Month: June 2018

Metaboards, an Oxford-based startup that is developing new wireless charging technology, has secured $5 million in funding. The round is led by Oxford Sciences Innovation (OSI), with participation from RT Capital Management, and Woodford Investment Management. The burgeoning company will use the new funds to expand the team with the aim of bringing its patented ‘metamaterials’-based wireless charging tech to market.

Founded in 2016 by professors and published researchers from Oxford University, Metaboards is applying the use of ‘metamaterials’ to potentially create a much-better wireless charging solution that would negate some of the shortcomings of today’s tech. This will include removing the need for alignment between the charger and device, and the ability to charge multiple devices without multiple charging points.

More broadly, metamaterials are new types of materials made up of compounds such as plastics or metals that are arranged in ‘geometric structures’ that have properties not found in nature. The most extreme example could be an ‘invisibility’ cloak! However, metamaterials are a hot area of industrial research that has a plethora of more tangible applications. Metaboards thinks wireless charging is definitely one of them.

In a brief call, Metaboards CEO Nedko Ivanov, who previously led audio and haptics company Redux — which we reported was acquired by Google last year — told me the startup already has a working prototype that it will demo at the next CES and Mobile World Congress. It is also in discussions with various OEMs to explore ways to bring products to market based on the tech.

As well as negating the need for alignment, which, Ivanov notes, means that current wireless charging solutions aren’t that different to actually plugging a device into a charger, Metaboards’ solution has much better vertical reach/penetration. So, for example, rather than having to drill into a table to retro-fit a charging solution, in theory Metaboards’ technology could be placed on the underside of a table and effectively charge through it. Add in the ability to charge multiple devices on the same surface and things get interesting.

“Metaboards’ technology makes it possible to charge tablets, games consoles and controllers, computers and any other non-metal electronic device at the same time and on the same surface,” says the company. It also points to a recent report from Grand View Research that predicts that the global wireless charging market will be worth $22.25 billion by 2022.

Adds Ivanov in a statement: “This investment will help us to grow the company and extend our capabilities across all wireless power technology platforms to ensure we offer universal capabilities. We already have interest from companies looking into licensing the technology in the next six to 12 months”.

from TechCrunch

Naspers, the South Africa-based firm that famously backed Chinese giant Tencent in its infancy, is in talks to invest in Singapore-based startup Carousell, according to two sources with knowledge of discussions.

Carousell offers a mobile app that combines listings with peer-to-peer selling across Southeast Asia, Taiwan and Hong Kong. That makes it well-aligned with Naspers’ portfolio, which features some of the world’s largest classifieds services including OLX, which covers 45 countries, Letgo in the U.S. and Avito in Russia.

TechCrunch understands that Naspers is pursuing a deal with Carousell with a view to making it the firm’s key play in Southeast Asia and other parts of the APAC region.

Discussions are at a relatively early stage so it isn’t clear what percentage of the company that Naspers is seeking to acquire, although it would be a minority investment that values the Carousell business at over $500 million. The deal could be a first step towards Naspers acquiring a controlling interest in the business further down the line, one source said.

Carousell declined to respond when asked for comment.

“It is our company’s policy to neither acknowledge nor deny our involvement in any merger, acquisition or divestiture activity, nor to comment on market rumors,” Naspers told TechCrunch in a statement.

Timing of the discussions is notable since Carousell announced a $85 million investment round in May. (TechCrunch broke news of the round the previous October.) That deal — the startup’s Series C — took it to $126 million from investors to date and added big names to the Carousell cap table. EDBI, the corporate investment arm of Singapore’s Economic Development Board, and Singapore’s DBS, Southeast Asia’s largest bank, took part in the Series C, which also included existing backers Rakuten Ventures, the VC linked to Japanese e-commerce giant Rakuten, Golden Gate Ventures, Sequoia India and 500 Startups.

Earlier this month, Carousell CEO and co-founder Siu Rui Quek told Bloomberg that the company had turned down acquisition offers in the past.

Carousell is highly-regarded in Singapore for being one of the first home-grown startups to show promise — its three founding members each graduated the National University of Singapore, NUS.

Aside from raising significant investor capital, it has scaled regionally it is battle against larger and better-funded e-commerce rivals Alibaba -owned Lazada and Shopee, a business from NYSE-listed Sea. In May, Quek told TechCrunch that Carousell has helped sell over 50 million items between users and it currently has over 144 million listings.

Naspers, meanwhile, has upped its focus on Southeast Asia in recent times, although its sole deal is a $5 million investment in crypto startup Coins.ph.

The firm remains best known for its Tencent deal, which is legendary in investment circles. Back in 2001, it bought 46.5 percent of Tencent for $32 million. Over time that was diluted to 33 percent, but it grew significantly in size as Tencent’s business took off, going on to become Asia’s first $500 billion company last November. Naspers resisted the urge to sell until March 2018 when it parted with two percent of the firm in exchange for around $9.8 billion.

Another of Nasper’s big wins this year was Flipkart’s sale to Walmart which earned it $2.2 billion in returns.

from TechCrunch

Every once in a while, you meet an entrepreneur who is both fully present, but also has a head full of dreams. That was my experience meeting and hosting Alex Zhavoronkov, the founder and CEO of Insilico Medicine, a few weeks ago in Vienna at the Pioneers conference. There, he gave a presentation on how he is going to defeat aging using a set of deep learning AI tools, and also told me that I am going to live forever because I am young enough to benefit from the tech he is developing.

I am a huge skeptic to be frank (particularly anytime deep learning gets bandied about), but after chatting with him both before and after getting on stage, I can’t preclude the possibility that aging is something that might be within humanity’s (or at least Zhavoronkov’s) grasp to control.

That belief in the company’s mission is reflected in a set of twin announcements today. The company announced that it has received a strategic round of financing led by WuXi AppTec, a Chinese integrated R&D services platform, along with Peter Diamandis’ BOLD Capital and Pavilion Capital, a subsidiary of Singapore-based Temasek. In addition, the company announced a strategic partnership with WuXi, in which Insilico’s inventions will be tested by WuXi. The terms of the round were not disclosed, but Insilico has raised $14 million previously from investors according to Crunchbase.

Insilico Medicine founder and CEO Alex Zhavoronkov

In order to understand the company’s technology, we need to understand a bit more about how therapeutics are developed. In the classical model used by pharmaceutical companies, scientists in an R&D lab investigate naturally-occurring molecules while searching for potential therapeutic properties. When they find a molecule that could be a candidate, they begin a series of tests to determine the treatment efficacy of the molecules (and also to receive FDA approval).

Rather than going forward through the process, Insilico works backwards. The company starts with an end objective — say stopping aging — and then uses a toolbox of deep learning algorithms to devise ideal molecules de novo. Those molecules may not exist anywhere in the world, but can be “manufactured” in the lab.

The key underlying technique for the company is what are known as GANs, or generative adversarial networks with reinforcement learning. At a high-level, GANs include a neural net “generator” that creates new products (in this case, molecules), and a discriminator that classifies the new product. Those neural nets then adapt over time in order to compete against each other more effectively.

GANs have been used to create fake photos that look almost photorealistic, but that no camera has ever taken. Zhavoronkov suggested to me that clinical patient data may one day be manufactured — providing far more data while protecting patient privacy.

While Zhavoronkov has bold dreams about conquering aging, today the company is focused more broadly on creating an inventory of new molecules that could provide new therapeutics, albeit particularly focused on longevity (here is the company’s research paper on PubMed). Under the company’s new strategic partnership, WuXi will then take those new molecules and test them for efficacy in actual clinical settings.

As the company develops its technology, Zhavoronkov wants to offer a “longevity-as-a-service” engine that could power global longevity research using deep learning. That means providing a platform for researchers to find new molecules, identify which ones might be most promising as therapeutics, and then set them up for clinical trials to be used in actual clinical practice.

While Zhavoronkov is CEO, he is first a researcher. He has published extensively on his and his team’s discoveries while also leading a lab of 52 researchers. The hope is that the basic research that the team is producing can be commercially translated into industry, and ultimately, purchased by the largest pharmaceutical giants in the world.

It may be early days, but Zhavoronkov is deeply ambitious about Insilico’s potential to halt aging. Even if those dreams are difficult to accomplish, the technology built along the way could radically change our drug pipeline, and that will provide relief for all kinds of diseases.

from TechCrunch