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• The venture firm SOSV has already raised its biggest fund to date, and it isn’t quite closed

  SOSV, a multi-stage venture firm that was founded as the personal investing vehicle of entrepreneur Sean O’Sullivan after his company went public in 1994, then re-launched as a traditional venture firm with outside backers in 2015, has raised $218 million for its third fund. The vehicle has a $250 million target that SOSV expects to meet by year’s end, but already, it’s substantially larger than the firm’s previous fund, which closed with $150 million. SOSV is best-known for the numerous accelerators it has created and oversees, including hardware-focused HAX, and IndieBio for life sciences startups. Yesterday, we were in touch with SOSV partner Daniel Eichner — who’s in charge of raising capital for the outfit, as well as introducing its portfolio companies to potential future investors — to learn more about what else is new at its eight offices around the world, including in Cork, Ireland; Princeton, N.J.; New York; San Francisco; London; Shenzhen; Shanghai; and Taipei. Among the many things we learned: the firm now has eight senior partners who ultimately decide where capital gets invested, and a whopping 110 people across the U.S., Europe and China, including support staff that help its startups go from lab to market. The firm has also earned some bragging rights, including as the lead investor in the electric bike company Jump Bikes, acquired by Uber last year for an undisclosed amount. It also has some highly valued companies in its portfolio currently, including the 3D printing “unicorn” FormLabs; the peer-to-peer ridesharing company GetAround, which just acquired a French company to extend its reach into Europe; and Makeblock, a Shenzhen, China-based company that sells robot kits for kids and most recently raised $44 million in Series C funding. The firm hasn’t shied away from some more ambitious bets, either, including one on BitMEX, a crypto exchange based in Hong Kong that’s focused on cryptoderivatives and in which SOSV is the only institutional investor. Most of the founders it backs — 80 percent, says Eichner — are first-timers, though “many have years and sometimes decades of work experience,” he adds. As for the size of the checks SOSV writes, its accelerator deals are standardized for each program, but the smallest check is for $100,000 for software startups or $250,000 for hardware and life sciences startups. Meanwhile, the most it will invest is up to $2 million, across multiple rounds, with its biggest bet to date being SyntheX, a designer therapeutics company in which SOSV owns a 20 percent stake. Eichner explains that SOSV aims for between 8 percent and 16 percent ownership at the accelerator phase, then looks to either establish or maintain a 15 percent stake in the top 20 percent to 30 percent of its companies. Despite its many far-flung offices, we asked if SOSV tends to support more founders in the U.S. than elsewhere, or vice versa. Eichner says that about half of SOSV’s portfolio companies are in North America, with another quarter in Asia, and the rest split between Europe and the rest of the world. Pictured above: Firm founder Sean O’Sullivan. ... Read More

• Apple patches iOS App Store bug that was preventing app downloads

  Apple is rolling out a fix for an App Store bug that was preventing users from downloading new iOS apps or app updates. The issue, which impacted an unknown number of users, involved a Terms & Conditions dialog box that would continue to pop up even when users tapped the “Agree” button. The issue had frustrated users who took to Twitter in an attempt to get help from Apple Support. 9to5Mac and AppleInsider previously reported on the problem, citing the social media complaints. The Apple Support account had not responded publicly to those who reached out, beyond asking customers to get in touch on DM with more details or pointing those with more vague complaints to a support doc about connection issues. The bug was affecting a small percentage of Apple’s iOS user base worldwide, we understand from people familiar with the problem at Apple. However, even a “small number” can be large, when you’re dealing with something like the iPhone install base. In addition, the bug wasn’t limited to an unreleased developer or beta build of iOS, 9to5Mac had noted — but was also showing up on the public release (iOS 12.2). There was no workaround that would allow users to skip the Terms & Condition pop-up in order to download apps and updates. All users could do was tap “Cancel” to get out of the loop so they could continue to use their phone. @AppleSupport what is going on with App Store? T&C’s are on an endless loop when I “agree”! Please help fix this bug! #AppleSupport #PleaseHelp #TermsAndConditions #NewUpdateNeeded #ASAP pic.twitter.com/gf0QtjtCfo — 3mcmxcii3 (@3mcmxcii31) April 25, 2019 Encountering a bug right now. Reporting so they could take action. @Apple @AppStore @AppleSupport #Apple #IPhone #AppStore #AppleSupport #IOS12 pic.twitter.com/Qb7dkvRsXm — Sheena (@shnsbg_) April 25, 2019 We understand that Apple has now deployed a fix for the bug that should finish rolling out in a matter of hours. The bug fix won’t require impacted users to take any steps on their own — like downloading an update or patch, for example. It will instead be resolved on the App Store’s backend. ... Read More

• Fortnite’s Avengers: Endgame crossover is one of the best superhero games I’ve ever played

  Battle royale video games are not really power fantasies, especially if you’re one of the majority of players on the losing end of a match. Being dropped onto an island with fellow scavengers and scrounging around for what little firearms and ammo you can get your hands on creates a tense, anything-can-happen atmosphere. You’re supposed to feel vulnerable all the time. That’s not the case in Fortnite’s big Avengers: Endgame crossover event. The limited-time game mode is all about feeling overly powerful — like a superhero — to spectacular effect. Whether you’re on the side of humanity, wielding one of the many heroic weapons taken from the Marvel universe, or whether you’re part of Thanos’ army — with its jetpacks and energy weapons... Continue reading… ... Read More

• Verizon and AT&T hit record lows for smartphone upgrades

  AT&T and Verizon have revealed that upgrade rates have hit all-time lows for the two carriers, with fewer existing customers upgrading their devices, as noted by Bloomberg. The downward trend in upgrades isn’t exactly new: upgrade rates have been trending downward for years, but the record lows recorded by the two the largest carriers in the US paint a stark picture, both for AT&T and Verizon and hardware manufacturers like Apple and Samsung. It means fewer customers are interested in upgrading their phones, and they are doing so with less frequency than before. AT&T's device upgrade rate drops to record low 3.5% from 4.3% last year. #replacementcycle $AAPL $T— Walter Piecyk (@WaltBTIG) April 24, 2019 It’s easy to guess why... Continue reading… ... Read More




• Magic Leap donates 500 Magic Leap One devices for Epic MegaGrants program

  Select developers can receive headset with development grant through application process... Read More

• Tim Sweeney: Epic would stop pursuing exclusives if Steam improved its revenue share

  Epic CEO says Steam committing to permanent 88% revenue share would be "a glorious moment in the history of PC gaming"... Read More