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Archivo del Autor: Belen De Leon

WeWork China rival Ucommune raises $43.5M more at a $1.8B valuation

Barely weeks after WeWork China raised $500 million, one of its main rivals is refueling its tanks too. Ucommune — the company formerly known as UrWork until a WeWork lawsuit forced a rebrand — announced its $43.5 million Series C round.

Beijing-based Ucommune’s new round was led by real estate-focused investment firms Prosperity Holdings and RK Properties. The company said the deal gives its business a $1.8 billion post-money valuation. to date, it has raised around $450 million from investors, according to Crunchbase data. For comparison, WeWork China has pulled in $1 billion overall since being spun out of WeWork’s global business one year ago.

Both investors are strategic, according to Ucommune. It said that its partnership with Prosperity, in particular, will help it expand its presence in Southeast Asia, where it has a presence in Singapore and an investment in Indonesia. While it will work with RK Properties to upgrade its existing office spaces, perhaps in the style of WeWork’s ‘Powered By We’ program.

In total, Ucommune claims to manage 160 locations in over 35 cities. That’s primarily China but outside of Asia its reach does include New York, London, Hong Kong and Taiwan, too.

News of this new funding comes one day after another Chinese co-working brand, My Dream, raised $120 million.

Three big names is nothing though, the field used to be comprised of dozens of players. Some have died out but the market has also seen plenty of consolidation. WeWork bought its closest rival Naked Hub in a deal reportedly worth $400 million. Meanwhile, Ucommune has made four acquisitions this year, including Workingdom for around $45 million this summer.


Source: TechCrunch

Watch this delightful aerial robot dance with its dangly legs – CNET

This quadcopter-powered aerial-biped robot looks like a fun dance partner.
Source: CNET

Avengers: Infinity War now on Blu-ray: Every way to watch – CNET

Big, bad Thanos is snapping his way to your living room.
Source: CNET

Ethereum’s falling price splits the crypto community

Hello And Welcome Back To The Latest Edition Of All The Cryptos Are Getting Rekt Right Now.

Crypto bloodbaths have become fairly common in 2018 — mainly because of the insane growth in 2017 — but we’ve not covered them all because they are so numerous and often include so-called ‘flash crashes’ or small drops, but the fall happening today is worth noting for several wider reasons.

Primarily that’s because this is a major test for Ether — the token associated with the Ethereum Foundation that is the second largest cryptocurrency by volume — has been on a downward spiral with little sign of change.

Ether, which is the preferred platform of choice for most developers building on the blockchain, is down nearly 17 percent over the past day. That’s erased billions of dollars in paper (crypto) value as the bear market for cryptocurrencies continues to pull markets south.

The drop also marks the first time ever that the price of an Ether has fallen below its valuation over one year: one Ether is worth $266 right now at the time of writing, versus $304 on August 14 2017. The token has been steadily falling since early May, when its peak value was $808, and as the lynchpin for many ICO project tokens, its demise has sent the value of most other tokens down, too.

Just looking at Coinmarketcap.com this morning, all but two of the top 100 tokens are down over the last 24 hours with many losing 10-25 percent of their value over the past day. Bitcoin, too, has dropped below $6,000, having topped $8,000 for a time last month.

Ether’s plummet below $300 has sparked a mixed debate among those in the crypto community. The token had been held as visionary, an improvement on Bitcoin that gives developers a platform to build on — whether it be decentralized apps, decentralized systems or more — but that hasn’t been reflected in in this months-long price retreat.

Certainly, two founders who spoke TechCrunch and have held ICOs expressed a belief that Ether “needs to find some price stability” to allow the focus to become about product and not just ‘get rich’ speculation. Of course, it helps that the two founders and many of those who held token sales have long since sold the Ether or Bitcoin they raised in exchange for fiat currency. Indeed, if their token sale was last year, the chances are they got a lot more real-world cash than they initially bargained for or would get now.

But still, the idea of consistency is shared by others who are in crypto professionally. That includes investors like Kenrick Drijkoningen, who is in the midst of raising a $10 million fund for LuneX, a spinout of Singapore-based VC firm Golden Gate Ventures.

In an interview last week, Drijkoningen told TechCrunch that raising a fund and doing deals in a ‘low tide’ market like now beats attempting to do the same amid a frothy period with hype and peak valuations — one Ether was worth nearly $1,400 in January, for example. A number of others VCs have long said that, ultimately, stability is good for the ecosystem.

Vitalik Buterin is the creator of Ethereum

But, on the other side, there are more pessimistic voices.

Among some investors canvassed by TechCrunch, the sense is that with the downturn of the ICO funding boom that fueled much of Ethereum’s rise, there may be less incentive to hold as the broader market’s interest in the cryptocurrency wanes.

For one Bitcoin bull, the intrinsic value of Bitcoin as an immutable, decentralized ledger acts as a more powerful draw than the perceived mutability and centralization that the Ethereum platform offers.

“People are also beginning to understand the unique value of an immutable, decentralized ledger, and recognize that Ethereum is not that,” the investor wrote in an email.

Another long-term problem that Ethereum faces, according to this investor, is that the promise of decentralized apps backed by the token is yet to be released. Crypto Kitties, a smash hit earlier this year, has faded and now there’s competition as Bitcoin’s Lightning Network is adding nodes and apps — referred to as LApps — which can operate in a similar but leverage the Bitcoin ledger.

It’s still early days, of course, and markets will always rise and fall, but this is the first big test for Ether and Ethereum. Beyond the sport of price speculation, it’ll be worth watching to see where this heads next.

Note: One of the authors of this post — Jon Russell — owns a small amount of cryptocurrency. Enough to gain an understanding, not enough to change a life.


Source: TechCrunch

New defense bill bans the U.S. government from using Huawei and ZTE tech

U.S. government agencies will be forbidden from using certain components or services from several Chinese tech firms, including Huawei and ZTE. The ban was signed into law today by President Trump as part of the Defense Authorization Act and will go into effect over the next two years.

The bill covers anything that is a “substantial or essential component of any system,” as well as tech that is used to route or view user data. So even though it doesn’t mandate an outright ban on Huawei and ZTE products, it still means many government workers or contractors, or companies that want to do business with the government, will have to jettison much of their current technology. The Defense Authorization Act also directs U.S. agencies to allocate funding to companies that need to replace equipment as a result of the new bill.

Last month, ZTE struck a deal with the Commerce Department to lift a denial order that was put in place after it violated sanctions against North Korea and Iran. The denial order, barring ZTE from working with American suppliers, would have seriously damaged its business and was a major point of contention in the U.S.-China trade war.

Lawmakers on both sides of the political aisle opposed the deal and continue to view ZTE as a security threat, but Senate Republications abandoned an attempt to re-impose sanctions on the company last month, which paved the way for the less severe provision in the Defense Authorization Act.

TechCrunch has contacted Huawei and ZTE for comment.

Huawei and ZTE, in particular, have been singled out as national security threats by the U.S. since a Congressional report in 2012. But the ban also covers video surveillance and telecommunications hardware produced by Hytera Communications, Hangzhou Hikvision Digital Technology Company and Dahua Technology Company, all Chinese firms.


Source: TechCrunch

Trump signs defense bill with watered-down ZTE sanctions – CNET

Some lawmakers had sought to reinstate penalties against the Chinese telecom giant for violating trade laws.
Source: CNET

Facebook, Google, WhatsApp in the firing line as Australia reveals encryption laws – CNET

The new laws would require tech giants to assist law enforcement in accessing encrypted communications. But the government insists it’s not a backdoor.
Source: CNET

Google is probably tracking your location, even if you turn it off, says report – CNET

While your location history is paused, some services still store your location data.
Source: CNET

Enter to win* the 65-inch flat screen of your dreams – CNET

This sweepstakes could land you the prize of a lifetime, if you’re the lucky winner of a 65-inch LG W7 ultrathin OLED TV that’s slimmer than a pencil. This giveaway ends Aug. 31, 2018.
Source: CNET

FiveAI to start a trial of its shared autonomous car fleet in London in 2019

After raising $35 million to develop driverless car technology and a strategy to build a fleet of shared vehicles, UK startup FiveAI is announcing its first on-street trial: a service aimed at commuters in the London outer boroughs of Bromley and Croydon. Projected to begin in late 2019, it will kick off first with a 10-month “data gathering” exercise, which will see five FiveAI vehicles, with drivers, collect information about road conditions, the movement of pedestrians and various vehicles, and other variables to help train its AI platform.

The new trial will be the first on-street effort from the UK startup, which has up to now been testing its technology primarily in Bedfordshire, at automotive testing centre Milbrook Proving Ground, according to Ben Peters, FiveAI’s VP of product who is also a co-founder of the company (alongside Stan BolandSteve Allpress, John Redford and Simon Walker).

The news of the London trial comes as TechCrunch has learned that FiveAI is also in the process of raising a new round of funding.

While the $35 million FiveAI has raised to date is considered the highest amount of funding for an autonomous car company in Europe, it is a very modest figure when compared to startups in the US and China. Indeed, although transportation across Europe is estimated to be a $400 billion market, Peters estimates that no more than $100 million has been raised by autonomous driving startups in the region, versus around $8 billion by autonomous car startups the US, home to startups like Zoox and Nutonomy (which, like FiveAI, are building platforms that they plan to use in their own fleets), transportation providers like Uber, and car makers (which themselves are acquiring startup talent to kickstart their efforts), and tech giants like Google that approach cars like the next big hardware challenge.

But there is a clear opportunity: Europe has a lot of urban density, roads that are less likely to follow grid patterns, and road names are very often the opposite of clearly marked. These factors make Europe a hard problem to tackle, but one that a local company might be more amenable to trying.

With that in mind, Peters would not say how much FiveAI is looking to raise, or anything about the investors, but he did confirm that the round would be FiveAI’s largest to date, with the aim of expanding trials to more cities across Europe. The round should be closed by the end of this year.

In the meantime, Bromley and Croydon may not be the most high-profile parts of London to those outside of England, but Peters said that FiveAI is eschewing Central London and opting instead to focus on these two boroughs for a couple of reasons.

One is that the area affords the startup some sympathetic guinea pigs, or as Peters calls them, “friendly users.” First Direct, the insurance company that is an investor in FiveAI, has recently moved its offices to Bromley from Croydon, and so there are employees living in the latter borough who have to commute to the former on a regular basis. This gives FiveAI an opportunity to build a service tailored to that market.

Another is the opportunity to fill a gap that isn’t being addressed by others. The center of London is very congested, but there are already a number of transportation alternatives attempting to address that issue. “There are a lot of problems to solve there, but they are very well served by current providers,” said Peters. “But in Zones 4 to 6 [the outer boroughs of London], about one quarter of people are still driving their own vehicles to and from work.” That presents an opportunity for a shared mobility service.

It will take a good 10 months before the first FiveAI vehicles can offer rides, and likely more months before no driver has to be present to engage the vehicle if something goes awry. Peters said that this slow early work will help the startup add more roads, areas and cities to the service more quickly down the line. “It doesn’t have to be as slow in the future, maybe just a few months to get up and going,” he said. “We’re really targeting an urban service, which is the difficult part. Autonomous driving in urban areas is the hardest challenge, one that is still unsolved.”


Source: TechCrunch

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