films
Auto Added by WPeMatico
Auto Added by WPeMatico
In the wake of the news that U.K.-based AI startup Faculty has raised $42.5 million in a growth funding round, I teased out more from CEO and co-founder Marc Warner on what his plans are for the company.
Faculty seems to have an uncanny knack of winning U.K. government contracts, after helping Boris Johnson win his Vote Leave campaign and thus become prime minister. It’s even helping sort out the mess that Brexit has subsequently made of the fishing industry, problems with the NHS and telling global corporates like Red Bull and Virgin Media what to suggest to their customers. Meanwhile, it continues to hoover up PhD graduates at a rate of knots to work on its AI platform.
But, speaking to me over a call, Warner said the company no longer has plans to enter the political sphere again: “Never again. It’s very controversial. I don’t want to make out that I think politics is unethical. Trying to make the world better, in whatever dimension you can, is a good thing … But from our perspective, it was, you know, ‘noisy,’ and our goal as an organization, despite current appearances to the contrary, is not to spend tonnes of time talking about this stuff. We do believe this is an important technology that should be out there and should be in a broader set of hands than just the tech giants, who are already very good at it.”
On the investment, he said: “Fundamentally, the money is about doubling down on the U.K. first and then international expansion. Over the last seven years or so we have learned what it takes to do important AI, impactful AI, at scale. And we just don’t think that there’s actually much of it out there. Customers are rightly sometimes a bit skeptical, as there’s been hype around this stuff for years and years. We figured out a bunch of the real-world applications that go into making this work so that it actually delivers the value. And so, ultimately, the money is really just about being able to build out all of the pieces to do that incredibly well for our customers.”
He said Faculty would be staying firmly HQ’d in the U.K. to take advantage of the U.K.’s talent pool: “The U.K. is a wonderful place to do AI. It’s got brilliant universities, a very dynamic startup scene. It’s actually more diverse than San Francisco. There’s government, there’s finance, there are corporates, there’s less competition from the tech giants. There’s a bit more of a heterogeneous ecosystem. There’s no sense in which we’re thinking, ‘Right, that’s it, we’re up and out!’. We love working here, we want to make things better. We’ve put an enormous amount of effort into trying to help organizations like the government and the NHS, but also a bunch of U.K. corporates in trying to embrace this technology, so that’s still going to be a terrifically important part of our business.”
That said, Faculty plans to expand abroad: “We’re going to start looking further afield as well, and take all of the lessons we’ve learned to the U.S., and then later Europe.”
But does he think this funding round will help it get ahead of other potential rivals in the space? “We tend not to think too much in terms of rivals,” he says. “The next 20 years are going to be about building intelligence into the software that already exists. If you look at the global market cap of the software businesses out there, that’s enormous. If you start adding intelligence to that, the scale of the market is so large that it’s much more important to us that we can take this incredibly important technology and deploy it safely in ways that actually improve people’s lives. It could be making products cheaper or helping organizations make their services more efficient.”
If that’s the case, then does Faculty have any kind of ethics panel overseeing its work? “We have an internal ethics panel. We have a set of principles and if we think a project might violate those principles, it gets referred to that ethics panel. It’s randomly selected from across faculty. So we’re quite careful about the projects that we work on and don’t. But to be honest, the vast majority of stuff that’s going on is very vanilla. They are just clearly ‘good for the world’ projects. The vast majority of our work is doing good work for corporate clients to help them make their businesses that bit more efficient.”
I pressed him to expand on this issue of ethics and the potential for bias. He says Faculty “builds safety in from the start. Oddly enough, the reason I first got interested in AI was reading Nick Bostrom’s work about superintelligence and the importance of AI safety. And so from the very, very first fellowship [Faculty AI researchers are called Fellows] all the way back in 2014, we’ve taught the fellows about AI safety. Over time, as soon as we were able, we started contributing to the research field. So, we’ve published papers in all of the biggest computer science conferences Neurips, ICM, ICLR, on the topic of AI safety. How to make algorithms fair, private, robust and explainable. So these are a set of problems that we care a great deal about. And, I think, are generally ‘underdone’ in the wider ecosystem. Ultimately, there shouldn’t be a separation between performance and safety. There is a bit of a tendency in other companies to say, ‘Well, you can either have performance, or you can have safety.’ But of course, we know that’s not true. The cars today are faster and safer than the Model T Ford. So it’s a sort of a false dichotomy. We’ve invested a bunch of effort in both those capabilities, so we obviously want to be able to create a wonderful performance for the task at hand, but also to ensure that the algorithms are fair, private, robust and explainable wherever required.”
That also means, he says, that AI might not always be the “bogeyman” the phrase implies: “In some cases, it’s probably not a huge deal if you’re deciding whether to put a red jumper or a blue jumper at the top of your website. There are probably not huge ethical implications in that. But in other circumstances, of course, it’s critically important that the algorithms are safe and are known to be safe and are trusted by both the users and anyone else who encounters them. In a medical context, obviously, they need to be trusted by the doctors and the patients need to make sure they actually work. So we’re really at the forefront of deploying that stuff.”
Last year the Guardian reported that Faculty had won seven government contracts in 18 months. To what does he attribute this success? “Well, I mean, we lost an enormous number more! We are a tiny supplier to government. We do our best to do work that is valuable to them. We’ve worked for many, many years with people at the home office,” he tells me.
“Without wanting to go into too much detail, that 18 months stretches over multiple prime ministers. I was appointed to the AI Council under Theresa May. Any sort of insinuations on this are just obviously nonsense. But, at least historically, most of our work was in the private sector and that continues to be critically important for us as an organization. Over the last year, we’ve tried to step up and do our bit wherever we could for the public sector. It’s facing such a big, difficult situation around COVID, and we’re very proud of the things we’ve managed to accomplish with the NHS and the impact that we had on the decisions that senior people were able to undertake.”
Returning to the issue of politics I asked him if he thought — in the wake of events such as Brexit and the election of Donald Trump, which were both affected by AI-driven political campaigning — AI is too dangerous to be applied to that arena? He laughed: “It’s a funny old funny question… It’s a really odd way to phrase a question. AI is just a technology. Fundamentally, AI is just maths.”
I asked him if he thought the application of AI in politics had had an outsized or undue influence on the way that political parties have operated in the last few years: “I’m afraid that is beyond my knowledge,” he says. But does Faculty have regrets about working in the political sphere?
“I think we’re just focused on our work. It’s not that we have strong feelings, either way, it’s just that from our perspective, it’s much, much more interesting to be able to do the things that we care about, which is deploying AI in the real world. It’s a bit of a boring answer! But it is truly how we feel. It’s much more about doing the things we think are important, rather than judging what everyone else is doing.”
Lastly, we touched on the data science capabilities of the U.K. and what the new fundraising will allow the company to do.
He said: “We started an education program. We have roughly 10% of the U.K.’s PhDs in physics, maths, engineering, applying to the program. Roughly 400 or so people have been through that program and we plan to expand that further so that more and more people get the opportunity to start a career in data science. And then inside Faculty specifically, we think we’ll be able to create 400 new jobs in areas like software engineering, data science, product management. These are very exciting new possibilities for people to really become part of the technology revolution. I think there’s going to be a wonderful new energy in Faculty, and hopefully a positive small part in increasing the U.K. tech ecosystem.”
Warner comes across as sincere in his thoughts about the future of AI and is clearly enthusiastic about where Faculty can take the whole field next, both philosophically and practically. Will Faculty soon be challenging that other AI leviathan, DeepMind, for access to all those PhDs? There’s no doubt it will.
Powered by WPeMatico
Quibi founder Jeffrey Katzenberg is admitting that the short-form video service’s launch hasn’t gone the way he’d hoped — and he knows what to blame for its issues.
“I attribute everything that has gone wrong to coronavirus,” Katzenberg said in an interview with The New York Times. “Everything. But we own it.”
Back in April, I actually asked Quibi executives about how they thought the worldwide pandemic and widespread social distancing measures might affect their launch. After all, an app designed to deliver videos under 10 minutes when you’re on-the-go seems less appealing when no one can leave their house (where you can just sit on your couch and watch Netflix).
“I’m looking to take small breaks more than ever before to stand up, walk around, go outside,” CTO Rob Post said at the time. “Our use cases are these in-between moments. Now more than ever, that use case is still present.”
Similarly, Katzenberg told The Times he’d hoped “there would still be many in-between moments while sheltering in place.” Instead, he argued that those moments are still happening, “but it’s not the same. It’s out of sync.”
How badly has the launch gone? Quibi says it has been downloaded around 3.5 million times, and that it currently has 1.3 million active users. That’s a significant audience, especially for a service that was only released a little over a month ago.
Still, Katzenberg admitted it’s “not close to what we wanted.” And the company is apparently adjusting its projections, which had called for the service to reach 7 million users and $250 million in subscriber revenue in its first year.
At least it sounds like Quibi is trying to learn and adapt. For one thing, the marketing has started to shift to promoting specific shows like a “Reno 911” reboot, rather than advertising the idea of Quibi itself. For another, the company said it will be adding TV viewing support for iOS users this week.
Powered by WPeMatico
It has been 10 years since Pantheon launched. At the time, it was mostly a hosting service for Drupal sites, but about six years ago, it added WordPress hosting to its lineup and raised more VC money as some of its competitors did the same. After its 2016 Series C round, things started quieting down, though the company has clear ambitions to become a public company in the next few years. To chat about those plans and the overall state of the business, I sat down with Pantheon co-founder and CEO Zack Rosen and new Pantheon board member Elissa Fink, former CMO of Tableau.
Maybe the biggest change at Pantheon is that when it launched, its team was almost solely focused on the developer experience. And while Pantheon was essentially a hosting service and offers personal plans, its focus was never on individuals who wanted a WordPress blog (which a lot of companies focused on, especially in the pre-Twitter days). Its efforts always revolved around businesses, large enterprises and the agencies that serve them.
“Back then, our overriding focus was really around the developer experience — the practitioner experience — of using our product,” Rosen explained. “And frankly, at the time, we actually really didn’t know what to call it. It really didn’t have a category, but we always felt it was something new.” He noted that over the last few years, Pantheon started talking to a lot of marketers and realized that the needs of these marketing leaders are driving this space.
Powered by WPeMatico
What can you do with virtual reality when you have complete control of the physical space around the player? How “real” can virtual reality become?
That’s the core concept behind The Void. They take over retail spaces in places like Downtown Disney and shopping malls around the country and turn them into virtual reality playgrounds, They’ve got VR experiences based on properties like Star Wars, Ghostbusters, and Wreck-It Ralph; while these big names tend to be the main attractions, they’re dabbling with creating their own original properties, too.
By building both the game environment and the real-world rooms in which players wander, The Void can make the physical and virtual align. If you see a bench in your VR headset, there’s a bench there in the real world for you to sit on; if you see a lever on the wall in front of you, you can reach out and physically pull it. Land on a lava planet and heat lamps warm your skin; screw up a puzzle, and you’ll feel a puff of mist letting you know to try something else.
At $30-$35 per person for what works out to be a roughly thirty-minute experience (about ten of which is watching a scene-setting video and getting your group into VR suits), it’s pretty pricey. But it’s also some of the most mind-bending VR I’ve ever seen.
The Void reportedly raised about $20 million earlier this year and is in the middle of a massive expansion. It’s more than doubling its number of locations, opening 25 new spots in a partnership with the Unibail-Rodamco-Westfield chain of malls.
I sat down to chat with The Void’s co-founder and Chief Creative Officer, Curtis Hickman, to hear how they got started, how his background (in stage magic!) comes into play here, how they came to work with massive properties like Ghostbusters and Star Wars, and where he thinks VR is going from here.
Greg Kumparak: Tell me a bit about yourself. How’d you get your start? How’d you get into making VR experiences?
Powered by WPeMatico
Axis is selling its first product, the Axis Gear, on Amazon and direct from its own website, but that’s a relatively recent development for the four-year-old company. The idea for Gear, which is a $249.00 ($179.00 as of this writing thanks to a sale) aftermarket conversion gadget to turn almost any cord-pull blinds into automated smart blinds, actually came to co-founder and CEO Trung Pham in 2014, but development didn’t begin until early the next year, and the maxim that “hardware is hard” once again proved more than valid.
Pham, whose background is actually in business but who always had a penchant for tech and gadgets, originally set out to scratch his own itch and arrived upon the idea for his company as a result. He was actually in the market for smart blinds when he moved into his first condo in Toronto, but after all the budget got eaten up on essentials like a couch, a bed and a TV, there wasn’t much left in the bank for luxuries like smart shades — especially after he actually found out how much they cost.
“Even though I was a techie, and I wanted automated shades, I couldn’t afford it,” Pham told me in an interview. “I went to the designer and got quoted for some really nice Hunter Douglas. And they quoted me just over $1,000 a window with the motorization option. So I opted just for manual shades. A couple of months later, when it’s really hot and sunny, I’m just really noticing the heat so I go back to the designer and ask him ‘Hey can I actually get my shades motorized now, I have a little bit more money, I just want to do my living room.’ And that’s when I learned that once you have your shades installed, you actually can’t motorize them, you have to replace them with brand new shades.”
With his finance background, Pham saw an opportunity in the market that was ignored by the big legacy players, and potentially relatively easy to address with tech that wasn’t all that difficult to develop, including a relatively simple motor and the kind of wireless connectivity that’s much more readily available thanks to the smartphone component supply chain. And the market demand was there, Pham says — especially with younger homeowners spending more on their property purchases (or just renting) and having less to spare on expensive upgrades like motorized shades.
The Axis solution is relatively affordable (though its regular asking price of $249 per unit can add up, depending on how many windows you’re looking to retrofit) and also doesn’t require you to replace your entire existing shades or blinds, so long as you have the type with which the Gear is compatible (which includes quite a lot of commonly available shades). There are a couple of power options, including an AC adapter for a regular outlet, or a solar bar with back-up from AA batteries in case there’s no outlet handy.
Pham explained how in early investor meetings, he would cite Dyson as an inspiration, because that company took something that was standard and considered central to their very staid industry and just removed it altogether — specifically referring to their bagless design. He sees Axis as taking a similar approach in the smart blind market, which has too much to gain from maintaining its status quo to tackle Axis’ approach to the market. Plus, Pham notes, Axis has six patents filed and three granted for its specific technical approach.
“We want to own the idea of smart shades to the end consumer,” he told me. “And that’s where the focus really is. It’s a big opportunity, because you’re not just buying one doorbell or one thermostat – you’re buying multiple units. We have customers that buy one or two right away, come back and buy more, and we have customers that buy 20 right away. So our ability to sell volume to each household is very beneficial for us as a business.”
Which isn’t to say Axis isn’t interested in larger-scale commercial deployment — Pham says that there are “a lot of [commercial] players and hotels testing it,” and notes that they also “did a project in the U.S. with one of the largest developers in the country.” So far, however, the company is laser-focused on its consumer product and looking at commercial opportunities as they come inbound, with plans to tackle the harder work of building a proper commercial sales team. But it could afford Axis a lot of future opportunity, especially because their product can help building managers get compliant with measures like the Americans with Disabilities Act to outfit properties with the requisite amount of units featuring motorized shades.
To date, Axis has been funded entirely via angel investors, along with family and friends, and through a crowdfunding project on Indiegogo, which secured its first orders. Pham says revenue and sales, along with year-over-year growth, have all been strong so far, and that they’ve managed to ship “quite a few units so far” — though he declined to share specifics. The startup is about to close a small bridge round and then will be looking to pin down its Series A funding as it looks to expand its product line — with a focus on greater window coverings style compatibility as top priority.
Powered by WPeMatico
During my recent conversation with Peter Kraus, which was supposed to be focused on Aperture and its launch of the Aperture New World Opportunities Fund, I couldn’t help veering off into tangents about the market in general. Below is Kraus’ take on the availability of alpha generation, the Fed, inflation versus Amazon, housing, the cross-ownership of U.S. equities by a few huge funds and high-frequency trading.
Gregg Schoenberg: Will alpha be more available over the next five years than it has been over the last five?
To think that at some point equities won’t become more volatile and decline 20% to 30%… I think it’s crazy.
Peter Kraus: Do I think it’s more available in the next five years than it was in the last five years? No. Do I think people will pay more attention to it? Yes, because when markets are up to 30 percent, if you get another five, it doesn’t matter. When markets are down 30 percent and I save you five by being 25 percent down, you care.
GS: Is the Fed’s next move up or down?
PK: I think the Fed does zero, nothing. In terms of its next interest rate move, in my judgment, there’s a higher probability that it’s down versus up.
Powered by WPeMatico
Direct-to-consumer mattress business Casper has secured a $100 million Series D investment from existing investors Target, NEA, IVP and Norwest Venture Partners.
The fresh infusion of capital values Casper at $1.1 billion, Bloomberg first reported and Casper confirmed.
“We are in the very early chapters of our growth story as demand for Casper products continues to expand across the globe,” Casper chief executive officer and co-founder Philip Krim said in a statement. “Today’s financing accelerates Casper’s vision to become the world’s largest end-to-end sleep company. Our growth will continue to be catalyzed by state-of-the-art sleep products, best-in-class customer experiences, and world-class leadership.”
Casper posted $373 million in net revenue in 2018, according to leaked financials published by The Information this week. In a press release issued today, however, Casper said 2018 revenue topped $400 million. The company, of course, isn’t profitable, with losses reaching $64 million last year, again per The Information. According to Casper’s projections, it will become profitable on an EBITDA basis in 2019 and is expecting revenues of $556 million this year.
Casper has previously raised $240 million in equity funding from celebrity investors Leonardo DiCaprio and 50 Cent, as well as institutional investors, including Lerer Hippeau .
Founded in 2014, the New York business will use the latest investment to expand overseas and open additional brick-and-mortar stores. Competing with other well-funded startups in the business of sleep, like the publicly traded Purple and the VC-backed Leesa Sleep, Casper has taken to physical retail to augment its following. The company opened its first store in New York City in 2018 and has detailed additional plans to open another 200 stores.
An initial public offering is likely the next step for the sleep products retailer, which sells pillows and an $89 sleep-friendly light, in addition to mattresses. Per a recent Reuters report, Casper is in the process of hiring underwriters for its IPO.
Powered by WPeMatico
Wattpad’s ambitions to grow beyond a storytelling community for young adults took another leap forward today with the announcement of a new partnership that will help expand its reach in Asia. The company has teamed up with Huayi Brothers in Korea, which will now be Wattpad’s exclusive entertainment partner in the region. The two companies will co-produce content sourced from Wattpad’s community as it’s adapted for film, TV and other digital media projects in the country.
Development deals like this are not new to Wattpad at this point.
In the U.S., the storytelling app made headlines for bringing to Netflix the teen hit “The Kissing Booth,” which shot up to become the No. 4 movie on IMDb for a time.
Wattpad also recently announced a second season for “Light as a Feather,” which it produces with AwesomenessTV and Grammnet for Hulu.
It additionally works with eOne, Sony, SYFY, Universal Cable Productions (a division of NBCUniversal) and Germany’s Bavaria Fiction.
Outside the U.S., Wattpad has 26 films in development with iflix in Indonesia.
And WattPad’s feature film “After,” based on Anna Todd’s novel, will arrive in theaters on April 12.
Key to these deals is Wattpad’s ability to source the best content from the 565 million stories on its platform. Do to so, it uses something it calls its “Story DNA Machine Learning technology,” which helps to deconstruct stories by analyzing things like sentence structure, word use, grammar and more in order to help identify the next big hits using more than just readership numbers alone.
The stories it identifies as promising are then sent over to content specialists (aka human editors) for further review.
This same combination of tech and human curation has been used in the past to help source its writing award winners and is now being used to find the next stories to be turned into novels for its new U.S. publishing arm, Wattpad Books.
In addition to its hit-finding technology, studios working with Wattpad also have a way to reach younger users who today are often out of touch with traditional media, as much of youth culture has shifted online.
These days, teens and young adults are more likely to know YouTube stars than Hollywood actors. They’re consuming content online in communities like Reddit, TikTok, Instagram, YouTube, Twitter and elsewhere. And when it comes to reading, they’re doing more of that online, too — whether that’s through chat fiction apps like Hooked or by reading Wattpad’s longer stories.
Wattpad says it now has 70 million users worldwide, who now spend 22 billion combined minutes per month engaged with its website and app.
With the Korean deal, Wattpad is further growing its international footprint after several other moves focused on its international expansions.
For example, today’s news follows Wattpad’s raise of $51 million in funding from Tencent; its appointment of its first Head of Asia for Wattpad Studios, Dexter Ong, last year; and its hiring of its first GM of India, Devashish Sharma, who is working with local partners to turn its stories into movies, TV, digital and print in the region.
Huayi Brothers Korea hasn’t announced any specific projects from the Wattpad deal at this point, but those will follow.
“Wattpad’s model is the future of entertainment, using technology to find great storytellers and bring them to an international audience,” said, Jay Ji, CEO, Huayi Brothers Korea, in a statement. “In an era of entertainment abundance, working with Wattpad means access to the most important things in the industry: a data-backed approach to development, and powerful, proven stories that audiences have already fall in love with,” he said.
Powered by WPeMatico
San Francisco-based Tubi TV has raised an additional $20 million for its advertising-supported streaming service for TV and movies. Investors in the round are betting on the fact that the next big streaming competitor won’t be a direct rival to Netflix and others with a subscription-based business model, but rather a free service that offers a wide variety of titles for free viewing. Read More
Powered by WPeMatico