Daily Crunch: Tech CEOs face Congress

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

The big 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 before the House Judiciary Antitrust Subcommittee.

Different representatives seemed to focused on very different issues: Republicans repeatedly returned to the question of whether the large tech platforms are suppressing conservative viewpoints, while Democrats seemed more concerned about potentially anticompetitive behavior.

For example, citing newly revealed emails sent by Zuckerberg to other Facebook executives, Rep. Jerry Nadler declared, “Facebook saw Instagram as a powerful threat that could siphon business away from Facebook so rather than compete with it, Facebook bought it.” And Rep. Val Demings (like Nadler, a Democrat) suggested that Google was responsible for “effectively destroying anonymity on the internet.”

The tech giants

Spotify users are streaming again, but ad revenues still suffer due to COVID crisis — In its latest earnings report, Spotify said it grew its active monthly users by 29%, reaching 299 million.

Google One now offers free phone backups up to 15GB on Android and iOS — Google One is Google’s subscription program for buying additional storage and live support, and it’s getting an update.

Samsung reportedly considering a Google deal that would deprioritize Bixby — That’s according to Reuters.

Startups, funding and venture capital

Mirror competitor Tempo raises a $60M Series B — The news comes almost exactly a month after Mirror, one of the San Francisco-based company’s chief competitors, was acquired by fitness brand Lululemon for $500 million.

Remitly raises $85M at a $1.5B valuation, says money transfer business has surged — CEO Matt Oppenheimer told us that customer growth has increased by 200% compared to a year ago.

LA’s consumer goods rental service, Joymode, sells to the NYC retail investment firm, XRC Labs — Joymode’s founder Joe Fernandez will continue on as an advisor to the startup as it moves to pivot its business to focus on retail partnerships.

Advice and analysis from Extra Crunch

How to time your Series A fundraise — At our Early Stage event last week, Emergence Capital’s Jake Saper said that finding the right time to fundraise requires a micro- and macro-level strategy.

Investment in AI startups slips to three-year low — A new report from CB Insights shows historically strong but declining investing rates for AI startups.

Where is voice tech going? — One of the biggest stories in emerging technology is the growth of different types of voice assistants.

(Reminder: Extra Crunch is our subscription membership program, which aims to democratize information about startups. You can sign up here.)

Everything else

Walmart launches its own voice assistant, ‘Ask Sam,’ initially for employee use — The tool allows Walmart employees to look up prices, access store maps, find products, view sales information, check email and more.

The Hummer EV is shaping up to be GM’s electric answer to the Ford Bronco and Tesla Cybertruck — GM just released its first look at the vehicle, which was announced pre-COVID, at the Super Bowl.

The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 3pm Pacific, you can subscribe here.

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Apple CEO Tim Cook questioned over App Store’s removal of rival screen time apps in antitrust hearing

Last year, Apple href="https://techcrunch.com/2018/12/05/apple-puts-third-party-screen-time-apps-on-notice/"> removed a number of screen time and parental control apps from its App Store, shortly after the company had released its own first-party screen time solution with the launch of iOS 12. At today’s antitrust hearing, Apple CEO Tim Cook was questioned about the move, given the anti-competitive implications.

Shortly after Apple debuted its own Screen Time feature set, several third-party app makers suddenly saw their own screen time solutions come under increased App Store review. Many apps also saw their app updates rejected or their apps removed entirely. The impacted developers had used a range of methods to track screen time, as there was no official means to do so. This had included the use of background location, VPNs, and MDM-based solutions, and sometimes a combination of methods.

Apple defended its decision at the time, saying the removals had put users’ privacy and security at risk, given that they required access to a device’s location, app use, email accounts, camera permissions, and more.

But lawmakers questioned Apple’s decision to suddenly seem to care about the user privacy threats coming from these apps — many of which had been on the market for years.

Rep. Lucy McBath (GA-D) began the line of questioning by reading an email from a mother who wrote to Apple about her disappointment over the apps’ removals, saying that Apple’s move was “reducing consumer access to much-needed services to keep children safe and protect their mental health and well-being.” She then asked why Apple had removed apps from competitors shortly after releasing its own screen time solution.

Cook responded much as Apple did last year, by saying the company was concerned about the “privacy and security of kids,” and that the technology the apps used was problematic.

“The technology that was being used at that time was called MDM, and it had the ability to sort of take over the kid’s screen, and a third party could could see it,” Cook said. “So we were worried about their safety.”

That’s perhaps not the most accurate description of how MDM works, as it describes MDM as some sneaky remote control tool. In reality, MDM technology has legitimate uses in the mobile ecosystem and continues to be used today. However, it was designed for enterprise use — like managing a fleet of employee devices, for example, not consumer phones. MDM tools can access a device’s location, control app use, email, and set various permissions, among other things that a corporate entity may want to do as part of their efforts in securing employee devices.

In a way, that’s why it made sense for parents who wanted to similarly control and lockdown their children’s iPhones. Though not a consumer technology, the app developers had seen a hole in the market and had found a way to fill it using the tools at their disposal. That’s how the market works.

Apple’s argument, isn’t wrong, though. The way the apps used MDM was a privacy risk. But rather than banning the apps outright, it should have offered them an alternative. That is, instead of just booting out its competition, it should have also built a developer API for its iOS Screen Time solution in addition to the consumer-facing product.

Such an API could have allowed developers to build apps that could tap into Apple’s own screen time features and parental controls. Apple could have given the apps a deadline to make the transition instead of ending their businesses. This wouldn’t have harmed the developers or their end users, and would have addressed the privacy concerns associated with the third-party apps.

“The timing of the removals seem very coincidental,” McBath pointed out. “If Apple wasn’t attempting to harm competitors in order to help its own app, why did Phil Schiller, who runs the App Store, promote the Screen Time app to customers who complained about the removal of rival parental control apps?,” she asked.

Cook replied that there are today over 30 screen time apps in the App Store so there is “vibrant competition for parental controls out there.”

But McBath noted that some banned apps were allowed back into the App Store six months later, without any significant privacy changes.

“Six month is truly an eternity for small businesses to be shut down. Even worse, if all the while a larger competitor is actually taking away customers,” she said.

Tim Cook wasn’t given a chance to respond further to this line of questioning as the McBath moved on to question Apple’s refusal to allow Random House a way to sell e-books in its own app outside of Apple’s iBooks.

Cook deflected that question, saying “there are many reasons why the app might not initially go through the App store,” noting it could have been a technical problem.

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Startups Weekly: What education do you need to build a great tech company?

Editor’s note: Get this free weekly recap of TechCrunch news that any startup can use by email every Saturday morning (7am PT). Subscribe here.

The easy startup ideas have all been done — the ones that just required some homebrew hardware hacking or PHP dorm-room coding to get off the ground. These days, you might need multiple advanced technical degrees to accomplish something significant. At least that’s what Danny Crichton muses grimly this week, in an essay entitled “The two PhD problem of startups today.” Here’s one newsy example:

Take synthetic biology and the future of pharmaceuticals. There is a popular and now well-funded thesis on crossing machine learning and biology/medicine together to create the next generation of pharma and clinical treatment. The datasets are there, the patients are ready to buy, and the old ways of discovering new candidates to treat diseases look positively ancient against a more deliberate and automated approach afforded by modern algorithms.

Moving the needle even slightly here though requires enormous knowledge of two very hard and disparate fields. AI and bio are domains that get extremely complex extremely fast, and also where researchers and founders quickly reach the frontiers of knowledge. These aren’t “solved” fields by any stretch of the imagination, and it isn’t uncommon to quickly reach a “No one really knows” answer to a question.

Even when you try to build teams with the right combinations of knowledge, he argues, each domain is now so complex that the mesh of skills required is that much harder to achieve than previous efforts.

I partly disagree, because innovation does not map on to existing domains in such a simple way. Computer scientists in the ’60s did not expect personal computing to be a thing until the homebrewers at Apple proved it. Enterprise software industry experts last decade did not expect consumer app developers to apply their bottoms-up growth skills and beat sophisticated offerings from incumbents. I expect all sorts of arcane academic ideas to be fused with market demand in unexpected ways that break apart the models we have to day, led by people who might not check all of the boxes in traditional fields.

That includes the PhD itself and the education industry. Which is where Danny and I agree. The application of software to education has been a struggle because success requires understanding two disciplines, and he concludes that the way we learn will itself have to be broken down and reformed:

“We can’t wait until 25 years of school is complete and people graduate haggard at 40 before they can take a shot at some of these fascinating intersections. We need to build slipstreams to these lacuna where innovation hasn’t yet reached.”

Image via Getty Images / doyata

Edtech’s better future

Almost to prove Danny’s first point, some of the biggest companies in edtech today were founded by technical experts who were also university professors. Companies like Coursera are today raising their late-stage funding rounds on top of a pandemic-fueled boom for online higher learning.

But this generation of edtech unicorns already looks pretty different from anything that previous generations of education experts had imagined, as you can read an overview of from Natasha Mascarenhas on Extra Crunch. For example, Udemy was founded by a group of serial entrepreneurs, and they focused on practical skills from the start (long-time TechCrunch readers may recall our startup-focused CrunchU program with them circa 2013).

Of course, this generation of so-called MOOCs is widely seen as a limited success. In a column for Extra Crunch, Rish Joshi writes about the declining “graduation” rates that many show from students over the past decade. Instead, he sees a new wave of trends, including deeper gig-based expertise and automated niche learning, that will help anyone acquire more complex skills more quickly, at every stage of the education process. Here’s more, about the gig approach:

A potential gig economy for education created via small-group learning online would have a large impact on both the supply and demand sides of online education. Giving educators the ability to teach online from their own home opens up the opportunity to many more people around the world who may not have otherwise considered teaching, and this can greatly increase the supply of teachers worldwide. It also has the ability to mitigate the discrepancy that’s existed between quality of teaching in urban and rural areas by enabling students to access the same quality of teachers independent of their location.

Companies in this space like Outschool and Camp K12, are pre-college. But take a look around at everyone trying to teach data science, product management and other concepts that traditional industries need to incorporate to innovate more quickly, and you can see the solution that Danny hopes for starting to emerge. One day soon, you might be able to school up quickly on a new skill that you need to get a job — or a medical breakthrough.

For more on the latest in the space, be sure to check out Natasha’s second part of her survey with top edtech investors.

Planning your equity after an IPO

Do you think your unicorn employer is the next Amazon or Google? Are you ready to hold on to the stock of a potential winner through all of the ups and downs that happen to any company? If you haven’t already, consider diversifying sooner rather than later, writes startup financial advisor Peyton Carr in a series on the topic this week:

We consider any stock position or exposure greater than 10% of a portfolio to be a concentrated position. There is no hard number, but the appropriate level of concentration is dependent on several factors, such as your liquidity needs, overall portfolio value, the appetite for risk and the longer-term financial plan. However, above 10% and the returns and volatility of that single position can begin to dominate the portfolio, exposing you to high degrees of portfolio volatility.

The company “stock” in your portfolio often is only a fraction of your overall financial exposure to your company. Think about your other sources of possible exposure such as restricted stock, RSUs, options, employee stock purchase programs, 401k, other equity compensation plans, as well as your current and future salary stream tied to the company’s success. In most cases, the prudent path to achieving your financial goals involves a well-diversified portfolio.

Image Credits: Nigel Sussman (opens in a new window)

A new TechCrunch newsletter: The Exchange

In addition to the popular Equity podcast and regular appearances across TechCrunch and Extra Crunch, my colleague Alex Wilhelm is launching a new newsletter called The Exchange. It’s his weekly summary of the week, based on his daily writing for Extra Crunch and TechCrunch about tech and startup finance. You can sign up for it here. As a taste of Alex’s work if you’re not familiar, in one article this week, he took a look at the explosion in the still-new area of no code software, compiling investment activity in a space that is poorly understand and coming away with this analysis:

From this we can tell that at the very minimum, Q1 2020 VC totals for no-code/low-code startups were north of $80 million, though the real figure is likely far higher. In Q2 we can see at least $140 million in money, just among rounds that I was able to dig up this morning.

That puts low-code/no-code startups on pace to raise around $500 million at the very least in 2020. The real number is larger, and can swell sharply depending on how expansive your definition of the space is. That means that the startup world isn’t waiting for venture dollars to make their vision come true. The capital is already flowing in great quantity.

The next question is whether the startup and larger software world can make the no-code services of the world easy enough that lots of folks are willing to train themselves. The more power and capability that can be offered in exchange for learning a new way of interacting with software will likely help determine how much adoption is had, and how soon.

Around TechCrunch

Early-bird savings for Disrupt 2020 ends next week

Watch the first TechCrunch Early Stage ‘Pitch Deck Teardown’

And don’t forget to nominate your favorite investor for The TechCrunch List

Across the week

TechCrunch

Don’t let VCs be the gatekeepers of your success

Go SPAC yourself

Nielsen is revamping the way it measures digital audiences

Taking on the perfect storm in cybersecurity

Four steps for drafting an ethical data practices blueprint

Extra Crunch

Ann Miura-Ko’s framework for building a startup

From farm to phone: A paradigm shift in grocery

All B2B startups are in the payments business

When choosing a tech stack, look before you leap

Building and investing in the ‘human needs economy’

#EquityPod

Speaking of Alex:

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast (now on Twitter!), where we unpack the numbers behind the headlines.

Up top the crew this week was the regular contingent: Danny Crichton, Natasha Mascarenhas and myself. As a tiny programming note, we’re going back to posting some videos on YouTube in a few weeks, so make sure to peep the TechCrunch channel if that’s your jam.

And we did a special episode on the SPAC boom, if you are into financial arcana. For more on SPACs –> here.

The Equity crew tried something new this week, namely centering our main conversation around a theme that we’re keeping tabs on: The resilience of tech during the current pandemic-led recession.

Starting with the recent economic news, it’s surprising that tech’s layoffs have slowed to a crawl. And, as we’ve recently seen, there’s still plenty of money flowing into startups, even if there are some dips present on a year-over-year basis. Why are things still pretty good for startups, and pretty good for major tech companies? We have a few ideas, like the acceleration of the digital transformation (more here, and here), and software eating the world. The latter concept, of course, is related to the former.

After that it was time to go through some neat funding rounds from the week, including:

• Dumpling raising $6.5 million to help individual shoppers build their own Instacart.
• Kibbo’s shot at making the #vanlife happen for more folks, something that we think is a good fit for the pandemic and the mobile professional.
• Sora’s $5.3 million raise for no-code HR connective tissue, something that I was rather bullish on but drew some chat about no-code itself, and if the trend is more hype than substance.

All that and I have a newsletter launching this weekend that if you read, you will automatically be 100% cooler. It’s called the TechCrunch Exchange, and you can snag it for free here.

Equity drops every Monday at 7:00 a.m. PT and Friday at 6:00 a.m. PT, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.

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Google One now offers free phone backups up to 15GB on Android and iOS

Google One, Google’s subscription program for buying additional storage and live support, is getting an update today that will bring free phone backups for Android and iOS devices to anybody who installs the app — even if they don’t have a paid membership. The catch: while the feature is free, the backups count against your free Google storage allowance of 15GB. If you need more you need — you guessed it — a Google One membership to buy more storage or delete data you no longer need. Paid memberships start at $1.99/month for 100GB.

Image Credits: Google

Last year, paid members already got access to this feature on Android, which stores your texts, contacts, apps, photos and videos in Google’s cloud. The “free” backups are now available to Android users. iOS users will get access to it once the Google One app rolls out on iOS in the near future.

Image Credits: Google

With this update, Google is also introducing a new storage manager tool in Google One, which is available in the app and on the web, and which allows you to delete files and backups as needed. The tool works across Google properties and lets you find emails with very large attachments or large files in your Google Drive storage, for example.

With this free backup feature, Google is clearly trying to get more people onto Google One. The free 15GB storage limit is pretty easy to hit, after all (and that’s for your overall storage on Google, including Gmail and other services) and paying $1.99 for 100GB isn’t exactly a major expense, especially if you are already part of the Google ecosystem and use apps like Google Photos already.

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Humana partners with Heal and invests $100 million in the company’s doctor-on-demand service

“The doctor’s office is dead.”

That’s the way Nick Desai, the co-founder and chief executive of the Los Angeles-based startup Heal describes the future of traditional healthcare delivery.

While Desai’s bluster may be wishful thinking, the doctor’s office is certainly changing, and that’s thanks in part to companies like Heal, which offer in-home and telemedical consultations — and health insurance providers like Humana that are backing them.

The two companies have announced a new partnership that will see Humana pushing Heal’s in-home and virtual care delivery services to the patients it covers and committing $100 million to spur the Los Angeles-based startup’s growth.

“Humana has a more strategic view of home-based care,” said Desai. “We want all payers to be this strategic. Most insurance partners offer Heal now but we want them to view it more strategically.”

For Desai, the home is the best place to get care because doctors can see the environment that may influence (and in some cases complicate or worsen) a patient’s condition. Heal, Desai says, also works with the digital technologies to provide more remote and persistent patient monitoring, so that doctors can have a better sense of a patient’s health over time, rather than at an acute moment of care.

“You want to talk to the doctor and get continuity of care,” said Desai. “We think we are…  an accelerant for the adoption of those services.”

Things like iPhone-based EKG machines, remote diagnostics to determine diabetic retinopathy, digital hubs to provide remote monitoring of body mass and movement are all hardware offerings within Heal’s panoply of care and diagnostic solutions. “We want to be able to gather more and more of those diagnostics remotely,” Desai said. “Anything that makes care more accurate, more data driven, more timely we want to use and ask our patients to utilize so that they can get better care, more quickly and more affordably.”

The new financing from Humana will go to support Heal’s geographic expansion, product development, and sales and marketing, Desai said. Already, the company has expanded into new treatment areas, including teletherapy for mental health.

Discussion between Heal and the Louisville-based Humana began back in December and the two businesses only inked the final terms of their deal last week.

Heal telemedicine, telepsychology (CA only), and digital monitoring services are currently available in New York, New Jersey, Washington, California, Georgia, Virginia, Maryland, and Washington D.C. To date, the company has linked patients with over 200,000 home visits from doctors since its launch in 2015.

Under the terms of the agreement with Humana, will expand to geographies in Chicago, Charlotte and Houston as part of Humana’s “Bold Goal” program focusing on addressing and creating healthcare services that address social determinants and social needs for its population of insured patients.

“The partnership with Heal is part of Humana’s efforts to build a broader set of offerings across the spectrum of home based care, with high quality, value-based primary care being a key foundational element,” said Susan Diamond, Humana’s Segment President, Home Business, who is joining Heal’s Board of Directors as part of the partnership and investment. “We continue to see high levels of customer satisfaction and improved health outcomes when care is delivered in the home. Our goal is to make the healthcare experience easier, more personalized and caring for the people we serve—and is the hallmark of how Humana delivers human care.”

For Desai, the deal is also an indicator of not just his company’s growth, but the growth of the entire Los Angeles technology ecosystem.

“Heal’s funding just proves that LA is  as much an epicenter of venture backed ecosystem as any in the country including Silicon Valley,” he said. 

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Read how Apple, Amazon, Facebook and Google plan to defend themselves to Congress

With their big day before lawmakers just around the corner, previews of Google (well, Alphabet), Facebook, Amazon and Apple’s opening statements are now available on the House Judiciary Committee’s site. On Wednesday, the CEOs of each company will appear in an unusually executive-packed Congressional hearing focused on antitrust concerns over the business practices.

While the opening statements are just a glimpse of the hearing’s potential topics, they do provide a useful outline for the strategy each company will use to fend off accusations that their businesses have grown on such an enormous scale due to anticompetitive behavior. In recent hearings, tech executives have mostly managed to stick to safe, well-rehearsed lines, so if any moments deviate from these scripts those will likely be the most interesting or useful bits of testimony.

In their opening statements, the chief executives of each company make some similar arguments–for example, all four claim that their companies still face intense competition, especially in global markets. Amazon and Apple also say that their ecosystems have created millions of job for third-party businesses that use their platforms.

But the CEOs also take slightly different approaches to how they present their opening statements. For example, Jeff Bezos, Amazon’s chief executive officer, and Sundar Pichai, the CEO of Alphabet and Google, go into their personal backgrounds in detail. Meanwhile, Apple CEO Tim Cook and Facebook CEO Mark Zuckerberg focus on the fact that their companies are based in the United States: Cook calls Apple an “uniquely American company,” and Zuckerberg says that Facebook is a “proudly American company.”

Though Amazon is the largest online retailer in America, Bezos will argue in his opening statement that it is a small player in the global retail market, with Amazon accounting for “less than 1% of the $25 trillion global retail market and less than 4% of retail in the U.S.” Among domestic competitors, Bezos focuses on Walmart, stating that it is “a company more than twice Amazon’s size,” and also names newer competitors like Shopify and Instacart.

Bezos’ opening statement also dwells on the small- and medium-sized retailers that sell products on Amazon’s platform, estimating that third-party businesses on Amazon have created over 2.2 million new jobs around the world.

Cook says that the “smartphone market is fiercely competitive,” with rivals like Samsung, LG, Huawei and Google, and that all of Apple’s product categories, including the iPhone, do not have a dominant market share in any of the markets where it does business.

Like Bezos, Cook’s statement also argues that Apple’s ecosystem has helped create jobs. He says that the App Store now hosting more than 1.7 million apps, only 60 of which were developed by Apple, and “more than 1.9 million American jobs in all 50 states are attributable to Apple.”

Even though Google Search is the dominant search engine in the U.S., Pichai will claim that is facing down a large roster of rivals, including services that aren’t specifically search engines. For example, he cites Amazon’s Alexa, Twitter, WhatsApp, SnapChat, and Pinterest as alternative sources of information and says most people turn to e-commerce sites like Amazon, eBay and Walmart for information about products.

Google’s ad business is also expected to be in the spotlight during the hearings. Pichai’s opening statement argues that advertisers have “an enormous amount of choice” for platforms, including Twitter, Instagram, Pinterest, Comcast and others, that means advertising costs have lowered by 40% over the last decade.

Zuckerberg also argues that Facebook still faces intense competition, especially in other countries. Though Zuckerberg doesn’t reference any specific company or app, he highlights competition from the Chinese tech industry, telling lawmakers that “China is building its own version of the internet focused on on very different ideas, and they are exporiting their vision to other countries.”

While Facebook has been criticized for acquiring companies like Instagram and WhatsApp, Zuckerberg argues that those services improved under his company’s ownership.

The big tech hearing with the House Judiciary’s Antitrust Subcommittee will begin Wednesday at 12PM ET and we’ll be following along over the course of the day so check back for coverage of the most noteworthy moments. For reference, the full opening statements can be found below.

– Apple
– Amazon
– Google
– Facebook

What to expect from tech’s historic antitrust showdown with Congress

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Six things venture capitalists are looking for in your pitch

Founders pitch venture capitalists at every available chance, which is why most of them quickly develop the skills required to identify whether someone is offering them an opportunity or wasting their time.

At TechCrunch Early Stage, I chatted with NFX Managing Partner James Currier about how founders can find the right investors and what they need to show to win an investment. Currier has been on both sides of the deal table and founded several startups before devoting himself to early-stage investing, where he has backed companies like Lyft, Houzz and Houseparty.

“One of the ways that investors are similar is that whenever they look at all the companies coming to them, most of them get into a quick ‘no’ situation, some of them get into the ‘maybe’ and very few get into the quick ‘yes,’ ” Currier says.

He shared six reasons investors might give a founder the rare and highly coveted “quick yes,” an effort to lock down a deal that’s either perfect for them or too enticing to pass up. Realizing what exactly investors are seeking can help founders understand how to pitch at the first meeting and what they should leave for follow-ups. For those who couldn’t virtually attend TechCrunch Early Stage, check out the link below.

This interview has been lightly edited for clarity. 

1. Traction

“So the first thing that they’re looking for is traction. Look, even if they don’t like you, if they don’t like the market, but you’re making a ton of money, what are they going to say? Like if it’s growing really quickly and you’re profitable, you’ve got high margins and everyone wants to work for you, and there’s this buzz around you. What are they going to say? They’re gonna have to invest because you’ve got traction.”

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