Tuesday, March 26, 2024

Welcome to TechCrunch AM! Today we have notes on CEO changes at decacorns, more sad news from the troubled EV sector, Uzbekistan’s first unicorn, a host of AI-focused entries, and even a startup that wants to reinvent shampoo. Let’s get into it! – Alex

TechCrunch Top 3

Image Credits: TechCrunch

1. Judge chucks Musk's case against hate research group: In the wake of unflattering reporting on hate and extremism on X (formerly Twitter), Musk and his social media company sued the Center for Countering Digital Hate (CCDH), a nonprofit that researches hate on the internet. A judge has dismissed the suit, saying it was motivated by a desire to “punish” CCDH for “publications that criticized X.” Read More

2. Fisker stock suspended from NYSE: Shares of troubled EV manufacturer, Fisker, have been suspended by the NYSE, and the exchange is moving to remove the company from its stock exchange. Fisker’s list of problems, which includes complaints from customers, financial difficulties, lawsuits and federal investigations, has been growing for months... Read More

3. Bolt CEO heads out: Maju Kuruvilla is no longer the head of one-click-checkout company, Bolt. The company was once helmed by Ryan Breslow, its co-founder, who went off on some Silicon Valley players before promoting himself to become the company’s executive chairman. Breslow’s fundraising tactics have also attracted the SEC’s attention, so it’s been a rocky couple years for Bolt. Justin Grooms, the company’s global head of sales, is now the company’s interim CEO... Read More

Morning Must-Reads

Image Credits: Uzum

There’s something about France: According to a recent report from Runa Capital, of the 50 listed “top” commercial open source software companies (COSS entities), seven are based in France. That’s the most of any European country, even counting the UK. The U.S. racks up more than 20 entries, about the same as Europe as a whole. India taps in with three entrants, to add one more datapoint... Read More

Uzbekistan gets its first unicorn: With a $114 million Series A, Uzum is now worth $1.16 billion, making it Uzbekistan’s first unicorn. The company started off as an e-commerce marketplace, as the country previously had a shocking lack of e-commerce services, and has now diversified into fintech and food deliveries as well... Read More

Cyera’s investors bet that protecting data against AI will be big: Cybersecurity startup Cyera (pronounced ‘Sierra’) is near to closing a $300 million round, tripling its valuation to about $1.5 billion. AI is neat and companies want to use it, but keeping data secure and properly governed as AI is increasingly used by businesses is no easy feat. Cyera raised $100 million just last year, so another round this soon implies that something big is brewing at the startup... Read More

This is what I have been waiting for: The LLM boom has become the enterprise and consumer software story, but it’s worth remembering that these models can do a lot more. For example, the smart people building robots have figured out that robots can use large language models to solve their own problems and handle more complex tasks. Excellent! When can I buy one to take out the trash? Read More

Profluent wants to commercialize AI-designed proteins: Sticking to the theme of using AI to do more than farm engagement, how about using AI to “create the 3D structures of artificial proteins?” Of course, we’ve seen other projects with similar goals from companies like Nvidia and Meta, but with $35 million in fresh capital, Profluent wants to bring the nascent tech out of the lab and into the market... Read More

New Telegram SMS login service criticized: Telegram just launched a feature that “grants users a free premium membership in exchange for allowing the instant messaging app to utilize their phone number as a relay for sending one-time SMS passwords.” And you should think thrice before signing up for it, because it is a privacy nightmare, as TechCrunch reports... Read More

Building an electric bus network from scratch is no mean feat: Scottish startup Ember has just landed $14 million to build one of U.K.’s first all-electric intercity bus networks. With 38 buses in its fleet, the startup now can service a wider area and more people. The company charges its buses today in Dundee, where it has wind-power inputs. It’s going to need more charging power, which is a great problem for Ember to tackle... Read More

Around the Web

1. Changes at Microsoft: Pava Davuluri is the new head of Windows and Surface at the Redmond-based technology giant, according to The Verge. Bing’s chief is out as well, as the company is looking to build a new AI division, Bloomberg writes.... Read More

All things Sora: OpenAI’s video creation service, Sora, remains a bit mysterious, but the company is working to show it off more, VentureBeat reports... Read More

Amazon still likes quick delivery: If you live in New York City or LA, Amazon may be willing to deliver your prescriptions on the same day, CNBC writes... Read More

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Before You Go

Image Credits: 900.care

900.care wants you to mix your own shampoo: The “harsh truth” behind most personal-care products, writes TechCrunch’s Romain Dillet, is that they are mostly water and plastics. Enter 900.care, which wants to sell you reusable dispensers, and solid ingredients that, when mixed with water, become shower gel, shampoo, and other self-care products. The goal is to reduce plastic use and limit the impact of shipping water. It’s a really neat idea, and the business is high-potential enough that the company managed to raise €21 million recently... Read More