Welcome back. Here’s what you need to know in Australian tech today.
1. Samsung’s operating profit is down 30% as the Korean electronics company comes under pressure from Apple and smartphone makers in China. Preliminary numbers show operating profit was estimated at 5.9 trillion won ($A7.1 billion) for the three months to the end of March, down from 8.49 trillion won ($A10.2 billion) in the same period 12 months ago. More here.
2. Bluechilli’s cyber security startup TokenOne has secured investment from Singtel as part of its Innov8 program. The investment amount was curiously undisclosed but it was revealed BlueChilli, Black Sheep Capital and Mirin Capital also participated in the round which was the company’s third. However, according to the Optus Innovate seed program site it invests between $10,000 and $50,000 for an idea, up to $200,000 in prototypes with proof of concept and customers, more than $250,000 in companies which can demonstrate traction and over $1 million to scale proven businesses. A source told Business Insider it was more than a million dollar investment. TokenOne executive chairman Phil Cuff said the latest capital would help the startup scale and expand overseas.
3. You weren’t alone if you spent the long weekend binge watching Netflix. According to data from Authentic Entertainment almost 1 in 5 Australians either intends to subscribe to the video streaming service or is already using it.
4. With Shark Tank judge Steve Baxter as one of its backers, Brisbane-based startup Cohort Solutions has struck a deal with Optus to offer pre-paid Sim cards to international students before they arrive in Australia. It’s one way the company is growing its educ-tech business which helps international students settle into Australia. There’s more here.
5. When it comes to a startup’s burn rate, some investors like to see companies being frugal, while others, including VC Scott Nolan, a partner at Founders Fund — best known as Peter Thiel’s venture firm — think burn rates don’t matter. He’s looking for companies that are not profitable because he thinks profits indicate that the startup doesn’t really know what to do with money. His explanation is here.
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