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Rocket Lab’s sunny weather bodes well for future constellation plans

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Rocket Lab’s sunny outlook bodes well for future constellation plans 

Rocket lab surpassed $100 million in quarterly revenue for the primary time, up 71% from the identical quarter last yr. That’s just one in every of several big accomplishments executives touted to investors on Thursday — and a superb sign for the space company’s ambitious medium-term plans.

Executives continued to tease plans for Rocket Lab’s owned-and-operated satellite constellation, a part of founder and CEO Peter Beck’s stated ambition to develop into a “comprehensive space company.” The company clearly intends to do something just like what SpaceX is doing with its Starlink constellation: beat the competition by owning launch vehicles, together with a highly vertically integrated supply chain that allows rapid production.

“Having the launchers and spacecraft gives us a distinct advantage when it comes to building our own space capabilities or constellations,” Beck said during an earnings conference call Thursday. “We can build and launch our own spacecraft at cost and we don’t have to wait in line for a limited launch capacity. We completely avoid the problem that most constellation operators face: being dependent on vendors for cost and schedule, often causing deeply disruptive delays and bringing capabilities online at scale.”

Beck declined to offer details on exactly what opportunities are being considered, but suggested acquisitions will proceed to play a job in the corporate’s strategy.

But to appreciate its constellation plans, the corporate will first have to launch its medium-lift Neutron rocket. Rocket Lab plans to launch Neutron for the primary time in mid-2025, an especially aggressive timeline: If it hits that date, the corporate says it’s going to be the fastest commercially developed vehicle to go from clean-sheet design to market by way of its weight.

Visualization of Neutron placing satellites into orbit.
Image sources: Rocket lab (opens in recent window)

The rocket will likely be powered by nine all-new engines called Archimedes, which accomplished a key test this month. The “hot fire” test, held at the corporate’s test complex at NASA’s Stennis Space Center in Mississippi, marked the primary time Archimedes had fired at full power on a test stand. Now engineers can move on to a full qualification campaign and production of the following batch of engines.

Aside from the engines, Rocket Lab said the complete Neutron is currently in production and qualification. There’s still a number of work ahead — including creating launch infrastructure like a test bed, not to say integrated testing of the rocket itself — but Beck confirmed the corporate is on the right track for a launch in the midst of next yr.

Neutron could have a payload capability of 13,000 kilograms, making it a direct competitor to SpaceX’s Falcon 9, the undisputed leading launch vehicle currently in operation. Beck addressed the query of how Neutron will compete with what he called a “virtual monopoly” in medium-lift launches, saying that demand for launch capabilities is growing, particularly amongst megaconstellation planners.

“Neutron is best positioned to be the rocket that disrupts that monopoly,” he said. “We have a proven track record of building and bringing to market a reliable vehicle that has become a market leader. That track record has allowed us to work extremely closely with customers to design a new rocket that meets their needs, resulting in a customer-centric design that is well on track to bring to market in an extremely short time frame.”

Beck used the chance to indicate a standard misconception concerning the company: that it is just a launch services provider. In reality, launches are only one a part of the business, and “space systems” — which incorporates satellites, software and components — are one other.

In addition to $106 million in second-quarter revenue, $29.4 million of which got here from launch and $77 million from space systems, the corporate expects nearly the identical amount of revenue next quarter. Rocket Lab ended the quarter with $547 million in money available.

This article was originally published on : techcrunch.com
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Sequoia increases its 2020 fund by 25%

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Sequoia, venture capital, startups, VC

Sequoia says no going out, no problem.

According to data from the Silicon Valley enterprise capital giant, the worth of its Sequoia Capital US Venture XVII fund increased by 24.6% in June at the top of 12 months. Pitchbookwho analyzed data from the University of California Regents Fund.

Sequoia’s margin is notable since the fund hasn’t had any exits yet. This can be a positive development for the 2020 fund vintage, on condition that after the uncertain valuations of 2020 and 2021, this yr’s funds usually are not expected to perform well for any VC. The mismatch is probably going resulting from high AI valuations giving risks a way of an economic recovery that has yet to bear fruit in other sectors. Sequoia is an investor in high-growth artificial intelligence corporations including OpenAI, Glean and Harvey, amongst others.

Sequoia has raised over $800 million for Fund XVII, which closed in 2022.

This article was originally published on : techcrunch.com
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Revolut will introduce mortgage loans, smart ATMs and business lending products

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Revolutthe London-based fintech unicorn shared several elements of the corporate’s 2025 roadmap at a company event in London on Friday. One of the corporate’s important goals for next yr will be to introduce an AI-enabled assistant that will help its 50 million customers navigate financial apps, manage money and customize software.

Considering that artificial intelligence is at the middle of everyone’s attention, this move shouldn’t be surprising. But an AI assistant could actually help differentiate Revolut from traditional banking services, which have been slower to adapt to latest technologies.

When Revolut launched its app almost 10 years ago, many individuals discovered the concept of debit cards with real-time payment notifications. Users may lock the cardboard from the app.

Many banks now can help you control your card using your phone. However, they’re unlikely to supply AI features that might be useful yet.

In addition to the AI ​​assistant, Revolut announced that it will introduce branded ATMs to the market. These will end in money being spent (obviously), but in addition cards – which could encourage latest sign-ups.

Revolut said it plans so as to add facial recognition features to its ATMs in the longer term, which could help with authentication without using the same old card and PIN protocol. It will be interesting to see the way it implements this technology in a way that complies with European Union data protection regulations, which require explicit consent to make use of biometric data for identification purposes.

According to the corporate, Revolut ATMs will start appearing in Spain in early 2025.

Revolut has had a banking license in Europe for a while, which implies it may offer lending products to its retail customers. It already offers bank cards and personal loans in some countries.

Now the corporate plans to expand into mortgage loans – some of the popular lending products in Europe – with an emphasis on speed. If it’s an easy request, customers should generally expect immediate approval and a final offer inside one business day. However, mortgages are rarely easy, so it will be interesting to see if Revolut overpromises.

It appears that the mortgage market rollout will be slow. Revolut said it was starting in Lithuania, with Ireland and France expected to follow suit. Although all these premieres are scheduled for 2025.

Finally, Revolut intends to expand its business offering in Europe with its first loan products and savings accounts. In the payments space, it will enable business customers to supply “buy now, pay later” payment options.

Revolut will introduce Revolut kiosks with biometric payments especially for restaurants and stores.

If all these features seem overwhelming, it’s because Revolut is consistently committed to product development, rolling out latest features quickly. And 2025 looks no different.

This article was originally published on : techcrunch.com
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Flipkart co-founder Binny Bansal is leaving PhonePe’s board

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Flipkart co-founder Binny Bansal has stepped down three-quarters from PhonePe’s board after making an identical move on the e-commerce giant.

Bengaluru-based PhonePe said it has appointed Manish Sabharwal, executive director at recruitment and human resources firm Teamlease, as an independent director and chairman of the audit committee.

Bansal played a key role in Flipkart’s acquisition of PhonePe in 2016 and has since served on the fintech’s board. The Walmart-backed startup, which operates India’s hottest mobile payment app, spun off from Flipkart in 2022 and was valued at $12 billion in funding rounds that raised about $850 million last 12 months.

Bansal still holds about 1% of PhonePe. Neither party explained why they were leaving the board.

“I would like to express my heartfelt gratitude to Binny Bansal for being one of the first and staunchest supporters of PhonePe,” Sameer Nigam, co-founder and CEO of PhonePe, said in a press release. His lively involvement, strategic advice and private mentoring have profoundly enriched our discussions. We will miss Binny!”

This article was originally published on : techcrunch.com
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