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Written by Frederic Lardinois

Docyt raises $1.5M for its ML-based accounting automation platform

Accounting isn’t a topic that most people can get excited about — probably not even most accountants. But if you’re running any kind of business, there’s just no way around it. Santa Clara-based Docyt wants to make the life of small and medium business owners (and their accounting firms) a bit easier by using machine learning to handle a lot of the routine tasks around collecting financial data, digitizing receipts, categorization and — maybe most importantly — reconciliation.

The company today announced that it has raised a $1.5 million seed-extension round led by First Rays Venture Partners with participation from Morado Ventures and a group of angel investors. Docyt (pronounced ‘docket’) had previously raised a $2.2 million seed round from Morado Ventures, AME Cloud Ventures, Westwave Capital, Xplorer Capital, Tuesday and angel investors. The company plans to use the new investment to accelerate its customer growth.

At first glance, it may seem like Docyt competes with the likes of QuickBooks, which is pretty much the de facto standard for small business accounting. But Docyt co-founder and CTO Sugam Pandey tells me that he thinks of the service as a partner to the likes of QuickBooks.

Image Credits: Docyt

“Docyt is a product for the small business owners who finds accounting very complex, who are very experienced on howto run and grow their business, but not really an expert in accounting. At the same time, businesses who are graduating out of QuickBooks — small business owners sometimes become mid-sized enterprises as well — […] they start growing out of their accounting systems like QuickBooks and looking for more sophisticated systems like NetSuite and Sage. And Docyt fits in in that space as well, extending the life of QuickBooks for such business owners so they don’t have to change their systems.”

In its earliest days, Docyt was a secure document sharing platform with a focus on mobile. Some of this is still in the company’s DNA, with its focus on being able to pull in financial documents and then reconciling that with a business’ bank transactions. While other systems may put the emphasis on transaction data, Docyt’s emphasis is on documents. That means you can forward an emailed receipt to the service, for example, and it can automatically attach this to a financial transaction from your credit card or bank statement (the service uses Plaid to pull in this data).

Image Credits: Docyt

For new transactions, you sometimes have to train the system by entering some of this information by hand, but over time, Docyt should be able to do most of this automatically and then sync your data with QuickBooks.

“Docyt is the first company to apply AI across the entire accounting stack,” said Amit Sridharan, Founding General Partner at First Rays Venture Partners. “Docyt software’s AI-powered data extraction, auto categorization and auto reconciliation is unparalleled. It’s an enterprise-level, powerful solution that’s affordable and accessible to small and medium businesses.”

Google Cloud puts its Kubernetes Engine on autopilot

Google Cloud today announced a new operating mode for its Kubernetes Engine (GKE) that turns over the management of much of the day-to-day operations of a container cluster to Google’s own engineers and automated tools. With Autopilot, as the new mode is called, Google manages all of the Day 2 operations of managing these clusters and their nodes, all while implementing best practices for operating and securing them.

This new mode augments the existing GKE experience, which already managed most of the infrastructure of standing up a cluster. This ‘standard’ experience, as Google Cloud now calls it, is still available and allows users to customize their configurations to their heart’s content and manually provision and manage their node infrastructure.

Drew Bradstock, the Group Product Manager for GKE, told me that the idea behind Autopilot was to bring together all of the tools that Google already had for GKE and bring them together with its SRE teams who know how to run these clusters in production — and have long done so inside of the company.

“Autopilot stitches together auto-scaling, auto-upgrades, maintenance, Day 2 operations and — just as importantly — does it in a hardened fashion,” Bradstock noted. “[…] What this has allowed our initial customers to do is very quickly offer a better environment for developers or dev and test, as well as production, because they can go from Day Zero and the end of that five-minute cluster creation time, and actually have Day 2 done as well.”

Image Credits: Google

From a developer’s perspective, nothing really changes here, but this new mode does free up teams to focus on the actual workloads and less on managing Kubernetes clusters. With Autopilot, businesses still get the benefits of Kubernetes, but without all of the routine management and maintenance work that comes with that. And that’s definitely a trend we’ve been seeing as the Kubernetes ecosystem has evolved. Few companies, after all, see their ability to effectively manage Kubernetes as their real competitive differentiator.

All of that comes at a price, of course, at a flat fee of $0.10 per hour and cluster (there’s also a free GKE tier that provides $74.40 in billing credits), plus, of course, the usual fees for resources that your clusters consume. Google offers a 99.95% SLA for the control plane of its Autopilot clusters and a 99.9% SLA for Autopilot pods in multiple zones.

Autopilot for GKE joins a set of container-centric products in the Google Cloud portfolio that also include Anthos for running in multi-cloud environments and Cloud Run, Google’s serverless offering. “[Autopilot] is really [about] bringing the automation aspects in GKE we have for running on Google Cloud, and bringing it all together in an easy-to-use package, so that if you’re newer to Kubernetes, or you’ve got a very large fleet, it drastically reduces the amount of time, operations and even compute you need to use,” Bradstock explained.

And while GKE is a key part of Anthos, that service is more about brining Google’s config management, service mesh and other tools to an enterprise’s own data center. Autopilot of GKE is, at least for now, only available on Google Cloud.

“On the serverless side, Cloud Run is really, really great for an opinionated development experience,” Bradstock added. “So you can get going really fast if you want an app to be able to go from zero to 1000 and back to zero — and not worry about anything at all and have it managed entirely by Google. That’s highly valuable and ideal for a lot of development. Autopilot is more about simplifying the entire platform people work on when they want to leverage the Kubernetes ecosystem, be a lot more in control and have a whole bunch of apps running within one environment.”

 

ClimaCell plans to launch its own satellites to improve its weather predictions

The weather data and forecasting startup ClimaCell today announced that it plans to launch its own constellation of small weather satellites. These radar-equipped satellites will allow ClimaCell to improve its ability to get a better picture of global weather and improve its forecasting abilities. The company expects the first of these to launch in the second half of 2022.

As ClimaCell CEO Shimon Elkabetz points out in today’s announcement, ground-based radar coverage, which allows you to get information about precipitation and cloud structure, remains spotty, even in the U.S., which in turn often makes even basic forecasting more difficult. And while there are (expensive) space-based radar satellites available, those often only revisit the same area every three days, limiting their usefulness. ClimaCell hopes that its constellation of small, specialized satellites will offer hourly revisit times.

We started with proprietary sensing and modeling to predict the weather more accurately at every point in the world, and built on top of it one software platform that can be configured to every job and vertical,” Elkabetz writes. “[…] Now, we are evolving into a SaaS company powered by Space: We’re launching a constellation of satellites to improve weather forecasting for the entire world. For the first time, a constellation of active radar will surround Earth and provide real-time observations to feed weather forecasting at every point on the globe.

That’s indeed a big step for the company, but we may just see more of this in the near future. While even 10 years ago it would have been hard for even a well-funded company to launch its own satellites, that’s quite different now. A number of factors contributed to this, ranging from easier access to launch services, breakthroughs in building these proprietary radar satellites and the availability of auxiliary services like ground stations as a service, which now even AWS and Microsoft offer, and a whole ecosystem of vendors that specialize in building these satellites. The ClimaCell team tells me that it is talking to a lot of vendors right now and will choose which one to go to later on.