Postmates, one of the earlier entrants to the billion-dollar food delivery wars, has raised an additional $100 million in equity funding at a $1.85 billion valuation, as first reported by Recode and confirmed to TechCrunch by Postmates. The round comes four months after the eight-year-old startup drove home a $300 million investment that finally knocked it into “unicorn” territory.
New investor BlackRock has joined the funding round alongside Tiger Global, which served as the lead investor of Postmates’ September financing. Led by co-founder and chief executive officer Bastian Lehmann, the company has garnered a total of $681 million in venture capital funding from investors, including Spark Capital, Founders Fund, Uncork Capital and Slow Ventures.
In line with several other tech unicorns, Postmates has begun prep for an initial public offering that could come this year, including tapping JPMorgan to advise the float. As Recode pointed out, the $100 million capital infusion was probably less of a necessary funding event but rather an opportunity for existing investors to liquidate stock ahead of an exit.
Postmates, which completes 3.5 million deliveries per month, reportedly expected to record $400 million in revenue in 2018 on food sales of $1.2 billion. The company has not confirmed that figure nor disclosed any other 2018 revenue numbers. The company currently operates in more than 500 cities, recently tacking on another 100 markets to reach an additional 50 million customers.
It will be interesting to see how Wall Street responds to a Postmates public listing. Though it was an early player in what has become an extremely crowded market, Postmates never emerged as the leader in food delivery. Now, with supergiants like Uber dominating via Uber Eats and SoftBank funneling loads of capital into Postmates competitor DoorDash, it shouldn’t count on an oversubscribed IPO.
Logtrust is now known as Devo in one of the cooler name changes I’ve seen in a long time. Whether they intended to pay homage to the late 70s band is not clear, but investors probably didn’t care, as they gave the data operations startup a bushel of money today.
The company now known as Devo announced a $25 million Series C round led by Insight Venture Partners with participation from Kibo Ventures. Today’s investment brings the total raised to $71 million.
The company changed its name because it was about much more than logs, according to CEO Walter Scott. It offers a cloud service that allows customers to stream massive amounts of data — think terabytes or even petabytes — relieving the need to worry about all of the scaling and hardware requirements processing this amount of data would require. That could be from logs from web servers, security data from firewalls or transactions taking place on backend systems, as some examples.
The data can live on prem if required, but the processing always gets done in the cloud to provide for the scaling needs. Scott says this is about giving companies this ability to process and understand massive amounts of data that previously was only in reach of web scale companies like Google, Facebook or Amazon.
But it involves more than simply collecting the data. “It’s the combination of us being able to collect all of that data together with running analytics on top of it all in a unified platform, then allowing a very broad spectrum of the business [to make use of it],” Scott explained.
Devo dashboard. Photo: Devo
Devo sees Sumo Logic, Elastic and Splunk as its primary competitors in this space, but like many startups they often battle companies trying to build their own systems as well, a difficult approach for any company to take when you are dealing with this amount of data.
The company, which was founded in Spain is now based in Cambridge, Massachusetts, and has close to 100 employees. Scott says he has the budget to double that by the end of the year, although he’s not sure they will be able to hire that many people that rapidly
Virtru, the security startup that came out of research at the NSA, announced a $37 million Series B financing round today led by Iconiq Capital.
The company also announced the formation of Virtru Labs, an entity to be led by company co-founder and CTO Will Ackerly. The Lab will act as an innovation engine for the company, while trying to make Virtru’s underlying technology, Trusted Data Format (TDF), an industry standard for exchanging data securely in a similar manner that PDF developed into a standard way of exchanging documents.
CEO and co-founder John Ackerly (and brother of Will) says this has been a goal since the earliest days of the company and starting the lab is one of the reasons they wanted to raise this round. “My brother and I firmly believe you need an open framework in order to achieve the vision of true default security,” he told TechCrunch.
They believe by investing time and dollars to get third parties to adopt the TDF and adopting all tiers of this data format, it could remove the friction we have today when data is being shared across systems, while eliminating vendor lock-in.
The company currently offers tools for end-to-end email encryption in G-Suite and Office 365, but they hope to expand to file sync and share applications and chat. They also want to promote technical partnerships through the SDK they launched earlier this year. Finally, they want to expand globally by growing a channel partner system.
Ackerly says all of that takes money and that’s why they went looking for this round. It didn’t hurt that the company has experienced explosive growth over the last year adding 3000 new customers for a total of over 8000 using their products, while tripling revenue (they did not provide an exact figure).
Ackerly says one of the reasons for this growth is an increasing desire on the part of users to have a trust mechanism for sharing information online. “If you look at our partnership with Google, with Microsoft, with Amazon; these are all platform companies that are coming to grips with this privacy imperative. We are in a crisis of trust as a society and Virtru has always taken the approach of partnering closely because these workflows matter to end users,” he said. He adds that this really wouldn’t work if the company tried to create a new set of tools.
Vitru has around 80 employees today and Ackerly expects that to grow by around 50 percent over the coming year as they move into new markets, grow the lab and expand channel and partner support.
The round was led by Iconiq Capital with participation from returning investors Bessemer Venture Partners, New Enterprise Associates, Samsung, Blue Delta Capital, and Soros Capital. Today’s round brings the total raised to over $76 million since the company was founded in 2011.
GUN is an open-source decentralized database service that allows developers to build fast peer-to-peer applications that will work, even when their users are offline. The company behind the project (which should probably change its name and logo…) today announced that it has raised just over $1.5 million in a seed round led by Draper Associates. Other investors include Salesforce’s Marc Benioff through Aloha Angels, as well as Boost VC, CRCM and other angel investors.
As GUN founder Mark Nadal told me, it’s been about four years since he started working on this problem, mostly because he saw the database behind his early projects as a single point of failure. When the database goes down, most online services will die with it, after all. So the idea behind GUN is to offer a decentralized database system that offers real-time updates with eventual consistency. You can use GUN to build a peer-to-peer database or opt for a multi-master setup. In this scheme, a cloud-based server simply becomes another peer in the network (though one with more resources and reliability than a user’s browser). GUN users get tools for conflict resolution and other core features out of the box and the data is automatically distributed between peers. When users go offline, data is cached locally and then merged back into this database once they come online.
Nadal built the first prototype of GUN back in 2014, based on a mix of Firebase, MySQL, MongoDB and Cassandra. That was obviously a bit of a hack, but it gained him some traction among developers and enough momentum to carry the idea forward.
Nadal also argues that his system has major speed advantages over some of the incumbents. “From our initial tests we find that for caching, our product is 28 times faster than Redis, MongoDB and others. Now we are looking for partnerships with companies pioneering technology in gaming, IoT, VR and distributed machine learning,” he said.
The Dutch Navy is already using it for some IoT services on its ships and a number of other groups are using it for their AI/ML services. Because its use cases are similar to that of many blockchain projects, Nadal is also looking at how he can target some of those developers to take a closer look at GUN.
If you’ve ever worked in an office building, chances are somebody issued you a keycard or NFC-enabled badge to open the doors to the building. Those cards and badges do their job, but they can be both cumbersome and prone to problems. OpenPath wants to do away with all of these issues and add a new level of convenience to this whole process by replacing these access cards with the phone you already have.
Until today, OpenPath, which currently has about 20 employees, remained in stealth mode since it was founded by Edgecast co-founders Alex Kazerani (CEO)and James Segil (President), together with a number of other former Edgecast execs. The founders are putting their own money into this startup and are leading a $7 million seed round. A number of institutional investors also participated in this round, though, including Upfront Ventures, Sorenson Ventures, Bonfire Ventures, Pritzker Group Venture Capital and Fika Ventures.
Over the course of the last few years, the team developed — and patented — both the hardware and software for allowing employees to securely open doors and for security teams to manage their access. Instead of NFC, the company’s so-called SurePath Mobile technology uses Bluetooth, Wi-Fi and LTE to authenticate the user. The system integrates directly with G Suite and Office 365 so that users and IT teams don’t have to create multiple user accounts to give employees access to their spaces.
Segil argues that employees have come to expect a certain level of convenience in the workplace and while our homes are getting smarter, most offices aren’t. During our conversation ahead of today’s announcement, Kazerani also stressed that the company’s platform had to be enterprise-grade and ready to be used thousands of times a day.
The OpenPath team developed its own reader hardware, which businesses have to install at their doors. The hardware uses the same wiring as existing services, though, making it easy to replace a legacy system with this new solution.
All electric scooters are not created equal. I’ve found ones from Spin, Bird, and Lime to often be broken, shaky, or out of battery. But now the founders of Boosted Boards, which makes the steadiest and safest-feeling electric skateboards, are bringing their rugged hardware expertise to the scooter world. Today, they’re coming out of stealth with a supposedly stronger and longer-lasting dockless electric scooter rental startup called Skip. And the surprise is they’re hoping to only operate where permitted unlike their backlashed competitors [but no guarantees], with a deployment today in partnership with Washington D.C. and plans for San Francisco.
Formerly known by its Y Combinator codename Waybots, the company is exclusively announcing its funding and rebrand to Skip today on TechCrunch. The startup has raised a $6 million seed round led by Initialized Capital via Alexis Ohanian and Ronny Conway’s A Capital, with SV Angel joining in.
“We think the vehicle matters” Skip and former Boosted co-founder/CEO Sanjay Dastoor tells me. “It’s not the same as rideshare where two or more companies are all using the same car. There’s a big spectrum of quality in the base vehicles. A lot of these companies are buying off the shelf vehicles that are designed for personal ownership. I think these vehicles will need to be designed for a different level of use and upkeep.”
That’s why Skip is modifying bigger pre-made scooters to be more durable, and plans to build its own custom scooters. For the same $1 plus $0.15 per minute price as other services, you get a wider riding platform, full suspension, and head/tail/brake lights. The strategy is that if people feel safe and steady riding Skips, they’ll choose them over the competition. And while low-grade scooters might feel too unstable for the bike lane, leading to complaints about sidewalk riding, Skips are meant to feel secure enough to cruise next to cars.
With so much well-funded competition, Skip will have to hope customers really notice the difference. And its focus on permits could constrain growth. But if riders and cities decide they want a more reliable scooter service, Skip could carve out a solid business while being a better citizen.
Trusting Your Life To A Startup
My Boosted Board was perhaps my favorite gadget ever. After a decade as an unpowered longboard rider, I tested its electric skateboard in 2012 and loved the smooth rides so much I bought onet of the first 10 of the Kickstarter. It felt like being able to effortlessly surf uphill. I tried many others and consistently found them to feel much more jerky, wobbly, and unpredictable. That’s not what you want when you’re riding a handle-less vehicle in traffic, and essentially betting your life on some startup’s hardware.
But then I crashed. The human body is not equipped for a 22mph meeting with the pavement. The board performed perfectly, I just hit a gravel patch at full-speed, shattered my ankle, and couldn’t walk for 5 months. In conclusion, even the safest electric skateboards are risky because at high speeds, the form factor’s small hard wheels are too vulnerable to obstructions, and you’ve got no handle to save you. I haven’t skated the two years since.
Yet that’s why I think Skip has a real opportunity. There’s demand for these vehicles. Skip says it sees seven rides per day per scooter. They’re a natural complement to more expensive Ubers that have to wade through traffic. But the whole industry will fall apart if everyone’s getting injured. You can absolutely feel the lack of stability and smoothness when riding a janky or half-broken scooter. I think consumers will choose the safer device if one’s available.
Skip To A New Startup
Skip co-founder and CEO Sanjay Dastoor
“We noticed that small personal portable electric vehicles weren’t only awesome alone” but as an option alongside ridesharing, ridepooling, and car ownership, says Dastoor. “The future of transportation is a combination of these.”
Boosted co-founder Matt Tran left the company two years ago, while Dastoor exited a year ago. They wanted to try an electric vehicle service model, but “Boosted wasn’t really the right place to do that, because the company is still focused on building great hardware for people to buy.” Tran was running marketing and also craved his engineering roots. So together with Mike Wadhera, a founding team member of Involver which sold to Oracle, they formed Waybots.
Last summer, the company tried out a docked scooter sharing model in SF, but didn’t see great results. When they got accepted to YC, like Boosted before it, they started experimenting with a dockless version. Meanwhile, Washington D.C. had opened a pilot program for permitted dockless bikeshare, and Waybots convinced the city to give it the greenlight too. Those scooters now have Skip branding slapped on.
“We’re the first permitted [dockless electric scooter] system operating anywhere” Dastoor believes. “A lot of the story around dockless scooters has come from SF, and from companies that have launched without informing anyone or working with anyone.” That’s led SF to ban unpermitted dockless scooter rentals. “What we saw in DC was the opposite. We’re working with the cities to deploy, share data with them, and engage with the community, and we’ve seen none of the backlash that we’ve seen in SF.” Still, the startup wouldn’t guarantee it won’t go rogue and launch unpermitted in the future.
Designed To Deter Complaints
Skip could get along better with cities because it’s built the scooters to discourage a lot of the most annoying scooter behaviors. The Speedway Mini4 36V 21Ah scooters Skip modifies can get up to 30 miles at 10mph per charge, which means they’re less likely to have dead batteries by the afternoon like the useless vehicles-turned-paperweights from competitors that I commonly stumble across in SF.
The durable hardware is meant to need less service so you’re less likely to rent a broken, or worse, half-broken-but-I’m-late-so-I’ll-ride-it-anyway scooter. You can adjust the handlebar height, they go up to 18mph and dual-suspension flattens road bumps.
As for keeping Skips from getting strewn in the sidewalks and obstructing pedestrians, Dastoor claims his company’s vehicles have more precise location tracking than competitors. That could help it tell the edge of a build from the center of the walkway. Combined with requiring users to photograph the scooter standing upright, and hardware in the vechiles, Skip is hoping to force users to park them properly. “They have to have the intelligence in them to give info back to the city or back to the operator to make sure they operating correctly” Dastoor says.
Unfortunately, Skip hasn’t solved the lack of helmets problem. Dastoor tells me “We’ve been looking at a bunch of ways to improve access to helmets” but for now there’s no on-vehicle compartment for them and the company merely encourages users to wear them.
Personally, I think that’s crap. Sure, Citi Bike and other scooter companies don’t offer them either. But if these are meant to be serendipitously rented for short periods, it’s crazy to think anyone other than regular commuters will bring their own helmets. I think cities should demand them. And if they don’t, an inevitable scooter fatality that could have been prevented will make permitters more cautious. At least Skip says you have to be over 18 and plans to add ID verification for that soon.
“I don’t really have a comment about our unit economics” Dastoor sidestepped, but notes how much cheaper a $1.50 or $3 ride is than hailing a car. We’ll have to see if competition spurs a scooter price war. For now, though, the well-equipped Skips have led customers to “want to use it over and over.” Still, with Lime reportedly trying to raise $500 million and Bird recently closing $100 million as they race to invade the world, Skip is starting late with a much smaller piggybank.
Competition aside, Dastoor cites maintaining relationships with cities as the startup’s biggest threat. Luckily, he says it will soon announce some big-name talent with experience here. I expect it’s hired someone like former Uber policy chief David Plouffe who already has connections.
Scoot To The Future
Where the dockless vechicle rental market goes is a mystery. Maybe it turns into a fundraising war, with the most aggressive deployers locking up markets, and the losers vaporizing in giant money bonfires. Maybe the cities get fed up, kick out the unpermitted, and only issue approvals to those with the best glad-handing or the best safety. Maybe users get tons of options on price, quality, and availability to choose from.
But absent the bad behavior spurring backlash, many who try dockless electric scooter and bike rentals love them. With traffic-jammed city streets and scarce parking, we could use ways to get cars off the road.
Eventually, I think we’ll see a ton of short rideshare trips turn into scooter cruises. And at today’s super low price point, walking could turn into a luxury depending on how you value your time. Even at minimum wage, you might save money paying $1.75 for a five-minute, one-mile Skip rather than walking for 20. Dastoor concludes, “It becomes part of their transportation routine and I think anything that does that is around to stay.”
As we increasingly hear about automation, artificial intelligence and robots taking away industrial jobs, Parsable, a San Francisco-based startup sees a different reality, one with millions of workers who for the most part have been left behind when it comes to bringing digital transformation to their jobs.
Parsable has developed a Connected Worker platform to help bring high tech solutions to deskless industrial workers who have been working mostly with paper-based processes. Today, it announced a $40 million Series C cash injection to keep building on that idea.
The round was led by Future Fund with help from B37 and existing investors Lightspeed Venture Partners, Airbus Ventures and Aramco Ventures. Today’s investment brings the total to nearly $70 million.
The Parsable solution works on almost any smartphone or tablet and is designed to enter information while walking around in environments where a desktop PC or laptop simply wouldn’t be practical. That means being able to tap, swipe and select easily in a mobile context.
The challenge the company faced was the perception these workers didn’t deal well with technology. Parsable CEO Lawrence Whittle says the company, which launched in 2013, took its time building its first product because it wanted to give industrial workers something they actually needed, not what engineers thought they needed. This meant a long period of primary research.
The company learned, it had to be dead simple to allow the industry vets who had been on the job for 25 or more years to feel comfortable using it out of the box, while also appealing to younger more tech-savvy workers. The goal was making it feel as familiar as Facebook or texting, common applications even older workers were used to using.
“What we are doing is getting rid of [paper] notebooks for quality, safety and maintenance and providing a digital guide on how to capture work with the objective of increasing efficiency, reducing safety incidents and increasing quality,” Whittle explained.
He likens this to the idea of putting a sensor on a machine, but instead they are putting that instrumentation into the hands of the human worker. “We are effectively putting a sensor on humans to give them connectivity and data to execute work in the same way as machines,” he says.
The company has also made the decision to make the platform flexible to add new technology over time. As an example they support smart glasses, which Whittle says accounts for about 10 percent of its business today. But the founders recognized that reality could change and they wanted to make the platform open enough to take on new technologies as they become available.
Today the company has 30 enterprise customers with 30,000 registered users on the platform. Customers include Ecolab, Schlumberger, Silgan and Shell. They have around 80 employees, but expect to hit 100 by the end of Q3 this year, Whittle says.
Sometimes I think of spreadsheets as the dirty secret of the IT world today. We’ve seen a huge explosion in the number of productivity tools on the market tailored to help workers with different aspects of doing their job and organising their information, in part to keep them from simply dumping lots of information into Excel or whatever program they happen to use. And yet, spreadsheets are still one of the very, very most common pieces of software in use today to organise and share information: Excel alone now has around 1 billion users, and for those who are devotees, spreadsheets are not going to go away soon.
So it’s interesting that there are now startups — and larger companies like Microsoft — emerging that are tapping into that, creating new services that still appear like spreadsheets in the front end, while doing something completely different in the back.
One of the latest is a startup called dashdash, a startup out of Berlin and Porto that is building a platform for people, who might to be programmers but know their way around a spreadsheet, to use those skills to build, modify and update web apps.
The dashdash platform looks and acts like a spreadsheet up front, but behind the scenes, each ‘macro’ links to a web app computing feature, or a design element, to build something that ultimately will look nothing like a spreadsheet, bypassing all the lines of code that traditionally go into building web apps.
The startup is still in stealth mode, with plans to launch formally later this year. Today, it’s announcing that it has received $8 million in Series A funding to get there, with the round being led by Accel, with participation from Cherry Ventures, Atlantic Labs, and angel investors including Felix Jahn, founder of Home24. (It’s raised $9 million to date including a $1 seed.)
Co-founded by serial entrepreneurs Humberto Ayres Pereira and Torben Schulz — who had also been co-founders of food delivery startup EatFirst — Ayres Pereira said that the idea came out of their own observations in work life and the bottleneck of getting things fixed or modified in a company’s apps (both internal and customer-facing).
“People have a lot of frustration with the IT department, and their generally access to it,” he said in an interview. “If you are part of an internet business, it’s very hard to get features prioritised in an app, no matter how small they are. Tech is like a big train on iron tracks, and it can be hard to steer it in a different direction.”
On the other hand, even among the less technical staff, there will be proficiency with certain software, including spreadsheets. “Programming and spreadsheets already store and transform data,” Ayers Pereira said. “There are already a lot of people trying to do more with incumbent spreadsheets, and [combining that with] non-IT people frustrated at having no solution for working on apps, we saw an opportunity to use this to build an elegant platform the empower people. We can’t teach people to program but we can provide them with the tools to do the exact same job.”
While in stealth mode, he said that early users have ranged from smaller businesses such as pharmacies, to “a multi-billion-dollar internet company.” (No names, of course, but it’s interesting to me that this problem even exists at large tech businesses.)
Dashdash is not the only company that is tapping this opportunity. The other week, and IoT startup called Hanhaa launched a service that would let those using Hanhaa IoT sensors in their networks to monitor and interact with them by way of an Excel spreadsheet — another tip of the hat to the realisation that those who might need to keep tabs on devices in the network might not be the people who are the engineers and technicians who have set them up.
That, in turn, is part of a bigger effort from Microsoft to catapult Excel from its reputation as a piece of clunky legacy software into something much more dynamic, playing on the company’s push into cloud services and Office 365.
In September of 2017, Microsoft gave a developer preview of new “streaming functions” for Excel on Office 365, which lets developers, IT professionals and end users the ability to bring streams of data from a variety of sources such as websites, stock tickers and hardware directly into a cell or cells in an Excel spreadsheet, by way of a custom function. “Because Excel is so widely used and familiar to so many people, the ability to do all kinds of amazing things with that data and without complex integration is now possible,” said Ben Summers, a senior product manager for the Office 365 ecosystem team, in a statement to TechCrunch.
That ability to remove the bottleneck from web app building, combined with the track record of the founders, are two of the reasons that Accel decided to invest before the product even launched.
“We believe in dashdash’s mission to democratise app creation and are excited to back Humberto and Torben at such an early stage in their journey,” said Andrei Brasoveanu, the Accel principal who led the deal. “The team has the experience and vision to build a high-impact company that brings computing to the fingertips of a broad audience. Over the past decade we’ve seen a proliferation of web services and APIs, but regular business users still need to rely on central IT and colleagues with development skills to leverage these in their day-to-day processes. With dashdash anyone will be able to access these powerful web services directly with minimal effort, empowering them to automate their day to day tasks and work more effectively.”
With every tool that emerges that frees up accessibility to more people — be they employees or consumers — there are inevitably questions about how that power will be used. In the case of dashdash, my first thought is about those who I know who work in IT: they generally don’t want anyone able to modify or “fix” their code, lest it just creates more problems. And that’s before you start wondering about how all these democratised web apps will look, and if they might inadvertently will add to more overall UI and UX confusion.
Ayres Pereira said dash dash is mindful of the design question, and will introduce ways of helping to direct this, for example for companies to implement their own house styles. And similarly, a business can put in place other controls to help channel how webapps created through dashdash’s spreadsheet interface ultimately get applied.
Auth0, a startup based in Seattle, has been helping developers with a set of APIs to build authentication into their applications for the last five years. It’s raised a fair bit of money along the way to help extend that mission, and today the company announced a $55 million Series D.
This round was led by led by Sapphire Ventures with help from World Innovation Lab, and existing investors Bessemer Venture Partners, Trinity Ventures, Meritech Capital and K9 Ventures. Today’s investment brings the total raised to $110 million. The company did not want to share its valuation.
CEO Eugenio Pace said the investment should help them expand further internationally. In fact, one of the investors, World Innovation Lab, is based in Japan and should help with their presence there. “Japan is an important market for us and they should help explain to us how the market works there,” he said.
The company offers an easy way for developers to build in authentication services into their applications, also known as Identification as a Service (IDaaS). It’s a lot like Stripe for payments or Twilio for messaging. Instead of building the authentication layer from scratch, they simply add a few lines of code and can take advantage of the services available on the Auth0 platform.
That platform includes a range of service such as single-sign on, two-factor identification, passwordless log-on and breached password detection.
They have a free tier, which doesn’t even require a credit card, and pay tiers based on the types of users — regular versus enterprise — along with the number of users. They also charge based on machine-to-machine authentication. Pace reports they have 3500 paying customers and tens of thousands of users on the free tier.
All of that has added up to a pretty decent business. While Pace would not share specific numbers, he did indicate the company doubled its revenue last year and expected to do so again this year.
With a cadence of getting funding every year for the last three years, Pace says this round may mark the end of that fundraising cycle for a time. He wasn’t ready to commit to the idea of an IPO, saying that is likely a couple of years away, but he says the company is close to profitability.
With the new influx of money, the company does plan to expand its workforce as moves into markets across the world . They currently have 300 employees, but within a year he expects to be between 400 and 450 worldwide.
The company’s last round was a $30 million Series C last June led by Meritech Capital Partners.
BrainQ, an Israel-based startup that aims to help stroke victims and those with spinal cord injuries treat their injuries with the help of a personalized electromagnetic treatment protocol, today announced that it has raised a $5.3 million funding round on top of the $3.5 million the company previously raised. The company’s investors include Qure Ventures, crowdfunding platform OurCrowd.com, Norma Investments, IT-Farm and a number of angel investors, including Valtech Cardio founder and CEO Amir Gross.
When we last talked to BrainQ earlier this year, the team was working on two human clinical trials for stroke patients in Israel. At that time, the company had closed its first funding round and had also recently started to work with Google’s Launchpad Accelerator, too.
The general idea behind BrainQ is to use the patient’s brainwaves to generate a tailored treatment protocol. No AI company would be complete without data — it’s what drives these algorithms, after all — and the company says it owns one the largest Brain Computer Interface-based EEG databases for motor tasks. It’s that database that allows it to interpret the patient’s brain waves and generate its treatment protocol.
BrainQ EEG reader device
“We are on the verge of a new era where AI- based precision medicine will be used to treat neurodisorders, which do not have a sufficient solution to date,” said BrainQ CEO Yotam Drechsler in today’s announcement. “At BrainQ, we are thrilled by the opportunity to bring this vision to life in the world of neuro-recovery. In a short time, we have already achieved significant results and are looking forward to the opportunity to push our technology and expand our operations, further positioning BrainQ as a leader in the world of BCI-based precision medicine.”
As is typical for Israeli startups, the team’s background is quite impressive and includes former members of the country’s elite intelligence units and academics with a background in AI and neuroscience.