Daily Crunch: With only $2.2 billion in liquidity left, SVB’s parent files for bankruptcy

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Happy Friday Crunch!

There is a persistent theory in hardware that manufacturing offshore is a cheaper, better, and more efficient option. It is manufactured there, assembled elsewhere, and finally approved and marketed in the United States. shark Write to TC+. It turns out that it can be manufactured in a more familiar placeWith supply chains in the news more than ever, ‘nearshoring’ is an often overlooked option for startups.

On that note, for no particular reason, pour a shamrock into the foam and drink the beer. — Christine and shark

TechCrunch Top 3

• Next Destination, Chapter 11: SVB Financial today filed for Chapter 11 bankruptcy protection, revealing $2.2 billion in liquidity. Ingrid report. “This means that SVB Financial can and will apply to the courts to resume its activities while finding buyers for its assets, including proceeding with plans to sell SVB Securities and his SVB Capital. means,” Ingrid said. .
• more than we asked for: US users can now add the coveted blue check mark to their Instagram and Facebook accounts. Aisha report. Nothing in life is truly free, I love it. But there are stickers, so there it is.
• before you could say Jack Robinson: As a serial entrepreneur famous for having endured some ups and downs, Parker Conrad has seen pretty much it all. Or maybe I thought so until last week. Connie report. His employee management company, Rippling, which was founded six years before him, has given him $500 million as a form of insurance in a scenario that most likely was not resolved as quickly as the SVB meltdown occurred. has secured new funding for

Startups and VC

News broke last night that Virgin Orbit has suspended operations for at least a week while it seeks funding to support its operations. As part of that suspension, company executives reportedly told staff at an all-hands meeting that they were furloughed and would be without pay. Should not have been a staff furloughbut, Aria I am writing.

Unearthly Materials claimed to have high-profile investorsbut not all were on board, Tim Report on TC+. The startup claims to be on the cusp of a superconductor breakthrough despite a dubious scientific record.

Here are five more, with some more acerbic comments than usual.

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

There aren’t many articles promoting basic best practices. Suggestions like “listen to your customers” and “make data-driven decisions” are too general and difficult to implement.

But with AI-driven solutions serving search results, writing poetry, and generating illustrations on demand, startups need a framework for creating customized user experiences. said Ab Gaur, Founder and CEO of Verticurl.

“While excessive or useless customer data can clog content pipelines, the right information can drive hyper-personalization at scale,” he writes.

Three more from the TC+ team:

TechCrunch+ is a membership program that keeps founders and startup teams a step ahead. You can sign up hereUse code ‘DC’ and get 15% off your annual subscription!

Big Tech Co., Ltd.

A lot has happened in one day on TikTok. With consent from several U.S. government agencies, New Zealand bans TikTok from MPs’ phones. Ivan It explains in detail what is going on there. Speaking of America taylor writes that the government is here Increasing pressure on TikTok Failure to separate from parent company ByteDance also risks being banned in the US The social media giant is dealing with it, but somehow Sign multi-year contract with Major League Soccer — well, unless banned in the US, for now the deal offers exclusive content and other in-app programming. Aisha I am writing.

In addition, there are five