Thursday, January 18, 2024

News app Artifact will be more like a relic

TechCrunch Newsletter
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By Christine Hall

Thursday, January 18, 2024

Welcome back to TechCrunch PM! Today, we have a look at what happened to Artifact, Solana Mobile's second phone, some fintech venture rounds, espionage and how to be friends with your fitness tracker. And if you weren't tired of all the Apple news from this morning, we've got you covered. Now, let's dive in.

Christine

 image

Image Credits: Artifact

TechCrunch PM Top 3

What went wrong at Artifact: Last week, we reported that Artifact, Instagram's news app, was shutting down. Now we have some new data that points to why. In short, it was not able to keep up with competition. This is despite having a solid core audience and a techy side that was useful. Unfortunately, that wasn’t enough.

Solana Mobile Chapter 2: It's good to see people getting excited about shopping again. In this case, Solana Mobile saw 30,000 preorders in the first 30 hours for the second installation of its phone, dubbed "Chapter 2." Its first phone sold out, but not as fast as predicted for Chapter 2.

A customer relationship you can bank on: Digital Onboarding, a SaaS company focused on helping banks and credit unions adopt digital engagement techniques for its customers, grabs $58 million in new funding. This could mean the end of those paper packets as we know it.

TechCrunch PM Top 3 image

Image Credits: Solana Mobile

More top reads

Briq gets a big valuation: Briq, a startup that uses AI to automate finances in construction, is now valued at $150 million after bringing in an $8 million extension round. Looks like its "wait out the market" plan worked.

Credit by way of your company: With so many people not having enough savings to weather an unexpected purchase, offering affordable credit should be a top priority for employee retention. Lucky for companies, fintech company Kashable, now with $25.6 million in new funding, is here to offer employment-based lending.

Microsoft makes its AI-powered reading tutor free: Anyone with a Microsoft account can now use Reader Coach for free. The program assists teachers in helping their students read with more fluency.

Why do hackers have cool names? Google says a Russian espionage crew is behind a new malware campaign that has evolved beyond the typical phishing. The group is called Cold River but is also known as "Callisto Group" and "Star Blizzard." The crew is known for conducting long-running espionage campaigns against NATO countries, particularly the United States and the United Kingdom.

Reddit plans an IPO: Could it be . . . another IPO? Reddit isn't commenting, but we have on good authority that a filing is coming in the next month or so. Now pop on over to TechCrunch+ and see what Alex has to say on the matter.

Apple has some new App Store rules: Apple excludes video and news partners from new App Store rules around external payments. The updated App Store rules comply with a court order after the Supreme Court declined to hear the Epic Games–initiated antitrust case against Apple over commissions. There are some things developers can do and some things they can't.

Taking the pulse of fitness trackers: The world of fitness and wellness trackers continues to grow. Monitors are getting better, but there is still an issue with what medical claims they can make. Natasha helps us weed through this with six rules to get the most out of fitness and wellness tracking.

Consumer tech is bound for a comeback among unicorns, but maybe not just yet: In this TechCrunch+ piece, Anna plays off the 10th anniversary of the term “unicorn” with a look at the shift to enterprise and what could happen next. (TC+)

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Image Credits: AzmanJaka / Getty Images

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On the pods

For this week's Chain Reaction, Jacquelyn interviewed Monica Long, the president of Ripple, a blockchain-based digital payment network and protocol. Monica has spent the last 10 years at Ripple, working her way up from the director of communications to president.

They discuss Monica's career growth, cross-border payments, traditional finance and the need for regulatory clarity.

We also dove into Ripple's suit with the SEC, the XRP Ledger, its focus for 2024 and advice for the community. Listen here.

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Image Credits: Bryce Durbin

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Google welcomes the new year with more layoffs

TechCrunch Newsletter
TechCrunch AM logo

By Alex Wilhelm

Thursday, January 18, 2024

Welcome back to TechCrunch AM, your morning tech and startups newsletter. Today we have an in-depth exploration of the evolution of unicorns, big tech layoffs, crypto regulation, satellite refueling in space, the Apple Vision Pro, and several fascinating funding rounds. To work!

Alex

TechCrunch Top 3

  1. Google wants to keep swinging the ax: Despite laying off more than 1,000 people recently (100 jobs are going to be cut at YouTube soon, too), Google seems to think it still has too many employees. Given its profitability and my issues with the direction the company is taking search in, I think Google needs more people, not less. Alphabet, Google's parent, had operating income of $21.3 billion in Q3 2024, for reference.
  2. Coinbase locks horns with the SEC: After approving spot bitcoin ETFs last week, the SEC is now arguing with Coinbase about the limits of its jurisdiction, and just what the definition of a security is. Chatter indicates that Coinbase is standing its ground, but there's a long road ahead to sort out how crypto tokens fit into the existing regulatory frameworks — if they do at all.
  3. Aileen Lee returns to chat about unicorns and their evolution: Just over 10 years ago, venture capitalist Aileen Lee coined the term "unicorn" in an article on TechCrunch. The rest is history. Today, she's back with a sheaf of new charts and data, detailing how the world of $1 billion startups has evolved since the term unicorn came into being. It's a must read.
TechCrunch Top 3 image

Image Credits: Justin Sullivan / Getty Images

Don't miss these

The Apple Vision Pro seems pretty cool: That's my takeaway from Brian Heater's excellent run-through of the hardware, software, fitting process, and the awe that Apple's new VR headset can generate. While the device is very expensive for a first-gen piece of consumer hardware, if and when it sees a price cut, I presume that most tech-forward people will want to at least try, if not buy one. I know that I do.

In-space refueling is coming: Astroscale, a Japanese space startup that has raised nearly $400 million, recently showed off its new in-orbit satellite refueling concept. It's super cool. Being able to refuel satellites while they're in orbit could dramatically extend the life of our little friends in the sky, so long as the tech works and more satellites are equipped to accept more juice while in flight.

Apple’s being greedy again: Forced to allow app developers to redirect users to their own sites for payment purposes, Apple intends to still collect a 27% cut of the transaction value. To me, that sounds like a classic case of having a cake and wanting to eat it, too — 27% isn't much lower than the 30% it collects from transactions on the App Store after all. The setup smells like a bad-faith money grab, so I collected some industry commentary to back up my argument.

The EU is tinkering with streaming music regulation: The EU is considering forcing "streaming platforms to open up their recommendation algorithms," and provide more notices to consumers concerning AI-generated music. The EU's final choices here could have big impacts in the music world, especially since Spotify is a European company.

Kiln proves that crypto fundraising is not dead: VC investment in the crypto space has fallen off a cliff in recent years, but there are still signs of life: Kiln recently raised $17 million to offer "white-label infrastructure-focused products" used by major platforms. It seems selling shovels during a gold rush will always be a good idea.

Facebook in trouble, again, about kids: A lawsuit in New Mexico is shedding light on how despite Facebook's employees raising concerns about "the exploitation of children and teenagers on the company's private messaging platforms," the company did not prioritize implementing safeguards. Facebook argues that it has safety controls in place. Governments disagree.

Farm-ng wants to build modular farming robots: Automation in agriculture is difficult to pull off given the sheer variety of tasks involved, but farmers might one day be able to avoid all the back pain by getting a customizable robot to do all sorts of tasks. At least if Farm-ng has its way. Flush with a fresh $10 million, the company is planning to ramp up production of its modular farming robots. It's promising, especially since some farms have seen dramatically lower labor times and costs when they've used Farm-ng's robots.

Getsafe buys deineStudienfinanzierung: Student loan platform (and the newest winner of the 'Very Good Startup Names' competition always running here at TechCrunch), deineStudienfinanzierung, has been snapped up by insurtech company Getsafe. What would an insurtech business do with a student loan provider, you ask? Well, if you snag students early, you can sell more to them over time.

International Battery Company raises $35M: And in the "Is this company trying to be the next IBM?' category of startup names, we have International Battery Company. It just raised nearly three-dozen million dollars to build EV batteries in India, a market that could see quick adoption of electric vehicles in the coming years.

Don't miss these image

Image Credits: Apple

Before you go

When people talk about a failed project's last days, they often say "it crashed and burned." It's a stirring way to describe a failure, and we tend to use it in all sorts of contexts. Then there is the literal meaning of the phrase, which is about to happen to Astrobotic's lunar lander.

Later today, the Peregrine lunar lander will crash into the world's atmosphere and burn up. The mission seemingly failed due to a fuel leak because valves are an incredible challenge in space-flight, apparently. Still, let's try again, yeah?

Read More

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Image Credits: Astrobotic

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