Brex abandons co-CEO model

Wednesday, June 12, 2024 Posted by bloggerdaddy

Wednesday, June 12, 2024

Welcome back to TechCrunch PM! Today we have a great lineup of stories for you. First, Brex is changing it up and Waymo is braking. Then read what is worrying a former OpenAI board member about the state of upcoming AI policies. Next, find out who Ford has hired for its secretive low-cost electric vehicle team, and who just raised a bunch of capital. Have a great evening!

TechCrunch Top 3

Image Credits: Bryce Durbin/TechCrunch

Brex shakes up its C-suite: After seven years as a co-CEO company, Brex is shifting to a more traditional — and hopefully more agile — model of just one CEO at the helm. Read more

Waymo can't catch a break: Waymo has voluntarily issued a software recall to all 672 of its Jaguar I-Pace robotaxis after one of them collided with a telephone pole. Read more

InScope is bringing sexy back: After years of reporting and auditing work, InScope co-founders Mary Antony and Kelsey Gootnick decided reporting and auditing needed some technology love, too. Read more

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Afternoon must-reads

Ford's making moves: Ford is building out a secretive low-cost EV team and Sean O'Kane noticed that it was taking advantage of the chaos in the electric vehicle industry to bulk up the unit. It's now hired around 300 employees from the likes of Rivian, Tesla, Canoo and Lucid Motors. Read more

Databricks launches LakeFlow: With LakeFlow, Databricks users will soon be able to build their data pipelines and ingest data from databases. Read more

No pressure: Helen Toner, a former OpenAI board member and the director of strategy at Georgetown's Center for Security and Emerging Technology, is worried Congress might react in a "knee-jerk" way where it concerns AI policymaking, should the status quo not change. Read more

360 One buys an investment app: 360 One WAM is India's largest wealth manager focused on ultra-high-net-worth individuals, and now it's acquired popular Indian mutual fund investment app ET Money for about $44 million. Manish Singh writes that the "move marks 360 One's foray into the fast-growing wealth tech space for the masses …" Read more

Well that acquisition paid off: A year after acquiring MosaicML, Databricks has rebranded the company Mosaic AI and is giving it a front-row seat in the company's AI strategy. Read more

YouTube's test and compare: The streaming service rolled out its new Test and Compare feature this week more widely. It enables creators to see which thumbnail performs the best. Read more

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Money, money, money

Foresite Capital raises $900 million, its sixth fund for investing in life sciences companies. Read more

Tern AI wants to reduce reliance on GPS with a low-cost navigation alternative. Read more

Restate raises $7 million for its lightweight workflows-as-code platform. Read more

YC grad RetailReady raises $3.3 million for an AI warehouse app that hopes to save brands billions. Read more

Insight Partners backs Canary Technologies' mission to elevate hotel guest experiences. Read more

AROUND THE WEB

🌎 Southwest Airlines CEO says, "Hell no, I won't go": Bob Jordan says his company is ready to make changes, but he will not back down to activist investor Elliott Management, CNBC reports. Read more

🌎 The smeller's the feller: Fortune details how a random trip to CVS inspired influencer-turned-boxer Jake Paul's next venture. Read more

TechCrunch Minute 🕒

Apple's Genmoji will let you generate infinitely customizable emojis: They're called Genmojis — emojis created by generative AI. You can type a description of what you want the emoji to show, and then Apple Intelligence will generate different options. Send them as images or use them as stickers or tapbacks. Yes, similar to Bitmoji, but Apple's way of getting into images in chat. Hit play and let's chat!