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CTO.ai’s developer shortcuts eliminate coding busywork
There’s too much hype about mythical “10X developers.” Everyone’s desperate to hire these “ninja rockstars.” In reality, it’s smarter to find ways of deleting annoying chores for the coders you already have. That’s where CTO.ai comes in.
Emerging from stealth today, CTO.ai lets developers build and borrow DevOps shortcuts. These automate long series of steps they usually have to do manually, thanks to integrations with GitHub, AWS, Slack and more. CTO.ai claims it can turn a days-long process like setting up a Kubernetes cluster into a 15-minute task even sales people can handle. The startup offers both a platform for engineering and sharing shortcuts, and a service where it can custom build shortcuts for big customers.
What’s remarkable about CTO.ai is that amidst a frothy funding environment, the 60-person team quietly bootstrapped its way to profitability over the past two years. Why take funding when revenue was up 400% in 18 months? But after a chance meeting aboard a plane connected its high school dropout founder Kyle Campbell with Slack CEO Stewart Butterfield, CTO.ai just raised a $7.5 million seed round led by Slack Fund and Tiger Global.
“Building tools that streamline software development is really expensive for companies, especially when they need their developers focused on building features and shipping to customers,” Campbell tells me. The same way startups don’t build their own cloud infrastructure and just use AWS, or don’t build their own telecom APIs and just use Twilio, he wants CTO.ai to be the “easy button” for developer tools.
Teaching snakes to eat elephants
“I’ve been a software engineer since the age of 8,” Campbell recalls. In skate-punk attire with a snapback hat, the young man meeting me in a San Francisco Mission District cafe almost looked too chill to be a prolific coder. But that’s kind of the point. His startup makes being a developer more accessible.
After spending his 20s in software engineering groups in the Bay, Campbell started his own company, Retsly, that bridged developers to real estate listings. In 2014, it was acquired by property tech giant Zillow, where he worked for a few years.
That’s when he discovered the difficulty of building dev tools inside companies with other priorities. “It’s the equivalent of a snake swallowing an elephant,” he jokes. Yet given these tools determine how much time expensive engineers waste on tasks below their skill level, their absence can drag down big enterprises or keep startups from rising.
CTO.ai shrinks the elephant. For example, the busywork of creating a Kubernetes cluster such as having to the create EC2 instances, provision on those instances and then provision a master node gets slimmed down to just running a shortcut. Campbell writes that “tedious tasks like running reports can be reduced from 1,000 steps down to 10,” through standardization of workflows that turn confusing code essays into simple fill-in-the-blank and multiple-choice questions.
The CTO.ai platform offers a wide range of pre-made shortcuts that clients can piggyback on, or they can make and publish their own through a flexible JavaScript environment for the rest of their team or the whole community to use. Companies that need extra help can pay for its DevOps-as-a-Service and reliability offerings to get shortcuts made to solve their biggest problems while keeping everything running smoothly.
5(2X) = 10X
Campbell envisions a new way to create a 10X engineer that doesn’t depend on widely mocked advice on how to spot and capture them like trophy animals. Instead, he believes one developer can make five others 2X more efficient by building them shortcuts. And it doesn’t require indulging bad workplace or collaboration habits.
With the new funding that also comes from Yaletown Partners, Pallasite Ventures, Panache Ventures and Jonathan Bixby, CTO.ai wants to build deeper integrations with Slack so developers can run more commands right from the messaging app. The less coding required for use, the broader the set of employees that can use the startup’s tools. CTO.ai may also build a self-service tier to augment its seats, plus a complexity model for enterprise pricing.
Now it’s time to ramp up community outreach to drive adoption. CTO.ai recently released a podcast that saw 15,000 downloads in its first three weeks, and it’s planning some conference appearances. It also sees virality through its shortcut author pages, which, like GitHub profiles, let developers show off their contributions and find their next gig.
One risk is that GitHub or another core developer infrastructure provider could try to barge directly into CTO.ai’s business. Google already has Cloud Composer, while GitHub launched Actions last year. Campbell says its defense comes through neutrally integrating with everyone, thereby turning potential competitors into partners.
The funding firepower could help CTO.ai build a lead. With every company embracing software, employers battling to keep developers happy and teams looking to get more of their staff working with code, the startup sits at the intersection of some lucrative trends of technological empowerment.
“I have a three-year-old at home and I think about what it will be like when he comes into creating things online,” Campbell concludes. “We want to create an amazing future for software developers, introducing automation so they can focus on what makes them such an important aspect. Devs are defining society!”
[Image Credit: Disney/Pixar via WallHere Goodfon]
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MyGate raises $56M to bring its security management service to more gated communities in India
MyGate, a Bangalore-based startup that offers security management and convenience service for guard-gated premises, said today it has bagged more than $50 million in a new financing round as it looks to expand its footprint in the nation.
Chinese internet giant Tencent, Tiger Global, JS Capital and existing investor Prime Venture Partners funded the three-year-old startup’s $56 million Series B financing round. The new round pushes MyGate’s total fundraise to $67.5 million.
MyGate offers an eponymous mobile app that allows home residents to approve entries and exits, communicate with their neighbors, log attendance and pay society maintenance bills and daily help workers.
The startup says it is operational in 11 cities in India and has amassed over 1.2 million home customers. Its customer base is increasing by 20% each month, it claimed. The service is handling 60,000 requests each minute and clocking over 45 million check-in requests each month.
The idea of MyGate came after its co-founder and CEO, Vijay Arisetty, left the Indian armed force. In an interview with TechCrunch, he said his family was appalled to learn about the poor state of security across societies in India.
“This was also when e-commerce companies and food delivery firms were beginning to gain strong foothold in the nation. This meant that many people were entering a gated community each day,” he said.
MyGate has inked partnerships with many e-commerce players to create a system to offer a silent and secure delivery experience for its users. The startup also trains guards to understand the system.
According to industry estimates, more than 4.5 million people in India today live in gated communities, and that figure is growing by 13% each year. The private security industry in the country is a $15 billion market.
Arisetty says he believes the startup could significantly accelerate its growth as its solution understands the price-sensitive market. Using MyGate costs an apartment about Rs 20 (28 cents) per month. Even at that price, the startup says it is making a profit. “Today, we are seeing more demand than we can handle,” he said.
That’s where the new funding would come into play for the startup, which today employs about 700 people.
The startup plans to use the fresh capital to expand its technology infrastructure, its marketing and operations teams and build new features. The startup aims to reach 15 million homes in 40 Indian cities in the next 18 months.
In a statement, Sanjay Swamy, managing partner at Prime Venture Partners, said, “It’s been great to see a fledgling startup execute consistently and holistically, and grow into a category-creating market-leader.”
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Why we’re still waiting on the Postmates S-1
In a wide-ranging conversation at TechCrunch Disrupt San Francisco last week, Postmates co-founder and chief executive officer Bastian Lehmann made light of the company’s lack of IPO documents.
The San Francisco-based on-demand delivery business was expected to publicly file its IPO prospectus in September in preparation for a fall exit, sources familiar with the matter told TechCrunch this summer. September, however, has come and gone and we’re still waiting on Postmates to release the critical document.
“The reality is that we will IPO when we believe we find the right time for the business and the right time for the markets,” Lehmann told TechCrunch. “And if you look at the markets right now, I believe they are a little choppy. They are a little choppy when it comes to growth companies specifically … We are hopeful that we find a good window to get out there.”
Lehmann made reference to Uber and other companies to recently float, citing market conditions as an IPO deterrent. Uber, Lyft, Slack and other fast-growing unicorns have struggled since entering the public markets earlier this year despite sky-high private market valuations. WeWork, a money-losing endeavor, recently decided to delay its IPO after demand from Wall Street devalued the business by the billions. Whether Postmates will complete its debut by the end of the year is unclear.
Postmates confidentially filed with the U.S. Securities and Exchange Commission for an IPO in February. Shortly after, Postmates held M&A talks with DoorDash, another food delivery unicorn, according to people familiar with the matter, but failed to come to mutually favorable terms. DoorDash has previously declined to comment on these reports. On stage last week, Lehmann declined to confirm the reports.
“I don’t think it does any good to speculate on M&A,” he said. “I think you have four well-funded players here in the U.S. in this space. I think everyone is well aware of the strengths and the weaknesses of each other and you know at some point down the line, if we take Europe for example, you will see consolidation in the market. People have conversations all the time but I wouldn’t read too much into it.”
Postmates operates its on-demand delivery platform, powered by a network of local gig economy workers, in more than 3,500 cities across all 50 states. The company does not yet operate in any international markets aside from Mexico City, however, Lehmann’s comments suggest the business could be plotting a foray into Europe, where Deliveroo, Just Eat and others dominate the market.
Postmates has raised about $900 million to date, including a $225 million round announced last month that valued the company at $2.4 billion. DoorDash, on the other hand, reached a $12.6 billion valuation in May with a $600 million Series G and has raised more than double that of Postmates. When asked why DoorDash, a similar and competing business, needed that much more capital, Lehmann joked “Maybe [DoorDash CEO Tony Xu] needs a jet, I don’t know.”
Postmates, founded in 2011 by Lehmann, is backed by Spark Capital, Founders Fund, Uncork Capital, Slow Ventures, Tiger Global, Blackrock and others. In our interview with Lehmann, the long-time CEO discussed the ‘choppy’ public markets, competitors, the company’s autonomous robotics delivery efforts and more.
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Readying an IPO, Postmates secures $225M led by private equity firm GPI Capital
Postmates, the popular food delivery service, has raised another $225 million at a valuation of $2.4 billion, the company confirmed to TechCrunch on Thursday, ahead of an imminent initial public offering.
Private equity firm GPI Capital has led the investment, first reported by Forbes, which brings Postmates’ total funding to nearly $1 billion. GPI takes non-controlling stakes — between 2% and 20% — in both late-stage private companies and publicly listed ventures.
After tapping JPMorgan Chase and Bank of America to lead its float, Postmates filed privately with the Securities and Exchange Commission for an IPO earlier this year. Sources familiar with the company’s exit plans say the business intends to publicly unveil its IPO prospectus this month.
To discuss the company’s journey to the public markets and the challenges ahead in the increasingly crowded food delivery space, Postmates co-founder and chief executive officer Bastian Lehmann will join us onstage at TechCrunch Disrupt on Friday October 4th.
As Forbes noted, last-minute financings are critical for companies poised to run out of cash and in need of an infusion prior to hitting the public markets. The motives for Postmates’ last-minute financing are unclear; however, the company will certainly begin trading on the stock market at an interesting time. 2019 has proven to be the year of unicorn listings, and former Silicon Valley darlings like Uber and Lyft have struggled to stabilize since their multi-billion-dollar debuts, despite years of support and coddling from venture capitalists.
Meanwhile, activity in the food delivery space has distracted from Postmates’ prospects. DoorDash, for one, recently purchased another food delivery service, Caviar, from Square in a deal worth $410 million. Uber is said to have considered buying Caviar, which had been looking for a buyer at least since 2016, according to Bloomberg. Postmates, for its part, has long been the subject of M&A rumors.
On-demand food delivery, undeniably popular, has yet to prove its long-term viability as a money-making business. At the very least, a sizeable check from a private equity firm ensures Postmates has the capital it needs, for the time being, to accelerate growth and double down on its autonomous robotic delivery ambitions.
Founded in 2011, Postmates is also backed by Spark Capital, Founders Fund, Uncork Capital, Slow Ventures, Tiger Global, Blackrock and others.
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Cockroach Labs announces $55M Series C to battle industry giants
Cockroach Labs, makers of CockroachDB, sits in a tough position in the database market. On one side, it has traditional database vendors like Oracle, and on the other there’s AWS and its family of databases. It takes some good technology and serious dollars to compete with those companies. Cockroach took care of the latter with a $55 million Series C round today.
The round was led by Altimeter Capital and Tiger Global along with existing investor GV. Other existing investors, including Benchmark, Index Ventures, Redpoint Ventures, FirstMark Capital and Work-Bench, also participated. Today’s investment brings the total raised to more than $110 million, according to the company.
Spencer Kimball, co-founder and CEO, says the company is building a modern database to compete with these industry giants. “CockroachDB is architected from the ground up as a cloud native database. Fundamentally, what that means is that it’s distributed, not just across nodes in a single data center, which is really table stakes as the database gets bigger, but also across data centers to be resilient. It’s also distributed potentially across the planet in order to give a global customer base what feels like a local experience to keep the data near them,” Kimball explained.
At the same time, even while it has a cloud product hosted on AWS, it also competes with several AWS database products, including Amazon Aurora, Redshift and DynamoDB. Much like MongoDB, which changed its open-source licensing structure last year, Cockroach did as well, for many of the same reasons. They both believed bigger players were taking advantage of the open-source nature of their products to undermine their markets.
“If you’re trying to build a business around an open-source product, you have to be careful that a much bigger player doesn’t come along and extract too much of the value out of the open-source product that you’ve been building and maintaining,” Kimball explained.
As the company deals with all of these competitive pressures, it takes a fair bit of money to continue building a piece of technology to beat the competition, while going up against much deeper-pocketed rivals. So far the company has been doing well, with Q1 revenue this year doubling all of last year. Kimball indicated that Q2 could double Q1, but he wants to keep that going, and that takes money.
“We need to accelerate that sales momentum and that’s usually what the Series C is about. Fundamentally, we have, I think, the most advanced capabilities in the market right now. Certainly we do if you look at the differentiator around just global capability. We nevertheless are competing with Oracle on one side, and Amazon on the other side. So a lot of this money is going towards product development too,” he said.
Cockroach Labs was founded in 2015, and is based in New York City.
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WTF is Baillie Gifford?
The SoftBank Vision Fund has been screaming from the venture headlines the last few months, driven by eye-popping rounds (and valuations!) into some of the most notable startups around the world. Yet, SoftBank isn’t the only player rapidly buying up the cap tables of top startups. Indeed, another firm, more than a century old, has been fighting for that late-stage equity crown.
… Who the what?
When our fintech contributor Gregg Schoenberg interviewed Charles Plowden, the firm’s joint senior partner, about the firm’s prodigious investing, we realized that we have never gone in-depth on one of the most influential investors in Silicon Valley. So here goes.
Baillie Gifford is a 110-year-old asset management firm based out of Edinburgh, Scotland, and has long had a penchant for pre-IPO tech companies. The firm was an early investor into some of the world’s most valuable private and public tech companies, boasting a roster of portfolio companies that includes unicorns from nearly all generations in modern tech, including everything from Amazon, Google and Salesforce to Tesla, Airbnb, Spotify, newly public Lyft, Palantir and even SpaceX.
Baillie Gifford’s reach stretches way beyond the 280/101 corridor. The firm has an extensive history of investing across geographies, with one of its first and most successful investments coming from an early entry into Chinese e-commerce titan Alibaba. More recently, Baillie Gifford even held a stake in recently IPO’d Chinese electric autonomous vehicle manufacturer NIO, and one the firm’s largest current holdings is South African internet conglomerate Naspers — which itself is an active investor and developer of emerging market tech infrastructure.
The firm’s low profile belies its aggressive capital deployment strategy. According to data from PitchBook, Baillie Gifford was involved in roughly 20 deals in 2018 and was involved as a lead or participant in transactions worth over $21 billion in aggregate total deal size — beating out behemoth Tiger Global, which tallied roughly $13.25 billion on the same metric.
The firm has about $2 billion focused on private companies, so while it is aggressive in getting into later-stage rounds, it is not nearly operating at the scale of say the Vision Fund or Tiger Global. While the asset manager primarily focuses on public-equity investing, the firm has participated in investment rounds as early as Series A, according to PitchBook and Crunchbase data.
Overall, the firm manages $221 billion in assets under management as of January 2019.
As one of the earliest asset managers to invest in pre-IPO tech companies, Baillie Gifford has sourced investments through its longstanding reputation as an investor. The firm first began really diving into private tech investing in the wake of the dot-com bubble. The firm doubled down on the tech sector at a time when few others were investing and sifted through the blood bath to find cheap entryways into companies that are now amongst the world’s largest.
Today, however, the landscape is undoubtedly much different. Tech companies now make up four of the top five largest companies in the world by market cap, and seven out of the top 10. Now, everyone wants a piece of the pie and there seem to be more checks being thrown at founders than most can even fit in their wallets.
With more capital at their fingertips than ever before, founders are opting to keep their startups private for longer in order to avoid the stress of having to deal with short-term public market investors who are more often than not looking for the first opportunity to cash out. So why, amongst so much choice, do companies continue to partner with Baillie Gifford?
Plowden has some insights on that front in our interview, but the summary is that Baillie Gifford just sees itself as a partner. Unlike its peers and most investment managers, Baillie Gifford has no outside shareholder owners to report to. As a partnership, wholly owned and run by just 44 partners, the firm doesn’t face the organizational constraints that beset most firms that manage billions and billions in assets.
The result? In short, Baillie Gifford has quietly been making a killing, and probably drinking some good Scotch along the way, as well.
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CleverTap lands $26M for its mobile-focused customer marketing service
CleverTap, an India-based startup that lets companies track and improve engagement with users across the web, has pulled in $26 million in new funding thanks to a round led by Sequoia India.
Existing investor Accel and new backer Tiger Global also took part in the deal, which values CleverTap at $150-$160 million, the startup disclosed. The deal takes CleverTap to around $40 million from investors to date.
Founded in 2015 and based in Mumbai, CleverTap competes with a range of customer experience services, including Oracle Cloud. Its service covers a range of touchpoints with consumers, including email, in-app activity, push notifications, Facebook, WhatsApp (for business) and Viber. Its service helps companies map out how their users are engaging across those vectors, and develop “re-engagement” programs to help reactive dormant users or increase engagement among others.
The company says its SDK is installed in more than 8,000 apps and its customers include Southeast Asia-based startups Go-Jek and Zilingo, Hotstar in India and U.S.-based Fandango . With a considerable customer base in Asia, CleverTap puts a particular focus on mobile because many of these markets are all about personal devices.
“Asia is mobile-first and massively growing,” CleverTap CEO and co-founder Sunil Thomas told TechCrunch in an interview. “A lot of engagement in this [part of the] world is timely… we were sort of born physically on the east side of the world, so we got to scale with all these diverse set of devices.”
That stands to benefit CleverTap as it seeks to grow market share outside of Asia, and in markets like the U.S. and Europe where mobile is — right now — just one part of the marketing and customer engagement process. The company believes that engagement by mobile has a long way to develop there.
“Engagement [in the West] is still email-heavy and not really timely,” Thomas said. “Whereas the East thinks of it as ‘Hey, let’s be proactive… instead of a user coming in to hunt for information, can I provide it when I think he or she will need it?’ ”
Of course, mobile push and in-app notifications can be easily abused.
Most people will know of an app on their phone that falls into that category. So, how does a company know what is too much or what isn’t enough?
“As long as you use push or in-app as an extension of your brand, then I think it’s extremely useful,” explained Thomas. “After all, this is a really competitive world; it isn’t just your app out there — if you can make your brand count when this person isn’t in your app, that’ll help you.”
More broadly, Thomas argued that CleverTap brings data to the table which, ultimately, “changes the whole context in real time.” So a customer can really look holistically at their online presence and figure out what is working, and with which users. In real terms, when used to acquire new users online, he said he believes that CleverTap typically doubles registration conversions and triples the buying rate.
“The cost of acquisition to first purchase is what we really effect,” said Thomas. “It’s that moment you get a new person into your house.”
CleverTap has an office in Sunnyvale and it has just landed in Singapore. Now it plans to add a location in Indonesia before the end of the year. Those expansions are centered around business development, with some customer support, since tech and other teams are in India. Already, according to Thomas, the company is looking to grow in Europe while it is weighing the potential to enter Latin America in a move that could include a local partnership.
The CleverTap CEO is also considering raising more money toward the end of the year, when he believes that the company can push its valuation as high as $400 million.
“That’s very doable based on revenue growth,” he said. “We think that the revenue will demand that valuation.”
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Startups Weekly: Uber’s headline-grabbing week and sextech at SXSW
I spent the week at SXSW, Austin’s really, really huge technology, music, comedy and film festival. It’s my first year making the trek down here for the event, which I did to interview sextech entrepreneur Lora DiCarlo founder Lora Haddock, whose robotics innovation reward was infamously revoked at this year’s CES.
“I brush my teeth and I masturbate. It’s all normal,” she said, addressing the stigma surrounding female-focused pleasure tech. Haddock, during our chat, also announced the first-ever government grant for a sextech startup, a $99,637 funding for Lora DiCarlo from the state of Oregon. Lora DiCarlo plans to release its first product, the Osé, this fall.
Here’s what happened while I was wondering confused around Austin.
Uber dominated the news cycle this week; here’s the TL;DR. The ride-hailing company is probably, most likely going to unveil its S-1 next month and it’s tying up some loose ends ahead of its big IPO. Uber wants to raise roughly $1 billion at a valuation of between $5 billion and $10 billion for its autonomous vehicles unit — yes, the same one that was burning through $20 million per month. Waymo, similarly, is looking to raise outside capital for the first time for its AV efforts.
Top TPG dealmaker caught in college admissions scandal
Bill McGlashan, who built his career as a top investor at the private equity firm TPG, was fired (or maybe quit?) says the firm after he was caught up in what the Justice Department said is the largest college admissions scandal it has ever prosecuted. Even worse, McGlashan lead TPG’s social impact strategy under the Rise Fund brand, making the charges particularly damning.
HotelTonight and Slack stakeholder Accel raised $2.525 billion, sources confirm to TechCrunch; $525 million for its fourteenth early-stage fund, $1.5 billion for its fifth growth fund and $500 million for its second Leaders Fund, or a dedicated pool of capital meant to help the firm strengthen its positions on particularly competitive bets. Plus, 137 Ventures announced its fourth fund with $210 million in committed capital. The firm provides liquidity to founders and early employees of “sustainable, fast-growing, private companies.” In essence, 137 Ventures buys shares directly from employees at unicorn tech companies, like Palantir, Flexport and Airbnb.
Last week, we reported Y Combinator president Sam Altman would be stepping down to focus on OpenAI. TechCrunch’s Connie Loizos questions whether he had a positive or negative influence on the accelerator during his presidency. Altman was part of the first YC startup class in 2005 and began working part-time as a YC partner in 2011. He was ultimately made the head of the organization five years ago.
Brian O’Malley’s HotelTonight win
Forerunner Ventures general partner Brian O’Malley went long on HotelTonight and it paid off. For your weekend reading, we thought you might enjoy an oral history from O’Malley about how he stumbled upon HotelTonight and remained connected to the company across its nine-year history.
Here’s your weekly reminder to send me tips, suggestions and more to kate.clark@techcrunch.com or @KateClarkTweets.
- Drivezy is raising $100M+ at a $400M valuation, eyes US expansion
- Newsela gets $50M to expand its content repository
- AgroStar gets $27M Series C to give more Indian farmers increased crop production with data analytics
- Investing app Stash raises $65M
- Truepill, the ‘AWS for pharmacies,’ raises $10M from Initialized Capital
- Flight-hailing app BlackBird raises $10M to replace driving with flying
In an announcement that shocked VC Twitter, Tiger Global announced that Lee Fixel, whom Bill Gurley once said is one of the smartest investors on the scene, is leaving the firm at the end of June. Scott Shleifer and Chase Coleman will continue as co-managers of the portfolios Fixel has overseen, with Shleifer taking over as its head. “Lee has been a driving force behind the expansion of Tiger Global’s private equity investing activities in the United States and India, and he has distinguished himself as a world-class investor across multiple sectors and stages,” the firm stated. And on the hiring front, Canvas Ventures is expanding its team of three general partners to four with the hiring of Mike Ghaffary, a former general partner at Social Capital.
Subscribers to TechCrunch’s premium content can learn which types of startups are most often profitable.
YC demo days are coming up quick. The TechCrunch staff has been meeting with YC startups and documenting their journey through the startup accelerator. I spoke to YourChoice Therapeutics, a startup developing unisex, non-hormonal birth control, and Bottomless, which operates a direct-to-consumer coffee delivery service. TechCrunch’s Lucas Matney wrote about Jetpack Aviation, a YC startup, and its $380,000 flying motorcycle, and Adventurous, an augmented reality scavenger hunt crafted for families. TechCrunch’s Megan Rose Dickey spoke to Ysplit, which wants to make it so you never have to owe anyone money ever again.
This week on Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines, Crunchbase News’ editor-in-chief Alex Wilhelm and TechCrunch’s Connie Loizos discuss Uber’s IPO and Stash’s big round. Listen here.
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InVision Design Tool Raises $21 Million Series B
InVision, the design-focused prototyping tool, has today closed a $21 million Series B round, with participation from existing investors including Tiger Global Management (who led the round), as well as FirstMark Capital. That brings InVision’s total funding to $34.1 million, according to CrunchBase. InVision is a service built for designers, that lets these creatives not only draw out… Read More
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