• +598 29008192
  • info@servinfo.com.uy

Archivo del Autor: Belen De Leon

Payments startup Klarna raises $20M from H&M, its second backer from the fashion world

Klarna, the payments startup out of Sweden that helps online shoppers arrange for financing at the point of sale, has picked up another strategic investor: fashion retailer H&M is taking a $20 million stake in the business, and with it, the two plan to build an “omni-channel” payments service across H&M’s physical stores — which span 4,800 stores in 70 markets — as well as its online storefronts.

Klarna says the deal will cover “frictionless” in-store, mobile and online payments across the company’s whole footprint, a better delivery and return process, and more flexible payment options, including “try before you buy” pay later services, to be delivered through H&M’s app and its Club loyalty program. The first phase of the partnership will go live in 2019 in H&M’s home market of Sweden before a global roll out.

The companies are not disclosing the valuation with this investment, but a source close to the deal says that the $20 million equates to “much less than one percent of the company.” For some context, Klarna was last valued at $2.5 billion in 2017, a year when it made a series of investment announcements. They included a $225 million stake from Klarna’s first fashion world investor, Anders Holch Povlsen (owner of fashion conglomerate Bestseller); a strategic stake from credit card giant Visa; and a $250 million investment from PE firm Permira. (Previous investors have included Sequoia, Northzone and IVP.)

We’ve heard that Klarna has also been eyeing up an IPO as a further liquidity event although a spokesperson declined to comment on this when asked today.

For H&M, the move aims to give the company a stronger push into digital sales. Some high-street retailers have made online, and specifically mobile, a cornerstone of their sales — and there are, indeed, a number of businesses that have built presences only online such as Farfetch, Matches, and ASOS.

“We are impressed with what Klarna has achieved to date and now we will work together to elevate the modern shopping experience,” said Karl-J​ohan Persson, CEO H&M, in a statement. “This strategic partnership between H&M group and Klarna is based on a joint relentless focus on creating great customer experiences.”

H&M has put the bulk of its investment and focus on its physical stores over the years, and so some of that wave of buying trends — including not just the most cutting-edge web expereinces, but also being able to pay at a physical cash register using your mobile phone — has potentially passed it by.

It’s not clear how much of an impact ignoring newer sales channels and having better digital experiences has had on the company, but H&M has seen a big drop in its share price in the last year, so this investment, and the fruits of it, could potentially help shore up confidence, and perhaps sales, at the business at a crucial time.

“We at H&M are very excited about this partnership. We want to make it possible for customers to move freely between the various channels and choose how they want to shop and experience our offering online and in store,” said Daniel Claesson, Head of Business Development H&M group, in a statement. “This partnership will bring tailor-made payment solutions to our customers and accommodate evolving shopping patterns and needs. This includes the possibility to ‘try before you buy’ which is very relevant to online fashion retail today and to pay with their mobile phone directly through the H&M app both instore and online.”

Klarna had already cut its teeth in working with retailers, including Povlsen’s Bestseller-owned range of brands, as well as Ikea and ASOS, and so it is in that regard a safe bet for H&M to try something new. Klarna itself started out focusing on financing at the point of sale, and this is still what it’s best known for, but in 2017 it also obtained a full banking license and so it’s been moving into more financial services around that (including on credit products with Visa), so this opens the door to working on a number of other services with its customers.

E-commerce, however, is still a very small percentage of all retail, accounting for only around 10 percent this year in developed markets like the US, and far lower in other places. So there is a long way to go tapping the market and building services for legacy brick-and-mortar businesses, an opportunity Klarna has been tackling.

“Retail is changing, and the future of fashion retail is high tech powering high touch experiences for customers. Regardless of how and when customers want to shop, we need to be there for them,” said Sebastian Siemiatkowski, CEO and co-founder of Klarna, in a statement. “​Customers will no longer be forgiving of unnecessary complexity or when their retail experience does not leverage the insight available to make their engagement smart, personal and easy.”


Source: TechCrunch

Grab your Investor pass to Disrupt Berlin 2018 today

Calling all early-stage fund investors across Europe and beyond. If you’re looking to invest in the most promising up-and-coming early-stage startups — and of course you are, because that’s what you do — it’s time to book your Investor pass to Disrupt Berlin 2018, which takes place November 29-30.

Disrupt Berlin attracts startups from more than 50 countries, including the European Union members, Israel, Turkey, Russia, Egypt, India, China and South Korea, to name a few. You’ll have focused, in-person exposure and access to European and international startups during two days of intense programming and curated networking.

Time-savvy investors will take advantage of CrunchMatch, our free business matchmaking service that quickly connects investors with founders who want to discuss potential funding opportunities — based on their specific criteria, goals and interests. You fill out a profile, we work a bit of algorithmic magic and presto — CrunchMatch suggests appropriate matches and, if approved by both parties, sends meeting requests and proposes meeting times. Plus, if you need some extra time to chat with a founder you meet at the event, you can take advantage of up to two hours of free meeting room space at the event.

Need a quiet space to just catch up on work? Investors will have access to a dedicated private lounge where you can do just that. And we’ll also be hosting a reception where you can meet fellow VCs, angels and LPs to share best practices and network over a beer.

You won’t want to miss watching Startup Battlefield, where up to 15 of the best early-stage startups compete head-to-head for the Disrupt Cup, $50,000 in cash and a crazy amount of investor love.

Michael Kocan, the managing partner at Trend Discovery, told us he was pleasantly surprised at the number of early-stage startups attending Disrupt, and he discovered a potent tool by combining Startup Battlefield and CrunchMatch.

“I get the most value at the intersection of CrunchMatch and Startup Battlefield. If I see an interesting company present on stage, I use CrunchMatch to quickly schedule a meeting with them for later that day. It makes vetting deals extremely efficient.”

CrunchMatch facilitated almost a thousand meetings at Disrupt Berlin 2017, and 97 percent of the participants said they’d happily use the shoe-leather-saving platform again.

Now, let’s talk about the networking value investors will find in Startup Alley. Our expo floor showcases more than 400 early-stage startups displaying their latest tech products, services and platforms. It’s a breeding ground of opportunity, collaboration and innovation. It’s also where you’ll find the TC Top Picks — our hand-picked cohort representing exceptional startups in these 10 categories:

  • AI/Machine Learning
  • Blockchain
  • CRM/Enterprise
  • E-commerce
  • Education
  • Fintech
  • Healthtech/Biotech
  • Hardware, Robotics, IoT
  • Mobility
  • Gaming

Networking with peers is an essential part of any business, and Michael Kocan found that Disrupt offers plenty of opportunity to meet and network with other investors. Of the new venture capital investors that he met at the conference, Kocan connected with roughly 25 percent through CrunchMatch and 75 percent just by working the event.

“The Investor Reception is a fantastic opportunity to build relationships with a broad range of investor colleagues,” said Kocan.

Beyond the investing and networking opportunities, Disrupt Berlin 2018 also features a strong roster of speakers from the investment community. You’ll hear four Accel partners — Harry Nelis, Sonali De Rycker, Philippe Botteri and Luciana Lixandru — talk about the firm’s investments, each partner’s current focus and their collective thoughts on the European startup scene.

A quick sample of other speakers includes Kaidi Ruusalepp, founder and CEO of Funderbeam, Mike Collett, founder and managing partner at Promus Ventures, and Jamie Burke, CEO and founder of Outlier Ventures.

If you’re a corporate investor, venture capitalist, angel investor, private equity manager or limited partner, Disrupt Berlin 2018 is exactly where you need to be on November 29-30. Don’t miss this opportunity to connect with, and possibly invest in, the best early-stage startups in Europe. Buy your investor pass right here and save €500.

( function() {
var func = function() {
var iframe = document.getElementById(‘wpcom-iframe-990a146e14c84e8a4808f8a5d6928a18’)
if ( iframe ) {
iframe.onload = function() {
iframe.contentWindow.postMessage( {
‘msg_type’: ‘poll_size’,
‘frame_id’: ‘wpcom-iframe-990a146e14c84e8a4808f8a5d6928a18’
}, “https://tcprotectedembed.com” );
}
}

// Autosize iframe
var funcSizeResponse = function( e ) {

var origin = document.createElement( ‘a’ );
origin.href = e.origin;

// Verify message origin
if ( ‘tcprotectedembed.com’ !== origin.host )
return;

// Verify message is in a format we expect
if ( ‘object’ !== typeof e.data || undefined === e.data.msg_type )
return;

switch ( e.data.msg_type ) {
case ‘poll_size:response’:
var iframe = document.getElementById( e.data._request.frame_id );

if ( iframe && ” === iframe.width )
iframe.width = ‘100%’;
if ( iframe && ” === iframe.height )
iframe.height = parseInt( e.data.height );

return;
default:
return;
}
}

if ( ‘function’ === typeof window.addEventListener ) {
window.addEventListener( ‘message’, funcSizeResponse, false );
} else if ( ‘function’ === typeof window.attachEvent ) {
window.attachEvent( ‘onmessage’, funcSizeResponse );
}
}
if (document.readyState === ‘complete’) { func.apply(); /* compat for infinite scroll */ }
else if ( document.addEventListener ) { document.addEventListener( ‘DOMContentLoaded’, func, false ); }
else if ( document.attachEvent ) { document.attachEvent( ‘onreadystatechange’, func ); }
} )();


Source: TechCrunch

Mosaic Ventures, the London-based Series A investor, has closed a second fund at $150M

Well, that was quick: A little over two months since we reported that Mosaic Ventures was in the middle of raising a second fund, TechCrunch can reveal that fund two has in fact now closed, as the London-based venture capital firm looks to double down on backing “Europe’s most ambitious entrepreneurs”.

We began hearing from sources late last week that news was imminent, and in a call on Saturday morning Mosaic founding partners Simon Levene and Toby Coppel confirmed the details. Fund two totals $150 million, as per an earlier SEC filing, and will be used to continue the firm’s Series A remit, which will see it back 5-10 new companies each year, as lead or co-lead, typically with a $3-7 million first check.

Four years since launching, Mosaic has invested in over 20 startups, and in a range of sectors. These include blockchain/crypto startups Blockstream and Blockchain (the firm remains bullish with regards to the space), fintech startup Habito, open source drone company Auterion, period tracking app Clue, and data startup Infosum. The firm has also invested directly in deep tech company builder Entrepreneur First, alongside Reid Hofflan with Greylock, a deal Mosaic helped instigate.

“I think what we do is very unique,” says Coppel, when I ask how the VC differentiates itself from competing early-stage firms in London and Europe, especially since — only just on fund two — it is somewhat unproven. “What we do is focus very much at the early-stage, Series A, where founders have built an early product, they’re a long way ahead of themselves in terms of building out their team and their got-to-market. We roll up our sleeves and get stuck in with them in many of the foundational pieces of building a company. That’s our entire focus”.

He also argues that when Mosaic write a cheque, the firm’s interests are more aligned with the founders it backs than larger venture capital firms.

“Given our fund size and the cheques we write at Series A, we think working with us is a very strong choice because of our experience and because we are willing to take risk and because of our network and so forth. And we’ll give everything — we’re entrepreneurs ourselves. As you say, it is early for Mosaic and therefore whatever we do at this point we are going to give 150 percent.

“There are firms that are much bigger in terms of fund size and for them, often writing a $3 million cheque is not the same, it’s a very small part of their fund, you don’t necessarily get the same focus and effort and alignment. And I think that is what sets us apart”.

To that end, Levene and Coppel, who both built much of their career in Silicon Valley, most notably in senior positions at Yahoo, tell me that Mosaic will continue to invest thematically, specifically outlining five areas. They are: “blockchain, crypto and the decentralized web” (it’s the decentralised aspect of blockchain where no one vendor needs to own or have control over the platform, that the pair say is attractive), “computational health”, “machine intelligence”, “mobility and location services”, and “finance 2.0”.

Elaborating on how Mosaic views health tech, Coppel says that over the next five to ten years the cost of sensors that enable “continuous bio tracking” will continue to drop and therefore we’ll all be collecting huge amounts of data from our bodies, such as our metabolism or cardiovascular systems, so that we can monitor our own health. Combined with various “-omics data” and that the fact that sequencing the genome can be done for less than $100, we’ll be able to generate new drugs or help adapt personalised treatments based on that data. “When you’re collecting all that data it creates significant new things and opportunities in new areas. That’s the transformation that healthcare is going to go through,” he says.

Regards “finance 2.0,” Levene and Coppel don’t entirely disagree with my assertion that much of the low and mid-hanging fruit in fintech has already been picked (Coppel himself was an early investor in Transferwise), as the banks and financial services continue to be unbundled. However, they say there are still opportunities to build “best-of-breed services” both for consumers and businesses.

“Insurance is one of those,” says Coppel. “Today the experience is pretty poor because most insurance companies have gone through channels and therefore they’re not consumer-centric. But also the underlying insurance product itself hasn’t really been geared for trust where they’ve created these products that have suited their own internal risk models not necessarily what the customers need. So there is a whole series of opportunities to reinvent the core underlying… risk and protection product to tailor it to the customer’s needs”.

Pressed to be more specific, he says that today many people are overinsured in the wrong products, such as phone insurance, and underinsured in what really matters, such as life insurance or critical illness insurance.

Another area Mosaic is eyeing up is SME financing, where the “attack vector” could be building a great accounting or invoicing product, and then by using the data passed through those services, offering more flexible business financing.

A common thread throughout a number of Mosaic’s existing portfolio — and just about any VC firm these days — is machine learning, and the Mosaic founders says they remain firm in their belief that the impact of machine learning will be pervasive across all industries and businesses. “We’ve gone deep into machine learning and machine intelligence-based businesses,” adds Levene. “Obviously there’s the investment in EF… that, if you like, is an index of that whole sector. At least half a dozen of the portfolio have a strong machine learning vector as to how they are attacking a particular vertical”.

On that note — and given that AI is an area where Europe and the U.K. in particular excels — I turn the topic to Brexit and ask the pair what they make of the current Brexit mess (actually, I used a far less polite word).

“Entrepreneurs at this point still don’t understand what Brexit means,” says Coppel. “It hasn’t come to fruition and most entrepreneurs are focused on the next week, the next month, the next quarter, rather than what’s going to happen in a year and a half to the U.K. economy. That’s certainly true of the early-stage companies. [For] the later stage companies, there are some more significant decisions. It’s not easy to move hundreds of people around.

“We don’t really know what Brexit means yet and it obviously creates havoc for people who are trying to plan. But at this point we haven’t seen any evidence from entrepreneurs saying ‘I’m not going to start my company in London, I’m going to start my company in Barcelona or Berlin’ and we haven’t seen companies move from London to the continent because of Brexit. Could we see that in six months from now? Possibly”.

Adds Levene, less optimistically: “The biggest single risk that we foresee is… if it changes the hiring market. If you don’t have access to 300 million people you can bring on your books tomorrow. If you have to go through a visa process that is cumbersome, that would stymie startups being able to hire talent quickly and scale up. So the capital follows talent and if we put up the walls around immigration then that’s going to be a problem”.

I suggest that, given the current trajectory and the music coming from the U.K. government, whatever the immigration mechanism put in place post-Brexit, it won’t be as optimal for U.K. startups as the status quo. Levene doesn’t refute my logic. “It’s shooting ourselves in the foot,” he says, “and it’s not just in tech but I think it’s also going to be in other verticals… So I think the government is gonna have a reckoning if they create friction for hiring, not just in tech but in many other industries”.


Source: TechCrunch

Taxify and Via drive to Disrupt Berlin

After years of impressive growth, Uber has been showing signs of weakness and had to give up on some markets. Maybe Uber isn’t going to be the market leader in every country. That’s why I’m excited to announce that Taxify and Via Transportation co-founders and CEOs are going to talk about challenging Uber at TechCrunch Disrupt Berlin.

Markus Villig started working on Taxify years ago. But things started to take off quite dramatically in the past twelve months. The company now works with hundreds of thousands of drivers to serve millions of customers.

Taxify now operates in 25 European and African countries and is carefully avoiding the U.S. That strategy could pay off.

Via is interesting for another reason. As Daniel Ramot will tell you, Via is attacking the ride-sharing market from a different angle. You might remember that Uber (UberCab back then) started with a luxurious on-demand experience. Ordering a private driver would cost you twice as much as jumping in a taxi.

Via thinks that shared rides and fixed costs are more important than luxury. Ordering a ride on Via costs a bit more than a bus ticket, but is a lot more flexible than public transportation. You will share the ride with other Via users. It’s a good solution for under-deserved areas and poorly planned cities.

Buy your ticket to Disrupt Berlin to listen to this discussion and many others. The conference will take place on November 29-30.

In addition to fireside chats and panels, like this one, new startups will participate in the Startup Battlefield Europe to win the highly coveted Battlefield cup.

( function() {
var func = function() {
var iframe = document.getElementById(‘wpcom-iframe-990a146e14c84e8a4808f8a5d6928a18’)
if ( iframe ) {
iframe.onload = function() {
iframe.contentWindow.postMessage( {
‘msg_type’: ‘poll_size’,
‘frame_id’: ‘wpcom-iframe-990a146e14c84e8a4808f8a5d6928a18’
}, “https://tcprotectedembed.com” );
}
}

// Autosize iframe
var funcSizeResponse = function( e ) {

var origin = document.createElement( ‘a’ );
origin.href = e.origin;

// Verify message origin
if ( ‘tcprotectedembed.com’ !== origin.host )
return;

// Verify message is in a format we expect
if ( ‘object’ !== typeof e.data || undefined === e.data.msg_type )
return;

switch ( e.data.msg_type ) {
case ‘poll_size:response’:
var iframe = document.getElementById( e.data._request.frame_id );

if ( iframe && ” === iframe.width )
iframe.width = ‘100%’;
if ( iframe && ” === iframe.height )
iframe.height = parseInt( e.data.height );

return;
default:
return;
}
}

if ( ‘function’ === typeof window.addEventListener ) {
window.addEventListener( ‘message’, funcSizeResponse, false );
} else if ( ‘function’ === typeof window.attachEvent ) {
window.attachEvent( ‘onmessage’, funcSizeResponse );
}
}
if (document.readyState === ‘complete’) { func.apply(); /* compat for infinite scroll */ }
else if ( document.addEventListener ) { document.addEventListener( ‘DOMContentLoaded’, func, false ); }
else if ( document.attachEvent ) { document.attachEvent( ‘onreadystatechange’, func ); }
} )();


Source: TechCrunch

'Unprecedented' action needed to survive global warming – CNET

The world can only afford to get 0.5 degrees warmer. And even then, the UN says we will still face the serious effects of climate change.
Source: CNET

Atomico leads $31M Series B in Varjo, the Finnish startup developing ‘human-eye resolution’ VR and XR

Varjo Technologies, the Finnish startup that made a splash earlier this year with news it had developed a virtual reality headset capable of “human-eye resolution,” has raised $31 million in Series B funding.

Leading the round is Europe’s Atomico, with participation from Siemens-backed venture capital firm Next47. Existing Series A investors EQT Ventures and Lifeline Ventures also followed on. It brings total funding for the Helsinki-based company to $46 million.

Founded in 2016, Varjo (which means “shadow” in Finnish and is pronounced “Var-yo”) aims to bring to market “the world’s first” human-eye resolution virtual reality (VR) and mixed reality (XR) product, which will be orders of magnitude higher in resolution than existing consumer headsets, such as Magic Leap or Microsoft’s HoloLens. However, unlike those existing devices — and courtesy of a claimed 20x bump in resolution — Varjo is targeting industrial use-cases for its wares.

In a call, co-founder and CEO Urho Konttori — who was previously at Nokia and Microsoft, where he played a pivotal role in the Meego N9 smartphone and the high-end Lumia devices, respectively — told me that Varjo is looking to sell into “design-driven” industries including simulation and training, architecture, automotive, aerospace, manufacturing, engineering, and construction — along with industrial design more generally.

These use-cases require VR and XR to mimic the human eye as closely as possible, and demand “extreme precision” and visual fidelity. Konttori says the status quo in resolution is like asking designers or engineers sporting headsets to work or train “half blind”. In contrast to existing lower resolution headsets, the startup’s prototype already claims “an effective resolution of 50 megapixels per eye”.

But to really understand the impact Varjo hopes to make, consider how complex design and engineering projects are undertaken today. In car design, for example, clay models are still used at key points of the design stage and form an important part of the creative loop. However, producing these slows down the design iteration process and in some ways stifles creativity because of the lag between tweaking a drawing or 3D CAD file and experiencing it in clay form in real life. Moving this to a high resolution virtual reality domain via VR and XR will remove this obstacle and enable designers to take more risks and try new things. This, in the longer term, should lead to better design and more innovative products.

What is also noteworthy, given VR and AR’s penchant for being the promise that keeps on promising, is that Varjo isn’t a “moonshot” investment, even though Atomico does do moonshot investments from time to time. Instead, the company says it is on track to commercially launch its VR headset later this year, with an AR/XR add-on to the headset available in the first half of 2019.

I’m also told it is already working in partnership with companies such as Airbus, Audi, BMW, Volkswagen, and Lilium, who have had early access to prototypes and have been feeding back and helping iterate the product.

I note that it is refreshing to see a new hardware company based in Europe, and that Varjo, with its ties to ex-Nokians, appears to be benefiting from European hardware talent, Konttori says that European VC firms have seemingly lost their appetite for truly innovative hardware. In Varjo’s case, he says Atomico was the exception, and that — along with flying taxi company Lilium (which Atomico has also invested in) — he hopes it can be the start of a European hardware startup renaissance.


Source: TechCrunch

SpaceX Sticks Its Landing after a Showy California Launch

SpaceX’s latest Falcon rocket launch tore across a perfectly clear night sky as it delivered a satellite into space and returned its booster to a new West Coast landing pad.
Source: Wired

Scientists given $200,000 to figure out why the Megalodon went extinct – CNET

Hopefully this will provide some answers about the Meg and why it no longer roams the oceans.
Source: CNET

Doctor Who Barbie doll is inspired by Jodie Whittaker – CNET

She comes with suspenders, lace-up boots and her sonic screwdriver, but sadly, no Tardis.
Source: CNET

Scientists connected 3 actual human brains (then made them play Tetris) – CNET

First Tetris… then what?
Source: CNET

123456789101112131415161718192021222324252627282930313233343536373839404142434445464748495051525354555657585960616263646566676869707172737475767778798081828384858687888990919293949596979899100101102103104105106107108109110111112113114115116117118119120121122123124125126127128129130131132133134135136137138139140141142143144145146147148149150151152153154155156157158159160161162163164165166167168169170171172173174175176177178179180181182183184185186187188189190191192193194195196197198199200201202203204205206207208209210211212213214215216217218219220221222223224225226227228229230231232233234235236237238239240241242243244245246247248249250251252253254255256257258259260261262263264265266267268269270271272273274275276277278279280281282283284285286287288289290291292293294295296297298299300301302303304305306307308309310311312313314315316317318319320321322323324325326327328329330331332333334335336337338339340341342343344345346347348349350351352353354355356357358359360361362363364365366367368369370371372373374375376377378379380381382383384385386387388389390391392393394395396397398399400401402403404405406407408409410411412413414415416417418419420421422423424425426427428429430431432433434435436437438439440441442443444445446447448449450451452453454455456457458459460461462463464465466467468469470471472473474475476477478479480481482483484485486487488489490491492493494495496497498499500501502503504505506507508509510511512513514515516517518519520521522523524525526527528529530531532533534535536537538539540541542543544545546547548549550551552553554555556557558559560561562563564565566567568569570571572573574575576577578579580581582583584585586587588589590591592593594595596597598599600601602603604605606607608609610611612613614615616617618619620621622623624625626627628629630631632633634635636637638639640641642643644645646647648649650651652653654655656657658659660661662663664665666667668669670671672673674675676677678679680681682683684685686687688689690691692693694695696697698699700701702703704705706707708709710711712713714715716717718719720721722723724725726727728729730731732733734735736737738739740741742743744745746747748749750751752753754755756757758759760761762763764765766767768769770771772773774775776777778779780781782783784785786787788789790791792793794795796797798799800801802803804805806807808809810811812813814815816817818819820821822823824825826827828829830831832833834835836837838839840841842843844845846847848849850851852853854855856857858859860861862863864865866867868869870871872873874875876877878879880881882883884885886887888889890891892893894895896897898899900901902903904905906907908909910911912913914915916917918919920921922923924925926927928929930931932933934935936937938939940941942943944945946947948949950951952953954955956957958959960961962963964965966967968969970971972973974975976977978979980981982983984985986987988989990991992993994995996997998999100010011002100310041005100610071008100910101011101210131014101510161017101810191020102110221023102410251026102710281029103010311032103310341035103610371038103910401041104210431044104510461047104810491050105110521053105410551056105710581059106010611062106310641065106610671068106910701071107210731074107510761077107810791080108110821083108410851086108710881089109010911092109310941095109610971098109911001101110211031104110511061107110811091110111111121113111411151116111711181119112011211122112311241125112611271128112911301131113211331134113511361137113811391140114111421143114411451146114711481149115011511152115311541155115611571158115911601161116211631164116511661167116811691170117111721173117411751176117711781179118011811182118311841185118611871188118911901191119211931194119511961197119811991200120112021203120412051206120712081209121012111212121312141215121612171218121912201221122212231224122512261227122812291230123112321233123412351236123712381239124012411242124312441245124612471248124912501251125212531254125512561257125812591260126112621263126412651266126712681269127012711272127312741275127612771278127912801281128212831284128512861287128812891290129112921293129412951296129712981299130013011302130313041305130613071308130913101311131213131314131513161317131813191320132113221323132413251326132713281329133013311332133313341335133613371338133913401341134213431344134513461347134813491350135113521353135413551356135713581359136013611362136313641365136613671368136913701371137213731374137513761377137813791380138113821383138413851386138713881389139013911392139313941395139613971398139914001401140214031404140514061407140814091410141114121413141414151416141714181419142014211422142314241425142614271428142914301431143214331434143514361437143814391440144114421443144414451446144714481449145014511452145314541455145614571458145914601461146214631464146514661467146814691470147114721473147414751476147714781479148014811482148314841485148614871488148914901491149214931494149514961497149814991500150115021503150415051506150715081509151015111512151315141515151615171518151915201521152215231524152515261527152815291530153115321533153415351536153715381539154015411542154315441545154615471548154915501551155215531554155515561557155815591560156115621563156415651566156715681569157015711572157315741575157615771578157915801581158215831584158515861587158815891590159115921593159415951596159715981599160016011602160316041605160616071608160916101611161216131614161516161617161816191620162116221623162416251626162716281629163016311632163316341635163616371638163916401641164216431644164516461647164816491650165116521653165416551656165716581659166016611662166316641665166616671668166916701671167216731674167516761677167816791680168116821683168416851686168716881689169016911692169316941695169616971698169917001701170217031704170517061707170817091710171117121713171417151716171717181719172017211722172317241725172617271728172917301731173217331734173517361737173817391740174117421743174417451746174717481749175017511752175317541755175617571758175917601761176217631764176517661767176817691770177117721773177417751776177717781779178017811782178317841785178617871788178917901791179217931794179517961797179817991800180118021803180418051806180718081809181018111812181318141815181618171818181918201821182218231824182518261827182818291830183118321833183418351836183718381839184018411842184318441845184618471848184918501851185218531854185518561857185818591860186118621863186418651866186718681869187018711872187318741875187618771878187918801881188218831884188518861887188818891890189118921893189418951896189718981899190019011902190319041905190619071908190919101911191219131914191519161917191819191920192119221923192419251926192719281929193019311932193319341935193619371938193919401941194219431944194519461947194819491950195119521953195419551956195719581959196019611962196319641965196619671968196919701971197219731974197519761977197819791980198119821983198419851986198719881989199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046204720482049205020512052205320542055205620572058205920602061206220632064206520662067206820692070207120722073207420752076207720782079208020812082208320842085208620872088208920902091209220932094209520962097209820992100210121022103210421052106210721082109211021112112211321142115211621172118211921202121212221232124212521262127212821292130213121322133213421352136213721382139214021412142214321442145214621472148214921502151215221532154215521562157215821592160216121622163216421652166216721682169217021712172217321742175217621772178217921802181218221832184218521862187218821892190219121922193219421952196219721982199220022012202220322042205220622072208220922102211221222132214221522162217221822192220222122222223222422252226222722282229223022312232223322342235223622372238223922402241224222432244224522462247224822492250225122522253225422552256225722582259226022612262226322642265226622672268226922702271227222732274227522762277227822792280228122822283228422852286228722882289229022912292229322942295229622972298229923002301230223032304230523062307230823092310231123122313231423152316231723182319232023212322232323242325232623272328232923302331233223332334233523362337233823392340234123422343234423452346234723482349235023512352235323542355235623572358235923602361236223632364236523662367236823692370237123722373237423752376237723782379238023812382238323842385238623872388238923902391239223932394239523962397239823992400240124022403240424052406240724082409241024112412241324142415241624172418241924202421242224232424242524262427242824292430243124322433243424352436243724382439244024412442244324442445244624472448244924502451245224532454245524562457245824592460246124622463246424652466246724682469247024712472247324742475247624772478247924802481248224832484248524862487248824892490249124922493249424952496249724982499250025012502250325042505250625072508250925102511251225132514251525162517251825192520252125222523252425252526252725282529253025312532253325342535253625372538253925402541254225432544254525462547254825492550255125522553255425552556255725582559256025612562256325642565256625672568256925702571257225732574257525762577257825792580258125822583258425852586258725882589259025912592259325942595259625972598259926002601260226032604260526062607260826092610261126122613261426152616261726182619262026212622262326242625262626272628262926302631263226332634263526362637263826392640264126422643264426452646264726482649265026512652265326542655265626572658265926602661266226632664266526662667266826692670267126722673267426752676267726782679268026812682268326842685268626872688268926902691269226932694269526962697269826992700270127022703270427052706270727082709271027112712271327142715271627172718271927202721272227232724272527262727272827292730273127322733273427352736273727382739274027412742274327442745274627472748274927502751275227532754275527562757275827592760276127622763276427652766276727682769277027712772277327742775277627772778277927802781278227832784278527862787278827892790279127922793279427952796279727982799280028012802280328042805280628072808280928102811281228132814281528162817281828192820282128222823282428252826282728282829283028312832283328342835283628372838283928402841284228432844284528462847284828492850285128522853285428552856285728582859286028612862286328642865286628672868286928702871287228732874287528762877287828792880288128822883288428852886288728882889289028912892289328942895289628972898289929002901290229032904290529062907290829092910291129122913291429152916291729182919292029212922292329242925292629272928292929302931293229332934293529362937293829392940294129422943294429452946294729482949295029512952295329542955295629572958295929602961296229632964296529662967296829692970297129722973297429752976297729782979298029812982298329842985298629872988298929902991299229932994299529962997299829993000300130023003300430053006300730083009301030113012301330143015301630173018301930203021302230233024302530263027302830293030303130323033303430353036303730383039304030413042304330443045304630473048304930503051305230533054305530563057305830593060306130623063306430653066306730683069307030713072307330743075307630773078307930803081308230833084308530863087308830893090309130923093309430953096309730983099310031013102310331043105310631073108310931103111311231133114311531163117311831193120312131223123312431253126312731283129313031313132313331343135313631373138313931403141314231433144314531463147314831493150315131523153315431553156315731583159316031613162316331643165316631673168316931703171317231733174317531763177317831793180318131823183318431853186318731883189319031913192319331943195319631973198319932003201320232033204320532063207320832093210321132123213321432153216321732183219322032213222322332243225322632273228322932303231323232333234323532363237323832393240324132423243324432453246324732483249325032513252325332543255325632573258325932603261326232633264326532663267326832693270327132723273327432753276327732783279328032813282328332843285328632873288328932903291329232933294329532963297329832993300330133023303330433053306330733083309331033113312331333143315331633173318331933203321332233233324332533263327332833293330333133323333333433353336333733383339334033413342334333443345334633473348334933503351335233533354335533563357335833593360336133623363336433653366336733683369337033713372337333743375337633773378337933803381338233833384338533863387338833893390339133923393339433953396339733983399340034013402340334043405340634073408340934103411341234133414341534163417341834193420342134223423342434253426342734283429343034313432343334343435343634373438343934403441344234433444344534463447344834493450345134523453345434553456345734583459346034613462346334643465346634673468346934703471347234733474347534763477347834793480348134823483348434853486348734883489349034913492349334943495349634973498349935003501350235033504350535063507350835093510351135123513351435153516351735183519352035213522352335243525352635273528352935303531353235333534353535363537353835393540354135423543354435453546354735483549355035513552355335543555355635573558355935603561356235633564356535663567356835693570357135723573357435753576357735783579358035813582358335843585358635873588358935903591359235933594359535963597359835993600360136023603360436053606360736083609361036113612361336143615361636173618361936203621362236233624362536263627362836293630363136323633363436353636363736383639364036413642364336443645364636473648364936503651365236533654365536563657365836593660366136623663366436653666366736683669367036713672367336743675367636773678367936803681368236833684368536863687368836893690369136923693369436953696369736983699370037013702370337043705370637073708370937103711371237133714371537163717371837193720372137223723372437253726372737283729373037313732373337343735373637373738373937403741374237433744374537463747374837493750375137523753375437553756375737583759376037613762376337643765376637673768376937703771377237733774377537763777377837793780378137823783378437853786378737883789379037913792379337943795379637973798379938003801380238033804380538063807380838093810381138123813381438153816381738183819382038213822382338243825382638273828382938303831383238333834383538363837383838393840384138423843384438453846384738483849385038513852385338543855385638573858385938603861386238633864386538663867386838693870387138723873387438753876387738783879388038813882388338843885388638873888388938903891389238933894389538963897389838993900390139023903390439053906390739083909391039113912391339143915391639173918391939203921392239233924392539263927392839293930393139323933393439353936393739383939394039413942394339443945394639473948394939503951395239533954395539563957395839593960396139623963396439653966396739683969397039713972397339743975397639773978397939803981398239833984398539863987398839893990399139923993399439953996399739983999400040014002400340044005400640074008400940104011401240134014401540164017401840194020402140224023402440254026402740284029403040314032403340344035403640374038403940404041404240434044404540464047404840494050405140524053405440554056405740584059406040614062406340644065406640674068406940704071407240734074407540764077407840794080408140824083408440854086408740884089409040914092409340944095409640974098409941004101410241034104410541064107410841094110411141124113411441154116411741184119412041214122412341244125412641274128412941304131413241334134413541364137413841394140414141424143414441454146414741484149415041514152415341544155415641574158415941604161416241634164416541664167416841694170417141724173417441754176417741784179418041814182418341844185418641874188418941904191419241934194419541964197419841994200420142024203420442054206420742084209421042114212421342144215421642174218421942204221422242234224422542264227422842294230423142324233423442354236423742384239424042414242424342444245424642474248424942504251425242534254425542564257425842594260426142624263426442654266426742684269427042714272427342744275427642774278427942804281428242834284428542864287428842894290429142924293429442954296429742984299430043014302430343044305430643074308430943104311431243134314431543164317431843194320432143224323432443254326432743284329433043314332433343344335433643374338433943404341434243434344434543464347434843494350435143524353435443554356435743584359436043614362436343644365436643674368436943704371437243734374437543764377437843794380438143824383438443854386438743884389439043914392439343944395439643974398439944004401440244034404440544064407440844094410441144124413441444154416441744184419442044214422442344244425442644274428442944304431443244334434443544364437443844394440444144424443444444454446444744484449445044514452445344544455445644574458445944604461446244634464446544664467446844694470447144724473447444754476447744784479448044814482448344844485448644874488448944904491449244934494449544964497449844994500450145024503450445054506450745084509451045114512451345144515451645174518451945204521452245234524452545264527452845294530453145324533453445354536453745384539454045414542454345444545454645474548454945504551455245534554455545564557455845594560456145624563456445654566456745684569457045714572457345744575457645774578457945804581458245834584458545864587458845894590459145924593459445954596459745984599460046014602460346044605460646074608460946104611461246134614461546164617461846194620462146224623462446254626462746284629463046314632463346344635463646374638463946404641464246434644464546464647464846494650465146524653465446554656465746584659466046614662466346644665466646674668466946704671467246734674467546764677467846794680468146824683468446854686468746884689469046914692469346944695469646974698469947004701470247034704470547064707470847094710471147124713471447154716471747184719472047214722472347244725472647274728472947304731473247334734473547364737473847394740474147424743474447454746474747484749475047514752475347544755475647574758475947604761476247634764476547664767476847694770477147724773477447754776477747784779478047814782478347844785478647874788478947904791479247934794479547964797479847994800480148024803480448054806480748084809481048114812481348144815481648174818481948204821482248234824482548264827482848294830483148324833483448354836483748384839484048414842484348444845484648474848484948504851485248534854485548564857485848594860486148624863486448654866486748684869487048714872487348744875487648774878487948804881488248834884488548864887488848894890489148924893489448954896489748984899490049014902490349044905490649074908490949104911491249134914491549164917491849194920492149224923492449254926492749284929493049314932493349344935493649374938493949404941494249434944494549464947494849494950495149524953495449554956495749584959496049614962496349644965496649674968496949704971497249734974497549764977497849794980498149824983498449854986498749884989499049914992499349944995499649974998499950005001500250035004500550065007500850095010501150125013501450155016501750185019502050215022502350245025502650275028502950305031503250335034503550365037503850395040504150425043504450455046504750485049505050515052505350545055505650575058505950605061506250635064506550665067506850695070507150725073507450755076507750785079508050815082508350845085508650875088508950905091509250935094509550965097509850995100510151025103510451055106510751085109511051115112511351145115511651175118511951205121512251235124512551265127512851295130513151325133513451355136513751385139514051415142514351445145514651475148514951505151515251535154515551565157515851595160516151625163516451655166516751685169517051715172517351745175517651775178517951805181518251835184518551865187518851895190519151925193519451955196519751985199520052015202520352045205520652075208520952105211521252135214521552165217521852195220522152225223522452255226522752285229523052315232523352345235523652375238523952405241524252435244524552465247524852495250525152525253525452555256525752585259526052615262526352645265526652675268526952705271527252735274527552765277527852795280528152825283528452855286528752885289529052915292529352945295529652975298529953005301530253035304530553065307530853095310531153125313531453155316531753185319532053215322532353245325532653275328532953305331533253335334533553365337533853395340534153425343534453455346534753485349535053515352535353545355535653575358535953605361536253635364536553665367536853695370537153725373537453755376537753785379538053815382538353845385538653875388538953905391539253935394539553965397539853995400540154025403540454055406540754085409541054115412541354145415541654175418541954205421542254235424542554265427542854295430543154325433543454355436543754385439544054415442544354445445