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Northzone‘s new partner Wendy Xiao Schadeck isn’t new to the firm — she actually joined back in 2015.
Before entering the venture world, Schadeck co-founded co-working and childcare startup CoHatchery. And as a Northzone principal, she’s already been involved in the firm’s investments in Spring Health (mental health), 3box (cloud infrastructure), Livepeer (blockchain-based video transcoding) and Magic.link (user authentication).
More broadly, Northzone says Schadeck helped to develop the firm’s investment theses around crypto, consumer technology, health, developer/web 3.0 infrastructure.
“Wendy has already proven herself through very insightful sector-driven thought leadership and has solidified our position in the New York ecosystem,” said General Partner Pär-Jörgen Pärson in a statement. “She has defined and redefined an honest, authentic and inspiring dialogue between herself as an investor and the entrepreneurs she supports.”
Schadeck told me that her interests have “crystallized” around three key areas — “open data, open finance and open community.” And she said that with her promotion to partner, she will be able to work even more closely with founders, a topic she’s become “obsessed” with.
“We’ve all seen this VC meme, ‘How can I be helpful?’ and I’ve sometimes accidentally literally said it,” Schadeck said. “But we mean it: Other than providing capital, first and foremost, on good terms, what other dimensions are there that are becoming more and more important? … How can I customize my approach to provide what the founder needs from me?”
While Schadeck is Northzone’s first New York-based partner (its other partners are in London and Stockholm), she said she will make investments outside the region, albeit with an NYC focus.
“We’ve tried to do this matrix approach, where we both have sectors that we’re pretty excited about and build expertise and experience in, as well as relationships” she said. “And those relationships are better with local entrepreneurs.”
Source: https://techcrunch.com/2021/01/19/northzone-promotes-wendy-xiao-schadeck/
Last year, ViacomCBS announced its CBS All Access streaming service would soon rebrand as Paramount+, to better reflect the expanded content lineup following the Viacom-CBS merger in 2019. Today, the company says it has set a launch date for Paramount+ in the U.S.: March 4, 2021. It’s also sharing the launch dates for other international markets, including Latin America, Canada and the Nordics.
The service will debut on March 4 in Latin American markets, and will rebrand from CBS All Access to Paramount+ in Canada at the same time. However, Canada won’t receive the expanded lineup until later in 2021. The Nordics region will see the service arrive on March 25, 2021, which is followed by a launch in Australia in “mid-2021.”
The company had been touting its plans for the rebranded service since earlier last year, explaining how the new streaming offering, an expansion of CBS All Access, would allow it to showcase the company’s biggest franchises and its deep library, while also offering a home to its growing collection of original content, like the multiple “Star Trek” series now streaming on CBS All Access and “The Good Wife” spin-off, “The Good Fight,” among others.
The service will also continue to stream sports, like NFL games and those from other leagues, like the NCAA and PGA, and live stream news from CBSN and local stations.
Last year, ViacomCBS additionally announced other originals it had planned for the new service, including “The Offer,” a scripted limited series about the making of “The Godfather;” CIA spy drama “Lioness,” created by Taylor Sheridan; a reimagined version of MTV’s “Behind the Music,” which will focus on the past 40 years; a true crime docu-series, “The Real Criminal Minds,” based on the fictional TV hit; and a revival of BET’s “The Game.”
There will be expanded children’s programming, too, including a new kids original series “Kamp Koral,” from Nickelodeon’s “Spongebob Squarepants.” And it it will be the subscription video on demand home for the “The Spongebob Movie: Sponge on the Run.”
CBS All Access had already been expanding its lineup ahead of the full rebrand, with the goal of reaching more than 30,000 episodes and movies, by incorporating content from ViacomCBS-owned brands like BET, CBS, Comedy Central, MTV, Nickelodeon, and Paramount Pictures.
Despite its plans to make Paramount+ a standalone destination, ViacomCBS has been licensing its content to other streamers, as well. During its first full year as a newly combined company in 2020, ViacomCBS made carriage deals with Comcast, Dish, Verizon (TechCrunch’s parent), Nextstar, Meredith, Cox and Sinclair, and hashed out agreements with YouTube TV and Hulu for incremental revenues. Both YouTube TV and Hulu added over a half dozen ViacomCBS-owned channels to their respective lineups and hiked prices, as a result.
Because Paramount+ is built on CBS All Access’ existing tech platform, it will have the same distribution across platforms (TV, web, and mobile) as its predecessor from day one.
Today, CBS All Access is estimated to have around 8 million subscribers, which makes it far smaller than other newer rivals like Disney+ (73M+) and HBO Max (12.6M “activated users”).
Rivian has raised $2.65 billion as it prepares to begin production this summer of its all-electric pickup truck.
The round, which was led by funds and accounts advised by T. Rowe Price Associates Inc., also included Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, Coatue and D1 Capital Partners as well as several other existing and new investors.
The capital comes at a critical time for Rivian, which is undertaking the design, development, production and delivery of two consumer vehicles — the R1T pickup truck the R1S SUV — build out of its electric vehicle charging network as well as fulfilling an order for 100,000 commercial delivery vans for Amazon.
“The support and confidence of our investors enables us to remain focused on these launches while simultaneously scaling our business for our next stage of growth,” Rivian founder and CEO RJ Scaringe said in a statement.
This latest round follows two years of heavy investment activity that began in earnest after the company unveiled its electric SUV and pickup truck at the 2018 LA Auto Show.
Just months after that reveal, Rivian announced a $700 million funding round led by Amazon. More deals and investments would follow, including a $500 million investment from Ford — along with a promise to collaborate on a future EV program — and a $350 million investment by Cox Automotive in September 2019. The company closed the year with an announcement that it had raised a $1.3 billion round led by funds and accounts advised by T. Rowe Price Associates, Inc. with additional participation from Amazon, Ford Motor Company and funds managed by BlackRock.
The stream of capital didn’t stop in 2020. Rivian announced in July it had raised $2.5 billion in a round led by funds and accounts advised by T. Rowe Price Associates Inc. New investors Soros Fund Management LLC, Coatue, Fidelity Management and Research Company and Baron Capital Group along with existing shareholders Amazon and BlackRock joined the round.
To date, Rivian has raised $8 billion since the start of 2019.
Rivian’s factory in Normal, Illinois.
Rivian hasn’t held back on spending that capital. The company has put more than $1 billion into its factory in Normal, Illinois. The factory, which once produced the Mitsubishi Eclipse through a joint venture between Mitsubishi and Chrysler Corporation, has been completely updated and expanded.
The overhaul of the 3 million-square-foot is on schedule, but not yet complete, according to the company. A pilot line is operational and is producing validation prototypes of its R1T pickup truck daily.
Despite a pandemic that sparked a global recession, 2020 was still a record year for venture capital investments into American startups.
According to data shared by PitchBook and the National Venture Capital Association, investors poured $156.2 billion into domestic startups last year, or around $428 million for each day of the year. The huge sum of money, however, was itself dwarfed by the amount of liquidity that American startups generated, some $290.1 billion.
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The exit-value figure was a record as well, as were the 321 rounds worth $100 million — nearly one for each day of the year.
But while the U.S. venture capital market in 2020 was hot, it was not newly so. In 2018 and 2019, VCs invested around $140 billion into domestic startups, making last year’s $156 billion result a record, but not a shocking departure from previous years.
A first read of the data indicates that the U.S. venture capital market is still getting larger in scale and later-stage in focus. But inside those well-worn trends are a host of notable movements that both underscore what we observed last year in real time, and teach us something new about today’s venture capital market.
So far, 2021’s startup financing and exit market appears to be the mirror of what we saw in late 2020. So we’d best understand the past so we can forecast what we’ll see in Q1 of 2021.
To avoid getting too lost in the data, we’ll proceed by stage, pulling out key facts for each step of the startup lifecycle. Feel free to scroll to the one that makes the most sense for where your company is, or fund invests today.
Seed
In the U.S., seed deal count was high in 2020, around 5,227 per PitchBook’s estimates. Those rounds were worth just over $10 billion, making it the third year in a row in which American seed-stage startups managed around $10 billion in capital against around 5,000 rounds.
Boring, yeah? Not really. Inside those numbers are the whole year’s ups-and-downs: the fact that the seed data is so close to 2018 and 2019 levels is almost silly.
The real surprise from seed, per PitchBook’s report, is that these valuations actually fell on a year-over-year basis in 2020. This, despite the fact that seed deal sizes rose.
Considering these two trends at once, it appears likely that, on average, VC ownership as a percentage of seed-stage companies rose in 2020.
Frankly I was just surprised to see a form of startup valuation decrease after expanding for nearly a decade.
Source: https://techcrunch.com/2021/01/19/in-2020-vcs-invested-428m-into-us-based-startups-every-day/
Three of the leading exam proctoring companies are facing calls to be more transparent, amid continued claims of bias by students forced to take remote exams because of the ongoing pandemic.
Exam proctoring tech lets students take remotely invigilated tests from home. Students are told to install their university’s choice of proctoring software, which allows the exam monitor deep access to the student’s computer, including their webcams and microphones, to monitor their activity to spot potential cheating.
But companies like Proctorio, ExamSoft, and ProctorU have faced a barrage of criticism from students who say that their proctoring technology is fraught with problems, including issues of bias — all of which could impact their test results.
Chief among the complaints are that their proctoring software cannot recognize faces with darker skin tones or religious headgear, and discriminates against students with disabilities and those in lower-income areas who may not have the internet speeds to meet the standards of the test-taking tech.
Several U.S. Democratic senators sent Proctorio, ExamSoft, and ProctorU letters in December calling on the companies to explain their technology and policies better. In their responses seen by TechCrunch, the companies rejected claims of discrimination and all said that it’s up to the teachers to decide whether a student has cheated, not the companies themselves.
But lawmakers say that the companies are not transparent enough, and worry teachers could be making decisions about a student’s conduct based on little more than what the technology tells them.
“Proctorio, ExamSoft, and ProctorU claim they don’t have problems with bias, yet alarming reports from students tell a different story,” Sen. Richard Blumenthal (D-CT) told TechCrunch. “These responses from the companies are only the first step in learning more about how they operate, but much more transparency is needed into the systems that have the power to accuse students of cheating. I will work on every fix necessary to ensure students are protected.”
Students across the U.S. have already called on their schools to stop using proctoring software citing privacy and security risks.
We sent the companies several questions. ProctorU’s chief executive Scott McFarland declined to comment citing the holiday weekend. Proctorio and ExamSoft did not respond.
Source: https://techcrunch.com/2021/01/19/senator-more-transparency-is-needed-by-exam-proctoring-tech-firms/
