Daily Crunch: With only $2.2 billion in cash left, SVB parent company files for bankruptcy

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Happy Friday Crisis!

There is a consistent theory in hardware that offshore manufacturing is the cheapest/better/most efficient option. You make there, you assemble somewhere else, and you finally get approval and get it to market in the United States, Pilgrim Writes on TC +. It turns out that it is possible to manufacture near the house. With supply chains in the news more than ever, “close grounding” is an often overlooked option for startups.

On that note — we’ll be drinking beer with a shamrock pouring into the foam, for no particular reason at all. – Christine And Pilgrim

Top Techcrunch 3

  • Next stop, Chapter 11Today, SVB Financial filed for Chapter 11 bankruptcy protection, revealing that it has $2.2 billion in cash, Ingrid reports. “This means that SVB Financial can apply, and plans to apply, to the courts to resume activities while it searches for buyers for its assets, which includes moving forward with its plans to sell shares of SVB Securities and SVB Capital, among others,” notes Ingrid.
  • More than we asked for: Now users in the US can add a coveted blue checkmark to their Instagram and Facebook accounts — well, at least get in the queue to do so — for a monthly fee, that is, Aisha reports. Nothing in life is really free, love. But there are stickers, so there are.
  • At the crucial moment: As a serial entrepreneur who’s known for taking a few flings, Parker Conrad has seen just about it all. Or maybe he thought until last week, Cosmic reports. Rippling, his six-year-old workforce management company, will go on to secure $500 million in new funding as insurance in the highly likely scenario that SVB’s meltdown isn’t resolved as quickly as it did.

Startups and VC

Last night, news broke that Virgin Orbit was pausing operations for at least a week while it looked for funding to support the business. As part of this pause, company executives reportedly told employees in a sweepstakes meeting that they would be taking time off — and that they would not be paid. He shouldn’t have come to the staff vacationbut, the song He writes.

Unearthly Materials claimed to have celebrity investorsBut they weren’t all on board. Tim More reports on TC+. The startup claims to be on the verge of breaking through a superconductor despite a dubious scientific track record.

And we’ve got five more for you, complete with saltier-than-usual commentary:

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

While startups are going through a turbulent season, they need to innovate to stay competitive.  Artificial intelligence and machine learning may finally be able to make that a reality.

Image credits: Getty Images

We don’t publish many articles that promote basic best practices. Suggestions like “listen to your customers” and “make data-driven decisions” are too general, and difficult to implement.

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

“While redundant or unhelpful customer data can clog content pipelines, the right information can promote excessive personalization at scale,” he writes.

Three more from the TC+ team:

Techcrunch + It is our membership program that helps founders and startup teams get ahead of the pack. You can register here. Use the code “DC” to get 15% off an annual subscription!

BigTech Inc.

A lot has happened on TikTok in the past day: taking a nod from several US government entities, New Zealand has banned TikTok from parliamentarians’ phones. Ivan He has more on what’s going on there. Speaking of the United States, Taylor Writes that the government is here Increase her pressure on TikTok To spin off from parent company ByteDance or also risk being banned in the US While the social media giant is dealing with that, it has also managed to Multi-year deal with Major League Soccer – Well, unless it’s blocked in the US right now, the deal will provide exclusive content and other software within the app, Aisha He writes.

And we have five for you:

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