Author: TechBrunch
New York City's congestion pricing, set to take effect Sunday, will give credits to riders who pay for the first month, Lyft said. The New York City program, which aims to reduce traffic in Lower Manhattan and simultaneously raise funding for mass transit, was suspended in June by Gov. Kathy Hochul and then ultimately reduced. It was reopened at a reduced price. Different fees are set for each vehicle depending on the time of day. During the day, it costs $9 to drive a regular car below 60th Street in Manhattan, while ride-hailing services like Uber and Lyft cost $1.50…
The new year brings with it, at least in some sense, hope for a better tomorrow. In the world of venture capital, nothing is completely predictable. The number of companies in the U.S. has plummeted as risk-averse institutional investors have poured money only into big Silicon Valley companies, the Financial Times reported. The only category that seems important is AI, and that doesn't seem to be changing anytime soon. But the new year is only just beginning, and perhaps the impetus for change is also increasing. We spoke to several VCs to hear their predictions for the new year: the…
Dara Khosrowshahi is leaving the autonomous vehicle technology company Aurora because she wants to focus on her continued responsibilities as Uber's CEO and reduce her involvement with independent directors, according to a regulatory filing on Friday.・Resigns as director of Innovation. Khosrowshahi's resignation was effective as of Tuesday. Aurora said Khosrowshahi's decision to step down as director was not due to disagreements with the company. The origins of Uber's CEO and Aurora Innovation go back a long way. In 2020, Uber offloaded its own self-driving unit, Uber ATG, to Aurora. The deal at the time was for Uber to sell its…
Friday, December 27th was supposed to be the start of a relaxing holiday weekend. But for the thousands of small business owners who rely on Bench, a Canadian-based accounting and tax startup that has raised $113 million from investors including Bain Capital Ventures and Shopify, it's been a complete mess. That morning, just before tax season began, they discovered they couldn't log into their accounts. Bench's entire website was offline except for a notice that Bench was shutting down after 13 years of operation. Hundreds of Bench's staff members found themselves fired immediately and without notice, multiple former employees told…
The fintech sector, which saw strong growth during and immediately after the pandemic, had a pretty rough year in 2024, ending with the sudden closure of accounting startup Bench and its subsequent unexpected acquisition. Although the rapid pace of fundraising has slowed, some fintech companies continue to grow and expand their teams. To better understand how many fintech companies fit into this category, a few months ago I called up some fintech companies that were hiring. A little over an hour later, I had more than a dozen replies. Over 60 companies contacted us within a few days. The sheer…
If there was any doubt, the generative AI bubble did not burst in 2024. Investment in generative AI, which includes a variety of AI-powered apps, tools, and services that generate text, images, video, audio, music, and more, reached new heights last year. Generative AI companies around the world raised $56 billion from VC funding in 885 deals in 2024, according to data from financial tracker PitchBook compiled for TechCrunch. This raw cash total is a new record for the sector. And that's a 192% increase from 2023, when investors poured $29.1 billion into generative AI startups through 691 deals. “Funding…
Microsoft has earmarked $80 billion in fiscal year 2025 to build data centers designed to handle artificial intelligence workloads, according to a company blog post. Specifically, the tech giant plans to build AI-enabled data centers to “train AI models and deploy AI and cloud-based applications around the world.” More than half of that $80 billion allocation will be spent in the United States, according to Microsoft Vice Chairman and President Brad Smith. The tech giant's 2025 fiscal year ends in June. “As we look to the future, it is clear that artificial intelligence is poised to become the GPT that…
The Federal Trade Commission (FTC) has sponsored a review of accessiBe, a startup that claims to make websites more compatible with screen readers used by visually impaired people to access the Internet. The company was fined for posting false advertisements without disclosing the facts and for rewarding reviewers. In the proposed order, the FTC would require accessiBe to pay $1 million, which can be used to refund money to its customers, and prohibit accessiBe from exaggerating the capabilities of its tools. The order would also require accessiBe to “clearly and conspicuously” highlight its connections to supporters of its services. “Companies…
Welcome to Startups Weekly — a weekly roundup of must-sees from the world of startups. Want it delivered to your inbox every Friday? Sign up here. Welcome to 2025! The first half of the week was relatively quiet in terms of startup announcements, but activity is already starting to pick up. We are also preparing for CES. If your hardware startup is participating, be sure to let us know. This week's most interesting startup stories Image credit: Bench Unlike other transactions, M&A activity did not stop. It didn't stop, at least not on purpose. Last-minute savings: Canadian accounting startup Bench,…
Hydrogen startups are widely seen as a promising way to eliminate fossil fuels from heavy industry and long-distance transportation. But they have been stuck in limbo for several years now, waiting for formal guidance from the U.S. Treasury on lucrative tax credits. Today, the wait is over as the Treasury Department releases final regulations making hydrogen producers eligible for tax credits under section 45V of the Suppression of Inflation Act. “We are grateful for the final rule,” Beth Dean, Electric Hydrogen's chief legal officer, told TechCrunch. “Without that, the industry is really at a standstill.” The rules, which took more…