Launched in late 2012 by former Google engineer Sachin Gupta and his IIT batch mate Vivek Prakash, HackerEarth helps India’s growth-stage startups find technical talent they so desperately need. Unlike in the Silicon Valley, where many engineers still find it more lucrative to work for a hot startup than an IBM, or even a Microsoft, Indian startups have to fight perception battles and work harder to attract engineers who mostly prefer to work with more stable, bigger tech companies.
HackerEarth is like a GItHub, except that it’s not only about the Open Source projects.
“For developers, LinkedIn profiles does not matter as much as a platform where they can showcase their work, and GitHub is mostly about Open Source projects,” Gupta told TechCrunch.
Recently, one of the fastest growing Indian startups, InMobi, was looking to hire a Python and Ruby programmer urgently. HackerEarth helped it find one programmer in Taiwan. The startup now wants to tap into Eastern Europe and other Asian markets.
With almost three million engineers currently employed in India’s over $100 billion technology sector, around one million software coders and programmers are added every year. Clearly, the supply is not the challenge, at least not for the country’s biggest software outsourcing powerhouses such as Infosys and TCS who still hire thousands of engineers and non-engineers every year to perform commoditized application development.
And it’s not just the startups looking to hire programmers who are not just Java developers. Many bigger companies scrambling to get high-paying software projects from WalMart and Citi are beginning to hunt for such talent.
Startups such as Practo, which develops online clinic management software, find it even more tough to hire programmers they really want.
“Finding a good developer is like looking for a needle in a haystack”, Sri Karthik Sayana, hiring manager at Practo said in a statement. “By using HackerEarth, we have experienced greater than 80% fit between the candidates identified by the platform and the ones we offered a role at our company”.
As we wrote in April last year, HackerEarth is able to help startups do real-time evaluation through its online engine.
HackerEarth competes with YC alum InterviewStreet, apart from several others in the recruitment space. But the startup says its obsessive focus on finding the right technical talent is a differentiator.
“We will be spending more on sales and big data matching engine,” said Gupta. HackerEarth was part of the GSF Accelerator’s first batch. GSF SuperAngels has also participated in the latest funding round.
Unlike traditional recruiters, the startup evaluates programmers on some of the very basic parameters including the computing memory footprint and quality of code. All this is achieved by holding programming challenges. In one such recent challenge, HackerEarth heaped InMobi hire around half a dozen programmers in one day, a process that could have taken at least a week.
With the latest seed round, HackerEarth joins a small, but growing alumni of startups incubated by Angelprime. Backed by Mayfield, Jerry Yang and Chamath Palihapitiya’s Social+Capital Partnership among several Silicon Valley investors, Angelprime was launched in June 2011.
As I wrote recently, India’s accelerator ecosystem is facing some harsh realities, and many of them are beginning to work with late-stage startups without Y Combinator-like batches. For its part, Angelprime has always been focused on investing in fewer, but focused startups that have the potential to scale and become $10 million companies in three years. Since it was launched three years ago, Angelprime has incubated four companies — ZipDial, Ezetap, SmartOwner, and now HackerEarth.Read More →
With hardware suddenly all the rage, accelerators devoted entirely to the genre are popping up all over the place. And that includes the far-flung regions of Russia.
The Navigator Campus will be the first private hardware technology park in Russia’s Kazan region. If you’re unsure where that is, well, it’s at the confluence of the Volga and Kazanka Rivers in European Russia. Ok, nevermind. Suffice to say that the Navigator project will focus on consumer robotics, 3D-printing, smart electronics for “smart home” systems and wearables. And we are talking hard-core Russian tech expertise here.
Navigator is launching with $4 million in backing by founders Ramil Ibragimov (Runa Capital) and Vasil Zakyev (shtrafy-gibdd.ru, Ohmymentor.ru). It may not sound like much, but you can do quite a lot with $4 million in Russia. And they are not stopping there. The GRAVIZapp angel fund, specializing in hardware startups, will co-locate there. And they plan to build a network of hardware hackspaces and accelerators in the region, hoping to raise that funding to top $30 million spread across the region. Thus, neighboring cities like Ufa and Perm will get their own Navigator spaces.
Serguei Beloussov, Runa Capital senior partner and Acronis CEO, believes that access to scientific and business experts, VC mentors and hardware industry players like Dell, Samsung, IBM, Cisco, Intel and Foxconn will mean “we will soon see more venture-backed hardware deals in Russia.”
Some 93 out of 120 spots have already been taken by startups, covering various fields including 3D printing, robots, healthcare hardware, and consumer electronics.
A few hardware projects located there have already raised early money:
• iBlazr – a crowdfunding startup from Kiev (with $150K+ raised on Kickstarter previously) is building a ‘smart’ LED-flashlight for smartphones and tablets.
• Krisaf – robotized gym equipment for accelerated rehabilitation of children with cerebral palsy.
• ENNOVA – a startup manufacturing NOVA 3D printers.
“Our ambitious aim for the next 5-10 years is to launch this kind of projects in each and every Russian city with up to 1 million citizens in order to create a powerful hardware-community based on the Russian engineering history,” says Ibragimov, of Navigator.
It sounds like they might just do it. The Russians are coming…Read More →
The company raised its first institutional round from lead investor Blumberg Capital and U.S. Venture Partners after picking up seed investments from a who’s who of the technology community, including BlackBerry CEO John Chen; Ken Goldman, the Yahoo CFO; and former Oracle COO Terry Garnett.
“The world has changed quite a bit with the financial service meltdown, and regulatory compliance is the resulting fact in today’s world,” said Strevus Chief Executive Ken Hoang in an interview.
Think of Strevus as a monitored and managed networking tool to ensure compliance with new regulations for financial services firms that are going to start taking effect this year.
“Compliance is not a competitive advantage today. The government is picking off [financial services firms] institution by institution,” Hoang said.
The first market that Stevrus is looking to address within the alphabet soup of new and updated compliance requirements being issued by the federal government is the Foreign Account Tax Compliance Act.
FATCA targets tax evaders in the U.S. who aren’t properly reporting overseas financial accounts, and foreign financial institutions who bank for U.S. taxpayers or foreign entities in which U.S. taxpayers hold a majority stake, according to the IRS’s website.
San Francisco-based Strevus is currently working with a handful of banks on its managed platform, which operates as a networking tool and an industry Rolodex — as well as a compliance offering. “It’s similar to Box with a LinkedIn functionality,” said Hoang. “We’re enabling customers to reach out to others and bring their data in.”
Strevus will sell its service to both buy-side and sell-side firms. On the buy side, the company is targeting banks and financial services firms with assets ranging from $250 million to $1 billion. On the sell side the customer base is the top 20 banks, said Hoang.
A subscription to the Strevus service costs a sell-side customer between $100,000 and $200,000, according to Hoang.
Photo via Flickr user Bloomsberries.Read More →
High school sports is big business, but few schools can afford to support a robust athletic website with complete player stats, dynamic schedules and rich media. That’s where Varsity News Network comes in. VNN is today announcing an additional $3 million in funding to scale nationwide and launch its first app.
The Series A was led by Arsenal Venture Partners, with participation including, but not limited to, North Coast Technology Ventures, RSL Venture Partners, Start Garden, Grand Angels, Northern Michigan Angels, First Step Fund, Muskegon Angels and the Michigan Angel Fund.
Started just over two years ago, the Grand Rapids, Mich.-based company boasts 250 schools in 14 states currently using the VNN platform.
Essentially, VNN provides turnkey websites for high school athletic departments that work alongside existing programs and pulls in media from social channels. The result is a professional-looking website that is rich in data that most schools can afford and easily manage. Moreover, while local media often covers high school sports, they tend to focus on superstars. VNN gives all players an opportunity for fame.
The resulting website doesn’t seem like much more than a simple WordPress theme, but the schools are apparently loving it. The company’s current customer counts were acquired on just $552K from the Michigan Pre-Seed Capital Fund and a partial close of $1.09 million last February. The new round of financing will go towards scaling operations to get more schools signed up.
“In just over two years we’ve grown the VNN platform to include more than 250 schools in 14 states, supporting hundreds of thousands of students and their families,” said Ryan Vaughn, co- founder and CEO of VNN, in a released statement today. “With this capital, we are poised to grow even faster and reach the 40 million students and family members who are left out of traditional sports media coverage.”Read More →
CrowdFunding: Alternate Options to Raising Venture Capital on Silicon Valley Smart Money
with Sydney Armani , Danae Ringelmann , Robert Mitchel Nancy Hayes
PeoplesVC partners with MIT Enterprise Forum to bring early stage high technology deals to all Americans
Through a sponsorship with the MIT Enterprise Forum, PeoplesVC seeks to identify promising emerging high technology startups and help these startups raise capital from the general public.
“I am excited about the prospect of opening up investment opportunities in promising high technology companies to all Americans,” commented Akhil Garland, CEO of PeoplesVC, Inc, “a new wave of capital formation is coming, and it is thrilling to help create new, meaningful jobs in our country,” Garland added.
SOURCE:http://www.prnewswire.com/news-releases/peoplesvc-partners-with-mit-enterprise-forum-to-bring-early-stage-high-technology-deals-to-all-americans-245185701.htmlRead More →
Venture capitalist Marc Andreessen, Palantir co-founder Joe Lonsdale and Goldman Sachs COO Gary Cohn sat down today at the Goldman Sachs conference in San Francisco, to talk about the thing investors always talk about: Tech.
The Netscape founder, taking the same stance he’s had for years, was ever the ebullient optimist. (Because what else are VCs paid to do?)
He argued that advances in mobile and chip-making technology signaled exponential expansion of the market. He said tech isn’t overhyped and could have “decades” of growth ahead of it. Echoing economist Carlota Perez’s research, he said world-changing technologies like the web usually settle into a more mature deployment phase after an initial period of hype and investor frenzy.
Andreessen was hopeful about how the Internet of Things could transform the way people live, and credited Moore’s law with the potential to put a chip in everything: “What if we chipped every kid? What if we chipped every dog?”
Both Andreessen and Lonsdale said this Cambrian explosion of software and hardware companies like Anki and Oculus VR (both A16z investments) is a boon for big data and security startups.
Andreessen was basically repeating his famous argument that “software is eating the world.” So Cohn took a moment to remind him that the financial-services industry was the only thing that Andreessen said software couldn’t eat.
Cohn asked if Andreessen has reevaluated his stance, because the investor’s new pet technology is Bitcoin. Cohn said the crypto-currency was like “a pure attempt for software to eat the financial-services industry.”
Andreessen is famously bullish on Bitcoin.
“I would not encourage your grandmother to put her life savings in it,” he said. “[But] every single smart computer science person I’ve had look into it has reached the same conclusion — it’s a fundamental breakthrough in technology.”
He gushed: “For the first 20 years of the Internet, you couldn’t do this … Bitcoin is the first Internet-native approach of dealing with money. He said that corrupt governments and flimsy central banking systems would be Bitcoin’s true test.
“The prospect of a new technology is a big deal once you get out of the West,” he said.
Lonsdale used Bitcoin as an example of “how industries work” and “how they should work” and views healthcare and education as some of the biggest targets for reform.
“It’s very clear that all these systems were built back in the 70s and 80s. You’re seeing these giant gaps that are being filled in.” He was also weary of social media investments in 2014, because he wants entrepreneurs to make bigger bets.
“Is this something that’s pushing the world towards the way it should be?” he asked.
Andreessen said our current moment in time fits right into Perez’s model of technological and societal change. (She wrote a pretty influential book in the investor community called “Technological Revolutions and Financial Capital.”)
Andreessen said we’re in the “deployment” phase. He brought up Perez’s cycle of new fundamental technologies: At first they’re not taken seriously, then way too seriously, then there’s a financial crash and then the same amount of seriousness.
“Tech is recovering from the depression,” Andreessen said, referring to the 2008 financial crash, and insinuating that we are now in a sweet spot. “The ratio of public tech PEs [price-to-earnings ratios] versus public industrial PEs, tech is undervalued. Relatively, tech PE ratios are really low. I know a tech company with a PE of six. We’re so far away from bubble territory that it’s unfair to compare this to the late 90s.”
Andreessen touched briefly upon recent strife between the tech industry and longtime San Francisco residents. He called recent protests “misguided,” but he seemed sympathetic.
“They are attacking the demand for housing [whereas the discussion should be] around the supply of housing,” Andreessen said. “Market forces want the Valley to expand; if our politicians show leadership, we have decades of growth ahead of us.”
When asked by Cohn the loaded question: “When does a venture fund know when it’s gotten too big?” Andreessen again referred to the broad potential of venture investing.
“For top tiers, the investable universe is only 100-200 companies,” he said, emphasizing that only about 15 of those are hits. “Perhaps that’s the rate in which the economy can support new ideas. Right now we’ve got 15 good ones, but that number could double and VC would need to increase to support it. I can’t wait to see what the answer is,” he said.
Neither can we, Marc. Neither can we.Read More →
When testing for the possibility of certain types of cancer, doctors often do surgery to retrieve biopsies for genetic analysis. But when a patient has already had cancer, and is testing for a possibility of recurrence, Helmy Eltoukhy, the co-founder of medical tech startup Guardant Health, believes that a blood test could replace a biopsy and avoid surgery.
Launching to the public today, Guardant Health has created the first pan-cancer blood test that helps oncologists prescribe the right treatments at the right time based on the changing genetics of a patient’s cancer. As Eltoukhy explains, biopsies don’t necessarily capture genetic changes that may emerge over time. Cancer cells are constantly mutating, he says, and these changes actually impact which type of cancer drug and treatment a patient should receive. But via the biopsy result, you can’t detect these changes in mutations very easily. “Oncologists are often driving blind with this information gap,” he says.
In contrast, the startup’s non-invasive blood test, called Guardant360, makes it much easier for physicians to more frequently obtain genetic information and match this to a potential cancer treatment without surgery. In addition to the core sequencing technology, this analysis and matching component for treatment is potentially life-saving. The company says currently 75 percent of cancer patients are taking ineffective drugs, because these drugs are not personalized to the exact type of mutation of the cancer.
The blood test reconstructs the relevant portions of a patient’s cancer genome using trace fragments of tumor DNA that are shed into the bloodstream. Unfortunately, we’re told that these fragments of tumor DNA are typically found at exceedingly low concentrations and current technologies cannot identify them. Guardant’s “Digital Sequencing” technology can detect this tumor DNA and sequence the genome to determine the type of treatment that matches the type of cancer.
According to the startup, recent clinical studies in cancer centers in the U.S. used Guardant to test and treat for the top five cancers (breast, lung, colorectal, skin and prostate) have gone well. In the test, 250 who had varieties of the cancers mentioned above, used Guardant360 and nearly 90 percent of all patients’ tumors mutations could be detected in blood, and treated accordingly.
The company is also announcing today that it has received $10 million in funding from Sequoia Capital and other undisclosed investors. ”We believe this is game changing to cancer treatment,” Sequoia partner Warren Hogarth says.
Beyond just the technology, the talent behind the startup is incredible, he explains. Eltoukhy received his PhD, MS and BS degrees in electrical engineering from Stanford, and subsequently joined the Stanford Genome Technology Center in 2006 to work on low-cost DNA sequencing technologies. At SGTC, he developed the first semiconductor sequencing platform and first base-calling algorithm for next-gen sequencing. Fellow co-founder and PhD AmirAli Talasaz also worked at the SFTC, and has been a serial entrepreneur in the sample preparation and clinical research fields.
Hogarth also cites the power of Natera, another Sequoia-backed company, and sees parallels with Guardant. Foundation Medicine, which just made its debut on the public markets, is taking a similar approach to cancer treatment.
Guardant declined to name which cancer centers are using its test, but we hear it’s a who’s who of the best treatment centers in the U.S. The company also has state and federal approvals for the test.Read More →
Restaurant reservation platform OpenTable today reported quarterly earnings of $52.3 million and used the day to put out some other news: the company has acquired Ness Computing, makers of the personalized restaurant recommendations app Ness. It’s an all-cash transaction that OpenTable says is worth $17.3 million, although it comes with cash in Ness’s coffers that brings the net value to $11.3 million.
OpenTable says that the Ness team will work in its San Francisco headquarters. The Ness app and site, meanwhile, will be discontinued with the technology getting integrated into OpenTable’s product “and other development efforts.”
Ness had already been integrating with OpenTable but this will give it potentially a much bigger audience using its recommendation platform. OpenTable says it seats more than 14 million diners each month and covers some 31,000 restaurants and clocking up some 575 million diners seated since being founded in 1998. It might also mean Ness finally coming to the UK (yay).
But it’s not a great return for Ness’s investors: in its lifetime the startup had raised $20 million with investors including Khosla Ventures, Alsop Louie Partners, Bullpen Capital, TomorrowVentures, SingTel Innov8 and American Express. Before today, we’d been hearing other names as possible buyers of the company.
Ness started out its life in 2011 as personalised search engine technology for mobile that quickly adapted to a specific vertical — restaurant recommendations — but always had its sights set on eventually developing to cover other areas. That ambition fuelled its 2012, $15 million Series B investment.
It’s not clear if that wider idea ever found traction, or whether Ness simply decided that it was a stronger company by focusing its algorithms and platform on one subject in particular. Or whether Ness found it too much of a challenge to compete in the wider world against the likes of Google. It looks like Ness’s technology, and talent, will be tasked most immediately with enhancing OpenTable’s mainstay of restaurant recommendations.
“The Ness team and I are incredibly excited to take the technology and insights we’ve developed over the last four years and incorporate them into the OpenTable product offering. As the world’s leading provider of real-time restaurant reservations, OpenTable will provide us the opportunity to introduce people to new and memorable dining experiences on a much broader scale,” said Corey Reese, CEO and co-founder of Ness Computing.
OpenTable, which started out as a platform for the web, has been making a lot of moves to add more mobile cogs to its machine — a logical strategy, given that going to restaurants, by definition, implies being out and on the move. Just earlier today, the company announced a pilot of a mobile payments service in San Francisco. Diners in that city can now not only book a table, but pay for their meal through the app, too.
Adding Ness to that is a way for OpenTable to extend a user’s time with OpenTable even more. “In the future, we believe that mobile will represent the vast majority of our reservations,” said Matt Roberts, OpenTable CEO. “Mobile is the cornerstone of powering great dining experiences.”
And, given that Ness does have the technology to search and personalise recommendations for much more besides where to eat, you might see OpenTable tap into that, too.
In all, the Ness technology should help OpenTable add more features to attract more restaurants to its platform and potentially take home more returns on the commission it charges them. In guidance for the next quarter, OpenTable says it expects sales of between $53.3 million and $54.9 million with non-GAAP EPS in the range of $0.39 to $0.43. OpenTable says that the Ness acquisition will be recorded in those Q1 2014 earnings.
Ness is the latest in a string of acquisitions that have included Quickcue in December 2013 for $11.5 million; JustChalo in June 2013 for $11 million; Foodspotting in January 2013 for $10 million; Treatful in August 2012 for an undisclosed amount; toptable in 2010 for $55 million and GuestBridge in 2009 for $3 million.Read More →