PreIPO INTELLI™ Weekly Insights | Series 44
Friday, August 11th 2023 | Volume 1 Series 44 | PayPal's Stablecoin, 24/7 Robotaxi Approval, NASA Plus Launch, and Funding Highlights
Greetings, everyone! As we near the week's conclusion, the INTELLI™ team is excited to present you with a range of new updates aimed at keeping you well-informed. This week we look at PayPal introducing PYUSD stablecoin for transactions, while Waymo and Cruise receive approval for 24/7 robotaxi services in San Francisco. Additionally, NASA is set to launch its streaming service, NASA Plus, and recent funding highlights include Fizz's $25M Series B, Virtualitics' $37M Series C, and Wint's $35M Series C for water management.
PayPal introduces PYUSD stablecoin for transactions and transfers 💸
PayPal has unveiled its own stablecoin, named PayPal USD (PYUSD), for payments and transfers, making it the first major U.S. financial institution to do so. Issued by Paxos Trust Company and backed by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents, PYUSD is gradually rolling out to eligible U.S. customers. This stablecoin allows users to transfer it between PayPal and compatible external wallets, conduct person-to-person payments, make purchases, and exchange it with PayPal's supported cryptocurrencies.
PYUSD aims to streamline in-experience payments in virtual environments, enable swift value transfers for various purposes, and enhance PayPal's expansion into digital assets, including its compatibility with the web3 ecosystem and future availability on Venmo. As an ERC-20 token built on the Ethereum blockchain, PYUSD is designed to foster adoption among external developers, wallets, and web3 applications, promoting a seamless integration experience.
Stablecoins, which tie their value to external assets like the U.S. dollar, have attracted both interest and controversy. While PayPal introduces its stablecoin, previous instances such as Meta's Diem faced regulatory obstacles, and PayPal itself encountered regulatory scrutiny earlier this year.
Waymo and Cruise Authorized to Operate Paid Robotaxi Services Around the Clock in San Francisco 🚕
In the aftermath of a contentious six-hour public hearing marked by conflicting viewpoints from residents, Waymo and Cruise have been granted permission by the California Public Utilities Commission (CPUC) to operate their paid robotaxi services around the clock in San Francisco. This decision marks a significant achievement for autonomous vehicle operators, who have heavily invested in the technology without substantial returns.
The CPUC, with a 3-to-1 majority, approved the operation of these vehicles at any hour of the day across San Francisco while facilitating charging for rides. The move reflects a significant stride forward for the autonomous vehicle industry.
Commissioner John Reynolds, in closing remarks at the hearing, remarked, "Today is the first of many steps in bringing AV transportation services to Californians." This sentiment resonated with the commission, which has urged the companies to address concerns raised by San Francisco officials and residents, such as vehicles blocking roads, causing traffic congestion, and impeding emergency response efforts.
Though the companies currently offer limited services, the CPUC's decision effectively grants robotaxis unrestricted access to the city and its residents, enabling operations comparable to ride-sharing platforms like Uber or Lyft.
Both Waymo and Cruise expressed their enthusiasm for the decision. Tekedra Mawakana, co-CEO of Waymo, hailed it as "a major moment" in autonomous vehicle history, while Cruise CEO Kyle Vogt termed it "a huge milestone for the AV industry."
The marathon hearing featured diverse opinions, particularly from the disabled community, addressing the merits and drawbacks of autonomous ride-hailing services. Supporters highlighted the potential benefits, including enhanced safety and improved transportation options for disabled riders. Detractors expressed concerns about vehicle malfunctions, traffic disruption, and the potential for surveillance.
The CPUC's decision comes after months of deliberation, during which San Francisco city officials sought to postpone the vote due to incidents involving autonomous vehicles causing traffic issues and obstructing emergency vehicles. The CPUC's approval was based on Waymo and Cruise fulfilling regulatory obligations regarding autonomous vehicle testing and commercial operations.
NASA Set to Launch Stream Service This Year 🚀
Image Credits: NASA
NASA is set to unveil its dedicated streaming service, NASA Plus, later this year, as announced by the US space agency.
The service, known as NASA Plus, is designed to broadcast live NASA missions and will showcase original video series, introducing new shows produced exclusively for the streaming platform.
The NASA Plus trailer indicates a summer launch for the service. The trailer outlines the series and channels to be featured, which include titles like NASA Talks, Space Out, The Color of Space, NASA Kids, NASA Explorers, WEBB Space Telescope, First Light, NASA En Español, Lucy, Mars Is Hard, NASA Explorers: Osiris Rex, and Artemis I: Path to the Pad.
Marc Etkind, Associate Administrator for the agency's Office of Communications, emphasized, "Transforming our digital presence will help us better tell the stories of how NASA explores the unknown in air and space, inspires through discovery, and innovates for the benefit of humanity."
NASA Plus will be available free of charge and ad-free. The service will be accessible on streaming media players such as Apple TV, Fire TV, and Roku, as well as on the iOS and Android NASA app and desktop platforms.
Additionally, NASA is preparing updates for its website and app. The enhanced web experience will serve as an expanding yet unified hub for information regarding the agency's missions, research, climate data, Artemis updates, and more, as detailed in a NASA blog post. The beta version of the new website can be previewed here.
Recent Funding Recap 🤝
Fizz - $25 Million Series B
Fizz, a burgeoning social network founded by two Stanford dropouts, gained popularity among Stanford University students for its unique approach to anonymity and engagement. The platform, now two years old, is extending its influence beyond the campus, facing both growth opportunities and challenges that come with being a social media company.
Fizz's model welcomes users with Stanford email addresses, granting them anonymity to post and comment within the community. Other users can upvote or downvote posts, contributing to content's "karma" score and enhancing users' "fizzfluence" while maintaining anonymity.
Sunny Xun Liu, Associate Director of Stanford’s Social Media Lab, highlights Fizz's appeal, emphasizing its role in open discussions on various topics. Fizz's expansion is evident as CEO Rakesh Mathur indicates its accessibility at over 80 campuses and plans to reach 250 schools by the year's end. This expansion correlates with a recent $25 million Series B funding round led by Owl Ventures and NEA.
Virtualitics - $37 Million Series C
Virtualitics, a startup born from a partnership between Caltech and NASA's Jet Propulsion Lab, is changing the game in data visualization. Co-founded by Michael Amori, the platform offers a unique approach to unraveling complex data insights. By employing 3D visualizations, knowledge graphs, and AI algorithms, Virtualitics enables users to understand the relationships between data points. What sets it apart is the ability to view data in both virtual reality (VR) and augmented reality (AR), making it user-friendly and accessible without requiring deep technical knowledge.
The startup's success is evident in its remarkable revenue growth, with a 370% increase year-over-year. Collaborations with government sectors, including the Department of Defense, have contributed to this achievement. Recently, Virtualitics secured $37 million in a Series C funding round led by Smith Point Capital, with participation from Citi and The Hillman Company's advisory clients. This funding will drive collaborations, enhance customer success, and expand Virtualitics' workforce to meet the evolving market demands.
Wint - $35 Million Series C
Wint, an innovative "water intelligence" company hailing from Israel, has secured $35 million in a Series C funding round. Their cutting-edge water management system combines AI-powered software and interconnected hardware to swiftly detect and prevent leaks. The system can be configured to automatically shut down at the leak's location. Wint's impressive client base includes tech giants like Microsoft, Google, Mastercard, HP, and Dell.
Wint had previously raised $15 million in a Series B funding round led by Insight Partners, known for backing major players like Twitter and Shopify. This new Series C round, co-led by Insight Partners and Czech climate tech fund Inven Capital, reflects the pressing global concern over water scarcity. As Wint addresses this challenge, its technology is gaining traction as a solution to mitigate water-related damage and enhance sustainability efforts for enterprises.
As always, stay tuned for more updates and insights from the team at INTELLI™.