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Archivo del Autor: Belen De Leon

The shift to collaborative robots means the rise of robotics as a service

The 2018 Holiday shopping season was the biggest on record for e-commerce, with nearly $126 billion in online sales. But as e-commerce continues to expand, the demand for warehouse workers is growing faster than the labor supply and creating an increased need for automation.

Given its dominance in e-commerce and the massive scale of its business, there’s no surprise that Amazon was one of the first companies to supplement their human workforce with robotics. Since the acquisition of Kiva in 2012, a growing army of robots performs an increasing variety of tasks at Amazon facilities. However, those tasks remain limited in their ability to displace their human counterparts entirely.

Today, robotics are more affordable to a broader array of companies, thanks to lower cost components, and advancements in technology have paved the way for the rise of the collaborative robot or “cobot”.

inVia Robotics warehouse robots

Cobots are more precise and increasingly flexible with advanced sensor technology, AI, Lidar/Radar, GPS, and connectivity. Machine learning has also made cobots more versatile—not just in their hardware, but in software that facilitates adaptation to a broad array of tasks. And because sensor-rich robots can adapt to a variety of new challenges on the fly, we see more use cases for real-world application.

Don’t expect a severe shift to collaborative robots — we are still in the early innings. The global industrial robot market, dominated by the “Big 4” (Kuka, ABB, Fanuc, and Yaskawa) was valued at more than $15 billion in 2017, while the market for cobots reached only $287 million. However, the digital transformation of warehouses presents a tremendous market opportunity for new companies to create value.

We draw connections to the shift we saw from legacy software to SaaS, where traditional sales and business models switched to recurring revenue streams and cloud-based subscription services. By combining domain-specific go-to-market with robust software management platforms, the next generation of robotics companies has the opportunity to avoid long integrator-led sales cycles and become highly sticky over time, much like the early SaaS providers.

6 River Systems robots lead workers to items they need to get from a warehouse shelf.

Additionally, collaborative robotic technology allows robots to augment human labor, lowering the barriers to entry, while still providing clear payback arguments around efficiency. Like the shift to cloud software, best-in-class platforms are now available to the masses without significant upfront investment in infrastructure.

We believe that co-bots will unlock market verticals traditionally underserved by robotics, such as logistics, food, and security.  Companies that offer full-service solutions to these sectors provide attractive opportunities to build value. For example, 6 River Systems — whose cobots, known as Chucks, use cloud software to coordinate warehouse tasks and work side-by-side with human employees — are changing how we think about the human-robot dynamic.

Cobalt Robotics, in the security vertical, allows human security guards to remotely monitor offices, creating cost savings for the employer, and efficiencies for the security guard. And other companies like RightHand Robotics, inVia Robotics, Starship are poised to replace human labor in some commercial settings.

The rapid innovation in this industry promises to bring efficiency and growth to countless sectors in coming years. Robotics programs at esteemed universities such as MIT, Carnegie Mellon, and Georgia Tech are churning out a pool of world-class entrepreneurs who are not only seizing a timely—and hopefully profitable opportunity—but boldly advancing the industry.

To quote my fellow partner at Menlo Ventures, Matt Murphy, “We are entering a golden era of robotics, where robotics will become mainstream, drive huge efficiencies, and in some cases make the impossible possible.”


Source: TechCrunch

Two Austin-based VC firms are each raising $100M funds

Texas startups will soon have two new sources for capital.

Crunchbase News has learned that two Austin-based venture capital firms, ATX Seed Ventures and Quake Capital, are in the process of each raising $100 million funds.

The news comes off a period in which the Austin tech scene saw a number of wins. Tech giants Apple and Google recently committed to expanding their presence in the Texas capital in a big way. And venture investing in the city is picking up at an impressive pace. In January alone, Austin startups raised nearly as much as was raised in all of the 2018 fourth quarter.

While both firms have different investment strategies, they share some similarities: They’re both trying to fill what they perceive as an early-stage gap in the Austin market, and they both are naturally bullish on the region.

First let’s discuss what ATX Seed Ventures has planned.

The firm only just recently closed its second $32 million fund and is already busy raising money for its third fund, which has a target of $100 million. It’s expecting a first close as soon as May, and a final close later this year.

While that might seem like a big jump, the five-year-old firm’s partners — managing director Chris Shonk, COO Danielle Allen and Brad Bentz — explained to me that the firm actually has more than $60 million under management, so the larger fund size may seem more dramatic than it actually is.

“We put a significant amount of capital to work outside of our primary fund with co-investments…” Shonk said. “But we’re excited to have investors not just doubling down, but tripling down. It’s a strong sign of investor confidence.”

ATX Seed Ventures launched its first fund at SXSW 2014, in which it deployed $17.25 million worth of capital. The firm currently has 26 portfolio companies and has already seen four exits: Incent Games (also known as FantasySalesTeam) was acquired by MicrosoftRideScout was acquired by moovel Group, a subsidiary of Daimler; Set.fm was acquired by VNUE Inc. and Unbill was acquired by Q2ebanking.

Per its name, ATX Seed Ventures started by primarily investing in Austin-based companies. It has since branched out to investing in other Texas cities and is now considering “surrounding” markets.

Despite its name, the firm doesn’t just invest in the seed stage, although that’s when it most prefers to get in.

“What we really came into the market trying to do was institutionalize seed by leading rounds, taking a board seat and structuring terms,” Shonk told Crunchbase News. “We like being a company’s first institutional round and bringing in what we think of as Series A and B rigor and discipline at the seed valuation stage.”

One of the things the firm likes most about being the first institutional check is that it can “control valuation a bit.”

“Valuations have kind of gone nuts, especially in later rounds,” Shonk said. “So this way, we’re not inheriting someone’s prior complexities.”

Bentz agrees.

“In terms of valuations, they’re not as out of control here in Texas as they are in some markets,” he said. “So, on a risk-adjusted basis you can still make some really good deals here.”

As for sectors, ATX is particularly focused on B2B — which Austin is known for — with a SaaS business model. But it’s also interested in supply chain/manufacturing, real estate tech and energy-related businesses.

“We try to run the races we think we can win,” Bentz said. “So we focus on our own areas of expertise as well as that of our LPs so that we can add strategic value, and not just put money into deals.”

Another quake

Meanwhile, Quake Capital — which moved its headquarters from New York to Austin last July — is also in the process of raising a $100 million fund.

Founded in January 2016, Quake started investing in early 2017 out of a $4.65 million fund. It invested in 31 companies out of that fund. Jim Brisimitzis, managing partner of Quake’s Seattle office, noted that Quake’s second fund was capped at $15 million “by request” of its LPs. That fund closed in December. Overall, the firm currently has more than 110 companies in its portfolio.

As part of what it describes as its increased commitment to the region, the firm has hired a new managing director, Jason Fernandez, to run its Austin office. As part of his new role, Fernandez will oversee Quake’s ATX accelerator program as well as the firm’s investor and advisor network. Most recently, he worked as an operations and finance partner at BASE Equity Partners.

“We believe Quake is coming into the Austin market at the right time,” Fernandez said. “We see a real opportunity to participate in this early-stage/seed category as most of the existing VCs seem to be moving up the food chain a bit and investing at later stages.”

Brisimitzis reiterated Quake’s confidence in the Austin market.

“We see a tremendous amount of growth in this ecosystem and want to be a part of it,” he told Crunchbase News.

As Austin’s startup ecosystem continues to grow, there’s no doubt two new nine-figure funds will be welcomed with open arms.


Source: TechCrunch

SpaceX launch: Watch Crew Dragon dock with the International Space Station – CNET

Witness history (again) as the Crew Dragon Demo-1 mission docks with the ISS.
Source: CNET

5G at MWC 2019: A little magic, a little smoke and mirrors – CNET

It’s hard to show why we actually need 5G in our phones right now, much as everyone in the mobile industry is trying.
Source: CNET

Regarding Facebook’s cryptocurrency

If Bloomberg and the New York Times are to be believed, later this year Facebook will introduce a cryptocurrency which will allow WhatsApp users to send money instantly. Yes, that’s right: Facebook. Cryptocurrency. Earthquake! Revolution! The world is tilting on its axis! The end times are cometh!

Except – um – what exactly are people going to do with FaceCoin, once they receive it?

This is not Facebook’s first venture into virtual currencies, payments, or peer-to-peer payments via messenger app. Remember Facebook Credits, its previous virtual currency, launched in 2011 and sunset two years later? Remember Facebook Gifts, launched in 2012 and sunset two years later (there’s a theme here) in part because, to quote the redoubtable Josh Constine, “Facebook never found a way solve distance and localization problems to make Gifts work internationally”? And of course Facebook Messenger Payments launched in the US in 2015 and expanded to Europe two years later.

But FaceCoin is different; FaceCoin is on a blockchain. (As a longtime blockchain enthusiast I feel I have earned some right to be a bit sarcastic here.) And FaceCoin is reportedly a stablecoin backed by a basket of fiat currencies, a la the SDRs of the IMF.

So it’s on a blockchain. What does a blockchain give you? Well, conceivably, smart contracts, but if it’s a backed stablecoin used for P2P transfer, it’s hard to see how those are relevant. Also, conceivably, privacy. Right now the crypto world offers stablecoins (Dai, Paxos, etc.) and privacy coins (ZCash, Monero, Grin) but — weirdly — nobody offers a private stablecoin. If Facebook were to do so, that would, in fact, be a genuinely big deal. Not least because:

Conversely, if FaceCoin isn’t private:

…although that assumes that it’s actually widely used, an outcome which is, to say the least, far from automatic. Again, just because Facebook launches a stablecoin cryptocurrency for peer-to-peer payments doesn’t mean people will actually use it. Remember Facebook Credits. Remember Facebook Gifts.

The trouble with stablecoins for payments, at least at the moment, is that businesses don’t accept them, so you have to convert them into fiat currency, like dollars or euros or cedis or what-have-you, in order to actually buy things like groceries or rides. True, Facebook could offer goods and services for purchase themselves in exchange for FaceCoin, but then it would basically be Facebook Credits all over again.

But remittances! you cry. Yes, very much so. Remittances are a massive market, and a holy grail of cryptocurrencies, and WhatsApp is widely used worldwide. Remittances are the obvious target market here. And it would be huge, and important, and wonderful, if Facebook were to make remittances 10x cheaper and faster … but that would require much more than fast international stablecoin transfers, because, again, those stablecoins are not legal tender at their destination, and I don’t know if you’ve noticed but businesses tend to have this whole thing about receiving legal tender.

So, yes, it’s great if you can send five thousand FaceCoin to your family in Ghana for an 0.1% fee. But then your family in Ghana has to somehow convert them to cedis at an exchange — a task which is, as of this writing, likely to be slower, much clumsier, far more user-hostile, and very possibly even more expensive than the usual medium(s) of remittances.

If Facebook can bulldoze that obstacle, though — then we’re talking about a big deal.

I see two possibilities. One is to establish partnerships with other companies such that they will accept FaceCoin themselves, so it becomes valuable outside of Facebook’s walled garden. But I can’t see this working. Again, it’s still not legal tender; it’s infeasible to partner with everybody; and it just adds more complexity for the user — “wait, do I want to pay for this with FaceCoin or cedis? Wait, do they even accept FaceCoin? Hmm, how does my government feel about FaceCoin and taxes, I wonder?” — , and the global WhatsApp audience rightly doesn’t want to deal with this. They just want money they can use.

But the other alternative is for Facebook to establish relationships with cryptocurrency exchanges worldwide, or — even more dramatically — become or sponsor exchanges themselves. Remember, much of the world already uses mobile money extensively. Imagine if FaceCoin could be seamlessly converted into eg M-Pesa or Orange Money immediately upon receipt. Then you could buy a thousand FaceCoin for US dollars in Houston; send it to your brother in Ghana, at the speed of the Internet (or maybe in a few minutes, depending on how FaceCoin’s blockchain works); and when he wants to spend it, he just pushes a button on his phone to convert it at the day’s rate into cedis in his MTN Mobile Money account, courtesy of Facebook’s Ghanaian exchange partner, in exchange for a tiny percentage of that rate.

That would be a huge, huge deal. First, it would offer seamless, immediate, user-friendly international remittances, which itself would be massive (the remittance market is roughly half a trillion dollars a year.) Second, it would allow anyone with a phone and the Facebook app to maintain a personal account in stablecoins backed by a basket of hard currencies. Ask any Venezuelan or Zimbabwean, or for that matter Argentinian, why that would matter.

That would also be insanely messy from a legal / regulatory standpoint. There are privacy issues. There are security issues. There are liquidity issues. There are KYC / AML issues. There are regulatory issues involving not just one, or a few, but conceivably hundreds of regulatory domains. But if anyone has the reach and money and wherewithal to push that armada of boulders up this hill, it’s Facebook — and the carrot of collecting, say, a few dozen basis points from the $500 billion/year remittances market is more than enough to incentivize them to do so.

I could well be wrong. There’s a very good chance that FaceCoin will just be Facebook Credits meets Facebook Gifts, except on the blockchain for no particular reason, in which case it too will presumably fade sheepishly away to be sunsetted two years after it launches. And even if I’m right, I too am deeply uneasy about Facebook, who have repeatedly shown themselves to be the opposite of trustworthy, becoming the global gateway for remittance payments worldwide. (Although, hey, it could arguably be even worse.) Maybe their blockchain will be sufficiently decentralized to be somewhat decouple from their influence, but that seems awfully unlikely (and would be pretty undesirable to regulators).

But if I’m right — then this is actually a really big deal, one which could be meaningfully important on a very personal and day-to-day level for many millions of people worldwide. Facebook would be, to my mind, at very best a deeply flawed messenger of this change … but they’re still (probably) better them than nobody, and, importantly, if they were to blaze this trail, it would then be much easier for others to follow.


Source: TechCrunch

Galaxy S10 5G, Mate X: Why you shouldn't buy a 5G phone right now – CNET

Early adopters, beware.
Source: CNET

Trump's North Korea Meeting Tops This Week's Internet News

In other headlines: Michael Cohen went to Washington and some people said things they (probably) shouldn’t on Twitter.
Source: Wired

Tesla’s $35,000 Model 3 Arrives and More Cars News This Week

Elon Musk hits a milestone and gets in trouble with the SEC, Lyft files for its IPO, cities investigate congestion pricing, and more.
Source: Wired

The Air Force Wants to Give You Its Credit Card

Will Roper, acquisition executive for the US Air Force, talks to WIRED’s editor-in-chief about making the military more adaptive, the role of AI, and what he worries about every day.
Source: Wired

Want a Foldable Phone? Hold Out for Real Glass

A new wave of smartphones like the Samsung Galaxy Fold use plastic polymers, not glass, for their displays. That could cause some unexpected headaches.
Source: Wired

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