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Startup News
TechCrunch
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a16z- and Benchmark-backed 11x has been claiming customers it doesn’t have
- AI-powered sales automation startup 11x, backed by a16z and Benchmark, has faced financial struggles due to issues of its own making, as reported by investors and employees.
- The lead Series B investor, Andreessen Horowitz, denied rumors of considering legal action against 11x.
- 11x offers an AI bot for outbound cold sales but encountered customer issues such as product malfunction and misrepresentation of customer endorsements.
- Companies like ZoomInfo and Airtable disputed being 11x customers and threatened legal action over the use of their logos without permission.
- Employees described a stressful work environment, significant churn rate, and shady tactics by 11x in reporting annual recurring revenue.
- 11x faced criticism over the quality of its product, with customers reporting issues like hallucinations, billing problems, and underwhelming performance.
- The company's aggressive tactics, lack of transparency, and high-pressure work culture led to employee turnover and concerns about overdue back pay.
- Despite claiming improvements in product quality and customer retention, 11x continues to face scrutiny over its business practices and customer relationships.
- Investors and employees highlighted discrepancies between 11x's reported growth metrics and the actual customer satisfaction levels.
- The company's questionable practices, including exaggerating customer numbers and using misleading endorsements, have raised concerns within the industry.
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Startupcan
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Startup Canada CEO Kayla Isabelle Honoured with Women of the Year Award
- Kayla Isabelle, CEO of Startup Canada, has been honored with the DMZ Women of the Year Award.
- Kayla's leadership at Startup Canada has driven meaningful change for Canadian entrepreneurs.
- The Women of the Year Award recognizes leaders who are shaping the future of tech and business in Canada.
- Other recipients of the award include Bobbie Racette, Emmanuelle Coppinger, Lisa Zarzeczny, Melisa Ellis, Noura Sakkijha, Rachel Bartholomew, Sarah Stockdale, Serena Nguyen, and Snita Balsara.
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Gritdaily
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Doroni Aerospace: Making Your Personal Flying Car a Living Reality
- Doroni Aerospace has created the H1-X, an all-weather personal flying car that can be charged with a standard EV charger and can fly at up to 120 mph.
- The H-1X eVTOL platform offers vertical takeoff capabilities, with deliveries expected to start in the second half of 2025.
- Customers will need a valid driver's license and a 20-hour training course to fly the H1X.
- The H1X is equipped with safety features like anti-collision sensors, a ballistic parachute, joystick-based control, autonomous navigation, and remote piloting capabilities.
- Doroni aims to redefine urban air mobility by engaging with stakeholders and customers for their sleek and functional H1-X model.
- Doroni Aerospace's journey started in 2017, leading to the development of the H1-X prototype by 2023 and patented innovations for noise reduction and safety.
- Sales channels for the H1-X will include direct sales, brand experience stores, and online platforms.
- Doroni plans to launch the showroom model of H1-X by April 2025, with test flights expected in December 2024.
- Saudi-based Innovation Wings Industries has invested $30 million in Doroni to accelerate development and manufacturing capabilities.
- Doroni Aerospace aims to make eVTOL technology accessible and safe for consumers, with plans to launch the H1-X by the end of 2026.
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TechCrunch
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Vertical farming company Plenty files for bankruptcy after raising nearly $1B
- Vertical farming company, Plenty, has filed for bankruptcy after raising nearly $1 billion in funding since its inception in 2014.
- Plenty plans to continue operating a strawberry farm in Virginia and a plant science R&D center in Wyoming.
- The company has secured $20.7 million in debtor-in-possession financing as part of a proposed restructuring plan.
- Other vertical farming companies, such as Bowery Farming, AeroFarms, and AppHarvest, have also faced bankruptcies in recent years.
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Medium
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Scaling with Constraints: The Reality of Building a Brand (Day 3 & Day 4)
- Budget constraints, supply chain challenges, and pressure to make smart financial decisions are constant hurdles for entrepreneurs.
- Successful brands prioritize consistency, customer experience, and sustainable marketing.
- The past couple of days have been focused on refining the approach, studying competitors, and optimizing logistics.
- The goal remains to create a trusted and memorable brand, with tomorrow's focus on budgeting and managing costs.
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Medium
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Starting a Programmable ChatGPT-Driven Online Database
- The landscape of data management is evolving with programmable databases and large language models like ChatGPT gaining prominence.
- Programmable databases allow users to define and execute custom logic within the database, enhancing data management capabilities.
- ChatGPT's natural language understanding offers new possibilities for human-computer interaction in data management systems.
- The integration of programmable databases with ChatGPT holds potential for intelligent and interactive data systems.
- Programmable databases enable flexibility in data manipulation and automation of routine tasks.
- Stored procedures, views, functions, and triggers are key programmable objects in relational databases.
- Relational databases like MySQL and PostgreSQL offer mature programmability features suitable for various applications.
- NoSQL databases provide flexibility, scalability, and built-in scripting capabilities for AI integration.
- Graph databases like Neo4j excel in managing data based on relationships, ideal for applications involving complex data connections.
- Integrating ChatGPT with databases through API endpoints, middleware layers, and RAG architectures enhances usability and functionality.
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Medium
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What “Who Moved My Cheese?” Teaches Us About Foundational AI Models
- AI companies need to learn fast that the cheese has already moved.
- Foundational AI models no longer hold the same competitive advantage.
- Open-source models are dominating, but proprietary data still defines competitive advantage.
- The key to success lies in adaptation and expertise, not just in building better models.
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Npengage
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Improve Your Student Billing Process
- Many educational institutions struggle with inefficient student billing processes, balancing customer service and financial concerns.
- Streamlining the billing process can lead to reduced errors, improved cash flow, and a better experience for staff and students.
- Key steps to enhance the student billing process include defining the process, starting at enrollment, determining billing schedules, capturing charges accurately, managing receivables efficiently, and following up on outstanding items.
- Integrating enrollment management with tuition and billing software is crucial for accurate information flow and reduced errors.
- Setting up billing schedules promptly encourages on-time payments and aids in cash flow forecasting.
- Utilizing online portals for payment plans can increase autonomy for payers and reduce tuition delinquency.
- Automating payment reminders and allowing split charges for contributors can enhance the billing process.
- Efficiently managing receivables and applying payments against outstanding balances can improve financial reporting and cash flow visibility.
- Diligent follow-up on late payments is essential, and schools may choose to outsource this process for better efficiency.
- Improving billing processes not only drives revenue and sustainability but also lowers costs, enhances relationships, increases miscellaneous charge collections, and improves cash flow timeliness.
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Insider
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Ex-Meta VP is raising back-to-back mega funding rounds from the same investors who made a fortune when Google bought Wiz
- Roi Tiger, a former vice president of engineering at Meta, is raising $55 million in a Series A funding round for a new cybersecurity startup.
- The round is set to be led by Greenoaks and is expected to value the company at hundreds of millions of dollars.
- Tiger recently raised $20 million in seed funding from investors including Sequoia, Index Ventures, and Cyberstarts.
- The funding comes after Alphabet announced the acquisition of Wiz for $32 billion, increasing investor interest in Israeli cybersecurity startups.
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Pymnts
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9fin Acquires Bond Radar to Strengthen AI-Powered Analytics Platform
- 9fin has acquired Bond Radar to strengthen its AI-powered analytics platform for debt capital markets.
- The acquisition will provide 9fin with historical data and market reach from Bond Radar.
- The integration of Bond Radar's resources will solidify 9fin's position as a comprehensive tool for debt market professionals.
- The acquisition will also facilitate 9fin's expansion into new markets and asset classes.
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Medium
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Why Are More Businesses Turning to the Medium Platform to Explode Growth?
- More businesses are turning to the Medium platform to boost growth.
- Medium's high-ranking domain authority in Google helps articles gain outside views.
- Companies like Airbnb, Slack, and Figma use Medium to enhance brand authority and drive traffic.
- Medium's SEO potential and ability to send referral traffic makes it a valuable tool for businesses.
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TheStartupMag
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Tech for Good: 10 Female Leaders Making a Positive Impact
- Females are excelling in entrepreneurship with 39.1% of U.S. businesses owned by women.
- Female entrepreneurs empower and employ more women, yet workplace discrimination is on the rise.
- In tech, initiatives to attract women face obstacles, with only 27% considering a tech career.
- Ten female tech leaders are highlighted for their impactful work in various sectors.
- Such as Yoona Kim, founder of Arine, improving healthcare outcomes via data science.
- Priyanka Srinivas of DE3PBIO harnesses AI for sustainable Active Functional Ingredients.
- Elizabeth Rafferty, Chief People Officer at Ness Digital Engineering, focuses on culture.
- Grace Chang's Kintsugi offers voice biomarker software to detect mental health issues.
- Sarah McGarr at Sim Local enhances mobile connectivity and safety for travelers.
- Shagun Malhotra's SkyStem aids businesses with automated account reconciliation.
- Norelle Done promotes sustainable cleaning solutions at Viking Pure Solutions.
- Laura Hernandez at Source Meridian drives the future of healthcare software solutions.
- Alexandra Hudak at SQream develops strategic alliances in data acceleration solutions.
- Ana Aguilar Pérez, at
Accelerator, supports startups and EU-funded projects.
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The Robot Report
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The Bot Company, led by Kyle Vogt, brings in another $150M
- The Bot Company, led by Kyle Vogt, has raised $150 million in new funding, bringing its valuation to $2 billion.
- The latest funding round includes participation from Greenoaks and various other investors.
- Vogt, co-founder of Cruise, started The Bot Company with $150 million already raised.
- The Bot Company aims to create home robots to automate household chores and has remained secretive about its system and capabilities.
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18 Likes
TechCrunch
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AI creation platform Arcade expands from jewelry to home goods
- Arcade, a generative AI marketplace for designing jewelry, is expanding to include home goods, starting with rugs.
- Arcade announced its $25 million Series A funding round, bringing the total amount raised to $42 million.
- Arcade's rug creation tool allows users to select material and describe the desired design, with options at more affordable prices than luxury rug retailers.
- Arcade introduces 'Match My Room' feature to help users upload a photo of their space and generate rug designs that complement the existing colors and style.
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Inc42
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Image Credit: Inc42
BlackBuck Beefs Up Vehicle Financing Business With INR 40 Cr Infusion
- Logistics company BlackBuck has infused INR 40 Cr in its NBFC subsidiary Blackbuck Finserve Pvt Ltd (BFPL) through a rights issue.
- BlackBuck has invested the amount towards the subscription of equity shares of BFPL to augment the NBFC's capital base.
- BFPL offers vehicle financing options, particularly for the purchase of used commercial vehicles or to avail financing on existing vehicles.
- In Q3 FY25, BlackBuck's lending business generated a revenue of INR 1.58 Cr, while its consolidated net loss increased due to exceptional items.
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