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Daily Crunch: December 20th Roundup
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Greetings and a warm welcome to Daily Crunch for Monday, December 20th. Despite being well into the latter half of December, the flow of noteworthy news remains strong.
Today's Highlights
Contrary to expectations of a slowdown, today brought a substantial ten-figure transaction, an initial public offering (IPO) filing, and a wealth of startup-related developments.
Therefore, prepare for a busy update – there’s no respite yet! Let’s proceed directly to the news. –Alex
TechCrunch's Top 3 News Stories
Here's a rundown of the most significant tech news from TechCrunch, covering major acquisitions and IPO filings.
Oracle's Acquisition of Cerner
Oracle has finalized the purchase of Cerner in a substantial $28 billion transaction. While Oracle is a well-known technology firm, Cerner specializes in electronic healthcare records.
Despite concerns that often arise when a large tech company enters the health data sector, analysts consulted by TechCrunch have expressed a generally positive outlook on this deal.
Justworks' IPO Filing Analysis
Justworks, a provider of HR software geared towards small and medium-sized businesses (SMBs), submitted its initial public offering (IPO) filing last week.
TechCrunch conducted an in-depth analysis of the filing, focusing on the company’s financial performance and overall business model. Justworks has secured significant funding throughout its private operation, making this IPO a noteworthy venture-backed exit in 2022.
This IPO is occurring alongside the public offering of Reddit, adding to the excitement in the early months of the year.
Rocket Companies Acquires TrueBill
Rocket Companies announced the acquisition of consumer fintech company TrueBill in an all-cash deal valued at $1.275 billion.
According to Rocket Companies, TrueBill is projected to achieve approximately $100 million in Annual Recurring Revenue (ARR) this year. This valuation has been considered relatively inexpensive by TechCrunch.
The acquisition represents a favorable outcome for investors who experienced a rapid doubling of their investment in TrueBill.
Startup and Venture Capital News
A significant number of noteworthy developments occurred in the startup world today, encompassing both major announcements and several smaller, yet crucial, updates. We'll begin with the largest news items and then cover as many of the smaller notes as space allows within this newsletter.
Funding Rounds and Valuations
Rec Room’s Impressive Funding: Rec Room has secured $145 million in funding, resulting in a valuation of $3.5 billion. This substantial investment stems from the success of platforms like Roblox, which demonstrated the potential for user-generated content to generate significant revenue. Investors anticipate Rec Room’s unique approach will prove equally profitable.
ZeroFox to Go Public: ZeroFox, a cybersecurity startup specializing in enterprise threat intelligence on social media, is going public through a SPAC merger. The transaction values the company at approximately $1.4 billion, indicating continued interest in the SPAC market.
Zepto’s Rapid Growth in India: Zepto, a fast grocery delivery service aiming for 10-minute delivery times, has raised $100 million. This funding more than doubles the company’s valuation to $570 million, reflecting its expansion into new cities and the growing demand for rapid grocery delivery.
Turing’s Talent Cloud Expansion: Turing, a company focused on remote engineering talent, has raised $87 million in a Series D round. This investment brings Turing’s valuation to $1.1 billion, highlighting the increasing importance of remote hiring solutions.
Kneron’s AI Chip Development: Kneron has secured $25 million to develop AI chips designed to accelerate machine learning. This funding addresses the global chip shortage and supports the development of specialized semiconductors.
Innovative Startups and Social Impact
Ameelio’s Mission for Inmate Communication: Ameelio, a nonprofit startup, is working to provide free calls for inmates. This initiative aims to address the predatory pricing practices within the U.S. carceral system, where exorbitant costs are often charged for inmate communication.
Adventr’s Interactive Video Platform: Adventr is creating a platform for more interactive video experiences, reminiscent of the early days of Web 2.0. The company recently raised $5 million to further develop its technology.
Overjet’s AI-Powered Dental Diagnostics: Overjet, utilizing artificial intelligence to assist dentists in making informed decisions about dental care, has achieved a valuation exceeding $400 million following a $42.5 million Series B funding round.
Agtech and Data-Driven Agriculture
Stenon’s Soil-Sensing Technology: Stenon is providing farmers with real-time soil-sensing solutions, delivering crucial data about soil conditions. This technology, which recently secured $20 million in Series A funding, can optimize harvest timing based on soil water content.
- Remote Hiring Trends: The success of Turing demonstrates the growing demand for efficient remote talent acquisition.
- AI in Healthcare: Overjet’s advancements showcase the potential of AI to revolutionize dental diagnostics.
- Sustainable Agriculture: Stenon’s soil-sensing technology exemplifies the application of technology to improve agricultural practices.
Digital Healthcare's Expanding Influence: Six Key Trends for 2022
Image Credits: INA FASSBENDER (opens in a new window) / Getty ImagesThe onset of the pandemic significantly accelerated the adoption of digital healthcare solutions. Both patients and healthcare providers are now demonstrating a strong inclination to continue utilizing these technologies.
According to a guest post by Bill Taranto, President of GHI Fund, investment in healthcare deals surged during the first nine months of 2021.
Rock Health data indicates that a total of $21.3 billion in venture funding was secured across 541 deals. This figure substantially exceeds the previous record of $14.6 billion established in 2020.
Taranto identifies six prominent trends poised to shape the healthcare landscape in the coming year:
- The evolution of telemedicine and its impact on chronic disease management.
- The transformative potential of digital therapeutics in redefining healthcare practices.
- Addressing social determinants of health to promote equitable access to care.
- The role of remote health monitoring in enhancing patient outcomes and reducing expenses.
- Leveraging real-world data to generate tangible improvements in healthcare.
- A shift towards a more patient-centric approach to healthcare delivery.
(TechCrunch+ is a membership program designed to empower founders and startup teams. Registration is available here.)
Big Tech Inc.
A familiar dynamic between content creators and distributors has recently played out with YouTube TV and Disney. Like many similar negotiations, the core issue revolved around financial terms.
Following a disagreement concerning costs, an agreement has been reached to continue carrying Disney channels on the YouTube TV platform.
As compensation for the temporary service interruption experienced by subscribers, YouTube TV is providing a $15 credit to affected customers.
Meta Takes Action Against Phishing
Meta, the parent company of Facebook, is actively combating online fraud by initiating legal action against a group engaged in phishing activities.
This lawsuit targets individuals attempting to steal user account information. It represents a positive step towards enhancing online security.
The action raises the question of why such proactive measures aren't more frequently publicized by the company.
Line Expands into the NFT Space
The proliferation of NFT (Non-Fungible Token) initiatives continues within the technology sector, and Line is the latest company to join the trend.
The popular Japanese messaging service, Line, is planning to introduce an NFT service in international markets during the coming year.
However, users in Japan will access Line’s NFT offerings through a distinct platform – a beta version operating via the Line Bitmax wallet, specifically tailored for the Japanese market.
TechCrunch Seeks Growth Marketing Professionals
TechCrunch is currently soliciting recommendations for accomplished growth marketers. Expertise in areas such as SEO, social media marketing, and content creation is highly valued.
Growth marketers are encouraged to share a survey with their clients. TechCrunch aims to gather insights into positive client experiences and the reasons behind them.
Survey Purpose and Coverage
The purpose of this survey is to inform TechCrunch’s editorial coverage of the growth marketing landscape.
Interested parties can learn more about how these surveys influence TechCrunch’s reporting by reviewing an article authored by Joyce Chou. The article, titled “Demand Curve: Avoid these 10 copywriting mistakes to get more conversions,” provides further context.
Key Areas of Expertise
- SEO (Search Engine Optimization)
- Social Media Marketing
- Content Writing
- Growth Marketing Strategies
TechCrunch is particularly interested in hearing from clients regarding the value they received from their collaborations with growth marketers.
The feedback collected will be used to highlight successful strategies and identify best practices within the field of growth marketing.
