Daily Crunch: Tech CEOs face Congress

Daily Crunch: Tech CEOs face Congress

U.S. tech giants face antitrust scrutiny, Spotify has a combined quarter and at-home health startup Tempo raises funding. This is your Daily Crunch for July 29, 2020.

The huge story: Tech CEOs face Congress

Amazon’s Jeff Bezos, Apple’s Tim Cook, Facebook’s Mark Zuckerberg and Google’s Sundar Pichai all appeared remotely this afternoon earlier than the House Judiciary Antitrust Subcommittee.

Different representatives appeared to centered on very completely different points: Republicans repeatedly returned to the query of whether or not the massive tech platforms are suppressing conservative viewpoints, whereas Democrats appeared extra involved about probably anticompetitive conduct.

For instance, citing newly revealed emails despatched by Zuckerberg to different Facebook executives, Rep. Jerry Nadler declared, “Facebook noticed Instagram as a robust risk that might siphon enterprise away from Facebook so slightly than compete with it, Facebook purchased it.” And Rep. Val Demings (like Nadler, a Democrat) instructed that Google was chargeable for “successfully destroying anonymity on the web.”

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The tech giants

Spotify customers are streaming once more, however advert revenues nonetheless endure resulting from COVID disaster — In its newest earnings report, Spotify mentioned it grew its energetic month-to-month customers by 29%, reaching 299 million.

Google One now affords free telephone backups as much as 15GB on Android and iOS — Google One is Google’s subscription program for purchasing extra storage and dwell assist, and it’s getting an replace.

Samsung reportedly contemplating a Google deal that may deprioritize Bixby — That’s in accordance with Reuters.

Startups, funding and enterprise capital

Mirror competitor Tempo raises a $60M Series B — The information comes nearly precisely a month after Mirror, one of many San Francisco-based firm’s chief rivals, was acquired by health model Lululemon for $500 million.

Remitly raises $85M at a $1.5B valuation, says cash switch enterprise has surged — CEO Matt Oppenheimer informed us that buyer development has elevated by 200% in comparison with a 12 months in the past.

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LA’s shopper items rental service, Joymode, sells to the NYC retail funding agency, XRC Labs — Joymode’s founder Joe Fernandez will proceed on as an advisor to the startup because it strikes to pivot its enterprise to give attention to retail partnerships.

Advice and evaluation from Extra Crunch

How to time your Series A fundraise — At our Early Stage occasion final week, Emergence Capital’s Jake Saper mentioned that discovering the proper time to fundraise requires a micro- and macro-level technique.

Investment in AI startups slips to three-year low — A brand new report from CB Insights reveals traditionally sturdy however declining investing charges for AI startups.

Where is voice tech going? — One of the most important tales in rising expertise is the expansion of several types of voice assistants.

(Reminder: Extra Crunch is our subscription membership program, which goals to democratize details about startups. You can enroll right here.)

Everything else

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Walmart launches its personal voice assistant, ‘Ask Sam,’ initially for worker use — The software permits Walmart workers to search for costs, entry retailer maps, discover merchandise, view gross sales info, test e mail and extra.

The Hummer EV is shaping as much as be GM’s electrical reply to the Ford Bronco and Tesla Cybertruck — GM simply launched its first take a look at the car, which was introduced pre-COVID, on the Super Bowl.

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