Image of question marks drawn on a chalkboard.

Fundraising is a lot easier when you have traction

Image of question marks drawn on a chalkboard.

Image Credits: in future (opens in a new window) / Getty Images

Welcome to Startups Weekly — your weekly recap of everything you can’t miss from the world of startups. Want it in your inbox every Friday? Sign up here.

This week was a bit of a carryover from the one before as Bolt’s drama keeps unfolding — another story to be continued. But capital also flew to startups with traction, VC funds with track records, and worthy theses.

Most interesting startup stories from the week

James Eberhard; Jenifer Snyder; Fluid Truck
Image Credits: Bryce Durbin

Some stories emerge and die in a matter of days. Others require us to stay tuned for more, and this week brought us several of these.

Bolt soap: It’s no overstatement to say that the fallout after Bolt’s letter to investors has been wild. The $14 billion valuation the fintech startup said it was seeking seemed as shocking as the terms of the potential deal. Now one of its proposed new backers, The London Fund, has been found to be scrubbing its web page, and the saga is likely not over.

Board pressure: Ailing startup Fluid Truck, a Zipcar for commercial trucks, saw its board oust its sibling co-founders amid allegations of mismanaging funds, sources said. The leadership shake-up follows several rounds of layoffs and other cost-cutting measures, which clearly weren’t the end of the story.

Food squared: Only a few weeks after GrubMarket acquired Good Eggs for an undisclosed sum, the $3.6 billion food delivery and supply chain startup made another acquisition. This time, its target was FreshGoGo, a New York-based B2C platform selling Asian groceries and ready-made dishes. The companies didn’t disclose the terms of the deal, which may not be the last as the food delivery space keeps on consolidating.

Exec shuffles: AI expert Andrew Ng stepped down as CEO of Landing AI, the computer vision company he co-founded, which will now be headed by ex-COO Dan Maloney. As for Ng, he transitioned to an executive chairman role, but we also expect to hear more news from his AI Fund soon.

Open wallet: OpenAI is reportedly in talks to close a new funding round led by previous backer Thrive Capital at a valuation of more than $100 billion. Once again, stay tuned. 

Most interesting fundraises this week

Viggle Joker meme
Image Credits: Viggle AI

At the risk of stating the obvious, fundraising is a lot easier when you have traction, and news this week confirmed this.

Enterprise resource planning: Opkey, an AI-based ERP testing platform, has closed a $47 million Series B round of funding. ERP apps are a large source of IT spend for big organizations, which makes automated testing valuable. This helped the company secure 200 large enterprise customers and partnerships with system integrators like KPMG and PwC.

Skills for bills: With cloud spending another top concern for businesses, nOps raised a $30 million Series A to help companies optimize their AWS bill. The company also said that its customer base grew 450% over the past 18 months.

Fast money: Comun, a neobank focused on serving Latino immigrants in the United States, has raised a $21.5 million Series A less than nine months after its previous round thanks to its traction: It reported growing monthly revenue by “50x” in the first six months of 2024. Its founders plan to use the capital to grow the team in order to scale and launch new products.

Big fish: Canadian AI startup Viggle raised a $19 million Series A led by Andreessen Horowitz, with participation from Two Small Fish. The company is responsible for JST-1, a 3D-video foundation model it trained on YouTube videos, which lets users control animated characters, inspiring many memes.

Most interesting VC and fund news this week

redalpine team
Image Credits: redalpine

Swiss-made: Helped by its track record, Redalpine, a science-heavy European VC firm created in 2006, raised $200 million for its seventh early-stage fund. With offices in Zurich and Berlin, it also plans to open one in London, partly due to its interest in university spinouts.

Improving cancer care: With $30 million in committed capital, Oncology Ventures is a new VC firm that will join the ranks of other cancer-focused VC firms — but with a focus on startups that improve patient care. It is led by Ben Freeberg, a solo GP and cancer survivor.

ICYMI: Being a solo GP or even a small VC fund is hard, but the SEC just made life a little easier for emerging funds. The dollar threshold for a vehicle to be considered a “qualifying venture fund” and benefit from corresponding exemptions is now $12 million, up from $10 million.

Last but not least

Palico, secondaries, LP-led secondaries
Image Credits: beast01 / Getty Images

The secondaries market is hot, fueled in big part by an appetite for shares in hot AI companies, and the last few days have brought us more proof. An SEC filing revealed that New Enterprise Associates (NEA) reentered the space by raising more than $468 million for NEA Secondary Opportunity Fund, yet another fund dedicated to the buying of secondary shares. Meanwhile, it emerged that Paris-based Palico got approval from the Financial Industry Regulatory Authority (FINRA) to be the first company able to facilitate end-to-end LP secondaries transactions.

We’re about to learn a whole lot more about how the human body reacts to space 

Image Credits: Inspiration4 (opens in a new window)

We could be entering a renaissance for human spaceflight research, as a record number of private citizens head to space — and as scientists improve techniques for gathering data on these intrepid test subjects. 

A sign that the renaissance is imminent appeared earlier this week, when the journal Nature published a cache of papers detailing the physical and mental changes the four-person Inspiration4 crew experienced nearly three years ago. That mission, in partnership with SpaceX, launched on September 15, 2021 and returned to Earth three days later. 

During the mission, the crew experienced a broad set of modest molecular changes, dysregulated immune systems and slight decreases in cognitive performance. But researchers are only able to analyze the data — more than 100,000 health-related data points — because the four-person crew was able to reliably collect it in the first place. 

This is a bigger accomplishment than one might realize. The Inspiration4 crew received plenty of training, in large part with SpaceX, which provided the Dragon capsule for their ride through orbit. But their preparation is still a far cry from that of NASA astronauts aboard the ISS, and who also regularly perform a battery of health tests on themselves. That includes ultrasounds, cognitive tests, biopsies, blood and saliva testing, skin swabs and sensorimotor tests. 

“You can do research with private individuals in space, that is the number one result [of the research],” said Dr. Dorit Donoviel in a recent interview. Dr. Donoviel is co-author of one of the papers published in Nature and associate professor in the Center for Space Medicine at Baylor College of Medicine. She’s also the executive director of NASA-funded research consortium Translational Research Institute for Space Health (TRISH), which conducts and funds cutting-edge research to improve human safety in space. 

“I’ll be honest, nobody was sure that we were going to be able to gather a reasonable amount of data, that we were going to be able to implement it, that regular people who have never had exposure to scientific research could do something that we would actually be able to analyze,” she continued, referring to the Inspiration4 mission. 

In some obvious ways, the Inspiration4 crew are far from ordinary: The mission’s leader, Jared Isaacman, is a billionaire that founded a payment processing company when he was 16; Hayley Arcenaux is a physician’s assistant at the world-renowned St. Jude Children’s Research Hospital; Sian Proctor is a pilot with a PhD who teaches geology at the college level; and Christopher Sembroski is a former U.S. Air Force journeyman whose long career as an aerospace engineer brought him to his current workplace, Blue Origin.

The Inspiration4 crew.
Image Credits: Inspiration4

And yet, they still came to Inspiration4 as spaceflight novices. That meant TRISH researchers had to come up with a testing suite that could be performed with minimal training. The Inspiration4 crew also wore Apple Watches, and the capsule was outfitted with environmental sensors that researchers were able to correlate to the other testing results. Correlating the data is “unusual,” Dr. Donoviel said, but it gave researchers unique insights into how changes in the confined environment affected things like heart rate or cognitive performance. 

Overall, researchers are trying to move toward digitizing testing and making more of the data-gathering passive, to lower the cognitive overhead on the private astronaut. (NASA astronauts also take cognitive tests, but they are using a very old test developed in the 1970s, Dr. Donoviel said.) 

Gathering such information will be critical as the number of private citizens heading to space increases, as it seems almost certainly poised to do in the coming decade. Researchers will be better able to understand the effects of spaceflight on people that don’t fit the mold of the typical NASA astronaut: male, white and in the top percentiles for physical and cognitive performance. But they’ll only be able to do so if the future space tourists are willing to collect the data. 

More data means a better understanding of how spaceflight affects women versus men, or could help future space tourists with pre-existing conditions understand how they will fare in the zero-G environment. The results from Inspiration4 are promising, especially for space tourism: TRISH’s paper found, based on the data from that mission, short-duration missions do not pose significant health risks. This latest preliminary finding adds to existing data that longer-term stints in space — in this case, 340 days — may not be as dangerous as once presumed.

So far, commercial providers ranging from Axiom Space to SpaceX to Blue Origin have been more than willing to work with TRISH, and agreed to standardize and pool the data collected on their respective missions, Dr. Donoviel said.  

“They’re all competing for these people [as customers], but this allows them to contribute to a common knowledge base,” she added.  

This is only the beginning. The rise in non-governmental spaceflight missions raises major questions related to the norms, ethics and regulation of human research in space. While more private citizens are likely headed to space than ever before, will they be interested in being guinea pigs in order to further scientific research? Will a private astronaut paying $50 million for a luxury space tourism experience want to spend their time in orbit conducting ultrasounds on themselves or meticulously measuring their temporary cognitive decline? 

Possibly; possibly not. Last year, Donoviel co-published an article in Science calling for, among other things, the development of a set of principles to guide commercial spaceflight missions. One of those principles the authors called for is social responsibility — essentially, the idea that private astronauts arguably have a heightened social responsibility to advance this research.

“If you’re going to space, you’re resting on the laurels of all of the public funding that has enabled you to go to space. The taxpayers paid for all of those space capabilities that have now enabled you to go to space. So you owe the taxpayers the research,” Dr. Donoviel argued. She added that advances in wearable tech have only lowered the burden on the research participants — not just with the Apple Watch, but with tech like the Biobutton device that continuously collects many vital signs or a sweat patch.  

“We’re not going to make it miserable for you, we’re not going to poke you with a needle, we’re not going to make you do an ultrasound, but wear the Biobutton and put on the sweat patch.” 

The story has been updated to reflect that Dr. Donoviel works at Baylor College of Medicine, not Baylor University, and that NASA’s cognitive tests were developed in the 1970s.

Kevin Xu, AfterHour, startups, VC

Sir Jack A Lot returns with a startup for retail traders

Kevin Xu, AfterHour, startups, VC

When former YouTube product manager Kevin Xu, known as “Sir Jack A Lot” on Reddit, turned $35,000 into $8 million trading stocks between 2020 and 2022, many people thought his fortunes, and his way of investing, had peaked, just like 2021’s memestock craze had.

Xu doesn’t agree, though, and he’s now building a startup for retail investors that aims to bring the good-natured investing advice and community that people used to enjoy on platforms like the WallStreetBets subreddit, but with a layer of accountability that discourages scammers and grifters.

Launched in April 2022, AfterHour lets users link to their stock brokerage accounts and, under a username of their choosing, post their investments to a social feed. “The only reason people trust me and Roaring Kitty is that we are transparent,” Xu told TechCrunch. “Why not show your actual positions or prove you are actually in something? [AfterHour] brings back a level of credibility and trust. You connect your brokerage and share real verified positions and screenshots.”

The company currently has more than 23,000 users, and while that’s not an eye-popping number by any means, its user base is growing, and early adopters seem dedicated — Xu said that more than 70% of its users are on the app every single day. The company is currently focused on growth, Xu said, but has plans for how to monetize in the future.

“Monday to Friday, 9:30 a.m. to 4 p.m. is the game,” Xu said. “When we started, I was so scared that it would be quiet on the weekends, but on Monday, people just come back. We don’t do any scammy push notifications to get people back on Mondays, but they naturally come back.”

The startup recently raised a $4.5 million seed round led by Founders Fund — Keith Rabois’ last investment at the firm — and General Catalyst. Pear VC, Daybreak Ventures and F4 Fund also participated, among several others. Xu said AfterHour is now focusing on growing its user base and its team.

Xu believes letting users be pseudo-anonymous is why AfterHour’s approach works. He recalled that he used to feel awkward about the thought of talking to his colleagues at YouTube about trading stocks during his off hours and thinks he’s likely not alone in feeling that way.

But on the flip side, he recognizes that an environment that encourages zero accountability is not a good idea for a platform like his. That dynamic breeds the grifters and scammers like you see on Reddit and X, who are looking to pump and dump their positions, or post fake trades to get other people to invest.

He added that because people can only post their actual trades, it weeds out a lot of the bad actors. Of course, there will be some bad apples, but Xu said the startup works to monitor posts, and flag anything suspicious with a system of warnings and community notes — not unlike X’s community-based approach to moderation.

Xu acknowledged that such a monitoring system won’t remain effective as the platform continues to scale. “Right now it is basically me being in the app and reminding people that independent thinking is sexy,” Xu joked. He added the company is working on a plan to curb bad behavior and is thinking of ideas like an algorithm that can automatically flag posts that look fake.

This deal stood out to me because I think it’s a smart play to build services for retail investors. The trajectory of this space reminds me a lot of the crypto world. While very different, they are both investing areas that had their 15 minutes of fame, but as they faded from the mainstream, they still kept dedicated and growing communities of people interested in their approach.

Still, AfterHour is an especially smart idea because, as with crypto, there is much money to be made here — and just as much to lose. Such platforms can’t guarantee their users will find financial success, but that doesn’t mean average people should be fully locked out of the stock markets, which companies like Robinhood, and more recently Destiney Tech 100, have worked to democratize.

“The big misconception in the valley was that retail trading was a fad in 2021, referencing the stimulus check,” Xu said. “It’s only growing. The data backs it up.”

For context, 2023 was the most active year ever for retail trading. Robinhood saw more than $86.6 billion in trading volume in May alone.

AfterHour isn’t the only company realizing the potential of this space — Robinhood’s media expansion is a good example. The trading app bought the Snacks newsletter, focused on retail investors, back in 2019. More recently, it launched Sherwood Media, a financial publication aimed at the same audience.

While he’s starting with the stock market, Xu hopes that AfterHour will move into other areas of finance down the line to become the one-stop shop for retail investors in the future.

“AfterHour needs to exist,” Xu said. “I see the internet of finance and how it is evolving, and I’m disappointed in all the other attempts [to build a similar platform]. They were just disappointing.

I’m thinking really long-term. I want it to be fun and accessible. I think it’s more entertaining than sports, and I think a growing number of people online do, too.”

You could learn a lot from a CIO with a $17B IT budget

JP Morgan office in London.

Image Credits: Peter Dazeley / Getty Images

Lori Beer, global CIO at JPMorgan Chase, oversees a massive IT operation that’s bigger than many companies. It involves a 63,000-person team worldwide and a $17 billion yearly budget (at last count), which was about 10% of JPMorgan’s overall revenue last year. It’s moving $10 trillion (that’s a 10 with 12 zeros after it) every single day and is the largest U.S. bank in terms of deposits and online customers.

That’s serious scale involving massive cloud infrastructure services, on-prem data centers, mobile infrastructure, and other assorted digital technology just to run the transactions part of the bank, never mind the rest of the business. It requires a person with tremendous attention to detail to make sure it’s running smoothly, securely and efficiently.

“If you think about just our markets business, the high-speed, real-time processing of those types of things where fractions of seconds matter, that’s all technology driven,” she said.

It takes a huge amount of money and requires building front-end services for customers and back-end services for the company. It needs on-prem data centers and cloud services. It requires innovative startups and reliable, established companies. It demands an operating budget to run in the present and an innovation budget that looks forward to what’s coming.

It’s a case study for every CIO out there, most of whom will never come close to JPMorgan Chase’s scale but who can still learn from how it goes about its business.

Tracking a huge tech ecosystem

“We move $10 trillion a day, and we’ve seen growth in that business. So there is a direct correlation to our tech investments, our products and services, our tech. So there’s just the normal business growth, and then there’s the continued optimization of how we use infrastructure and things like that,” Beer told TechCrunch.

Unsurprisingly, the company is looking at how AI can help manage all this and provide a better customer experience, adding another layer of complexity that every CIO is dealing with these days.

“Then, of course, there’s the new technologies. I mean, AI — as you well know, you wrote about it — is great and is driving a whole new set of volume-driven, compute-related costs, and we’re leaning hard into that,” she said.

When she speaks, she resembles in some ways Amazon CEO Andy Jassy. When he was in charge of Amazon Web Services, he had an almost encyclopedic knowledge of the company’s large number of products and services and would speak about them in great detail as though he were seeing a screen in front of him with the information. Beer is the same way, talking about her company’s highly complex technology ecosystem with ease and ticking off all the different areas she has to track and be aware of.

That’s an important aspect of her role: understanding the interconnectedness of all the different parts of her IT budget and how each one affects the others as she builds and maintains the bank’s vast technology stack.

“You can’t really start talking about AI if you’re not in the cloud, if you’re not modernizing your data, if you’re not doing all the foundational stuff,” she said. That has put the bank on an aggressive modernization journey based on a hybrid strategy. Some of the more critical services are running on prem in very sophisticated data centers the company built to handle its unique demands, and some are running in the cloud with the main cloud vendors: Amazon, Microsoft and Google.

And she actually made sure JPMorgan was well set up for generative AI several years before it burst into the mainstream, making sure the company had its data house in order so it could work with large language models. “It was over three years ago that we laid out an AI data strategy and AI strategy,” she said. That involved forming an operating committee to align the data strategy and cloud strategy in part because the most advanced data management capabilities are in the cloud. “So we sort of got a bit ahead of that train,” she said.

Setting up resilient systems

When you have such a sprawling IT infrastructure, it’s more important than ever to have systems of control in place to help manage it all. That requires a framework and a way of working with every service the company provides.

“First and foremost, we have to think about it in the context of: What is the resiliency standard, the essential service, that I need to provide. In some cases, if I have an application or workload that’s not an essential service, moving to the cloud is a lot easier, right? If I have something that requires the highest [level] of resiliency, maybe I run those things in my highly efficient, highly effective, highly protected data centers,” she said.

That means working with the engineers, developers and IT professionals to help them understand the way the company works and adhering to a set of clearly defined standards. “We continue to teach our teams to understand, whether it’s on prem or in the cloud, teaching the engineers how to be accountable for the cost, the security, the scalability and the efficiency of how we build software and leverage infrastructure.”

The company also works with a number of startups to tap into their innovations; Beer has a whole team dedicated to looking for the next big things. “The reason that’s important is we’re so big, at such size and scale, and their whole job is to constantly look at new companies, the evolution of companies, and so at any point in time, we probably have like 200 POCs [proofs of concept] going on. We are continuing to test and learn and we’re in a position to be able to do best in breed, whether it’s cyber technology or something else,” she said.

For Beer, every decision has to involve a timeline to value. Projects with more immediacy have a timeline of one to three years, while projects that require more time to bake get a three- to five-year time horizon. That could include things like the blockchain, AI and even quantum computing, as the company looks for any edge it can get in terms of services provided and efficiencies it can gain.

“We also have to invest in the next horizon, things that are adding value, things where maybe the value is uncertain, but we have to keep looking forward, and we really try to balance our investments across those things.”

Winning a gold medal is a lot like being a VC, according to Olympic champion Kristen Faulkner

in brief, cryptocurrency, crypto, gold

Image Credits: Flavio Coelho / Getty Images

Kristen Faulkner’s astonishing Olympic success of two gold medals stems from lessons learned from her former career as a venture capitalist.

Faulkner was an associate investor at Threshold Ventures, and at Bessemer Venture Partners before that, leaving the VC world in 2021 to pursue cycling. She wasn’t initially scheduled to ride in the 158-kilometer (98-mile) road cycling race but took her teammate Taylor Knibb’s spot at the last minute. Faulkner passed the favorites to win gold that day. She won a second medal as part of the gold-winning U.S. women’s velodrome track cycling team.

“As a VC, you sit down with entrepreneurs every single day who are going to do something they’re passionate about. They have these big ideas. They’re taking risks,” she told Fortune, add that such thinking helps her win races. “If a VC thinks there’s a 50% chance the company is going to be successful, that doesn’t mean they go 50% all-in for the company. When you invest, assess the risk and make your decision, but then you go all-in. You don’t look back. You have to commit. I think that’s something that shaped me.”

Winning a Gold medal is a lot like being a VC, according to Olympic champion Kristen Faulkner

in brief, cryptocurrency, crypto, gold

Image Credits: Flavio Coelho / Getty Images

Kristen Faulkner’s astonishing Olympic success of two gold medals stems from lessons learned from her former career as a venture capitalist.

Faulkner was an associate investor at Threshold Ventures, and at Bessemer Venture Partners before that, leaving the VC world in 2021 to pursuing cycling. She wasn’t initially scheduled to ride in the 158-kilometer (98-mile) road cycling race but took her teammate Taylor Knibb’s spot at the last minute. Faulkner passed the favorites to win gold that day. She won a second medal as part of the gold-winning US women’s velodrome track cycling team.

“As a VC, you sit down with entrepreneurs every single day who are going to do something they’re passionate about. They have these big ideas. They’re taking risks,” she told Fortune, add that such thinking helps her win races. “If a VC thinks there’s a 50% chance the company is going to be successful, that doesn’t mean they go 50% all-in for the company. When you invest, assess the risk and make your decision, but then you go all-in. You don’t look back. You have to commit. I think that’s something that shaped me.”

We’re about to learn a whole lot more about how the human body reacts to space 

Image Credits: Inspiration4 (opens in a new window)

We could be entering a renaissance for human spaceflight research, as a record number of private citizens head to space — and as scientists improve techniques for gathering data on these intrepid test subjects. 

A sign that the renaissance is imminent appeared earlier this week, when the journal Nature published a cache of papers detailing the physical and mental changes the four-person Inspiration4 crew experienced nearly three years ago. That mission, in partnership with SpaceX, launched on September 15, 2021 and returned to Earth three days later. 

During the mission, the crew experienced a broad set of modest molecular changes, dysregulated immune systems and slight decreases in cognitive performance. But researchers are only able to analyze the data — more than 100,000 health-related data points — because the four-person crew was able to reliably collect it in the first place. 

This is a bigger accomplishment than one might realize. The Inspiration4 crew received plenty of training, in large part with SpaceX, which provided the Dragon capsule for their ride through orbit. But their preparation is still a far cry from that of NASA astronauts aboard the ISS, and who also regularly perform a battery of health tests on themselves. That includes ultrasounds, cognitive tests, biopsies, blood and saliva testing, skin swabs and sensorimotor tests. 

“You can do research with private individuals in space, that is the number one result [of the research],” said Dr. Dorit Donoviel in a recent interview. Dr. Donoviel is co-author of one of the papers published in Nature and associate professor in the Center for Space Medicine at Baylor College of Medicine. She’s also the executive director of NASA-funded research consortium Translational Research Institute for Space Health (TRISH), which conducts and funds cutting-edge research to improve human safety in space. 

“I’ll be honest, nobody was sure that we were going to be able to gather a reasonable amount of data, that we were going to be able to implement it, that regular people who have never had exposure to scientific research could do something that we would actually be able to analyze,” she continued, referring to the Inspiration4 mission. 

In some obvious ways, the Inspiration4 crew are far from ordinary: The mission’s leader, Jared Isaacman, is a billionaire that founded a payment processing company when he was 16; Hayley Arcenaux is a physician’s assistant at the world-renowned St. Jude Children’s Research Hospital; Sian Proctor is a pilot with a PhD who teaches geology at the college level; and Christopher Sembroski is a former U.S. Air Force journeyman whose long career as an aerospace engineer brought him to his current workplace, Blue Origin.

The Inspiration4 crew.
Image Credits: Inspiration4

And yet, they still came to Inspiration4 as spaceflight novices. That meant TRISH researchers had to come up with a testing suite that could be performed with minimal training. The Inspiration4 crew also wore Apple Watches, and the capsule was outfitted with environmental sensors that researchers were able to correlate to the other testing results. Correlating the data is “unusual,” Dr. Donoviel said, but it gave researchers unique insights into how changes in the confined environment affected things like heart rate or cognitive performance. 

Overall, researchers are trying to move toward digitizing testing and making more of the data-gathering passive, to lower the cognitive overhead on the private astronaut. (NASA astronauts also take cognitive tests, but they are using a very old test developed in the 1970s, Dr. Donoviel said.) 

Gathering such information will be critical as the number of private citizens heading to space increases, as it seems almost certainly poised to do in the coming decade. Researchers will be better able to understand the effects of spaceflight on people that don’t fit the mold of the typical NASA astronaut: male, white and in the top percentiles for physical and cognitive performance. But they’ll only be able to do so if the future space tourists are willing to collect the data. 

More data means a better understanding of how spaceflight affects women versus men, or could help future space tourists with pre-existing conditions understand how they will fare in the zero-G environment. The results from Inspiration4 are promising, especially for space tourism: TRISH’s paper found, based on the data from that mission, short-duration missions do not pose significant health risks. This latest preliminary finding adds to existing data that longer-term stints in space — in this case, 340 days — may not be as dangerous as once presumed.

So far, commercial providers ranging from Axiom Space to SpaceX to Blue Origin have been more than willing to work with TRISH, and agreed to standardize and pool the data collected on their respective missions, Dr. Donoviel said.  

“They’re all competing for these people [as customers], but this allows them to contribute to a common knowledge base,” she added.  

This is only the beginning. The rise in non-governmental spaceflight missions raises major questions related to the norms, ethics and regulation of human research in space. While more private citizens are likely headed to space than ever before, will they be interested in being guinea pigs in order to further scientific research? Will a private astronaut paying $50 million for a luxury space tourism experience want to spend their time in orbit conducting ultrasounds on themselves or meticulously measuring their temporary cognitive decline? 

Possibly; possibly not. Last year, Donoviel co-published an article in Science calling for, among other things, the development of a set of principles to guide commercial spaceflight missions. One of those principles the authors called for is social responsibility — essentially, the idea that private astronauts arguably have a heightened social responsibility to advance this research.

“If you’re going to space, you’re resting on the laurels of all of the public funding that has enabled you to go to space. The taxpayers paid for all of those space capabilities that have now enabled you to go to space. So you owe the taxpayers the research,” Dr. Donoviel argued. She added that advances in wearable tech have only lowered the burden on the research participants — not just with the Apple Watch, but with tech like the Biobutton device that continuously collects many vital signs or a sweat patch.  

“We’re not going to make it miserable for you, we’re not going to poke you with a needle, we’re not going to make you do an ultrasound, but wear the Biobutton and put on the sweat patch.” 

The story has been updated to reflect that Dr. Donoviel works at Baylor College of Medicine, not Baylor University, and that NASA’s cognitive tests were developed in the 1970s.

Kevin Xu, AfterHour, startups, VC

Sir Jack A Lot returns with a startup for retail traders

Kevin Xu, AfterHour, startups, VC

When former YouTube product manager Kevin Xu, known as “Sir Jack A Lot” on Reddit, turned $35,000 into $8 million trading stocks between 2020 and 2022, many people thought his fortunes, and his way of investing, had peaked, just like 2021’s memestock craze had.

Xu doesn’t agree, though, and he’s now building a startup for retail investors that aims to bring the good-natured investing advice and community that people used to enjoy on platforms like the WallStreetBets subreddit, but with a layer of accountability that discourages scammers and grifters.

Launched in April 2022, AfterHour lets users link to their stock brokerage accounts and, under a username of their choosing, post their investments to a social feed. “The only reason people trust me and Roaring Kitty is that we are transparent,” Xu told TechCrunch. “Why not show your actual positions or prove you are actually in something? [AfterHour] brings back a level of credibility and trust. You connect your brokerage and share real verified positions and screenshots.”

The company currently has more than 23,000 users, and while that’s not an eye-popping number by any means, its user base is growing, and early adopters seem dedicated — Xu said that more than 70% of its users are on the app every single day. The company is currently focused on growth, Xu said, but has plans for how to monetize in the future.

“Monday to Friday, 9:30 a.m. to 4 p.m. is the game,” Xu said. “When we started, I was so scared that it would be quiet on the weekends, but on Monday, people just come back. We don’t do any scammy push notifications to get people back on Mondays, but they naturally come back.”

The startup recently raised a $4.5 million seed round led by Founders Fund — Keith Rabois’ last investment at the firm — and General Catalyst. Pear VC, Daybreak Ventures and F4 Fund also participated, among several others. Xu said AfterHour is now focusing on growing its user base and its team.

Xu believes letting users be pseudo-anonymous is why AfterHour’s approach works. He recalled that he used to feel awkward about the thought of talking to his colleagues at YouTube about trading stocks during his off hours and thinks he’s likely not alone in feeling that way.

But on the flip side, he recognizes that an environment that encourages zero accountability is not a good idea for a platform like his. That dynamic breeds the grifters and scammers like you see on Reddit and X, who are looking to pump and dump their positions, or post fake trades to get other people to invest.

He added that because people can only post their actual trades, it weeds out a lot of the bad actors. Of course, there will be some bad apples, but Xu said the startup works to monitor posts, and flag anything suspicious with a system of warnings and community notes — not unlike X’s community-based approach to moderation.

Xu acknowledged that such a monitoring system won’t remain effective as the platform continues to scale. “Right now it is basically me being in the app and reminding people that independent thinking is sexy,” Xu joked. He added the company is working on a plan to curb bad behavior and is thinking of ideas like an algorithm that can automatically flag posts that look fake.

This deal stood out to me because I think it’s a smart play to build services for retail investors. The trajectory of this space reminds me a lot of the crypto world. While very different, they are both investing areas that had their 15 minutes of fame, but as they faded from the mainstream, they still kept dedicated and growing communities of people interested in their approach.

Still, AfterHour is an especially smart idea because, as with crypto, there is much money to be made here — and just as much to lose. Such platforms can’t guarantee their users will find financial success, but that doesn’t mean average people should be fully locked out of the stock markets, which companies like Robinhood, and more recently Destiney Tech 100, have worked to democratize.

“The big misconception in the valley was that retail trading was a fad in 2021, referencing the stimulus check,” Xu said. “It’s only growing. The data backs it up.”

For context, 2023 was the most active year ever for retail trading. Robinhood saw more than $86.6 billion in trading volume in May alone.

AfterHour isn’t the only company realizing the potential of this space — Robinhood’s media expansion is a good example. The trading app bought the Snacks newsletter, focused on retail investors, back in 2019. More recently, it launched Sherwood Media, a financial publication aimed at the same audience.

While he’s starting with the stock market, Xu hopes that AfterHour will move into other areas of finance down the line to become the one-stop shop for retail investors in the future.

“AfterHour needs to exist,” Xu said. “I see the internet of finance and how it is evolving, and I’m disappointed in all the other attempts [to build a similar platform]. They were just disappointing.

I’m thinking really long-term. I want it to be fun and accessible. I think it’s more entertaining than sports, and I think a growing number of people online do, too.”

You could learn a lot from a CIO with a $17B IT budget

JP Morgan office in London.

Image Credits: Peter Dazeley / Getty Images

Lori Beer, global CIO at JPMorgan Chase, oversees a massive IT operation that’s bigger than many companies. It involves a 63,000-person team worldwide and a $17 billion yearly budget (at last count), which was about 10% of JPMorgan’s overall revenue last year. It’s moving $10 trillion (that’s a 10 with 12 zeros after it) every single day and is the largest U.S. bank in terms of deposits and online customers.

That’s serious scale involving massive cloud infrastructure services, on-prem data centers, mobile infrastructure, and other assorted digital technology just to run the transactions part of the bank, never mind the rest of the business. It requires a person with tremendous attention to detail to make sure it’s running smoothly, securely and efficiently.

“If you think about just our markets business, the high-speed, real-time processing of those types of things where fractions of seconds matter, that’s all technology driven,” she said.

It takes a huge amount of money and requires building front-end services for customers and back-end services for the company. It needs on-prem data centers and cloud services. It requires innovative startups and reliable, established companies. It demands an operating budget to run in the present and an innovation budget that looks forward to what’s coming.

It’s a case study for every CIO out there, most of whom will never come close to JPMorgan Chase’s scale but who can still learn from how it goes about its business.

Tracking a huge tech ecosystem

“We move $10 trillion a day, and we’ve seen growth in that business. So there is a direct correlation to our tech investments, our products and services, our tech. So there’s just the normal business growth, and then there’s the continued optimization of how we use infrastructure and things like that,” Beer told TechCrunch.

Unsurprisingly, the company is looking at how AI can help manage all this and provide a better customer experience, adding another layer of complexity that every CIO is dealing with these days.

“Then, of course, there’s the new technologies. I mean, AI — as you well know, you wrote about it — is great and is driving a whole new set of volume-driven, compute-related costs, and we’re leaning hard into that,” she said.

When she speaks, she resembles in some ways Amazon CEO Andy Jassy. When he was in charge of Amazon Web Services, he had an almost encyclopedic knowledge of the company’s large number of products and services and would speak about them in great detail as though he were seeing a screen in front of him with the information. Beer is the same way, talking about her company’s highly complex technology ecosystem with ease and ticking off all the different areas she has to track and be aware of.

That’s an important aspect of her role: understanding the interconnectedness of all the different parts of her IT budget and how each one affects the others as she builds and maintains the bank’s vast technology stack.

“You can’t really start talking about AI if you’re not in the cloud, if you’re not modernizing your data, if you’re not doing all the foundational stuff,” she said. That has put the bank on an aggressive modernization journey based on a hybrid strategy. Some of the more critical services are running on prem in very sophisticated data centers the company built to handle its unique demands, and some are running in the cloud with the main cloud vendors: Amazon, Microsoft and Google.

And she actually made sure JPMorgan was well set up for generative AI several years before it burst into the mainstream, making sure the company had its data house in order so it could work with large language models. “It was over three years ago that we laid out an AI data strategy and AI strategy,” she said. That involved forming an operating committee to align the data strategy and cloud strategy in part because the most advanced data management capabilities are in the cloud. “So we sort of got a bit ahead of that train,” she said.

Setting up resilient systems

When you have such a sprawling IT infrastructure, it’s more important than ever to have systems of control in place to help manage it all. That requires a framework and a way of working with every service the company provides.

“First and foremost, we have to think about it in the context of: What is the resiliency standard, the essential service, that I need to provide. In some cases, if I have an application or workload that’s not an essential service, moving to the cloud is a lot easier, right? If I have something that requires the highest [level] of resiliency, maybe I run those things in my highly efficient, highly effective, highly protected data centers,” she said.

That means working with the engineers, developers and IT professionals to help them understand the way the company works and adhering to a set of clearly defined standards. “We continue to teach our teams to understand, whether it’s on prem or in the cloud, teaching the engineers how to be accountable for the cost, the security, the scalability and the efficiency of how we build software and leverage infrastructure.”

The company also works with a number of startups to tap into their innovations; Beer has a whole team dedicated to looking for the next big things. “The reason that’s important is we’re so big, at such size and scale, and their whole job is to constantly look at new companies, the evolution of companies, and so at any point in time, we probably have like 200 POCs [proofs of concept] going on. We are continuing to test and learn and we’re in a position to be able to do best in breed, whether it’s cyber technology or something else,” she said.

For Beer, every decision has to involve a timeline to value. Projects with more immediacy have a timeline of one to three years, while projects that require more time to bake get a three- to five-year time horizon. That could include things like the blockchain, AI and even quantum computing, as the company looks for any edge it can get in terms of services provided and efficiencies it can gain.

“We also have to invest in the next horizon, things that are adding value, things where maybe the value is uncertain, but we have to keep looking forward, and we really try to balance our investments across those things.”

You could learn a lot from a CIO with a $17B IT budget

JP Morgan office in London.

Image Credits: Peter Dazeley / Getty Images

Lori Beer, global CIO at JPMorgan Chase, oversees a massive IT operation that’s bigger than many companies. It involves a 63,000-person team worldwide and a $17 billion yearly budget (at last count), which was about 10% of JPMorgan’s overall revenue last year. It’s moving $10 trillion (that’s a 10 with 12 zeros after it) every single day and is the largest U.S. bank in terms of deposits and online customers.

That’s serious scale involving massive cloud infrastructure services, on-prem data centers, mobile infrastructure, and other assorted digital technology just to run the transactions part of the bank, never mind the rest of the business. It requires a person with tremendous attention to detail to make sure it’s running smoothly, securely and efficiently.

“If you think about just our markets business, the high-speed, real-time processing of those types of things where fractions of seconds matter, that’s all technology driven,” she said.

It takes a huge amount of money and requires building front-end services for customers and back-end services for the company. It needs on-prem data centers and cloud services. It requires innovative startups and reliable, established companies. It demands an operating budget to run in the present and an innovation budget that looks forward to what’s coming.

It’s a case study for every CIO out there, most of whom will never come close to JPMorgan Chase’s scale but who can still learn from how it goes about its business.

Tracking a huge tech ecosystem

“We move $10 trillion a day, and we’ve seen growth in that business. So there is a direct correlation to our tech investments, our products and services, our tech. So there’s just the normal business growth, and then there’s the continued optimization of how we use infrastructure and things like that,” Beer told TechCrunch.

Unsurprisingly, the company is looking at how AI can help manage all this and provide a better customer experience, adding another layer of complexity that every CIO is dealing with these days.

“Then, of course, there’s the new technologies. I mean, AI — as you well know, you wrote about it — is great and is driving a whole new set of volume-driven, compute-related costs, and we’re leaning hard into that,” she said.

When she speaks, she resembles in some ways Amazon CEO Andy Jassy. When he was in charge of Amazon Web Services, he had an almost encyclopedic knowledge of the company’s large number of products and services and would speak about them in great detail as though he were seeing a screen in front of him with the information. Beer is the same way, talking about her company’s highly complex technology ecosystem with ease and ticking off all the different areas she has to track and be aware of.

That’s an important aspect of her role: understanding the interconnectedness of all the different parts of her IT budget and how each one affects the others as she builds and maintains the bank’s vast technology stack.

“You can’t really start talking about AI if you’re not in the cloud, if you’re not modernizing your data, if you’re not doing all the foundational stuff,” she said. That has put the bank on an aggressive modernization journey based on a hybrid strategy. Some of the more critical services are running on prem in very sophisticated data centers the company built to handle its unique demands, and some are running in the cloud with the main cloud vendors: Amazon, Microsoft and Google.

And she actually made sure JPMorgan was well set up for generative AI several years before it burst into the mainstream, making sure the company had its data house in order so it could work with large language models. “It was over three years ago that we laid out an AI data strategy and AI strategy,” she said. That involved forming an operating committee to align the data strategy and cloud strategy in part because the most advanced data management capabilities are in the cloud. “So we sort of got a bit ahead of that train,” she said.

Setting up resilient systems

When you have such a sprawling IT infrastructure, it’s more important than ever to have systems of control in place to help manage it all. That requires a framework and a way of working with every service the company provides.

“First and foremost, we have to think about it in the context of: What is the resiliency standard, the essential service, that I need to provide. In some cases, if I have an application or workload that’s not an essential service, moving to the cloud is a lot easier, right? If I have something that requires the highest [level] of resiliency, maybe I run those things in my highly efficient, highly effective, highly protected data centers,” she said.

That means working with the engineers, developers and IT professionals to help them understand the way the company works and adhering to a set of clearly defined standards. “We continue to teach our teams to understand, whether it’s on prem or in the cloud, teaching the engineers how to be accountable for the cost, the security, the scalability and the efficiency of how we build software and leverage infrastructure.”

The company also works with a number of startups to tap into their innovations; Beer has a whole team dedicated to looking for the next big things. “The reason that’s important is we’re so big, at such size and scale, and their whole job is to constantly look at new companies, the evolution of companies, and so at any point in time, we probably have like 200 POCs [proofs of concept] going on. We are continuing to test and learn and we’re in a position to be able to do best in breed, whether it’s cyber technology or something else,” she said.

For Beer, every decision has to involve a timeline to value. Projects with more immediacy have a timeline of one to three years, while projects that require more time to bake get a three- to five-year time horizon. That could include things like the blockchain, AI and even quantum computing, as the company looks for any edge it can get in terms of services provided and efficiencies it can gain.

“We also have to invest in the next horizon, things that are adding value, things where maybe the value is uncertain, but we have to keep looking forward, and we really try to balance our investments across those things.”