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Welcome to the Daily Crunch for May 28, the last edition before a long weekend here in the United States. But holidays imminent or not, there is a lot to catch up with, especially Elon Watch today in our top three. Let’s get into it! – Alex
The Top 3 TechCrunch
Startups and VC
Let’s end this week with startups challenging the status quo, okay?
Penfold just raised $ 8.5 million to keep pensions alive: In your part of the world the pension may be dead, but Penfold wants to keep the UK pension scheme alive with a mobile app. Of course, your company has probably given up on the idea that it should materially ensure the existence of workers after work, but Penfold is betting that its self-employed friendly retirement system will resonate in its market.
Kitt raised $ 5 million to build your next office: Some parts of the world are slowly coming back to the idea of going to the office. Kitt wants to take advantage of the trend by offering “a ‘fully customizable’ workspace solution for tenants through its owner partners,” reports TechCrunch. Everyone seems to agree that office life after COVID will be different. Here is a startup trying to help shape that future.
Anthropic raises $ 124 million to make AI more steerable: Some of the people behind GPT-3 have a pile of new money for their AI-driven startup. But unlike most AI-centric startups, the company appears to be working on a model setting about building something to, say, perform a particularly focused task.
“Today [in AI] the general rule is this: the more powerful the system, the harder it is to explain its actions, ”Devin reports, adding that this is“ not exactly a good trend. ”Perhaps Anthropic can build them. AI tuning dials that we have needed for a long time, he certainly now has the money to pursue his vision.
Debunking the myths around throwing your first check
The growing complexity of fundraising has the opportunity to make technology inclusive or exclusive. For new founders looking to raise money, let’s bust the myths about raising your first check and instead focus on how investors and other successful founders describe the nuance needed to get money.
Natasha Mascarenhas spoke to Elizabeth Yin, founding partner of Hustle Fund, and Leslie Feinzaig, founder of Female Founders Collective, to get their candid thoughts on the challenges new founders face when raising funds.
According to Yin, all startups should be able to meet one of two goals: by year five, reach $ 100 million ARR or a valuation of $ 1 billion.
“It’s hard to do,” she said. “And most businesses will never get there – not for lack of trying – but there’s a good chance your idea will be in demand so quickly too.”
(Extra Crunch is our membership program, which helps founders and startup teams move forward. You can register here.)
Big Tech Inc.
Closing this week with a Big Tech news note, once again focusing on the growing tension between tech companies and the Indian government. Our own Manish Singh reports that “Google, Facebook, Telegram, LinkedIn and Tiger Global, Indian startups ShareChat and Koo have fully or partially complied with the South Asian nation’s new IT rules, according to two people familiar with the matter and a government. . rating obtained by TechCrunch.
Singh goes on to note that “Twitter hasn’t played by the rules yet.” We saw earlier this week how Twitter is pushing back the Indian government after trying to intimidate America’s social network into going against its own policies to defend its party’s political goals.
American social networks born in an environment where they had a lot of room for experimentation and maneuver are used to colliding with foreign governments with either growing autocratic tendencies or a penchant for full control. This is no exception. The question is whether Twitter will end up with a cautionary tale in its dispute with the Indian government, or a guiding light.
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