Roundup of news and ideas from the world of startups – Week ending 28th October 2018
News you can use
Royal Mint freezes plans for a gold digital currency on the blockchain – The Royal Mint has suspended plans to launch a gold digital token, after the government blocked its attempt to list the asset on a cryptocurrency exchange. Royal Mint Gold (RMG) was first floated as a project to place digital tokens, similar to a gold-backed cryptocurrency, worth up to £1bn on a US-based trading platform run by CME in 2016.
Digital Health Festival in Tehran – Iran University of Medical Sciences and the Ministry of Health held the first Digital Health Festival at the campus of the prominent center of learning in Tehran. Leading startups in the health sector participated in a contest during the event and winners were announced. The competition included digital arts, mobile applications, and websites. According to the event website (hdmf.ir), 350 individuals and teams participated.
Amazon scraps secret AI recruiting tool that showed bias against women – Amazon.com Inc’s machine-learning specialists uncovered a big problem: their new recruiting engine did not like women. The team had been building computer programs since 2014 to review job applicants’ resumes with the aim of mechanizing the search for top talent, five people familiar with the effort told Reuters. Automation has been key to Amazon’s e-commerce dominance, be it inside warehouses or driving pricing decisions. The company’s experimental hiring tool used artificial intelligence to give job candidates scores ranging from one to five stars – much like shoppers rate products on Amazon, some of the people said.
image from techfunnel.com
Corporate M&A
Lyft unveils a new self-driving car and acquires an AR startup to help it build maps – The ride-hailing company bought UK-based augmented reality startup Blue Vision Labs for a reported $72 million. On Tuesday, Lyft offered a glimpse of its brand-new self-driving car. It’s a Ford Fusion hybrid sedan with technology designed and built by the ride-hailing company’s in-house team of autonomous vehicle engineers. Lyft also announced the acquisition of Blue Vision Labs, a London-based augmented reality startup that uses computer vision to process street-level imagery.
Ebix Acquires 67% Stake In Truck Logistics Startup Routier – Routier is the first startup where Ebix has made a strategic investment, the company said. The company is already providing its truck logistics service
Expedia acquires 2 startups that make it easier to list apartments on HomeAway- Expedia Group acquired a pair of companies that make it easier to list apartments on short-term rental sites like Airbnb or the travel giant’s subsidiary HomeAway. Expedia said Thursday it acquired San Francisco-based Pillow and Chicago-based ApartmentJet. Pillow offers a software solution that allows building owners and managers to authorize renters to offer their apartments for short-term rental. ApartmentJet allows building owners to turn vacant units into short-term rentals. In a statement, Expedia CEO Mark Okerstrom said the acquisitions are “important and foundational investments” for the company as it dives deeper into the world of alternative rentals.
Israeli Cybersecurity Startup Sygnia to be Acquired by investor Temasek – This week Israeli cybersecurity consulting startup Sygnia announced that it was being acquired by Temasek, a global investment company headquartered in Singapore. Corporate security has been at the forefront of corporate CIOs and CxOs, and this acquisition highlights the growing significance of the business models driving cybersecurity.
Failed Startups
Commercial Kitchen startup, Pilotworks shuts down – Pilotworks, a startup that offered commercial kitchen space for food entrepreneurs announced that it is shutting down. “This is a sad outcome for Pilotworks, the makers in our kitchens, and independent food in general. We wish there was another option to continue operating. Sadly, there was not. The work the independent food community is doing is amazing and inspiring. We know it will live on and we are deeply sorry it will not be with Pilotworks.”
Image from Facebook
e-motorcycle startup Alta Motors shuts down – According to TechCrunch, the Brisbane, California based e-motorcycle startup Alta Motors has ceased operations. Alta had been attempting to compete with gas bikes by applying to enter American Motorcycle Association sanctioned motocross events. In September, the company became the first e-moto to earn a podium spot in AMA competition in another race class, endurocross.
Education Startup Yogome Shuts Down Amid Fraud Allegations – The startup Yogome will close on accusation of fraud against one of its founders. The educational videogame company Yogome will close its operations after its founder Manolo Díaz was accused of fraud , according to a report from the Forbes Mexico site. According to the founders, Yogome was an EdTech company leading the way in education by providing children all over the globe with the tools to help them learn and prepare for their future. We help children become lifelong learners with our engaging game-based curriculum, fun storylines, and captivating characters.
