Category: News

According to a recent analysis by market intelligence firm PrivateCircle, less than half of the investment pledges made by the investors on the Indian edition of Shark Tank were fulfilled. Out of the 65 shown on the TV show, only 27 received investments, totaling $2 million out of the committed $4.87 million. The analysis excluded debt investments. The second season of Shark Tank India, which ended in March, only saw one disclosed investment out of the 115 promised deals. However, it is important to note that some investments might still be in the due diligence process or technical glitches could explain the lack of disclosure. Sony Network India, the broadcaster of Shark Tank in India, declined to comment on the matter. Some startups have voiced their criticisms of the show, claiming that investors ghosted them after making promises on-air. However, investors on the show have defended it, stating that a significant percentage of the deals presented were successfully executed and that it can take months for deals to materialize. PrivateCircle’s analysis also supported the claim that some startups declined Shark Tank deals in favor of raising funds at higher valuations from other investors.

Most board directors understand the importance of marketing for a company’s growth. However, marketing is often reduced to a single metric – pipeline – in board meetings.

While generating leads is a key function of marketing, it has the potential to contribute much more to a company’s performance. Marketing also shapes market positioning, elevates brand reputation, and creates leverage and consistency across various functions as a company grows.

Why is marketing undervalued?

The main reason is that marketing is often a mystery to board members. Research shows that very few Fortune 1000 boards have active marketing leaders. Additionally, many board members come from backgrounds without marketing experience, further contributing to the undervaluing of marketing.

Another reason is the increasing need for businesses to be data-driven. It is easier to measure the impact of events and digital demand-gen activities compared to brand campaigns and other aspects of marketing that are essential but challenging to measure in terms of ROI.

As a result, business leaders often focus on measuring marketing’s contribution to the near-term pipeline, neglecting other important aspects of marketing.

Reshaping the board update

A board’s role in a growth company is not just governance but also guiding future performance. When presenting marketing updates to the board, it is important to cover five key areas:

• Priorities: Share the areas of the business that marketing is driving or supporting.
• Performance: Provide updates on how marketing is performing against its priorities.
• Pipeline: Discuss the health of the pipeline.
• Positioning: Evaluate if the company and its offerings are positioned for future growth.
• Plans: Share the plans for the next quarter or year.

Clarify the priorities

Start by discussing the areas of the business that marketing is focused on, whether quarterly objectives, annual OKRs, or strategic initiatives. For each priority, explain how marketing is contributing and why it is important.

Show your performance

Create a scorecard that tracks marketing’s progress against its priorities. Use data and milestones to provide a clear picture of performance. Don’t shy away from acknowledging areas of improvement and asking for the board’s support.

Singapore, Singapore, July 17, 2023 –(PR.com)– ANT-X is an interventional robot that leverages C-arm fluoroscopy to help clinicians achieve swift and accurate percutaneous needle placement.

NDR Medical Technology, an AI-empowered interventional robotics company, today announced that the ANT-X has been granted FDA 510(k) clearance by the U.S. Food and Drug Administration (FDA). This clearance makes ANT-X the world’s first automated robotic device to aid in needle positioning and alignment to access the kidney for Percutaneous Nephrolithotomy (PCNL), a urology procedure for kidney stone removal. It is designed to empower clinicians to perform image-guided Fluoroscopic percutaneous access with speed and precision.

Improving treatment outcomes for patients with kidney stones

Approximately 10 percent of the American population is affected by kidney stones in their lifetime1, and there is a pressing need for effective treatment. Among treatment options available for patients, PCNL stands out as the preferred treatment of choice for patients2, as it tends to see higher stone-free rates compared with procedures such as ureteroscopy3. Despite its benefits, PCNL represents only an estimated 7-8 percent of stone procedures conducted in the US today 4. With FDA approval secured for the ANT-X, clinicians will be able to carry out PCNL procedures safely and effectively for a larger number of patients.

“As urologists, we recognise that achieving percutaneous access to the renal collecting system is a crucial step that significantly impacts the success of kidney stone surgery,” said Dr Kazumi Taguchi, Assistant Professor and head of research of Nephro-urology at Nagoya City University, “Despite advancements in surgical techniques, we are still faced with the daunting task of performing this procedure, which demands considerable time and effort.”

Increased market size in the US

With the advancement of PCNL techniques such as mini PCNL and ultra-mini PCNL, more patients can be discharged on the same day without the need for stents, tubing, or any remaining stones5.

“Recent trends show an increase in the use of PCNL targeting stones up to 2cm, while Mini PCNL has been proven to minimise adverse events. We are confident that the adoption of ANT-X reduces the complexity of such procedures,” said Alan Goh, CEO, NDR Medical Technology.

In the US, current reimbursement codes cover procedures for stone sizes up to 2cm or larger, with new updates to the codes allowing urologists to be incentivised for performing their own access in PCNL procedures6. With ANT-X, urologists can now confidently perform image-guided access, which was previously challenging without assistance.

NDR Medical Technology also recently placed second in the MedTech category at SelectUSA Tech 2021, a showcase for entrepreneurs at the SelectUSA Investment Summit 2021, organised by the US Department of Commerce.

Unlocking new possibilities in the future of healthcare

Beyond urology procedures, the versatility of ANT-X extends to other indications. In Singapore, the company successfully conducted its first Neurospine procedure, discoplasty, in June 2023. Driven by a vision to revolutionise the standard of care, NDR Medical Technology is seeking partners and investors to join in the mission of creating breakthrough solutions that transform the future of healthcare.

“Achieving FDA 510(k) approval gives NDR Medical Technology access to the largest healthcare market in the world, and is a critical step ahead for the company,” said Hsien-Hui Tong, Executive Director – Investments, SGInnovate. “This milestone is a sign of consistent good traction made by the team as it continues to expand the applications of its technology, and deliver value to its customers, partners and investors.”

For media and other queries, please contact:
Evangeline Chia
evangeline@ndrmedical.com

About NDR Medical Technology Pte Ltd
NDR Medical Technology was founded in 2015 and developed the patented Automated Needle Targeting system (ANT) that can facilitate safe and accurate needle punctures to organs such as the lungs, kidney, pancreas, and spine. Integrating AI and robotics, we empower surgeons to conduct pioneer image-guided robotic procedures with improved accuracy, precision, and safety for patients.
Our first interventional robot (ANT-X) integrates C-arm fluoroscopy and AI software to assist clinicians in percutaneous needle placements and can be used in a wide range of procedures such as urology, neurology, and orthopedics. ANT-C is a smart lesion targeting system that AI uses CT-can images to automate lesion detection, needle path planning and needle targeting with unparalleled precision and accuracy. Applications include usages in pulmonology and hepatology. As a cut above the rest, our robots cost less than half of the current technology out in the market and can function without the need for external sensors.

With a renewed vision to lead AI-empowered interventional robotics, we strive to create revolutionary breakthroughs in the industry and transform the healthcare landscape.

References:
1https://www.orlandohealth.com/content-hub/why-southerners-have-a-higher-risk-of-kidney-stones
2https://www.sciencedirect.com/science/article/pii/S1743919116310378
3https://www.urologytimes.com/view/mini-pcnl-has-higher-stone-free-rate-than-ureteroscopy-and-similar-cost-burden
4Chung KJ, Kim JH, Min GE, Park HK, Li S, Del Giudice F, Han DH, Chung BI. Changing Trends in the Treatment of Nephrolithiasis in the Real World. J Endourol. 2019 Mar;33(3):248-253. doi: 10.1089/end.2018.0667. Epub 2019 Feb 13. PMID: 30628473.
5https://reports.mountsinai.org/article/uro2022-11-ultra-mini-pcnl-a-new-approach-to-treating-kidney-stones
6https://community.auanet.org/policyandadvocacyblog/blogs/policy-brie f/2016/11/16/coding-corner-percutaneous-nephrostolithotomy-and-nephrostomy-tract#:~:text=Answer%3A%C2%A0%20CPT%20code%2050080%20Percutaneous%20nephrostolithotomy%20or
%20pyelostolithotomy%2C,are%20the%20base
%20codes%20for%20percutaneous%20stone%20extraction.
7https://www.businesstimes.com.sg/startups-tech/startups/singapore-based-startups-bag-four-wins-us-investment-platform

The trend of companies acquiring mechanical keyboard companies continues, with Corsair making its own acquisition. Based in Fremont, California, the peripheral maker has announced the purchase of “certain assets” from Drop, a mechanical keyboard company based in Portland, Oregon. The specific details of the all-cash deal have not been disclosed.

Drop CEO Jef Holove confirmed the acquisition in a blog post, expressing confidence in the move and its benefits for Drop’s community of discerning enthusiasts. Drop is known for its diverse product portfolio, which includes keyboards, keycaps, and audio accessories. Its mechanical keyboards are particularly highly regarded, and the company is also recognized for its collaborations featuring popular intellectual properties like Lord of the Rings and Marvel.

Corsair CEO Andy Paul highlighted the growing trend of personalized keyboards in the gaming peripheral space and praised Drop as a leader in this field. He expressed optimism in the global expansion of the Drop brand through Corsair’s extensive reach. Additionally, Corsair’s acquisition of Elgato’s gaming division in 2018 has allowed for the continued release of products under that branding. Corsair will operate Drop as its own brand and plans to offer specialized Corsair and Elgato products to Drop’s enthusiast community.

Holove emphasized the benefits of being a part of Corsair, including the ability to deliver more products, collaborate with community favorites, and improve supply chain reliability. With the global logistics capability provided by Corsair, Drop aims to better serve international customers seeking an easier and more affordable way to access their coveted products.

Tesla announced that its highly anticipated Cybertruck has rolled off the production line in Texas. This comes just before Tesla’s earnings call for the second quarter of 2023.

The Cybertruck was initially introduced by Tesla CEO Elon Musk in 2019, but production has faced repeated delays due to component sourcing shortages. The truck was originally scheduled to be produced and delivered in 2021.

In July 2022, Musk set a new production schedule for summer 2023 and promised a delivery event for the Cybertruck at the end of Q3 during Tesla’s first quarter earnings call. Musk also stated that once production begins, Tesla could deliver between 250,000 to 500,000 units per year, with mass production scheduled for the end of this year.

Analysts are eagerly awaiting Tesla’s Q2 earnings call for more information on production, delivery, and specifications.

While Tesla has attributed Cybertruck delays to supply chain issues, leaked documents have revealed fundamental flaws in the vehicle’s design and engineering. In January 2022, leaked files showed serious issues with braking, powertrain, suspension, sealing, and structure of preproduction prototypes. This raised concerns and reminded people of the first Cybertruck reveal event when the supposedly unbreakable armor glass windows cracked.

As of November 2022, the Cybertruck had over 1.5 million reservations. Customers have been able to pre-order with a $100 refundable deposit since 2019.

The original estimated starting price for the Cybertruck was $39,900 for the single motor and rear-wheel drive model. However, the price is now expected to start at around $50,000 for that model, with the dual-motor, all-wheel drive version starting at around $60,000 and the priciest version starting at around $70,000.

Tesla’s entry into the pickup truck market will pit it against competitors like Ford’s F-150 Lightning, Chevrolet Silverado EV, and Rivian R1T. The Cybertruck will need to compete with these electric pickups in the profitable EV segment in the US.

Starting a company is a significant decision, and choosing to become the CEO to lead that company is crucial. However, if you look at the list of the world’s most valuable companies, you’ll notice that the top positions in tech companies are not always held by the original founders.

Switching CEOs is not uncommon in the startup world, although it’s rarely discussed openly. Private companies usually don’t have to announce leadership changes outside of the boardroom.

Still, deciding to step down from a startup that you’ve invested so much time and effort into is a difficult choice. I recently spoke with Troy Bannister, the founder of Particle Health, who went through this transition a few months ago, to understand how he made his decision.

“I’ve been in the healthcare industry for most of my adult life,” said Bannister. “I worked as an EMT when I was 18. During college, I switched majors from business to pre-med and later joined a VC accelerator called StartUp Health. There, I met numerous entrepreneurs building healthcare startups. When I saw companies like Plaid, Stripe, and Twilio, I wondered why there wasn’t an API model for clinical data. That’s when I started Particle.”

The timing was fortunate for Particle Health as the anti-information blocking rule of the 21st Century Cures Act meant that patients could access their health information. Consequently, startups in this field needed a secure way to request and store this information. Particle found its niche in providing connections to the health records of 320 million people.

However, five years later, Bannister realized that something was amiss. He had built the company from scratch, raising a Series B round, growing the team to 65 people, securing around 50 customers, and setting a clear path for a Series C round in the near future. But now, he faced a tough decision: Was he the right person to continue leading the company as CEO?

Welcome to Week in Review (WiR), TechCrunch’s weekly roundup of the latest tech news. If you haven’t had time to keep up with the major stories, don’t worry. We’ve got you covered.

In this edition, we’ll discuss a 19-year-old MIT dropout revolutionizing the defense industry, the challenges faced by e-bike company VanMoof, protests against autonomous vehicles in San Francisco, Twitter CEO Elon Musk’s new AI organization, and Instagram’s Threads app reaching 100 million downloads.

Continue reading for more top stories from the week. And if you haven’t already, sign up here to receive WiR in your inbox every Saturday.

Most read

Hydrogen-powered defenses: Aria covers the story of Mach Industries, a defense startup led by 19-year-old founder Ethan Thornton. The company is developing hydrogen-powered platforms for the military, including unmanned aerial vehicles, munitions, and hydrogen-generation systems.

VanMoof faces challenges: Dutch e-bike startup VanMoof, known for its successful venture backing, has encountered difficulties recently. The company has halted sales and key executives have left their roles as VanMoof seeks additional funding to prevent bankruptcy.

Pedestrians fight back: Activists in San Francisco have found a way to disable autonomous vehicles from companies like Cruise and Waymo using traffic cones. This protest coincides with an upcoming hearing where Waymo and Cruise plan to expand their robotaxi services in the city.

Threads hits another milestone: Despite lacking certain features, Instagram’s Threads app has reached 100 million downloads. The text-based app is a competitor to Twitter and was launched in June.

Google Calendar introduces availability sharing: Gmail now includes new scheduling features integrated with Google Calendar. Users can quickly create events and easily share their availability. The Gmail interface includes a calendar icon at the bottom of the conversation view with options to create an event or offer available time slots.

Satellites dodge obstacles: SpaceX’s Starlink satellites are frequently performing maneuvers to avoid collisions with other objects in low Earth orbit. The increasing saturation of satellites in orbit has raised concerns about potential catastrophic impacts. SpaceX’s satellites made over 25,000 avoidance maneuvers between December 2022 and May 2023, doubling the previous reporting period.

Making interstellar space travel a reality: Pulsar Fusion, a space propulsion company, has begun construction on a large nuclear fusion chamber in England. The company aims to be the first to develop a nuclear fusion–powered propulsion system for space travel. This technology could significantly reduce travel times to destinations such as Mars and Saturn’s moon Titan.

Anthropic releases Claude 2: Anthropic, an AI startup founded by former OpenAI executives, has launched Claude 2, an advanced text-generating AI model. Claude 2 surpasses its predecessor in various areas and excels in tasks like document search, summarization, writing, coding, and answering specific questions.

Audio

If you’re looking for a podcast to listen to, check out TechCrunch’s growing roster.

On Equity, the team discusses various topics including the Chinese AI model competition, Founders Fund’s new partner, Connetic Ventures’ use of AI models to create a fairer landscape for entrepreneurs, and recent tech layoffs and inflation.

Over at Chain Reaction, Jacquelyn interviews Maria Shen, a general partner at Electric Capital, a venture firm focused on crypto, blockchain, fintech, and marketplaces. Electric Capital recently closed $1 billion in funds for equity investments in startups and direct investments in crypto tokens.

TechCrunch+

TC+ subscribers have access to in-depth commentary, analysis, and surveys. If you’re not a subscriber yet, consider signing up. Here are some highlights from this week:

Light at the end of the tunnel: Alex discusses the positive outlook for venture capital activity after a significant correction in recent quarters.

Amazon and the brands it kills: Haje examines the fate of Digital Photography Review (DPReview), a popular review and news site. DPReview was acquired by Amazon in 2007 and eventually shut down in March after a transition to contractor and freelancer staff.

ESG, safe for now: Tim explores the sustainability concerns among investors and concludes that these concerns are here to stay.

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Rarely, a venture capital firm has the opportunity to invest in a startup again after its exit, especially if the startup is still private. Builders VC received such an opportunity when the founders of Performance Livestock Analytics (PLA), a cattle management software, reached out to them. PLA was acquired by Zoetis in 2020 but wanted to spin out to continue scaling. Builders VC, along with Alaris Capital, provided $7.5 million in funding for the spin-off. Builders VC had initially backed PLA during its seed round in 2019. While the acquisition by Zoetis was a successful outcome for the founders, Builders VC is thrilled to see PLA realize its true potential as a software platform for cattle farmers.

Saint Louis, MO, July 15, 2023 –(PR.com)– Lawnager, the leading lawn care management platform, is proud to announce its latest feature that allows landscaping crews to view jobs in Spanish. This enhancement is a testament to Lawnager’s commitment to inclusivity and simplifying lawn care processes for both crew members and customers.

The new Spanish crew feature enables landscaping professionals who prefer Spanish as their primary language to seamlessly access job details, instructions, and customer preferences in their native language. By breaking down language barriers, Lawnager ensures efficient communication, enhanced productivity, and exceptional customer service.

Rob Bowers, CEO of Lawnager, expressed his pride in the team’s accomplishments, stating, “I have never been prouder of this team. 2023 has been a banner year already. The Spanish crew feature is one of many enhancements this year, adding to our abilities to make lawn care simple.”

Lawnager has always strived to provide top-notch services to its customers and strengthen the professional network within the lawn care industry. This latest feature underscores Lawnager’s dedication to meeting the needs of a diverse customer base, including those who prefer Spanish as their preferred language.

By empowering landscaping crews to access job information in Spanish, Lawnager opens up new opportunities for customer engagement and satisfaction. In an increasingly multicultural landscape, this feature ensures that lawn care professionals can cater to a broader customer demographic, delivering exceptional service that surpasses language barriers.

As the Lawnager community continues to grow, this feature serves as a strong reminder of the platform’s commitment to continuous improvement and innovation. It reinforces Lawnager’s position as a trusted and comprehensive solution for managing lawn care operations, facilitating smooth communication, and streamlining workflows.

Lawnager encourages its customers and professional network to explore the Spanish crew feature and take advantage of this latest enhancement to maximize their lawn care experience. By embracing technological advancements and listening to user feedback, Lawnager strives to remain at the forefront of the lawn care management industry.

For more information about Lawnager and its latest features, please visit Lawnager.com.

About Lawnager:

Lawnager is a leading lawn care management platform that simplifies the processes of scheduling, billing, and crew management for landscaping businesses. With a user-friendly interface and a range of powerful features, Lawnager streamlines operations, enhances customer satisfaction, and drives business growth.

Press Contact:
Lawnager, Inc.
Public Relations
press@lawnager.com

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Apply to host an event of your choice and engage with over 10,000 Disrupt attendees, as well as the Bay Area tech community. Whether it’s a happy hour, career fair, or speaker panel, get creative and have fun! You can also submit an event you’ve already launched. It’s your After Hours party!

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Tesla has announced that the $7,500 federal tax credits for its Model 3 and Model Y electric vehicles are likely to be reduced after December 31, according to a change on the automaker’s website late Tuesday.

The website states, “Customers who take delivery of a qualified new Tesla and meet all federal requirements are eligible for a tax credit up to $7,500. Reductions to current federal tax credit likely after Dec 31.”

The EV tax incentives, along with Tesla’s recent price cuts, have contributed to the company achieving record delivery numbers. However, if the tax credits are lost, Tesla may heavily rely on price cuts, which could negatively impact the company’s margins.

Tesla did not provide a specific reason for expecting a reduction in federal tax credits for its vehicles by the end of 2023, but it could be due to upcoming stricter battery regulations enforced by the government.

The tax credit is divided into two parts, each worth $3,750: a battery requirement and a critical minerals requirement. In 2023, to meet the battery requirement, 50% of the vehicle’s battery must be assembled or manufactured within North America. This percentage increases to 60% in the following year. In addition, to meet the critical minerals requirement in 2023, 40% of the critical minerals in a car’s battery must be extracted from or processed within the U.S., or from a country with which the U.S. has a free trade agreement. By 2024, this percentage will be 50%. Furthermore, in 2024, vehicles cannot source battery parts from China, and in 2025, EVs cannot contain any critical minerals sourced from China or other concerning countries in order to maintain their credits.

Tesla currently uses batteries from Chinese company CATL and South Korean company Panasonic for its Model 3s. The company has also recently partnered with BYD, a Chinese automaker, for batteries for its Model Y.

China is dominant in cathode, anode, and refined battery materials production, with six of the top 10 battery manufacturing companies located in China. In 2022, China had a battery production capacity of 838 GWh, surpassing the rest of the world combined, including the U.S. with its 70 GWh capacity, according to BloombergNEF data. While the U.S. battery production capacity is expected to grow 10x to around 908 GWh by 2027, it still lags behind China’s anticipated 600% increase.

Tesla’s alert regarding the potential reduction in tax credits could be a strategy to drive more sales this year, urging buyers to order a Model 3 or Y within the next few months to secure the full credit. Tesla only recently qualified for the full credit for Model 3s in June, while all Model Ys have been eligible since the introduction of the rules.

Charlotte, NC, July 12, 2023 –(PR.com)– Salesmate is excited to announce the all-new “Email Campaigns” to its suite of automation. Users can now execute email marketing campaigns faster, and with absolute ease.

The new feature attempts to solve the biggest problems of email marketing:
– Complexities of managing subscriber lists
– Spending too much time on email templates
– Lack of insights and reports to improve future campaigns
– Limited A/B testing capabilities

With Salesmate, teams can follow a 3-step simple process to successfully shoot a campaign:

Step 1: Choose audience faster with Lists or Views
Step 2: Create a beautiful email template with drag & drop builder
Step 3: Analyze results with detailed reports and insights

With that, marketers can A/B test with up to 3 email variants to maximize their campaign performance.

Salesmate designed this feature with subscriber-first approach, where marketers can take consent for all kinds of emails they are shooting. Along with that, the brand also made sure that highest deliverability is achieved with mindful email marketing practices.

“We’re aware that Automation is one of the core reasons why customers choose Salesmate. We have a natural responsibility to maintain product quality and trust among our customers. We believe Email Campaigns is going to add more value to the over experience for our customers.” -Samir Motwani, Product Head, Salesmate

About Salesmate

Salesmate is a CRM and automation platform aiming to offer maximum value to growth-centric sales and marketing teams. Over the years, Salesmate has gained the trust of more than 5000+ businesses across the globe to act as their core tool for their daily operations.

Global supply chains have simplified access to a wide range of products but have also presented challenges in verifying origin and composition. New Zealand startup Oritain has raised $57 million to continue developing its forensic traceability business, which uses data and forensic science to determine the true origins of a product. Oritain also maintains a growing fingerprint database to assist in the identification process. Highland Europe is leading the funding round, with previous backer Long Ridge also participating. Oritain currently provides SaaS-based tools for researching the origins of food and textiles for over 100 multinational companies. The company’s unique approach involves analyzing the object itself, leveraging factors such as environmental changes, in order to determine origin. Oritain’s methodology has been successfully used in counterfeit cases, providing solid evidence in court. Jacob Bernstein, a partner at Highland Europe, commends Oritain’s groundbreaking technology for origin verification and its potential to benefit sourcing and sustainability leaders at major brands.

Ryan Petersen, the founder of Flexport, has joined venture capital firm Founders Fund as a partner, according to Forbes. Founders Fund confirmed the move and expressed excitement about Petersen joining the team. Petersen stepped down as CEO of Flexport last August and announced his new role on Twitter. In a tweet, he mentioned his desire to connect with individuals seeking revenge, French technical founders, and Christ-like figures. Petersen explained that he chose Founders Fund because they align with his goals of supporting Flexport and backing founders. Founders Fund participated in Flexport’s recent $935 million funding round. Petersen, who has backed over 100 startups as an angel investor, will be a generalist at Founders Fund based in San Francisco.

Petersen’s journey with Flexport began in 2008 when he and his brother came up with the idea while running ImportGenius.com. Flexport raised $2.4 billion in funding since its inception in 2013 and has been praised for its growth despite being in an unsexy industry. Petersen and the company have made significant strides during the COVID pandemic. Flexport’s revenue doubled in 2021, reaching $3.3 billion, and Petersen expects revenue to reach $5 billion in 2022. Last month, Kaitlyn Glancy, the former Vice President of North America at Flexport, joined Eclipse as a partner. Founders Fund has also recently welcomed Sam Blond, former Chief Revenue Officer of Brex, as a partner.

Please note that this story has been updated to include comments from Petersen and revised figures of the number of companies he has invested in.