Archive for November, 2016

Fenwick & West -Silicon Valley Venture Capital Survey – Third Quarter 2016


We analyzed the terms of 149 venture financings closed in the third quarter of 2016 by companies headquartered in Silicon Valley.

Overview of Results

The weakening in venture valuations that began in the second half of 2015 continued in 3Q16, with two of our three valuation metrics declining. Overall the valuation metrics have returned to their 12 year averages after a very strong 2014-2015.

  • Up rounds exceeded down rounds in 3Q16, 71% to 14%, with 15% flat. This was a decline from 2Q16 when up rounds exceeded down rounds 74% to 13%, with 13% flat. This was the fourth straight quarter in which the number of up rounds declined and the lowest percentage of quarterly up rounds since 2Q13.
  • The average price increase of financings in 3Q16 compared to the prior financing round (the “Barometer”) was 52%, an increase from the 40% recorded in 2Q16. This increase was primarily due to two (life science) companies that closed financings with price increases five or more times their prior round. There were no such financings in 2Q16.
  • The median price increase of financings in 2Q16 compared to the company’s prior financing was 31%. This was a decline from the 36% recorded in 1Q16, the fourth straight quarterly decline and the lowest median increase since 4Q13. The 12 year average median increase is 28%.
  • The median price increase of financings in 3Q16 compared to the prior financing round was 27%, a decline from the 31% recorded in 2Q16. This was the fifth straight quarterly decline and the lowest median price increase since 4Q13.
  • The strongest industry was “Other”, which consists primarily of venture backed food and personal care/fashion companies. Although software was the next strongest industry, its average price increase was the lowest since 3Q10.

Click here for the full survey.

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memorial unknown-1

For those who Serve, for those who have Served and for those who have paid the ultimate Sacrifice;

With RESPECT, with HONOR and with DIGNITY;

We say “Thank you for your Service”

May GOD Bless and Protect our troops.


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Forget the iPhone 7 — here are 10 reasons the 2017 iPhone will blow everyone away

iphone 8ConceptsiPhone/YouTube

Next year marks the 10-year anniversary of the iPhone, and all rumors are pointing to a radical redesign.

This month, there was a pretty considerable spill of information by a top industry executive regarding two new features. We also saw rumors about a a third model with a new screen size, as well as some current rumors reinforced by fresh leaks.

Check out the latest rumors surrounding Apple’s next NEXT iPhone.

This will not be an “S” model of the iPhone 7.

This will not be an "S" model of the iPhone 7.


MacRumors spotted a report from an analyst at Barclay’s that claims Apple will skip the “S” model this year, which has historically followed each new phone version, and jump directly from the iPhone 7 to the iPhone 8, or possibly “10,” in 2017.

Since 2017 marks the iPhone’s 10th anniversary, it wouldn’t be surprising if Apple does something special to mark the anniversary of its most important product.

The front surface will be all display with no borders or bezels.

The front surface will be all display with no borders or bezels.


Rumors that the iPhone 10 will have an all-display front surface first emerged from John Gruber, the plugged-in Apple blogger and podcaster from Daring Fireball.

Gruber claims he has heard insider scuttlebutt that the iPhone 10’s front won’t have any bezels or borders, and that it’ll be one large display.

It will mostly be made of glass with an aluminum frame.

It will mostly be made of glass with an aluminum frame.


A report from Apple analyst Ming Chi Kuo, who often accurately predicts new Apple products and features, says that the iPhone 10’s body will be made of glass. If so, it could have a similar aesthetic as the iPhone 4 and 4s, both of which had a glass back.

A recent report from Japanese news site Nikkei claims that Apple is, indeed, ditching the metal back design for an all-glass back and metal frame.

There will be a third “high-end” model with a larger screen with a stainless steel frame.

There will be a third "high-end" model with a larger screen with a stainless steel frame.

A custom iPhone 5s made to look even more premium than the original models.Gold genie

A report from Kuo predicts Apple will release a third “high-end” model with a larger 5.8-inch screen compared to the Plus model’s 5.5-inch screen.

Kuo also claims it’ll have a stainless steel frame rather than the aluminum, which is more often used than steel in smartphones.

Others say the “third” iPhone model will have a 5-inch screen.

Others say the "third" iPhone model will have a 5-inch screen.

REUTERS/Stephen Lam

Nikkei’s report claiming that Apple will use glass instead of metal for the upcoming iPhone’s back also claimed Apple will release a model with a 5-inch display.

If true, Apple would have a decently comprehensive lineup that caters to a wide range of screen-size preferences. We’d have the 4-inch iPhone SE (and its potential successor), as well as 4.7, 5, and 5.5-inch iPhones.

The home button will be invisible.

The home button will be invisible.

Antonio Villas-Boas/Tech Insider

Gruber claims the home button, which also houses the fingerprint sensor, will be embedded into the front glass panel, making it invisible.

Gruber’s claims line up nicely with rumors posted by tech site i4u that a future iPhone will have an embedded home button.

Recently, Chinese tech giant Xiaomi released new phones with the same technology that Apple described in a patent for alternative home buttons, which could give us an idea of how a future home button on the iPhone 10 could work.

It will have an incredible screen.

It will have an incredible screen.

Antonio Villas-Boas/Business Insider

Rumors from The Korea Herald news site suggest the 2017 iPhone will have an AMOLED display, which would look better than the LCD display in current iPhones.

And most recently, Sharp President Tai Jeng-Wu talked to students at the University of Taiwan about future iPhones, saying that new devices will include OLED screen technology.

It will have wireless charging.

It will have wireless charging.


The Barclay’s analyst report summarized by MacRumors claims that the iPhone 10 will have wireless charging.

We also know that Apple is looking into the technology from a patent filed on September 9.

The latest information spill from Sharp President Tai Jeng-Wu to University of Taiwan students included wireless charging.

It won’t have a headphone jack.

It won't have a headphone jack.


Since the iPhone 7 doesn’t have a headphone jack, we can expect future iPhones won’t feature a headphone jack, either.

The smaller model will not get the a dual lens camera like the iPhone 7 Plus.

The smaller model will not get the a dual lens camera like the iPhone 7 Plus.

Andri Koolme/Flickr

Ming Chi Kuo believes the dual-lens camera will remain an exclusive feature for the larger iPhone models from 2017 onward.

There might have been a glimmer of hope that the dual-lens camera would make its way down to the smaller iPhone model, as the optical image stabilization (OIS) that was exclusive to the iPhone 6s Plus trickled its way down to the regular iPhone 7. But if Kuo’s predictions are true, this will not be the case.

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Microsoft’s Surface boss explains the master plan behind the new Surface Studio PC

microsoft surface panos panayMicrosoft Corporate VP of Devices Panos PanayMatt Weinberger/Business Insider

The whole point of the original Microsoft Surface tablet, released in 2012, was to show PC manufacturers and the world just how good a touchscreen-enabled Windows PC could be, Microsoft CVP of Surface Panos Panay told Business Insider earlier this year.

“We needed to ensure it would happen right,” Panay said at the time.

So when Microsoft last week unveiled the Surface Studio — a gorgeous all-in-one PC that doubles as a touchscreen drafting table for creatives — it raised a big question.

If the Surface was designed to bring the Windows PC industry around to touchscreens, what does the Surface Studio do for Microsoft?

“The entire ecosystem benefits when we create new categories and experiences that bring together the best of hardware and software,” Panay tells Business Insider. He calls the Surface Studio “a new way for people to experience Windows 10, Office, Skype and more.”

To clarify, Panay is saying that the Surface Studio brings Windows 10 and the rest of Microsoft’s family of apps to new audiences. So far, judging from the earliest reviews and impressions, the Surface Studio is at least winning the interest of the artists and creative types that have historically formed much of Apple’s base.microsoft surface studioMicrosoft Surface Studio, with the Surface Dial accessory.Microsoft

That, in turn, brings new users into the Windows 10 fold that otherwise may have stayed on Team Apple. That’s good for Microsoft, as it works around the clock to spur the growth of Windows 10 amid mounting competition. As Panay told us earlier this year, hardware is “part of the growth story for Windows and for Microsoft.”

And in the same way that you saw other companies (including Apple) copy the Surface tablet and Surface Book laptop design for their own devices, Panay says Microsoft is expecting history to repeat itself.

“With Surface, we pioneered new experiences for our customers and we’ve seen others in the industry follow suit,” Panay says. “I expect that we may see the same with this new category, and that would be a great thing for customers and for Windows.”

Which is to say, expect Windows PC manufacturers to follow Microsoft’s lead and build their own takes on the Surface Studio, the same way that companies like Lenovo and Samsung have built their own Surface Pro-like tablets.

Surface switch

On a final note: Back in August, Panay mentioned that despite the Surface Book’s trademark detachable tablet display, Microsoft thought of it as a laptop first and foremost — cool as it is to turn your screen into a standalone tablet, he didn’t expect people would make daily use of the feature.

So I asked Panay how Microsoft is thinking about the Surface Studio. Do they think it’s mostly a desktop PC, or mostly a mega-sized drawing table? Panay says that “every feature was highly scrutinized” to make it something that feels natural, even if you’re constantly switching between using it as a PC or tilted to use it as a drafting table.

microsoft surface studioThe Microsoft Surface Studio, with the Surface Dial accessory.Microsoft

“We wanted to create a device that follows you through your creative process and adapts to your need in that moment,” Panay says. “We think people will naturally flow between desktop and studio mode as they move through their process and their day.”

The Microsoft Surface studio launches this holiday season starting at $2,999.

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