All posts in “Software”

Facebook makes its first browser API contribution

Facebook today announced that it has made its first major API contribution to Google’s Chrome browser. Together with Google, Facebook’s team created an API proposal to contribute code to the browser, which is a first for the company. The code, like so much of Facebook’s work on web tools and standards, focuses on making the user experience a bit smoother and faster. In this case, that means shortening the time between a click or keystroke and the browser reacting to that.

The first trial for this new system will launch with Chrome 74.

Typically, a browser’s JavaScript engine handles how code is executed and when it will halt for a moment to see if there are any pending input events to which it needs to react. Because even modern JavaScript engines that run on multi-core machines are still essentially single-threaded, the engine can only really do one thing at a time, so the trick is to figure out how to best combine code execution with checking for input events.

“Like many other sites, we deal with this issue by breaking the JavaScript up into smaller blocks. While the page is loading, we run a bit of JavaScript, and then we yield and pass control back to the browser,” the Facebook team explains in today’s announcement. “The browser can then check its input event queue and see whether there is anything it needs to tell the page about. Then the browser can go back to running the JavaScript blocks as they get added.”

Every time the browser goes through that cycle, though, and checks for new events, processes them, a bit of extra time passes. You do this too many times and loading the page slows down. But if you only check for inputs at slower intervals, the user experience degrades as the browser takes longer to react.

To fix this, Facebook’s engineers created the isInputPending API, which eliminates this trade-off. The API, which Facebook also brought to the W3C Web Performance Working Group, allows developers to check whether there are any inputs pending while their code is executing.

With this, the code simply checks if there’s something to react to, without having to fully yield control back to the browser and then passing it back to the JavaScript engine.

For now this is just a trial — and because developers must integrate this into their code, it’s not something that will automatically speed up your browser once Chrome 74 launches. If the trial is successful, though, chances are developers will make use of it (and Facebook surely will do so itself) and that other browser vendors will integrate into through their own engines, too.

“The process of bringing isInputPending to Chrome represents a new method of developing web standards at Facebook,” the team says. “We hope to continue driving new APIs and to ramp up our contributions to open source web browsers. Down the road, we could potentially build this API directly into React’s concurrent mode so developers would get the API benefits out of the box. In addition, isInputPending is now part of a larger effort to build scheduling primitives into the web.”

Index Ventures, Stripe back bookkeeping service Pilot with $40M

Five years after Dropbox acquired their startup Zulip, Waseem Daher, Jeff Arnold and Jessica McKellar have gained traction for their third business together: Pilot.

Pilot helps startups and small businesses manage their back office. Chief executive officer Daher admits it may seem a little boring, but the market opportunity is undeniably huge. To tackle the market, Pilot is today announcing a $40 million Series B led by Index Ventures with participation from Stripe, the online payment processing system.

The round values Pilot, which has raised about $60 million to date, at $355 million.

“It’s a massive industry that has sucked in the past,” Daher told TechCrunch. “People want a really high-quality solution to the bookkeeping problem. The market really wants this to exist and we’ve assembled a world-class team that’s capable of knocking this out of the park.”

San Francisco-based Pilot launched in 2017, more than a decade after the three founders met in MIT’s student computing group. It’s not surprising they’ve garnered attention from venture capitalists, given that their first two companies resulted in notable acquisitions.

Pilot has taken on a massively overlooked but strategic segment — bookkeeping,” Index’s Mark Goldberg told TechCrunch via email. “While dry on the surface, the opportunity is enormous given that an estimated $60 billion is spent on bookkeeping and accounting in the U.S. alone. It’s a service industry that can finally be automated with technology and this is the perfect team to take this on — third-time founders with a perfect combo of financial acumen and engineering.”

The trio of founders’ first project, Linux upgrade software called Ksplice, sold to Oracle in 2011. Their next business, Zulip, exited to Dropbox before it even had the chance to publicly launch.

It was actually upon building Ksplice that Daher and team realized their dire need for tech-enabled bookkeeping solutions.

“We built something internally like this as a byproduct of just running [Ksplice],” Daher explained. “When Oracle was acquiring our company, we met with their finance people and we described this system to them and they were blown away.”

It took a few years for the team to refocus their efforts on streamlining back-office processes for startups, opting to build business chat software in Zulip first.

Pilot’s software integrates with other financial services products to bring the bookkeeping process into the 21st century. Its platform, for example, works seamlessly on top of QuickBooks so customers aren’t wasting precious time updating and managing the accounting application.

“It’s better than the slow, painful process of doing it yourself and it’s better than hiring a third-party bookkeeper,” Daher said. “If you care at all about having the work be high-quality, you have to have software do it. People aren’t good at these mechanical, repetitive, formula-driven tasks.”

Currently, Pilot handles bookkeeping for more than $100 million per month in financial transactions but hopes to use the infusion of venture funding to accelerate customer adoption. The company also plans to launch a tax prep offering that they say will make the tax prep experience “easy and seamless.”

“It’s our first foray into Pilot’s larger mission, which is taking care of running your companies entire back office so you can focus on your business,” Daher said.

As for whether the team will sell to another big acquirer, it’s unlikely.

“The opportunity for Pilot is so large and so substantive, I think it would be a mistake for this to be anything other than a large and enduring public company,” Daher said. “This is the company that we’re going to do this with.”

Facebook now says its password leak affected ‘millions’ of Instagram users

Facebook has confirmed its password-related security incident last month now affects “millions” of Instagram users, not “tens of thousands” as first thought.

The social media giant confirmed the new information in its updated blog post, first published on March 21.

“We discovered additional logs of Instagram passwords being stored in a readable format,” the company said. “We now estimate that this issue impacted millions of Instagram users. We will be notifying these users as we did the others.”

“Our investigation has determined that these stored passwords were not internally abused or improperly accessed,” the updated post said, but the company still has not said how it made that determination.

The social media giant did not say how many millions were affected, however.

Last month, Facebook admitted it had inadvertently stored “hundreds of millions” of user account passwords in plaintext for years, said to have dated as far back as 2012. The company said the unencrypted passwords were stored in logs accessible to some 2,000 engineers and developers. The data was not leaked outside of the company, however. Facebook still hasn’t explained how the bug occurred.

Facebook posted the update at 10am ET — an hour before the Special Counsel’s report into Russian election interference was set to be published.

When reached, spokesperson Liz Bourgeois said Facebook does not have “a precise number” yet to share, and declined to say exactly when the additional discovery was made.

Listen to us talk about ‘undercorns,’ IPOs and what going public is really about

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

Kate and Alex were here yesterday to dig into the Uber IPO filing; for today’s episode, we put that aside and discussed everything else that happened this week. Lucky for us, for the second half of our Thursday podcast-a-thon, the excellent Phil Libin joined us. He was the perfect guest for an IPO-heavy week.

You may know Libin as a co-founder of Evernote, or part of General Catalyst, a venture shop. What’s he up to now? We took the time to let him explain it, so listen up and you’ll find out.

This week we talked about a few other IPO results, including what’s going on with Lyft’s stock price (it’s going down and Uber’s expected IPO price range isn’t helping) in the wake of the company’s own hugely successful IPO (in terms of capital raised). Lyft may be losing altitude due simply to hype wearing off but at least now we understand how important its first earnings call will be.

We turned next to Pinterest, the buzzy visual search engine that’s now being called an ‘undercorn.’ We didn’t spend too much time mocking the phrase, interestingly, instead, our guest explained his philosophical stance on IPOs, in general. He spoke for a while and Alex and Kate nodded their heads in agreement. They especially agreed with his claim that companies shouldn’t have to sacrifice culture for profits, amen!

Staying on the IPO theme, PagerDuty was next. It’s IPO performance has been huge, and big, and impressive. And in a wave of appreciation towards everyone who has listened to the show for a long time, we did not spend 14 minutes arguing about IPO pricing. You’re welcome!

We ended with Kate doing a rapid-fire review of all the venture capital funds that announced closes this week because there were a lot, including Slow Ventures, Defy.VC and Texas’s LiveOak Venture Partners .

If you’re already itching for more Equity, we have a feeling next week will be another heavy news week with Pinterest and Zoom’s IPO on the docket.

Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple PodcastsOvercast, Pocket Casts, Downcast and all the casts.

Snap is channeling Asia’s messaging giants with its move into gaming

Snap is taking a leaf out of the Asian messaging app playbook as its social messaging service enters a new era.

The company unveiled a series of new strategies that are aimed at breathing fresh life into the service which has been ruthlessly cloned by Facebook across Instagram, WhatsApp, and even its primary social network. The result? Snap has consistently lost users since going public in 2017. It managed to stop the rot with a flat Q4, but resting on its laurels isn’t going to bring the good times back.

Snap has taken a three-pronged approach: extending its stories feature (and ads) into third-party apps and building out its camera play with an AR platform, but it is the launch of social games that is the most intriguing. The other moves are logical and they fall in line with existing Snap strategies, but games is an entirely new category for the company.

It isn’t hard to see where Snap found inspiration for social games — Asian messaging companies have long twinned games and chat — but the U.S. company is applying its own twist to the genre.