Category Archives: Tech News

Celonis scores $50 million Series B on $1B valuation

Posted by on 26 June, 2018

This post was originally published on this site

In the age of digital transformation, it’s important to understand your business processes and find improvements quickly, but it’s not always easy to do without bringing in expensive consultants to help. Celonis, a New York City enterprise startup, created a sophisticated software solution to help solve this problem, and today it announced a $50 million Series B investment from Accel and 83North on a $1 billion valuation.

It’s not typical for an enterprise startup to have such a lofty valuation so early in its funding cycle, but Celonis is not a typical enterprise startup. It launched in 2011 in Munich with this idea of helping companies understand their processes, which they call process mining.

“Celonis is an intelligent system using logs created by IT systems such as SAP, Salesforce, Oracle and Netsuite, and automatically understands how these processes work and then recommends intelligently how they can be improved,” Celonis CEO and co-founder Alexander Rinke explained.

The software isn’t magic, but helps customers visualize each business process, and then looks at different ways of shifting how and where humans interact with the process or bringing in technology like robotics process automation (RPA) when it makes sense.

Celonis process flow. Photo: Celonis

Rinke says the software doesn’t simply find a solution and that’s the end of the story. It’s a continuous process loop of searching for ways to help customers operate more efficiently. This doesn’t have to be a big change, but often involves lots incremental ones.

“We tell them there are lots of answers. We don’t think there is one solution. All these little things don’t execute well. We point out these things. Typically we find it’s easy to implement, ” he said.

Screenshot: Celonis

It seems to be working. Customers include the likes of Exxon-Mobile, 3M, Merck, Lockheed-Martin and Uber. Rinke reports deals are often seven figures. The company has grown an astonishing 5,000 percent in the past 4 years and 300 percent in the past year alone. What’s more, it has been profitable every year since it started. (How many enterprise startups can say that?)

The company currently has 400 employees, but unlike most Series B investments, they aren’t looking at this money to grow operationally. They wanted to have the money for strategic purposes, so if the opportunity came along to make an acquisition or expand into a new market, they would be in a position to do that.

“I see the funding as a confirmation and commitment, a sign from our investors and an indicator about what we’ve built and the traction we have. But for us it’s more important, and our investors share this, what they really invested in was the future of the company,” Rinke said. He’s sees an on-going commitment to help his customers as far more important than a billion valuation.

But that doesn’t hurt either as it moves rapidly forward.

Ping Identity acquires stealthy API security startup Elastic Beam

Posted by on 26 June, 2018

This post was originally published on this site

At the Identiverse conference in Boston today, Ping Identity announced that it has acquired Elastic Beam, a pre-Series A startup that uses artificial intelligence to monitor APIs and help understand when they have been compromised.

Ping also announced a new product, PingIntelligence for APIs, based on the Elastic Beam technology. They did not disclose the sale price.

The product itself is a pretty nifty piece of technology. It automatically detects all the API IP addresses and URLs running inside a customer. It then uses artificial intelligence to search for anomalous behavior and report back when it finds it (or it can automatically shut down access depending on how it’s configured).

“APIs are defined either in the API gateway because that facilitates creation or implemented on an application server like node.js. We created a platform that could bring a level of protection to both,” company founder Bernard Harguindeguy told TechCrunch.

It may seem like an odd match for Ping, which after all, is an enterprise identity company, but there are reasonable connections here. Perhaps the biggest is that CEO Andre Durand wants to see his company making increasing use of AI and machine learning for identity security in general. It’s also worth noting that his company has had an API security product in its portfolio for over five years, so it’s not a huge stretch to buy Elastic Beam.

With this purchase, Ping has not only acquired some advanced technology, it has also acqui-hired a team of AI and machine learning experts that could help inject the entire Ping product line with AI and machine learning smarts. “Nobody should be surprised who has been watching that Ping will drive machine learning AI and general intelligence into our identity platform,” Durand said.

Harguindeguy certainly sees the potential here. “I think we can over time bring a high level of monitoring and intelligence to Ping to understand whether an identity may have been used by someone else or being misused somehow,” he said.

Elastic Beam interface. Photo: Elastic Beam website

Harguindeguy will join Ping Identity as Senior Vice President of Intelligence along with his entire team. Neither company would divulge the exact number of employees, but Durand did acknowledge it fell somewhere between the 11 and 50 mentioned in the company Crunchbase profile. The original team consisted of around 10 according to  Harguindeguy and they have been hiring for some time, so fair to say more than 11, but less than 50.

Harguindeguy says they were pursued by more than one company (although he wouldn’t say who those other companies were), but he felt that Ping provided a good cultural match for his company and could take them where they wanted to go faster than they could on their own, even with Series A money.

“We realized this is going to be really big. How do we go after the market really strongly really fast? We saw that we could could fuse this really fast with Ping and have strong go- to market with with them,” he said.

Durand acknowledged that Ping, which was itself acquired by Vista Equity Partners for $600 million two years ago, couldn’t have made such an acquisition without the backing of a larger firm like this. “There was there was no chance we could have done either UnboundID (which the company acquired in August 2016) or Elastic Beam on our own. This was purely an artifact of being part of the Vista family portfolio,” he said.

PingIntelligence for APIs, the product based on Elastic Beam’s technology, is currently in private preview. It should be generally available some time later this year.

BigID scores $30 million Series B months after closing A round

Posted by on 25 June, 2018

This post was originally published on this site

BigID announced a big $30 million Series B round today, which comes on the heels of closing their $14M A investment in January. It’s been a whirlwind year for the NYC data security startup as GDPR kicked in and companies came calling for their products.

The round was led by Scale Venture Partners with participation from previous investors ClearSky Security, Comcast Ventures, Boldstart Ventures, Information Venture Partners and SAP.io.

BigID has a product that helps companies inventory their data, even extremely large data stores, and identify the most sensitive information, a convenient feature at a time where GDPR data privacy rules, which went into effect at the end of May, require that companies doing business in the EU have a grip on their customer data.

That’s certainly something that caught the eye of Ariel Tseitlin from Scale Venture Partners. “We talked to a lot of companies, how they feel more specifically about about GDPR, and more broadly about how they think about data within in their organizations, and we got a very strong signal that there is a lot of concern around the regulation and how to prepare for that, but also more fundamentally, that CIOs and chief data officers don’t have a good sense of where data resides within their their organizations,” he explained.

Dimitri Sirota, CEO and co-founder, says that GDPR is a nice business driver, but he sees the potential to grow the data security market much more broadly than simply as a way to comply with one regulatory ruling or another. He says that American companies are calling, even some without operations in Europe because they see getting a grip on their customer data as a fundamental business imperative.

BigID product collage. Graphic: BigID

The company plans to expand their partner go-to market strategy in the coming the months, another approach that could translate to increased sales. That will include global systems integrators. Sirota says to expect announcements involving the usual suspects in the coming months. “You’ll see over the next little bit, several announcements with many of the names that you’re familiar with in terms of go-to market and global relationships,” he said.

Finally there are the strategic investors in this deal, including Comcast and SAP, which Sirota thinks will also ultimately help them get enterprise deals they might not have landed up until now. The $30 million runway also gives customers who might have been skittish about dealing with a young-ish startup, more confidence to make the deal.

BigID seems to have the right product at the right time. Scale’s Tseitlin, who will join the board as part of the deal, certainly sees the potential of this company to scale far beyond its current state.

“The area where we tend to spend a lot of time, and I think is what what attracted Dimitri to having us as an investor, is that we really help with the scaling phase of company growth,” he said. True to their name, Scale tries to get the company to that next level beyond product/market fit to where they can deliver consistently and continually grow revenue. They have done this with Box and DocuSign and others and hope that BigID is next.

Security, privacy experts weigh in on the ICE doxxing

Posted by on 22 June, 2018

This post was originally published on this site

In what appears to be the latest salvo in a new, wired form of protest, developer Sam Lavigne posted code that scrapes LinkedIn to find Immigration and Customs Enforcement employee accounts. His code, which basically a Python-based tool that scans LinkedIn for keywords, is gone from Github and Gitlab and Medium took down his original post. The CSV of the data is still available here and here and WikiLeaks has posted a mirror.

“I find it helpful to remember that as much as internet companies use data to spy on and exploit their users, we can at times reverse the story, and leverage those very same online platforms as a means to investigate or even undermine entrenched power structures. It’s a strange side effect of our reliance on private companies and semi-public platforms to mediate nearly all aspects of our lives. We don’t necessarily need to wait for the next Snowden-style revelation to scrutinize the powerful — so much is already hiding in plain sight,” said Lavigne.

Doxxing is the process of using publicly available information to target someone online for abuse. Because we can now find out anything on anyone for a few dollars – a search for “background check” brings up dozens of paid services that can get you names and addresses in a second – scraping public data on LinkedIn seems far easier and innocuous. That doesn’t make it legal.

“Recent efforts to outlaw doxxing at the national level (like the Online Safety Modernization Act of 2017) have stalled in committee, so it’s not strictly illegal,” said James Slaby, Security Expert at Acronis. “But LinkedIn and other social networks usually consider it a violation of their terms of service to scrape their data for personal use. The question of fairness is trickier: doxxing is often justified as a rare tool that the powerless can use against the powerful to call attention to perceived injustices.”

“The problem is that doxxing is a crude tool. The torrent of online ridicule, abuse and threats that can be heaped on doxxed targets by their political or ideological opponents can also rain down on unintended and undeserving targets: family members, friends, people with similar names or appearances,” he said.

The tool itself isn’t to blame. No one would fault a job seeker or salesperson who scraped LinkedIn for targeted employees of a specific company. That said, scraping and publicly shaming employees walks a thin line.

“In my opinion, the professor who developed this scraper tool isn’t breaking the law, as it’s perfectly legal to search the web for publicly available information,” said David Kennedy, CEO of TrustedSec. “This is known in the security space as ‘open source intelligence’ collection, and scrapers are just one way to do it. That said, it is concerning to see ICE agents doxxed in this way. I understand emotions are running high on both sides of this debate, but we don’t want to increase the physical security risks to our law enforcement officers.”

“The decision by Twitter, Github and Medium to block the dissemination of this information and tracking tool makes sense – in fact, law enforcement agents’ personal information is often protected. This isn’t going to go away anytime soon, it’s only going to become more aggressive, particularly as more people grow comfortable with using the darknet and the many available hacking tools for sale in these underground forums. Law enforcement agents need to take note of this, and be much more careful about what (and how often) they post online.”

Ultimately, doxxing is problematic. Because we place our information on public forums there should be nothing to stop anyone from finding and posting it. However, the expectation that people will use our information for good and not evil is swiftly eroding. Today, wrote one security researcher, David Kavanaugh, doxxing is becoming dangerous.

“Going after the people on the ground is like shooting the messenger . Decisions are made by leadership and those are the people we should be going after. Doxxing is akin to a personal attack. Change policy, don’t ruin more lives,” he said.

Disrupting the paycheck, Gusto’s Flexible Pay allows employees to pick when they get paid

Posted by on 21 June, 2018

This post was originally published on this site

People should get paid for work they have done. It’s a pretty simple principle of capitalism, but a principle that seems increasingly violated in the modern economy. With semi-monthly paychecks, the work an employee does on the first day of the month won’t be paid until the end of the third week — a delay of up to 21 days. That delay is despite the massive digitalization of bank transfers and accounting over the past few decades that should have made paychecks far more regular.

Gusto, a payroll and HR benefits provider focused on small businesses, announced the launch of Flexible Pay today, a new feature that will allow its payroll users to select when they receive their income for work already completed. The feature, which must be switched on by an employer, will cost employers nothing out-of-pocket today. The launch is limited to customers in Texas, but will expand to other states in the coming year.

As Gusto CEO Joshua Reeves explained it to me, a kid mowing lawns in a neighborhood has a much more visceral connection to income than the modern knowledge economy worker. Cut the grass, get cash — it’s that simple. He also pointed out, with irony, that terminated employees experience much better payroll service than regular employees: they have to be paid out on their last day of work outside of the standard paycheck schedule. Reeves and his team wanted to offer that flexibility and convenience to every worker.

Flexible Pay allows users to choose when they get paid, outside of typical paycheck schedules

The key to this new feature has been Gusto’s increasing data about small businesses. Gusto now serves 1 percent of all small businesses in the U.S., and it has comprehensive access to its customers’ financial and payroll data. With integrations to time sheet services and proper risk modeling, Gusto is able to predict exactly what salary a worker has already earned, and can front the money at minimum risk to itself.

One major challenge for Gusto was how to reconcile the books of the employer with the irregular paycheck schedules desired by employees. Gusto handles all the logistics transparently, including tax withholding, so that for employers, the paycheck distribution looks and feels “normal” on its books.

That means that Gusto is effectively loaning money to companies, since it is paying payroll in advance. Gusto is funding those loans off its balance sheet today, but over time, the company expects to create a financial facility to underwrite the product.

For Reeves, Flexible Pay is “the right thing to do.” He believes that this new level of flexibility will empower workers to control their financial lives. In the long run, as more users get habituated to the product and its convenience, he hopes that the feature will draw other employers into using Gusto based on employee demand.

The unfortunate reality in the American workforce is that huge numbers of workers live paycheck-to-paycheck, by some counts as many as 80 percent. A bill can come due just a day or two before a paycheck hits, but without cash in a checking account, people often have to resort to predatory financial products like payday loans or high-interest credit cards in order to make ends meet. Flexible Pay is one step in the right direction of fighting for workers to get the money they justly deserve.

Stensul raises $7M to make email creation easier for marketers

Posted by on 20 June, 2018

This post was originally published on this site

Email marketing startup Stensul is announcing that it has raised $7 million.

Stensul spun out of founder and CEO Noah Dinkin’s previous company FanBridge. Dinkin explained via email that the startup isn’t competing with the big email service providers — in fact, it integrates with ESPs including Salesforce Marketing Cloud, Oracle Marketing Cloud, Adobe Marketing Cloud and Marketo.

Dinkin said that while ESPs include email creation tools, most companies ignore them. Instead, the marketer has to work with specialists like designers, developer and agencies: “That process often takes weeks, everyone hates it, and it is SUPER expensive.”

Stensul, meanwhile, is focused exclusively on the email creation process. Marketers can build the email themselves, without having to rely on anyone else, in less than 20 minutes.

“They don’t need to know how to code, they don’t need to know how to use Photoshop or have memorized the 100 page pdf of brand guidelines,” Dinkin said. “The platform controls for brand governance and rules, and also guarantees that the output will be technically perfect.”

Stensul

Javelin Venture Partners led the Series A, with participation from Arthur Ventures, First Round Capital, Uncork Capital, Lowercase Capital and former ExactTarget President Scott McCorkle.

“Stensul has zeroed in on a massive problem space hiding in plain sight,” said Javelin’s Alex Gurevich in the funding announcement. “Email Marketing is used by every large company in the world, and the amount of time and money spent on email creation is far more than most people realize. The quality of top-tier customers that stensul has been able to bring on made it clear to us that they have a solution that really delivers value on day 1.”

Companies that have used Stensul include YouTube, Grubhub, BMW, Lyft and Box. Dinkin said he will continue to invest in product, but he the big goal with the new funding is to grow sales and marketing.

Beamery closes $28M Series B to stoke support for its ‘talent CRM’

Posted by on 20 June, 2018

This post was originally published on this site

Beamery, a London-based startup that offers self-styled “talent CRM”– aka ‘candidate relationship management’ — and recruitment marketing software targeted at fast-growing companies, has closed a $28M Series B funding round, led by EQT Ventures.

Also participating in the round are M12, Microsoft’s venture fund, and existing investors Index Ventures, Edenred Capital Partners and Angelpad Fund. Beamery last raised a $5M Series A, in April 2017, led by Index.

Its pitch centers on the notion of helping businesses win a ‘talent war’ by taking a more strategic and pro-active approach to future hires vs just maintaining a spreadsheet of potential candidates.

Its platform aims to help the target enterprises build and manage a talent pool of people they might want to hire in future to get out ahead of the competition in HR terms, including providing tools for customized marketing aimed at nurture relations with possible future hires.

Customer numbers for Beamery’s software have stepped up from around 50 in April 2017 to 100 using it now — including the likes of Facebook (which is using it globally), Continental, VMware, Zalando, Grab and Balfour Beatty.

It says the new funding will be going towards supporting customer growth, including by ramping up hiring in its offices in London (HQ), Austin and San Francisco.

It also wants to expand into more markets. “We’re focusing on some of the world’s biggest global businesses that need support in multiple timezones and geographies so really it’s a global approach,” said a spokesman on that.

“Companies adopting the system are large enterprises doing talent at scale, that are innovative in terms of being proactive about recruiting, candidate experience and employer brand,” he added.

A “significant” portion of the Series B funds will also go towards R&D and produce development focused on its HR tech niche.

“Across all sectors, there’s a shift towards proactive recruitment through technology, and Beamery is emerging as the category leader,” added Tom Mendoza, venture lead and investment advisor at EQT, in a supporting statement.

“Beamery has a fantastic product, world-class high-ambition founders, and an outstanding analytics-driven team. They’ve been relentless about building the best talent CRM and marketing platform and gaining a deep understanding of the industry-wide problems.”

Nginx lands $43 million Series C to fuel expansion

Posted by on 20 June, 2018

This post was originally published on this site

Nginx, the commercial company behind the open source web server, announced a $43 million Series C investment today led by Goldman Sachs Growth Equity.

NEA, which has been on board as an early investor is also participating As part of the deal, David Campbell, managing director at Goldman Sachs’ Merchant Banking Division will join the Nginx board. Today’s investment brings the total raised to $103 million, according to the company.

The company was not willing to discuss valuation for this round.

Nginx’s open source approach is already well established running 400 million websites including some of the biggest in the world. Meanwhile, the commercial side of the business has 1500 paying customers, giving those customers not just support, but additional functionality such as load balancing, an API gateway and analytics.

Nginx CEO Gus Robertson was pleased to get the backing of such prestigious investors. “NEA is one of the largest venture capitalists in Silicon Valley and Goldman Sachs is one of the largest investment banks in the world. And so to have both of those parceled together to lead this round is a great testament to the company and the technology and the team,” he said.

The company already has plans to expand its core commercial product, Nginx Plus in the coming weeks. “We need to continue to innovate and build products that help our customers alleviate the complexity of delivery of distributed or micro service based applications. So you’ll see us release a new product in the coming weeks called Controller. Controller is the control plane on top of Nginx Plus,” Robertson explained. (Controller was launched in Beta last fall.)

But with $43 million in the bank, they want to look to build out Nginx Plus even more in the next 12-18 months. They will also be opening new offices globally to add to its international presence, while expanding its partners ecosystem. All of this means an ambitious goal to increase the current staff of 220 to 300 by the end of the year.

The open source product was originally created by Igor Sysoev back in 2002. He introduced the commercial company on top of the open source project in 2011. Robertson came on board as CEO a year later. The company has been growing 100 percent year over year since 2013 and expects to continue that trajectory through 2019.

Riskified prevents fraud on your favorite e-commerce site

Posted by on 19 June, 2018

This post was originally published on this site

Meet Riskified, an Israel-based startup that has raised $64 million in total to fight online fraud. The company has built a service that helps you reject transactions from stolen credit cards and approve more transactions from legitimate clients.

If you live in the U.S., chances are you know someone who noticed a fraudulent charge for an expensive purchase with their credit card — it’s still unclear why most restaurants and bars in the U.S. take your card away instead of bringing the card reader to you.

Online purchases, also known as card-not-present transactions, represent the primary source of fraudulent transactions. That’s why e-commerce websites need to optimize their payment system to detect fraudulent transactions and approve all the others.

Riskified uses machine learning to recognize good orders and improve your bottom line. In fact, Riskified is so confident that it guarantees that you’ll never have to pay chargebacks. As long as a transaction is approved by the product, the startup offers chargeback protection. If Riskified made the wrong call, the company reimburses fraudulent chargebacks.

On the other side of the equation, many e-commerce websites leave money on the table by rejecting transactions and false declines. It’s hard to quantify this as some customers end up not ordering anything. Riskified should help you on this front too.

The startup targets big customers — Macy’s, Dyson, Prada, Vestiaire Collective and GOAT are all using it. You can integrate Riskified with popular e-commerce payment systems and solutions, such as Shopify, Magento and Stripe. Riskified also has an API for more sophisticated implementations.

Google injects Hire with AI to speed up common tasks

Posted by on 19 June, 2018

This post was originally published on this site

Since Google Hire launched last year it has been trying to make it easier for hiring managers to manage the data and tasks associated with the hiring process, while maybe tweaking LinkedIn while they’re at it. Today the company announced some AI-infused enhancements that they say will help save time and energy spent on manual processes.

“By incorporating Google AI, Hire now reduces repetitive, time-consuming tasks, like scheduling interviews into one-click interactions. This means hiring teams can spend less time with logistics and more time connecting with people,” Google’s Berit Hoffmann, Hire product manager wrote in a blog post announcing the new features.

The first piece involves making it easier and faster to schedule interviews with candidates. This is a multi-step activity that involves scheduling appropriate interviewers, choosing a time and date that works for all parties involved in the interview and scheduling a room in which to conduct the interview. Organizing these kind of logistics tend to eat up a lot of time.

“To streamline this process, Hire now uses AI to automatically suggest interviewers and ideal time slots, reducing interview scheduling to a few clicks,” Hoffmann wrote.

Photo: Google

Another common hiring chore is finding keywords in a resume. Hire’s AI now finds these words for a recruiter automatically by analysing terms in a job description or search query and highlighting relevant words including synonyms and acronyms in a resume to save time spent manually searching for them.

Photo: Google

Finally, another standard part of the hiring process is making phone calls, lots of phone calls. To make this easier, the latest version of Google Hire has a new click-to-call function. Simply click the phone number and it dials automatically and registers the call in call a log for easy recall or auditing.

While Microsoft has LinkedIn and Office 365, Google has G Suite and Google Hire. The strategy behind Hire is to allow hiring personnel to work in the G Suite tools they are immersed in every day and incorporate Hire functionality within those tools.

It’s not unlike CRM tools that integrate with Outlook or GMail because that’s where sales people spend a good deal of their time anyway. The idea is to reduce the time spent switching between tools and make the process a more integrated experience.

While none of these features individually will necessarily wow you, they are making use of Google AI to simplify common tasks to reduce some of the tedium associated with every-day hiring tasks.

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