Hey everyone. Thank you for welcoming me into you inbox yet again.

Last week, I talked about SoftBank’s big embarrassment and how it could impact venture capital.

If you’re reading this on the TechCrunch site, you can get this in your inbox here, and follow my tweets here.

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The big story

#DeleteLinkedIn

Before you dial up a quick search, no, LinkedIn isn’t currently caught in a scandal, but does a product need to have a deeply toxic culture, corrupt democracy or have an ICE contract for you to boycott it? Can’t the product itself just be bad?

I’ve thought about writing this for a long time because LinkedIn does serve some purposes, but it’s not a professional network, for the lay user it’s not much of anything.

It’s built for recruiters and salespeople, and, yeah, I’m sure they will have plenty of great things to say about the doors that have been opened to them, but what about the employed consumers who value professional development and have been convinced that a LinkedIn account is a necessity? Facebook has taught consumers that our data is the price to use their services, but at least we get a little something out of that deal. LinkedIn is just a CRM where the customers all populate their own cells of the spreadsheet. It gives users spam and pop-ups that seem designed to help them find where the notifications settings on their phones are.

LinkedIn has been remarkably unambitious for a long time. The company is trying to make money and that’s chill; they’re trying to live up to Microsoft’s expectations by making obvious choices and I’d imagine it’s awfully hard to do that.

Enterprise software lives in an eternal cycle of bundling and unbundling and LinkedIn is long overdue for some startups to come unbundle it. It can keep recruiting, sales and the millions of hallowed-out users profiles, but there’s so much potential dying on the LinkedIn vine.

Investors have raved about the “consumerization of enterprise,” or bringing consumer-like products deeper into the workplace. There has also been a ton of chatter about startups building bespoke communities focused on tighter verticals. These two trends should lead to some great professional development products, and I’m sure there already are plenty entrepreneurs building solutions that will pop up in my inbox or the comments. There’s nearly endless potential for niche professional networks to flourish, actually innovate and create connections.

LinkedIn is what happens when network effects congeal. It has this data that could be used to create so many good worker-facing products, instead the company has monetized itself by going out of its way to obfuscate this data for the majority of its users. I have truly limited faith in LinkedIn turning itself around so maybe it’s time we all walk away from this idea that it has so much untapped potential and we just give up on it to search out some more focused products that have a few users and meet a few needs.

Please reach out to me if you’re building something cool.

Send me feedback
on Twitter @lucasmtny or email
lucas@techcrunch.com

On to the rest of the week’s news.

Trends of the week

Here are a few big news items from big companies, with green links to all the sweet, sweet added context:

• Jack and Zuck 
  Jack Dorsey says an awful lot of nothing for being the guy in charge of Twitter, but he had a lot to say this week, and more importantly a little to do. He said the company would be uniformly banning political ads on its site, something that will likely help it sidestep some controversy, and will turn up the heat for Facebook to do the same.
• Escape pods
  I wrote some harsh words about Juul in my previous newsletter ahead of what seemed like an inevitable reckoning. Well, that reckoning has gotten a bit more codified this week. Altria wrote down $4.5 billion of Juul’s value. The company is prepping for major layoffs including a handful of execs. Layoffs suck but not quite as much as taking a job at Juul.
• Fitting in
  Google made an interesting hardware play this week buying Fitbit for $2.1 billion. Hardware has always been a bit of an afterthought for Google, but maybe this purchase will allow them a more concerted push to take on the Apple Watch, or maybe like Nest, they won’t have any idea what to do with them. Regardless, it’s a relatively soft and dignified landing for Fitbit which has had a rocky past three years going head-to-head with Apple.

GAFA Gaffes

How did the top tech companies screw up this week? This clearly needs its own section, in order of badness:

1. Facebook pays fine without saying sorry:
   [Facebook agrees to pay UK data watchdogs Cambridge Analytica fine but settles without admitting liability]
2. App Store bugs erases ratings:
   [A week-long iOS App Store bug wiped out over 20M ratings]

Disrupt Berlin

It’s hard to believe it’s already that time of the year again, but we just announced the agenda for Disrupt Berlin and we’ve got some all-stars making their way to the stage. I’ll be there this year, get some tickets and come say hey!

• Learn how to win customers and influence consumers
• Three of the best tackle the thorny issue of Brexit for startups
• Learn how to raise your first Euros

Sign up for more newsletters in your inbox (including this one) here.

Source: Tech Crunch

Airbnb CEO Brian Chesky said Saturday the company will ban “party houses” and take other steps to safeguard hosts and guests after five people died at a Halloween party hosted at California home that was rented on the service.

Chesky made the announcement via a series of tweets Saturday. “What happened on Thursday night in Orinda, CA was horrible,” Chesky wrote. “I feel for the families and neighbors impacted by this tragedy — we are working to support them.”

Chesky then announced that party houses would be banned and that the company is “redoubling” efforts to combat unauthorized parties.

Chesky announced several other measures to increase safety, including the expansion of manual screenings of high-risk reservations flagged by Airbnb’s risk detection technology and creating a dedicated “party house” rapid response team

Margaret Richardson, from Airbnb’s executive team, has been tasked to accelerate the review process to enact these new policies as soon as possible, he added.

 

Contra Costa County Sheriff’s Office said the party had been advertised on social media as a mansion party, the San Francisco Chronicle reported. Police were headed to the home Oct. 31 over noise complaints when the gunfire began around 10:50 p.m. Several people died at the scene. The fifth victim died Friday night.

Source: Tech Crunch

Nintendo has a long history when it comes to exercise-driven games. I’m dating myself, but I can say I remember playing Track & Field on NES with the Power Pad. How far we’ve come! Ring Fit Adventure is a full-body workout for grown-ups, but fun, gentle, and ridiculous enough to forget it’s exercise.

The game and accessories were announced in September, coming as a complete surprise even considering Nintendo’s constant but hit-and-miss attempts at keeping its players healthy. What really threw people off was that this game actually looked like… a game. And so it is!

Ring Fit Adventure has you, the unnamed and (naturally) mute protagonist, journeying through a series of worlds and levels chasing after Dragaux, a swole dragon who’s infecting the land with… something. Maybe he’s not wiping down the equipment afterwards. Come on, man.

Anyway, you do this by using the Joy-Cons in a new and strange form: the Ring-Con and leg strap. The latter is pretty self-explanatory, but the ring must be explained. It’s a thick plastic resistance ring that you squeeze from the edges or pull apart. It detects how hard you’re squeezing it through the other Joy-Con, which slots into the top. (The strap and ring grips are washable, by the way.)

The two controllers combined can detect all kinds of movements, from squats and leg lifts to rotations, presses, balancing, and yoga poses. You’ll need them all if you’re going to progress in the game.

Each level is a path that you travel down by actually jogging in real life (or high stepping if you’re in goo), while using the Ring-Con to interact with the environment. Aim and squeeze to send out a puff of air that opens a door or propels you over an obstacle, or pull it apart to suck in distant coins. Press it against your abs to crush rocks, do squats to open chests — you get the idea.

Of course you encounter enemies as well, which you dispatch with a variety of exercises targeting different muscle groups. Do a few arm presses over your head for some basic damage, or hit multiple enemies with some hip rotations. Each exercise has you do a number of reps, which turn into damage, before defending against enemy attacks with an “Ab Guard.”

The ring and leg strap seem almost magical in their ability to track your motion in all kinds of ways, though some are no doubt only inferred or fudged (as when you lift the leg without the strap). A missed motion happened so rarely over thousands of them that I ceased to think at all about it, which is about the highest compliment you can give a control method like this. Yet it’s also forgiving enough that you won’t feel the need to get everything right down the millimeter. You can even check your pulse by putting your thumb on the IR sensor of the right Joy-Con. Who knew?

As you progress, you unlock new exercises with different uses or colors — and you soon are able to fight more strategically by matching muscle group coloring (red is arms, purple legs, etc) with enemies of the same type. It’s hardly Fire Emblem, but it’s also a lot more than anyone has every really expected from a fitness game.

In fact, so much care and polish has clearly gone into this whole operation that’s it’s frequently surprising; there are so many things that could have been phoned in an not a single one is. The exercises are thoughtfully selected and explained in a friendly manner; the monsters and environments show great attention to detail. There’s no punishment for failure except restarting a level — the first time I “died,” I expected a little sass from my chatty companion, Ring, but it just popped me back to the map with nary a word.

Throughout is a feeling of acceptance and opportunity rather than pressure to perform. You can quit at any time and it doesn’t chide you for abandoning your quest or not burning enough calories. If you decide not to do the warm-up stretch, Tabb just says “OK!” and moves on. When you perform a move, it’s either “good” or “great,” or it reminds you of the form and you can try again. Whenever you start, you can change the difficulty, which I believe is reps, damage, and other soft counts, since it can’t increase the resistance of the Ring-Con.

There’s no pressure to change your body and no gendered expectations; Your exercise demonstration model/avatar, Tabb, is conspicuously androgynous. Your character is a pretty cut specimen of your preferred gender, to be sure. And Dragaux himself is a sort of parody of oblivious, musclebound gym bunnies (“He’s working out while planning his next workout,” the game announced one time as he skipped an attack to do some bicep curls). But even he, Ring mentions at one point, used to be very insecure about his body. Importantly, there’s nothing about the game that feels targeted to getting a certain type of person a certain type of fit.

I’m not a trainer or fitness expert, but so far the variety of exercises also feels solid. It’s all very low-impact stuff, and because it’s resistance ring and body weight only, there’s a sort of core-strengthening yoga style to it all. This isn’t about getting ripped, but you’ll be surprised how sore you are after taking down a few enemies with a proper-form chair pose.

If you don’t want to play the adventure mode, there are minigames to collect and short workouts you can customize. Honestly some of these would make better party games than half the stuff on 1-2-Switch.

As I’ve been playing the game and discussing it with friends, I found myself wanting more out of the game side. I’m hoping Ring Fit Adventure will be a success so that Nintendo will green light a new, deeper version with more complex RPG elements. Sure, you can change your outfit here for a little extra defense or whatnot, but I want to take this concept further — I know the fundamentals are sound, so I’d like to see them built on.

It feels like until now there have been few ways to really gamify fitness, except the most elementary, like step tracking. The two separate motion controllers and the smart ways they’re used to track a variety of exercises really feel like an opportunity to do something bigger. Plus once people have bought the accessories, they’re much more likely to buy matching software.

My main criticisms would be that it’s a bit limiting at the beginning. There’s no choice to, for example, prioritize or deprioritize a certain type of exercise. I could probably stand to jog more and do arm stuff less, and I dreaded having to resort to squats for the first few worlds. And the constant instruction on how and when to do everything can be wearing — it would be nice to be able to set some things to “expert mode” and skip the tutorials.

The game and accessories will set you back $80. If you consider it simply as buying a game, it’s an expensive gimmick. But I don’t think that’s the way to think about it. The target audience here is people who likely don’t have a gym membership, something that can cost $50-$100 a month. As a fun and effective fitness tool that does what it sets out to do and does so in a praiseworthy way, I think $80 is a very reasonable asking price.

Source: Tech Crunch

Welcome back to This Week in Apps — the easiest way to keep up with everything that happened in the world of apps over the past week — from the breaking news to the trends and all the other information an industry watcher needs to know.

The app industry is as hot as ever, with 194 billion downloads in 2018 and more than $100 billion in consumer spending. People spend 90% of their mobile time in apps and more time using their mobile devices than watching TV. In other words, apps aren’t just a way to waste idle hours — they’re big business, and one that often seems to change overnight.

In this Extra Crunch series, we help you to keep up with the latest news from the world of apps.

This week, we’re looking at that one iOS 13 bug everyone is complaining about, App Store Q3 trends, plus the latest revenue numbers announced by Apple and Google during quarterly earnings. We’ve also found a new product for figuring out what may have caused spikes or changes in an app’s history, and we’re tracking new information about Microsoft’s Xbox Console to mobile streaming service as well as Google’s Motion Sense.

And more!

To get this information, subscribe to Extra Crunch.

Headlines

Everyone is complaining about iOS 13 killing background apps

Apple released iOS 13.2 with Deep Fusion this week. The release also included new emoji, Siri recording opt-out, bug fixes and security improvements. But it didn’t solve the background app bug.

As a result, developers are angry and users are frustrated. A number of iOS 13 users are complaining about iOS 13’s aggressiveness in killing background apps and tasks, which is attributed to poor RAM management. This particularly affects apps like Safari, YouTube, Overcast and others. Users have lost Safari tabs, emails they were composing, or the video they were watching just after switching away for a minute.

The complaints are all over Twitter, Reddit, and Apple’s own forums. A MacRumors post about this has over 400 comments.

This has been a problem since the betas, but people were hoping they’d be addressed by the public releases. Apple hasn’t clarified what’s at fault here, but there’s speculation about the impact of the memory-intensive camera system.

As TechCrunch editor Matthew Panzarino put it, it “feels like I’m back on iOS 3.”

Developer Nick Heer of Pixel Envy says the bug isn’t catastrophic, but “it absolutely should be the highest of priorities to fix it. It’s embarrassing that all of the hard work put into making animations and app launching feel smooth is squandered by mismanaged multitasking,” he says.

Radar filed.

Consumers spent more than $500M on photo/video apps in Q3

Outside of mobile games, entertainment and streaming apps are also pulling in the big money. But there’s another category benefiting from the shift to the subscription model: photo and video apps. In this category, you’ll find apps that promise to touch up photos, add filters that can make or break Instagram careers, as well as the video giants like YouTube and TikTok.

In Q3, the category grossed more than $500 million, up a whopping 75% year-over-year, says Sensor Tower. It’s also seeing an annual growth rate of 101% since 2016. Much of this is attributable to YouTube, which alone was responsible for 30% of the category’s revenue in Q3. (Just wait until TikTok takes in-app monetization seriously, though.)

But now, it’s not just the top apps that are growing. In Q3, 22 apps exceeded $3 million in gross user spend, compared to just 2 in Q3 2016. And 7 apps had more than $10 million in revenue, including TikTok, VSCO, Facetune 2, FaceApp, and PicsArt.

Source: Tech Crunch

Hello and welcome back to Startups Weekly, a weekend newsletter that dives into the week’s noteworthy startups and venture capital news. Before I jump into today’s topic, let’s catch up a bit. Last week, I wrote about how SoftBank is screwing up. Before that, I noted All Raise’s expansion, Uber the TV show and the unicorn from down under.

Remember, you can send me tips, suggestions and feedback to kate.clark@techcrunch.com or on Twitter @KateClarkTweets. If you don’t subscribe to Startups Weekly yet, you can do that here.

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The sheer number of startup players moving into banking services is staggering,” writes my Crunchbase News friends in a piece titled “Why Is Every Startup A Bank These Days.”

I’ve been asking myself the same question this year, as financial services business like Brex, Chime, Robinhood, Wealthfront, Betterment and more raise big rounds to build upstart digital banks. North of $13 billion venture capital dollars have been invested in U.S. fintech companies so far in 2019, up from $12 billion invested in 2018.

This week, one of the largest companies to ever emerge from the Silicon Valley tech ecosystem, Uber, introduced its team focused on developing new financial products and technologies. In a vacuum, a multibillion-dollar public company with more than 22,000 employees launching one new team is not big news. Considering investment and innovation in fintech this year, Uber’s now well-documented struggles to reach profitability and the company’s hiring efforts in New York, a hotbed for financial aficionados, the “Uber Money” team could indicate much larger fintech ambitions for the ride-hailing giant.

As it stands, the Uber Money team will be focused on developing real-time earnings for drivers accessed through the Uber debit account and debit card, which will itself see new features, like 3% or more cash back on gas. Uber Wallet, a digital wallet where drivers can more easily track their earnings, will launch in the coming weeks too, writes Peter Hazlehurst, the head of Uber Money.

This is hardly Uber’s first major foray into financial services. The company’s greatest feature has always been its frictionless payments capabilities that encourage riders and eaters to make purchases without thinking. Uber’s even launched its own consumer credit card to get riders cash back on rides. It’s no secret the company has larger goals in the fintech sphere, and with 100 million “monthly active platform consumers” via Uber, Uber Eats and more, a dedicated path toward new and better financial products may not only lead to happier, more loyal drivers but a company that’s actually, one day, able to post a profit.

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VC deals

• IoT security startup Particle grabs $40M Series C
• Video news business Brut launches in the U.S. with $40M
• Crunchbase nabs $30M to become the ‘LinkedIn for company data’
• Muy raises $15M to expand its cloud kitchen concept
• Modus raises $12.5M for Pete Flint and others
• Quill gets $12.5M Series A to compete with Slack
• Fem tech business Inne secures $8.8M
• Oliver Space raises $6.8M to furnish your apartment
• Forecast raises $5.1M for its AI-powered project management software
• Capital gets $5M to help startups secure venture debt financings

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Meet me in Berlin

The TechCrunch team is heading to Berlin again this year for our annual event, TechCrunch Disrupt Berlin, which brings together entrepreneurs and investors from across the globe. We announced the agenda this week, with leading founders including Away’s Jen Rubio and UiPath’s Daniel Dines. Take a look at the full agenda.

I will be there to interview a bunch of venture capitalists, who will give tips on how to raise your first euros. Buy tickets to the event here.

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Listen to Equity

This week on Equity, I was in studio while Alex was remote. We talked about a number of companies and deals, including a new startup taking on Slack, Wag’s woes and a small upstart disrupting the $8 billion nail services industry. Listen to the episode here.

Equity drops every Friday at 6:00 am PT, so subscribe to us on iTunes, Overcast and all the casts.

Source: Tech Crunch

In January 2014, Google announced plans to acquire Nest for $3.2 billion; the acquisition was completed the following day, but since then, Nest’s integration has been a controlled burn. Initially, the company existed as a subsidiary of the newly-formed Alphabet Inc., but in early 2018, Google tightened its grip and integrated it directly into its hardware division.

Over the next year and a half, Nest became the face and name of Google’s smart home offering, a division that’s grown quickly as Google Home/Google Nest has become one of the top two players in the U.S. smart home category, rivaled only by Amazon’s Alexa/Echo offerings.

All the while, wearables have been an also-ran: Google has clearly had an interest in the category, launching Android Wear in 2014. The company partnered with some of consumer hardware’s biggest names, including Motorola, Asus, Sony, Huawei and LG, but to little fanfare. A year ahead the release of Android Wear (now Wear OS), Apple brought its own smartwatch to market, effectively leaving the competition in the dust.

The Apple Watch would soon eclipse the rest of the wearable industry; numbers from Canalys in August 2019 show Apple at 37.9 percent of the total North American wearable band market. Fossil, the only Wear OS partner to crack the top five, is in a distant fifth, with 4.1%.

Samsung and Garmin have found success with their own offerings, but both are far behind Fitbit at second place. Founded in 2007, Fitbit would eventually become synonymous with fitness trackers. A humble startup when it showcased its first product (an eponymous 3D pedometer) on stage at our TC50 event in 2008, Fitbit’s rise has been an unqualified success.

Fitbit predicted and eventually came to define the wearable zeitgeist, finding itself at the forefront of the next big wave in consumer electronics after the smartphone. As the mobile category has plateaued, wearables continue to grow at an impressive pace. Let’s take a moment to appreciate what has been an impressive run.

The last few years, however, have been far rockier as Fitbit stumbled and sputtered. By CEO James Park’s own admission, the company failed to embrace smartwatches quickly and fully enough, and as it has so many times in the past, Apple entered and dominated the space, leaving Fitbit reeling with an uncertain future.

Source: Tech Crunch

Google has reached into parent company Alphabet’s $121 billion cash reserves to spend $2.1 billion on Fitbit, a move into the key consumer health market that places them in more direct competition with rival Apple.

For more than a year, Ftibit and Google have partnered on healthcare applications; last April, Fitbit announced that it would work with Google’s application programming interface to connect data with electronic medical records via Google’s Cloud Healthcare API. That move followed Fitbit’s February 2018 acquisition of Twine Health, which gave the wearables company a consumer health platform which complied with existing federal regulations.

“Working with Google gives us an opportunity to transform how we scale our business, allowing us to reach more people around the world faster, while also enhancing the experience we offer to our users and the healthcare system,” said Fitbit CEO and co-founder James Park at the time of the 2018 Google partnership.

Companies throughout the healthcare industry are pushing to get closer to patients, and wearables have opened a new window into their health. Additionally, the technology can potentially encourage patients to pursue preventive healthcare measures, rather than seeking care after they’re ill.

“All of us… we’re pursuing the same thing,” said a prominent healthcare executive at a multinational medical device manufacturer. “We see a healthcare system that’s highly inefficient with a lot of waste that is very much episode-related, where we all know health is dynamic and continuous.” Gaining “better insight into health and disease drivers and interventions at the right place and the right time is the holy grail.”

Privacy concerns abound

The biggest challenge for Alphabet and Google with this acquisition is privacy; the company has already faced massive criticism for its push into healthcare in the U.K. regarding concerns about how it would handle sensitive health information. The technology industry’s habit of releasing minimum viable products doesn’t work in an industry where complications can literally become a matter of life and death.

Sensing inevitable concern around Google’s upcoming access to a bevy of health data, Rick Osterloh, Google’s SVP for devices and services, offered that the company will not use user information for advertising. “We will never sell personal information to anyone,” he wrote. “Fitbit health and wellness data will not be used for Google ads. And we will give Fitbit users the choice to review, move, or delete their data.”

Competition with Apple

Those privacy concerns stand in direct contrast to the obvious competitor driving this acquisition forward — Apple. The Cupertino-based king of consumer hardware has set itself apart from other consumer tech companies through its professed emphasis on privacy, a position that Apple will likely leverage further as it continues to make deeper forays into health.

Source: Tech Crunch

The mobile version of Nintendo’s iconic racing franchise, Mario Kart Tour, will soon support multiplayer races, bringing the game closer to its competitive roots. A limited multiplayer beta test is planned for December, just in time for holiday laziness, but only for paying subscribers — the rest of us will have to wait.

Mario Kart has had a focus on multiplayer since its first (and best, in my opinion) appearance on the SNES, with multiple modes available pitting players together in real time. So despite Mario Kart Tour’s general excellence as far as gameplay and variety, players have been disappointed by the lack of that core aspect of the game.

Sure, you can post high scores and best times, but that’s nothing compared with the feeling of coming from behind in a hard-fought race and beating out half a dozen tough competitors.

Well, players will soon have that opportunity — if they happen to be Gold Pass subscribers. That’s the subscription tier that gives access to extra content in the “free to start” game, and will be a requirement to join the beta

Naturally this will provoke ire among players who feel they are owed not just a free game, but a free game that gives them everything they want for free. And in fact they may eventually get that, but it’s probably smart for Nintendo to limit this experience at first to paying customers so they can stress-test, balance gameplay, and so on. A subpar multiplayer experience is a good way to turn off otherwise interested players.

Still, this feeds into a larger dissatisfaction among gamers with Nintendo’s online and multiplayer strategy. The subscription service required for many popular games on the Switch comes with a selection of Nintendo and Super Nintendo Games, but beyond that the benefits are minimal and features standard on other platforms for years — voice chat, for instance — are absent or long in coming.

At only $20 a year it’s hardly a big investment, but subscription fatigue is growing among tech-savvy consumers and they are cutting things out where they can. Hopefully Nintendo’s offering will solidify and survive.

Source: Tech Crunch

The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 9am Pacific, you can subscribe here.

1. Google is acquiring Fitbit for $2.1 billion

Google will pay $7.35 per share for the wearables company — an all-cash deal that values Fitbit at $2.1 billion.

While Google has invested plenty in its own in-house development, buying Fitbit represents a step-change, and the opportunity to take advantage of years of effort focused specifically on the wearables category.

2. Apple TV+ now live, with one year free for new iOS, Apple TV and Mac purchases

At launch, you’ll find “The Morning Show,” “See,” “For All Mankind,” “Dickinson,” “Snoopy in Space,” “Ghostwriter” and “Helpsters,” as well as the documentary feature “The Elephant Queen” and the talk show “Oprah’s Book Club.” Some of these offer the first three episodes at launch, while others include the full season.

3. Sidewalk Labs (Alphabet’s grand experiment in smart cities) will move forward with Toronto project

Sidewalk Labs and Waterfront Toronto (the regulatory body overseeing the project) have come to an agreement that will limit the scope of the Sidewalk development — intended as a proving ground for the latest thinking in sustainable design — and make the company work more closely with oversight agencies on the construction of the 12-acre parcel.

4. Altria writes down $4.5 billion from its investment in Juul

That’s roughly one-third of the $12.8 billion that the tobacco giant had invested into Juul a little less than one year ago.

5. EHang, maker of autonomous flying shuttles, files for $100 million IPO

The company, which has been flying demonstration flights with passengers on board for a while now, is gearing up to launch its first commercial service in Guangzhou after getting approval from local and national regulators to deploy its drones in the area.

6. Japanese instant-credit provider Paidy raises $143 million from investors, including PayPal Ventures

This is the largest investment to date in the Japanese financial tech industry, according to data cited by Paidy, and brings the total investment the company has raised so far to $163 million.

7. Announcing TechCrunch’s new commenting system

There are a bunch of new features that you can read about in the post, but what I’m really hoping is that this makes a big dent in the spam.

Source: Tech Crunch

Climate risk, including extreme events and the related pressures our environment, are fundamentally affecting the way businesses and governments operate — both tactically and strategically. Increasing climate volatility is causing food supply disruptions and increasing pressure on Enterprises (including financial institutions, insurers and producers) to disclose what’s going on.

The trouble is, while there is a lot of data about all this, its complexity, incompleteness and sheer volume is too vast for humans to process with the tools available today. So just as the climate changes, we are faced with “data chaos.” Equally, other parts of the world suffer from data scarcity, making it much harder to provide useful and timely analysis.

So the challenge is to address these issues simultaneously. So a new startup, Cervest, has created an AI-driven platform designed to inform the decision-making capabilities of businesses, governments and growers in the face of increasing climate volatility.

Cervest, has now closed a £3.7 million investment round to fund the launch of its real-time, climate forecasting platform.

The round was led by deep-tech investor Future Positive Capital, with co-investor Astanor Ventures . The seed-stage funding round brings the company’s total funding to more than £4.5 million.

Built on three years of research and development by a team of scientists, mathematicians, developers and engineers, Cervest says its Earth Science AI platform can analyze billions of data points to forecast how changes in the climate will impact the future of entire countries, right down to individual landscapes.

It does this by combining research and modeling techniques taken from proven Earth sciences — including atmospheric science, meteorology, hydrology and agronomy — with artificial intelligence, imaging, machine learning and Bayesian statistics.

Using large collections of satellite imagery and probability theory, the platform can identify signals, or early-warning signs, of extreme events such as floods, fires and strong winds. It also can spot changes in soil health and identify water risk.

Cervest says the platform could do such things as reveal the optimum location to build a new factory; warn a wheat grower that their crop yield isn’t expected to meet its targets; or be used by insurers to help them set premiums for the next 12 months.

The team comes from a network of more than 30 universities, including Imperial College, The Alan Turing Institute, Cambridge, UCL, Harvard and Oxford, and has published more than 60 peer-reviewed scientific papers.

A beta version of the platform is due to launch in Q1 2020.

Iggy Bassi, founder & CEO, Cervest said: “Our goal is to empower everyone to make informed decisions that improve the long-term resilience of our planet. Today decision-makers are struggling with climate uncertainty and extreme events and how they are affecting their business operations, assets, investments, or policy choices.”

Sofia Hmich, founder, Future Positive Capital said: “With reports suggesting we have fewer than 60 years of farming left unless drastic action is taken, the need for science-backed decisions could not be greater. Businesses and policymakers hold the key to change and with access to Cervest’s proprietary AI technology they can start to make that change a reality at low cost — before it’s too late.”

Bassi previously ran the impact-led agribusiness GADCO, which was supported by Acumen Fund, Soros, Gates Foundation, World Bank and Syngenta . Its impact was featured in UNDP, World Economic Forum, FT, The Guardian and Huff Post. He previously built a software company focused on data analytics.

Cervest was inspired by Bassi’s experience building a farm-to-market agribusiness whilst confronting first-hand the impacts of climate and natural resource volatilities.

The Cervest team includes eight scientists and four PhDs. Between them, they have published more than 60 peer-reviewed scientific papers with more than 3,000 citations in high-profile titles, including Nature, Proceedings of the National Academy of Sciences and The Royal Statistical Society.

Source: Tech Crunch