Daily Crunch: With just $2.2B in remaining liquidity, SVB’s parent company files for bankruptcy.

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Happy Friday Crank!

There is a persistent theory in hardware that overseas manufacturing is a cheaper/better/more efficient option. You work there, collect elsewhere, and finally get approved and come to America. came Writes on TC+. It turns out that it is possible to produce closer to home. With supply chains in the news more than ever, “nearby” is an often overlooked option for startups.

On that note – we’ll be drinking beer with shamrock in it for no particular reason. – Christine And came

TechCrunch’s Top 3

  • Next Stop, Chapter 11Today, SVB Financial filed for Chapter 11 bankruptcy protection, saying it has $2.2 billion in liquidity. Ingrid Reports. “This means that SVB Financial can and plans to apply to the courts to continue operations while it finds buyers for the assets, including plans to sell from SVB Securities and SVB Capital, among others,” Ingrid explained. .
  • We didn’t ask for moreNow US users can add a coveted blue checkmark to their Instagram and Facebook accounts – well, at least get on the waiting list to do so – for a monthly fee, that is. Aisha Reports. Nothing in life is truly free, he loves. But there are stickers, so there’s that.
  • A little bit of timeAs a serial entrepreneur who has endured some ups and downs, Parker Conrad has seen it all. Or maybe he thought until last week, Connie Reports. Rippling, a six-year-old human resources management company, will get $500 million in new financing as insurance that SVB’s meltdown can’t be resolved as quickly as it happened.

Startups and VCs

Last night news broke that Virgin Orbit was suspending operations for at least a week as it sought funding to support the business. As part of that pause, company executives reportedly lashed out at workers at an all-hands meeting — and it will be unpaid. It should never come down to employee yelling, but, Arya He wrote.

Unearthly Materials said it had big-name investors, but not all were on board. Tim Reported on TC+. He says the startup is on the cusp of superconductor discovery, despite a questionable scientific record.

And we’ve got five more, full of even saltier commentary than usual.

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

Image Credits: Getty Images

We don’t produce many articles promoting basic best practices. Suggestions like “listen to your customers” and “make informed decisions” are so general, they’re hard to implement.

But now that AI-driven solutions are delivering search results, curating lyrics and generating illustrations on demand, startups need a framework to create customized user experiences, said Ab Gaur, founder and CEO of Vertikal.

“While too much or irrelevant customer data can clog content pipelines, the right data can significantly drive greater personalization,” he writes.

Three more from the TC+ team:

TechCrunch+ Our membership program helps founders and startup teams stay ahead of the pack. You can register here.. Use code “DC” for 15% off annual subscription!

Big Tech Inc.

Tik Tok had a lot going for it the other day: New Zealand banned Tik Tok from MPs’ phones while drawing criticism from several government bodies in the United States. Ivan He has more about what’s out there. Speaking of America, Taylor The government here is increasing pressure on TikTok to split from parent company ByteDance or face a ban in the United States, writing that the social media giant has reached a multi-year deal with Major League Soccer while it deals with the matter. Unless otherwise prohibited in the US, the Agreement provides exclusive content and other in-app programming; Aisha He wrote.

And we have five more for you:

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