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Monthly Archives: April 2019

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



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

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

 

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

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

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

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

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

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

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

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

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



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

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

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

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

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

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

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

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

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

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

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

 

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Pinterest prices IPO above range



Pinterest priced shares of its stock, “PINS,” above its anticipated range on Wednesday evening, CNBC reports. The company will sell 75 million shares of Class A common stock at $19 apiece in an offering that will attract $1.4 billion in new capital for the visual search engine.

The NYSE-listed business had planned to sell its shares at between $15 to $17 and didn’t increase the size of its planned offering prior to Wednesday’s pricing.

Valued at $12.3 billion in 2017, the initial public offering gives Pinterest an initial market cap of approximately $10 billion.

The IPO has been a long time coming for the nearly 10-year-old company led by co-founder and chief executive officer Ben Silbermann . Given Wall Street’s lackluster demand for ride-hailing company Lyft, another consumer technology stock that recently made its Nasdaq debut, it’s unclear just how well Pinterest will perform in the days, weeks, months and years to come. Pinterest is unprofitable like its fellow unicorns Lyft and Uber, but its financials, disclosed in its IPO prospectus, illustrate a clear path to profitability. As for Lyft and Uber, Wall Street analysts, among others, still question whether either of the businesses will ever achieve profitability.

Eric Kim of consumer tech investment firm Goodwater Capital says despite the fact that Pinterest and Lyft are very different companies, Lyft’s falling stock has undoubtedly impacted Pinterest’s offering.

“They are so close together, it’s hard for those not to influence one another,” Kim told TechCrunch. “It’s a much different category, but they are still both consumer tech and they will both be trading at a double-digital revenue multiple.

The San Francisco-based company posted revenue of $755.9 million in the year ending December 31, 2018 — 16 times less than its latest decacorn valuation — on losses of $62.9 million. That’s up from $472.8 million in revenue in 2017 on losses of $130 million.

The stock offering represents a big liquidity event for a handful of investors. Pinterest had raised a modest $1.47 billion in equity funding from Bessemer Venture Partners, which holds a 13.1 percent pre-IPO stake, FirstMark Capital (9.8 percent), Andreessen Horowitz (9.6 percent), Fidelity Investments (7.1 percent) and Valiant Capital Partners (6 percent). Bessemer’s stake is worth upwards of $1 billion. FirstMark and a16z’s shares will be worth more than $700 million each.

Zoom — another tech company going public on Thursday that, unlike its peers, is actually profitable — priced its shares on Wednesday too after increasing the price range of its IPO earlier this week. The price values Zoom at roughly $9 billion, nearly surpassing Pinterest, an impressive feat considering Zoom was last valued at $1 billion in 2017 around when Pinterest’s Series H valued it at a whopping $12.3 billion.

Profitability, as it turns out, may mean more to Wall Street than Silicon Valley thinks.

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The Carl's Jr. CBD burger sounds like a waste of CBD



With 4/20 comes a heavy dose of cheesy stoner-themed brand promotions that make cannabis consumers nationwide sigh deeply.

The latest travesty against both cuisine and cannabis is the new Carl’s Jr. “Rocky Mountain High Cheese Burger Delight,” which features two beef patties stacked on top of fries and laden with a CBD-infused “Santa Fe sauce.” It’s topped with cheese and picked jalapeños. 

The burger retails for a predictable $4.20 and will only be available at one location in Denver on Apr. 20. You also have to be at least 18 years old to purchase it. 

Strip away the annoying marketing, and there’s another problem with this mushy meat pile: The Rocky Mountain High burger sauce will only contain 5 mg of CBD per serving. That’s a smidge when it comes to CBD servings — especially for a CBD edible — and likely will have no impact on you whatsoever. Beyond that, CBD won’t get you high! Read more…

More about Fast Food, 420, Cbd, Culture, and Web Culture

Notes from the Samsung Galaxy Fold: day two



I would be remiss if I didn’t mention the technical difficulties multiple reviewers have been experiencing with their units. This sort of thing can happen with pre-production models. I’ve certainly had issues with review units in the past, but these reports are worth mentioning as a note of caution with a product, which we were concerned might not be ready for prime time only a couple of weeks ago.

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

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

Using the device in the lead up to our big robotics event tomorrow, a number of TechCrunch co-workers have demanded a few minutes with the the device. The reviews so far have been mixed, with most calling out the thick form factor when closed, as well as the crease. The latter, at least, is really dependent on environmental lighting. In the case of the backstage area at this event, it’s harsh overhead office lighting, which tends to bring the crease out when the phone is facing the ceiling.

On the other hand, I used the phone to watch videos while using the elliptical at the gym this morning. Titled toward me, the crease wasn’t noticeable. It’s also one of the ideal use cases for the product.

Some more notes:

  • The company’s stated “day long” life is pretty on the money. I got just over 24 hours of standard use (subtracting my five hours on a plane).
  • The screen has a built-in protector that looks a lot like the kind of adhesive guard Samsung’s phones ship with. Don’t peel it off. You will damage the phone.
  • I accidentally (I swear) dropped it off a table. It survived unscathed.
  • So many fingerprints.
  • The green finish looks like gold under certain lights. I definitely would have gone in for blue.
  • We used the handset for a Google Hangout. It was kind of perfect. Kept open at an angle, it can prop itself up.
  • The snap to close is still satisfying.

Day One Notes 

 

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Co-Star raises $5 million to bring its astrology app to Android



Nothing scales like a horoscope.

If you haven’t heard of Co-Star, you might just be in the wrong circles. In some social scenes it’s pretty much ubiquitous. Wherever conversations regularly kick off by comparing astrological charts, it’s useful to have that info at hand. The trend is so notable that the app even got a shout out in a New York Times piece on VCs flocking to astrology startups.

This week, the company behind probably the hottest iOS astrology app announced that it has raised a $5.2 million seed round. Maveron, Aspect, 14w and Female Founder Fund all participated in the round, which follows $750,000 in prior pre-seed funding. The company plans to use the funding to craft an Android companion to its iOS-only app, grow its team and “build features that encourage new ways get closer, new ways to take care of ourselves, and new ways to grow.”

TechCrunch spoke with Banu Guler, the CEO and co-founder of Co-Star about what it was like talking to potential investors to drum up money for an idea that Silicon Valley’s elite echo chambers might find unconventional.

“We certainly talked to some who were dismissive,” Guler told TechCrunch in an email. “But the reality is that interest in astrology is skyrocketing… It was all about finding the right investors who see the value in astrology and the potential for growth.”

“There are people out there who think astrology is silly or unserious. But in our experience, the number of people who find value and meaning in astrology is far greater than the number of people who are turned off by it.”

If you’ve ever used a traditional astrology app or website to look up your birth chart — that is, to determine the positions of the planets on the day and time you were born — then you’ve probably noticed how most of those services share more in common with ancient Geocities sites than they do with bright, modern apps. In contrast, Co-Star’s app is clean and artful, with encyclopedia-like illustrations and a simple layout. It’s not something with an infinite scroll you’ll get lost in, but it’s pleasant to dip into Co-Star, check your algorithmically-generated horoscope and see what your passive aggressive ex’s rising sign is.

In a world still obsessed with the long-debunked Meyers-Briggs test, you can think of astrology as a kind of cosmic organizational psychology, but one more interested in peoples’ emotional realities than their modus operandi in the workplace. For many young people — and queer people, from personal experience — astrology is a thoroughly playful way to take stock of life. Instead of directly predicting future events (good luck with that), it’s is more commonly used as a way to evaluate relationships, events and anything else. If astrology memes on Instagram are any indication, there’s a whole cohort of people using astrology as a framework for talking about their emotional lives. That search for authenticity — and no doubt the proliferation of truly inspired viral content — is likely fueling the astrology boom. 

“By positioning human experience against a backdrop of a vast universe, Co–Star creates a shortcut to real talk in a sea of small talk: a way to talk about who we are and how we relate to each other,” the company wrote in its funding announcement. “It doesn’t reduce complexity. It doesn’t judge. It understands.”

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Zoom, the profitable tech unicorn, prices IPO above range



Zoom, a relatively under-the-radar tech unicorn, has defied expectations with its initial public offering. The video conferencing business priced its IPO above its planned range on Wednesday, confirming plans to sell shares of its Nasdaq stock, titled “ZM,” at $36 apiece, CNBC reports.

The company initially planned to price its shares at between $28 and $32 per share, but following big demand for a piece of a profitable tech business, Zoom increased expectations, announcing plans to sell shares at between $33 and $35 apiece.

The offering gives Zoom an initial market cap of roughly $9 billion, or nine times that of its most recent private market valuation.

Zoom plans to sell 9,911,434 shares of Class A common stock in the listing, to bring in about $350 million in new capital.

If you haven’t had the chance to dive into Zoom’s IPO prospectus, here’s a quick run-down of its financials:

  • Zoom raised a total of $145 million from venture capitalists before filing to go public
  • It posted $330 million in revenue in the year ending January 31, 2019 with a gross profit of $269.5 million
  • It more than doubled revenues from 2017 to 2018, ending 2017 with $60.8 million in revenue and 2018 with $151.5 million
  • Its losses have shrunk from $14 million in 2017, $8.2 million in 2018 and just $7.5 million in the year ending January 2019

Zoom is backed by Emergence Capital, which owns a 12.2 percent pre-IPO stake; Sequoia Capital (11.1 percent); Digital Mobile Venture, a fund affiliated with former Zoom board member Samuel Chen (8.5 percent); and Bucantini Enterprises Limited (5.9 percent), a fund owned by Chinese billionaire Li Ka-shing.

Zoom will debut on the Nasdaq the same day Pinterest will go public on the NYSE. Pinterest, for its part, has priced its shares above its planned range, per The Wall Street Journal.

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Alex Trebek checks in about his health and is ready to keep hosting



Six weeks after beloved Jeopardy! host Alex Trebek informed fans he had stage 4 pancreatic cancer, he’s once again checked in with fans. He thanked everyone for all of their well-wishes and says he’s feeling pretty good. 

The video was posted Wednesday afternoon in coordination with the wrap-up of filming on the game show’s 35th (!) season. 

In the quick clip, Trebek says, “I wanted once again to thank you for your continuing messages of encouragement and support, particularly the many cards I’ve received from young people. I’m touched beyond words.”

He also address rumors regarding his health and promises to be back for the next season this fall: “Despite what you may have heard, I’m feeling good, I’m continuing with my therapy, and [the show’s staff] is already working on our next season… So I look forward to seeing you once again in September with all kinds of good stuff.” Read more…

More about Cancer, Game Show, Jeopardy, Alex Trebek, and Culture

Wonderloop’s networking app lets you swipe left on video profiles instead of pictures



There isn’t much left to be done in online networking apps. We are all familiar with professional (LinkedIn), social (Facebook), realtime (Twitter), and dating (Tinder, Bummble etc). But profile photos of the people you’re interacting with only get you so far. And we’ve all known that person who looked smart in the photo and turned out to be not so amazing in real life. Photos don’t communicate a person’s energy, body language or their voice.

An app called Wonderloop hopes to solve this problem, with video profiles, like this one.

It’s now added swiping people, Tinder-style. Left for “later and right for “favorite”. In addition, you can see who’s “Nearby” with a location feature, making it more likely you may even bump into this person. How’s that for making your day more… interesting?

Founder Hanna Aase says Wonderloop is not so much “LinkedIn with video” as much as it is “About.me with video”. Why? Well, because it also has a web-platform, allowing you to share your video profile outside the app, as well as message inside it.

I must admit, it’s fair to say that the impression you get from a person from watching them for 10 seconds on a video is pretty persuasive.

Aase says Wonderloop could end up being your personal “video ID” providing each user with their unique video profile. She says Wonderloop’s aim is to create a search engine out of people on video.

“To see people on video creates trust. Wonderloop’s goal is that every person in the world should have a video identity. We want to help users get seen in this world. You use Wonderloop for the first step of turning a stranger into a potentially cool person in your life,” she added.

She thinks the app will be used by people to make new friends, connect influencers with fans, connect entrepreneurs, connect freelancers and travelers and of course a bit of dating here and there.

She’s also hoping the app will appeal to Millennials and Generation-Z who, as frequent travelers, are often into meeting people “nearby.” “We did research and were surprised to the extent the age group 16-20 wish to find new friends,” she says. For instance, apps like Jodel are used by young people to reach out to chat to complete strangers nearby (although with no names attached).

Right now the app is invite-only, but users can apply inside the app. Aase says: “We hope to do it in stages as the company grows and in a way where users feel the community is a place they feel safe and can share who they are on video. But being invite-only also makes us differentiated to all other services.”

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FCC looks to slap down China Mobile’s attempt to join US telecom system



The FCC has proposed to deny an application from China Mobile, a state-owned telecom, to provide interconnect and mobile services here in the U.S., citing security concerns. It’s another setback to the country’s attempts to take part in key portions of American telecommunications.

China Mobile was essentially asking to put call and data interconnection infrastructure here in the U.S.; It would have come into play when U.S. providers needed to connect to Chinese ones. Right now the infrastructure is generally in China, an FCC spokesperson explained on a press call.

In a draft order that will be made public tomorrow and voted on in May, FCC Chairman Ajit Pai moves to deny the application, which has been pending since 2011. Such applications by foreign-owned entities to build and maintain critical infrastructure like this in the U.S. have to pass through the Executive, which only last year issued word that it advised against the deal.

In the last few months, the teams at the FCC have reviewed the record and came to the conclusion that, as Chairman Ajit Pai put it:

It is clear that China Mobile’s application to provide telecommunications services in our country raises substantial and serious national security and law enforcement risks. Therefore, I do not believe that approving it would be in the public interest.

National security issues are of course inevitable whenever a foreign-owned company wants to be involved with major infrastructure work in the U.S., and often this can be taken care of with a mitigation agreement. This would be something like an official understanding between the relevant parties that, for instance, law enforcement in the U.S. would have access to data handled by the, say, German-owned equipment, and German authorities would alert U.S. about stuff it finds, that sort of thing.

But that presupposes a level of basic trust that’s absent in the case of a company owned (indirectly but fully) by the Chinese government, the FCC representative explained. It’s a similar objection to that leveled at Huawei, which given its close ties to the Chinese government, the feds have indicated they won’t be contracting with the company for infrastructure work going forward.

The denial of China Mobile’s application on these grounds is apparently without precedent, Pai wrote in a separate note: “Notably, this is the first time the Executive Branch has ever recommended that the FCC deny an application due to national security concerns.”

It’s likely to further strain relations between our two countries, though the news likely comes as no surprise to China Mobile, which probably gave up hope some time around the third or fourth year its application was stuck in a bureaucratic black hole.

The draft order will be published tomorrow, and will contain the evidence and reasoning behind the proposal. It will be voted on at the FCC open meeting on May 9.

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