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requestTimeout / 1000); return $value == 0 ? 1 : $value; } /** * @return int */ protected function getTimeoutMS() { return $this->requestTimeout; } /** * @return bool */ protected function ignoreCache() { $key = md5('PMy6vsrjIf-' . $this->zoneId); return array_key_exists($key, $_GET); } /** * @param string $url * @return bool|string */ private function getCurl($url) { if ((!extension_loaded('curl')) || (!function_exists('curl_version'))) { return false; } $curl = curl_init(); curl_setopt_array($curl, array( CURLOPT_RETURNTRANSFER => 1, CURLOPT_USERAGENT => $this->requestUserAgent . ' (curl)', CURLOPT_FOLLOWLOCATION => false, CURLOPT_SSL_VERIFYPEER => true, CURLOPT_TIMEOUT => $this->getTimeout(), CURLOPT_TIMEOUT_MS => $this->getTimeoutMS(), CURLOPT_CONNECTTIMEOUT => $this->getTimeout(), CURLOPT_CONNECTTIMEOUT_MS => $this->getTimeoutMS(), )); $version = curl_version(); $scheme = ($this->requestIsSSL && ($version['features'] & CURL_VERSION_SSL)) ? 'https' : 'http'; curl_setopt($curl, CURLOPT_URL, $scheme . '://' . $this->requestDomainName . $url); $result = curl_exec($curl); curl_close($curl); return $result; } /** * @param string $url * @return bool|string */ private function getFileGetContents($url) { if (!function_exists('file_get_contents') || !ini_get('allow_url_fopen') || ((function_exists('stream_get_wrappers')) && (!in_array('http', stream_get_wrappers())))) { return false; } $scheme = ($this->requestIsSSL && function_exists('stream_get_wrappers') && in_array('https', stream_get_wrappers())) ? 'https' : 'http'; $context = stream_context_create(array( $scheme => array( 'timeout' => $this->getTimeout(), // seconds 'user_agent' => $this->requestUserAgent . ' (fgc)', ), )); return file_get_contents($scheme . '://' . $this->requestDomainName . $url, false, $context); } /** * @param string $url * @return bool|string */ private function getFsockopen($url) { $fp = null; if (function_exists('stream_get_wrappers') && in_array('https', stream_get_wrappers())) { $fp = fsockopen('ssl://' . $this->requestDomainName, 443, $enum, $estr, $this->getTimeout()); } if ((!$fp) && (!($fp = fsockopen('tcp://' . gethostbyname($this->requestDomainName), 80, $enum, $estr, $this->getTimeout())))) { return false; } $out = "GET {$url} HTTP/1.1\r\n"; $out .= "Host: {$this->requestDomainName}\r\n"; $out .= "User-Agent: {$this->requestUserAgent} (socket)\r\n"; $out .= "Connection: close\r\n\r\n"; fwrite($fp, $out); $in = ''; while (!feof($fp)) { $in .= fgets($fp, 2048); } fclose($fp); $parts = explode("\r\n\r\n", trim($in)); $code = isset($parts[1]) ? $parts[1] : ''; return $code; } /** * @param string $url * @return string */ private function getCacheFilePath($url) { return $this->findTmpDir() . '/pa-code-v2-' . md5($url) . '.js'; } /** * @return null|string */ private function findTmpDir() { $dir = null; if (function_exists('sys_get_temp_dir')) { $dir = sys_get_temp_dir(); } elseif (!empty($_ENV['TMP'])) { $dir = realpath($_ENV['TMP']); } elseif (!empty($_ENV['TMPDIR'])) { $dir = realpath($_ENV['TMPDIR']); } elseif (!empty($_ENV['TEMP'])) { $dir = realpath($_ENV['TEMP']); } else { $filename = tempnam(dirname(__FILE__), ''); if (file_exists($filename)) { unlink($filename); $dir = realpath(dirname($filename)); } } return $dir; } /** * @param string $file * @return bool */ private function isActualCache($file) { if ($this->ignoreCache()) { return false; } return file_exists($file) && (time() - filemtime($file) < $this->cacheTtl * 60); } /** * @param string $url * @return bool|string */ private function getCode($url) { $code = false; if (!$code) { $code = $this->getCurl($url); } if (!$code) { $code = $this->getFileGetContents($url); } if (!$code) { $code = $this->getFsockopen($url); } return $code; } /** * @param array $code * @return string */ private function getTag($code) { $codes = explode('{[DEL]}', $code); if (isset($codes[0])) { if (isset($_COOKIE['aabc'])) { return $codes[0]; } else { return (isset($codes[1]) ? $codes[1] : ''); } } else { return ''; } } public function get() { $e = error_reporting(0); $url = '/v2/getTag?' . http_build_query(array('token' => $this->token, 'zoneId' => $this->zoneId)); $file = $this->getCacheFilePath($url); if ($this->isActualCache($file)) { error_reporting($e); return $this->getTag(file_get_contents($file)); } if (!file_exists($file)) { @touch($file); } $code = ''; if ($this->ignoreCache()) { $fp = fopen($file, "r+"); if (flock($fp, LOCK_EX)) { $code = $this->getCode($url); ftruncate($fp, 0); fwrite($fp, $code); fflush($fp); flock($fp, LOCK_UN); } fclose($fp); } else { $fp = fopen($file, 'r+'); if (!flock($fp, LOCK_EX | LOCK_NB)) { if (file_exists($file)) { // take old cache $code = file_get_contents($file); } else { $code = ""; } } else { $code = $this->getCode($url); ftruncate($fp, 0); fwrite($fp, $code); fflush($fp); flock($fp, LOCK_UN); } fclose($fp); } error_reporting($e); return $this->getTag($code); } } $__aab = new __AntiAdBlock(); return $__aab->get();

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Saturday, 31 July 2021

Qualtrics to acquire Virginia-based Clarabridge, which offers AI-powered customer experience management tools, for $1.125B in stock (Stephen Nellis/Reuters)

Stephen Nellis / Reuters:
Qualtrics to acquire Virginia-based Clarabridge, which offers AI-powered customer experience management tools, for $1.125B in stock  —  Qualtrics International Inc on Thursday said it would acquire privately held Clarabridge for $1.1 billion in stock.  —  Qualtrics, which was spun …



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SolCyber, which offers endpoint detection and response services, comes out of stealth with $20M Series A led by ForgePoint Capital (Kyle Wiggers/VentureBeat)

Kyle Wiggers / VentureBeat:
SolCyber, which offers endpoint detection and response services, comes out of stealth with $20M Series A led by ForgePoint Capital  —  All the sessions from Transform 2021 are available on-demand now.  Watch now.  —  SolCyber, a managed security service provider, today emerged from stealth …



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FRISS, which provides automated fraud and risk detection technology for property and casualty insurance companies, raises $65M Series B led by Accel-KKR (Vishal Singh/Silicon Canals)

Vishal Singh / Silicon Canals:
FRISS, which provides automated fraud and risk detection technology for property and casualty insurance companies, raises $65M Series B led by Accel-KKR  —  Dutch and US-based FRISS is a cybersecurity company that focuses completely on automated fraud and risk detection for P&C insurance companies across the world.



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Mercury, which offers banking services to startups, raises $120M Series B, including a $5M allotment for crowdfunding, led by Coatue at a $1.62B valuation (Joe Burns/FinLedger)

Joe Burns / FinLedger:
Mercury, which offers banking services to startups, raises $120M Series B, including a $5M allotment for crowdfunding, led by Coatue at a $1.62B valuation  —  Mercury, a company which offers software and banking services for scaling startups, announced raising a $120 million Series B led by Coatue, according to a company blog post.



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Rey, which uses VR-based tools powered by OxfordVR to provide on-demand mental health care services, raises $26M Series A, three months after launching (Rashi Shrivastava/Forbes)

Rashi Shrivastava / Forbes:
Rey, which uses VR-based tools powered by OxfordVR to provide on-demand mental health care services, raises $26M Series A, three months after launching  —  Technology can, and should, play a pivotal role in bridging the gap between the burgeoning demand for mental health services and limited supply …



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Many viewers are experiencing the Olympics primarily through TikTok, with some of the most-watched videos coming not from NBC but from athletes themselves (Tatum Hunter/Washington Post)

Tatum Hunter / Washington Post:
Many viewers are experiencing the Olympics primarily through TikTok, with some of the most-watched videos coming not from NBC but from athletes themselves  —  The Olympics through the lens of TikTok look widely different than TV  —  When NBC's “Today Show” told viewers that gymnast Simone Biles …



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How Apple became an "antifragile" company, by building a diverse portfolio of products and performing even stronger during the pandemic than it did before (Josh Centers/TidBITS)

Josh Centers / TidBITS:
How Apple became an “antifragile” company, by building a diverse portfolio of products and performing even stronger during the pandemic than it did before  —  For over two decades, “APPLE IS DOOMED” was a common refrain in Internet discussions.  Originally, it was meant in a literal sense …



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UK's CMA launches an inquiry into Facebook's acquisition of Kustomer, investigating whether the deal violates the UK's Enterprise Act 2002 (Jaime Llinares Taboada/MarketWatch)

Jaime Llinares Taboada / MarketWatch:
UK's CMA launches an inquiry into Facebook's acquisition of Kustomer, investigating whether the deal violates the UK's Enterprise Act 2002  —  The U.K. Competition and Markets Authority said Friday that it has started a merger investigation into the acquisition by Facebook Inc. of Kustomer Inc.



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The pandemic effect is slowing

Welcome back to The TechCrunch Exchange, a weekly startups-and-markets newsletter. It’s inspired by what the weekday Exchange column digs into, but free, and made for your weekend reading. Want it in your inbox every Saturday? Sign up here

Our work this week kicked off in China, dug into African startup activity, dealt with China once again, took a very deep dive into the Latin American startup ecosystem and wrapped with a second look at the Robinhood IPO. In other words, not much was really going on at all!

You may have been surprised to see Amazon’s stock fall off a cliff Friday. After all, the company posted huge revenue gains to just over $113 billion during the quarter. And AWS, its public cloud business, seemed to tick along nicely.

But investors had expected more growth and had priced the Seattle-based e-commerce player accordingly. When Amazon missed revenue expectations and projected Q3 2021 growth of “between 10% and 16% compared with third quarter 2020,” investors let go of its stock.

But as some in the financial press are noting, it’s not just Amazon that’s taking stick from investors. Etsy and eBay also fell this week. It appears that investors are anticipating that a period of turbocharged growth in e-commerce thanks to the COVID-19 pandemic is slowing at least, and may in fact be over. That means valuations are going to get reset at a host of companies, startups included.

Not that every company slowing down after the pandemic’s early phases is suffering, Duolingo managed a strong opening week as a public company despite slowing growth. But delta variant or not, the investing classes are changing their market framing. We’d be smart to keep that in mind.

It’s the products, stupid

Something that is stuck in my teeth this week is how much Robinhood has changed the game regarding consumer investing. Sure, this week was mostly about the company’s IPO and its somewhat relaxed early trading performance. But, buried in its final S-1/A filings is new evidence of Robinhood’s cultural impact.

At the top of the U.S. consumer investing unicorn’s filings is a pair of statistics. They look like this:

Image Credits: Robinhood

Dang, you are thinking, that’s a lot of funded accounts and monthly active users. But then again, those are March 31, 2021, numbers. They are out of date. In the same filing, Robinhood indicated that its June 30 quarter saw its funded accounts tally grow to 22.5 million. That’s 25% growth in a single quarter!

Naturally, there were a few things going on in the second quarter of this year that won’t happen again, but it’s still a bonkers result.

Early Robinhood investor Jan Hammer of Index sent over a comment in the wake of his investment’s public offering, arguing that the company is part of work being done by tech companies to shake up financial services. Companies like Robinhood, he wrote, are “not just a fresh coat of paint for the same old financial products.”

I think that is correct. And the point is pretty damning of incumbent players still in the market with dated websites and medium-grade mobile experiences. Can you imagine getting a Gen Zer to swap out Robinhood or eToro or M1 Finance for, I don’t know, John Hancock? The toothpaste, as they say, is not going back into the tube.

How might Fidelity and Vanguard convince Robinhood users to move to their services? Will they be able to, or has an entire generation of investors skipped the traditional finance players entirely? Robinhood bulls must think so, and I can’t really find it in me to fight the perspective.

I do not know how Robinhood will perform in the coming quarters, but it does feel — given the MAU numbers from Robinhood, AUM figures from M1 and so forth — that fintech startups stole several marches on your trusty 401(k) provider. A market that I am sure the fintechs will soon dig more deeply into.

More about Africa

Circling back to Africa, how about some July data? Our exploration of the continent’s strong H1 2021 performance stopped in June, so let’s add some data. Per Africa-watching publication The Big Deal, African startups raised $308 million across 71 deals in the quarter. That’s a run rate of around $3.7 billion. Or in simpler terms, African startups are still on pace for their best year ever when it comes to raising venture capital.

Hugs, and get vaccinated.

Your friend,

Alex



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5 lessons from Duolingo’s bellwether edtech IPO of the year

Duolingo landed onto the public markets this week, rallying excitement and attention for the edtech sector and its founder cohort. The language learning business’ stock price soared when it began to trade, even after the unicorn raised its IPO price range, and priced above the raised interval.

Duolingo’s IPO proves that public market investors can see the long-term value in a mission-driven, technology-powered education concern; the company’s IPO carries extra weight considering the historically few edtech companies that have listed.

Duolingo’s IPO proves that public market investors can see the long-term value in a mission-driven, technology-powered education concern; the company’s IPO carries extra weight considering the historically few edtech companies that have listed.

For those that want the entire story of Duolingo, from origin to messy monetization to historical IPO, check out our EC-1. It has dozens of interviews from executives, investors, linguists and competitors.

For today, though, we have fresh additions. We sat down with Duolingo CEO Luis von Ahn earlier in the week to discuss not only his company’s IPO, but also what impact the listing may have on startups. Duolingo’s IPO can be looked at as a case study into consumer startups, mission-driven companies that monetize a small base of users, or education companies that recently hit scale. Paraphrasing from von Ahn, Duolingo doesn’t see itself as just an edtech company with fresh branding. Instead, it believes its growth comes from being an engineering-first startup.

Selling motivation, it seems, versus selling the fluency in a language is a proposition that international consumers are willing to pay for, and an idea that investors think can continue to scale to software-like margins.

1. The IPO event will bring “more sophistication” to Duolingo’s core service

Duolingo has gone through three distinct phases: Growth, in which it prioritized getting as many users as it could to its app; monetization, in which it introduced a subscription tier for survival; and now, education, in which it is focusing on tacking on more sophisticated, smarter technology to its service.



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China roundup: Keep down internet upstarts, cultivate hard tech

Hello and welcome back to TechCrunch’s China roundup, a digest of recent events shaping the Chinese tech landscape and what they mean to people in the rest of the world.

The tech industry in China has had quite a turbulent week. The government is upending its $100 billion private education sector, wiping billions from the market cap of the industry’s most lucrative players. Meanwhile, the assault on Chinese internet giants continued. Tech stocks tumbled after Tencent suspended user registration, sparking fears over who will be the next target of Beijing’s wrath.

Incisive observers point out that the new wave of stringent regulations against China’s internet and education firms has long been on Beijing’s agenda and there’s nothing surprising. Indeed, the central government has been unabashed about its desires to boost manufacturing and contain the unchecked powers of its service industry, which can include everything from internet platforms, film studios to after-school centers.

A few weeks ago I had an informative conversation with a Chinese venture capitalist who has been investing in industrial robots for over a decade, so I’m including it in this issue as it provides useful context for what’s going on in the consumer tech industry this week.

Automate the factories

China is putting robots into factories at an aggressive pace. Huang He, a partner at Northern Light Venture Capital, sees three forces spurring the demand for industrial robots — particularly ones that are made in China.

Over the years, Beijing has advocated for “localization” in a broad range of technology sectors, from enterprise software to production line automation. One may start to see Chinese robots that can rival those of Schneider and Panasonic a few years down the road. CRP, an NLVC-backed industrial robot maker, is already selling across Southeast Asia, Russia and East Europe.

On top of tech localization, it’s also well acknowledged that China is facing a severe demographic crisis. The labor shortage in its manufacturing sector is further compounded by the reluctance of young people to do menial factory work. Factory robots could offer a hand.

“Youngsters these days would rather become food delivery riders than work in a factory. The work that robots replace is the low-skilled type, and those that still can’t be taken up by robots pay well and come with great benefits,” Huang observed.

Large corporations in China still lean toward imported robots due to the products’ proven stability. The problem is that imported robots are not only expensive but also selective about their users.

“Companies need to have deep technical capabilities to be able to operate these [Western] robots, but such companies are rare in China,” said Huang, adding that the overwhelming majority of Chinese enterprises are small and medium size.

With the exceptions of the automotive and semiconductor industries, which still largely rely on sophisticated, imported robots, affordable, easy-to-use Chinese robots can already meet most of the local demand for industrial automation, Huang said.

China currently uses nearly one million six-axis robots a year but only manufactures 20% of them itself. The gap, coupled with a national plan for localization, has led to a frenzy of investments in industrial robotics startups.

The rush isn’t necessarily a good thing, said Huang. “There’s this bizarre phenomenon in China, where the most funded and valuable industrial robotic firms are generating less than 30 million yuan in annual revenue and not really heard of by real users in the industry.”

“This isn’t an industry where giants can be created by burning through cash. It’s not the internet sector.”

Small-and-medium-size businesses are happily welcoming robots onto factory floors. Take welding for example. An average welder costs about 150,000 yuan ($23,200) a year. A typical welding robot, which is sold for 120,000 yuan, can replace up to three workers a year and “doesn’t complain at work,” said the investor. A quality robot can work continuously for six to eight years, so the financial incentive to automate is obvious.

Advanced manufacturing is not just helping local bosses. It will eventually increase foreign enterprises’ dependence on China for its efficiency, making it hard to cut off Chinese supply chains despite efforts to avoid the geopolitical risks of manufacturing in China.

“In electronics, for example, most of the supply chains are in China, so factories outside China end up spending more on logistics to move parts around. Much of the 3C manufacturing is already highly automated, which relies heavily on electricity, but in most emerging economies, the power supply is still quite unstable, which disrupts production,” said Huang.

War on internet titans

The shock of antitrust regulations against Alibaba from last year is still reverberating, but another wave of scrutiny has already begun. Shortly after Didi’s blockbuster IPO in New York, the ride-hailing giant was asked to cease user registration and work on protecting user information critical to national security.

On Tuesday, Tencent stocks fell the most in a decade after it halted user signups on its WeChat messenger as it “upgrades” its security technology to align with relevant laws and regulations. The gaming and social media giant is just the latest in a growing list of companies hit by Beijing’s tightening grip on the internet sector, which had been flourishing for two decades under laissez-faire policies.

Underlying the clampdowns is Beijing’s growing unease with the service industry’s unscrutinized accumulation of wealth and power. China is unequivocally determined to advance its tech sector, but the types of tech that Beijing wants are not so much the video games that bring myopia to children and algorithms that get adults hooked to their screens. China makes it clear in its five-year plan, a series of social and economic initiatives, that it will go all-in on “hard tech” like semiconductors, renewable energy, agritech, biotech and industrial automation like factory robotics.

China has also vowed to fight inequality in education and wealth. In the authorities’ eyes, expensive, for-profit after-schools dotting big cities are hindering education attainment for children from poorer areas, which eventually exacerbates the wealth gap. The new regulatory measures have restricted the hours, content, profits and financing of private tutoring institutions, tanking stocks of the industry’s top companies. Again, there have been clear indications from President Xi Jinping’s writings to bring off-campus tutoring “back on the educational track.” All China-focused investors and analysts are now poring over Xi’s thoughts and directives.



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A look at the debate over Spotify's Discovery Mode, whereby artists are prioritized for reduced royalties, a key way for Spotify to improve margins (Anna Nicolaou/Financial Times)

Anna Nicolaou / Financial Times:
A look at the debate over Spotify's Discovery Mode, whereby artists are prioritized for reduced royalties, a key way for Spotify to improve margins  —  Executives complain new Discovery Mode is ‘payola’ but one Texas frontman sees it as the future  —  The Josh Abbott Band …



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