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Extra Crunch roundup: Security data lakes, China vs. Starlink, ExtraHop’s $900M exit
News broke this morning that Bain Capital Private Equity and Crosspoint Capital Partners are purchasing Seattle-based network security startup ExtraHop.
Part of the Network Detection and Response (NDR) market, ExtraHop’s security solutions are for companies that manage assets in the cloud and on-site, “something that could be useful as more companies find themselves in that in-between state,” report Ron Miller and Alex Wilhelm.
Just one year ago, ExtraHop was closing in on $100 million in ARR and was considering an IPO, so Ron and Alex spoke to ExtraHop CTO and co-founder Jesse Rothstein to learn more about how (and why) the deal came together.
Have a great week, and thanks for reading!
Walter Thompson
Senior Editor, TechCrunch
@yourprotagonist
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Xometry is taking its excess manufacturing capacity business public
Image Credits: Prasit photo (opens in a new window)/ Getty Images
Xometry, a Maryland-based service that connects companies with manufacturers with excess production capacity around the world, filed an S-1 form with the U.S. Securities and Exchange Commission last week announcing its intent to become a public company.
As the global supply chain tightened during the pandemic in 2020, a company that helped find excess manufacturing capacity was likely in high demand.
But growth aside, it’s clear that Xometry is no modern software business, at least from a revenue-quality profile.
It’s time for security teams to embrace security data lakes
Image Credits: Malorny (opens in a new window) / Getty Images
The average corporate security organization spends $18 million annually but is largely ineffective at preventing breaches, IP theft and data loss. Why?
The fragmented approach we’re currently using in the security operations center (SOC) does not work. It’s time to replace the security information and event management (SIEM) approach with security data lakes.
The reduced reliance on the SIEM is well underway, along with many other changes. The SIEM is not going away overnight, but its role is changing rapidly, and it has a new partner in the SOC — the security data lake.
China’s drive to compete against Starlink for the future of orbital internet
Image Credits: STR/China News Service (CNS)/AFP (opens in a new window)/ Getty Images
There has been a wave of businesses over the past several years hoping to offer broadband internet delivered from thousands of satellites in low-Earth orbit (LEO), providing coverage of most of the earth’s surface.
In tandem with the accelerated deployment of SpaceX’s Starlink constellation in 2020, China has rapidly responded in terms of policy, financing and technology. While still in early development, a “Chinese answer to Starlink,” SatNet, and the associated GuoWang are likely to compete in certain markets with Starlink and others while also fulfilling a strategic purpose from a government perspective.
With considerable backing from very high-level actors, we are likely to see the rollout of a Red Star(link) over China (and the rest of the world) over the coming years.
This SPAC is betting that a British healthcare company can shake up the US market
Image Credits: Nigel Sussman (opens in a new window)
Babylon Health, a British health tech company, is pursuing a U.S. listing via a blank-check company, or SPAC.
While we wait for Robinhood’s IPO, The Exchange dove into its fundraising history, its product, its numbers and, bracing ourselves for impact, its projections.
The hidden benefits of adding a CTO to your board
Image Credits: Westend61 / Getty Images
Conventional wisdom says your board should include a few CEOs who can offer informed advice from an entrepreneur’s perspective, but adding a technical leader to the mix creates real upside, according to Abby Kearns, chief technology officer at Puppet.
Beyond their engineering experience, CTOs can help founders set realistic timelines, help identify pain points and bring what Kearns calls “pragmatic empathy” to high-pressure situations.
They can also be an effective advocate for founder teams who need help explaining why a launch is delayed or new engineering hires are badly needed.
“A CTO understands the nuts and bolts,” says Kearns.
6 career options for ex-founders seeking their next adventure
Image Credits: Marie LaFauci / Getty Images
As someone with “founder” on your resume, you face a greater challenge when trying to get a traditional salaried job.
You’ve already shown that you really want to lead a company, not just rise up the ladder, which means some employers are less likely to hire you.
So what should you do? Especially if your life partner and/or bank account are burnt out on the income volatility of startups?
Here are six options for ex-founders planning their next move.
How bottom-up sales helped Expensify blaze the path for SaaS
Image Credits: Nigel Sussman
In the fifth and final part of Expensify’s EC-1, Anna Heim explores how the company built its business, true to form, in an unexpected way.
“You’d expect an expense management company to have a large sales department and advertise through all kinds of channels to maximize customer acquisition, Anna writes. But “Expensify just doesn’t do what you think it should.
“Keeping in mind this company’s propensity to just stick to its guts, it’s not much of a surprise that it got to more than $100 million in annual recurring revenue and millions of users with a staff of 130, some contractors, and an almost non-existent sales team.”
How is that much growth possible without a sales team? Word of mouth.
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SpaceX sets new record for most satellites on a single launch with latest Falcon 9 mission
SpaceX has set a new all-time record for the most satellites launched and deployed on a single mission, with its Transporter-1 flight on Sunday. The launch was the first of SpaceX’s dedicated rideshare missions, in which it splits up the payload capacity of its rocket among multiple customers, resulting in a reduced cost for each but still providing SpaceX with a full launch and all the revenue it requires to justify lauding one of its vehicles.
The launch today included 143 satellites, 133 of which were from other companies who booked rides. SpaceX also launched 10 of its own Starlink satellites, adding to the already more than 1,000 already sent to orbit to power SpaceX’s own broadband communication network. During a launch broadcast last week, SpaceX revealed that it has begun serving beta customers in Canada and is expanding to the UK with its private pre-launch test of that service.
Customers on today’s launch included Planet Labs, which sent up 48 SuperDove Earth imaging satellites; Swarm, which sent up 36 of its own tiny IoT communications satellites, and Kepler, which added to its constellation with eight more of its own communication spacecraft. The rideshare model that SpaceX now has in place should help smaller new space companies and startups like these build out their operational on-orbit constellations faster, complementing other small payload launchers like Rocket Lab, and new entrant Virgin Orbit, to name a few.
This SpaceX launch was also the first to deliver Starlink satellites to a polar orbit, which is a key part of the company’s continued expansion of its broadband service. The mission also included a successful landing and recovery of the Falcon 9 rocket’s first-stage booster, the fifth for this particular booster, and a dual recovery of the fairing halves used to protect the cargo during launch, which were fished out of the Atlantic ocean using its recovery vessels and will be refurbished and reused.
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Microsoft debuts Azure Space to cater to the space industry, partners with SpaceX for Starlink data center broadband
Microsoft is taking its Azure cloud computing platform to the final frontier — space. It now has a dedicated business unit called Azure Space for that purpose, made up of industry heavyweights and engineers who are focused on space-sector services, including simulation of space missions, gathering and interpreting satellite data to provide insights and providing global satellite networking capabilities through new and expanded partnerships.
One of Microsoft’s new partners for Azure Space is SpaceX, the progenitor and major current player in the so-called “New Space” industry. SpaceX will be providing Microsoft with access to its Starlink low-latency satellite-based broadband network for Microsoft’s new Azure Modular Datacenter (MDC) — essentially an on-demand container-based data center unit that can be deployed in remote locations, either to operate on their own or boost local capabilities.
Image Credits: Microsoft
The MDC is a contained unit, and can operate off-grid using its own satellite network connectivity add-on. It’s similar in concept to the company’s work on underwater data centres, but keeping it on the ground obviously opens up more opportunities in terms of locating it where people need it, rather than having to be proximate to an ocean or sea.
The other big part of this announcement focuses on space preparedness via simulation. Microsoft revealed the Azure Orbital Emulator today, which provides in a computer emulated environment the ability to test satellite constellation operations in simulation, using both software and hardware. It’s basically aiming to provide as close to in-space conditions as are possible on the ground in order to get everything ready for coordinating large, interconnected constellations of automated satellites in low Earth orbit, an increasing need as more defense agencies and private companies pursue this approach versus the legacy method of relying on one, two or just a few large geosynchronous spacecraft.
Image Credits: Microsoft
Microsoft says the goal with the Orbital Emulator is to train AI for use on orbital spacecraft before those spacecraft are actually launched — from the early development phase, right up to working with production hardware on the ground before it takes its trip to space. That’s definitely a big potential competitive advantage, because it should help companies spot even more potential problems early on while they’re still relatively easy to fix (not the case on orbit).
This emulated environment for on-orbit mission prep is already in use by Azure Government customers, the company notes. It’s also looking for more partners across government and industry for space-related services, including communication, national security, satellite services including observation and telemetry and more.
SpaceX confirms Starlink internet private beta underway, showing low latency and speeds over 100Mbps
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Smart telescope startups vie to fix astronomy’s satellite challenge
Josh Nadeau
Contributor
Contributor
Josh Nadeau is a Canadian journalist based in St. Petersburg who covers the intersection of Russia, technology and culture. He has written for The Economist, Atlas Obscura and The Outline.
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Starlink, the satellite branch of Elon Musk’s SpaceX company, has come under fire in recent months from astronomers over concerns about the negative impact that its planned satellite clusters have reportedly had — and may continue to have — on nighttime observation.
According to a preliminary report released last month by the International Astronomical Union (IAU), the satellite clusters will interfere with the ability of telescopes to peer deep into space, and will limit the amount of observable hours, as well as the quality of images taken, by observatories.
The stakes involved are high, with projects like Starlink potentially being central to the future of global internet coverage, especially as new infrastructure implements 5G and edge computing. At the same time, satellite clusters — whether from Starlink or national militaries — could threaten the foundations of astronomical research.
Musk himself has been inconsistent in his response. Some days, he promises collaboration with scientists to solve the issue; on others, such as two weeks ago at the Satellite 2020 conference, he declared himself “confident that we will not cause any impact whatsoever in astronomical discoveries.”
Critics have pointed fingers in many directions in search of a solution to the issue. Some astronomers demand that spacefaring companies like Musk’s look after the interests of science (Amazon and Facebook have also been developing satellite projects similar to SpaceX’s) . Others ask national or international governing bodies to step in and create regulations to manage the problem. But there’s another sphere altogether that may provide a solution: startups looking to develop “smart telescopes” capable of compensating for cluster interference.
Should they deliver on their promise, smart telescopes and shutter units will save observatories time and money by protecting images that are incredibly complicated to generate.
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Spaceflight Industries to sell its satellite rideshare launch business to Japan’s Mitsui & Co. and Yamasa
Spaceflight Industries, owner of both Spaceflight, Inc. and BlackSky, is selling the Spaceflight, Inc. portion of its business to Japanese industrial megacorporation Mitsui & Co, and Yamasa both of which will co-own the company in a 50/50 joint venture after its closing. The deal will see Spaceflight continue to operate as an independent business based in the U.S. and headquartered in Seattle, with the same mission of providing rideshare launch services for small satellite payloads.
Meanwhile, Spaceflight Industries will use the funds generated from the sale (the terms of the deal were not disclosed) to re-invest in its BlackSky business. BlackSky is an Earth observation company that deals in geospatial intelligence, and that currently operates four satellites in orbit, with eight more planned to join its constellation sometime later this year.
The deal also means that Mistui & Co, which is one of Japan’s largest businesses and which operates in a variety of sectors including infrastructure, energy production, IT, food, consumer products, mining, chemicals and more, will now be in the rocket launch rideshare business as well. Mitsui also has an aerospace arm that includes a space business which provides satellite development, launch and operation services, but noted in a press release that Spaceflight will become “the cornerstone” of its space strategy pending close of the deal.
Spaceflight, Inc. has been offering its services since 2010, and has launched a total of 271 satellites on 29 separate rocket launches, with 10 missions set to take place in 2020 alone. The company’s business seems poised to grow as more launch providers and more small satellite operators enter the market, with many predictions indicating sharp uptakes in orbit-based businesses to come over the next decade.
This arrangement is perhaps indicative of things to come in the space industry, as more young companies look at their overall business and determine how best to delineate things to continue their growth and return funds on investment to stay on mission. SpaceX, for instance, has confirmed it’s looking at spinning out its Starlink business and taking that public, a move that could generate significant funds for it to then funnel back into its core launch business in pursuit of its goals of making humans multi-planetary.
The deal still has to undergo review by the Committee on Foreign Investment in the United States (CFIUS) because there’s a national security interest involved, given Spaceflight’s past work. This is expected to take multiple months, and the companies say they anticipate the deal will close sometime during Q2 2020 if everything is approved.
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Kepler will build its small satellites at a new manufacturing facility in Toronto
Satellite communications startup Kepler will manufacture its small satellites going forward at a new 5,000-square-foot facility in Toronto, Ontario, Canada . The company is working with partners, including the Canadian Space Agency and the University of Toronto, on the new facility, which will also incorporate design and development of its satellites in addition to manufacturing.
Already, Kepler operates two satellites currently in orbit, and has demonstrated the capabilities of its technology by delivering a high-speed internet data connection to the North Pole for the first time late last year. These spacecraft were designed by Kepler, but manufactured via third-parties through contracting agreements. With the new facility, Kepler says it’ll be able to “vertically integrate the development, production and testing of its future spacecraft.”
This will help the startup achieve its goal of producing, launching and operating a constellation of 140 satellites in total, which will provide high-bandwidth connectivity aimed for use in a range of industries, including agriculture, transportation and maritime shipping and logistics, to name a few. This new in-house facility will support mass production of the small satellites it requires to build out its fleet, while providing cost benefits versus outsourcing over time.
The small satellite industry is one of the parts of commercial space that has seen the biggest increase in demand, especially since relatively affordable launch vehicles like SpaceX’s Falcon 9 have expanded the pool of potential companies building and operating satellites and constellations. Bringing satellite manufacturing in-house puts Kepler in rare company as one of the few small sat companies that owns the whole stack, which should be a big competitive advantage relative to the market going forward.
In terms of when the facility will be putting out satellites that Kepler plans to actually launch, the company currently plans to launch its final demonstration satellite, which is already built under its prior contractor arrangement, this spring. Then, it intends to launch the first commercial satellites produced by this new facility starting this summer, with an additional two launches planned for later in the year.
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The four corners of the new space economy
It’s gotten to the point now where a handful of angel investors can put a space company on the map. But the same changes that have made the industry accessible have made it increasingly complex to track its trends. By default, all space startups are exciting, but companies vary widely in risk, capital intensity and maturity. Here’s what you need to know about the four main areas of the new space economy.
Launch: playground of billionaires and forward thinkers
Perhaps simply the most exciting industry to be a part of today, orbital launch service has gone from a government-funded niche dominated by a handful of primes to a vibrant, growing community serving insatiable demand.
There’s a good reason why it was dominated for so long by the likes of ULA, whose Delta rockets took up a huge majority of missions for decades. The barrier to entry for launch is huge.
As such there are three ways to enter the sector: brute force, stealth, and novelty.
Brute force is how SpaceX and Blue Origin have managed to accomplish what they have. With billions in investment from people who don’t actually care whether money is made in the short term (or with Bezos, even in the long term), they can perform the research and engineering necessary to make a full-scale launch platform. Few of these can ever really exist, and participation is limited when they do. Fortunately we all reap the benefits when billionaires compete for space superiority.
Stealth, perhaps better described as smart positioning, is where you’ll find Rocket Lab. This New Zealand-based company didn’t appear out of nowhere — look at its timeline and you’ll see scaled-down tests being conducted more than a decade ago. But what founder Peter Beck and his crew did was anticipate the market and work doggedly towards a specific solution.
Rocket Lab is focused on small payloads, delivered with short turnaround time. This avoids the trouble of competing against billionaires and decades-old space dynasties because, really, this market didn’t exist until very recently.
“Responsive space, or launch on demand, is going to be increasingly important,” Beck said. “All satellites are vulnerable, be it from natural, accidental, or deliberate actions. As we see the growth and aging of small sat constellations, the need for replenishment will increase, leading to demand for single spacecraft to unique orbits. The ability to deploy new satellites to precise orbits in a matter of hours, not months or years, is critical to government and commercial satellite operators alike.”
Rocket Lab’s tenth launch, nicknamed “Running Out of Fingers.”
Investing in Rocket Lab early on would have seemed unexciting as for year after year they made measured progress but took on no cargo and made no money. Patience is the primary virtue here. But investors with foresight are looking back now on the company’s many successful launches and bright future and marveling that they ever doubted it.
The third category of launch is novelty: entirely new launch techniques like SpinLaunch or Leo Aerospace. The term may not inspire confidence, and that’s deliberate. Companies taking this approach are high-risk, high-reward propositions that often need serious funding before they can even prove the basic physical possibility of their launch technique. That’s not an investment everyone is comfortable making.
On the other hand, these are companies that, should they prove viable, may upend and collect a significant portion of the new and growing launch market. Here patience is not so much required as extra diligence and outside expertise to help separate the wheat from the chaff. Something like SpinLaunch may sound outlandish at first, but the Saturn V rocket still seems outlandish now, decades after it was built. Leaving the confines of established methods is how we move forward — but investors should be careful they don’t end up just blasting their cash into orbit.
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Why Maxar CTO Walter Scott thinks now is the time to address the orbital traffic boom
The number of objects in orbit around Earth has been growing, and growing fast. Before 1957, of course, there were a total of zero human-made objects in the orbital region of outer space just beyond Earth’s atmosphere. There were 4,987 satellites orbiting the globe at the start of this year, according to the U.N. Office for Outer Space Affairs, which is up nearly three percent from the year before. 2017 was a record year for orbital object launches, but with ambitious new satellite constellations planned by SpaceX and others, that’s a record that’s likely to be beat in relatively short order.
Nor are all of those satellites equipped with modern technology: All told, 8,378 objects have been launched to orbit according to the UNOOSA records, and a sizeable percentage of those spacecraft are more than a few years old.
In fact, earlier this month, Bigelow Airspace was informed by the U.S. Air Force that there’s a 5.6 percent chance that one of its satellites could collide with a Russian ‘zombie’ satellite no longer in operation, and one of Starlink’s satellites had a near-miss with one operated by the European Space Agency.
A new industry organization called the Space Safety Coalition has just issued guidelines outlining best practices for companies operating spacecraft in low-Earth orbit, with signees including Immarsat, Iridium, Planet, Rocket Lab, Virgin Orbit and more.
I spoke with Walter Scott, the Chief Technical Officer of publically-traded space tech company Maxar Technologies, about the new initiative, in which longtime space operator Maxar is a founding member, and why now is the right time for the satellite industry to self-regulate when it comes to sharing low-Earth orbital space.
“The best time to solve a problem is before it’s a crisis, even though that doesn’t seem to be normal human behavior,” he told me.
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Satellite internet startup Astranis books first commercial launch on SpaceX Falcon 9
Y Combinator-backed startup Astranis is now set to launch its first commercial telecommunication satellite aboard a Falcon 9 rocket, with a launch time frame currently set for sometime starting in the fourth quarter of next year. Astranis aims to address the market of people who don’t currently have broadband internet access, which is still a huge number globally, and they hope to do so using low-cost satellites that massively undercut the price of existing global telecommunications hardware, which can be built and launched much faster than existing spacecraft, too.
Astranis satellites are much more cost-efficient because they’re smaller and easier to make, which changes the economics of deployment for potential carrier and connectivity provider partners. Its approach has already attracted the partnership of Microcom subsidiary Pacific Dataport, an Anchorage company that was formed to expand satellite broadband access in Alaska. This will be the goal of the company’s first launch with SpaceX, to deliver a single satellite to geostationary orbit that will add more than 7.5 Gbps of capacity to the internet provider’s network in Alaska, tripling capacity and potentially reducing costs by “up to three times,” according to Astranis.
This isn’t the first-ever satellite that Astranis has sent up to space — it launched a demonstration satellite in 2018 to show that its tech could work as advertised. Astranis’ approach is distinct from others attempting to offer satellite-based connectivity, including SpaceX’s own Starlink project, because it focuses on building satellites that remain in a fixed orbital position relative to the area on the ground where they’re providing service, as opposed to using a large constellation of low Earth orbit satellites that offer coverage because one or more are bound to be over the coverage area at any given time as they orbit the Earth, handing off connections from one to the next.
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