No reason to panic more over VC fund performance — yet Rebecca Szkutak 9 hours Over the last year, the venture industry has had a tough time. Many feared that the bull market had pushed valuations to unsustainable heights and would result in a windfall of startup down rounds and cash burn, which would have
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Diamonds: carbon, transparent, expensive, symbolic of love and commitment — and many of them come dripping with human rights abuses. They also come with a heavy environmental burden, even the lab-grown ones. So what if diamonds could be done differently, with proper traceability and sustainability? That’s exactly where Aether, a diamond-growing company based in New
HSBC UK is acquiring Silicon Valley Bank UK for a symbolic £1. The deal comes after a tense weekend of frantic negotiations by the U.K. government, regulators and a suite of other potential suitors in the wake of the U.K. business, a subsidiary of the troubled U.S. entity, entering insolvency procedures on Friday. The deal
Stop me if you’ve heard this one before: Apple is building a mixed reality headset that’s set to ship this year. The company’s MR (AR+VR) hardware ranks among its longest-lasting rumor cycles. Some (Apple Watch) have borne fruit. Others (that pesky Apple TV set) not so much. The category doesn’t feel like a foregone conclusion
Spotify has bigger plans for the technology behind its new AI DJ feature after seeing positive consumer reaction to the new feature. Launched just ahead of the company’s Stream On event in L.A. last week, the AI DJ curates a personalized selection of music combined with spoken commentary delivered in a realistic-sounding, AI-generated voice. But
Puneet Gupta Contributor Puneet Gupta is the CEO and co-founder of Amberflo.io. He was formerly a general manager at AWS. I spent several years as a general manager at Amazon Web Services and my teams launched two Tier 1 services: Amazon CloudSearch and Amazon OpenSearch. Like every product at AWS, these were scaled with a
Signature Bank is the second casualty of the ongoing banking crisis in the U.S. The New York-based financial institution stopped operating abruptly on Sunday — customers will be made whole. Regulators said that Signature Bank also caused a systemic risk and could threaten the U.S. banking system. In other words, the government is stepping up
U.K. tech founders, investors, and ecosystem leaders have been giving their reactions to the news that SVB UK will be rescued by HSBC. The bank purchased the operation for a nominal £1 overnight, averting insolvency proceedings that were due to start this morning. It said that it will be “business as usual” for its customers,
Twitter Inc. was recovering from its second outage in less than a week, after an “internal change” caused users to get error messages when clicking on links within tweets. Kurt Wager reports on “Bloomberg Technology.” ——– Like this video? Subscribe to Bloomberg Technology on YouTube: https://www.youtube.com/channel/UCrM7B7SL_g1edFOnmj-SDKg Watch the latest full episodes of “Bloomberg Technology” with Caroline
Global payroll provider Deel plans to provide $120 million of its own cash off its balance sheet to support startups’ payroll operations in the wake of Silicon Valley Bank shutting down. It has teamed up with Andreessen Horowitz (a16z) and Y Combinator – both of which are investors in Deel – to offer the support
As Silicon Valley Bank collapsed before our eyes on Thursday, a founder told me that the world felt like it did when COVID-19 first bared its teeth. I scoffed at his analogy at first: are we really using a still on-going and devastating pandemic to describe the fall of a prominent bank? But then I
In the US today, The Federal Deposit Insurance Corp. continued the auction process for the beleaguered Silicon Valley Bank, with final bids due by Sunday afternoon, according to Bloomberg. Any agreed sale may not be known until late Sunday, if at all. It’s still possible that no deal will be reached and the bank will
Welcome to The Interchange! If you received this in your inbox, thank you for signing up and your vote of confidence. If you’re reading this as a post on our site, sign up here so you can receive it directly in the future. Every week, I’ll take a look at the hottest fintech news of the previous week.
An auction for the remaining assets of the failed Silicon Valley Bank is reportedly underway, with final bids due this afternoon and a result potentially arriving late Sunday, according to Bloomberg. Bloomberg says that the U.S. Federal Deposit Insurance Corp. (FDIC), which stepped in and shut down SVB on Friday as it was experiencing an unprecedented
The dust has yet to settle in the largest bank run in U.S. history, a collapse that in just 48 hours dismantled the tech startup-focused Silicon Valley Bank. But already a debate is raging in the venture capital community and investors are picking sides. On Friday, a group of more than two dozen venture capital
Brex CEO Henrique Dubugras is currently working to raise over a billion dollars in a weekend to help fund an emergency bridge credit line that he believes will help startup customers impacted by Silicon Valley Bank’s collapse be able to make payroll next week. Dubugras declined to comment on how much capital has been committed
Bloomberg’s Mark Gurman joins Ed Ludlow to discuss how Apple is gearing up to launch its next slate of laptops and desktops, including a new iMac. ——– Like this video? Subscribe to Bloomberg Technology on YouTube: https://www.youtube.com/channel/UCrM7B7SL_g1edFOnmj-SDKg Watch the latest full episodes of “Bloomberg Technology” with Caroline Hyde and Ed Ludlow here: https://tinyurl.com/ycyevxda Get the
Serial entrepreneur and venture capitalist Garry Tan is less than three months into his new job as the CEO of Y Combinator, one of the most famed accelerator programs in tech. And it seems like it’s been an eventful onboarding process thus far. Along with pretty much every other corner of the startup world, YC
Brett Adcock Contributor Brett Adcock is the founder of Figure, an AI robotics company building a general-purpose humanoid robot. Previously, he founded Archer Aviation, an urban air mobility company that went public at $2.7B and Vettery, a machine learning-based talent marketplace that was acquired for $110M. Yesterday, the U.S. experienced its second-largest bank failure in
W elcome to the TechCrunch Exchange, a weekly startups-and-markets newsletter. It’s inspired by the daily TechCrunch+ column where it gets its name. Want it in your inbox every Saturday? Sign up here. Enterprise cloud spend is holding up well, but large companies are looking into vendor consolidation. This makes cloud marketplaces an increasingly relevant sales
Welcome to Startups Weekly, a nuanced take on this week’s startup news and trends by Senior Reporter and Equity co-host Natasha Mascarenhas. To get this in your inbox, subscribe here. Writer’s note: We’re breaking from our usual formatting this week because there was a once-in-a-generation collapse of one of the biggest banks in the country.
As of late Thursday night and Friday morning, the fallout from the shutdown of Silicon Valley Bank in the US had reached the shores of the UK and Europe. Yesterday afternoon, the Bank of England sought a court order to place Silicon Valley Bank UK Limited — the UK arm of the US institution —
The fallout from the collapse of Silicon Valley Bank is impacting a range of startups and larger firms including, as we know now from SEC filings, publicly traded companies like Roku, Roblox, Quotient, and others. Roku said in a filing that it had around $487 million held at SVB, representing around 26% of its cash
Engineers at Polymath Robotics were working late Wednesday night on multiple projects when co-founder and CEO Stefan Seltz-Axmacher noticed chatter about Silicon Valley Bank in a YC founder WhatsApp group. The conversation was related to an article published that day about SVB’s plan to launch a $2.25 billion share sale and an agreement by General
The sudden collapse of Silicon Valley Bank, which served as lifeblood for startups, is also impacting firms 8,000 miles away. Dozens of young Indian startups backed by the likes of YC, Accel, Sequoia India, Lightspeed, SoftBank and Bessemer Venture Partners banked with Silicon Valley Bank, sometimes as their only banking partner, and couldn’t take out
Meta is planning a fresh round of layoffs and will cut thousands of employees as soon as this week. Ed Ludlow reports for Bloomberg Technology. #jobs #technology #bloomberg #metaverse #facebook Like this video? Subscribe to Bloomberg Technology on YouTube: https://www.youtube.com/channel/UCrM7B7SL_g1edFOnmj-SDKg Watch the latest full episodes of “Bloomberg Technology” with Emily Chang here: Get the latest
Earlier this week, venture investors and startups ran from Silicon Valley Bank, a financial institution that started the week solvent and closed it being shut down by regulators. While its failure affects the accounts of startups and venture investors that banked with it, SVB’s demise also has an impact on another service startups frequently used
To get a roundup of TechCrunch’s biggest and most important stories delivered to your inbox every day at 3 p.m. PST, subscribe here. Hi, Crunchers, Today, there’s only one story on everyone’s lips: The sudden and dramatic collapse of Silicon Valley Bank (SVB), the 40-year-old Silicon Valley institution. With $209 billion of assets under management
Like all of its peers in the tech industry, Microsoft has a carbon pollution problem. The software giant’s emissions are on the rise, in spite of a pledge from the company to be carbon negative by 2030. This ticking clock explains Microsoft’s latest deal to address its environmental toll: It’s turning to Running Tide to
The U.K.’s Competition and Markets Authority (CMA) won’t be pursuing an anticompetition collusion case against Google and Facebook’s parent Meta, following a similar decision made by its counterparts in the Europe Union. However, Google will remain under the CMA’s spotlight, with parts of the Google-Meta case now being bundled with a separate ongoing antitrust against
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