Category Archives: Tech News

Mode raises $33M to supercharge its analytics platform for data scientists

Posted by on 6 August, 2020

This post was originally published on this site

Data science is the name of the game these days for companies that want to improve their decision making by tapping the information they are already amassing in their apps and other systems. And today, a startup called Mode Analytics, which has built a platform incorporating machine learning, business intelligence and big data analytics to help data scientists fulfill that task, is announcing $33 million in funding to continue making its platform ever more sophisticated.

Most recently, for example, the company has started to introduce tools (including SQL and Python tutorials) for less technical users, specifically those in product teams, so that they can structure queries that data scientists can subsequently execute faster and with more complete responses — important for the many follow-up questions that arise when a business intelligence process has been run. Mode claims that its tools can help produce answers to data queries in minutes.

This Series D is being led by SaaS specialist investor H.I.G. Growth Partners, with previous investors Valor Equity Partners, Foundation Capital, REV Venture Partners and Switch Ventures all participating. Valor led Mode’s Series C in February 2019, while Foundation and REV respectively led its A and B rounds.

Mode is not disclosing its valuation, but co-founder and CEO Derek Steer confirmed in an interview that it was “absolutely” an up-round.

For some context, PitchBook notes that last year its valuation was $106 million. The company now has a customer list that it says covers 52% of the Forbes 500, including Anheuser-Busch, Zillow, Lyft, Bloomberg, Capital One, VMware and Conde Nast. It says that to date it has processed 830 million query runs and 170 million notebook cell runs for 300,000 users. (Pricing is based on a freemium model, with a free “Studio” tier and Business and Enterprise tiers priced based on size and use.)

Mode has been around since 2013, when it was co-founded by Steer, Benn Stancil (Mode’s current president) and Josh Ferguson (initially the CTO and now chief architect).

Steer said the impetus for the startup came out of gaps in the market that the three had found through years of experience at other companies.

Specifically, when all three were working together at Yammer (they were early employees and stayed on after the Microsoft acquisition), they were part of a larger team building custom data analytics tools for Yammer. At the time, Steer said Yammer was paying $1 million per year to subscribe to Vertica (acquired by HP in 2011) to run it.

They saw an opportunity to build a platform that could provide similar kinds of tools — encompassing things like SQL Editors, Notebooks and reporting tools and dashboards — to a wider set of users.

“We and other companies like Facebook and Google were building analytics internally,” Steer recalled, “and we knew that the world wanted to work more like these tech companies. That’s why we started Mode.”

All the same, he added, “people were not clear exactly about what a data scientist even was.”

Indeed, Mode’s growth so far has mirrored that of the rise of data science overall, as the discipline of data science, and the business case for employing data scientists to help figure out what is “going on” beyond the day to day, getting answers by tapping all the data that’s being amassed in the process of just doing business. That means Mode’s addressable market has also been growing.

But even if the trove of potential buyers of Mode’s products has been growing, so has the opportunity overall. There has been a big swing in data science and big data analytics in the last several years, with a number of tech companies building tools to help those who are less technical “become data scientists” by introducing more intuitive interfaces like drag-and-drop features and natural language queries.

They include the likes of Sisense (which has been growing its analytics power with acquisitions like Periscope Data), Eigen (focusing on specific verticals like financial and legal queries), Looker (acquired by Google) and Tableau (acquired by Salesforce).

Mode’s approach up to now has been closer to that of another competitor, Alteryx, focusing on building tools that are still aimed primarily at helping data scientists themselves. You have any number of database tools on the market today, Steer noted, “Snowflake, Redshift, BigQuery, Databricks, take your pick.” The key now is in providing tools to those using those databases to do their work faster and better.

That pitch and the success of how it executes on it is what has given the company success both with customers and investors.

“Mode goes beyond traditional Business Intelligence by making data faster, more flexible and more customized,” said Scott Hilleboe, managing director, H.I.G. Growth Partners, in a statement. “The Mode data platform speeds up answers to complex business problems and makes the process more collaborative, so that everyone can build on the work of data analysts. We believe the company’s innovations in data analytics uniquely position it to take the lead in the Decision Science marketplace.”

Steer said that fundraising was planned long before the coronavirus outbreak to start in February, which meant that it was timed as badly as it could have been. Mode still raised what it wanted to in a couple of months — “a good raise by any standard,” he noted — even if it’s likely that the valuation suffered a bit in the process. “Pitching while the stock market is tanking was terrifying and not something I would repeat,” he added.

Given how many acquisitions there have been in this space, Steer confirmed that Mode too has been approached a number of times, but it’s staying put for now. (And no, he wouldn’t tell me who has been knocking, except to say that it’s large companies for whom analytics is an “adjacency” to bigger businesses, which is to say, the very large tech companies have approached Mode.)

“The reason we haven’t considered any acquisition offers is because there is just so much room,” Steer said. “I feel like this market is just getting started, and I would only consider an exit if I felt like we were handicapped by being on our own. But I think we have a lot more growing to do.”

Crossbeam announces $25M Series B to keep growing partnerships platform

Posted by on 6 August, 2020

This post was originally published on this site

As sales teams partner with other companies, they go through a process called account mapping to find common customers and prospects. This is usually a highly manual activity tracked in spreadsheets. Crossbeam, a Philadelphia startup, has come up with a way to automate partnership data integration. Today the company announced a $25 million Series B investment.

Redpoint Ventures led the round with help from existing investors FirstMark Capital, Salesforce Ventures, Slack Fund and Uncork Capital, along with new investors Okta Ventures and Partnership Leaders, a partnership industry association. All in all, an interesting mix of traditional VCs and strategic investors that Crossbeam could potentially partner with as they grow the business.

The funding comes on the heels of a $3.5 million seed round in 2018 and a $12.5 million Series A a year ago. The startup has now raised a total of $41 million.

Crossbeam has been growing steadily, and that attracted the attention of investors, whom CEO and co-founder Bob Moore says approached him. He was actually not thinking about fundraising until next year, but when the opportunity presented itself, he decided to seize it.

The platform has a natural networking effect built into it with over 900 companies using it so far. As new companies come on, they invite partners, who can join and invite more partners, and that creates a constant sales motion for them without much effort at all.

“We didn’t go out fundraising. We caught the eye of Redpoint because they could see the virality of the product and the extent to which it was being used by many of their portfolio companies and companies out in the market […],” Moore told TechCrunch.

Image Credits: Crossbeam

To accelerate interest in the product, the company also announced a new free tier, which replaces the limited free trial and a starter level that previously cost $500 per month. Prior to this move, if you didn’t move to the starter tier, you would lose your data when the trial was over.

“The idea here is what we’ve seen in the data is that we can create a whole lot of value for people and demonstrate really strong ROI once they get in the door and actually have access to that data, and they don’t have to worry about a free trial where the data is going away,” Moore explained.

Moore says they currently have 28 employees and have ambitious plans to add new people to the mix in the coming months, expecting to reach 50 employees by early 2021. As the company revs up on the personnel side, Moore says diversity is front and center of their plans.

“As far as Crossbeam specifically goes, we’ve made sure that diversity, equity and inclusion is part of our entire recruiting process and also the cultural experience that we create for people that are at the company,” he said. Although he didn’t discuss specific numbers, he said the company was making progress, particularly in the latest round of hires.

While the company has an office in Philly, even before COVID hit, it was a remote first organization with about half of the employees working from home. “I think a lot of our culture was kind of built to make sure that remote team members are first-class citizens in every respect in the company. So we already had all the controls, technology and practices in place, and when we shut the office, it was about as smooth as could be,” he said.

WordPress.com launches new P2 to take on internal communication tools

Posted by on 6 August, 2020

This post was originally published on this site

WordPress.com, a division of Automattic, is launching a new product called P2. And this time, it’s all about improving internal communications for private groups. As a remote company, Automattic has been using P2 internally for years to communicate asynchronously. It’s a place to share long-form posts, a repository to keep onboarding documents and other important evergreen documents.

P2 is built on top of WordPress . You can view it as a sort of WordPress for teams that is heavily customized around the concept of sharing ideas with other team members. Companies now rely on multiple internal communication tools. P2 can replace some of them but doesn’t want to reinvent the wheel altogether.

For instance, P2 isn’t a Slack competitor. You can’t use it for real-time chat. But P2 can be used to share important announcements — the kind of announcements that you can find on an intranet portal.

Image Credits: WordPress.com

You can also use it for long-term projects and create your own P2 for your team in particular. In that case, P2 competes more directly with Workplace by Facebook or Yammer. In order to make it more useful for asynchronous communications, P2 has some features that make it more useful than a simple WordPress blog.

For instance, you can @-mention your co-workers to send them a notification and follow posts to receive updates. You can also create checklists, embed PDF documents, stick important posts at the top of the homepage and stay on top of what happened while you were gone. There are dedicated menus to view new posts, new comments and mentions you’ve received.

While you can theoretically access the classic WordPress back-end, you can write new posts, edit existing posts and write comments without ever leaving P2. The company uses the new block editor that lets you add headings, lists, video embeds and media in a visual way. It works a bit like Squarespace’s editor or Notion, and it makes a ton of sense to leverage the new editor right next to content you’re viewing, commenting on, etc.

For content that always remains relevant, you can create documents, which are pages without a specific publishing date and without comments. These documents are sorted in their own category and can be easily shared across a company. You can use documents for internal policies, guides or important contact information. Many companies rely on Google Docs and shared folders in Google Drive for this kind of document. P2 could potentially replace those shared folders and become the main information repository.

By default, P2 sites are private, but you can make them public in case you want to share updates on your product with clients or use P2 for public events.

If you’re familiar with the WordPress ecosystem, you might already know a WordPress theme called P2. The new P2 announced today is a new product that takes that idea to the next level. Automattic has been iterating on the concept and using it widely with its 1,300 employees across 912 internal P2 sites.

WordPress.com is going to offer hosted P2 instances. Anybody can create a P2 for free and invite other people. Eventually, WordPress.com plans to offer paid subscriptions for advanced features. In other words, P2 is going to be a software-as-a-service product. But there will be a self-hostable, open-source version in the future as well.

I played around with a few P2 instances, and the overall impression is that the complexity of WordPress remains hidden by default, which is a good thing. It’s a clean and focused product that would work particularly well in that spot between company-wide emails and announcements getting lost in Slack.

Image Credits: WordPress.com

Microsoft launches Open Service Mesh

Posted by on 5 August, 2020

This post was originally published on this site

Microsoft today announced the launch of a new open-source service mesh based on the Envoy proxy. The Open Service Mesh is meant to be a reference implementation of the Service Mesh Interface (SMI) spec, a standard interface for service meshes on Kubernetes that has the backing of most of the players in this ecosystem.

The company plans to donate Open Service Mesh to the Cloud Native Computing Foundation (CNCF) to ensure that it is community-led and has open governance.

“SMI is really resonating with folks and so we really thought that there was room in the ecosystem for a reference implementation of SMI where the mesh technology was first and foremost implementing those SMI APIs and making it the best possible SMI experience for customers,” Microsoft director of partner management for Azure Compute (and CNCF board member) Gabe Monroy told me.

Image Credits: Microsoft

He also added that, because SMI provides the lowest common denominator API design, Open Service Mesh gives users the ability to “bail out” to raw Envoy if they need some more advanced features. This “no cliffs” design, Monroy noted, is core to the philosophy behind Open Service Mesh.

As for its feature set, SMI handles all of the standard service mesh features you’d expect, including securing communications between services using mTLS, managing access control policies, service monitoring and more.

Image Credits: Microsoft

There are plenty of other service mesh technologies in the market today, though. So why would Microsoft launch this?

“What our customers have been telling us is that solutions that are out there today, Istio being a good example, are extremely complex,” he said. “It’s not just me saying this. We see the data in the AKS support queue of customers who are trying to use this stuff — and they’re struggling right here. This is just hard technology to use, hard technology to build at scale. And so the solutions that were out there all had something that wasn’t quite right and we really felt like something lighter weight and something with more of an SMI focus was what was going to hit the sweet spot for the customers that are dabbling in this technology today.”

Monroy also noted that Open Service Mesh can sit alongside other solutions like Linkerd, for example.

A lot of pundits expected Google to also donate its Istio service mesh to the CNCF. That move didn’t materialize. “It’s funny. A lot of people are very focused on the governance aspect of this,” he said. “I think when people over-focus on that, you lose sight of how are customers doing with this technology. And the truth is that customers are not having a great time with Istio in the wild today. I think even folks who are deep in that community will acknowledge that and that’s really the reason why we’re not interested in contributing to that ecosystem at the moment.”

Datafold is solving the chaos of data engineering

Posted by on 5 August, 2020

This post was originally published on this site

It seemed so simple. A small schema issue in a database was wrecking a feature in the app, increasing latency and degrading the user experience. The resident data engineer pops in a fix to amend the schema, and everything seems fine — for now. Unbeknownst to them, that small fix completely clobbered all the dashboards used by the company’s leadership. Finance is down, ops is pissed, and the CEO — well, they don’t even know whether the company is online.

For data engineers, it’s not just a recurring nightmare — it’s a day-to-day reality. A decade plus into that whole “data is the new oil” claptrap, and we’re still managing data piecemeal and without proper systems and controls. Data lakes have become data oceans and data warehouses have become … well, whatever the massive version of a warehouse is called (a waremansion I guess). Data engineers bridge the gap between the messy world of real life and the precise nature of code, and they need much better tools to do their jobs.

As TechCrunch’s unofficial data engineer, I’ve personally struggled with many of these same problems. And so that’s what drew me into Datafold.

Datafold is a brand-new platform for managing the quality assurance of data. Much in the way that a software platform has QA and continuous integration tools to ensure that code functions as expected, Datafold integrates across data sources to ensure that changes in the schema of one table doesn’t knock out functionality somewhere else.

Founder Gleb Mezhanskiy knows these problems firsthand. He’s informed from his time at Lyft, where he was a data scientist and data engineer, and later transformed into a product manager “focused on the productivity of data professionals.” The idea was that as Lyft expanded, it needed much better pipelines and tooling around its data to remain competitive with Uber and others in its space.

His lessons from Lyft inform Datafold’s current focus. Mezhanskiy explained that the platform sits in the connections between all data sources and their outlets. There are two challenges to solve here. First, “data is changing, every day you get new data, and the shape of it can be very different either for business reasons or because your data sources can be broken.” And second, “the old code that is used by companies to transform this data is also changing very rapidly because companies are building new products, they are refactoring their features … a lot of errors can happen.”

In equation form: messy reality + chaos in data engineering = unhappy data end users.

With Datafold, changes made by data engineers in their extractions and transformations can be compared for unintentional changes. For instance, maybe a function that formerly returned an integer now returns a text string, an accidental mistake introduced by the engineer. Rather than wait until BI tools flop and a bunch of alerts come in from managers, Datafold will indicate that there is likely some sort of problem, and identify what happened.

The key efficiency here is that Datafold aggregates changes in datasets — even datasets with billions of entries — into summaries so that data engineers can understand even subtle flaws. The goal is that even if an error transpires in 0.1% of cases, Datafold will be able to identify that issue and also bring a summary of it to the data engineer for response.

Datafold is entering a market that is, quite frankly, as chaotic as the data being processed. It sits in the key middle layer of the data stack — it’s not the data lake or data warehouse for storing data, and it isn’t the end user BI tools like a Looker, Tableau or many others. Instead, it’s part of a number of tools available for data engineers to manage and monitor their data flows to ensure consistency and quality.

The startup is targeting companies with at least 20 people on their data team — that’s the sweet spot where a data team has enough scale and resources that they are going to be concerned with data quality.

Today Datafold is three people, and will be debuting officially at YC’s Demo Day later this month. Its ultimate dream is a world where data engineers never again have to get an overnight page to fix a data quality issue. If you’ve been there, you know precisely why such a product is valuable.

PandaDoc announces second Series B extension worth $30M

Posted by on 5 August, 2020

This post was originally published on this site

PandaDoc, the startup that provides a fully digital sales document workflow from proposal to electronic signature to collecting payment, announced a $30 million Series B extension today, making it the second such extension the company has taken since taking its original $15 million Series B in 2017. The total for the three B investments is $50 million.

Company co-founder and CEO Mikita Mikado says that he took this approach — taking the original money in 2017, then $5 million last year along with the money announced today — because it made more sense financially for the company than taking a huge chunk of money all at once.

“Basically when we do little chunks of cash frequently, [we found that] you dilute yourself less,” Mikado told TechCrunch. He said that they’ve grown comfortable with this approach because the business became more predictable once it passed 10,000 customers. In fact today it has 20,000.

“With a high-velocity in-bound sales model, you can predict what’s going to happen next month or [say] six months out. So you kind of have this luxury of raising as much money as you need when you need it, minimizing dilution just like public companies do,” he said.

While he wouldn’t discuss specifics in terms of valuations, he did say that the B1 had 2x the valuation of the original B round and the B2 had double the valuation of the B1.

For this round, One Peak led the investment, with participation from Microsoft’s Venture Fund (M12), Savano Capital Partners, Rembrandt Venture Partners and EBRD Venture Capital Investment Programme.

Part of the company’s growth strategy is using their eSignature tool to move people to the platform. They made that tool free in March just as the pandemic was hitting hard in the U.S., and it has proven to be what Mikado called “a lead magnet” to get more people familiar with the company.

Once they do that he says, they start to look at the broader set of tools and they can become paying customers. “This launch helped us validate that businesses need a broader workflow solution. Businesses used to think of the eSignature as the Holy Grail in getting a deal done. Now they are realizing that eSignature is just a moment in time. The full value is what happens before, during and after the eSignature in order to get deals done,” Mikado said.

The company currently has 334 employees with plans to hit 380 by year’s end and is aiming for 470 by next year. With the office in San Francisco, Belarus and Manila, it has geographic diversity built in, but Mikado says it’s something they are still working at and includes anti-bias programs and training and leadership programs to give more people a chance to be hired or promoted into management.

When it came to shutting down offices and working from home, Mikado admits it was a challenge, especially as some of the geographies they operate in might not have access to a good internet connection at home or face other challenges, but overall he says it has worked out in terms of maintaining productivity across the company. And he points out being geographically diverse, they have had to deal with online communications for some time.

Kubermatic launches open-source service hub to enable complex service management

Posted by on 5 August, 2020

This post was originally published on this site

As Kubernetes and cloud-native technologies proliferate, developers and IT have found a growing set of technical challenges they need to address, and new concepts and projects have popped up to deal with them. For instance, operators provide a way to package, deploy and manage your cloud-native application in an automated way. Kubermatic wants to take that concept a step further, and today the German startup announced KubeCarrier, a new open-source, cloud-native service management hub.

Kubermatic co-founder Sebastian Scheele says three or four years ago, the cloud-native community needed to solve a bunch of technical problems around deploying Kubernetes clusters, such as overlay networking, service meshes and authentication. He sees a similar set of problems arising today where developers need more tools to manage the growing complexity of running Kubernetes clusters at scale.

Kubermatic has developed KubeCarrier to help solve one aspect of this. “What we’re currently focusing on is how to provision and manage workloads across multiple clusters, and how IT organizations can have a service hub where they can provide those services to their organizations in a centralized way,” Scheele explained.

Scheele says that KubeCarrier provides a way to manage and implement all of this, giving organizations much greater flexibility beyond purely managing Kubernetes. While he sees organizations with lots of Kubernetes operators, he says that as he sees it, it doesn’t stop there. “We have lots of Kubernetes operators now, but how do we manage them, especially when there are multiple operators, [along with] the services they are provisioning,” he asked.

This could involve provisioning something like Database as a Service inside the organization or for external customers, while combining or provisioning multiple services, which are working on multiple levels and a need a way to communicate with each other.

“That is where KubeCarrier comes in. Now, we can help our customers to build this kind of automation around provisioning, and service capability so that different teams can provide different services inside the organization or to external customers,” he said.

As the company explains it, “KubeCarrier addresses these complexities by harnessing the Kubernetes API and Operators into a central framework allowing enterprises and service providers to deliver cloud native service management from one multi-cloud, multi-cluster hub.”

KubeCarrier is available on GitHub, and Scheele says the company is hoping to get feedback from the community about how to improve it. In parallel, the company is looking for ways to incorporate this technology into its commercial offerings, and that should be available in the next 3-6 months, he said.

Analog Devices to acquire rival chipmaker Maxim Integrated for $21 billion

Posted by on 13 July, 2020

This post was originally published on this site

Analog Devices didn’t waste any time kicking off the week with a bang when it announced this morning it was acquiring rival chipmaker Maxim Integrated Products for $20.91 billion (according to multiple reports). The company had a market cap of $17.09 billion as of Friday’s close.

The deal, which has already been approved by both company’s boards, would create a chip making behemoth worth $68 billion, according to the Analog. The idea behind the transaction is that bigger is better and the combined companies will increase Analog’s revenue by $8.2 billion.

What’s more, the two companies should combine well together in that there isn’t much overlap in their businesses. Maxim’s strength is in the automotive and datacenter spaces, while Analog is more concentrated in industrial and healthcare.

Vincent Roche, President and CEO of ADI was enthusiastic about the potential of the combined organizations. “ADI and Maxim share a passion for solving our customers’ most complex problems, and with the increased breadth and depth of our combined technology and talent, we will be able to develop more complete, cutting-edge solutions,” he said in a statement.

Maxim was founded back in 1983 and went public in 1988. It made 9 acquisitions between 2002 and 2013 with the most recent being Voltera in 2013, according to Crunchbase data.

As with all deals of this sort, it needs to pass regulator muster first, but the companies expect the deal to close by next summer.

UIPath reels in another $225M as valuation soars to $10.2B

Posted by on 13 July, 2020

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Last year, Gartner found that Robotic Process Automation (RPA) is the fastest growing category in enterprise software. So perhaps it shouldn’t come as a surprise that UIPath, a leading startup in the space, announced a $225 million Series E today on an eye-popping $10.2 billion valuation.

Alkeon Capital led the round with help from Accel, Coatue, Dragoneer, IVP, Madrona Venture Group, Sequoia Capital, Tencent, Tiger Global, Wellington and T. Rowe Price Associates, Inc. Today’s investment brings the total raised to $1.225 billion, according to Crunchbase data.

It’s worth noting that the presence of institutional investors like Wellington is often a signal that a company could be thinking about going public at some point. CFO Ashim Gupta didn’t shy away from a future IPO, saying that co-founder and CEO Daniel Dines has discussed the idea in recent months and what it would take to become a public company.

“We’re evaluating the market conditions and I wouldn’t say this to be vague, but we haven’t chosen a day that says on this day we’re going public. We’re really in the mindset that says we should be prepared when the market is ready, and I wouldn’t be surprised if that’s in the next 12-18 months,” he said.

One of the factors that’s attracting so much investor interest is its growth rate, which Gupta says is continuing on an upward trajectory, even during the pandemic as companies look for ways to automate. In fact, he reports that recurring revenue has grown from $100 million to $400 million over the last 24 months.

RPA helps companies add a level of automation to manual legacy processes, bringing modernization without having to throw out existing systems. This approach appeals to a lot of companies not willing to rip and replace to get some of the advantages of digital transformation. The pandemic has only served to push this kind technology to the forefront as companies look for ways to automate more quickly.

The company raised some eyebrows in the fall when it announced it was laying off 400 employees just 6 months after raising $568 million on a $7 billion valuation, but Gupta said that the layoffs represented a kind of reset for the company after it had grown rapidly in the prior two years.

“From 2017 to 2019, we invested in a lot of different areas. I think in October, the way we thought about it was, we really started taking a pause as we became more confident in our strategy, and we reassessed areas that we wanted to cut back on, and that drove those layoff decisions in October.

As for why the startup needs all that cash, Gupta says in a growing market, it is spending to grab as much market share as it can and that takes a lot of investment. Plus it can’t hurt to have plenty of money in the bank as a hedge against economic uncertainty during the pandemic either. Gupta notes that UIPath could also be looking at strategic acquisitions in the months ahead to fill in holes in the product roadmap more rapidly.

While the company doesn’t expect to go through the kind of growth it went through in 2017 and 2018, it will continue to hire, and Gupta says the leadership team is committed to building a diverse team at all levels of the organization. “We want to have the best people, but we really do believe that having the best people and the best team means that diversity has to be a part of that,” he said.

The company was founded in 2005 in Bucharest outsourcing automation libraries and software. In 2015, it began the pivot to RPA and has been growing in leaps and bounds ever since. When we spoke to the startup in September 2018 around its $225 million Series C investment (which eventually ballooned to $265 million), it had 1800 customers. Today it has 7000 and growing.

Daily Crunch: Rackspace is going public again

Posted by on 10 July, 2020

This post was originally published on this site

We look at Rackspace’s finances, a Facebook code change causes numerous app issues and electric vehicle company Rivian raises $2.5 billion. Here’s your Daily Crunch for July 10, 2020.

The big story: Rackspace is going public again

The cloud computing company first went public in 2008, before accepting a $4.3 billion offer to go private from Apollo Global Management. Rackspace says it will use the proceeds from the IPO to lower its debt load.

Alex Wilhelm took a deep dive into Rackspace’s finances, concluding that the proper valuation is a “puzzle”:

The company is tech-ish, which means it will find some interest. But its slow growth rate, heavy debts and lackluster margins make it hard to pin a fair multiple onto.

The tech giants

New report outlines potential roadmap for Apple’s ARM-based MacBooks — Analyst Ming-Chi Kuo said that a 13.3-inch MacBook powered by Apple’s new processors will arrive in the fourth quarter of this year.

Facebook code change caused outage for Spotify, Pinterest and Waze apps — Looks like Facebook was responsible for some crashing apps this morning.

California reportedly launches antitrust investigation into Google — This makes California the 49th state to launch an antitrust investigation into the search giant, according to Politico.

Startups, funding and venture capital

Rivian raises $2.5 billion as it pushes to bring its electric RT1 pickup, R1S SUV to market — The company plans to bring its electric pickup truck and SUV, as well as delivery vans for Amazon, to market in 2021.

A glint of hope for India’s food delivery market as Zomato projects monthly cash burn of less than $1 million — “We’ll only lose $1 million this month” doesn’t feel like a huge accomplishment, but at least things seem to be headed in the right direction.

Advice and analysis from Extra Crunch

How Thor Fridriksson’s ‘Trivia Royale’ earned 2.5 million downloads in 3 weeks — The latest game from the QuizUp founder was (briefly) the top app in the App Store. We talk to Fridriksson about how he did it.

COVID-19 pivot: Travel unicorn Klook sees jump in staycations — With bookings for overseas experiences plummeting, Klook began offering do-it-yourself kits for stay-at-home projects and partnered with landmark sites to offer virtual tours.

Operator Collective brings diversity and inclusion to enterprise investing — The firm, founded last year, said it currently has 130 operator LPs, 90% of them women and 40% of them people of color.

(Reminder: Extra Crunch is our subscription membership program, which aims to democratize information about startups. You can sign up here.)

Everything else

NASA signs agreement with Japan to cooperate across Space Station, Artemis and Lunar Gateway projects — Japan first expressed its intent to participate in the Lunar Gateway program in October 2019, making it one of the first countries to do so.

Equity: Silicon Valley is built on immigrant innovation — The latest episode of Equity discusses how recent visa changes will affect Silicon Valley.

Five reasons to attend TC Early Stage online — July 21 and 22! I will be there!

The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 3pm Pacific, you can subscribe here.

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