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Autonomy’s Mike Lynch was acquitted following a U.S. fraud trial brought by HP

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Former Autonomy CEO Dr. Mike Lynch issued a statement Thursday after being acquitted of criminal charges, ending a 13-year legal battle with Hewlett-Packard that became certainly one of Silicon Valley’s biggest fraud cases. He was accused of falsely inflating the British startup’s revenue before its $11 billion sale to HP in 2011.

Commenting on the acquittal, Dr. Lynch (pictured above left as he appeared on the TechCrunch Disrupt conference) said: “I am thrilled with today’s verdict and grateful to the jury for the attention they have paid to the facts over the past ten weeks. My deepest thanks go to my legal team for working tirelessly on my behalf. I can’t wait to return to the UK and get back to what I love most: my family and innovation in my field.”

After a 12-week trial, the entrepreneur was cleared of 15 counts of fraud and conspiracy brought against him in reference to the 2011 takeover.

Lynch’s victory is notable in light of the indisputable fact that within the U.S., only 0.4% of federal criminal cases (in fiscal yr 2022, in line with the Pew Research Center) resulted in trial and acquittal, and only 12% of all Art. the foremost charge of wire fraud ends in acquittal.

Christopher Morvillo and Brian Heberlig, Dr. Lynch’s legal counsel, added in a statement: “We are delighted with the jury’s verdict, which reflects a strong rejection of the government’s deep dive into this case. The evidence presented at trial conclusively established that Mike Lynch was innocent. This verdict closes the book on a relentless 13-year effort to pin HP’s well-documented ineptitude on Dr. Lynch. Fortunately, the truth finally won. We thank Dr. Lynch for his confidence in this ordeal and hope that he will now be able to return home to England to resume his life and continue his innovations.”

Lynch (58) was previously extradited to the United States and placed under house arrest under 24-hour supervision before his trial. He has long maintained that HP scapegoated him, saying it botched its acquisition of Autonomy and later mismanaged the corporate’s software.

Lynch made £500m from selling Autonomy to HP. However, just a yr later, HP reduced the worth of its investment by $8.8 billion and lost $5 billion attributable to the so-called Autonomy’s revenue inflation, he claimed on the time.

Prosecutors accused Lynch and Chamberlain of illegally inflating pre-acquisition revenues and hiding high-margin software revenues in unprofitable hardware sales.

During the trial, Lynch successfully argued that he was not concerned with accounting and contractual matters, as a substitute specializing in technical and marketing matters.

Although an American jury argued unsuccessfully that the case needs to be tried within the UK, resulting in his extradition, it acquitted Lynch of all charges, together with Stephen Chamberlain, Autonomy’s former vice chairman of finance, who was also tried.

The U.S. Attorney’s Office in San Francisco said: “We acknowledge and respect the decision. We would love to thank the jury for paying attention to the evidence presented by the federal government on this case.”

The sale of Autonomy to HP was seen as validation of the booming UK tech scene, and the platform’s ability to mine unstructured databases was then seen as a way for HP to rebuild its shaky hardware business.

Lynch co-founded Autonomy in 1996 from a research group specializing in software called Cambridge Neurodynamics.

Awarded an OBE for services to enterprise in 2006, Lynch became an adviser to the UK government, sat on the boards of the BBC and the British Library, founded Invoke Capital VC and invested within the groundbreaking cybersecurity company Darktrace.

This article was originally published on : techcrunch.com
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MIT Develops Recyclable 3D-Printed Glass Blocks for Construction Applications

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MIT develops recyclable 3D-printed glass blocks for construction

The use of 3D printing has been praised as an alternative choice to traditional construction, promising faster construction times, creative design and fewer construction errors, all while reducing the carbon footprint. New research from MIT points to an interesting latest approach to the concept, involving the usage of 3D-printed glass blocks in the form of a figure eight, which may be connected together like Lego bricks.

The team points to glass’s optical properties and “infinite recyclability” as reasons to pursue the fabric. “As long as it’s not contaminated, you can recycle glass almost infinitely,” says assistant professor of mechanical engineering Kaitlyn Becker.

The team relied on 3D printers designed by Straight line — is itself a spin-off of MIT.

This article was originally published on : techcrunch.com
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Introducing the Next Wave of Startup Battlefield Judges at TechCrunch Disrupt 2024

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Announcing our next wave of Startup Battlefield judges at TechCrunch Disrupt 2024

Startup Battlefield 200 is the highlight of every Disrupt, and we will’t wait to search out out which of the 1000’s of startups which have invited us to collaborate can have the probability to pitch to top enterprise capitalists at TechCrunch Disrupt 2024. Join us at Moscone West in San Francisco October 28–30 for an epic showdown where everyone can have the probability to make a major impact.

Get insight into what the judges are in search of in a profitable company as they supply detailed feedback on the evaluation criteria. Don’t miss the opportunity to learn from their expert insights and discover the key characteristics that result in startup success, only at Disrupt 2024.

We’re excited to introduce our next group of investors who will evaluate startups and dive into each pitch in an in-depth and insightful Q&A session. Stay tuned for more big names coming soon!

Alice Brooks, Partner, Khosla Ventures

Alicja is a partner in Khosla’s ventures interests in sustainability, food, agriculture, and manufacturing/supply chain. She has worked with multiple startups in robotics, IoT, retail, consumer goods, and STEM education, and led mechanical, electrical, and application development teams in the US and Asia. She also founded and managed manufacturing operations in factories in China and Taiwan. Prior to KV, Alice was the founder and CEO of Roominate, a STEM education company that helps girls learn engineering concepts through play.

Mark Crane, Partner, General Catalyst

Mark Crane is a partner at General Catalysta enterprise capital firm that works with founders from seed to endurance to assist them construct corporations that may stand the test of time. Focused on acquiring and investing in later-stage investment opportunities equivalent to AuthZed, Bugcrowd, Resilience, and TravelPerk. Prior to joining General Catalyst, Mark was a vice chairman at Cove Hill Partners in Massachusetts. Prior to that, he was a senior associate at JMI Equity and an associate at North Bridge Growth Equity.

Sofia Dolfe, Partner, Index Ventures

Sofia partners with founders who use their unique perspective and private understanding of the problem to construct corporations that drive behavioral change, powerful network effects, and transform entire industries, from grocery and e-commerce to financial services and healthcare. Sofia can also be one of Index projects‘ gaming leads, working with some of the best gaming corporations in Europe, making a recent generation of iconic gaming titles. He spends most of his time in the Nordics, but works with entrepreneurs across the continent.

Christine Esserman, Partner, Accel

Christine Esserman joined Acceleration in 2017 and focuses on software, web, and mobile technology corporations. Since joining Accel, Christine has helped lead Accel’s investments in Blackpoint Cyber, Linear, Merge, ThreeFlow, Bumble, Remote, Dovetail, Ethos, Guru, and Headway. Prior to joining Accel, Christine worked in product and operations roles at multiple startups. A native of the Bay Area, Christine graduated from the Wharton School at the University of Pennsylvania with a level in Finance and Operations.

Haomiao Huang, Founding Partner, Matter Venture Partners

Haomiao from Venture Matter Partners is a robotics researcher turned founder turned investor. He is especially obsessed with corporations that bring digital innovation to physical economy enterprises, with a give attention to sectors equivalent to logistics, manufacturing and transportation, and advanced technologies equivalent to robotics and AI. Haomiao spent 4 years investing in hard tech with Wen Hsieh at Kleiner Perkins. He previously founded smart home security startup Kuna, built autonomous cars at Caltech and, as part of his PhD research at Stanford, pioneered the aerodynamics and control of multi-rotor unmanned aerial vehicles. Kuna was part of the Y Combinator Winter 14 cohort.

Don’t miss it!

The Startup Battlefield winner, who will walk away with a $100,000 money prize, can be announced at Disrupt 2024—the epicenter of startups. Join 10,000 attendees to witness this breakthrough moment and see the next wave of tech innovation.

Register here and secure your spot to witness this epic battle of startups.

This article was originally published on : techcrunch.com
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India Considers Easing Market Share Caps for UPI Payments Operators

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phonepe UPI being used to accept payments at a road-side sunglasses stall.

The regulator that oversees India’s popular UPI rail payments is considering relaxing a proposed market share cap for operators like Google Pay, PhonePe and Paytm because it grapples with enforcing the restrictions, two people accustomed to the matter told TechCrunch.

The National Payments Corporation of India (NPCI), which is regulated by the Indian central bank, is considering increasing the market share that UPI operators can hold to greater than 40%, said two of the people, requesting anonymity because the knowledge is confidential. The regulator had earlier proposed a 30% market share limit to encourage competition within the space.

UPI has change into the most well-liked option to send and receive money in India, with the mechanism processing over 12 billion transactions monthly. Walmart-backed PhonePe has about 48% market share by volume and 50% by value, while Google Pay has 37.3% share by volume.

Once an industry heavyweight, Paytm’s market share has fallen to 7.2% from 11% late last yr amid regulatory challenges.

According to several industry executives, the NPCI’s increase in market share limits is more likely to be a controversial move as many UPI providers were counting on regulatory motion to curb the dominance of PhonePe and Google Pay.

NPCI, which has previously declined to comment on market share, didn’t reply to a request for comment on Thursday.

The regulator originally planned to implement the market share caps in January 2021 but prolonged the deadline to January 1, 2025. The regulator has struggled to seek out a workable option to implement its proposed market share caps.

The stakes are high, especially for PhonePe, India’s Most worthy fintech startup, valued at $12 billion.

Sameer Nigam, co-founder and CEO of PhonePe, said last month that the startup cannot go public “if there is uncertainty on regulatory issues.”

“If you buy a share at Rs 100 and value it assuming we have 48-49% market share, there is uncertainty whether it will come down to 30% and when,” Nigam told a fintech conference last month. “We are reaching out to them (the regulator) whether they can find another way to at least address any concerns they have or tell us what the list of concerns is,” he added.

This article was originally published on : techcrunch.com
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