Dailyhunt parent VerSe Innovation raises $100 million in fresh funds from Google, Microsoft and others This new round of funding pushes VerSe Innovation, owner of the short-form video app Josh, into the unicorn club. TechSamvad December 24, 2020 15:17:52 IST Dailyhunt logo
Technology giants Google and Microsoft along with AlphaWave, a unit of Falcon Edge Capital, have invested over $100 million (around Rs 738 crore) in content platform Dailyhunt parent VerSe Innovation Private Limited, taking its valuation over $1 billion and into the unicorn club. Existing investors Sofina Group and Lupa Systems also participated in the round. Other investors of VerSe Innovation include Matrix Partners India, Sequoia Capital India, Falcon Edge Capital and Goldman Sachs.
Tech Firms Form Coalition to Defend Internet Liability Shield Law
A number of internet companies that are not big social media players are organizing to defend the law that shields them from lawsuits.
The companies have formed a coalition called Internet Works to protect what they see as the benefits of Section 230 of the Communications Decency Act, which has been targeted by the Trump Administration and members of Congress. Section 230 protects the internet firms from lawsuits over the content on their sites.
Members of the new coalition include Automattic, Cloudflare, Dropbox, eBay, Etsy, Glassdoor, GoDaddy, Medium, Nextdoor, Patreon, Pinterest, Reddit, Snap Inc., Tripadvisor, Vimeo and the Wikimedia Foundation.
Internet Leaders Launch Internet Works
Independent Coalition will Advocate Congress Preserve Benefits of Bedrock Internet Law
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WASHINGTON, Dec. 15, 2020 /PRNewswire/ Internet industry leaders Automattic, Cloudflare, Dropbox, eBay, Etsy, Glassdoor, GoDaddy, Medium, Nextdoor, Patreon, Pinterest, Reddit, Snap Inc., Tripadvisor, Vimeo, and the Wikimedia Foundation today announced the formation of
Internet Works, a coalition that will work with Congress to promote the benefits of Section 230, a provision of the Communications Decency Act. Given multiple legislative proposals that could undermine CDA 230 benefits, the goal of Internet Works is to ensure policymakers understand the potential unintended consequences of blunt changes to the law, including reducing competition, imperiling consumer choice, and limiting effective content moderation efforts.
Tech Companies Shift Their Posture on a Legal Shield, Wary of Being Left Behind
Some of the industry’s critics are skeptical, however, about a new flexibility to changes to Section 230 of the Communications Decency Act.
Mark Zuckerberg, the Facebook chief executive, recently said he supported updates to Section 230.Credit.Pool photo by Greg Nash
Dec. 15, 2020
WASHINGTON For more than two decades, the tech industry had a cohesive message to Congress about a law that shields internet platforms from lawsuits: Don’t touch it.
But now, as tech companies face intensifying attacks from political leaders, more of them are saying something else: Let’s work something out.