Tech
Deep tech VC fund The Engine raises $230M for its second fund from MIT and new backer Harvard
Deep tech. Hard tech. Or, as The Engine dubs it, Tough Tech.
Venture investing today is essentially identical to what happens on Wall Street, focused on data rooms, spreadsheets, SaaS churn models and cohort analysis. Yet, the history of venture capital firms is heavily interwoven with universities and their research. Some of the most famous VC funds like Kleiner Perkins got their start funding compelling research projects out of laboratories and financing their commercialization toward scale.
Technical risk is something many VCs like to avoid, but The Engine has built an entire brand and thesis around it. Centered around Kendall Square and the broader MIT ecosystem, The Engine debuted a couple of years ago with a focus on “tough tech” problems that are perhaps a touch too early for other VCs. That’s led to investments in companies like Boston Metal, which builds environmentally-friendly steel alloys, WoHo, which is rethinking modular building construction that we profiled last week, and Commonwealth Fusion Systems, which is developing fusion power.
Indeed, the firm’s portfolio page has to be one of the most interesting in the industry today.
The good news is that the firm’s ambitious funding strategy looks set to continue. It announced this morning that it has raised $230 million toward the firm’s second fund, which on top of the firm’s first fund brings it to a total of $435 million under management. In a press statement, the firm said that it has funded 27 portfolio companies out of its first fund. While MIT continues to be the anchor LP, Harvard joined for Fund 2, creating a cross-Cambridge, MA venture platform.
Katie Rae remains CEO and managing partner of the fund, and her team has expanded over the past few years as the firm has scaled up.
One interesting point that we haven’t noted previously is that MIT is building The Engine a 200,000 square foot building near its campus that will offer massive space for startups and portfolio companies to start and grow over time. That building is expected to open in 2022, hopefully when this whole pandemic situation allows for in-office collaboration again.
Boston has become something of a hub for deeper technical projects. Local startup Desktop Metal, which builds 3D printers that can print metal, is going through a SPAC process that values the company at roughly $2.5 billion. With this latest news from The Engine, it seems clear that Boston’s tough tech ecosystem will continue to have a pipeline of interesting and compelling companies.
Tech
Conquer Your Pup’s Dander and Fur With $700 Off a Cobalt or Charcoal Bobsweep PetHair Plus Robot Vacuum
Best Home DealsThe best home, kitchen, smart home, and automotive deals from around the web, updated daily.Bobsweep PetHair Plus Robot Vacuum & Mop (Cobalt) | $200 | Best Buy
Bobsweep PetHair Plus Robot Vacuum & Mop (Charcoal) | $200 | Best Buy
Allergies can be bad enough as the seasons change. Don’t let pet hair and dander add to that by vacuuming it up early and often. That chore is easier said than done— unless you have a robot vacuum to do the work for you. This lovely bright cobalt Bobsweep PetHair Plus robot vacuum and mop, only $200 today at Best Buy seems like an ideal option. That’s a whopping $700 off, by the way.
You can get the same deal for the charcoal version of the robot vac, too. This model is not only specially made for picking up pet hair, it self docks and charges when it’s finished with the work.
It also comes with a mop attachment, so it can take care of those kitchen floors for you as well. Grab it while it’s still available for this fantastic price!
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Today, exactly one year after Apple first launched the AirPods Pro — and thus the same day the very first AirPods Pro owners will see their one-year warranties expire — Apple has launched a repair program that offers free repairs or replacements for another whole year if your AirPods Pro experience issues with noise cancellation or static.
Specifically, Apple will fix:
Crackling or static sounds that increase in loud environments, with exercise or while talking on the phone
Active Noise Cancellation not working as expected, such as a loss of bass sound, or an increase in background sounds, such as street or airplane noise
Apple says only a “small percentage of AirPods Pro” are affected by the issues, but it apparently wasn’t just an early batch — Apple says affected units were manufactured “before October 2020,” meaning every AirPods Pro ever made might be eligible. That’s quite a recall if so. Apple says it will repair faulty AirPods Pro for two years after you first buy them.
We’ve heard complaints about degraded noise cancellation before, and at least one Verge editor has replaced their AirPods Pro under warranty. It’s nice to hear that Apple isn’t just cutting buyers off as soon as that warranty expires.
TCL 55″ S434 4K Smart TV | $200 | Best Buy
Best Buy has an insane deal going for a brand new 55″ 4K TCL smart TV. It’s the S434, which is pretty baseline for TCL’s lineup, but at just $200, there’s little to complain about. TCL’s panels are plenty sharp and accurate, and with this set, you’ll get HDR10 compliance for enhanced color and brightness in supported games and video content. This model has Android TV onboard for all your app needs, and with an included voice remote, all your favorite content is just a shout away with the help of Google Assistant.
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Conquer Your Pup’s Dander and Fur With $700 Off a Cobalt or Charcoal Bobsweep PetHair Plus Robot Vacuum
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