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CcHub’s iHub acquisition, Andela’s $50M run-rate and layoffs, Transsion’s IPO – TechCrunch

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Two of Africa’s powerhouse tech incubators joined forces in September. Nigerian innovation center and seed-fund CcHub acquired Nairobi based iHub.

The purchase amount was undisclosed, but CcHub will finance the deal out of its real-estate project to build a new 10-story HQ in Lagos, CcHub CEO Bosun Tijani told TechCrunch.

Details are emerging on how the two entities will operate together, but Tijani noted some degree of autonomy. The names — CcHub and iHub — will remain the same. Tijani is now co-CEO of both organizations.

Nekesa Were continues as iHub managing director. And iHub’s existing programs will remain, with CcHub extending to Kenya some of its existing activities in education, healthcare and governance.

CcHub will also use the iHub addition to expand the investment scope of its Growth Capital Fund.

The acquisition brings together two of Africa’s most powerful tech hubs by membership networks, volume of programs, startups incubated, and global visibility. CcHub and iHub visitors and partnerships span Zuckerberg, Mayer, Facebook, Google, and several African governments.

There’ll be a lot to cover on how this merger shapes up. At a high level, for now, the CcHub-iHub union creates a direct innovation link between two of Africa’s most active markets for VC and startup formation — Nigeria and Kenya .

Africa-focused tech talent accelerator Andela  announced cuts of 400 junior engineers across Kenya,  Uganda and Nigeria just as the startup released first-time earnings figures indicating it will surpass $50 million in revenues for 2019.

On the disjointed news, Andela CEO told TechCrunch the layoffs were due to a shift in market demand for the startup’s more senior developers.

Andela’s client base is comprised of more than 200 companies around the world that pay for the African developers Andela selects and trains to work on projects.

The Series D tech-venture is one of Africa’s most visible (by press volume) and best funded ― backed by $181 million in VC from investors that include the Chan Zuckerberg Initiative.

Johnson said the layoffs were not due to a lack of demand or financial woes. That’s probably why Andela released first-time figures of a $50 million run-rate for 2019, something of a rarity for a startup to reach in less than five years. That’s even more rare for ventures in Africa. Only one VC-backed digital company has revealed annual revenues between $50 and $100 million. That’s Jumia, the e-commerce startup that listed in an NYSE IPO earlier this year.

The departing Andela software engineers gained severance packages and are receiving placement assistance from partners including incubators CcHub and iHub.

Chinese mobile phone and device maker Transsion listed in an IPO on Shanghai’s new NASDAQ-like STAR Market, a Transsion spokesperson confirmed to TechCrunch.

Headquartered in Shenzhen, Transsion is a top seller of smartphones in Africa under its Tecno brand. The company has also started to support venture funding of African startups.

Transsion issued 80 million A shares at an opening price of 35.15 yuan (≈ $5.00) to raise 2.8 billion yuan (or ≈ $394 million).

Transsion plans to spend 1.6 billion yuan (or $227 million) of its STAR Market raise on building more phone assembly hubs, and around 430 million yuan ($62 million) on research and development, including a mobile phone R&D center in Shanghai.

Transsion has a manufacturing facility in Ethiopia and announced plans to build an R&D facility in India.

There are a couple things to watch with Transsion’s IPO. First, the public listing, and accompanying capital could mean more venture funding for African startups.

Transsion-funded Future Hub already teamed up with Kenya’s Wapi Capital in August to source and fund early-stage African fintech startups.

Transsion’s IPO and growing presence in Africa also accompanies TechCrunch coverage over the last year that signals China’s growing digital influence in Africa (see Extra Crunch analysis).

More Africa-related stories @TechCrunch

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Ring Car Cam leaks: This could be Amazon’s Alexa dash-cam

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Details and what appears to be an image of Ring’s upcoming Car Cam have leaked, with the connected dash cam expected to add security both when the vehicle is parked and while it’s on the move. The newest addition to Ring’s line-up was actually announced in September 2020 as part of Amazon’s big device launch, though at the time no pictures of the Car Cam hardware itself were shared.

Still, Ring’s description painted a fairly comprehensive picture of what it was intended to do. As well as tracking bumps and attempted break-ins, and notifying owners via the Ring smartphone app, it can also be used to record journeys and summon emergency services in the case of an accident being detected.

If you’re being pulled over by the police, meanwhile, saying “Alexa, I’m being pulled over” will automatically begin video and audio recording. At the same time as that’s being uploaded to the cloud, the system will send a notification to pre-selected family members to let them know the stop has taken place. Ring said there would be a physical privacy shutter, too, and a choice of WiFi or LTE connectivity. The whole thing would be $199.99, though cellular plans would be on top of that.

Since then, we’ve not heard anything more about the new dash camera. A leak on The Tape Drive, though, has revealed what it could look like, and it’s certainly an unusual design.

The camera assembly looks to be mounted on some sort of bracket, either to be positioned above the dashboard or potentially hung from above the rearview mirror. There’s presumably a fish-eye camera on both sides – only visible from one side in the render – to capture footage both inside and outside of the car.

As for functionality, ZatzNotFunny spotted a seemingly prematurely-published Ring Car Cam information document on the company’s support site. It reconfirms some of the details which Ring told us late last year, but also adds a few extra tidbits.

For example, the camera will connect via the vehicle’s data port, not just hook up to a USB or 12V outlet for power. “Ring Car Cam easily installs directly to the OBD-II port in your vehicle, located behind your steering wheel in most cars,” Ring explains. “It securely attaches to the windshield and dashboard of the car, and the cable can be neatly tucked away and out of sight.”

It’s unclear what extra data Ring might be gathering by using that approach. The OBD-II port typically grants access to various driving metrics, and though originally intended as a way for vehicle technicians to diagnose faults and issues in increasingly computerized models, has also gained traction as a way for third-party devices to tap that same stream of information. Amazon had also announced Ring Car Alarm, a cellularly-connected dongle that plugs into the ODB-II port.

The Ring Car Cam itself won’t require a subscription, though you won’t get all of the features in that case. “You can access video stored locally on the device via the Ring app when the car is within range of wifi,” the company explains. “With an optional Ring connectivity plan, you can access video from anywhere via LTE as well as advanced features like Emergency Crash Assist.”

The connectivity plan for Ring Car Cam will also unlock features like real-time tracking, to help locate a stolen vehicle.

What remains to be seen is how Ring Car Cam will fit into Ring’s existing sharing policies with police departments. The Amazon-owned company has found itself mired in controversy in recent years, after inking deals with law enforcement that saw many requests for footage from connected security cameras and video doorbells. Ring had been accused of fueling privacy infringement and supporting racial profiling.

Earlier this month, the company announced a new policy around sharing with public safety and law enforcement agencies. Moving forward, such agencies will ahem to request information or video from communities through a publicly-viewable category on Ring’s Neighbors app. This new section, “Request for Assistance,” will allow communities to see just what sort of data is being shared, Ring says.

“All Request for Assistance posts will be publicly viewable in the Neighbors feed, and logged on the agency’s public profile,” Ring explains. “This way, anyone interested in knowing more about how their police agency is using Request for Assistance posts can simply visit the agency’s profile and see the post history.”

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YouTube on iOS PiP makes it much easier to watch videos while multitasking

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YouTube is now rolling out the ability for all users to watch videos with picture-in-picture mode, which reduces the video players to a small floating screen on one’s phone or tablet. This feature won’t be limited to only premium customers as some had previously speculated, though those premium customers will get access to the PiP support first.

Android users have had access to YouTube’s picture-in-picture mode for a while; it has become increasingly useful as devices get larger, higher-resolution displays, leaving ample room for using more than one app at a time. With PiP, someone can watch a video in a small corner of their device’s display while doing something else, such as browsing social media, messaging, or playing games.

There have been concerns over recent months that YouTube wouldn’t only make its picture-in-picture mode available to paying Premium subscribers on iOS, but that’s not the case, according to confirmation given to MacRumors.

The feature is now rolling out to all iOS users in the United States, with Premium customers getting it first followed by free users ‘soon.’ Some iOS users have already had access to the YouTube picture-in-picture feature, though its availability has been touch and go with it working only sometimes.

The official support will eliminate the need to deal with difficult workarounds and buggy Safari streaming, though you may need to remain patient if you’re not a Premium user. The feature will be most useful on larger iPhone models where there’s enough screen space to watch a video in the mini player and engage in a second activity.

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Researchers say they’ve found the ideal strategy to pay off student loans

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When many people near college graduation, they begin to contemplate how they’ll deal with the student loans they’ve racked up over the past few years. The burden — which grows more substantial with every generation — can result in stress and, if not managed properly, may throw one’s life plans off track for several years. Mathematicians with the University of Colorado at Boulder may have a solution, explaining that they developed a mathematical model to explore the ideal repayment strategy.

Generally speaking, college graduates get a brief grace period after graduation during which time they aren’t required to make payments on their loans. Two different options are available once payments start: an income-based repayment strategy that involves paying a certain amount monthly based on one’s salary or simply throwing as much money at the loan as possible to pay it off in a shorter period of time.

In many cases, graduates are often advised to pay the loans off as quickly as possible if the funding amount is on the smaller side. On the flip side, graduates are typically told to take the income-based repayment option if they’ve taken out a substantial amount of funds in the form of student loans. The new study suggests a hybrid approach may be more ideal.

The mathematical model takes into account things like compounding interest rates, the income tax that may need to be paid, and more. The findings indicate that some graduates may benefit from a hybrid-style repayment approach that involves paying off as much as possible for the first several years, then switching over to an income-based repayment plan for the remainder of the balance.

The team of researchers hasn’t made their work available as a calculator for the public, but they do plan to improve it and potentially make it available to existing repayment calculators that may integrate the model. The ideal repayment method will ultimately depend on personal factors that must be accounted for, including things like anticipated salary and more.

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