Connect with us

Tech

Schlage’s new locks open your front door with your Apple Watch

Published

on

We’ve seen no shortage of smart door locks over the years, but it seems as if the giants in the industry are starting to wake up to the future as well. At CES, keeping-the-doors-closed giant Schlage introduced its Schlage Encode Plus Smart WiFi Deadbolt, which introduces the ability to open your doors at a touch of your phone or Apple Watch.

The technology is built on Apple’s recent Home Key innovations, introduced in iOS 15. The tech enables you to add a house key to your Apple Wallet, which uses NFT technology to communicate with the locks around you. A tap of your phone or Apple Watch (dramatically exclaiming “Open Sesame” or “Open Schlage” is presumably optional, although the company’s press release didn’t specify whether that was the case), and you’re in.

A lot of the advantages from the technology come from being able to distribute keys easily — you can give a guest a temporary key to your home; for example if your dog walker needs to bring Fido back after you’ve had to run out for a cappuccino, or the plumber turns up earlier than expected and is threatening to leave unless they can get access to your place.

The Schlage Encode Plus lock is among the first to support Apple’s latest enhancement to the HomeKit experience with home keys capability. I think it’s a welcome addition to the ecosystem; Schlage has 100 years of lock-making experience, and when it comes to smart home tech, it’s often easier to add smarts to products that work great in the first place, than building a whole product around a helping of Bluetooth and IoT chipsets.

“Throughout our 100-year history, we have remained committed to revolutionizing the user experience with convenient and secure home access our customers can trust,” said Dave Ilardi, general manager at Schlage, a brand of Allegion. “We’re excited about our collaboration with Apple that brings together two highly regarded brands with a history and reputation for delivering innovation to the connected home. The Schlage Encode Plus Smart WiFi Deadbolt provides homeowners with an even simpler and secure way to access their homes. This is just another step in our vision to create purposeful experiences that deliver simplicity and peace of mind.”

The cool thing is that the technology in question still works in “power reserve” mode, which means that even if your phone or Apple Watch is on its last breath, it can still be used to open the doors for a few additional hours.

Apart from the tap-to-open wizardry, the Schlage Encode Plus lock is pretty similar, features-wise, to the Schlage Encode Wi-Fi enabled lock; you’re still able to check whether your doors are locked, and lock/unlock from your phone. You can set up access codes from the app with certain time windows, so you can give someone access for a particular time slot with a certain code, whether permanent, temporary or recurring. The locks also keep real-time activity logs, so you can see which code has been used to open which lock, and when. The lock also supports Siri, Google Assistant and Alexa for lock control.

The tap to unlock feature is only available through Apple’s home keys feature, which is only available on iOS or Apple Watch devices, so Android users will have to make do without that feature for now, although of course they would be able to use Google Assistant or the Schlage app to control the locks.

The Schlage Encode Plus Smart WiFi Deadbolt will be available for purchase late this spring and will retail for $299.99.

Source: Tech

Tech

Spendesk is the fifth French startup to reach unicorn status this month

Published

on

Fintech startup Spendesk is announcing that it has raised an extension to its Series C round. Tiger Global is investing $114 million (€100 million) in the startup. Following today’s funding round, the company says that is has reached a valuation of more than $1.14 billion (more than €1 billion).

In other words, Spendesk is a new unicorn in the French tech ecosystem. Funding news has been accelerating over the last few months in France. In January alone, five startups announced that they have crossed the threshold to reach unicorn status — PayFit, Ankorstore, Qonto, Exotec and Spendesk.

Back Market, an e-commerce marketplace focused on refurbished smartphones and electronics devices, has also raised a mega round and reached a $5.7 billion valuation.

Let’s go back to Spendesk. The startup offers an all-in-one corporate spend management platform for medium companies in Europe. Originally focused on virtual cards for online payments, the company has expanded its product offering to tackle everything related to corporate spending.

Spendesk customers can order physical cards for employees, team members can use the platform to pay outstanding invoices, file expense reports, manage budgets and generate spending reports. By offering everything in a single service, Spendesk wants to simplify accounting and approvals in general so that money moves more freely.

The startup defines its platform as a “7-in-1 spend management solution”, meaning that Spendesk is no longer just a product that lets you order debit cards for your employees.

“We have had this goal since the beginning — we really want to become this platform, this operational system to manage your spending,” co-founder and CEO Rodolphe Ardant told me. “When we started working on the product, we looked at each use case and designed the right workflow for that.”

In particular, Spendesk helps you formalize your internal processes. You can define team budgets, set up complicated approval workflows for expensive payments, automate some pesky tasks, such as VAT extraction.

“We target mid-market clients. Those are customers with 50 to 1,000 employees. We have a few clients that are bigger than that and a few clients that are smaller than that,” Ardant said.

And the company currently has 3,500 clients — around half of them are based in France while other clients are mostly based in Germany and the U.K. Clients have spent €3 billion through Spendesk in 2021 alone.

With its central positioning in the financial stack, Spendesk needs to interface perfectly with other financial tools — banks on one side and ERP products on the other side.

The startup currently supports many of the popular accounting tools used by European companies, such as Xero and Datev. Spendesk customers can also export transaction batches and import them into Sage, Cegid and other accounting software solutions.

Spendesk is also working on automating the integrations with your bank accounts, which could be particularly useful for companies with multiple bank accounts. For instance, you could imagine setting up a rule that automatically triggers a transfer between your German bank account and your Spendesk account when you want to pay a German supplier.

Image Credits: Spendesk

Spend management in Europe

Spendesk isn’t the only spend management solution in Europe. There are some competitors, such as Pleo, which recently reached a $4.7 billion valuation, and Soldo — another well-funded competitor as it has raised $180 million last year.

In the U.S. as well, companies like Brex and Ramp have reached sky-high valuations. And yet, Spendesk doesn’t think it has the same positioning as American startups.

“On the American market, it shouldn’t be called the spend management industry — it’s the corporate card industry. Players like Brex and Ramp position themselves as a payment method,” Spendesk co-founder and CEO Rodolphe Ardant told me. “Europe’s corporate culture is a culture of debit — not credit. We don’t provide payment methods, we provide a process.”

It’s a slight difference in product positioning, so it’s going to be interesting to see if a European spend management startup can successfully enter the U.S. and vice versa.

When it comes to business model as well, Spendesk considers itself as a software-as-a-service company with recurring subscriptions. The startup didn’t want to share any hard numbers for its revenue. Its CEO just said that Spendesk’s revenue “more than doubles every year.”

With today’s funding round, Spendesk plans to triple the size of its team over the next two years. The company plans to have 1,000 employees by the end of 2023.

Source: Tech

Continue Reading

Tech

Crypto.com expands venture arm to $500 million to back early-stage web3 startups

Published

on

Crypto.com, a popular cryptocurrency exchange, has extended its venture arm’s fund size to $500 million as it looks to more aggressively back early-stage startups to help the nascent ecosystem grow, following similar moves by rivals Binance, Coinbase and FTX.

The broadening of Crypto.com Capital comes less than a year after the Singapore-headquartered firm unveiled its maiden fund of $200 million. The fund, unlike those of many of its rivals, has no LPs (meaning, it’s fully financed by the firm’s balance sheet.)

The maiden fund, whose individual checks run up to $10 million in size, has been so far deployed to back about 20 startups including YGG SEA, multi-chain crypto portfolio tracker DeBank, cross-chain token infrastructure Efinity and Ethereum scaling solution Matter Labs.

Crypto.com will continue to focus on backing early-stage startups, said Jon Russell, who joined the firm as a general partner this month, in an interview with TechCrunch.

With the fund, Crypto.com is broadly focusing on gaming, decentralized-finance and startups innovating on cross-chain solutions. But he cautioned that the industry could change and expand, as it has in recent years, to areas “we don’t know about,” hence the firm is keeping an eye out on everything.

Tuesday’s announcement also further illustrates the growing involvement of cryptocurrency exchanges in being the rainmaker – and beneficiary – of the ecosystem which encompasses the industry in which they operate.

FTX, which has backed over 15 startups, last week announced a $2 billion crypto fund. Its founder, Sam Bankman-Fried, also owns Alameda Research, a venture firm that has backed close to 100 web3 startups.

Coinbase Ventures, the investment arm of the only crypto exchange that is publicly traded, and Binance, the world’s largest cryptocurrency exchange by trading volume, are also among the most prolific investors in the web3 space.

Venture investment in crypto / web3 in 2021 by category (Image credits: Galaxy Digital)

The funding activity in the space, even as most of the aforementioned names often co-invest in startups, is at an all-time high. VCs invested more than $33 billion in crypto/web3 startups in 2021, more than all prior years combined, Galaxy Digital, another prolific investor in the space, wrote in a recent report.

“Valuations in the crypto/blockchain space were 141% higher than the rest of the venture capital space in Q4, highlighting a founder-friendly environment and the intense competition among investors for deal allocations,” the report added.

Scores of venture capital firms have also raised new funds for their crypto investments. Just last year, Andreessen Horowitz added a $2.2 billion crypto fund, Paradigm unveiled a $2.5 billion fund, and Hivemind Capital Partners announced a $1.5 billion fund. Katie Haun, who co-led a16z’s $2.2 billion crypto fund, has left the firm to launch her own crypto-focused fund.

Russell – a former journalist who previously had stints at TechCrunch, The Next Web, and The Ken – said Crypto.com is backing startups to help the ecosystem grow.

“If you’re in the industry, it’s in your interest to help companies grow in the ecosystem and the ecosystem itself to grow,” he said. (Worth pointing out that Solana, Avalanche, Polkadot — as well as some of their major investors — are also aggressively backing startups that are building applications for the native blockchains.)

The startups Crypto.com backs are under no obligation to list their tokens on Crypto.com over any of its rivals or offer the exchange any other preferential treatment, he said. The exchange team similarly doesn’t have a soft spot for the investment arm’s portfolio firms, he added.

(What’s up with the career move? “I’ve been crypto curious for a number of years but I wasn’t gasping to dive in full-time. This project appeals to me because Crypto.com is ambitious but yet it does things the right way. There’s certainly a lot of hype and hot air in crypto and web3 right now, but it’s impossible to ignore the talent that’s pouring into the industry,” he said.)

Crypto.com, which started its life as a blog of professor Matt Blaze (who sold the domain to the crypto exchange), has aggressively expanded in the past year as it looks to court more users. The Singapore-headquartered firm last year agreed to pay more than $700 million for the naming rights of the Staples Center in Los Angeles. The downtown Los Angeles complex has been rebranded as Crypto.com Arena for the next 20 years.

The firm, which bills itself as the “fastest-growing” crypto exchange, said at the time of the announcement that the move is positioned to make cryptocurrencies mainstream. Crypto.com, which processes trade volumes of over $2.5 billion every day, also teamed up with Hollywood star Matt Damon last year to promote the brand and cryptocurrencies.

The Damon-starring ad equated buying crypto tokens and NFTs to one of the greatest and boldest accomplishments in the history of humankind. Hyperbole, to be sure, but having the most mainstream American actor as Crypto.com’s celebrity sponsor has certainly helped bring the trading platform, and all that it sells, into the mainstream. The ad went viral and also attracted criticism for being cringeworthy.

Source: Tech

Continue Reading

Tech

Focused on smaller cities, Vietnamese social commerce startup Mio raises $8M Series A

Published

on

Mio, the Vietnamese social commerce platform, has raised an $8 million Series A, less than a year after announcing its seed round. The funding was led by Jungle Ventures, Patamar Capital and Oliver Jung, with participation from returning investors GGV, Venturra, Hustle Fund, iSEED SEA and Gokul Rajaram.

TechCrunch first covered Mio at the time of its $1 million seed funding in May 2021. Founded in 2020, Mio is a group buying platform that focuses on selling fresh produce and groceries in Tier 2 and 3 cities in Vietnam. The company is able to offer next day delivery because it built a logistics infrastructure that enables it to send produce directly from farms to customers.

The Series A brings Mio’s total raised to $9.1 million, and will be used to expand its logistics and fulfillment system, enter new areas in Vietnam and add new product categories like fast-moving consumer goods (FMCG) and household appliances.

Mio co-founder and chief executive officer Trung Huynh said that since TechCrunch first covered Mio seven months ago, it has achieved 10x gross merchandise value growth, a 10x increase in agents, or resellers, and grew its team from 60 people to 240. It now fulfills more than 10,000 pieces of fresh produce per day, operating in Ho Chi Minh, Thu Duc, Binh Duong, Dong Nai and Long An, with plans to expand into northern Vietnam.

The numbers “strengthened our conviction in this model and its potential,” he said. “We need fresh capital to accelerate hiring, product development and supply chain to keep up with the pace of growth as we deepen our presence in existing geographies and expand to new provinces.”

Mio is able to offer next day deliveries because its vertically integrated mayor layers of the value chain, including procurement, warehousing, order sorting and bulk delivery. The startup owns the majority of its logistics infrastructure and uses its own fleet of couriers. Its ability to delivery fresh produce directly from farms to customers in less than 16 hours contributed to higher customer retention and growth, Huynh said, and it will continue to shorten delivery times. .

Mio resellers are called Mio Partners. Huynh said one of the driving factors behind Mio is targeting the right people for the program, or “housewives and stay-home-moms in lower income regions who love sharing value-for-money products to their social circle of friends.”

They aggregate orders, usually from friends and family, and orders are delivered to them in batches for distribution. The startup claims Mio Partners can make up to $400 a month, including a 10% commission on each order and additional commissions based on the monthly performance of other resellers they referred to the program.

“There is a strong possibility” that Mio will expand beyond Vietnam, Huynh said, “but will only be considered at a more appropriate time after we successfully built our playbook for Vietnam.”

Source: Tech

Continue Reading

Trending