Daily Crunch: SVB’s parent company files for bankruptcy as only $2.2 billion in liquidity remains

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Happy Friday Crunch!

There is a constant theory in hardware that manufacturing abroad is a cheaper/better/more efficient option. You manufacture there, assemble somewhere else, and finally accept and enter the market in the United States, He came write in TC+. It turns out that it is possible to cook closer to home. With supply chains in the news more than ever, “nearshoring” is an often overlooked option for startups.

On that note – we’re going to drink beer with clover in the foam for no particular reason. — Christine and He came

TechCrunch’s Top 3

  • Next stop, chapter 11: Today, SVB Financial filed for Chapter 11 bankruptcy protection and announced that it has $2.2 billion in liquidity, Ingrid reports. “This means that SVB Financial can and will apply to the courts to continue its operations while seeking buyers for its assets, including the implementation of plans by SVB Securities and SVB Capital and others,” notes Ingrid. .
  • More than we asked for: Now US users can add the coveted blue checkmark to their Instagram and Facebook accounts – well, at least get on the waiting list to do so – for a monthly fee, ie Aisha reports. Nothing in life is truly free, love. But there are stickers, so there’s that.
  • At the last moment: As a serial entrepreneur who has famously endured ups and downs, Parker Conrad has pretty much seen it all. Or so he may have thought until last week, Connie reports. Rippling, his six-year-old workforce management company, raised $500 million in new funding as a form of insurance in the very likely event that SVB’s collapse would not be resolved nearly as quickly as it did.

Startups and VC

Last night it was reported that Virgin Orbit suspended its operations for at least a week while looking for funding to support the business. As part of that break, company executives told staff at a meeting that they would be laid off – and without pay. however, it should never have become a staff layoff, Aria write.

Unearthly Materials claimed to have big-name investors, but not all of them were on board. Tim reported on TC+. The startup claims to be on the verge of a breakthrough in superconductors, despite questionable scientific results.

And we have five more for you with a more salty commentary:

Best Practices for Changing Times: How Founders Should Leverage AI and ML in 2023

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We don’t have many articles promoting basic best practices. Suggestions like “listen to your customers” and “make data-driven decisions” are so common that they are difficult to implement.

But now that AI-based solutions are providing search results, producing poems and creating Illustrations on demand, according to Ab Gaur, founder and CEO of Verticurl, startups need a framework to create customized user experiences.

“While too much or useless customer data can clog content pipelines, the right data can power hyper-personalization at scale,” he writes.

Three more from the TC+ team:

TechCrunch+ is our membership program that helps founders and startup teams get ahead. You can register here. Use code “DC” to get 15% off your annual subscription!

Big Tech Inc.

A lot happened on TikTok in the past day: New Zealand banned TikTok on parliamentarians’ phones after a nod from several US administrations. Ivan there’s more to what’s going on there. Speaking of USA, Taylor writes that the government here is putting more pressure on TikTok to separate from parent company ByteDance or risk being banned in the US as well. While the social media giant is dealing with the issue, it has also managed to strike a multi-year deal with Major League Soccer — well, unless it’s banned in the U.S. For now, the deal offers exclusive content and other in-app programming, Aisha write.

And we have five more for you:

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