Cloud services provider DigitalOcean is laying off staff, sources say 30-50 affected

Posted by on 17 January, 2020

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After appointing a new CEO and CFO last summer, cloud infrastructure provider DigitalOcean is embarking on a wider reorganisation: the startup has announced a round of layoffs, with potentially between 30 and 50 people affected.

DigitalOcean has confirmed the news with the following statement:

DigitalOcean recently announced a restructuring to better align its teams to its go-forward growth strategy. As part of this restructuring, some roles were, unfortunately, eliminated. DigitalOcean continues to be a high-growth business with $275M in [annual recurring revenues] and more than 500,000 customers globally. Under this new organizational structure, we are positioned to accelerate profitable growth by continuing to serve developers and entrepreneurs around the world.”

Before this morning, are a number of footprints began to emerge last night, when the layoffs first hit, with people on Twitter talking about it, some announcing that they are looking for new opportunities, and some offering help to those impacted. Our inbound tips estimate the cuts at between 30 and 50 people. With around 500 employees (an estimate on PitchBook) that would work out to up to 10% of staff affected.

It’s not clear what is going on here — we’ll update as and when we hear more — but when Yancey Spruill and Bill Sorenson were respectively appointed CEO and CFO in July 2019 (Spruill replacing someone who was only in the role for a year), the incoming CEO put out a short statement that, in hindsight, hinted at a refocus of the business in the near future.

“My aspiration is for us to continue to provide everything you love about DO now, but to also enhance our offerings in a way that is meaningful, strategic and most helpful for you over time,” he said at the time.

The company provides a range of cloud infrastructure services to developers, including scalable compute services (“Droplets” in DigitalOcean terminology), managed Kubernetes clusters, object storage, managed database services, Cloud Firewalls, Load Balancers and more, with 12 datacenters globally. It says it works with more than 1 million developers across 195 countries. It’s also been expanding the services that it offers to developers, including more enhancements in its managed database services, and a free hosting option for continuous code testing in partnership with GitLab.

All the same, as my colleague Frederic pointed out when DigitalOcean appointed its latest CEO, while developers have generally been happy with the company, it isn’t as hyped as it once was, and is a smallish player nowadays.

And in an area of business where economies of scale are essential for making good margins on a business, it competes against some of the biggest leviathans in tech: Google (and its Google Cloud Platform), Amazon (which as AWS) and Microsoft (with Azure). That could mean that DigitalOcean is either trimming down as it talks investors for a new round; or to better conserve cash as it sizes up how best to compete against these bigger, deep-pocketed players; or perhaps to start thinking about another kind of exit.

In that context, it’s notable that the company not only appointed a new CFO last summer, but also a CEO with prior CFO experience. It’s been a while since DigitalOcean has raised capital. According to PitchBook, DigitalOcean last raised money in 2017, an undisclosed amount from Mighty Capital, Glean Capital, Viaduct Ventures, Black River Ventures, Hanaco Venture Capital, Torch Capital and EG Capital Advisors. Before that, it took out $130 million in debt, in 2016. Altogether it has raised $198 million and its last valuation was from a round in 2015, $683 million.

We’ll update this post as we learn more. Best wishes to those affected by the news.

Posted Under: Tech News
Visa’s Plaid acquisition shows a shifting financial services landscape

Posted by on 16 January, 2020

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When Visa bought Plaid this week for $5.3 billion, a figure that was twice its private valuation, it was a clear signal that traditional financial services companies are looking for ways to modernize their approach to business.

With Plaid, Visa picks up a modern set of developer APIs that work behind the scenes to facilitate the movement of money. Those APIs should help Visa create more streamlined experiences (both at home and inside other companies’ offerings), build on its existing strengths and allow it to do more than it could have before, alone.

But don’t take our word for it. To get under the hood of the Visa-Plaid deal and understand it from a number of perspectives, TechCrunch got in touch with analysts focused on the space and investors who had put money into the erstwhile startup.

Posted Under: Tech News
Epsagon scores $16M Series A to monitor modern development environments

Posted by on 16 January, 2020

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Epsagon, an Israeli startup that wants to help monitor modern development environments like serverless and containers, announced a $16 million Series A today.

U.S. Venture Partners (USVP), a new investor led the round. Previous investors Lightspeed Venture Partners and StageOne Ventures also participated. Today’s investment brings the total raised to $20 million, according to the company.

CEO and co-founder Nitzan Shapira says that the company has been expanding its product offerings in the last year to cover not just its serverless roots, but also giving deeper insights into a number of forms of modern development.

“So we spoke around May when we launched our platform for microservices in the cloud products, and that includes containers, serverless and really any kind of workload to build microservices apps. Since then we have had a few several significant announcements,” Shapira told TechCrunch.

For starters, the company announced support or tracing and metrics for Kubernetes workloads including native Kubernetes along with managed Kubernetes services like AWS EKS and Google GKE. “A few months ago, we announced our Kubernetes integration. So, if you’re running any Kubernetes workload, you can integrate with Epsagon in one click, and from there you get all the metrics out of the box, then you can set up a tracing in a matter of minutes. So that opens up a very big number of use cases for us,” he said.

The company also announced support for AWS AppSync, a no-code programming tool on the Amazon cloud platform. “We are the only provider today to introduce tracing for AppSync and that’s [an area] where people really struggle with the monitoring and troubleshooting of it,” he said.

The company hopes to use the money from today’s investment to expand the product offering further with support for Microsoft Azure and Google Cloud Platform in the coming year. He also wants to expand the automation of some tasks that have to be manually configured today.

“Our intention is to make the product as automated as possible, so the user will get an amazing experience in a matter of minutes including advanced monitoring, identifying different problems and troubleshooting,” he said

Shapira says the company has around 25 employees today, and plans to double headcount in the next year.

Posted Under: Tech News
Cyral announces $11M Series A to help protect data in cloud

Posted by on 16 January, 2020

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Cyral, an early stage startup that helps protect data stored in cloud repositories, announced an $11 million Series A today. The company also revealed a previous undisclosed $4.1 million angel investment, making the total $15.1 million.

The Series A was led by Redpoint Ventures. A.Capital Ventures, Costanoa VC, Firebolt, SV Angel and Trifecta Capital also participated in on the round.

Cyral co-founder and CEO Manav Mital says the company’s product acts as a security layer on top of cloud data repositories — whether databases, data lakes, data warehouse or other data repository — helping identify issues like faulty configurations or anomalous activity.

Mital says that unlike most security data products of this ilk, Cyral doesn’t use an agent or watch points to try to detect signals that indicate something is happening to the data. Instead, he says that Cyral is a security layer attached directly to the data.

“The core innovation of Cyral is to put a layer of visibility attached right to the data endpoint, right to the interface where application services and users talk to the data endpoint, and in real time see the communication,” Mital explained.

As an example, he says that Cyral could detect that someone has suddenly started scanning rows of credit card data, or that someone was trying to connect to a database on an unencrypted connection. In each of these cases, Cyral would detect the problem, and depending on the configuration, send an alert to the customer’s security team to deal with the problem, or automatically shut down access to the database before informing the security team.

It’s still early days for Cyral with 15 employees and a handful of early access customers. Mital says for this round he’s working on building a product to market that’s well designed and easy to use.

He says that people get the problem he’s trying to solve. “We could walk into any company and they are all worried about this problem. So for us getting people interested has not been an issue. We just want to make sure we build an amazing product,” he said.

Posted Under: Tech News
Cloudinary passes $60M ARR without VC money

Posted by on 15 January, 2020

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Hello and welcome back to our regular morning look at private companies, public markets and the gray space in between.

Today we’re continuing our exploration of companies that have reached material scale, usually viewed through the lens of annual recurring revenue (ARR). We’ve looked at companies that have reached the $100 million ARR mark and a few that haven’t quite yet, but are on the way.

Today, a special entry. We’re looking at a company that isn’t yet at the $100 million ARR mark. It’s 60% of the way there, but with a twist. The company is bootstrapped. Yep, from pre-life as a consultancy that built a product to fit its own needs, Cloudinary is cruising toward nine-figure recurring revenue and an IPO under its own steam.

Posted Under: Tech News
Google Cloud gets a premium support plan with 15-minute response times

Posted by on 15 January, 2020

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Google Cloud today announced the launch of its premium support plans for enterprise and mission-critical needs. This new plan brings Google’s support offerings for the Google Cloud Platform (GCP) in line with its premium G Suite support options.

“Premium Support has been designed to better meet the needs of our customers running modern cloud technology,” writes Google’s VP of Cloud Support, Atul Nanda. “And we’ve made investments to improve the customer experience, with an updated support model that is proactive, unified, centered around the customer, and flexible to meet the differing needs of their businesses.”

The premium plan, which Google will charge for based on your monthly GCP spent (with a minimum cost of what looks to be about $12,500 per month), promises a 15-minute response time for P1 cases. Those are situations when an application or infrastructure is unusable in production. Other features include training and new product reviews, as well as support for troubleshooting third-party systems.

Google stresses that the team that will answer a company’s calls will consist of “content-aware experts” that know your application stack and architecture. Like with similar premium plans from other vendors, enterprises will have a Technical Account manager who works through these issues with them. Companies with global operations can opt to have (and pay for) technical account managers available during business hours in multiple regions.

The idea here, however, is also to give GCP users more proactive support, which will soon include a site reliability engineering engagement, for example, that is meant to help customers “design a wrapper of supportability around the Google Cloud customer projects that have the highest sensitivity to downtime.” The Support team will also work with customers to get them ready for special events like Black Friday or other peak events in their industry. Over time, the company plans to add more features and additional support plans.

As with virtually all of Google’s recent cloud moves, today’s announcement is part of the company’s efforts to get more enterprises to move to its cloud. Earlier this week, for example, it launched support for IBM’s Power Systems architecture, as well as new infrastructure solutions for retailers. In addition, it also acquired no-code service AppSheet.

Posted Under: Tech News
Kadena fulfills hybrid blockchain vision with launch of public chain

Posted by on 15 January, 2020

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For the last few years blockchain startup Kadena, has been working on a vision of bringing blockchain to the enterprise. Today it announced the final piece of that vision with the launch of the Kadena public blockchain.

In earlier releases, the company offered the ability to build private blockchains on AWS or Azure. Company co-founder and CEO Will Martino says the public network brings together public and private chains in a hybrid vision for the first time.

“The big exciting thing is that the public chain is out, smart contracts are about to turn on, and that allows us to then go and hit the market with what we’re calling these hybrid applications. These are applications that run both on a private blockchain, but have public smart contracts that allow people on the public side to interact with the private chain,” Martino explained.

The smart contracts are a set of rules that must be met and validated for the private and public chains to interact. Only valid actors and actions as defined in the smart contract will be allowed to move between the two chains.

Overcoming scaling issues

One of the major challenges with building a chain like this has been scaling it to meet the needs of enterprise users. Martino says that his company has solved this problem and can scale from the 10 chains today to 10,000 or more in the future as the company grows. He further claims that his company is the only one one with a tractable roadmap capable of achieving this.

Martino says this could help push companies who have been dabbling in blockchain technology in the last couple of years to take a bigger leap. “This is a watershed moment for enterprises. Up until now, they’ve never had a platform that they could go and use on a public blockchain platform and know that it’s going to have the throughput they need if the product they deployed on that blockchain has legs and starts to take off.” Martino says this blockchain has that.

Kadena public blockchain in action.

Kadena has also developed an open source smart contract language called Pact that Martino says allows a lawyer with Excel-level programming understanding to write these contracts and place them on the chain.

“There are a lot of lawyers who are good with Excel, so you can actually hand the smart contracts to a lawyer and have them review them for compliance. And that’s a crazy idea but we think it’s fundamental because when you’re representing core business workflows that are sensitive, you need to be absolutely certain they are compliant.”

Show me the money

The company is making all of the basic pieces available for free. That includes the private chain development tools on AWS and Azure, the public chain released today along with the Pact smart contract language.

Martino says that there are a couple of ways for the business to make money. For starters, it’s building partnerships where it helps companies in various sectors from financial services to insurance and healthcare build viable hybrid applications on the Kadena blockchain. When they make money so will Kadena.

Secondly, they control a bushel of tokens on their public network, which have value, and if the vision comes to fruition, will have much more over time. They will be able to sell some of these tokens on the public market and make money. Right now he says the tokens have a value of between 20 cents and a dollar, but he expects that to increase as the network becomes more viable.

The blockchain has lost some of its luster as it has moved through the enterprise hype cycle in recent years, but if Kadena can succeed in building a fully decentralized, scalable blockchain, it could help push the technology deeper into the enterprise.

Posted Under: Tech News
Former Docker CEO Steve Singh joins Madrona

Posted by on 15 January, 2020

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Madrona Venture Group announced today that is has hired former Docker CEO Steve Singh as a managing director at the firm.

Singh stepped down as CEO of Docker last May and Seattle-based Madrona seems like logical landing spot. He is a long-time resident of Seattle, and has been working behind the scenes with Madrona for many years as a strategic director and angel investor, according to the firm.

Singh says that while there are a number of areas he’s interested in, he wants to concentrate on intelligent applications in the enterprise. “While there are a number of broad themes we are excited about, I am particularly passionate about the potential of intelligent applications to transform business and our lives. Next generation, cloud-native application companies such as Clari, HighSpot, and Amperity, have incredible opportunities to solve large scale business challenges and become multi-billion-dollar businesses,” he said in a statement.

He certainly has broad enterprise experience. Beyond Docker, he was chairman and CEO at Concur for more than 20 years, and oversaw the company’s sale to SAP in 2014 for a hefty $8.3 billion. In addition, he sits on a variety of boards including Clari, Talend, DocuSign and others.

Singh joins S. Somasegar, who was a former corporate vice president at Microsoft and Hope Cochran, who was a long time CFO and helped take a couple of companies public, as managing directors added at the firm in recent years.

Madrona is celebrating its 25th anniversary in business this year, and can boast that one of its earliest investments was a Series A for a little Seattle startup called Amazon.

Posted Under: Tech News
Customer data platform ActionIQ raises $32M

Posted by on 15 January, 2020

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ActionIQ co-founder and CEO Tasso Argyros knows that there are plenty of companies promising to help businesses use their customer data to deliver personalized experiences — as he put it, “The space has gotten very, very hot over the last couple of years.”

But in the face of growing competition, ActionIQ (founded in 2014 and headquartered in New York) has attracted some impressive customers like The New York Times, Conde Nast, American Eagle Outfitters, Vera Bradley and Pandora Media, as well as high-profile investors like Sequoia Capital and Andreessen Horowitz.

Today, it’s announcing that it has raised $32 million in Series C funding.

“At this point, we believe we are four to five years ahead of the market,” Argyros told me. “[Customer data platforms are] very hot, you see people really jumping into it, but nobody really has a product.”

He attributed the rise of these platforms to the growth in customer acquisition costs: “Everybody’s switched their focus from ‘How do we acquire more customers?’ to ‘How do you grow lifetime value?’”

The key, Argyros said, is “delivering personalized experiences at scale.” So if you’re a business trying to understand which customers need to be convinced to stick around, which customers are ready to upgrade to a paid subscription and so on, you need a platform like ActionIQ: “What’s common about all these questions is that they’re all data questions.”

He described ActionIQ’s approach as “product-first,” creating self-serve tools for enterprises rather than relying on consulting or IT services, and he said the product is designed to “drive intelligent actions activated through any channel.”

Argyros contrasted this approach with the large marketing clouds, where he said that stitching together products from various acquisitions has led to “a huge data gap between what marketing clouds promise and what they can actually deliver.” And he said other customer data platforms are limited to bringing the data together — but “just putting customer data in one place, that doesn’t mean business can use the customer data to drive value.”

March Capital Partners led the round, with participation from Cisco Ventures, as well as previous investors Sequoia, Andreessen and FirstMark Capital. Meredith Finn, a partner at March, is joining ActionIQ’s board of directors.

“From my professional experience at Salesforce and Twitter, when it comes to building a relationship with your customers, data is everything,” Finn said in a statement. “ActionIQ took a data-first approach from day one in contrast to many vendors that are now scrambling to address their data gaps by duct taping data infrastructure to their existing point solutions. … The potential of such a platform is limitless, and spans well beyond traditional marketing channels to other areas of customer interactions including web and mobile app experiences, customer support, and sales.”

ActionIQ has now raised a total of $75 million in funding. And while the Series C isn’t significantly larger that the $30 million that ActionIQ raise din 2017, Argyros said the company didn’t need to raise a huge round this time around, because it’s already built out the core product.

“A lot of dollars were invested heavily in the product way before the demand was there,” he said. “The Series B was pretty significant because there was so much upfront product investment. … Most of these funds are going towards expanding the business in sales and marketing.”

Posted Under: Tech News
The crypto rich find security in Anchorage

Posted by on 15 January, 2020

This post was originally published on this site

Not the city, the $57 million-funded cryptocurrency custodian startup. When someone wants to keep tens or hundreds of millions of dollars in Bitcoin, Ethereum, or other coins safe, they put them in Anchorage’s vault. And now they can trade straight from custody so they never have to worry about getting robbed mid-transaction.

With backing from Visa, Andreessen Horowitz, and Blockchain Capital, Anchorage has emerged as the darling of the cryptocurrency security startup scene. Today it’s flexing its muscle and war chest by announcing the acquisition of crypto risk modeling company Merkle Data.

Anchorage founders

Anchorage has already integrated Merkle’s technology and team to power today’s launch of its new trading feature. It eliminates the need for big crypto owners to manually move assets in and out of custody to buy or sell, or to set up their own in-house trading. Instead of grabbing some undisclosed spread between the spot price and the price Anchorage quotes its clients, it charges a transparent per transaction fee of a tenth of a percent.

It’s stressful enough trading around digital fortunes. Anchorage gives institutions and token moguls peace of mind throughout the process while letting them stake and vote while their riches are in custody. Anchorage CEO Nathan McCauley tells me “Our clients want to be able to fund a bank account with USD and have it seamlessly converted into crypto, securely held in their custody accounts. Shockingly, that’s not yet the norm–but we’re changing that.”

Buy and sell safely

Founded in 2017 by leaders behind Docker and Square, Anchorage’s core business is its omnimetric security system that takes passwords that can be lost or stolen out of the equation. Instead, it uses humans and AI to review scans of your biometrics, nearby networks, and other data for identity confirmation. Then it requires consensus approval for transactions from a set of trusted managers you’ve whitelisted.

With Anchorage Trading, the startup promises efficient order routing, transparent pricing, and multi-venue liquidity from OTC desks, exchanges, and market makers. “Because trading and custody are directly integrated, we’re able to buy and sell crypto from custody, without having to make risky external transfers or deal with multiple accounts from different providers” says Bart Stephens, founder and managing partner of Blockchain Capital.

Trading isn’t Anchorage’s primary business, so it doesn’t have to squeeze clients on their transactions and can instead try to keep them happy for the long-term. That also sets up Anchorage to be foundational part of the cryptocurrency stack. It wouldn’t disclose the terms of the Merkle Data acquisition, but the Pantera Capital-backed company brings quantative analysts to Anchorage to keep its trading safe and smart.

“Unlike most traditional financial assets, crypto assets are bearer assets: in order to do anything with them, you need to hold the underlying private keys. This means crypto custodians like Anchorage must play a much larger role than custodians do in traditional finance” says McCauley. “Services like trading, settlement, posting collateral, lending, and all other financial activities surrounding the assets rely on the custodian’s involvement, and in our view are best performed by the custodian directly.”

Anchorage will be competing with Coinbase, which offers integrated custody and institutional brokerage through its agency-only OTC desk. Fidelity Digital Assets combines trading and brokerage, but for Bitcoin only. BitGo offers brokerage from custody through a partnership with Genesis Global Trading. But Anchorage hopes its experience handling huge sums, clear pricing, and credentials like membership in Facebook’s Libra Association will win it clients.

McCauley says the biggest threat to Anchorage isn’t competitors, thoguh, but hazy regulation. Anchorage is building a core piece of the blockchain economy’s infrastructure. But for the biggest financial institutions to be comfortable getting involved, lawmakers need to make it clear what’s legal.

Posted Under: Tech News
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