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SmartNews’ head of product on how the news discovery app wants to free readers from filter bubbles
Since launching in the United States five years ago, SmartNews, the news aggregation app that recently hit unicorn status, has quietly built a reputation for presenting reliable information from a wide range of publishers. The company straddles two very different markets: the U.S. and its home country of Japan, where it is one of the leading news apps.
SmartNews wants readers to see it as a way to break out of their filter bubbles, says Jeannie Yang, its senior vice president of product, especially as the American presidential election heats up. For example, it recently launched a feature, called “News From All Sides,” that lets people see how media outlets from across the political spectrum are covering a specific topic.
The app is driven by machine-learning algorithms, but it also has an editorial team led by Rich Jaroslovsky, the first managing editor of WSJ.com and founder of the Online News Association. One of SmartNews’ goal is to surface news that its users might not seek out on their own, but it must balance that with audience retention in a market that is crowded with many ways to consume content online, including competing news aggregation apps, Facebook and Google Search.
In a wide-ranging interview with Extra Crunch, Yang talked about SmartNews’ place in the media ecosystem, creating recommendation algorithms that don’t reinforce biases, the difference between its Japanese and American users and the challenges of presenting political news in a highly polarized environment.
Catherine Shu: One of the reasons why SmartNews is interesting is because there are a lot of news aggregation apps in America, but there hasn’t been one huge breakout app like SmartNews is in Japan or Toutiao in China. But at the same time, there are obviously a lot of issues in the publishing and news industry in the United States that a good dominant news app might be able to help, ranging from monetization to fake news.
Jeannie Yang: I think that’s definitely a challenge for everybody in the U.S. With SmartNews, we really want to see how we can help create a healthier media ecosystem and actually have publishers thrive as well. SmartNews has such respect for the publishers and the industry and we want to be good partners, but also really understand the challenges of the business model, as well as the challenges for users and thinking of how we can create a healthier ecosystem.
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Tencent to take 29% stake in multiplayer games maker Funcom
Chinese social media and gaming giant Tencent is taking a 29% stake to become the largest shareholder in Oslo-based Funcom.
The indie games developer is responsible for multiple adaptations involving the “Conan the Barbarian” franchise, such as “Age of Conan” and “Conan Exiles,” as well as a number of other multiplayer titles — including a forthcoming open world sandbox game that will be set in the “Dune” sci-fi universe.
The news that Tencent has entered into a share purchase agreement to acquire almost a third of the company was announced in a press release today. The Chinese giant has agreed to acquire all the shares belonging to the Norway-based KGJ Capital AS, which is currently the largest shareholder in Funcom.
Commenting in a statement, Funcom CEO Rui Casais said: “Tencent has a reputation for being a responsible long-term investor, and for its renowned operational capabilities in online games. The insight, experience, and knowledge that Tencent will bring is of great value to us and we look forward to working closely with them as we continue to develop great games and build a successful future for Funcom.”
Tencent, which has a substantial games operation of its own, also holds stakes in a number of other major games makers — including Riot Games, Epic, Supercell, Ubisoft, Paradox, Frontier and Miniclip.
A prolonged games licensing freeze in China dented Tencent’s profits last year. And earlier this year, while it reported record profits in its Q1, it also recorded its slowest revenue growth since going public.
Regulatory risk at home is one reason for Tencent to expand its stakes in overseas games developers and tap into a global audience to stoke growth.
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Facebook secures exclusive digital rights for ICC cricket events
If you’re a cricket fan, you will be visiting Facebook way more often in the coming months and years. The social juggernaut announced on Thursday it has partnered with the International Cricket Council (ICC), the global governing body of cricket, to secure exclusive digital content rights until 2023 for global ICC events in the Indian subcontinent.
As part of the four-year deal, financial details of which were not disclosed, Facebook will show post-match recaps and in-play key moments and other “feature content” of the matches in the Indian subcontinent. The exclusive rights are limited to the Indian subcontinent; elsewhere the company will carry post-match recaps. Facebook said it hopes to serve “hundreds of millions of cricket fans” through this “unprecedented” and “ground-breaking” deal.
A Facebook spokesperson told TechCrunch that the company won’t be live-streaming the matches in any market.
In a statement, Ajit Mohan, VP and managing director Facebook India, said, “with Facebook, Instagram and WhatsApp, the ICC has an exceptional opportunity to leverage our family of apps to serve current sports fans as well as bring in an entirely new generation of fans. Every day, people come to our platforms to talk about, and form friendships around, cricket. With this partnership, we will be able to serve these fans with the kind of premium content that can ignite new conversations, new connections and new followership.”
Though not as popular in the U.S., cricket is one of the most celebrated sporting events in many key Facebook markets, including the U.K., India and Australia. How popular? Hotstar, a streaming service in India owned by Disney, has set global record for most concurrent views on a live-streaming event thanks to cricket.
Facebook is well aware. In 2017, the company bid $600 million for online streaming rights of IPL, a popular cricket tournament in India, for a period of five years. It lost the bid to Star India, which operates Hotstar. Last year, the company tested the waters after it acquired streaming rights to show La Liga games in India.
The recently concluded ICC Men’s Cricket World Cup garnered 4.6 billion video views across ICC’s digital and social media platforms, ICC said.
Today’s deal includes coverage of the following events: ICC Women’s T20 World Cup 2020, ICC Men’s T20 World Cup 2020, ICC Women’s Cricket World Cup 2021, ICC World Test Championship Final 2021, ICC Men’s T20 World Cup 2021, ICC Women’s T20 World Cup 2022, ICC Men’s Cricket World Cup 2023, ICC World Test Championship Final 2023, ICC Men’s T20 World Cup Qualifier 2019, ICC Men’s Cricket World Cup Qualifier 2022, ICC U19 Cricket World Cup 2020 and ICC U19 Cricket World Cup 2022.
Last year, Star India acquired digital and TV rights to live-stream and broadcast all of Indian cricket teams’ matches globally for a sum of $944 million.
Facebook’s Mohan, who served as the chief executive of Hotstar prior to joining the social juggernaut, added, “the future of AR and VR is being charted by Facebook and we are excited about the possibility of bringing the best of our innovations to fans around the world.”
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Indonesia’s ride-hailing giant Gojek launches video streaming service GoPlay
On-demand video streaming giant Netflix, which is increasingly expanding its footprint in developing markets, now has a new competitor in Indonesia: Gojek.
The Indonesian ride-hailing giant on Thursday launched a video streaming service called GoPlay that features exclusive access to “hundreds of movies and TV shows” as well as snackable short clips. The streaming service is currently available only in Indonesia.
The service, which Gojek began testing with select users in June, focuses on local content, Edy Sulistyo, CEO of GoPlay said. Gojek, which was valued at $9.5 billion in its last financing round, said it has partnered with major local production houses such as Base Entertainment, Kalyana Shira Films and Wahana Kreator for production of original titles. The firm said it has also tied up with some international studios to source foreign content.
“Despite a rise in demand for local content and a growing number of mobile audiences in Indonesia, access has still been limited especially for consumers living outside of urban areas. With GoPlay, we aim to enable all Indonesian consumers to enjoy high-quality on-demand entertainment at their convenience, while providing a platform for local content producers to showcase their creative work,” said Sulistyo in a statement.
Gojek is offering the video streaming service through two aggressively priced monthly plans: IDR 89,000 ($6.27), which offers access to the full catalog in HD; and IDR 99,000 ($7), which will additionally provide users with access to GoFood delivery vouchers.
GoPlay will compete with a range of streaming services such as Netflix, iFlix and Hooq. Netflix last year began testing a low-cost mobile-only plan in some developing markets, including Indonesia, to boost its presence in those nations. The global giant eventually launched the affordable tier in India earlier this year. A Netflix spokesperson told TechCrunch this week that it currently has no plans to expand the low-cost tier to other markets.
Like many other major firms in Southeast Asia, Gojek is increasingly bulking up its ridesharing platform to enter additional categories. Today, it offers an online payments service and a gaming platform. The firm began working on its video streaming service last year after it set up an in-house content studio.
Grab, Gojek’s archrival in Southeast Asian markets, and India’s Ola, have also expanded their offerings in recent years. While Grab, like Gojek, offers everything including a video streaming service, Ola launched a credit card in May.
Grab has a partnership with Hooq for its video streaming service. In the run up to GoPlay’s launch, Hooq CEO Peter Bithos told TechCrunch in an interview that Gojek lacks the reach Hooq maintains in Southeast Asian markets. “Gojek hasn’t been able to get to anything like the scale or reach that we’ve got,” he said.
About 125 million people in Indonesia, or half of the nation’s population, are currently online. Sulistyo said Gojek sees a lot of potential for GoPlay’s growth in the country.
Indonesia has emerged as one of the fastest-growing economies in Asia in recent years. According to a study conducted by Google and Singapore’s Temasek, Indonesia’s internet economy is estimated to be worth $100 billion by 2025.
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India’s Darwinbox raises $15M to bring its HR tech platform to more Asian markets
An Indian SaaS startup, which is increasingly courting clients from outside of the country, just raised a significant amount of capital to expand its business.
Hyderabad-based Darwinbox, which operates a cloud-based human resource management platform, said on Thursday it has raised $15 million in a new financing round. The Series B round — which moves the firm’s total raise to $19.7 million — was led by Sequoia India and saw participation from existing investors Lightspeed India Partners, Endiya Partners, and 3one4 Capital.
More than 200 firms including giants such as adtech firm InMobi, fintech startup Paytm, drink conglomerate Bisleri, automobile maker Mahindra, Kotak group, and delivery firms Swiggy and Milkbasket use Darwinbox’s HR platform to serve half a million of their employees in 50 nations, Rohit Chennamaneni, cofounder of Darwinbox, told TechCrunch in an interview.
The startup, which competes with giants such as SAP and Oracle, said its platform enables high level of configurability, ease of use, and understands the needs of modern employees. “The employees today who have grown accustomed to using consumer-focused services such as Uber and Amazon are left disappointed in their experience with their own firm’s HR offerings,” said Gowthami Kanumuru, VP Marketing at Darwinbox, in an interview.
Darwinbox’s HR platform offers a range of features including the ability for firms to offer their employees insurance and early salary as loans. Its platform also features social networks for employees within a company to connect and talk, as well as an AI assistant that allows them to apply for a leave or set up meetings with quick voice commands from their phone.
“The AI system is not just looking for certain keywords. If an employee tells the system he or she is not feeling well today, it automatically applies a leave for them,” she said.
Darwinbox’s platform is built to handle onboarding new employees, keeping a tab on their performance, monitor attrition rate, and maintain an ongoing feedback loop. Or as Kanumuru puts it, the entire “hiring to retiring” cycle.
One of Darwinbox’s clients is L&T, which is tasked with setting up subway in many Indian cities. L&T is using geo-fencing feature of Darwin to log the attendance of employees. “They are not using biometric punch machine that is typically used by other firms. Instead, they just require their 1,200 employees to check-in from the workplace using their phones,” said Kanumuru.
Additionally, Darwinbox is largely focusing on serving companies based in Asia as it believes Western companies’ solutions are not a great fit for people here, said Kanumuru. The startup began courting clients in Southeast Asian markets last year.
“Our growth is a huge validation for our vision,” she said. “Within six months of operations, we had the delivery giant Delhivery with over 23,000 employees use our platform.”
In a statement to TechCrunch, Dev Khare, a partner at Lightspeed Venture, said, “there is a new trend of SaaS companies targeting the India/SE Asia markets. This trend is gathering steam and is disproving the conventional wisdom that Asia-focused SaaS companies cannot get to be big companies. We firmly believe that Asia-focused SaaS companies can get to large impact value and become large and profitable. Darwinbox is one of these companies.”
Darwinbox’s Chennamaneni said the startup will use the fresh capital to expand its footprints in Indonesia, Malaysia, Thailand, and other Southeast Asian markets. Darwinbox will also expand its product offerings to address more of employees’ needs. The startup is also looking to make its platform enable tasks such as booking of flights and hotels.
Chennamaneni, an alum of Google and McKinsey, said Darwinbox aims to double the number of clients it has in the next six to nine months.
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Alibaba unveils Hanguang 800, an AI inference chip it says significantly increases the speed of machine learning tasks
Alibaba Group introduced its first AI inference chip today, a neural processing unit called Hanguang 800 that it says makes performing machine learning tasks dramatically faster and more energy efficient. The chip, announced today during Alibaba Cloud’s annual Apsara Computing Conference in Hangzhou, is already being used to power features on Alibaba’s e-commerce sites, including product search and personalized recommendations. It will be made available to Alibaba Cloud customers later.
As an example of what the chip can do, Alibaba said it usually takes Taobao an hour to categorize the one billion product images that are uploaded to the e-commerce platform each day by merchants and prepare them for search and personalized recommendations. Using Hanguang 800, Taobao was able to complete the task in only five minutes.
Alibaba is already using Hanguang 800 in many of its business operations that need machine processing. In addition to product search and recommendations, this includes automatic translation on its e-commerce sites, advertising and intelligence customer services.
Though Alibaba hasn’t revealed when the chip will be available to its cloud customers, the chip may help Chinese companies reduce their dependence on U.S. technology as the trade war makes business partnerships between Chinese and American tech companies more difficult. It also can help Alibaba Cloud grow in markets outside of China. Within China, it is the market leader, but in the Asia-Pacific region, Alibaba Cloud still ranks behind Amazon, Microsoft and Google, according to the Synergy Research Group.
Hanguang 800 was created by T-Head, the unit that leads the development of chips for cloud and edge computing within Alibaba DAMO Academy, the global research and development initiative in which Alibaba is investing more than $15 billion. T-Head developed the chip’s hardware and algorithms designed for business apps, including Alibaba’s retail and logistics apps.
In a statement, Alibaba Group CTO and president of Alibaba Cloud Intelligence Jeff Zhang (pictured above) said, “The launch of Hanguang 800 is an important step in our pursuit of next-generation technologies, boosting computing capabilities that will drive both our current and emerging businesses while improving energy-efficiency.”
He added, “In the near future, we plan to empower our clients by providing access through our cloud business to the advanced computing that is made possible by the chip, anytime and anywhere.”
T-Head’s other launches included the XuanTie 910 earlier this year, an IoT processor based on RISC-V, the open-source hardware instruction set that began as a project at UC Berkeley. XuanTie 910 was created for heavy-duty IoT applications, including edge servers, networking, gateway and autonomous vehicles.
Alibaba DAMO Academy collaborates with universities around the world, including UC Berkeley and Tel Aviv University. Researchers in the program focus on machine learning, network security, visual computing and natural language processing, with the goal of serving two billion customers and creating 100 million jobs by 2035.
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India’s ALTBalaji partners with Microsoft to bring online video streaming to offline users
ALTBalaji, a leading video streaming service in India, has partnered with Microsoft and fintech firm Eko as it moves to expand its subscriber base in the country that is already larger than any of its local rivals.
ALTBalaji, which has more than 27 million paying subscribers, said it will use Microsoft’s BlendNet technology to help its users download and access more titles without consuming large amounts of cellular data.
Microsoft is providing ALTBalaji with BlendNet technology that enables videos to be disseminated through a combination of cloud-enabled metadata systems. “The file is transferred onto the recipient’s mobile using peer-to-peer local Wi-Fi. While the creation of this cloud plane might need a data network, the transfer of data will happen over local Wi-Fi,” Microsoft said.
The idea is to move much of the downloading without relying on cellular data connectivity, which remains costly for the masses in India. ALTBalaji subscribers will be able to download files from their nearby Eko retail stores, as well as from other users who have the same files. When neither options are viable, the downloading is paused.
Nachiket Pantvaidya, CEO of ALTBalaji and Group COO of Balaji Telefilms, said he hopes the new feature would help the video streaming service attract new users who don’t have access to cheap and reliable data. He said the firm also expects the feature to boost engagement for other subscribers on the platform who’re watching two to three episodes on the app each day.
“At ALTBalaji it has always been our endeavor to reach out to the masses and enhance our users’ experience through such services, while being affordable. And through this pilot feature, we aim to attract more viewers to our platform from areas with not so good internet connectivity,” said Pantvaidya.
In a statement, Meetul Patel, COO of Microsoft India, said, “Microsoft’s BlendNet is a great example of advanced technologies being used to make information and content accessible to all. It leverages the power of the cloud and intelligent edge networks to address gaps in connectivity and reduces the costs of content distribution.”
ALTBalaji, a wholly owned subsidiary of Balaji Telefilms, has more paying subscribers in India than any other video streaming service in the nation, Pantvaidya told TechCrunch in a recent interview. The service is available for Rs 100 ($1.40) for three months, or comes bundled with offerings from telecom providers.
Unlike most other streaming services, ALTBalaji only serves originally produced locally relevant content on its platform. It has made 45 original TV shows to date. Each year, the firm invests about 1,500 million Indian rupees ($21 million) in production of original shows, Pantvaidya said.
The firm, which employs about 100 people, today fights with more than three dozen companies, including Netflix, Amazon Prime Video and Disney-owned Hotstar. Even as Hotstar claimed to have more than 300 million users earlier this year, it has fewer than 10 million paying subscribers, people familiar with the matter have told TechCrunch.
Netflix has fewer than 3 million subscribers in India, according to industry estimates. It recently launched an aggressively priced mobile-only plan in the country. A person familiar with the matter told TechCrunch that the new price tier has attracted a significant number of new subscribers to Netflix.
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Xiaomi’s 108MP Mi Mix Alpha has a display that wraps around the back
As Samsung and Huawei double down on their foldable smartphone lineups, and other handset vendors try to hide the notch, Chinese giant Xiaomi today chalked out a different path altogether. The company unveiled the Mi Mix Alpha, a smartphone with a front display that fully wraps around the back, save for a strip.
The Mi Mix Alpha’s body is made of a single piece of sapphire glass, with ceramics and aerospace-grade titanium alloy. So what does the extra display get you? Nothing much. The back display lights up and takes over the front screen’s duties when you flip the phone. Otherwise, it just sits there doing nothing.
Xiaomi says the Mix Alpha is a concept phone, so it is going to have a limited production run for the device. The smartphone will go on sale in China in December for 19,999 yuan (~$2,800).
This is #MiMIXAlpha, a surround display 5G concept smartphone. Challenge the impossible, to make the future possible. pic.twitter.com/ZqLfWydmJg
— Xiaomi #MiMIXAlpha (@Xiaomi) September 24, 2019
While the size of the display remains unknown, it boasts a 180.6% screen-to-body ratio, Xiaomi said at an event in China. The Mi Mix Alpha is powered by Qualcomm’s latest and greatest Snapdragon 855+, coupled with 12GB of RAM and 512GB UFS 3.0 storage. And it supports 5G connectivity.
The handset is housing a 4,050 mAh battery and supports 40W wired fast charging, the company said. The Mi Mix Alpha is running Android Pie-based MIUI 11 software.
Which brings us to the strip: The front side of the Mi Mix Alpha does not have any camera sensors. Instead the back side sports a three-camera system: a 108MP primary sensor it developed in collaboration with Samsung, a 20MP wide-angle sensor and a 12MP telephoto sensor.
At the sidelines of today’s event, Xiaomi also launched the Mi 9 Pro, the follow-up to the Mi 9 handset that the company unveiled earlier this year. The Mi 9 Pro, priced at roughly $520, now features support for 5G connectivity, becoming one of the low-cost handsets to support the networking technology. It also supports 40W fast charging, the company said.
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Groww, an investment app for millennials in India, raises $21.4M
Of the 1.3 billion people who live in India, more than 100 million of whom are using digital payment apps each day, only about 20 million today invest in mutual funds and stocks. An Indian startup that is betting on changing that figure by courting millennials has just received a big backing.
Groww, a Bangalore-based startup, said today it has raised $21.4 million in a Series B financing round that was led by U.S.-based VC firm Ribbit Capital. Existing investors Sequoia India and Y Combinator also participated in the round, said the two-year-old startup that has raised about $29 million to date.
Groww allows users to invest in mutual funds, including systematic investment planning (SIP) and equity-linked savings. The app, which maintains a very simplified user interface to make it easier for its largely millennial customer base to comprehend the investment world, offers every fund that is currently available in India.
Lalit Keshre, co-founder and CEO of Groww, told TechCrunch in an interview earlier this week that the market of mutual funds is increasingly widening in India and the startup is hoping to accelerate its growth with the fresh capital. Other than that, he plans to double Groww’s headcount to 200 in the coming months.
Groww has amassed about 2.5 million registered users, two-thirds of whom are first-time investors, Keshre said. Groww is currently free to use and does not charge any commission on transactions. The startup eventually plans to offer a paid service as it looks to monetize its user base, but Keshre declined to share a timeline on how soon that would happen.
Groww will also soon begin to offer the ability to purchase stocks from its eponymous app, said Keshre, a former executive at Flipkart who co-founded Groww with three other Flipkart colleagues (Harsh Jain, Neeraj Singh and Ishan Bansal).
In a statement, Micky Malka, founder of Ribbit Capital, said, “We backed the Groww team because we believe in their mission. They have built the most trusted product in this space and are on the path to create a category-defining product.”
Ribbit Capital has made a number of investments in India in recent months. Last month, it invested in Cred, a startup that is trying to improve the financial behavior of credit card holders, and BharatPe, a payments solution for businesses.
In recent years, a number of startups such as INDWealth and Cube Wealth have emerged in India to offer wealth management platforms to the country’s growing internet population. Many established financial firms such as Paytm have also expanded their offerings to include investments in mutual funds.
Ashish Agarwal, a principal partner at Sequoia Capital India, said, “Investment products such as mutual funds and stocks were traditionally sold offline through financial advisors, who were mis-incentivized to sell high-commission products. Groww is taking a refreshing approach with a zero-commission mobile first model, enabling investors to make their own investment choices through a slick and easy user interface.”
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Indonesia’s Julo raises $10M to expand its P2P lending platform
Julo, a peer-to-peer lending platform in Indonesia, said on Wednesday it has extended its $5 million Series A raise to $15 million as it looks to scale its business in the key Southeast Asian market.
The $10 million Series A2 round for the Jakarta-headquartered startup was led by Quona Capital, with Skystar, East Ventures, Provident, Gobi Partners and Convergence participating. The two-year-old startup, which has raised about $16 million to date, is now closing the round, Adrianus Hitijahubessy, co-founder and CEO of Julo, told TechCrunch in an interview.
Through its eponymous Android app, Julo provides loans of about $300 to users at aggressively competitive rate of 3-5% per month — one of its key differentiating factors. Julo has managed to keep its interest rate low because its credit scoring system is more efficient than those of its rivals, claimed Hitijahubessy, who has amassed more than a decade of experience in credit scoring systems using alternative data from his previous stints.
“There are lots of players in this market. Not just Indonesia, but globally. But it comes down to who actually knows what they are doing. The bar is becoming higher and it is increasingly becoming difficult for digital lending companies to just launch an app and charge a high interest rate,” he said.
Julo works with banks and individuals to finance loans to customers. It says it has disbursed about $50 million to date.
Hitijahubessy said Julo will use the fresh capital to expand the team and enhance its credit score system. The startup intends to focus on growing its business in Indonesia itself.
In a statement, Ganesh Rengaswamy, co-founder and partner of Quona Capital, said, “a significant majority of JULO’s loans are used for productive purposes that can enhance the economic well-being of families and small businesses — driving financial inclusion in Indonesia, which is a cornerstone of Quona’s focus.”
Digital lending is becoming an increasingly crowded space in South Asian markets. In India, for instance, a growing number of digital mobile wallets, including Paytm and MobiKwik, have recently started to offer credits to customers.
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