information to a physician for a diagnosis any time of the day or night.

As part of the deal, Tyto Care is partnering with additional regional health care systems to provide medical care to consumers throughout the country. The first is Sanford Health, a Minnesota-based not-for-profit health system operating in Minnesota, North Dakota and South Dakota. 

For Best Buy the move builds on the company’s attempts to move quickly into providing digital healthcare services just like it provides technical support through its Geek Squad.

Last year the company bought GreatCall, which sells connected health and emergency response services to the AARP crowd.

“We’re excited to partner with Best Buy, LiveHealth Online, American Well and regional health systems to extend our on-demand telehealth platform across the U.S., enhancing primary care delivery,” said Dedi Gilad, the chief executive and co-founder of Tyto Care, in a statement.

The company, based in Herzliya, Israel, has raised $56.7 million to date from investors including Sanford Health, the Japanese Itochu Corp., Shenzhen Capital Group, Ping An, LionBird, Fosun Group, Orbimed and Walgreens.

The company said at the time that it would use the cash to expand in the U.S. and to other international markets in Asia and Europe.

“These strategic partnerships will enable us to gain further momentum and accelerate our growth, deepening our foothold in the U.S. and other new strategic markets,” said GiladTyto Care said in a statement at the time.


Source: TechCrunch

Why Galaxy Fold screens are having a meltdown and what you should do if you bought one – CNET

Samsung’s first foldable phone is going from sensation to tragedy fast.
Source: CNET

Mueller report to be released Thursday: The facts on the Trump-Russia case – CNET

The 400-page report into President Trump and Russia will soon be in hands of the US Congress and the public. It could sharpen the partisan divide.
Source: CNET

PathAI raises $60 million for its computer vision-based pathogen detection technology

With a clinical version of PathAI‘s computer vision-based pathogen detection service still at least one year from coming to market, the diagnostic technology developer has snagged $60 million in its latest round of financing.

The company’s tech is used by doctors to analyze cell samples taken from patients to determine the presence or absence of bacterium, viruses, cancerous cells or other disease causing agents.

These days, PathAI’s technology is used less in hospitals for patient care and more by pharmaceutical companies developing new drugs,  according to the company’s co-founder and chief executive, Dr. Andy Beck.

Our biggest focus today is a research platform we use it to examine new therapeutics for serious diseases,” Beck says. “We see that as a really important problem for patients… accelerating how we get safe and effective medicines to patients.”

That’s an attractive market given that pharmaceutical companies have more money to spend on new technology than hospitals.

When the company does work with pathologists, they’re using the technology for research purposes, says Beck. Any clinical diagnostic work would have to go through trials and be approved by regulators, he says.

“For this direct clinical use it’s in the one to two year timeframe,” he says. 

General Atlantic led the company’s latest round with additional capital coming from previous investors General Catalyst, 8VC, DHVC, REfactor Capital, KdT Ventures, and Pillar Companies.

PathAI has grown its staff to over 60 employees in the past year, and the company has signed partnerships with Bristol-Myers Squibb and Novartis .

As a result of the financing, General Atlantic managing director, Dr. Michelle Dipp will take a seat on the company’s board.

“PathAI’s work could radically improve the accuracy and reproducibility of disease diagnosis and support the development of new medicines to treat those diseases,” said David Fialkow, Managing Director at General Catalyst, in a statement. 

 


Source: TechCrunch

Facebook 'unintentionally uploaded' email contacts from 1.5M users – CNET

Contacts harvested during new account signups for nearly three years.
Source: CNET

100 Car2go Mercedes hijacked in Chicago crime spree

Car2go, free-floating car-sharing service owned by Daimler, temporarily shut down its service in Chicago on Wednesday after dozens of Mercedes-Benz vehicles were stolen using the app.

The Chicago Police Department was alerted by Car2Go that some of their vehicles may have been rented by deceptive or fraudulent means through a mobile  app, a spokesperson wrote in an emailed statement to TechCrunch.

The news was first reported via tweet by Brad Edwards, a reporter with CBS Chicago. Edwards reported that sources said that many of the vehicles were allegedly used to commit other crimes. CPD did not provide any details about how the vehicles were used and said the investigation was ongoing.

Car2go launched in Chicago last June, the first time in four years that the company added a U.S. city to its ranks. The car-sharing company lets customers rent out vehicles on a short-term basis. Daimler’s diminutive Smart cars were once the lone option for Car2go customers. The company has expanded its offerings in recent years and now offers Mercedes-Benz CLA and GLA, as well as the two-door Smartfortwo vehicles.

CPD said 100 vehicles are still unaccounted for. It is believed that 50 vehicles, all of them Mercedes-Benz remain in the greater Chicago area. Police are questioning more than a dozen persons of interest.

CPD said it’s working with Car2go to determine whether there are any other vehicles whose locations cannot be accounted for.  At this time the recoveries appear to be isolated to the West Side, CPD said.

While the perpetrators appear to have gained access to the vehicles through “fraudulent means,” Car2go emphasized that no personal or confidential member information has been compromised.

TechCrunch received a tip from a user who received this “temporary pause in service” message when trying to use the app. Car2go confirmed the shut down and added that it will provide an update as soon as possible.

 

Car2go is going through a branding and organizational transition. Daimler  AG and BMW Group officially agreed to merge their urban mobility services into a single holding company back in March 2018 with a 50 percent stake each. In February, the companies announced plans to unify their services under five categories by creating five joint ventures — Reach Now, Charge Now, Park Now, Free Now and Share Now.


Source: TechCrunch

NASA and Blue Origin partner up for new rocket engine tests – CNET

Jeff Bezos’ rocket company will upgrade a disused NASA testing facility to fire up two new engines.
Source: CNET

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