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Archivo del Autor: Belen De Leon

Shipamax scores $7M Series A to digitise the logistics back-office

Shipamax, the London-based startup and YC graduate that is helping freight forwarders and other logistics companies automate their back-office processes, has raised $7 million.

Leading the round is Mosaic Ventures, with participation from Crane Venture Partners, Y Combinator, and other existing investors. Shipamax says it will use the funding to double in size over the months ahead, investing both in engineering development and “customer success”.

Founded in 2016, Shipamax first set out to build an online broker for bulk shipping, before pivoting to a SaaS offering for bulk shippers. However, realising that the need for digitisation was real but that the market wasn’t large enough for a “VC scale business,” the startup pivoted one more time to develop a toolkit for back-office “process automation” for the global logistics industry.

“We’d got some traction selling the SaaS solution, but saw the market was not big enough,” Shipamax co-founder Jenna Brown tells me. “We went back to the core of why companies were buying Shipamax and what we delivered for them. It became clear that the underlying data extraction technology we’d built was driving the core value. After speaking to a number of people in adjacent segments of logistics, we saw companies there have the exact same problem – so it was clear we should really narrow the proposition down and widen out the segments we serve to the entire logistics market”.

The core Shipamax technology connects to any email inbox or unstructured data source and automatically extracts data from emails and attachments in real-time. It then outputs a clean, structured feed via the Shipamax API.

The startup says that’s very different to how logistics companies have previously tried to solve the digitisation problem, typically via optical character recognition (OCR) tools such as Abbyy. “The problem with OCR technology is that each company has to start from scratch – setting up hundreds of ‘templates’ to capture important fields and implementing ‘rules’ to interpret this data,” says Shipamax.

By using machine-learning, the company says there is no need to create templates or define rules within each organisation. Instead, Shipamax’s technology provides the “contextual understanding” layer.

Meanwhile, if you are wondering what product-market-fit looks like, once you actually find it, Shipamax says that in its current incarnation it has seen zero customer churn.

The company now processes over 18 million emails and documents per year, and says that performance is tracked by document type — such as orders, bills of lading, supplier invoices etc., with accuracy reaching 99% for the most advanced types.

“We then started to adapt the product for the new market, the large players and strong references from ‘in bulk’ [shipping] gave us credibility with the freight forwarding community to get access to their data to re-train some of the models,” explains Brown.

“Within a few months we’d proven that we could adapt this core tech quickly to the new training sets. A few months after launching this segment, it comprised of over 20% of our revenues and it’s been the fastest growing part of our business. We’re lucky that the core infrastructure we’d built for the initial market was built to handle extremely high volumes, which has made it easy to ramp up with large customers”.


Source: TechCrunch

2020 Hyundai Sonata is a value-packed sedan for the masses – Roadshow

With loads of tech and other features at an affordable price, the Sonata is ready to make a splash in the midsize sedan segment.
Source: CNET

The top smart thermostats of 2020 – CNET

In search of a smart thermostat? Here are our favorites.
Source: CNET

OnePlus 7T vs. 7T Pro vs. McLaren edition: Confused? These are the main differences – CNET

We break down the differences in specs, cameras and batteries of OnePlus’s 7T line of phones.
Source: CNET

Instacart gets into ready-to-eat food deliveries with build your own sub service

Grocery picking service Instacart is dabbling with on-demand food delivery, announcing the launch in Florida of a pre-made meals delivery option that shoppers can tag onto a bigger supermarket order.

It’s partnering with US supermarket chain Publix for the initial launch of Instacart Meals — offering what it dubs a “digital deli counter” where app users can build their own sub and have it picked up and delivered alongside a grocery order.

“We know that when customers grocery shop, they’re thinking about both the food they need for the week in addition to what’s for dinner that night,” it writes in a blog post announcing Instacart Meals.

It says the service will be rolling out to Publix locations across Florida “in the coming weeks”, and to “nearly all Publix stores across the Southeast in the months ahead”.

“We see the highest volume of orders placed on the Instacart marketplace between 2 and 4pm and at less than half the price of an average fast-casual food order, made-to-order grocery meals offer access to a fresh, easy and more affordable option when life is hectic and dinner is soon,” it adds.

Instacart says the meals product integrates with existing grocery order management systems to generate what’s touted as “precise preparation and counter pickup windows at the end of the Instacart shopper’s shopping route”.

“This ensures that the customer’s sandwich gets from the store to their door as fresh as possible,” it adds.

Although quite how long a ready-to-eat sandwich might end up waiting around getting soggy before it’s picked up and delivered to the customer as lunch is one question. (As fresh “as possible” is a pretty open-ended promise.)

It’s notable that Instacart is touting the premade meals service as a price competitive option vs an “average fast-casual food” — presumably such as those a consumer might order via an on-demand food delivery app such as PostMates or Uber Eats.

So “more affordable” seems likely to translate to ‘not as quickly as those kind of services’ — but, hey, you’re getting cheaper eats.

Instacart also makes a point of noting that the pre-made meals feature will automatically apply any relevant deals vis-a-vis the rest of the shopping cart — so that app users will get “all applicable combo options and discounts”, just as an in store shopper would.

The move is the latest sign of the category overlap going on between on-demand food delivery and grocery delivery services, as startups in the space search for ways to cross-sell existing users on additional products that can boost the unit economics, per delivery.

Spain’s Glovo, for example, has expanded from on-demand food delivery into running its own dark supermarkets — where it stocks and sells (via app only) a limited selection of groceries which can be tagged onto a ready-to-eat food order. Though it’s also focused on very fast delivery as the differentiating factor for this ‘Super Glovo’ service, and does partner with select supermarkets for larger grocery deliveries.

Instacart, meanwhile, looks to be hoping to gobble some of the lunch of on-demand food delivery app rivals by being able to undercut them on price, as the meals are coming from supermarket deli counters not a standalone fast food brand. So speed of delivery can be handled as a secondary consideration.

Instacart Meals is the latest product expansion from the company — which, in recent years, has been building out an alcohol delivery service. It is also piloting prescription deliveries with Costco in select states.

The company has a network of 350 partner retailers operating 25,000+ stores across more than 5,500 cities in the U.S. and Canada — from which it could seek to build out the pre-made food offer.

Earlier this month Instacart also announced upgraded pick-up options. The move came after the business had come under fire for how it compensates the army of professional shoppers who do the picking and delivering of customer orders.


Source: TechCrunch

Internet of Things (IoT)

The Internet of Things, also known as IoT, is an interconnected system of computing devices and digital machines that communicate with each other without requiring human interaction. This includes smart home devices, wireless networks, thermostats, and even smartphones. Digital Trends offers in-depth coverage of this expansive topic, providing news, analysis, and explainers on everything from […]
Source: Digital trends

Trump’s travel ban could extend to Africa’s top tech country, Nigeria

The Trump administration is poised to add several African countries to a U.S. travel ban list, including Africa’s top tech hub, Nigeria.

Politico first reported the White House is considering Tanzania, Eritrea, Sudan and Nigeria for new travel restrictions, to coincide with the three-year anniversary of Trump’s original executive order, that targeted majority Muslim nations.

Of the possible additions, including Nigeria could prove the most problematic to U.S. commercial relations. In addition to boasting Africa’s largest population and economy, the country of 200 million has become a magnet for VC and a strategic entry point for Silicon Valley.

Why Africa, why Nigeria?

The Department of State would not comment on a TechCrunch request to confirm an extension of the travel ban to Nigeria or other African countries.

TechCrunch has an open inquiry on the matter to the National Security Council’s Senior Director for African affairs, Elizabeth Erin Walsh.

The Trump administration issued its first travel ban in 2017, which was challenged, amended, and upheld by the U.S. Supreme Court.

In its current form, as Executive Order 13780, the ban places restrictions on entry for citizens of Libya, North Korea, Syria and Yemen — predominantly Muslim countries — naming “significant terrorist presence within their territory” and “deficient” immigration screening processes.

With no comment from the Trump administration, we don’t know the motivations — stated or veiled — for the possible addition of Nigeria and other African countries to the ban.

To previously named reasons countries were listed, there are issues with Nigerian visa overstays in the U.S. and Nigeria does have a terrorist problem in its northeast with Boko Haram, though no incident related to extremist group has ever hit U.S. soil.

Reading the tea leaves may reveal other motives for placing travel restrictions on Nigeria and additional African countries. In an article in The Atlantic Monday, writer Peter Beinart suggested African immigrants may be next in the Trump administration’s pattern of restricting U.S. entry from predominantly brown-skin countries.

“For several years now, Trump has trained his nativist ire on Muslims and Latinos. The travel ban suggests he’s adding a new target, just in time for the 2020 elections: Africans,” said Beinart.

He cited recent negative reference to Nigerians and Africans in conservative circles by pundits Ann Coulter and Tucker Carlson and Trump’s now infamous reference to Nigeria as a “shithole” country, as reported in January 2018.

Trump Buhari Nigeria

Saul Loeb / AFP – Getty Images

That set the ominous tone for Nigerian President Muhammadu Buhari’s April 2018 White House visit, where Trump pressed Buhari publicly on persecution of Christians in Nigeria — a hot button issue with Trump’s evangelical base.

This could underlie motivations behind a possible U.S. Nigeria travel ban, according to Aubrey Hruby, a Senior Fellow at the Atlantic Council’s Africa Center.

“I’ve spoken to several people in government close to the matter who’ve indicated visa restrictions being discussed are also coming from concerns that Christians are being persecuted in Nigeria and within the broader context of the administration using visa rules as tools of foreign policy,” said Hruby.

“If this is the case, and they go forward with a ban, the administration could be overlooking the deep cultural and commercial ties that exist between the U.S. and Nigeria, and how much restricting travel could disrupt them,” she added.

Africa’s tech hub

Nigeria is the U.S.’s second largest African trading partner and the U.S. is the largest foreign investor in Nigeria, according to USTR and State Department briefs.

Increasingly, the nature of the business relationship between the two countries is shifting to tech.

That’s in tandem with Nigeria steadily becoming Africa’s unofficial capital for VC, startups, rising founders and the entry of Silicon Valley companies.

By 2018 numbers, depending on the study, the country ranked first or second for tech investment on the continent. And into 2019, more of that is coming from American sources.

Goldman Sachs is a major backer of Jumia, the Nigeria headquartered e-commerce venture that became the first VC funded tech company in Africa to IPO on a major exchange, the NYSE in 2019.

Goldman also led a $20 million round last year for Nigerian trucking logistics company Kobo360.

The U.S. bank’s investment in tech companies operating in Nigeria runs parallel to those by Visa, Mastercard, and SalesForce Ventures.

Nigerian tech is also home to a growing number of founders with ties to the U.S. and startups with operations in both countries. Nigerian fintech company Flutterwave, whose clients range from Uber to Cardi B, is headquartered in San Francisco with operations in Lagos. The company maintains a developer team of Africans across both countries for its B2B payments platform that helps American companies operating in Africa get paid.

MallforAfrica — a Nigerian e-commerce company that enables partners such as Macy’s, Best Buy and Auto Parts Warehouse to sell in Africa — is led by Chris Folayan, a Nigerian who studied and worked in the U.S. The company now employs Nigerians in Lagos and Americans at its Portland processing plant.

Africa’s leading VOD startup, iROKOtv maintains a New York office that lends to production of the Nigerian (aka Nollywood) content it creates and streams globally.

Andela, a tech-talent accelerator with over a $180 million in VC, was co-founded by American Jeremy Johnson and Nigerian entrepreneur Iyinoluwa Aboyeji. The company has offices in New York and Lagos and employs over 1000 engineers.

Over the last five years, Silicon Valley’s ties to Africa and Nigeria have grown. There are a number of Nigerians working in senior positions in the Bay Area, such as Ime Archibong at Facebook — the U.S. company that opened an innovation lab in Nigeria in 2018, called NG_Hub.

Possible implications

Adding Nigeria to the U.S. travel ban would be a mistake for tech development of both countries, believes Bosun Tijani, CEO of Lagos based CcHub, now Africa’s largest innovation incubator.

“Nigeria’s a strategic country for well established companies, such as Google and Facebook. Twitter’s founder visited just a few months ago,” Tijani said, referring to Twitter/Square CEO Jack Dorsey.

CcHub CEO Bosun Tijani1

CcHub CEO Bosun Tijani

On the impact of a full travel ban, “The implications would be serious for both sides. U.S. companies will suffer and Nigerian companies will suffer,” said Tijani.

He also referenced the increasing level of tech capacity fostering between the the two countries.

“With the importance of Nigeria to U.S. tech companies and the pool of talent that exists in Nigeria, there’s too much at stake to mess around with some visa ban. The embassies already do their work to vet people properly,” he said.

Adding Nigeria to the travel ban would adversely impact the work CcHub does with its American partners, which include Facebook and Google. “That’s the reason I come to the U.S. I’ve never been to the country on holiday, it’s always for business with them,” said Tijani.

Another effect of restricting entry of Nigerians into the U.S. could be to turn more of Nigeria’s techies away from U.S. partnerships and toward China. The country has been pivoting its strategic relationship with Africa to the continent’s tech scene.

In the last two quarters of 2019, more than 15 Chinese actors invested over $240 million in VC in Africa. More than $210 million of that was for startups in Nigeria.


Source: TechCrunch

India’s InterviewBit secures $20M to grow its advanced online computer science program

InterviewBit, a Bangalore-based startup that runs an advanced online computer science program for college graduates and young professional engineers, has raised $20 million in one of the largest Series A financing rounds in the education sector.

The five-year-old startup’s Series A round was led by Sequoia India and Tiger Global. Global Founders Capital and some others participated in the round. The startup said it is also rebranding its online coding program, earlier called InterviewBit Academy, to Scaler Academy.

InterviewBit pivoted nine months ago to operate on an income-sharing model, where students have the option to pay much of the coaching fee after they have landed a job. The concept, also known as human capital contract, has been around for decades but is beginning to see some traction now.

The startup said more than 2,000 students have enrolled in its six-month program to date. It has so far run seven batches, one of which is being conducted in the U.S. It had received over 200,000 applications. And “several hundred� of those who enrolled in the program have landed jobs at tech companies such Google, Amazon, and Microsoft.

Students enrolled in Scaler Academy are mentored and taught by tech leaders and subject matter experts working with organizations including Google, Facebook, Twitter, and Netflix. The startup says it works with over 600 companies.

The startup, which is part of Sequoia India’s Surge accelerator program, will use the new fund to scale up its enrollment and launch in new markets. It also plans to invest in its curriculum and in live teaching product.

Indian newspaper Times of India first reported about the financing round last year, and said the round would value InterviewBit at over $100 million.

“Within a short period of time, Scaler Academy has made a huge impact on the capabilities of our students, who spend, on average 4-5 hours/day on our online and live learning platform,” said Abhimanyu Saxena, co-founder of InterviewBit.

“We are very excited that our work results in a step function change in the careers of our students — and so we have rebranded it to Scaler Academy, a platform for pursuing excellence in software programming,” he added.

A recent National Employability Report Engineers 2019 report highlighted that the employability of Indian engineers continues to be as low as 20%. “With that in mind, Scaler Academy’s meticulously structured 6-month online program effectively enhances the coding skills of professionals by creating a modern curriculum with exposure to the latest technologies,” the startup said.


Source: TechCrunch

Probe of the Kobe Bryant Crash Will Examine If Fog Played a Role

The helicopter was flying under “special visual flight rules� that allow pilots to fly through low-visibility conditions.
Source: Wired

An AI Virus Warning System, Mac Malware, and More News

Catch up on the most important news from today in two minutes or less.
Source: Wired

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