Tuesday, May 7, 2024

Welcome to TechCrunch AM! Another day, another massive run of AI news. Don't despair if that isn't your jam, though, because we also have two different nine-figure startup deals, a billion dollars for self-driving tech, how tech has revolutionized rap battles, and even notes on the Met Gala. To work! — Alex

TechCrunch Top 3

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1. Docusign spends $165M for Lexicon: After raising more than $35 million while private, contract workflow automation startup Lexicon is selling to Docusign. Recall that Docusign itself may be headed for the embrace of private equity as it also looks to diversify its product lineup. Read More

2. OpenAI, Microsoft earmark $2M to counter election deepfakes: With around a quarter of the world's population heading to the polls this year, there's ample concern that new AI technologies could cause more than a little mayhem. Big AI shops are working to limit risk by blocking certain chatbot queries, but Microsoft and OpenAI are putting up a couple million dollars to help boost literacy around AI. Perhaps they can add a zero or two? (India is also trying to combat election deepfakes.) Read More

3. Wayve raises $1B for self-driving AI tech: Move over Waymo, scoot Cruise, shift a little Tesla — Wayve wants to make waves in the self-driving space with its AI model, and it just raised a flat billy from SoftBank, Nvidia, Microsoft and others. The British company's driving tech focuses on self-learning instead of a "rule-based system," TechCrunch reports. Read More

Morning Must Reads

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Akamai to buy Noname Security for $450M: Back in April, TechCrunch broke the news that cybersecurity firm Akamai was looking to buy API-security firm Noname for around $500 million. Today, Akamai confirmed the deal, though the final price tag was about 10% less than the reported figure. More importantly for unicorn founders out there, Noname's sale price is about half its valuation in 2021. Read More

It's the era of super-online rap beefs: The recent feud between rappers Kendrick Lamar and Drake was more than a musical contest and diss-fest. Thanks to technological innovations, the pace at which artists can go back-and-forth – dare we say, back to back? – has greatly intensified. Modern rappers can attack and respond nearly instantly thanks to streaming, and services like YouTube. There's even AI in the mix. Read More

Speaking of being very online, the Met Gala gets a load of AI: I regret to inform you that I do not know what the Met Gala is apart from being a fashion show by the famous. But this year's event featured quite a lot of AI-derived deepfakes that fooled many online. Get ready for this issue to be repeated, forever. Read More

And if you're not famous enough for the Met Gala, how about the Net Gala? For those of us chronically online, this one is perhaps the more fitting show. TechCrunch reports that the Boys Club-hosted event was a fundraiser for the Lower Eastside Girls Club. Read More

Amazon arrives in Africa: But without Prime. The good news is that the U.S.-based ecommerce giant is launching its marketplace in South Africa. The bad news for folks there is that shipping won't be free for low-value orders. Read More

Swypex is bringing corporate cards to Egypt: Accel led a $4 million round in Swypex, which wants to bring the corporate card model made popular by Brex and Ramp to Egypt. However, its competition in the corporate card space across Africa includes YC-backed companies like Boya and Bujeti, so Swypex's journey will be an arduous one. Still, Ramp and Brex are worth a mint each, so Accel's wager makes sense. Read More

Will the Boeing Starliner ever take off? The highly-anticipated launch of Boeing's Starliner reusable system to get astronauts to the International Space Station got called off just hours before takeoff over an oxygen relief valve. Elon Musk took to X to point out that SpaceX did more, faster, with less. Boeing is a mess, isn't it? Read More

As other businesses move out, crypto rediscovers Hong Kong: As many crypto companies find that the United States is too conservative in its approach to digital assets, and China remains generally opposed, Hong Kong is becoming the place to be for those faithful to web3. It should be noted that other business categories are hitting the bricks away from the city as it comes under increasing control of the central Chinese government, so Hong Kong's crypto spring could prove short-lived. Read More

Around the Web

Apple is working on its own AI chip: One of the most interesting stories in the last few years in tech has been the emergence of Apple as a top-tier creator of computer chips. I am typing to you on an M1 Pro-powered Macbook Pro, and it's just lovely. With that pedigree, can Apple repeat the feat with AI chips? The Wall Street Journal has the story. Read More

Peloton faces PE interest: Once worth nearly $50 billion, indoor exercise equipment maker Peloton is now worth less than $1.5 billion. That has private equity companies circling, as the company presents an attractive turnaround possibility. Peloton has lost lots of money in recent years, and is currently looking to cut costs, CNBC reports. Read More

Palantir's growth prospects slow: Shares of Palantir are off this morning after it reported earnings. What went wrong? Its trailing results beat expectations, but looking ahead, it seems that growth at the data and security company will be harder to secure. Investors were unimpressed, Bloomberg reports. Read More

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Before You Go

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A brand new sentence: "If you're an electricity nerd, chances are you've already spent quite a few hours looking at Electricity Maps and its mesmerizing export flow animations," TechCrunch's Romain Dillet writes. That's a new set of words to me, but it turns out that Electricity Maps has raised $5.4 million, and is relied on by major tech companies. Read More