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Software development companies tackling services for niche industries, like commercial real estate subcontracting, continue to find Los Angeles to be fertile ground for development.

The latest company to raise funding from a clutch of investors is BuildOps, which raised $ 5.8 million in seed financing from some big names in the Los Angeles tech ecosystem.

Led by Fika Ventures, with additional investments from MetaProp VC, Global Founders Capital, CrossCut Ventures, TenOneTen, IGSB, 1984 Ventures, L2 Ventures, GroundUp, NBA all-star Metta World Peace, Oberndorf Enterprises, Wolfson Group and scouts from Sequoia Capital, the new financing will be used to support the company’s continued growth.

BuildOps sells software that integrates scheduling, dispatching, inventory management, contracts, workflow and accounting into a single software package for commercial real estate contractors with staff ranging from a few dozen to several hundred employees.

Software for the service industry is nothing new for Los Angeles entrepreneurs. The unicorn ServiceTitan hails from the greater Los Angeles area and a number of other software as a service businesses are calling the greater Los Angeles area home.

It’s hard to argue with the size of the commercial construction market. Over the past three years, commercial construction spending grew from $ 626 billion to $ 807 billion, according to data provided by the company. And while most large vendors — architects, general contractors and property management companies — have some project management software, the fragmented group of subcontractors that provide services to those customers has remained resistant to adopting new technologies, the company said.

The firm was co-founded by former ServiceTitan developer Neeraj Mittal; Microsoft, Nextag, Swurv and Fundly former executive Steve Chew; and Alok Chanani, who previously founded a commercial real estate company and was a former commander of a transportation unit of the Army in Iraq.

“At BuildOps, we are on a mission to bring a true all-in-one solution on the latest technology to the people who keep America’s hospitals, power plants and commercial real estate running. We are privileged to be working closely with some of the country’s top commercial contractors,” said Chanani.

That sentiment is echoed by Liquid 2 Ventures managing partner and former National Football League superstar, Joe Montana .

“Liquid 2 Ventures has an investment thesis in supporting America’s working class and I just love the idea of making their lives far easier and better. You have one solution that does it all and talks seamlessly to every single part of their business from parts to ordering to inventory and more,” said Montana in a statement. “There are very few world-class technology solutions for commercial subcontractors like this and we believe in the founders.”


TechCrunch

French startup Welcome to the Jungle has raised a new $ 22.3 million funding round (€20 million). The startup is both a media company and a tech startup that wants to empower tech companies when it comes to recruitment. It doesn’t find the right candidate for you, it helps you get exposure, track application and facilitate onboarding.

Gaia Capital Partners is leading the round with existing investors Bpifance, XAnge and Jean-Paul Guisset also participating. With today’s funding round, the company wants to expand to more countries and develop new products.

This is also Gaia Capital Partners’ first investment. The firm raised a $ 110 million fund (€100 million) with around 40 limited partners, such as Sycomore Asset Management, Generali Investments and Bpifrance. The growth fund headed by Alice Albizzati and Elina Berrebi is going to focus on companies that have a positive environmental or societal impact at Series B stage and above.

Welcome to the Jungle is currently available in France, Spain and Czech Republic. Up next, the company is going to open offices in Germany and the U.K.

The company works with photographers and a video crew to create high quality profiles of other companies that are actively recruiting. This way, potential candidates can browse those profiles, learn more about companies and make up their mind.

Companies pay for those profiles to improve their branding, especially when it comes to recruitment. And it seems to be working well as there are now over 2,500 clients, including 250 in Spain and 100 in Czech Republic.

More recently, Welcome to the Jungle has started to expand beyond those showcases to tackle the recruitment process at large. The startup launched Welcome Kit, an applicant tracking system to manage job offers and take care of job applications.

With Welcome Kit, you can design a career site, write job postings and create application forms. Your recruitment team then receives applications, comments and collaborates with the rest of the team, sends emails using templates and more.

4,000 companies are using Welcome Kit. Collectively, they have posted about 150,000 job offers and received 2.5 million applications.

And now, Welcome to the Jungle is about to launch Welcome Home, the startup’s take on the good old intranet. The company realized that too many people who join a company don’t feel at home right away. And some people will even quit just a couple of months after joining a company.

You will be able to create an employee directory, post company-wide announcements and get information using Welcome Home. All of this should help create a more welcoming environment for newcomers.


TechCrunch

Bloomberg Beta, a San Francisco-based outfit that uses Bloomberg LP’s money to make bets on startups, has closed its third fund with $ 75 million, according to Roy Bahat, who’d previously run the online media company IGN and who operates the fund as an equal partnership with Karin Klein and James Chan. (Klein formerly ran Bloomberg’s new initiatives; Chan was formerly a principal with Trinity Ventures.)

We talked with Bahat briefly last night about the new vehicle to ask how its capital will be deployed. Bahat stressed that the idea is to continue on the firm’s current path, which is to write checks of between $ 500,000 to $ 1 million initially; to loosely target ownership of around 10 percent in the startups it backs; and to fund companies that are focused on the future of work, which has long been an area of interest for Bahat and his colleagues.

That can mean an instant messaging platform like Slack, in which Bloomberg Beta had and continues to have a small stake, following its direct offering. It can also mean backing a company like Flexport, a San Francisco-based freight forwarding and customs brokerage company that appears to be among Bloomberg Beta’s biggest bets. (According to Crunchbase, the outfit has backed Flexport —  valued most recently at $ 3.2 billion — at its seed, Series A, and Series B rounds.)

Others of Bloomberg Beta’s portfolio companies include the augmented writing platform Textio; the insurance broker Newfront Insurance; the continuous delivery platform LaunchDarkly, and Netlify, a cloud computing company that sells hosting and serverless backend services for static websites.

What it won’t back: financial tech startups. Given where its money comes from, it’s “too close to home,” says Bahat.

In late August, California Governor announced that Bahat would be part of his Future of Work Commission, which will be “tasked with making recommendations to help California leaders think through how to create inclusive, long-term economic growth and ensure workers and their families share in that success.”

As part of his role on that commission, and as an investor in some companies that cater to independent contractors, we asked Bahat what he makes of AB5, the new California law for contract workers that aims to address inequality in the workplace but has been met with resistance from numerous industries and players. Uber, Lyft and DoorDash are even preparing to file a ballot initiative to exempt themselves from the law.

Bahat suggested he’s not sure what to think quite yet, either. “How workers get classified is one of live issues” that the commission will be studying, he said.

“We haven’t figured out how to make it all work; this story is still unfolding.”


TechCrunch

TruTag Technologies, a company that creates microscopic, edible barcodes to authenticate medications, food, vaping pods and other products, has raised a $ 7.5 million Series C. The funding, led by Pangaea Ventures and Happiness Capital, will be used to further commercialize its technology and develop new solutions.

Along with earlier rounds, this brings TruTag’s total funding to $ 25 million. Its clients include PwC, which uses the company’s technology in its Food Trust Platform quality assurance program for Australian beef exports.

A high magnification of TruTag particles, each of is an edible “chip” that authenticates the product it is applied to.

A high magnification of TruTag particles, each of is an edible “chip” that authenticates the product it is applied to.

Called TruTags, the company’s tiny barcodes are made out of nano-porous silica, a material that has received GRAS (generally recognized as safe) notice from the U.S Food and Drug Administration, and can be placed directly on products or in packaging to track it through the supply and logistics chain.

TruTags are used with hyperspectral imaging technology, which is able to process much more wavelengths than other imaging methods, so it can collect more precise and detailed data from an image. When scanned, the barcodes provide information about where a product was manufactured, lot numbers, authorized distributors and safe use.

In email, TruTag chief executive officer Michael Bartholomeusz, who holds a PhD in materials engineering from the University of Virginia, told TechCrunch that the company sees the most growth opportunities in industries, such as pharmaceuticals, nutraceutical foods and cannabis, that deal with counterfeit products from the black market or the “grey market,” including products from unauthorized suppliers.

A conceptual photo of TruTags' technology.

A conceptual photo of TruTags’ technology.

“TruTags material is an already approved excipient in pills by the FDA. Pharmaceuticals and food comprise a very large portion of the global counterfeiting problem, and given the very unique edible feature of TruTag’s solution, this is a core area of focus for the company,” he says.

For example, the technology can be used to lock vaping systems so they only work with authentic vaping pods, helping reduce the number of counterfeit pods on the market. Bartholomeusz adds that TruTags is close to coming to market in the CBD space.

TruTags’ ability to be placed directly on products, its edibility and instant authentication in one to five seconds differentiates it from other solutions. Bartholomeusz notes that other quality assurance tech include specialized symbols, inks and holograms, though many of those products have the disadvantages of being replicable by high-quality printers or relying on consumers’ ability to recognize them.

In a press statement, Matthew Cohen, director of technology at Pangaea, which focuses on investing in advanced materials technology, said “Pangaea is excited to partner with TruTag and help the company expand its team and product portfolio. We believe TruTag’s edible barcode technology will help increase consumer confidence and ultimately save lives. TruTag is making our world better by utilizing compelling advanced materials and advanced material process innovations to combat rising problems such as drug counterfeiting.”


TechCrunch

In less than two years, Revel has gone from an idea to a shared electric vehicle startup with more than 1,400 mopeds across Washington D.C., and Brooklyn and Queens, New York. Now, it’s ready to grow up — and beyond these three cities — with a fresh injection of $ 27.6 million in capital raised in a Series A round led by Ibex Investors.

The equity round included newcomer Toyota AI Ventures and further investments from Blue Collective, Launch Capital and Maniv Mobility.

The capital will, as it often does with startups, allow Revel to scale up. CEO and co-founder Frank Reig said this growth will extend to its fleet of scooters within the cities it currently operates as well as expand into new markets. Reig wouldn’t name where the New York-based startup will launch next, although he provided some hints. Large U.S. cities with the right population density and more temperate weather are at the top of the list.

Revel is targeting about 10 cities by mid-2020, Reig added.

How that growth occurs, and who is behind its operations, is what Reig believes differentiates Revel from other shared electric vehicle providers such as scooter startups that have had a record of deploying in cities before getting approval from local authorities.

Many startups in the shared industry, including Revel, talk up their focus on safety and desire to be responsible partners with cities. Revel’s choice of vehicle — along with a few other decisions — helps it stick to those promises.

“These mopeds are motor vehicles,” Reig noted. “This means there’s no regulatory gray area: you have to have a license plate. To get that license plate you have register each vehicle with the Department of Motor Vehicles in each state and show third-party auto liability insurance. And then because it’s a motor vehicle, it’s clear that it rides in the street, so we’re completely off sidewalks.”

Revel caps the speed of its mopeds to 30 miles per hour. The company also provides two helmets — and single-use liners — on every ride and requires users to be licensed drivers aged, 21 or older who pass an initial safe driving history check. About one out of every 12 applicants does not make it past this screening, according to Revel.

Any concerns about users bypassing the protective headgear are largely erased because both New York and Washington D.C. have helmet laws, Reig said.

No giga workers

The company, unlike most on-demand mobility startups, does not have any gig economy workers either. Revel only has full-time employees, said Reig, adding that it’s decision he intends to stick with it even as his company grows.

“We don’t use gig economy in anything we do and I see a ton of value in that,” Reig said. “We need a well-trained workforce that is really committed and cares about the vehicles, because if not it’s something we’re going to be throwing out every 60 days.”

Revel’s shared mopeds have a 3-year asset life, Reig said based on their in-house estimates. To ensure the mopeds last, which has become a key factor in the unit economics of shared mobility businesses, they remain on street.

The mopeds are removed by employees for routine maintenance that occurs every four to six months. Otherwise, the mopeds aren’t loaded into vans by gig economy workers who make money by charging them up — a common practice with the small stand-up scooters that have inundated cities like San Diego and San Francisco. Instead, employees swap out the batteries on the mopeds, which have a range of about 50 miles.

20 months and 1,400 scooters

The idea for Revel was borne out of Reig’s travels to Buenos Aires, Argentina, where he witnessed locals on every form of two-wheeled vehicle.

“A sort of light bulb went off my head, and I asked myself, ‘why is it not a thing in the U.S?,” Reig told TechCrunch in a recent interview. “I came back to New York, started studying the market more and saw all these electric moped operators had been popping up in Europe over the last few years and just realized that if I don’t do it, somebody else will.”

The company started with a small pilot of 68 mopeds in a few neighborhoods within Brooklyn. In May, after a nine-month pilot, Revel pulled the original mopeds it used in its limited pilot and has replaced them with 1,000 new models built for two riders and equipped with kickstands for parking. With more mopeds in its fleet, Revel expanded the service to more than 20 neighborhoods in Brooklyn and Queens. In August, Revel launched its service in Washington D.C., where there are now more than 400 mopeds.

Revel rides cost $ 1 per person to start, followed by $ 0.25 per minute to ride and $ 0.10 per minute while parked. Revel says it will cut the cost by 40% for eligible riders — and give them a $ 25 credit — through its Revel Access program. Riders who use public assistance programs like SNAP or live in NYCHA housing are eligible for the program.


TechCrunch

All over the globe, the population of people who are aged 65 and older is growing faster than every other age group. According to United Nations data, by 2050, one in six people in the world will be over age 65, up from one in 11 right now. Meanwhile, in Europe and North America, by 2050, one in four people could be 65 or over.

Unsurprisingly, startups increasingly recognize opportunities to cater to this aging population. Some are developing products to sell to individuals and their family members directly; others are coming up with ways to empower those who work directly with older Americans.

BrainCheck, a 20-person, Houston-based startup whose cognitive healthcare product aims to help physicians assess and track the mental health of their patients, is among the latter. Investors like what it has put together, too. Today, the startup is announcing $ 8 million in Series A funding round co-led by S3 Ventures and Tensility Venture Partners.

We talked earlier today with BrainCheck cofounder and CEO Yael Katz to better understand what her company has created and why it might be of interest to doctors who don’t know about it. Our chat has been edited for length and clarity.

TC: You’re a neuroscientist. You started BrianCheck with David Eagleman, another neuroscientist and the CEO of NeoSensory, a company that develops devices for sensory substitution. Why? What’s the opportunity here?

YK: We looked across the landscape, and we realized that most cognitive assessment is [handled by] a subspecialty of clinical psychology called neuropsychology, where patients are given a series a tests and each is designed to probe a different type of brain function — memory, visual attention, reasoning, executive function. They measure speed and accuracy, and based on that, determine whether there’s a deficit in that domain. But the tests were classically done on paper and it was a lengthy process. We digitized them and gamified them and made them accessible to everyone who is upstream of neuropsychology, including neurologists and primary care doctors.

We created a tech solution that provides clinical decision support to physicians so they can manage patients’ cognitive health. There are 250,000 primary care physicians in the U.S. and 12,000 neurologists and [they’re confronting] what’s been called a silver tsunami. With so many becoming elderly, it’s not possible for them to address the need of the aging population without tech to help them.

TC: How does your product work, and how is it administered?

YK: An assessment is all done on an iPad and takes about 10 minutes. They’re typically administered in a doctor’s office by medical technicians, though they can be administered remotely through telemedicine, too.

TC: These are online quizzes?

YK: Not quizzes and not subjective questions like, ‘How do you think you’re doing?’ but rather objective tasks, like connect the dots, and which way is the center arrow pointing — all while measuring speed and accuracy.

TC: How much does it cost these doctors’ offices, and how are you getting word out?

YZ: We sell a monthly subscription to doctors and it’s a tiered pricing model as measured by volume. We meet doctors at conferences and we publish blog posts and white papers and through that process, we meet them and sell products to them, beginning with a free trial for 30 days, during which time we also give them a web demo.

[What we’re selling] is reimbursable by insurance because it helps them report on and optimize metrics like patient satisfaction. Medicare created a new code to compensate doctors for cognitive care planning though it was rarely used because the requirements and knowledge involved was so complicated. When we came along, we said, let us help you do what you’re trying to do, and it’s been very rewarding.

TC: Say one of these assessments enables a non specialist to determine that someone is losing memory or can’t think as sharply. What then?

YZ: There’s phrase: “Diagnose and adios.” Unfortunately, a lot of doctors used to see their jobs as being done once an assessment was made. It wasn’t appreciated that impairment and dementia are things you can address. But about one third of dementia is preventable, and once you have the disease, it can be slowed.  It’s hard because it requires a lot of one-on-one work, so we created a tech solution that uses the output of tests to provide clinical support to physicians so they can manage patients’ cognitive health. We provide personalized recommendations in a way that’s scalable.

TC: Meaning you suggest an action plan for the doctors to pass along to their patients based on these assessments?

YZ: There are nine modifiable risk factors found to account for a third of [dementia cases], including certain medications that can exacerbate cognitive impairment, including poorly controlled cardiovascular health, hearing impairment, and depression. People can have issues for many reasons — multiple sclerosis, epilepsy, Parkinson’s — but health conditions like major depression and physical conditions like cancer and treatments like chemotherapy can cause brain fog. We suggest a care plan that goes to the doctor who then uses that information and modifies it. A lot of it has to do with medication management.

A lot of the time, a doctor — and family members — don’t know how impaired a patient is. You can have a whole conversation with someone during a doctor’s visit who is regaling you with great conversation, then you realize they have massive cognitive deficits. These assessments kind of put everyone on the same page.

TC: You’ve raised capital, how will you use it to move your product forward?

YK: We’ll be combining our assessments with digital biomarkers like changing voice patterns and a test of eye movements, and we have developed an eye-tracking technology and voice algorithms, but those are still in clinical development; we’re trying to get FDA approval for them now.

TC: Interesting that changing voice patterns can help you diagnose cognitive decline.

YK: We aren’t diagnosing disease. Think of us as a thermometer that [can highlight] how much impairment is there and in what areas and how it’s progressive over time.

TC: What can you tell readers who might worry about their privacy as it relates to your product?

YK: Our software is HIPAA compliant. We make sure our engineers are trained and up to date. The FDA requires that we we put a lot of standards in place and we ensure that our database is built in accordance with best practices. I think we’re doing as good a job as anyone can.

Privacy is a concern in general. Unfortunately, companies big and small have to be ever vigilant about a data breach.


TechCrunch

Fintech startup Bnext has raised a $ 25 million funding round. The Spanish company is building a banking product and has managed to attract 300,000 active users.

DN Capital, Redalpine and Speedinvest are leading today’s funding round. Existing investors Founders Future and Cometa are also participating. Other investors include Enern, USM and Conexo.

When you open a Bnext account, you get a card and you can upload money to your account. Bnext accounts aren’t technically bank accounts — the company has an e-money license. You can then use your card and spend money anywhere around the world without any foreign transaction fee. You can also freeze and unfreeze your card from the app.

“As of now we'll stick to the e-money license, as our international expansion plans complicate potential passporting of banking licenses. We will first need to understand in which countries makes more sense to get a banking license, and then we'll make a decision,” co-founder and CEO Guillermo Vicandi told me.

You can also connect to your traditional bank accounts from the Bnext app. This way, you can manage your money from a single app.

And Bnext takes this one step further by offering financial products from third-party companies as well. It’s clear that the company wants to build a financial hub, the only finance app that you need.

You can lend money to small and medium businesses and earn interests through October, you can save money using Raisin, you can get a loan, a mortgage, an insurance product, etc. Bnext generates revenue from those partnerships.

While Bnext only operates in Spain for now, the company has managed to attract 300,000 active users. It processes €100 million in transactions every month ($ 109 million).

Up next, Bnext plans to offer premium plans with more features and individual IBANs. The company also plans to expand to Latin America, starting with Mexico later this year.


TechCrunch

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