The YoloBox Pro is a one-stop shop for your live video productions

Somehow, we all became livestreamers during the pandemic, even if it just meant rearranging our office shelves for a better Zoom background. But the pandemic was also a boon for those catering to clients with slightly more advanced needs, such as those who needed dedicated hardware, be that fancy streaming lights, capture cards or entire live production setups. Atem, Elgato and company probably never saw as many searchers on their websites as during the middle of 2020. Another player in this field is YoloLiv, which offers both hardware and software tools for creating livestreaming productions. The company recently launched a number of interesting software updates and sent us its YoloBox Pro to give it a try.

Image Credits: YoloLiv

What makes the YoloLiv boxes stand out is that they are standalone devices that you can use to run a live production with multiple cameras, all without needing a dedicated desktop or laptop to stream.

You can basically think of the YoloBoxes as very thick Android tablets (and they do, in fact, run Android). The Pro version is the flagship model, with an 8-inch screen, three HDMI inputs for bringing in camera feeds, a USB port for connecting a webcam and an SD card reader for bringing in pre-recorded video and saving your recording. There’s also a line in port for bringing in audio and a USB-A port that lets you use the device as a webcam and connect it to a computer and an HDMI out port for a dedicated monitor. To connect the Box to the internet, there’s an Ethernet port for wired connections and Wi-Fi, and there’s even support for LTE connections.

The system runs on a Qualcomm 660 chip and dedicated media encoders, and in my testing, all of that works just as advertised, with up to 60 frames per second.

Image Credits: YoloLiv

The company also offers the 7-inch YoloBox with two HDMI inputs and one USB port for a webcam, but without the ability to use the entire unit as a webcam. The newest member of the family is the 5.5-inch YoloBox Mini, with just one HDMI port and one USB port for adding a webcam. That makes the potential use cases for this a bit limited, but unlike the standard non-Pro YoloBox, you can use it as a webcam.  Most likely, that’s because both the Pro and Mini use Qualcomm’s 660, while the YoloBox uses the less powerful 625 chipset.

The company is also about to release a new box — the Instream — for streamers on Instagram and TikTok, with a focus on vertical video.

As somebody who typically uses OBS or Restream Studio for producing livestreams, moving to the YoloBox took a bit of getting used to. But I can definitely see the appeal of the YoloBox. Setup takes a few minutes. Connecting cameras is a plug-and-play affair — and once you’ve entered your YouTube, Facebook or Twitch credentials, you’re good to go. If you want to get fancy, you can build your own picture-in-picture, side-by-side and split views and easily switch back and forth between them during your show.

Image Credits: YoloLiv

One thing that impressed me is that with every software release during my testing phase, the company launched useful new features. Most recently — and most importantly for somebody who livestreams interviews or podcast recordings — you can now invite people to your shows.

However, if you use the device as a webcam, one thing you have to keep in mind is that there is a slight delay in processing all of the video feeds. We’re talking about maybe half a second, but that’s enough to make conversations harder, and if you don’t feed your audio through the YoloBox but through your computer, it’ll be out of sync. This isn’t the most likely use case for these devices, but it’s worth keeping in mind.

Where the device shines is when you use it to produce a live event. Setting up different views is easy and you simply switch using the touch screen. You can set up lower thirds or any other text on the screen and case it in and out as needed, assign names to presenters, etc. There’s a scoreboard, too, for when you’re streaming your school’s football games. Of course, there are also built-in countdown timers and virtually every other feature you would expect. Writing your lower thirds on the touch screen gets a bit old after a while and I’d like to see more features that would make it easier to recycle them from stream to stream, but that’s a minor issue.

A few days ago, YoloLiv launched version 2.0 of the software package for the Pro, which adds a couple of features that I missed while using the device. The most important of those, at least for me, was the ability to copy, reorder and prioritize overlays, and for those who use it to stream sports (or e-sports), there’s now support for instant replays.

Unsurprisingly, all of this takes a fair bit of energy. The YoloBox Pro is powered by a 10,000 mAh battery, which the company says should last about three hours. I got closer to a bit over two hours in my tests, but I was also trying lots of features at the same time. For some features, including adding guests, YoloLiv recommends that you don’t use an external webcam but only the HDMI inputs, and in my experience, that’s correct. The webcam seems to need quite a bit more compute power, and some of these new features do push the device to its limits.

Still, I’ve been impressed by how the company is obviously listening to user feedback and improves the device with every update.

There is clearly a space for a device like this. At almost $1,300, you’re either a very dedicated amateur or maybe a nonprofit that doesn’t need a larger setup, but if you’re good with the number of inputs, I can’t really think of another easily portable solution like this (unless you want to bring a laptop and switcher and a lot more gear). I’m sure professionals will always prefer the hardware controls of an ATEM Mini Pro from Blackmagic (or its larger brethren). But as an all-in-one device, the YoloBox Pro doesn’t really have a lot of competition right now.

The YoloBox Pro is a one-stop shop for your live video productions by Frederic Lardinois originally published on TechCrunch

Varjo, an early mover in building XR headsets and software for enterprises, taps $40M

Applications in the metaverse often feel like more of a marketing gimmick than something that a critical mass of consumers would use, let alone pay for. But turn to the enterprise, and there appears to be a very lucrative opportunity that’s well into finding traction. Today, one of the early movers in building solutions for that market is announcing a round of funding to double down on the opportunity.

Varjo, which builds hardware and integrated software for “professional grade” virtual and augmented reality for industrial and other enterprise applications, has raised $40 million, a Series D that it will be using both to continue R&D for its headsets, as well as to delve further into software applications and tools for the Varjo Reality Cloud, its own streaming platform that it launched earlier this year.

The company is headquartered in Helsinki, Finland — founded and run by longtime veterans from Nokia cast asunder when that company, once a leading smartphone and mobile maker, went into a tailspin last decade — and its backers in this round include a number of big investors out of the region.

They include EQT Ventures, Atomico, strategic backer Volvo Car Tech Fund, Lifeline Ventures, and Tesi, the Finnish government VC and PE fund; with new backers Mirabaud and Foxconn also participating. Varjo describes the latter two as strategic: it’s not clear how the Swiss finance and banking giant is working with Varjo, but Foxconn is being tapped to help manufacture its devices, CEO Timo Toikkanen said in an interview.

Varjo is not disclosing valuation, but data from PitchBook estimates that its last round in 2020 valued it at $146 million and Toikkanen (who used to lead all of Nokia mobile phones business before and after it was acquired by Microsoft) noted that the new valuation is “very positive.”

In a hardware landscape that is dominated by big tech companies — particularly in VR hardware — Varjo is notable for being an independent player, and not one that’s prone to gobbling lots of cash to stay that way: it’s only raised around $150 million since being founded in 2016. Toikkanen declined to say whether Varjo has been approached by others for acquisition, but given that Nokia background, I’d hazard to say that he and others on the team understand first-hand the value of remaining a smaller company when it comes to innovation.

“We are very fond of what we do at this size,” he said. “There are great benefits to independence. We are fast moving and we have the ability to respond to customer needs.”

Perhaps the independence has also lent the company a greater degree of focus. A number of players in the area of XR have been focusing on headsets and applications for consumers, and some would argue that the quality of those efforts has been variable: Meta was roundly ridiculed when Mark Zuckerberg provided a preview its Horizon Worlds expansion; but others are making efforts to improve the experience.

And there are also a number of companies that have also put their money on the B2B opportunity (they include Meta building enterprise applications, HP, and ByteDance-owned Pico), although even in that area, some like Spatial have pivoted away to other aspects of the “metaverse.”

Within that spectrum, Varjo is among those that took a position early on that the first adopters (and perhaps the main ones?) of XR products would be enterprise customers, and it has stuck to it.

”Consumer and corporation expectations towards metaverse are globally high. To meet these expectations, both technology that is easy to use and accurate as well as high-quality software and content are needed. Varjo’s tech – namely, the new XR streaming platform ’Varjo Reality Cloud’ in combination with the company’s XR-3, VR-3 and Aero products – enables professional, fully virtual work in various sectors, anytime and anywhere,” said Keith Bonnici, investment director at Tesi, in a statement. “This then promotes global remote work, boosting efficiency and decreasing CO2 emissions from work travel.”

In terms of its products, Varjo’s focus is on producing premium, business-critical services and devices (read: expensive, but for a customer that is less sensitive on pricing), and to take an approach that virtual and augmented reality would go hand-in-hand as mixed reality. Toikkanen believes that prescience has been integral to its success.

“We have never been a ‘hype’ company,” he said in his understated, Finnish clip. “We have been very consistent in saying that the entry point from the beginning is mixed reality. Eventually everything has worked out to be built that way. We also said that the ultimate incarnation would need to be as good as real life. Pixelated holographic would never be good enough.”

The company currently makes three different headsets — the XR-3, the VR-3 and the Aero, ranging in prices respectively from about $6,500 to $1,500 with additional costs for software subscriptions to use with them (which appear to start at around $1,500 annually), as well as a separate development environments for its Reality Cloud and another next-generation product it calls Teleport that is still in alpha.

Its focus these days is on applications in areas like design and manufacturing, engineering, education, and healthcare, and in addition to Volvo, its customers include Lockheed Martin, Boeing, Aston Martin, Kia — in all, about 25% of the Fortune 100, the company said — as well as “various departments across the United States and European Governments.”

With found Urho Konttori, another Nokia alum, on board as Varjo’s CTO, the startup also owns seven patent families related to XR.

“Varjo is very intellectual property-protection oriented,” Toikkanen said, noting that the company has been approached by other tech companies to license that IP, but that it has yet to develop that business. “Today the focus is on building it into our own products and services. That is the way you can can get access.”

 

LG Electronics launches NFT platform that lets users buy and sell digital artwork

LG Electronics said today it has released its non-fungible token (NFT) platform LG Art Lab, which lets users discover, buy, sell and trade NFTs on LG’s smart TVs.

The announcement comes roughly eight months after LG Electronics said at its press conference that it plans to incorporate NFT features into its smart TV. The platform is now available in the U.S. only to those with LG TV running webOS 5.0 or later and is accessible directly from the home screen.

LG Electronics partnered with the Hedera network to offer an app that enables users to purchase NFTs via Wallypto, LG’s crypto wallet for smartphones.

“Wallypto, built on Hedera, has been developing since September 2021,” Chris Jo, senior vice president, head of platform business at LG Electronics home entertainment company, told TechCrunch. “Its beta version of the wallet launched this week in August.”

The partnership between Hedera and LG Electronics was initiated in 2020 when LG joined the Hedera governing council that includes Google, IBM, Deutsche Telekom and the Indian Institute of Technology, and more.

“While many people have heard of NFTs and would like to participate in the growing ecosystem, it can be overly complex and difficult to get started,” Jo said. “LG Art Lab is designed to allow millions of users in the U.S. to easily access and display NFTs, without having to interact with code or directly with a blockchain themselves.”

The NFT platform provides a Drops feature that profiles artists and shows their new artwork previews. Its real-time Live Drops feature gives notifications to help users acquire a dropped NFT to ensure they do not miss an opportunity.

LG Art Lab

Image Credits: LG Electronics/ Courtesy of Barry X Ball Studio, Inc.

Jo also said that Hedera allows users to transact for less than $0.0001 cent per transaction (with no high gas fee or hidden costs), meaning that there are no hidden costs associated with the NFT platform.

“The Hedera Network consumes vastly less energy than any other public ledger, making it the ideal choice for sustainable initiatives and meaning that it can meet the ESG of modern businesses and investors,” Jo explained. Users can buy, sell and display NFTs on the Hedera network without worrying about the high energy consumption associated with other public networks, he said, adding that Hedera guarantees a low, predictable fee for users, unlike many other decentralized networks.

South Korea’s IT and entertainment companies are jumping into the non-fungible token (NFT) industry. In January, LG’s rival Samsung unveiled its new smart TV-based NFT marketplace plan. Samsung said it will add NFT features on Samsung TVs like MICRO LED and Neo QLED.

Apple may have given us a hint at its AR/VR headset’s name

Apple’s highly anticipated mixed reality headset may now have a name, according to a Bloomberg report earlier this week. The outlet spotted trademarks in the U.S. and global markets related to the device that were filed by Apple-affiliated firms. Names like “Reality One,” “Reality Pro” and “Reality Processor” were filed by a supposed shell corporation — Immersive Health Solutions LLC — with the U.S. Patent and Trademark Office. The filings asked for the rights related to the use of health assessment and monitoring using VR/AR, designs and development in computer hardware, providing access to databases, educational provisions, photographic and optical instruments and more.

Immersive Health Solutions was incorporated in February 2022 and was registered by the Corporation Trust Co., another shell company, it’s assumed, based on ties to a lawyer with ties to Apple and the company’s past filing processes. The initial report also noted the new trademarks were filed under the Immersive Health Solutions’ name in Canada, New Zealand, EU, U.K., Australia, Saudi Arabia, Costa Rica and Uruguay.

Apple had previously used a shell company to file its source code referencing realityOS (which is believed to be the name of its AR/VR operating system) in late 2021, according to the site.

Filing trademarks under a different company name is not uncommon for Apple. Given its notorious secrecy around unreleased hardware projects, such filings are one key way to glean some info.

Apple did not respond to our request for comment.

The headset is believed to be the same size as Meta’s Oculus Quest and focused on high-tech and high-performance. Additionally, it’s said to include an even more power-hungry processor than the M1 found on the MacBook Air and 13-inch MacBook Pro. VR is the headset’s primary focus, but it will also offer some AR functionality, per Bloomberg’s initial look at the product.

The new product will find Apple competing directly against Meta’s Quest Pro (rumored for a release next month), and Playstation VR.

According to the filing, Apple’s headset could offer both gaming and Facetime functionality, along with health and educational features. While Meta’s devices have been used for some medical training, they weren’t designed with such use cases in mind.

Apple is holding a big event at its Cupertino HQ next week, with the iPhone 14 and Apple Watch Series 8 serving as headliners. A sneak peek of the new headset could also be on the agenda, as the company looks to entice developers to create content for the new category. Executives are believed to have already shown off a version of the product to shareholders.

read more about Apple's fall event, September 7, 2022

Dear Sophie: What are the quickest visa options for bringing in international talent?

Here’s another edition of “Dear Sophie,” the advice column that answers immigration-related questions about working at technology companies.

“Your questions are vital to the spread of knowledge that allows people all over the world to rise above borders and pursue their dreams,” says Sophie Alcorn, a Silicon Valley immigration attorney. “Whether you’re in people ops, a founder or seeking a job in Silicon Valley, I would love to answer your questions in my next column.”

TechCrunch+ members receive access to weekly “Dear Sophie” columns; use promo code ALCORN to purchase a one- or two-year subscription for 50% off.


Dear Sophie,

Our startup is recruiting engineers. Most of our team works remotely, but some of our potential recruits would want to work in the office. They are international students graduating in December, as well as some individuals who have worked with us remotely as contractors. What are the quickest visa options we should consider? Can their supervisor work remotely? Anything else we should keep in mind?

— Rigorous Recruiter

Dear Rigorous,

It’s so interesting to hear that your prospective recruits want to work in an office. As you might have guessed, students and recent grads want to meet people and form relationships that come with working in an office with team members. Sounds like that’s true of the international talent you’re looking to recruit as well.

Let’s start with your second question. Supervisors are not universally required to work in person with visa holders. However, supervisors can help guide and support new hires, and impart your company’s culture, which is very important for employee connection, happiness and retention. The exact relationship and amount of oversight depends on the specific immigration category you’re considering.

Now let’s look at visa options for the international students.

Hiring F-1 students is a quick option!

After at least one full year of academic coursework, international students on an F-1 visa are eligible for Optional Practical Training (OPT). This allows them to get work authorization that enables them to work full-time for one year.

A composite image of immigration law attorney Sophie Alcorn in front of a background with a TechCrunch logo.

Image Credits: Joanna Buniak / Sophie Alcorn (opens in a new window)

Under OPT, students have two options:

  1. After completing a full year of coursework, they can work part-time (20 hours per week or less) while continuing with their coursework, which is called pre-completion OPT. Students who work under pre-completion OPT for one year can work full time for another six months.
  2. After graduation, students can choose post-completion OPT, where they work full-time (40 hours per week) for one year. Most F-1 students chose this option.

If you extend an offer for post-completion OPT to somebody who has completed some amount of pre-completion OPT, talk to them and the Designated School Official (DSO) at their school about how much of the full 12 months they have remaining.

So you’d like to hire an F-1 student

Crafting an XaaS customer success strategy that drives growth

Any job search platform these days will show there are thousands of customer success (CS) positions waiting to be filled. According to research by Gainsight, a customer success software platform, “companies that invest 10% or more of their revenue into the CS function have the highest net recurring revenue (NRR).”

This supports the argument that there is a need for not only having CS jobs, but deploying more of them. Simply put, these jobs serve a critical role in tech companies today.

Like most functions, CS continues to evolve, and is not a “one-size-fits-all” model. Deploying the right archetype requires careful consideration to ensure CS teams are focused on the right activities, offer a seamless experience across the customer engagement model, and bring value to the end users. Successful companies realize the CS is not just a job or even an organization; it is an organizational mindset that includes actions, investments and coordination across multiple departments, including product development, management, marketing, sales, and technical and customer support.

The customer success job archetypes

In an XaaS model, net recurring revenue (NRR) is a key metric for success. It measures the overall impact your existing customers have on revenue generation — more simply, it measures expansion net of churn.

NRR is dependent on retaining and expanding your footprint. If a customer does not adopt and realize value from your solution, they will not renew or expand their contract. This was why technology companies created customer success to drive adoption, usage and value realization about 20 years ago. Since then, many companies have implemented one or more types of customer success roles.

Companies should not design their customer success roles in a vacuum.

Initially most customer success roles were oriented around adoption or service, and were fulfilled by talent from the services organization. However, the adoption sales motion naturally results in retaining customers and expanding sales. Today, many companies are designing more commercially oriented customer success roles that focus on renewals and upselling, and a few even focus on expansion.

Companies mostly deploy two or more customer success archetypes. They usually vary by customer segment, business versus technical focus, and sales motion focus: adopt, renew, upsell and cross-sell.

While these jobs may vary from company to company, three primary customer success role archetypes exist:

Adopt CSM

This role predominantly focuses on adoption. It usually also provides insights to help the core seller or renewal role drive expansion or maintain renewals.

Jack Dorsey says his biggest regret is that Twitter was a company at all

Jack Dorsey might be out of the picture at Twitter these days, but he’s still waxing philosophical about the company. In a reply to a tweet asking about his biggest regrets (paired with, sigh, anecdotal claims about political bias on the platform) the company’s co-founder and former CEO offered the grand observation that he wishes the company had never existed at all.

“The biggest issue and my biggest regret is that it became a company,” Dorsey tweeted.

If you’ve not heard Dorsey on one before, the idea that Twitter should never have been a company might sound strange. But he doesn’t really mean that the project should have never existed, more that if he could rewrite history he would have (supposedly) steered Twitter toward being a protocol, not a company. “[I] don’t believe any individual or institutions should own social media, or more generally media companies,” Dorsey tweeted back in April. “It should be an open and verifiable protocol. Everything is a step toward that.”

Of course, Dorsey made absolute bank when Twitter went public in 2013, but tech billionaires always do seem to have these hypothetical regrets, don’t they? (To Dorsey’s credit, at least he’s doing something worthwhile with a big chunk of that cash.)

Replying to a more reasonable follow-up question from Jane Manchun Wong, Dorsey reiterated that he wishes Twitter had become an open protocol, not a company. The company has certainly struggled to please investors, chart a growth course and even offer a definition of what exactly its mission is over the years, in spite of becoming a real-time utility for disseminating information that many people, world leaders among them, deem essential.

Is it Monday morning quarterbacking if you’re criticizing your own decisions, years after making a fortune from those same decisions? Whatever it is probably isn’t very productive, but nonetheless Twitter’s beardy esoteric guru continues to tweet through it, even as everybody else left at Twitter navigates the company’s most tumultuous phase yet.

Dorsey’s dream isn’t dead though, it’s just more likely to be realized through a project parallel to Twitter proper. Even with the little blue bird stuck on Elon Musk’s self-driving rollercoaster, Twitter’s open-source spinoff Bluesky is still working toward the dream of decentralization, and its plans for a totally open social networking protocol appear to remain intact amidst the chaos.

In spite of his lofty ideals, Dorsey threw his weight behind Musk’s acquisition bid earlier this year. But if @jack values transparency and an open environment for the social platform he co-created above all, a tech executive infamous for making misleading claims, concealing company data and flinging NDAs around is a strange person to buddy up with, to say the least. Of course, Dorsey stands to make many hundreds of millions from the deal if it closes, though all of that is very much up in the air as Musk and Twitter head to court in October.

6 industry conversations that don’t scream ‘OMG there’s a tech downturn’

Journalists care a lot about tension, drama, and signal. Often times that looks like good news, like when small scrappy startups get starter capital to take on the public giant, or well-capitalized late-stage giant, or that moment when you realize healthcare’s disruption is just at its infancy. As of recently, though, we’ve seen startups face a massive correction across all stages, from double rounds of layoffs to valuation cuts to complete shutdowns. It’s been a lot of doom and gloom, but that isn’t where the story stops.

On Equity, a podcast that I co-host alongside Alex Wilhelm and Mary Ann Azevedo, we spend lots of time talking through both the highs and the lows. Today, I want to highlight six conversations that talk about tense, dramatic and noise-cancelling issues – but have nothing to do with tech’s downturn (or tech layoffs). Enjoy!

  1. Building the future of robotics

    This episode between Alex and TC’s Brian Heater is about all things robots. Recorded right before our ever successful TC Sessions: Robotics event, the pod gets into the eight million problems that robots want to solve, LIDAR and the boundaries of hardware technology, and what Heater thinks is the only successful household robot out there.

  2. Why build a tech mafia when you can just build each other?

    Before we recorded this as a podcast, I asked this question in the form of a tongue headline: “YC makes a Product Hunt, Product Hunt makes an a16z, a16z makes a YC.” As you can tell by that headline and this episode title, we’re talking about how tech is full of copycats and what that means for the bar of innovation. This is one of those episodes that makes me love how full circle this industry is – and scratch my head on how a rising tide can both confuse and complement the founder fundraising journey.

  3. Stripe is playing checkers with Plaid

    Must we explain more? In this memorable Equity Friday, the whole crew is on to talk about a host of news – but mostly, the fact that Stripe and Plaid went from friends to competitors in one swift product move. Well, more like multiple swift moves and maybe even some subtweets. This is the perfect show for anyone interested in fintech, competition and the art of patterns.

  4. Demo days definitely amplify a brand, but not the one you’d think

    Must we explain more? In this memorable Equity Friday, the whole crew is on to talk about a host of news – but mostly, the fact that Stripe and Plaid went from friends to competitors in one swift product move. Well, more like multiple swift moves and maybe even some subtweets. This is the perfect show for anyone interested in fintech, competition and the art of patterns.

  5. F*ck creator funds, we need a creator index fund

    Must we explain more? In this memorable Equity Friday, the whole crew is on to talk about a host of news – but mostly, the fact that Stripe and Plaid went from friends to competitors in one swift product move. Well, more like multiple swift moves and maybe even some subtweets. This is the perfect show for anyone interested in fintech, competition and the art of patterns.

  6. You can’t buy a community, so make it worth it

    Must we explain more? In this memorable Equity Friday, the whole crew is on to talk about a host of news – but mostly, the fact that Stripe and Plaid went from friends to competitors in one swift product move. Well, more like multiple swift moves and maybe even some subtweets. This is the perfect show for anyone interested in fintech, competition and the art of patterns.

Equity drops every Monday at 7 a.m. PDT and Wednesday and Friday at 6 a.m. PDT, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.

Thirdweb raises $24M at a $160M valuation from Haun Ventures, Shopify and Coinbase for its Web3 development kit

There’s been a lot of hype about “Web3”, but the reality is that it’s still a largely nascent and fragmented concept, and that has led to Web3 startups building platforms to engage with it more easily getting a lot of attention. In the latest development, a startup called thirdweb — which has created a development toolkit to make it easier to build and launch Web3 products such as blockchain games, NFTs, DAOs, marketplaces and more — has raised $24 million, a Series A that values the London startup at $160 million.

Thirdweb plans to use the funding to continue enhancing its developer toolkit — which currently covers some 10 features spanning areas like smart contracts, decentralised logins, publishing tools and more — to expand support for a wider array of blockchains; to bring on more users; and to grow its team, both via hiring and potentially acquisitions — all in aid of getting Web3 to become more mainstream.

Thirdweb has been live for just nine months, but it’s been on a roll: CEO Steven Bartlett told TechCrunch that to date some 80,000 developers — which range from independent creators through to organizations like Afterpay and New York Fashion Week — have built a range of NFT items, DAOs, games and other applications using its framework, And as of this week, some 150,000 smart contracts have been deployed across six blockchains. (And in case you’re wondering, he said Polygon is currently the most popular: “Cheaper fees is the straightforward answer,” he said.)

Projects are collectively generating $1.5 million in revenue weekly, although thirdweb is not getting a cut of that. There are no charges or commissions on thirdweb at the moment, the one exception being some of thirdweb’s enterprise customers paying a fee as part of their procurement policies, Bartlett said.

The funding being announced today also speaks to some momentum. The round is being led by Haun Ventures (the firm founded by well-connected ex-a16z partner Katie Haun), with strategic participation also from Coinbase Ventures and Shopify.

Coinbase had already been working with thirdbase — for example the latter is providing a development platform for creators to build NFTs for Coinbase NFT — and this will tie the two closer together. Shopify, meanwhile, is “seeing us as an investment but also a partner,” Bartlett said. He added that there is an integration in the works in which thirdweb’s toolkit will be made available to Shopify customers that want to introduce web3 products to complement, or within, their Shopify-powered storefronts.

These three join an already-long list of investors who backed thirdweb in its $5 million seed round. (That list included Mark Cuban, Gary Vaynerchuk, and more.)

The gap in the market that thirdweb is addressing is one that Bartlett said he discovered with his co-founder Furqan Rydhan when they were working on building a blockchain application themselves.

“We saw what hard work it was to build the application from the ground up,” Bartlett said. He compares the dearth of tools available to speed up blockchain work to the earlier days of the web we know today, when people also had to code websites, and all of the features within them, from scratch, versus modern times where one can, say, integrate a payments flow by way of a few lines of code and an API that connects to tech built and operated by someone else.

The opportunity was clear: build the same kind of tools for Web3. “We realized we could release as a product what we’d built to work on our own app,” Bartlett said. “We wanted to provide blockchain developers with the same kind of easy-to-use infrastructure, and tools, that they have in Web2.”

The co-founders’ past experiences likely also played a role here. Bartlett likes to tackle opportunities when they’re only starting to emerge: was an early adopter and proponent of social media and specifically brands leveraging it to grow, long before brands came to recognize social media strategy as a must-have. Rydhan, meanwhile, has a lot of experience around API-based tools for developers. Among his many past roles, he was the founding CTO of Applovin, a major player in apps monetization.

Part of Web3 still being a nascent, idealised concept is that the actual world of Web3 as it’s unfolding is still full of a lot of bumps and bruises. Right now, it doesn’t feel like a day goes by that you don’t hear about how yet another blockchain project has been hacked, or how prices are tanking in the once much-hyped world of NFTs; and that’s before you even start to consider that the flip side often just feels like a lot of empty and very self-interested speculation.

Thirdweb is part of that ecosystem, even if it’s not a direct operator of any blockchain exchange or smart contract, but Bartlett claims that they unexpectedly found that it hasn’t seen a drop in its business by association.

“The surprising thing is that the builders have continued building,” he said. “Our weekly growth activity hasn’t slowed down and has continued to increase. Our hypothesis has been that although there are fluctuations people who are building projects in the long term will continue regardless of the crypto or macro outlook.”

That’s one of the things that’s also been compelling to investors, too, he added. “Our data showed that we had bucked the trend.”

“Our mission is to accelerate the next generation of the internet and we believe thirdweb will play a critical role in realizing that,” said Katie Haun, founder and CEO of Haun Ventures, in a statement. “As complexity to develop in web3 continues to increase, the experienced team at thirdweb led by Furqan and Steven have built an elegant solution that allows developers to build fast while avoiding costly mistakes. I’m pleased to see proven founders of this caliber dedicating their next chapter to crypto and look forward to supporting their efforts.”

Longer term, I wonder if thirdweb will continue to pour resources into building all of its own tools, or whether it will open up, marketplace style, to bring in third-party developers including those that will emerge as specialists in specific categories. For now, Bartlett said that plan is to continue pursuing a full-stack approach on its own steam — aided potentially by acquiring teams and tech — not least because it’s still an early mover and has the opportunity to do so. It’s also why it’s opting not to introduce fees: do as much as you can to pick up critical mass as early as you can.

“We believe this particular play is winner takes all,” he said. “Our objective is to acquire as much of the base as we can. in future we will take a small fee for enterprise level clients, or a small fee for certain toolsets.”