Virgin Orbit’s first orbital test flight cut short after rocket released from carrier aircraft

On Monday, Virgin Orbit attempted the first full flight of its orbital payload launch system, which includes a modified Boeing 747 called ‘Cosmic Girl’ that acts as a carrier aircraft for its air-launched rocket LauncherOne. While Virgin Orbit has flown Cosmic Girl and LauncherOne previously for different tests and demonstrations, this was the first end-to-end system test. Unfortunately, that test ended much earlier than planned – just shortly after the LauncherOne rocket was released from Cosmic Girl.

Cosmic Girl took off just before 12 PM PT (3 PM ET) from Mojave Air and Spaceport in California. The aircraft was piloted by Chief Test Pilot Kelly Latimer, along with her co-pilot Todd Ericson. The aircraft then flew to its target release point, where LauncherOne did manage a “clean release” from the carrier craft as planned at around 12:50 PM PT (3:50 PM ET), but Virgin noted just a few minutes later that the mission was subsequently “terminated.”

While the Cosmic Girl crew and all other employees are confirmed safe by the company, this is likely to be a disappointing test. Still, Virgin Orbit’s CEO Dan Hart and VP Will Pomerantz cautioned that many first test missions for new launch systems don’t go quite as planned – which is why you test, after all.

The full planned flight map today for Virgin One’s orbital test.

The company will still likely be able to collect a lot of valuable data from this mission, which should provide insight into what went wrong. We’ll also be reaching out to the company to seek details of what caused the early ending to today’s mission. Once the company addresses the problems, it’s likely to set another attempt, and that might not be as far away as you might expect because Virgin has been very active on its launch vehicle pipeline and has backup craft nearly ready to fly.


Source: Tech Crunch

Newton Mail founder returns with launch of personal net worth tracker, Kubera

Serial entrepreneur Rohit Nadhani, who last sold his Newton email app to Essential in 2018— an app so popular it’s been saved from shutting down multiple times — is today launching a new startup, Kubera. The service aims to offer an alternative to using a spreadsheet to keep track of your assets, investments, cryptocurrencies, debts, insurance, and other important documents that would need to be transferred to a loved one in the event of your death.

The founder was inspired to create Kubera — a reference to the Indian “lord of wealth” — due to a traumatic personal experience. While swimming in Costa Rica, he was caught in a riptide and had to be rescued. After coming home, the first thing he did was to start putting together a list of all his assets to share with his wife in the event of his death.

The task was fairly difficult, as it turned out, as that list now included more than just real estate, stocks and bonds, retirement accounts, and insurance.

Nadhani realized he also wanted to list other assets like crypto investments, collectibles, precious metals, private and foreign investments, trademarks and other digital assets, as well as debts owed him — like loans he had made to family and friends.

Plus, he wanted a few more features that a simple spreadsheet could provide — like the ability to automatically update the value of the assets, similar to Intuit’s Mint, and basic reporting. More importantly, he didn’t want to share access to his personal net worth data and accounts unless it was absolutely necessary.

Existing solutions didn’t meet Nadhani’s needs, he said, as they used outdated technology, lacked the features he wanted, or used users’ data to make budgeting or investment recommendations. That, along with feedback from friends who said they were also stuck using spreadsheets for this task, prompted the founder to create his own solution with Kubera.

To do so, he reached out to former colleague Manoj Marathayil, the founding engineer at Nadhani’s two prior companies, CloudMagic (Newton) and Webyog, which exited to IDERA in 2018. Also joining Kubera is the former Head of Product & Design from Newton Mail at CloudMagic, Umesh Gopinath.

Kubera is launching today as a custom-built solution for the task of listing your assets, both traditional and non-traditional alike.

To use the service, you begin by listing your assets in a simple table, then add details like cost, value, or the documents associated with them, if available. You can either opt to update the values in the table as you go, or you can connect assets to your online accounts to update their value automatically.

 

The service uses trusted financial data aggregation services like Plaid and Yodlee to make the connections, which means it has “read-only” access to your financial data — Kubera cannot make transactions on your behalf. This also allows it to support connections to over 10,000 banks across the world.

The service also uses the open standard AES-256 encryption algorithm to encrypt user data, requires HTTPS on all web pages, uses HSTS to require browsers use only secure connections, and supports 2-step verification through Google Sign-in with other 2-step options launching soon.

The company’s business model is a subscription service, which allows it to generate revenue without having to share data with a third-party or advertiser. The basic service is free to use if you don’t want to automatically update your asset values. If you do, it’s $10 per month.

Once the initial entry has been done, Kubera will periodically remind you to update asset values and check in. Its “life beat” check will track if you’ve been inactive for a certain number of days (specified by you during setup) and try to reach you.

If you don’t respond to Kubera’s attempts to reach you, it will then try to reach your beneficiary by way of email and text, if provided. The service sends an email with all the information you’ve provided in a downloadable format to your beneficiary. If they don’t respond after several reminders, Kubera will then reach out to your backup contact, a “Trusted Angel.”

Kubera to some extent competes with services like Mint, YNAB and other online budgeting tools. But these services don’t offer the same extensive net worth tracking and have a different focus. It also competes with financial advisor and wealth management companies, like Personal Capital. But instead of pushing you to connect with a financial advisor or other paid services, Kubera isn’t doling out investing advice.

Further down the road, Kubera may expand into estate planning — like helping with wills or trusts, or connecting you to partners who can provide these services. But for the time being, the service is meant to be used in conjunction with users’ existing wills and trusts.

The bootstrapped startup is a five-person team. At launch, Kubera is offering 100-day free trials, allowing you the time to organize assets before making a decision on subscribing to the service.

 


Source: Tech Crunch

Max Q: Huge week ahead for SpaceX and Virgin Orbit

This week could be the biggest week to date for private spaceflight, with landmark launch attempts coming from both Virgin Orbit and SpaceX .

Virgin Orbit is looking to join the elite club of private launch companies that have actually made it to space, with a full flight test of its combined Cosmic Girl and LauncherOne system. Meanwhile, SpaceX is looking to launch its Crew Dragon spacecraft with people on board – achieving a number of milestones, including returning U.S. crew launch capabilities, and human-rating its Falcon 9 rocket.

Here’s what Virgin Orbit hopes their first flight will do

Virgin Orbit 87Virgin Orbit was supposed to launch its first full demonstration flight on Sunday, but a sensor bug that showed up during pre-launch checkouts means that it’s now pushing things back to at least Monday to check that out.

Extra precaution is hardly surprising since this milestone mission could help the company become an operational satellite launch provider – one of only a small handful of private companies that can make that claim.

SpaceX cleared to proceed for historic crew flight Wednesday

SpaceX passed its first crucial flight readiness review (FRR) on Friday for its first ever crewed astronaut launch, setting it up for a full rehearsal of the mission on Saturday leading up to the actual launch Now it’s set for another FRR with partner NASA on Monday, and then the launch should take place on Wednesday – weather and checkouts permitting. This will definitely be one to watch.

MHI retires a space workhorse

MHI H IIB HTV8 10 1

Mitsubishi Heavy Industries flew its last mission with its H-II series rocket, and the space transfer vehicle it carries to deliver supplies to the International Space Station. The company is readying a successor to this highly successful and consistent rocket, the H3, which is set to make its launch debut sometime in 2022 if all goes to plan.

NASA human spaceflight chief abruptly resigns

While SpaceX is aiming to make history with NASA and two of its astronauts, the person in charge of the agency’s human spaceflight endeavors made a surprising and abrupt exit from the agency last week. Doug Loverro resigned from his position, reportedly over some kind of inappropriate activity he engaged in with a prospective agency business partner ahead of the contract awards for NASA’s commercial human lander program.

Xilinx debuts a new chip made for machine learning in space

Xilinx specializes in building processors that are designed to withstand the rigors of use in space, which include heavy radiation exposure, extreme temperatures and plenty more. The company just debuted a new FPGA for space-based applications that is the first 20nm-based processor for space, and the first with dedicated machine-learning capabilities built in for edge computing that truly redefines the term.

NASA’s ‘Artemis Accords’ look to redefine international space cooperation

Space has enjoyed a period of being relatively uncontested when it comes to international squabbles – mostly because it’s hard and expensive to reach, and the benefits of doing so weren’t exactly clear 30 to 40 years ago when most of those rules were set up. NASA’s new rules include a lot of the old ones, but also set up some modernizations that are sure to begin a lot of debate and discussion in the space policy community.

ULA launches first U.S. Space Force spaceplane mission

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In a testing procedure, the X-37B Orbital Test Vehicle taxis on the flightline March 30, 2010, at the Astrotech facility in Titusville, FLa. (Courtesy photo)

The United Launch Alliance launched the X-37B last week on behalf of the U.S. Space Force – marking the first time the mysterious experimental unscrewed space plane has launched for that newly-formed agency. The X-37B has flown plenty before, of course – but previously it was doing so under the authority of the U.S. Air Force, since the Space Force hadn’t been formed yet.


Source: Tech Crunch

Jabra’s Elite Active 75t earbuds offer great value and sound for both workouts and workdays

Technology improvements over the past few years mean that most fully wireless earbuds are a lot better than they used to be. That has led to something of a narrowing of the field among competitors in this arena, but some of the players still stand out – and Jabra have definitely delivered a standout performer with its newest Elite Active 75t fully wireless earbuds.

Basics

Jabra’s Elite Active 75t is a successor to its very popular 65t line, with added moisture resistance designed specifically for exercise use, as indicated by the ‘Active’ in the name. At $199.99, these are definitely premium-priced – but they’re a lot more affordable than many of the other offerings in the category, especially with their IP57-water and sweat resistance rating.

The Elite Active 75t also feature an esteemed 7.5 hours of battery life on a single charge, and their compact charging case carries backup power that adds up to a total of 28 hours potential run time across a single charge for both. The case charges via USB-C and also offers a fast-charge capability that provides 60 minutes of use from just 15 minutes of charging.

While they don’t offer active noise cancellation, they do have passive noise blocking, and an adjustable passthrough mode so that you can tune how much of the sound of the world around you you want to let in – a great safety feature for running or other activities.

They use Bluetooth 5.0 for low power consumption and extended connection range, have an auto-pause and resume feature for when you take out one earbud, and include a 4-mic array to optimize audio quality during calls.

Design

Jabra has accomplished a lot on the design front with the Elite Active 75t. Their predecessor was already among the most compact and low-profile in-ear wireless buds on the market, and the Elite Active 75t is even smaller. These are extremely lightweight and comfortable, too, and their design ensures that they stay put even during running or other active pursuits. In my testing, they didn’t even require adjustment once during a 30-minute outdoor run.

Their comfort makes them a great choice for both active use and for all-day wear at the desk – and the 7.5 hours of battery life doesn’t seem to be a boast, either, based on my use, which is also good for workday wear.

Another key design feature that Jabra included on the Elite Active 75t is that both earbuds feature a large, physical button for controls. This is much better and easier to use than the touch-based controls found on a lot of other headsets, and makes learning the various on-device control features a lot easier.

Finally in terms of design, the charging case for the Elite Active 75t is also among the most svelte on the market. It’s about the size of two stacked matchboxes, and easily slides into any available pockets. Like the earbuds themselves, the case features a very slightly rubberized outer texture, which is great for grip but, as you can see from the photos, is also a dust magnet. That doesn’t really matter unless you happen to be tasked with photographing them, however.

One final note on the case design – magnetic snaps in the earbud pockets mean you can be sure that your headset buds are seated correctly for charging when you put them back, which is a great bit of user experience thoughtfulness.

Performance

It’s easy to see why the Jabra Elite Active 75t is already a favorite among users – they provide a rich, pleasant sound profile that’s also easily tuned through the Jabra Sound+ mobile app. Especially for a pair of earbuds designed specifically for active use, these provide sound quality that goes above and beyond.

Their battery life appears to line up with manufacturer estimates, which also makes them class-leading in terms of single charge battery life. That’s a big advantage when using these for longer outdoor activities, or, as mentioned, when relying on them for all-day desk work. Their built-in mic is also clear and easy to understand for people on the other side of voice and video calls, and the built-in voice isolation seems to work very well according to my testing.

In my experience, their fit is also fantastic. Jabra really seems to have figured out how to build a bud that stays in place, regardless of how much you’re moving around or sweating. It’s really refreshing to find a pair of fully wireless buds that you never have to even think about readjusting them during a workout.

Bottom Line

Jabra has done an excellent job setting their offering apart from an increasingly crowded fully wireless earbud market, and the Elite Active 75t is another distinctive success. Size, comfort and battery life all help put this above its peers, and it also boasts great sound quality as well as excellent call quality. You can get better sounding fully wireless earbuds, but not without spending quite a bit more money and sacrificing some of those other advantages.


Source: Tech Crunch

China set to launch Mars probe and rover mission in July

China’s space program will launch a Mars mission in July, according to its current plans. This will include deploying an orbital probe to study the red planet, and a robotic, remotely-controlled rover for surface exploration. The U.S. has also been planning another robotic rover mission for Mars, and it’s set to take off this summer, too – peak time for an optimal transit from Earth to Mars thanks to their relative orbits around the Sun.

This will be the first rover mission to Mars for China’s space program, and is one of the many ways that it’s aiming to better compete with NASA’s space exploration efforts. NASA has flown four previous Mars rover missions, and its fifth, with an updated rover called ‘Perseverance,’ is set to take place this years with a goal of making a rendezvous with Mars sometime in February 2021.

NASA’s mission also includes an ambitious rock sample return plan, which will include the first powered spacecraft launch from the red planet to bring that back. The U.S. space agency is also sending the first atmospheric aerial vehicle to Mars on this mission, a helicopter drone that will be used for short flights to collect additional data from above the planet’s surface.

China has a number of plans to expand its space exploration efforts, including development and launch of an orbital research platform, its own space station above Earth, by 2022. The nation’s space program also recently test-launched a new crew spacecraft, which will eventually be used in its mission to land Chinese astronauts on the surface of the Moon.

Meanwhile, NASA has issued a new set of draft rules that it is proposing for continued international cooperation in space, particularly as they related to reaching the Moon and setting up a more permanent human presence on Earth’s natural satellite. The agency is also hoping to return human space launch capabilities to the U.S. this week with a first demonstration launch of astronauts aboard SpaceX’s Crew Dragon spacecraft on Wednesday.


Source: Tech Crunch

R&D Roundup: ‘Twisted light’ lasers, prosthetic vision advances and robot-trained dogs

I see far more research articles than I could possibly write up. This column collects the most interesting of those papers and advances, along with notes on why they may prove important in the world of tech and startups.

In this edition: a new type of laser emitter that uses metamaterials, robot-trained dogs, a breakthrough in neurological research that may advance prosthetic vision and other cutting-edge technology.

Twisted laser-starters

We think of lasers as going “straight” because that’s simpler than understanding their nature as groups of like-minded photons. But there are more exotic qualities for lasers beyond wavelengths and intensity, ones scientists have been trying to exploit for years. One such quality is… well, there are a couple names for it: Chirality, vorticality, spirality and so on — the quality of a beam having a corkscrew motion to it. Applying this quality effectively could improve optical data throughput speeds by an order of magnitude.

The trouble with such “twisted light” is that it’s very difficult to control and detect. Researchers have been making progress on this for a couple of years, but the last couple weeks brought some new advances.

First, from the University of the Witwatersrand, is a laser emitter that can produce twisted light of record purity and angular momentum — a measure of just how twisted it is. It’s also compact and uses metamaterials — always a plus.

The second is a pair of matched (and very multi-institutional) experiments that yielded both a transmitter that can send vortex lasers and, crucially, a receiver that can detect and classify them. It’s remarkably hard to determine the orbital angular momentum of an incoming photon, and hardware to do so is clumsy. The new detector is chip-scale and together they can use five pre-set vortex modes, potentially increasing the width of a laser-based data channel by a corresponding factor. Vorticality is definitely on the roadmap for next-generation network infrastructure, so you can expect startups in this space soon as universities spin out these projects.

Tracing letters on the brain-palm


Source: Tech Crunch

China Roundup: A blow to US-listed Chinese firms and TikTok’s new global face

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. It’s been a tumultuous week for Chinese tech firms abroad: Huawei’s mounting pressure from the U.S., a big blow to U.S.-listed Chinese firms, and TikTok’s high-profile new boss.

China tech abroad

Further decoupling

Over the years, American investors have been pumping billions of dollars into Chinese firms listed in the U.S., from giants like Alibaba and Baidu to emerging players like Pinduoduo and Bilibili. That could change soon with the Holding Foreign Companies Accountable Act, a new bill passed this week with bipartisan support to tighten accounting standards on foreign companies, with the obvious target being China.

“For too long, Chinese companies have disregarded U.S. reporting standards, misleading our investors. Publicly listed companies should all be held to the same standards, and this bill makes commonsense changes to level the playing field and give investors the transparency they need to make informed decisions,” said Senator Chris Van Hollen who introduced the legislation.

Here’s what the legislation is about:

1) Foreign companies that are out of compliance with the Public Company Accounting Oversight Board for three years in a row will be delisted from U.S. stock exchanges.

PCAOB, which was set up in 2002 as a private-sector nonprofit corporation overseen by the SEC, is meant to inspect audits of foreign firms listed in the U.S. to prevent fraud and wrongdoing.

The rule has not sat well with foreign accounting firms and their local regulators, so over time PCAOB has negotiated multiple agreements with foreign counterparts that allowed it to perform audit inspections. China is one of the few countries that has not been cooperating with the PCAOB.

2) The bill will also require public companies in the U.S. to disclose whether they are owned or controlled by a foreign government, including China’s communist government.

The question now is whether we will see Chinese companies give in to the new rules or relocate to bourses outside the U.S.

The Chinese firms still have a three-year window to figure things out, but they are getting more scrutiny already. Most recently, Nasdaq announced to delist Luckin, the Chinese coffee challenger that admitted to fabricating $310 million in sales.

Those that do choose to leave the U.S. will probably find a warmer welcome in Hong Kong, attracting investors closer to home who are more acquainted with their businesses. Alibaba, for instance, already completed a secondary listing in Hong Kong last year as the city began letting investors buy dual-class shares, a condition that initially prompted many Chinese internet firms to go public in the U.S.

TikTok gets a talent boost 

The long-awaited announcement is here: TikTok has picked its new chief executive, and taking the helm is Disney’s former head of video streaming, Kevin Mayer.

It’s understandable that TikTok would want a global face for its fast-growing global app, which has come under scrutiny from foreign governments over concerns of its data practices and Beijing’s possible influence.

Curiously, Mayer will also take on the role of the chief operating officer of parent company ByteDance . A closer look at the company announcement reveals nuances in the appointment: Kelly Zhang and Lidong Zhang will continue to lead ByteDance China as its chief executive officer and chairman respectively, reporting directly to ByteDance’s founder and global CEO Yiming Zhang, as industry analyst Matthew Brennan acutely pointed out. That means ByteDance’s China businesses Douyin and Today’s Headlines, the cash cows of the firm, will remain within the purview of the two Chinese executives, not Mayer.

Huawei in limbo following more chip curbs

Huawei is in limbo after the U.S. slapped more curbs on the Chinese telecoms equipment giant, restricting its ability to procure chips from foreign foundries that use American technologies. The company called the rule “arbitrary and pernicious,” while it admitted that the attack would impact its business.

Vodafone to help Oppo expand in Europe 

As Huawei faces pressure abroad due to the Android ban, other Chinese phone makers have been steadily making headway across the world. One of them is Oppo, which just announced a partnership with Vodafone to bring its smartphones to the mobile carrier’s European markets.

All of China’s top AI firms now on U.S. entity list 

The U.S. has extended sanctions to more Chinese tech firms to include CloudWalk, which focuses on developing facial recognition technology. This means all of the “four dragons of computer vision” in China, as the local tech circle collectively calls CloudWalk, SenseTime, Megvii and Yitu, have landed on the U.S. entity list.

China tech back home

China’s new trillion-dollar plan to seize the tech crown (Bloomberg)

China has a new master plan to invest $1.4 trillion in everything from AI to 5G in what it dubs the “new infrastructure” initiative.

Fitbit rival Amazfit works on a reusable mask

The smartwatch maker is eyeing a transparent, self-disinfecting mask, becoming the latest Chinese tech firm to jump on the bandwagon to develop virus-fighting tech.

ByteDance moves into venture capital investment

The TikTok parent bankrolled financial AI startup Lingxi with $6.2 million, marking one of its first investments for purely monetary returns rather than for an immediate strategic purpose.

Bilibili is the new Youtube of China

The once-obscure video site for anime fans is now in the mainstream with a whopping 172 million monthly user base.

Xiaomi’s investment powerhouse reaches 300 companies 

It’s part of the smartphone giant’s plan to conquer the world of smart home devices and wearables.

Alibaba pumps $1.4 billion into content and services for IoT

Like Amazon, Alibaba has a big ambition in the internet of things.


Source: Tech Crunch

Living and working in a worsening world

Not long ago we lived in a world which kept getting better. Oh, there were tragedies and catastrophes, and there was profound inequality, but still, on a global scale, over the span of years, from before the fall of the Berlin wall until quite recently, most things were getting better for most people.

Reasonable people can disagree about when “quite recently was.” Personally, I put it the turning point at circa 2015, after which refugee counts swelled, talk of the “precariat” grew, xenophobia which often more-than-verged on neo-fascism began to rise around the world, and the growing threat of global warming became inescapable.

Others, more optimistic, would say the world kept getting better until this year. But I think few would dispute that we’re backsliding now, in the face of the pandemic. It’s not just its direct mortality, and its morbidity; it’s the skyrocketing unemployment rates — absolutely necessary lest the mortality multiply many-fold, to be clear — from which we won’t recover as soon as we hope, and the consequent global recession. Worst, it’s the projected massive rise in global extreme poverty.

We live in a world that’s getting worse, at least this year, likely next, and maybe even beyond. That’s awfully hard to get used to when you’re accustomed to justified faith that things are getting better. It’s been a long time — probably not since the mid-70s and early 80s, as I understand it — since we’ve collectively hit a ditch like this.

What changes in a world getting worse? Well, you have to be more careful about consequences, for one. During boom times there’s an unfortunate tendency write off any unpleasant side effects of a company’s success — or failure — as temporary friction, soon resolved, when a rising tide is lifting us all up, and those affected can (at least theoretically) easily find a new job. You can indeed make a case for that doing boom times. But it’s very different during an ebb tide with sharp rocks below, and people should adjust accordingly.

There’s another, more interesting and counterintuitive, lesson to be learned from the mid-70s through early 80s. That’s the era the birthed punk rock and hip-hop, both of which sounded almost indescribably strange by the aesthetic standards of the time. Those were Hollywood golden years, because, famously, “nobody knew anything.” And that was when Apple and Microsoft were formed, when personal computers were a weird curiosity whose very existence was somewhat obscure.

Maybe the lesson here is that this is the time to strive to do something weird — genuinely weird, not path-following, different-version-of-conformist weird. Maybe this is time to found your weird startup; or maybe startups are the mainstream engine of change now, and the truly weird thing is to forge something entirely different from a startup. Maybe it’s time not just to create art, but to invent your own art form. It’s an optimistic take on a worsening world, I know; but even a pandemic needs optimists.


Source: Tech Crunch

The Station: Hertz files for bankruptcy, hailing “self-driving” scooters, Memorial Day travel

The Station is a weekly newsletter dedicated to all things transportation. Sign up here — just click The Station — to receive it every Saturday in your inbox.

Hi and welcome back to The Station. Memorial Day is this coming Monday, a holiday meant to honor military personnel who died while serving in the U.S. Armed Forces. Over the years, it has evolved for many Americans who use the three-day weekend to fire up the grill, go camping, head to the beach, local amusement park or take a road trip. It’s become the unofficial kickoff to the summer season — even though we still have more than three weeks of spring.

Every year around this time, AAA provides an estimate for travel over the weekend. For the first time in 20 years, AAA said it would not issue a Memorial Day travel forecast, as the accuracy of the economic data used to create the forecast has been undermined by COVID-19.

The travel forecast often reflects the state of the economy or at least certain aspects of it. For instance, Memorial Day 2009 holds the record for the lowest travel volume at nearly 31 million travelers. Last year, 43 million Americans traveled for Memorial Day Weekend, the second-highest travel volume on record since 2000, when the organization began tracking this data.

I will put my prognosticator hat on for a moment knowing I might very well be wrong (I’m sure ya’ll will remind me later). I expect this weekend to be a low travel holiday, but I fully anticipate this summer will mark the return of the road trip. And that’s not just my forecast for the U.S. I expect Europeans will stick closer to home and opt for road and possibly train travel over long haul flights for their summer holidays. That has all kinds of implications, positive and negative. And it’s why I’m going to spend some time in the coming weeks driving a variety of new SUV models in search of road trip worthy vehicles.

This past week I drove the 2020 VW Atlas Cross Sport V6 SEL (premium trim), a more smaller and approachable version of the massive three-row Atlas. I will share a few thoughts about it next week. After that, I will be driving the 2020 Land Cruiser standard trim. Have a vehicle suggestion? Reach out and I’ll try to put it in my queue.

Reach out and email me at kirsten.korosec@techcrunch.com to share thoughts, criticisms, offer up opinions or tips. You can also send a direct message to me at Twitter — @kirstenkorosec.

Shall we get down to it? Vamos.

Micromobbin’

the station scooter1a

Micromobility had some good action this week so let’s dive on in. Here in San Francisco, Bird’s Scoot redeployed 300 electric kick scooters. By Memorial Day weekend, Scoot will have 500 electric scooters available. Additionally, Scoot expanded its scooter service area to serve more parts of San Francisco.

Over in Atlanta, GoX and Tortoise teamed up to deploy teleoperated electric scooters. In Peachtree Corners, GoX riders can hail a scooter equipped with tech from Tortoise. As Keaks, aka Kirsten Korosec, explained earlier this week, riders can request a scooter to come to them and once they’re done, the scooter will drive itself back to a parking spot.

Meanwhile, in Europe, Tier brought integrated helmets to its electric scooters. The foldable helmets fit inside a box attached to the scooter below the handlebars. This month, Tier plans to deploy 200 scooters equipped with helmets in Paris and Berlin. Over the summer, Tier will deploy an additional 5,000 helmet-equipped scooters. Additionally, given concerns about COVID-19, Tier is experimenting with an antibacterial, self-disinfecting handlebar technology from Protexus. Tier is testing these handlebars in Paris and Bordeaux.

Also, don’t miss my analysis of why micromobility may come back stronger after the pandemic.

Megan Rose Dickey

Deal of the week

money the station

Vroom, the online used car marketplace that has raised some $700 million since 2013, filed for an IPO this week. (Yes, IPOs qualify as deals in my book). It plans to trade on the Nasdaq under VRM with Goldman Sachs as lead underwriter.

Vroom is an interesting company that I’ve been writing about for years now. And there have been times that I wondered if it would fold altogether. The company managed to keep raising funds though, most recently $254 million in December 2019 in a Series H round that valued the company at around $1.5 billion.

A look at the S-1 shows modest growth, rising losses and slim gross margins. Eck!

Here’s a quick breakdown:

  • Vroom’s revenue grew 39.3% in 2019 compared to 2018. During that same period, its gross margin fell from 7.1% to 4.9%. The company’s net losses as a percent of revenue rose from 10% in 2018 to 12% in 2019. (That doesn’t include costs relating to “accretion of redeemable convertible preferred stock.” By counting the non-cash cost, add $13 million to Vroom’s 2018 net loss and $132.8 million to its 2019 figure.)
  • In the first quarter of 2020, Vroom generated revenue of $375.8 million, leading to gross profit of $18.4 million, or about 4.9% of revenue. It also reported a net loss of $41.1 million in the first quarter, putting it on a run-rate to lose even more money in 2020 than it did in 2019.

TechCrunch’s Alex Wilhelm takes a look under Vroom’s hood and digs into why the company is heading to the public markets during this volatile time. Check it out.

Other deals:

Missfresh, a Chinese grocery delivery company backed by Tencent, is closing in on $500 million in new funding.

Autonomous aviation startup Xwing locked in a $10 million funding round before COVID-19 hit. Now the San Francisco-based startup is using the capital to hire talent and scale the development of its software stack as it aims for commercial operations later this year — pending FAA approvals. The Series A funding round was led by R7 Partners, with participation from early-stage VC Alven, Eniac Ventures and Thales Corporate Ventures.

Fly Now Pay Later, a London-based fintech startup focused on travel, raised £5 million in Series A equity funding and another £30 million in debt funding.

French startup Angell has signed a wide-ranging partnership with SEB, the French industrial company behind All-Clad, Krups, Moulinex, Rowenta, Tefal and others. As part of the deal, SEB will manufacture Angell’s electric bikes in a factory near Dijon, France. SEB’s investment arm, SEB Alliance, is also investing in Angell. The terms of the deal are undisclosed, but Angell says it plans to raise between $7.6 and $21.7 million with a group of investors that include SEB.

Layoffs, business disruptions and people

Signage is displayed at the Hertz Global Holdings Inc. rental counter at San Francisco International Airport in San Francisco, California, U.S., on Tuesday, May 5, 2020. Photo: Getty Images

Hertz filed for Chapter 11 bankruptcy protection on Friday, a move we’ve been anticipating for awhile now. The bankruptcy protection stems from the COVID-19 pandemic.

Here’s why.

Once business trips and other travel was halted, Hertz was suddenly sitting on an unused asset — lots and lots of cars. It wasn’t just that the revenue spigot was turned off. Used car prices have dropped, further devaluing its fleet.

The company said that it has more than $1 billion in cash on hand, which it will use to keep the business operating through the bankruptcy process. Hertz also said its principal international operating regions, including Europe, Australia and New Zealand are not included in the U.S. Chapter 11 proceedings, nor are franchised locations.

Other layoffs:

Indian ride-hailing firm Ola has seen revenue drop by 95% in the last two months as India enforced a stay-at-home order for its 1.3 billion citizens in late March. You can guess what has happened as a result. Ola co-founder and CEO Bhavish Aggarwal said in an internal email the company is cutting 1,400 jobs in India, or 35% of its workforce in the home market.

India’s top food delivery startup Swiggy is cutting 1,100 jobs and scaling down some adjacent businesses as it looks to reduce costs to survive the coronavirus pandemic.

Here’s something on the “new” job front

There’s been a lot of attention on autonomous delivery robots. These companies will most certainly struggle to become profitable. On-demand delivery is a tricky business. But COVID-19 might have inadvertently expanded the labor pool for these companies.

On-demand delivery startup Postmates has seen an increase in demand for its autonomous delivery robots known as Serve, which operate in Los Angeles and San Francisco. The company uses teleoperators, humans who remotely monitor and guide the autonomous robots. COVID-19 prompted Postmates to set up teleoperations centers within each employee’s home. Postmates sees potential to reach a new group of workers.

Tortoise, which we mentioned earlier in Micromobbin’, sees the same potential, according to its founder and CEO Dmitry Shevelenko.

A little bird

blinky cat bird green

We hear (and see) things. But we’re not selfish. We share!

For those not familiar with “a little bird,” this is a periodic section that shares insider tips that have been vetted. This week comes out of the super-hyped world of on-demand delivery. It’s a business that might be seeing a lot of demand. But demand doesn’t always square with profitability.

Take Postmates for example. The company has raised about $900 million to date, including a $225 million round announced in October that valued the company at about $2.5 billion. But now it seems that common shares are trading at a 45% discount on the secondary market, according to our sources.

Early investors do take money off the table from time to time. But it can also indicate other troubles worth watching out for. Postmates filed confidential IPO paperwork in February 2019, but those plans have been delayed. The company is also fighting for market share against giants like Doordash. A Uber-Grubhub merger would put it even with DoorDash.

That leaves Postmates in a distant fourth. Dan Primack over at Axios noted “multiple sources” have told him the company is seeking raise around $100 million in new private-market funding.

Other notable bits

Here are a few other items that caught my eye …

Amazon is joining India’s online food delivery market just as top local players Swiggy and Zomato reduce their workforce to steer through the coronavirus pandemic and months after Uber Eats’ exit from the nation.

GM has a “big team” working on an advanced version of its hands-free driving assistance system, Super Cruise, that will expand its capability beyond highways and apply it to city streets, the automaker’s vice president of global product development Doug Parks said during a webcasted interview at Citi’s 2020 Car of the Future Symposium.

Cake, the Stockholm-based mobility startup, debuted the Kalk OR, a 150-pound, battery-powered two-wheeler engineered for agile off-road riding and available in a street-legal version.

Nauto has launched a new feature in its driver behavior learning platform that is designed to detect imminent collisions to help reduce rear-end accidents. It works by taking in driver behavior data, vehicle movement, traffic elements, and contextual data to help predict and prevent collisions.

Organizers of the New York International Auto Show, once hoping to hold the rescheduled event in August, have decided to scrap the entire year. The show has been officially canceled for 2020 due to the COVID-19 pandemic, organizers announced Friday. The next show will take place April 2 to April 11, 2021. Press days will be March 31 and April 1.

Tesla CEO Elon Musk said the company is raising the price of its “Full Self-Driving” package of its Autopilot driver assistance package by around $1,000 on July 1. This has happened before and it will, I promise happen again. The Verge has a good breakdown of why. I, of course, care about the financial reasons. Right now, Tesla can only count about half of the revenue it generates from FSD. The other half is deferred revenue — money that Tesla can recognize on its balance sheet at a later date.

Wunder Mobility, the Hamburg-based startup that provides a range of mobility services, from carpooling to electric scooter rentals, announced the launch of Wunder Vehicles and a business-to-business partnership with Chinese EV manufacturer Yadea. Wunder Vehicles is a service that gives customers a toolkit of sorts to launch a fleet-sharing company. The company provides software, a marketing plan, data, financing options and the electric vehicles, which will come from Yadea.

Rad Power Bikes unveiled the newest iteration of its electric cargo bike. The RadWagon 4 has been fully redesigned from the ground up. Trucks VC’s Reilly Brennan recently described this on Twitter as the possible F-150 of micromobility. We hope to test it soon.

Image Credits: Rad Power Bikes


Source: Tech Crunch

Hackers release a new jailbreak that unlocks every iPhone

A renowned iPhone hacking team has released a new “jailbreak” tool that unlocks every iPhone, even the most recent models running the latest iOS 13.5.

For as long as Apple has kept up its “walled garden” approach to iPhones by only allowing apps and customizations that it approves, hackers have tried to break free from what they call the “jail,” hence the name “jailbreak.” Hackers do this by finding a previously undisclosed vulnerability in iOS that break through some of the many restrictions that Apple puts in place to prevent access to the underlying software. Apple says it does this for security. But jailbreakers say breaking through those restrictions allows them to customize their iPhones more than they would otherwise, in a way that most Android users are already accustomed to.

The jailbreak, released by the unc0ver team, supports all iPhones that run iOS 11 and above, including up to iOS 13.5, which Apple released this week.

Details of the vulnerability that the hackers used to build the jailbreak aren’t known, but it’s not expected to last forever. Just as jailbreakers work to find a way in, Apple works fast to patch the flaws and close the jailbreak.

Security experts typically advise iPhone users against jailbreaking, because breaking out of the “walled garden” vastly increases the surface area for new vulnerabilities to exist and to be found.

The jailbreak comes at a time where the shine is wearing off of Apple’s typically strong security image. Last week, Zerodium, a broker for exploits, said it would no longer buy certain iPhone vulnerabilities because there were too many of them. Motherboard reported this week that hackers got their hands on a pre-release version of the upcoming iOS 14 release several months ago.


Source: Tech Crunch