FocuSoft Tech Blog

Something really, really bad went down at high flying startup Canopy Financial.

This is one of the high flying startups that had a lot of buzz the last couple of years. They’ve raised at least $85 million in venture capital with the help of an investment bank, Financial Technology Partners. Their most recent round, a reported $62.5 million, was funded by Spectrum Equity Investors.

Canopy debuted on the 2009 Inc. 500 List at #12 in terms of the fastest growing private companies in America.

In 2008 CEO Vikram Kashyap said his company had 2007 revenues of $9 million. More recently, we’ve heard, the company was saying they’d hit $60 million in revenue and $9 million or so in EBITDA.

All of this may have been lies.

Until recently all the venture capitalists involved proudly placed Canopy Financial on their portfolio pages. Now all trace of the company have been erased from the portfolio pages of investors GGV Capital, Spectrum Equity and Foundation Capital. And their investment bank has erased them from their trophy page as well. But here’s what these pages looked like very recently:

So what happened? Multiple sources have told us that Canopy was absolutely making up their financial statements, even forging audited statements with fake KMPG letterhead. And somehow the investment bank and all the investors never figured it out.

A call to KPMG before investing tens of millions of dollars would have been a good start, although I have the benefit of hindsight here.

Spectrum took the biggest hit, with their recent $62.5 million investment in the company. And we’re hearing that they’re now suing to try to recover some of that money. One of the early investors, GGVP, may have taken as much as $25 million of the recent round “off the table” from the Spectrum investment, and they’re now a defendant in the lawsuit, says one source.

Canopy’s website right now is a simple information page. All deep links are broken, and the old site has been taken down (we have a screenshot here from a few months ago).

We’ve reached out to just about everyone involved with the company for comment.

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Canopy Financial Accused Of Serious Financial Fraud, Investors Burned

Yes, ladies and gentlemen, that most epic triumph of human engineering and physics research has finally taken place, and strangely enough our planet’s still in one piece too. The search for the Higgs boson particle resumed yesterday, somewhere under the Franco-Swiss border, with the CERN research team successfully executing what the LHC was built to do — accelerating proton beams to nearly the speed of light, then filming the wreckage as they crash into each other.

Having encountered a number of bumps in the road, the researchers have had to significantly scale down the energy at which their early collisions will take place, with the very first ones said to have happened at 900 billion electron volts. Still, plans are afoot for an imminent shift up to 1.2 trillion electron volts (TeV), which would be the highest energy level any particle accelerator has achieved yet, before a ramp up to 7 TeV over the coming year if all goes well.

Large Hadron Collider reboots, makes first protonic bang! originally appeared on Engadget on Tue, 24 Nov 2009 04:42:00 EST. Please see our terms for use of feeds.

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Creative’s latest point-and-shoot camcorder has emerged, and though the feature list isn’t exactly overwhelming it’s a decent update over the second-gen version.  The new Creative Vado HD still grabs 720p high-definition footage but now the company are claiming improved low-light and bright-light performance together with out-of-the-box compatibility with both PCs and Macs.

There’s also more choice in terms of connectivity, with a freshly added stereo microphone port and headphones connector.  The Vado HD will also now take still photos, and can be used in a motion-activated mode.  HDMI connectivity, a pull-out USB cord and a wide-angle lens are still present, though the 8GB model appears to have been canned in favor of the 4GB version, which can store up to 120 minutes of HD footage or 7,000 still photos.

Most obviously, the somewhat bland casing of the previous versions has been replaced with a choice of glossy black or white, with red, blue and purple to follow.  It’ll be available to preorder imminently, priced at $179.99.

Press Release:

CREATIVE UNVEILS ELEGANT NEW DESIGN WITH THIRD GENERATION VADO HD

Creative, a worldwide leader in digital entertainment products, today announced the chic third generation Vado HD Pocket Video Cam, combining a sleek design with stunning HD video quality.

“We’ve won prestigious awards and accolades for the great performance, ease of use and compact form of our Vado HD cameras. The third generation Vado HD brings a cool new design and adds additional features to the already award-winning feature set. The design looks so cool people will stop you on the street and ask you where you got it,” said Steve Erickson, VP and GM for audio and video at Creative.

Building on the great features the Vado HD line is already known for, such as HDMI out and a wide-angle lens, the third generation Vado HD adds important additional features:

• Improved quality of video in low light or brightly lit conditions with manual exposure adjustments
• External stereo microphone support for better audio recording
• Headphone output for private listening
• Motion Detection Mode enables users to program the camera to begin recording as soon as motion is detected
• Out-of-the box Mac and PC compatibility
• Still Photo Capture Mode

The third generation Vado HD also features new Vado Central 3.0 software with more instant web uploading capabilities and integrated editing options. Users can simply select one-click uploading to a number of popular social media sites, including Facebook and YouTube, and their videos will be ready to view or share in a matter of minutes. For users who don’t want their videos to be shared publicly, videos can be uploaded to KinKast via one-click uploading and then those services offer a variety of other features, including an email invite option for a more private viewing experience. Simple video editing capabilities enable users to edit videos directly in Vado Central 3.0. For more advanced editing options, users can edit videos in other editing programs, including iMovie and Movie Maker.

The third generation Vado HD with better compression can still hold up to 120 minutes of HD quality video or up to 7,000 still photos in 4GB of onboard storage. The removable rechargeable battery provides more than two hours of recording or viewing. Users can easily recharge the battery via the flexible, pull-out USB cable, with no additional cables required. Extra batteries and a wall plug-in battery charger are also available.

Pricing and Availability

The 4GB third generation Vado HD is available in black or white and is available for pre-order from www.amazon.com and www.us.creative.com for US$179.99. For more information about the complete line of Creative Vado Pocket Video Cams and Vado Pocket Video Cam accessories visit www.us.creative.com.

• Creative Vado HD 720p $200 camcorder up for preorder
• Creative Vado point-and-shoot budget camcorder
• Flip Mino camcorder landing June 4th
• Creative Vado HD Gets Upgraded With Memory, Mac Support, and New Colors
• DXG launch 567V $179 high-def camcorder to take on Flip Mino

The rest is here:
Creative Vado HD camcorder boosts low-light performance

Nokia UK have finally announced launch and pricing details for the Nokia X6, the company’s new Comes With Music flagship media phone.  Packing a 3.2-inch capacitive touchscreen, 32GB of integrated storage and a 5-megapixel camera with Carl Zeiss optics, the Nokia X6 will arrive at UK retailer Phones4U on Friday November 27th, free with a £35 ($58) per month agreement.

Video demo after the cut

If you have an old Nseries Nokia you fancy trading in, you can knock £10 off that contract price and still take the X6 away without spending a penny on the handset itself.  It’s also available to preorder SIM-free online, at Nokia’s UK store, for a somewhat extravagant £449 ($746), though at time of writing we couldn’t find any sign of it.

Other features include 3G, up to 35 hours battery life for music playback, the Ovi apps store and a TV output and support for video recording.  It also has a touch-enabled browser with Flash Lite 3.0 support, Bluetooth 2.0, WiFi, A-GPS and a micro-USB port.  Check out our hands-on video with the Nokia X6 and live gallery below.

• Nokia N97 turns out to be fake
• Westinghouse LCD TV Stockpiled for Black Friday at BestBuy
• Nokia 5800 XpressMusic ‘Tube’ hands-on first impression
• Toshiba HD-A2 HD-DVD players under $100
• Nokia announces E61i and E65 in U.S

Read the rest here:
Nokia X6 arrives in UK this Friday

Nokia have outed two new budget sliders with a strong emphasis on media sharing, the Nokia 6700 Slide and the Nokia 7230.  The 6700 Slide packs a 5-megapixel camera with Carl Zeiss optics, together with onboard editing software, while the 7230 gets a more modest 3.2-megapixel camera.

Both have 3G for high-speed uploads (though only according to the press release; the 7230 data sheet only mentions EDGE), and integration with various (unspecified) social networks that we’re expecting to include Nokia’s own Ovi system and probably Facebook and MySpace.  The 6700 Slide has a 2.2-inch QVGA 16.7m color display, FM radio, mediaplayer and microSD card slot, while the 7230 has a 2.4-inch display.

Both handsets are expected to arrive in Q1 2010, with the Nokia 6700 Slide priced at around €160 ($239) and the Nokia 7230 at €100 ($150) (both pre-tax and pre-subsidy).  Each will be available in various colors.

Press Release:

Fresh looks and smart features: new Nokia 6700 slide and Nokia 7230 unveiled
November 24, 2009

Espoo, Finland – Nokia today unveiled two new 3G slider phones, the Nokia 6700 slide and Nokia 7230, made for the design-conscious consumer and optimized for socializing and sharing with those closest to you.

Available in various fresh colors, with great imaging features and quick access to popular social networking communities, the Nokia 6700 slide and Nokia 7230 make a real style statement.

Both devices are expected to become available in the first quarter of 2010, and the retail prices before taxes and subsidies are anticipated to be EUR 160 for the Nokia 6700 slide, and EUR 100 for the Nokia 7230.

Nokia 6700 slide – Capture and share quickly and easily
With a choice of six fresh and vivid colors – pink, red, petrol blue, aluminum, lime and purple – this slimline slider is sure to turn heads. Its compact size, modern design and aluminum finish feels great in the hand, and fits perfectly even in the smallest pocket or bag.

The smart capabilities of the Nokia 6700 slide are beautifully easy to use: The 5 megapixel camera with Carl Zeiss optics is perfect for capturing and sharing moments as they happen. Favorite images can be edited on the go and uploaded to the web directly from the camera menu. The device’s high speed 3G connectivity ensures your favorite communities are always as close as your Nokia 6700 slide.

Nokia 7230 – Share in style
Being connected has never looked so good. The Nokia 7230’s compact slide design, colorful looks and solid set of features are a package that offers great value for money.

Sharing special moments and joy with friends and family is effortless, thanks to the 3.2 megapixel camera, large 2.4″ display and fast 3G connectivity. With the Nokia 7230 in your pocket, you also have quick access to email, instant messaging and social networks on the go, and the subtle illumination indicates if you have missed calls or messages from your friends.

• Nokia 6790 Surge (aka Mako) caught on video
• Nokia 2700 classic, 6700 classic and 6303 classic announced
• Nokia 6760 Slide is Europe’s AT&T Surge
• Phlash, you’re on camera
• Nokia 12-megapixel cameraphones with optical zoom in 2010?

Continued here:
Nokia 6700 Slide and 7230 budget cameraphones outed

HP reported their quarterly earnings today, and managed to beat expectations across the board, almost half a billion dollars above analyst predictions. Due to the positive news they’ve ramped up expectation for 2010 by $1-2 billion. Suck it, recession! [ZDNet]

Excerpt from:
HP Reports Q4 Profits, Raises Expectations for 2010 [Finance]

Google has obviously tired of waiting for handset manufacturers to push out Android 2.0 to existing handsets before users can play with the Google Maps Navigation beta, and as such has released the turn-by-turn software for Android 1.6 devices.  Available now in the Android Market, Google Maps Navigation for Android 1.6 delivers the same topographical layers, voice guidance and automatic rerouting as we found so useful on the Motorola DROID.

Unfortunately not all the functionality has made it across.  One of the more obvious missing features is the “navigate to” voice command shown in the demo video below; instead, Google suggest creating shortcuts to specific locations – such as your home or workplace – which can be placed directly onto the Android desktop.

As before, only US Android users have access to the Navigation beta; those outside of the country will have to wait until Google see fit to extend their testing.  If you’re in the US and you have a device such as the T-Mobile myTouch 3G or the G1, you can download Google Maps Navigation now.

[via Xatakamovil]

Relevant Entries on SlashGear

• Google Maps Navigation beta for Android 2.0: turn-by-turn, Car UI, more [Video]
• GSM Motorola MILESTONE lacks turn-by-turn in Android 2.0 Maps [Update: Confirmed]
• HTC Hero Android 2.0 update confirmed in works
• Google “doing exactly what Microsoft did” says angry GPS app dev
• Rubin confirms 18-20 Android phones on sale by end of year

See original here:
Android 1.6 phones get Google Maps Navigation beta

Even though Broadcom, Atheros, and Qualcomm have all been sampling phone-ready draft 802.11n chipsets for some time now, you’re still not seeing the tech swiftly overtake 802.11g in the mobile arena — in fact, we dare you to find a single phone in your carrier’s store that can do it. Odds are you can’t, but HTC HD2 owners can win a few quid off their skeptical (non-Engadget-reading) friends by enabling support after the fact. Looks like draft-n support got buried in the company’s WinMo monster — a fitting device to add such a rare display of raw, savage wireless power, if we do say so ourselves — but it got turned off in the shipping firmware for some reason, possibly concerns over increased battery draw, flakiness, or a stark realization that the benefits of 802.11n might not be fully appreciated in a device hamstrung more by a crappy browser than by slow WiFi. If you want to live on the edge anyway and flip the switch, xda-developers has the registry hack you need — and if you’re using an HD2 in the States without 3G right now, let’s be honest: you kinda need all the speed-boosting wireless hacks you can dig up.

HTC HD2 can be coaxed into doing 802.11n, if you know how to sweet-talk it originally appeared on Engadget on Tue, 24 Nov 2009 03:51:00 EST. Please see our terms for use of feeds.

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If you like your software homebrewed with just a hint of alpha then boy do we have an app for you. The WebOS homebrew community just released Precorder; an app that lets your Palm Pre record audio and 30fps 480×320 pixel video in H.264/AVC format — you can can even control the built-in LED for recording in low-light situations. Unfortunately, there’s no video preview presented while recording but hey, it’s alpha software bro… and it’s free. Check a video sample after the break.

Continue reading Palm Precorder brings video recording homebrew to the Pre

Palm Precorder brings video recording homebrew to the Pre originally appeared on Engadget on Tue, 24 Nov 2009 03:35:00 EST. Please see our terms for use of feeds.

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For some time now, it has seemed like Foursquare was the only game in town. I mean “game” literally, as of the major location-based services, Foursquare seemed to be the only one really emphasizing gaming elements. But now Gowalla is starting to emphasize it more.

To be fair, Gowalla has had a sort of sub-game based around the dropping and picking up of items (basically, virtual goods) since the beginning. But in the latest build of its iPhone app which hit the App Store today, version 1.3, there are some new gaming aspects. The first is that items now have histories attached to them. This allows you to see who has had an item before you in a city. Looking over some of my items now, it’s actually pretty interesting to see that I know some people who have some of them before me.

While at first the idea behind including items in Gowalla didn’t make sense to me, after meeting with (Gowalla parent) Alamofire CEO Josh Williams, it makes a lot more sense. Aside from this history element, which is interesting, and that different items are of varying scarcities, there is also a plan in place to allow for the items you pick up to be exchanged in real life for actual goods, Williams says. He wasn’t ready to share any specifics just yet, but notes that there are already some interesting proposals on the table to do this. And Gowalla 1.3 is a “bit of a Trojan Horse right now,” for that, he says.

Obviously, the eventual idea behind this is that Gowalla could monetize these transactions. The core concept is similar to what Foursquare is doing with its Mayor Deals, but they too haven’t yet started to monetizing those. With location-based services still in their infancy, all of these services are simply focused on gaining users.

Williams also noted that Gowalla could eventually take a page from Alamofire’s first project, the Facebook app PackRat, and start selling certain items in Gowalla as virtual goods. Williams says they’re just thinking about the idea now, but with the iPhone’s new in-app purchases for free apps, it’s certainly possible.

And there’s another gaming element that Gowalla has added to the latest version of its iPhone app. Now, when you click on a venue, and click on the people tab for it, you can see a list of the top 10 people for that location. This is a list of the users who have checked into that venue the most amount of times over the past 90 days. In Foursquare terms, the top person would be the “mayor,” but again, this is a full top 10 list so more than just the top dog gets recognition.

Perhaps more importantly, with version 1.3, Gowalla has eased some of the GPS restrictions that curbed cheating but made it hard to check-in at certain indoor places. This should be much, much better, Williams tells us. The service is also hard at work on its native Android app, though they recently released a mobile web version that works with Android.

Gowalla is a free download in the App Store, find it here.

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Originally posted here: 
Gowalla Ups Its Game And Hints At Future Business Models