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Plus, VC funding in Q3.
Morning Brew October 07, 2022

Emerging Tech Brew

Vanta

Happy Friday. Just under 70 years ago, in early October of 1955, sweet old ENIAC was retired.

If you don’t know, ENIAC is considered the world’s first true general-purpose computer. It was put into service in 1946 and took up an entire 167-square-meter room. According to a New York Times article announcing its existence, the computer had 18,000 vacuum tubes and “several miles of wiring.” It was 80 feet long and weighed 30 tons.

They simply do not make ’em like they used to.

In today’s edition:
Mobileye is no longer testing its robotaxis in NYC
In Q3, VCs invested less than half of what they did a year prior

Hayden Field, Dan McCarthy

AUTONOMOUS VEHICLES

Mobileye is no longer robotaxiing around NYC

self-driving autonomous vehicle robotaxi driverless Mobileye

Mobileye has stopped testing autonomous vehicles in New York, Emerging Tech Brew has learned.

Mona Bruno, a spokesperson for NYC’s Department of Transportation, confirmed via email that the Intel-owned autonomous-vehicle startup had canceled its NYC testing program.

  • The news comes 15 months after Mobileye first announced it had expanded its robotaxi testing program to NYC, and days after the company filed for an IPO.

“If autonomous vehicles are to work anywhere, we firmly believe, they need to be able to work everywhere,” the company said in a July 2021 blog post announcing the NYC expansion, after securing what was, at the time, the only permit to test AVs in NYC’s notoriously hectic and congested streets.

In an emailed statement, Mobileye spokesperson Alexis Blais told Emerging Tech Brew that its initial round of tests in New York had been completed as planned.

She added, “We test our autonomous vehicles in cities worldwide, to ensure that our technology can be flexible enough to adapt to local conditions and reach an impactful scale. We frequently rotate our test vehicles into new cities, such as adding Miami and Detroit this year, and plan to keep doing so.”

Read the full story on-site.HF

        

TOGETHER WITH VANTA

Risky business ain’t good for business

Vanta

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Join Vanta’s live webinar on Oct. 12 to boost your understanding of how to assess and mitigate risk. Hosted by Matt Cooper, senior manager of Privacy, Risk, and Compliance at Vanta, this webinar will dive into how the right tooling and automation can simplify the entire risk assessment process, from identification to mitigation and progress tracking.

What makes Vanta an authority on the subject? For starters, more than 3,000 fast-growing companies trust Vanta’s sought-after standards to automate up to 90% of the work for SOC 2, ISO 27001, HIPAA, and more.

Gather Vanta’s knowledge and RSVP today.

        

VENTURE FUNDING

VCs are partying like its...Q4 2019

Stocks going down Francis Scialabba

If you’ve read this newsletter—or anything that even grazes the world of business—you can probably guess which direction global venture-capital funding went in Q3. (Hint: It’s not up.)

By the numbers: Last quarter, global VC funding fell to $81 billion, per Crunchbase, down sharply from both the previous quarter and year. Q3 VC funding was down 33% from its Q2 2022 total of ~$120 billion, and 53% year over year.

  • Last quarter’s $81 billion was the lowest in more than two years, since Q1 2020, in which $70.6 billion was invested. It’s roughly equal to the amount invested in Q4 2019.

As has been the case in recent months, late-stage companies shouldered an outsized share of the pullback in Q3—funding for that set of startups dropped 40% quarter over quarter and 63% year over year. Early-stage companies saw a 25% QoQ decline and a 39% YoY drop, while seed-stage funding fell 24% QoQ and was “close to flat” YoY, per Crunchbase.

Zoom out: Despite the decline, VCs are sitting on an enormous amount of dry powder: In the US, for example, VC funds have already raised $150.9 billion to invest in startups, per Pitchbook, breaking last year’s record despite the year not being over yet. That blistering pace began to slow down in Q3, per Pitchbook, but the fact remains that there is plenty of capital on the sidelines. The question is when and how it will make into the mix.

Read the story on-site.DM

        

FROM THE CREW

Image of cell phone promoting Incrypto Morning Brew

IT’S HERE! The newest addition to the Morning Brew family is Incrypto. Our latest newsletter is all about helping you understand the wide world of crypto with, y’know, context. Wondering about Web3? We got you. Dwelling on DAOs or DeFi? Done. NFTs? No problem! We’ll teach you what it all means and why it matters to you.

Like all our newsletters, it’s completely free and takes only 5 minutes to read.

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BITS AND BYTES

Weiquan Lin/Getty Images

Stat: These days, the vast majority (80+%) of travelers entering the US are verified by a controversial technology: facial recognition.

Quote: “Yes, we have businesses outside of gaming…Yes, they generate revenue. Yes, that makes us a healthier company so we can invest more in gaming when we want to. But it also advances our understanding of technology so we can make an ever-better game engine.”—Unity CEO John Riccitiello to Games Industry

Read: What 13 robotics experts think of Tesla’s new robot prototype.

Seal the deal: After analyzing more than 176k sales calls (dang!), Gong compiled a list of phrasing that strengthens—or weakens—dealmaking. This glorious cheat sheet is called Words That Close—snag it for free here.*

*This is sponsored advertising content.

WHAT ELSE IS BREWING

  • Google held its “Made by Google” event yesterday—here’s a recap of everything it announced.
  • Tesla moved closer toward Elon Musk’s vision of using only cameras and software to help the company’s cars see.
  • Amazon has paused hiring for its corporate retail division, but AWS is unaffected.
  • Samsung is sprinting to try and challenge TSMC’s dominant position in advanced chipmaking.
  • The US may be inching closer to approving the sale of cultivated meat, at least according to industry insiders who are reading the tea meat leaves.

GOING PHISHING

Three of the following news stories are true, and one...we made up. Can you spot the odd one out?

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GOING PHISHING ANSWER

We’ve not heard of scientists using CRISPR as a means of de-clawing cats, but some scientists are looking into it as a way to make make them hypoallergenic.

 

Written by Hayden Field and Dan McCarthy

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