Dear Inside Community, May is here, which means Meet Our Fund 3 is only a few weeks away. This is the latest installment in our most popular event series where some of the most dynamic venture funds in the industry reverse-pitch themselves to thousands of founders. Register today. We want you to have a free, front-row seat to this virtual event. This is your chance to pose questions directly to investors. Understand what they look for in portfolio companies and how they distinguish themselves when they invest. Don’t miss out when MOF3 goes live on May 24 and 25. —The Inside Team |
| |
 The U.S. Department of Energy on Monday announced $3.16B in funding to bolster domestic efforts for electric vehicle batteries and components. The funding is part of President Biden's $1 trillion Bipartisan Infrastructure Law passed in 2021, which sets asides billions for public transportation, upgraded power and infrastructure, a network of EV charging stations, and other improvements. More: - The funds will support new and existing factories where advanced batteries and related parts are manufactured.
- The funding is earmarked for U.S. firms planning to expand, retrofit, or build new processing facilities.
- Separately, another $60M will go toward the recycling and second-life reuse of old EV batteries.
- The investments are meant to give the domestic supply chain the jumpstart it needs to be more secure and less reliant on countries like China, according to Energy Secretary Jennifer Granholm.
- Currently, the minerals needed for EV batteries and energy storage are largely processed in Asia, primarily in China.
Zoom-out: - The move is part of the Biden administration's broader plans to support EVs and clean energy, including a zero-carbon power grid by 2035.
- In late March, Biden announced the Defense Production Act to boost domestic production of minerals used to manufacture batteries for EVs. The order will provide companies with government funding to do feasibility studies on projects that extract minerals such as lithium, nickel, and cobalt.
CNBC 
| |
Facebook will shut down its podcast platform amid a broader re-assessment of the company's audio products, Bloomberg reports. Starting this week, Facebook will no longer allow podcasters to upload new shows. The service will shutter entirely on June 3. More: - Facebook will also shut down its short-form Soundbites and Audio hubs in "the coming weeks."
- The company plans to integrate its Clubhouse-like live streaming feature, called Live Audio Rooms, into its larger Facebook Live suite, providing an audio-only option in addition to the current video.
- The company has decided to "simplify" its suite of audio tools, a Meta spokesperson said.
- "We're constantly evaluating the features we offer so we can focus on the most meaningful experiences," a spokesperson told Bloomberg.
- Facebook first launched its podcast and live audio service last June. In April, its parent company Meta confirmed that it would focus less on audio/podcasts and more on online shopping, short-form video, metaverse events, and other pursuits.
BLOOMBERG
| |
 A message from CONNECTEAM Discover the New Way to Effectively Manage Your Employees Paper-Free Until this very day, so many businesses around the world are using pen and paper to handle crucial aspects of their daily business. But what’s stopping your employees from losing/damaging their shift schedules, forgetting to clock in and out, and not receiving important messages from their managers? That’s why thousands of businesses from more than 90 different industries are turning to Connecteam to solve these problems once and for all. With its wide range of features, managers can: - Ensure employees clock in at the right location
- Guarantee accurate timesheets in time for payroll
- Plan and distribute employees’ schedules
- Easily reach anyone in the company
- Eliminate paper-based workflows
- Set up quick, one-off tasks
- Provide employees with smooth onboarding
- Boost employee engagement with rewards and recognition
Most importantly - everyone in your business can easily use Connecteam because of its simple user interface. Never use paper again to manage your employees. Go completely digital today. Connecteam is free to use for your first 50 users. Paid plans start from $39/month and come with a 14-day free trial. Start your Free Trial
| |
Apple has filed a lawsuit against Rivos, accusing the chipmaking startup of hiring former Apple engineers in order to steal trade secrets. The complaint, filed recently in California federal court, alleges that Rivos hired 40+ former Apple employees and asked at least some to steal proprietary information regarding Apple's system-on-chip (SoC) designs. More: - Mountain View, California-based Rivos is a stealth-mode RISC-V startup that's been hiring silicon engineers, according to job postings.
- In its newly filed lawsuit, Apple accused Rivos of launching a coordinated campaign to target Apple employees in June 2021.
- Apple claims Rivos started poaching employees from its chip design division and instructing at least some of them to steal confidential data on Apple's next-generation chip designs:
- Apple claims the employees took gigabytes of SoC specifications and design files, including designs for the M1 laptop and A15 smartphone chips.
- They allegedly offloaded the data using USB storage drives and AirDrop to transfer to personal devices, Apple charges.
- The suit names two employees as defendants. They are accused of breaching intellectual property contracts with Apple.
- Apple and Rivos did not respond to media requests for comment.
REUTERS
| |
The U.S. Securities and Exchange Commission (SEC) is hiring more staff for a unit that investigates and protects investors from cryptocurrency scams and fraud. The expansion highlights the agency's goals to extend enforcement action to the largely unregulated decentralized finance (DeFi) industry. More: - The newly renamed Crypto Assets and Cyber team will hire another 20 positions including trial and staff attorneys and fraud analysts.
- The unit, part of the SEC's enforcement division, will now have 50 staff to investigate potential securities law violations in DeFi and other areas.
- It will also investigate NFTs and other digital assets.
- SEC Chair Gary Gensler said the hiring will better equip the agency "to police wrongdoing in the crypto markets" while it continues to identify cybersecurity-related disclosure and controls issues.
- From 2013 to 2021, the SEC filed close to 100 crypto-related enforcement actions, mostly involving digital coin sales, according to Cornerstone Research, as reported by the WSJ.
- The agency hasn't yet taken major enforcement action against larger crypto exchanges. In February, the SEC said it was investigating ties between the U.S. arm of the Binance exchange and two trading firms, Merit Peak Ltd. and Sigma Chain AG.
THE WALL STREET JOURNAL
| |
 A message from MAGIC MIND Magic Mind is a 2oz shot that gives you 7 hours of creative, productive flow-state. Magic Mind's science-backed blend of matcha, honey, nootropics, and adaptogens work together to get you “dialed-in”, not “wired”. No anxiety, no jitters, just focus and productivity so you can crush that to-do list faster. Our founder, James, wrote a best-selling book on nootropics after a visit to the ER made him realize how counterproductive caffeine was for his health and productivity. Nearly a decade later, after 70+ formulations all backed by a star-studded scientific advisory board, and we bring you Magic Mind: what Forbes called, "Silicon Valley's new morning elixir." Try Magic Mind risk free (we’ll refund your first purchase no questions asked if it doesn’t work for you), and see why creators like Justin Kan are calling it their “favorite product discovery”. Enter code INSIDE15 for 15% off your first purchase. Claim Your Discount
| |
Facebook parent Meta plans to release four new virtual-reality headsets through 2024, starting with its work-oriented "Project Cambria" headset that's reportedly due out as early as September. Leaked company documents describe Cambria as a "future of work device" and a "laptop for your face," according to a report in The Information. More: - Initial reports place Cambria's price tag at over $800, far higher than the current $300 base price for the Oculus Quest 2.
- Its aim is to eventually replace laptops or work setups, according to Mark Zuckerberg. Cambria will have face and eye tracking, along with color passthrough for mixed reality.
- Two of the remaining headsets would be part of the gaming-focused Quest line:
- The new Quests are slated for release in 2023 and 2024.
- The headsets are code-named Stinson and Cardiff, which are locations in California.
- The final headset, code-name Funston, would be an upgraded version of Cambria that's due out in 2024.
- Meta is also expected to release its own Android-based operating system for virtual reality. The OS will work with Quest apps as well as web-based tools.
THE INFORMATION
| |
EV startup Rivian Automotive has secured $1.5B in state and local incentives to build its next manufacturing plant in Georgia. The incentives package, the largest in the state's history, includes tax credits and subsidies for employee training and construction site improvements. More: - Rivian will invest $5B into the factory near Atlanta, which will be its second EV assembly plant after the one it has in Illinois.
- Under the deal terms, Rivian has committed to hiring 7,500 workers with an average salary of $56,000 by late 2028, and maintaining the jobs through 2047.
- The startup has agreed to repay the state and joint development authority if it fails to meet the targets.
- The authority will also contribute close to 2,000 acres of land that is worth an estimated $83M.
- Construction is slated to start this summer, followed by production sometime in 2024. The plant's targeted production capacity is ~400,00 vehicles per year.
ELECTREK
| |
QUICK HITS - B2B businesses are switching to ecommerce. Now, it’s your turn. Learn three persuasive approaches that communicate the value of digital to decision-makers.*
- Researchers uncovered a microarchitectural flaw in Apple's newest M1 and A14 chips that could result in data leakage, though they noted that the vulnerability isn’t “that bad” at present.
- The Apple Music app will be available to download on Roku devices starting later today.
- Mozilla has flagged 28 out of 32 therapy apps it studied for utilizing data and not meeting its privacy standards for user safety.
- Starting in late 2022, Amazon's Kindle will be able to convert ePub files into a format that the digital book can open.
- Mayo Clinic researchers developed an AI algorithm that uses Apple Watch electrocardiogram data to detect a weak heart pump in patients.
- SeedInvest launches a pitch competition for historically underrepresented founders. Over $40,000 in prizes. Pitch to Baron Davis and Jesse Draper. Learn More.*
*This is sponsored content.
| |
Upcoming Events: - May 05 - [Live Webinar] Women in Sales: How to Build Your Personal Brand to Drive More Sales presented by Introhive (Register Here) *
- May 10 - Giving Voice and Intelligence to Digital Characters with David Colleen (SapientX) (Register Here)
- May 11 - Building Last-Mile Startups: Underground Delivery with Garrett McCurrash (Pipedream Labs) (Register Here)
- May 12 - Making Metaverse Dating a Reality (Register Here)
- May 18 - Need To Know NoCoder: Jatin Arora (Utilize) (Register Here)
- May 19 - Understanding Fractionalization (Register Here)
- May 24 - Meet Our Fund 3 (Register Here)
- May 31 - Ethereum Merge with Anthony Donofrio (Ethereum) (Register Here)
- June 01 - Selling Consumer Goods in Web3 (Register Here)
- June 09 - Empowering Content Creators with No Code (Register Here)
- June 22 - The Future of Open-Source Software Security (Register Here)
- June 30 - HR Strategies to Retain Remote Employees (Register Here)
* This is a sponsored event.
| |
 |  | Beth is a writer and analyst at Inside.com covering artificial intelligence and daily tech news. Since starting work at Inside, she has covered various topics including virtual reality, drones, and e-commerce. Prior to that she was a public policy and investigative reporter for The Arizona Republic, where she won a Pulitzer Prize nomination and First Amendment Award for reporting on the rising costs of pensions. Reach her at Beth.Duckett@inside.com. |   | | Editor | Eduardo Garcia is a writer and editor based in New York. He is writing an illustrated book about climate change that will be published by Ten Speed Press, an imprint of Penguin Random House. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
Connecteam is the all-In-One Employee Management Software. Time Tracking, Shift Scheduling, Communication, and Much More. | |
| |
Comments
Post a Comment