We are in a robotics renaissance, with companies everywhere rushing to develop new automation technology. Rewired is the latest to join the race to invest, with a $100 million bankroll.
The approach: Rewired calls itself a "startup studio," meaning that unlike traditional investors who write a check and provide advice as needed, it will take in entrepreneurs and researchers and help them hatch their companies. It will also back early-stage companies that already exist. "In many cases, these scientists have no idea how to commercialize these technologies," Rewired venture partner Santiago Tenorio told Axios.
For starters: Rewired plans to initially invest in companies working to improve machine perception, or how computers can interpret data in a human-like way. This includes sensors, machine learning, machine hearing, and so on. It won't, however, invest in military weapons-related technology.
Portfolio: So far, Rewired has invested in OpenBionics (low-cost bionic hands and prosthetics) and RaptorMaps (software for analyzing drone data). It's currently in conversations with three other companies, and plans to make five to 10 additional investments in the next 12 months, according to Tenorio.
Not alone: It's in discussions to form partnerships with MassRobotics at the MIT Media Lab, Professor Vijay Kumar's Lab at the University of Pennsylvania, AlphaLab Gear in Pittsburgh, the Aerial Robotics Lab at Imperial College in London, and Open AI.
Not alone (cont): The idea of providing very hands-on resources to hardware startups isn't novel. There are hardware-focused accelerator programs (e.g., Hax and Highway1), and VC funds (e.g., Bolt, Lemnos).
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Rewired's $100 million in funding comes from Cascade Global, a multi-family office. One of Cascade's investors is Tej Kohli, an Indian entrepreneur with a reported net worth of $6 billion. Kohli, who also manages a VC fund that backs robotics startups, recently made headlines for his ambitions to cure blindness and improve agricultural productivity via solar energy.
The story has been updated to correct the status of Rewired's partnerships.
Juiciest excerpts from new book on Hillary Clinton campaign
Hillary Clinton making her concession speech. Photo: Jewel Samad/AFP via Getty Images
Amy Chozick's new book "Chasing Hillary" is already making news around town with new details about Hillary Clinton's campaign falling under the microscope in the days before its release.
"I knew it. I knew this would happen to me ... They were never going to let me be president."
— Hillary Clinton, per a quote from the book.
Basket of deplorable tiers: Clinton commonly referred to Trump supporters as deplorables in three tiers, Chozick writes:
“Basket #1: The Republicans who hated her and would vote Republican no matter who the nominee."
"Basket #2: Voters whose jobs and livelihoods had disappeared..."
"Basket #3: The Deplorables. This basket includes ‘the racist, sexist, homophobic, xenophobic, Islamophobic — you name it." (Daily Beast)
Joe Biden wanted to run for president but feared the Clintons would try and "destroy" him. Chozick writes “he added something like ‘You guys don’t understand these people.'" (Daily Beast)
Chozick blamed Clinton for ignoring media and not recognizing how Trump used journalists: “Trump understood our gluttonous short attention span better than anyone,” she wrote, “but especially better than Hillary.” (Washington Post)
Clinton knew she had a likability problem but Chozick said she "cut off" staff members who brought it to her attention. “You know, I am getting pretty tired of hearing about how nobody likes me." (Daily Beast)
"I Became an Unwitting Agent of Russian Intelligence" is the title of one of the chapters in the book where Chozick details her sympathy about the Clinton e-mail scandal story. (Washington Post)
What's next: The book detailing Clinton's campaign, her strategies and what happened after she lost the election will hit shelves on April 24.
Kim Jong-un speaks Friday to the Central Committee of the Workers' Party of Korea, in Pyongyang. Photo: North Korean government via AP
Kim Jong-un may have learned the art of dealing with President Trump: Give him a win — or at least what he thinks is a win, or can spin as a win.
Why it matters, via BBC:"The surprise announcement comes as North Korea prepares for historic talks with South Korea and the U.S.": Kim is due to meet his South Korean counterpart next week, and President Trump by June.
What happened: North Korean leader Kim Jong-un announced the country will stop conducting nuclear tests and launches of intercontinental ballistic missiles starting April 21, and shut down a nuclear test site in the north side of the country. Per BBC, Kim said further tests were unnecessary because Pyongyang's nuclear capabilities had been 'verified.'
Trump tweets: "This is very good news for North Korea and the World - big progress! Look forward to our Summit. ... Progress being made for all!"
Be smart, from a former National Security Council official under President George W. Bush: "Not a big deal to pause testing nuclear or missiles when summit is coming ... Totally reversible. Eye wash."
Victor Cha — senior adviser and Korea Chair at the Center for Strategic and International Studies, who was Trump's candidate for ambassador to South Korea — tells Axios future editor Steve LeVine that the shift isn't as abrupt as it looks:
"They have already stated that they would halt all testing while in dialogue. This statement formalizes that promise."
"[T]he statement talks about a test ban, no first use, and no transfer — all the trappings of a 'responsible' nuclear weapons state (which is what they ultimately wanted to be accepted as)."
"Thus, this is not a denuclearization statement, it is a statement that DPRK [North Korea] can be a responsible nuclear weapons state."
The key sentence: "No one believes this, but if they can get Trump to agree, that is all they need."
What to watch for, per Cha: "[T]he glaring unanswered question in all of this is what the U.S. will give in return for these up front N.K. concessions."
"We know what we want from DPRK, but no one is scrutinizing what the US administration is thinking of giving up — sanctions? peace treaty? normalization? exercises? missile defense?"
