MIT

Auto Added by WPeMatico

Alumni Ventures Group is the most active venture fund you’ve never heard of

Alumni Ventures Group’s (AVG) limited partners aren’t endowment or pension funds. Its typical LP is a heart surgeon in Des Moines, Iowa.

The firm has both an unorthodox model of fundraising and dealmaking. Across 25 micro funds, AVG is raising and investing upwards of $200 million per year for and in tech startups.

Tucked away in Boston, far from the limelight of Silicon Valley, few seem to be paying attention to AVG. There are a few reasons why, and those seem to be working to the firm’s advantage.

Today, AVG is announcing a close of roughly $30 million for three additional funds: Green D Ventures, Chestnut Street Ventures and Purple Arch Ventures, which represent capital committed by Dartmouth, the University of Pennsylvania and Northwestern alums, respectively.

“People don’t really know what to make of us”

AVG walks and talks like a venture fund, but a peek under the hood reveals its unconventional fundraising mechanisms.

Rather than collecting $5 million minimum investments from institutional LPs, AVG takes $50,000 directly from individual alums of prestigious universities. The firm pools the capital and creates university-specific venture funds for graduates of Duke, Stanford, Harvard, MIT and several other colleges. 

“People don’t really know what to make of us because we’re so different,” said Michael Collins, AVG’s founder and chief executive officer.

Collins started AVG to make venture capital more accessible to individual people. He’s been a VC since 1986, formerly of TA Associates, and had grown tired of the hubris that runs rampant in the industry. In 2014, he started a $1.5 million fund for alums of his alma mater, Dartmouth. Since then, AVG has grown into 25 funds, each of which fundraise annually and are seeing substantial growth over their previous raises.

“What we observed is VC is a really good asset class but it’s really designed for institutional investors,” Collins (pictured below) said. “It’s really hard for individual people to put together a smart, simple portfolio unless they do it themselves. That’s why we created AVG.”

AVG and its team of 40 investment professionals make 150 to 200 investments per year of roughly $1 million each in U.S. startups across industries. In the second quarter of 2018, PitchBook listed the firm as the second most active global investor, ranked below only Plug and Play Tech Center and above the likes of Kleiner Perkins, NEA and Accel. 

Unlike the Kleiners, NEAs and Accels of the world, AVG never leads investments. Collins says they just “tuck themselves into” a deal with a great lead investor. They don’t take board seats; Collins says he doesn’t see any value in more than one VC on a company board. And they don’t try to negotiate deal terms.

Though unusual, all of this works to their advantage. Founders appreciate the easy capital and access to AVG’s network, and other VC firms don’t view AVG as a threat, making it easier for the firm to get in on great deals.

“We are low friction, we are small and we have a hell of a Rolodex,” Collins said.

VC doesn’t have to be a star business

Despite a deal flow that’s unmatched by many VC firms, AVG manages to fly under the radar — and the firm is totally OK with that.

“A lot of VC is a bit of a star business where people try to build their own individual brand,” Collins said. “They get out there; they like publicity; they blog; they speak at conferences; they want to be known as the person to bring great deals to. We don’t lead. We work in the background. We just don’t feel the need to put the energy into PR.”

“Most VC returns are really achieved through investing in great companies as opposed to changing the trajectory of a company because you’re on the board,” he added. “If you’re a seed investor in Airbnb or Google, you were really great to be an early investor in that company, not because you sat on the board and you’re brilliance created Google’s success.”

AVG has completed 115 investments in the last 12 months. It’s investing out of 10-year funds, so at just four years in, it has some more waiting to do before it’ll see the full outcomes of its investments. Still, Collins says 65 of their portfolio companies have had liquidity events so far, including Jump, which sold to Uber in April, and Whistle, acquired by Mars Petcare a few years back.

“I hope that we can be a catalyst to bring more people into this asset class,” he concluded.

“I am a big believer that it’s really important that America continues to lead in entrepreneurship and I think the more people that own this asset class the better.”

Powered by WPeMatico

Tim Berners-Lee is on a mission to decentralize the web

“I’ve always believed the web is for everyone,” wrote Tim Berners-Lee, the well-known (and knighted) creator of the World Wide Web.

“The web has evolved into an engine of inequity and division; swayed by powerful forces who use it for their own agendas,” he added. “Today, I believe we’ve reached a critical tipping point, and that powerful change for the better is possible — and necessary.”

Late last month, he published the above in a blog post announcing inrupt, a startup that would finally execute on his vision for the information superhighway he built nearly 30 years ago. Backed with an undisclosed amount of funding from Glasswing Ventures, the startup is emerging from stealth today with a plan to decentralize the web and restore power to the people rather than the companies that have exploited user trust for their own financial gains.

The timing couldn’t be better. The last year has been plagued with scandals, from Cambridge Analytica, a data analysis firm that used Facebook data to target voters for President Donald Trump’s presidential campaign, to most recently a data-exposing hack on Google+ that relinquished the private information of hundreds of thousands of unsuspecting users.

Internet privacy and security are hot-button issues, to say the least. Users are rapidly losing trust in the companies that became institutions in the digital age — and they’re demanding solutions.

The race to restore control of data and the web at large has begun; inrupt is looking to the finish line.

The father of the World Wide Web

Berners-Lee is a British engineer and professor of computer science who famously gave away the web, which allows anyone with a computer to access the internet, for free.

For the past few years, he’s been quietly working on a project called Solid with a small team at the Massachusetts Institute of Technology. Solid is an open-source project built on the existing web meant to give people control over their own data. Using Solid, users can keep their data wherever they choose, rather than being forced to store it on centralized servers.

The world we’ve created on the web [is] not the right one. — John Bruce, co-founder of inrupt.

Despite its populist ambitions, Solid had failed to garner the momentum necessary to truly disrupt the web.

Berners-Lee realized Solid needed commercial backing, a real business behind it to earn the interests of open-source developers who have to build decentralized apps on the Solid platform for it to be useful.

Thus, inrupt was born. Berners-Lee tapped John Bruce, a fellow British engineer and serial entrepreneur, to lead the company as its chief executive officer. Most recently, Bruce co-founded Resilient, an incident response platform later acquired by IBM. Before that, he was the chairman and CEO of Quickcomm and the vice president of Symantec.

Bruce resigned from IBM in April to focus on inrupt full time.

“The world we’ve created on the web [is] not the right one,” Bruce told TechCrunch. “Maybe, just maybe, we can put it in the place it was originally intended to be.”

“Inrupt’s mission, at this point, is to bring resources, process and skills to galvanize the open-source effort that Tim was leading out of MIT to help [Solid] become, truly, a force to be reckoned with,” he added. “We are at the stage of the new web that Tim was at when he first started the World Wide Web.”

Bruce says that since Berners-Lee announced inrupt in late September, open-source developers have poured into the Solid platform in droves.

Now, the pair are gearing up to raise another round of funding, hire, expand the Solid platform and work on a digital assistant tool called Charlie, which the company describes as a “decentralized version of Alexa.”

For Berners-Lee, inrupt is Act II of a much larger story. For Bruce, it’s the opportunity to work with a legend.

“This is a man that understands the web truly better than anyone else on the planet,” Bruce said. “And the wheels of innovation have really just started to turn.”

Powered by WPeMatico

uBiome is jumping into therapeutics with a healthy $83 million in Series C financing

23andMe, IBM and now uBiome is the next tech company to jump into the lucrative multi-billion dollar drug discovery market.

The company started out with a consumer gut health test to check whether your intestines carry the right kind of bacteria for healthy digestion but has since expanded to include over 250,000 samples for everything from the microbes on your skin to vaginal health — the largest data set in the world for these types of samples, according to the company.

Founder Jessica Richman now says there’s a wider opportunity to use this data to create value in therapeutics.

To support its new drug discovery efforts, the San Francisco-based startup will be moving its therapeutics unit into new Cambridge, Massachusetts headquarters and appointing former Novartis CEO Joseph Jimenez to the board of directors as well.

The company has a healthy pile of cash to help build out that new HQ, too, with a fresh $83 million Series C, lead by OS Fund and in participation with 8VC, Y Combinator, Dentsu Ventures and others.

The drug discovery market is slated to be worth nearly $86 billion by 2022, according to BCC Research numbers. New technologies — those that solve logistics issues and shorten the time between research and getting a drug to market in particular — are driving the growth and that’s where uBiome thinks it can get into the game.

“This financing allows us to expand our product portfolio, increase our focus on patent assets and further raise our clinical profile, especially as we begin to focus on commercialization of drug discovery and development of our patent assets,” Richman said.

Though its unclear at this time which drug maker the company might partner up with, Richman did say there would be plenty to announce later on that front.

So far, the company has published over 30 peer-reviewed papers on microbiome research, has entered into research partnerships with the likes of the Center for Disease Control (CDC) and leading research institutions such as Harvard, MIT and Stanford and has previously raised $22 million in funding. The additional VC cash puts the total amount raised to $105 million to date.

Powered by WPeMatico

Tableau gets AI shot in the arm with Empirical Systems acquisition

When Tableau was founded back in 2003, not many people were thinking about artificial intelligence to drive analytics and visualization, but over the years the world has changed and the company recognized that it needed talent to keep up with new trends. Today, it announced it was acquiring Empirical Systems, an early stage startup with AI roots.

Tableau did not share the terms of the deal.

The startup was born just two years ago from research on automated statistics at the MIT Probabilistic Computing Project. According to the company website, “Empirical is an analytics engine that automatically models structured, tabular data (such as spreadsheets, tables, or csv files) and allows those models to be queried to uncover statistical insights in data.”

The product was still in private Beta when Tableau bought the company. It is delivered currently as an engine embedded inside other applications. That sounds like something that could slip in nicely into the Tableau analytics platform. What’s more, it will be bringing the engineering team on board for some AI knowledge, while taking advantage of this underlying advanced technology.

Francois Ajenstat, Tableau’s chief product officer says this ability to automate findings could put analytics and trend analysis into the hands of more people inside a business. “Automatic insight generation will enable people without specialized data science skills to easily spot trends in their data, identify areas for further exploration, test different assumptions, and simulate hypothetical situations,” he said in a statement.

Richard Tibbetts, Empirical Systems CEO, says the two companies share this vision of democratizing data analysis. “We developed Empirical to make complex data modeling and sophisticated statistical analysis more accessible, so anyone trying to understand their data can make thoughtful, data-driven decisions based on sound analysis, regardless of their technical expertise,” Tibbets said in a statement.

Instead of moving the team to Seattle where Tableau has its headquarters, it intends to leave the Empirical Systems team in place and establish an office in Cambridge, Massachusetts.

Empirical was founded in 2016 and has raised $2.5 million.

Powered by WPeMatico

ReviveMed turns drug discovery into a big data problem and raises $1.5M to solve it

What if there’s a drug that already exists that could treat a disease with no known therapies, but we just haven’t made the connection? Finding that connection by exhaustively analyzing complex biomechanics within the body — with the help of machine learning, naturally — is the goal of ReviveMed, a new biotech startup out of MIT that just raised $1.5 million in seed funding.

Around the turn of the century, genomics was the big thing. Then, as the power to investigate complex biological processes improved, proteomics became the next frontier. We may have moved on again, this time to the yet more complex field of metabolomics, which is where ReviveMed comes in.

Leila Pirhaji, ReviveMed’s founder and CEO, began work on the topic during her time as a postgrad at MIT. The problem she and her colleagues saw was the immense complexity of interactions between proteins, which are encoded in DNA and RNA, and metabolites, a class of biomolecules with even greater variety. Hidden in these innumerable interactions somewhere are clues to how and why biological processes are going wrong, and perhaps how to address that.

“The interaction of proteins and metabolites tells us exactly what’s happening in the disease,” Pirhaji told me. “But there are over 40,000 metabolites in the human body. DNA and RNA are easy to measure, but metabolites have tremendous diversity in mass. Each one requires its own experiment to detect.”

As you can imagine, the time and money that would be involved in such an extensive battery of testing have made metabolomics difficult to study. But what Pirhaji and her collaborators at MIT decided was that it was similar enough to other “big noisy data set” problems that the nascent approach of machine learning could be effective.

“Instead of doing experiments,” Pirhaji said, “why don’t we use AI and our database?” To that end she founded ReviveMed with her PhD advisor, Ernest Fraenkel, and shortly afterwards was joined by data scientist Demarcus Briers and biotech veteran Richard Howell.

Pharmaceutical companies and research organizations already have a mess of metabolites masses, known interactions, suspected but unproven effects and disease states and outcomes. Plenty of experimentation is done, but the results are frustratingly vague owing to the inability to be sure about the metabolites themselves or what they’re doing. Most experimentation has resulted in partial understanding of a small proportion of known metabolites.

That data isn’t just a few drives’ worth of spreadsheets and charts, either. Not only does the data comprise drug-protein, protein-protein, protein-metabolite and metabolite-disease interactions, but they’re including data that’s essentially never been analyzed: “We’re looking at metabolites that no one has looked at before.”

The information is sitting in an archive somewhere, gathering dust. “We actually have to go physically pick up the mass spectrometry files,” Pirhaji said. (“They’re huge,” she added.)

Once they got the data all in one place (Pirhaji described it as “a big hairball with millions of interactions,” in a presentation in March), they developed a model to evaluate and characterize everything in it, producing the kind of insights machine learning systems are known for.

The “hairball.”

The results were more than a little promising. In a trial run, they identified new disease mechanisms for Huntington’s, new therapeutic targets (i.e. biomolecules or processes that could be affected by drugs) and existing drugs that may affect those targets.

The secret sauce, or one ingredient anyway, is the ability to distinguish metabolites with similar masses (sugars or fats with different molecular configurations but the same number and type of atoms, for instance) and correlate those metabolites with both drug and protein effects and disease outcomes. The metabolome fills in the missing piece between disease and drug without any tests establishing it directly.

At that point the drug will, of course, require real-world testing. But although ReviveMed does do some verification on its own, this is when the company would hand back the results to its clients, pharmaceutical companies, which then take the drug and its new effect to market.

In effect, the business model is offering a low-cost, high-reward R&D as a service to pharma, which can hand over reams of data it has no particular use for, potentially resulting in practical applications for drugs that already have millions invested in their testing and manufacture. What wouldn’t Pfizer pay to determine that Robitussin also prevents Alzheimer’s? That knowledge is worth billions, and ReviveMed is offering a new, powerful way to check for such things with little in the way of new investment.

This is the kind of web of molecules and effects that the system sorts through.

ReviveMed, for its part, is being a bit more choosy than that — its focus is on untreatable diseases with a good chance that existing drugs affect them. The first target is fatty liver disease, which affects millions, causing great suffering and cost. And something like Huntington’s, in which genetic triggers and disease effects are known but not the intermediate mechanisms, is also a good candidate for which the company’s models can fill the gap.

The company isn’t reliant on Big Pharma for its data, though. The original training data was all public (though “very fragmented”) and it’s that on which the system is primarily based. “We have a patent on our process for getting this metabolome data and translating it into insights,” Pirhaji notes, although the work they did at MIT is available for anyone to access (it was published in Nature Methods, in case you were wondering).

But compared with genomics and proteomics, not much metabolomic data is public — so although ReviveMed can augment its database with data from clients, its researchers are also conducting hundreds of human tests on their own to improve the model.

The business model is a bit complicated, as well — “It’s very case by case,” Pirhaji told me. A research hospital looking to collaborate and share data while sharing any results publicly or as shared intellectual property, for instance, would not be a situation where a lot of cash would change hands. But a top-5 pharma company — two of which ReviveMed already has dealings with — that wants to keep all the results for itself and has limitless coffers would pay a higher cost.

I’m oversimplifying, but you get the idea. In many cases, however, ReviveMed will aim to be a part of any intellectual property it contributes to. And of course the data provided by the clients goes into the model and improves it, which is its own form of payment. So you can see that negotiations might get complicated. But the company already has several revenue-generating pilots in place, so even at this early stage those complications are far from insurmountable.

Lastly there’s the matter of the seed round: $1.5 million, led by Rivas Capital along with TechU, Team Builder Ventures and WorldQuant. This should allow them to hire the engineers and data scientists they need and expand in other practical ways. Placing well in a recent Google machine learning competition got them $200,000 worth of cloud computing credit, so that should keep them crunching for a while.

ReviveMed’s approach is a fundamentally modern one that wouldn’t be possible just a few years ago, such is the scale of the data involved. It may prove to be a powerful example of data-driven biotech as lucrative as it is beneficial. Even the early proof-of-concept and pilot work may provide help to millions or save lives — it’s not every day a company is founded that can say that.

Powered by WPeMatico

’90s kids rejoice! Microsoft releases the original Windows 3.0 File Manager source code

Microsoft has released the source code for the original, 1990s-era File Manager that is so familiar to all of us who were dragging and dropping on Windows 3.0. The code, which is available on Github under the MIT OSS license, will compile under Windows 10.

File Manager uses the multiple-document interface or MDI to display multiple folders inside one window. This interface style, which changed drastically with later versions of Windows, was the standard for almost a decade of Windows releases.

These little gifts to the open source community are definitely fun but not everyone is happy. One Hacker News reader noted that “Most of the MSFT open source stuff is either trash or completely unmaintained. Only a couple of high profile projects are maintained and they jam opt-out telemetry in if you like it or not (despite hundreds of comments requesting them to go away). Even Scott Hanselman getting involved in one of our tickets got it nowhere. Same strong arming and disregard for customers.”

Ultimately these “gifts” to users are definitely a lot of fun and a great example of nostalgia-ware. Let me know how yours compiles by Tweeting me at @johnbiggs. I’d love to see it running again.

Powered by WPeMatico

MIT cuts ties with brain preservation startup Nectome

MIT is disassociating itself from Nectome, the Y Combinator-backed startup promising to preserve customers’ brains for the possibility of future digital upload.

Co-founder Robert McIntyre described the procedure as “100 percent fatal” — it involves connecting terminally ill patients to a machine that pumps embalming fluids into their arteries.

The company has collected (refundable) $10,000 payments for a wait list, but its website now carries a note in “Response to recent press,” suggesting that the company would only carry the procedure out after further research:

We believe that clinical human brain preservation has immense potential to benefit humanity, but only if it is developed in the light, with input from medical and neuroscience experts. We believe that rushing to apply vitrification today would be extremely irresponsible and hurt eventual adoption of a validated protocol.

As noted in the MIT Technology Review, MIT has been criticized for potentially giving the company credibility by association — MIT Media Lab professor Edward Boyden was receiving money through a federal grant won by Nectome. (McIntyre and his co-founder Michael McCanna are both MIT graduates.)

Now the Media Lab has released a statement saying that after reviewing “the scientific premises underlying the company’s commercial plans, as well as certain public statements that the company has made,” it will “terminate the subcontract between MIT and Nectome in accordance with the terms of their agreement.”

The Media Lab says that the grant involved a research project to “combine aspects of Nectome’s chemistry with the Boyden group’s invention, expansion microscopy, to better visualize mouse brain circuits for basic science and research purposes.” Apparently Prof. Boyden has “no personal affiliation — financial, operational, or contractual — with the company Nectome.”

The statement concludes with a discussion of the science behind Nectome. The Media Lab doesn’t completely rule out the possibility of brain preservation and uploading in the future, but it suggests that the science isn’t solid yet:

Neuroscience has not sufficiently advanced to the point where we know whether any brain preservation method is powerful enough to preserve all the different kinds of biomolecules related to memory and the mind. It is also not known whether it is possible to recreate a person’s consciousness.

McIntyre told the MIT Technology Review, “We appreciate the help MIT has given us, understand their choice, and wish them the best.”

Powered by WPeMatico

Algorithmic zoning could be the answer to cheaper housing and more equitable cities

 Zoning codes are a century old, and the lifeblood of all major U.S. cities (except arguably Houston), determining what can be built where and what activities can take place in a neighborhood. Yet as their complexity has risen, academics are increasingly exploring whether their rule-based systems for rationalizing urban space could be replaced with dynamic systems based on blockchains,… Read More

Powered by WPeMatico

IBM and MIT pen 10-year, $240M AI research partnership

 IBM and MIT came together today to sign a 10-year, $240 million partnership agreement that establishes the MIT-IBM Watson AI Lab at the prestigious Cambridge, MA academic institution. The lab will be co-chaired by Dario Gil, IBM Research VP of AI and Anantha P. Chandrakasan, dean of MIT’s School of Engineering. Big Blue intends to invest $240 million into the lab where IBM researchers… Read More

Powered by WPeMatico