Technology
TechCrunch Minute: FDA Approval Clears Way for Apple’s AirPod Hearing Aids
During last week’s GlowTime event, Apple announced that iOS 18 will include a feature that may allow users with mild to moderate hearing loss to make use of AirPods as hearing aids.
But Apple was still waiting for FDA approval—approval that was announced just days later. The FDA described it as the primary “over-the-counter hearing aid software,” and certainly one of its leaders suggested it could possibly be “another step that increases the availability, affordability, and acceptability of hearing support for adults with perceived mild to moderate hearing loss.”
TechCrunch’s Brian Heater tried out a partial version of the feature last week. It won’t be available to those with standard AirPods, just like the ones I’m wearing now; you will need the corporate’s latest premium headphones, the AirPods Pro 2, since the feature leverages the Pro’s passive noise cancellation and H2 chip.
In today’s TechCrunch Minute, we discuss how Apple’s hearing test works and the way it’s changing the hearing aid market.
Technology
VC on how to “survive and thrive” after a round of losses
Founders hope their startups will continually raise larger rounds of funding at rising valuations. However, unexpected challenges, comparable to a global health crisis or a sudden increase in rates of interest, could have a significant impact on a company’s ability to maintain its valuations.
Some of these startups could have to resort to seed rounds, which is recent financing at a lower valuation than the corporate’s previous price. While founders and investors generally try to avoid inheritances, contrary to popular belief, these deals don’t necessarily have a devastating impact on a startup’s future.
“Our first investment when we founded the company in 2021 was to take stock of the company, which had to make a complete change during the pandemic,” said Nikhil Basu Trivedi, co-founder of Footwork, on the TechCrunch Disrupt 2024 stage. “Their initial business was in the university housing market, which was decimated when the pandemic hit.”
Footwork reset the corporate’s cap table and created a recent pool of stock options for the whole team, Basu Trivedi said, adding that the corporate’s recent business, a restaurant subscription platform called Table22, “managed to survive and thrive because of this experience.” Last week, Table22 announced Series A for $11 million led by Lightspeed Venture Partners.
Although definitely not all corporations which have to undergo a round of declines make a full recovery. Elliott Robinson, a partner at Bessemer Venture Partners, said on stage that if a company is struggling, “there’s a pretty good chance that someone else in your space or a competitor is struggling with a lot of the same challenges.”
Robinson encouraged startups in these positions to stay the course. “If you lose a defensive round, there’s nothing wrong with that,” he said. “In a difficult market environment, this might actually be a victory. You may not see or feel it until the fourth quarter or six, but most of the time the market can open up to you if you happen to’re willing to hang in there.
Notable corporations which have seen valuation hits include Ramp, which was valued at $5.8 billion last yr, a 28% reduction from its previous price of $8.1 billion. The fintech gained some of its value in April this yr when Khosla Ventures valued it at $7.65 billion.
Down rounds weren’t quite common throughout the pandemic boom, but their incidence as a percentage of total deals has greater than doubled from 7.6% in 2021 to 15.7% according to PitchBook data in the primary half of 2024.
Startup prices dropped significantly after the US Fed raised rates of interest, and many corporations’ valuations remain inflated relative to their performance, said Dayna Grayson, co-founder of Construct Capital. Some of these corporations are likely considering probate rounds, but many founders find such deals very stressful.
In the probate round, employees and founders receive a smaller percentage of ownership of the corporate.
“I think the scariest thing for a lot of founders is managing morale,” Grayson said. “But you can absolutely motivate people through down rounds.”
Robinson, who has guided three portfolio corporations through periods of decline and decline over the past yr and a half, explained how investors motivated employees and executives at one of those corporations to stay engaged after a round of declines. He explained that while everyone at the corporate experienced a valuation loss, investors created a bonus pool to reward the whole team with money bonuses in the event that they managed to achieve a 60% revenue increase inside a certain time-frame. Robinson said founders and top executives can even receive additional capital in the shape of stock options in the event that they meet certain revenue goals.
“This allowed us to make the company-wide goals and management goals very clear,” he said, adding that it “reminded people that the core business is still solid.”
Many enterprise capitalists are currently wondering what is going to occur when multiple AI corporations raise capital at high valuations.
“I think it would be hard to argue that there aren’t overly inflated valuations in the market right now,” Grayson said.
Basu Trivedi, who has invested in several AI startups including AI detector GPTZero, said many AI corporations “have the fundamentals to justify the hype and valuations,” but later added that it’s still hard to say. which artificial intelligence corporations will succeed. “Some of these categories are very competitive,” he said. “There are about 20 companies that do something really similar.”
Technology
The murder trial of technical director Bob Lee is entering its next phase
Roughly 19 months after the fatal stabbing of technology executive Bob Lee in San Francisco captured national attention, the trial of the person accused of killing him, tech entrepreneur and consultant Nima Momeni, will soon begin.
This needs to be fascinating, if the prosecutor’s newly concluded case against Momeni is any indication. According to the San Francisco Standard, here’s the deal chief police investigator took jurors through the myriad twists and turns of a two-day drug bust involving Lee with Khazar Momeni, the defendant’s sister, including the alleged sexual assault of Khazar Momeni by Lee’s friend, a drug dealer, and Nima Momeni’s attack on Lee, which was stabbed 3 times with a kitchen knife.
Certainly, the main points show that Lee’s death had nothing to do with homelessness in San Francisco because it did initially assumed. On the contrary, the case to this point has included many details that would have been seen on an episode of “Law & Order,” from cell phones to the resale of a BMW to a dealership to video evidence from The Battery, a preferred private social media site. club in the town.
Technology
Upwind, an Israeli cloud cybersecurity startup, raises $100 million at a valuation of $850-900 million, sources say
Cybersecurity continues to be of great interest to enterprises on the lookout for higher protection against malicious hackers, and VCs wish to be a part of it. In a recent example, TechCrunch learned and confirmed this Against the wind — a specialist in assessing and securing cloud infrastructure — is closing in on a $100 million round at a post-money valuation of $850-900 million.
New and existing investors participating within the round include Craft Ventures, Greylock, CyberStarts, Leaders Fund, Omri Casspi’s Sheva Fund and basketball star Steph Curry’s Penny Jar investment fund. The round is in the ultimate closing phase – this might occur inside a few days – and will include additional investors.
The round, a Series B, comes hot on the heels of the corporate acquiring “dozens” of Fortune 500 corporations and growing its workforce to about 160 people, the source said.
This is a significant step for Upwind, which previously raised just over $77 million, including: $50 million round in September 2023. Upwind’s latest round valuation was $300 million. It will spend part of the funds on research and development, and part on employment, and plans to employ about 100 people in Israel, San Francisco… and Iceland.
Upwind was founded by Amiram Shachar, who sold his previous company, cloud expense management startup Spot.io, to NetApp for $450 million. It is an element of a guard of cybersecurity startups founded in Israel by teams that cut their teeth originally working in areas corresponding to military intelligence.
In this case, it’s also one of many corporations within the industry specializing in cloud vulnerabilities through a platform approach. Specifically, Upwind goals to take care of the flood of alerts which are typically generated by threat detection tools. It claims to cut back the number of these alerts by 90% to focus security operations teams more on understanding real threats and responding to them faster.
The company’s technology includes cloud services (including areas corresponding to vulnerability management and identity security), workloads (including container security and detection and response), and applications (including areas corresponding to API vulnerability management). To some extent, all of these issues are interconnected, which is one of the the explanation why a platform approach is smart.
We will update this post as we learn more.
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