Techin' Geek

Ethos Technologies, a San Francisco-based provider of software for selling life insurance, debuted on the Nasdaq on Thursday. As one of the year’s first major tech IPOs, the insurtech platform is being closely watched as a bellwether for the 2026 listing cycle.

The company and its selling shareholders raised approximately $200 million in the offering, selling 10.5 million shares at $19 each under the ticker symbol “LIFE” — one of the more on-the-nose choices in recent memory. The name fits. Ethos runs a three-sided platform where consumers buy policies online in 10 minutes without medical exams. It says over 10,000 independent agents use its software to sell those policies and that carriers like Legal & General America and John Hancock rely on it for underwriting and administrative services. Ethos itself isn’t an insurer — it’s a licensed agency earning commissions on sales.

Though the company’s stock closed its first day as a public company at $16.85, 11% below its IPO price of $19, Ethos co-founders Peter Colis and Lingke Wang still have plenty to celebrate, having grown the 10-year-old business to public-market scale.

“When we launched [the business], there were like eight or nine other life insurtech startups that looked very similar to Ethos, with similar Series A funding,” Colis told TechCrunch. “Over time, the vast majority of those startups have pivoted, been acquired at subscale, remain at subscale or gone out of business.”

For instance, Policygenius, which raised over $250 million from investors, including KKR and Norwest Venture Partners, was acquired by PE-backed Zinnia in 2023. Meanwhile, Health IQ, a startup that secured more than $200 million from prominent VCs like Andreessen Horowitz, filed for bankruptcy that same year.

Ethos, which has raised over $400 million in venture capital, could have easily succumbed to a similar fate. Instead, the company remained laser-focused on reaching profitability as the era of cheap capital and easy fundraising came to an end in 2022. “Not knowing what the ongoing funding climate would be, we got really serious about ensuring profitability,” Colis said.

That financial discipline transformed it into a profitable company by mid-2023, according to its IPO documents. Since then, Ethos has also maintained a year-over-year revenue growth rate of more than 50%. In the nine months ending September 30, 2025, the company generated almost $278 million in revenue and just under $46.6 million in net income.

Still, the company ended its first day as a public company with a market capitalization of about $1.1 billion, a valuation that’s significantly below the $2.7 billion it garnered in its last private round led by SoftBank Vision Fund 2 in July 2021.

When asked why Ethos went public, Colis said that a big part of the reason was to bring “additional trust and credibility” to potential partners and clients. He explained that because many major insurance carriers are over a century old, being publicly traded signals the company’s staying power.

The largest outside shareholders of Ethos include prominent firms, including Sequoia, Accel, Google’s venture arm GV, and SoftBank, as well as General Catalyst and Heroic Ventures. Sequoia and Accel did not sell shares in the IPO, the company disclosed.

Fintech firm Marquis told customers that it plans to seek compensation from its firewall provider after blaming the company for a breach that allowed hackers to steal its customers’ personal and financial data.

In a memo shared with customers this week and seen by TechCrunch, Marquis said it believes that its August 2025 ransomware attack happened because the company’s firewall service provider SonicWall had its own data breach that exposed critical security information about its customers’ firewalls. That earlier breach of SonicWall allowed hackers to obtain credentials needed to launch a ransomware attack against Marquis, the memo said.

Marquis said its third-party investigation determined that the hackers obtained information about its firewall during the breach at SonicWall, which Marquis claims was used to circumvent its firewall. Marquis confirmed in the communication that it stored a backup of its firewall configuration file in SonicWall’s cloud. 

The company was “evaluating its options” regarding its firewall provider, including the “recoupment of any expenses spent by Marquis and its customers in responding to the data incident,” according to the memo.

When reached for comment, Hanna Grimm, an agency spokesperson representing Marquis, did not address or dispute the company’s recent communication to customers, but reiterated the claim linking its breach with an earlier theft of its firewall configuration.

“In September 2025, after the data security incident affected our systems, our firewall service provider, an industry-leading cybersecurity company, publicly disclosed that a threat actor had earlier in the year gained unauthorized access to its cloud backup service,” the statement said. 

“Marquis had recently begun using this provider’s firewalls to help protect our network,” the statement added. “While the provider initially reported that fewer than 5% of customers were affected, it later clarified in October 2025 that firewall configuration data and credentials associated with all customers using the cloud backup service, including Marquis, had been accessed.”

When contacted by TechCrunch, SonicWall spokesperson Bret Fitzgerald said that the company has asked Marquis for evidence to substantiate its claims and said it would continue to engage with its customer.

“We have no new evidence to establish a connection between the SonicWall security incident reported in September 2025 and ongoing global ransomware attacks on firewalls and other edge devices,” Fitzgerald said.

The Texas-based Marquis, which allows hundreds of banks and credit unions to visualize their customers’ data, began notifying hundreds of thousands of people last month that their information was taken during its ransomware attack.

The company has access to large amounts of data belonging to consumer banking customers across the U.S., including personal information, financial data, and Social Security numbers, which the hackers stole.

SonicWall conceded in October that an earlier breach of its systems had in fact affected all of its customers who backed up their firewall files to SonicWall’s cloud. It had previously said hackers stole only a fraction of its customers’ firewall configuration files containing policies and settings.

In the communication seen by TechCrunch, Marquis said it called in a third-party to investigate whether a patch it had failed to roll out at the time of the breach could have been to blame, but concluded that the patch related to a flaw that was not exploitable in a way that could have allowed hackers to access the company’s data.

Marquis’ spokesperson declined to provide a number of how many individuals are affected by its data breach. The number of individuals known to be affected by the breach is expected to rise as new data breach notifications are submitted to state attorneys general. 

Do you know more about the Marquis data breach? Do you work at Marquis or a company affected by the breach? We would love to hear from you. To securely contact this reporter, you can reach out using Signal via the username: zackwhittaker.1337

After years of negotiations and false starts, Waymo is now allowed to operate a robotaxi service to and from the San Francisco International Airport (SFO). The Alphabet-owned company said in a blog post Thursday it will begin offering access to SFO to a select number of riders before offering it to all customers in the coming months.

Pickups and drop-offs will occur at the SFO Rental Car Center, which is accessible via AirTrain. Waymo said it plans to serve additional airport locations in the future.

Waymo’s SFO win comes as the company faces criticism and concerns about safety in some of the cities it operates. Waymo revealed Thursday that one of its robotaxis struck a child near an elementary school in Santa Monica. The National Highway Traffic Safety Administration (NHTSA) is investigating the January 23 incident, in which the child sustained minor injuries. Waymo is also being investigated by the NHTSA and the National Transportation Safety Board over the illegal behavior of its robotaxis around school buses.

Access to airports, and particularly SFO, is critical to Waymo’s business model, which hinges on geographic scale and a high volume of riders.

“Serving rides to and from San Francisco International Airport delivers one of the most requested features for our riders and further deepens our relationship with the city,” Waymo co-CEO Tekedra Mawakana said in a statement.

The company has accelerated its plans over the past year, launching into new cities, increasing its fleet size, and adding freeways to where it operates. Waymo robotaxis now service most of the San Francisco Bay Area and down into Silicon Valley, where it has access to the San Jose Airport. It also operates in parts of Atlanta, Austin, Los Angeles, Miami, and most of Phoenix, including curbside service to the Phoenix Sky Harbor International Airport.

Waymo’s push to operate at SFO has taken years. It tried and failed to secure a permit in 2023 to map SFO, a first step to bringing its robotaxis there. Waymo then rebooted negotiations with the city and airport authority and was granted a permit in March 2025 that would allow it to map SFO with some data-sharing strings attached, according to language in the agreement viewed by TechCrunch at the time.

By September, SFO and Waymo signed a testing and operations pilot permit, pushing the company closer to commercial operations at the airport.

Last year, Deezer introduced an AI detection tool that automatically tags fully AI-generated music for listeners and removes it from algorithmic and editorial recommendations.

The company announced on Thursday that it’s now making the tool available to other streaming platforms in an effort to help address the rise of AI and fraudulent streams, as well as promote transparency within the music industry and make sure human artists still get the recognition they deserve.

Alongside the move, Deezer reported that 85% of streams from fully AI-generated tracks are deemed fraudulent. Notably, the service now receives 60,000 AI tracks per day, totaling 13.4 million AI-detected songs. By contrast, in June of last year, fully AI-generated music made up 18% of daily uploads, surpassing 20,000 tracks.

​Deezer claims its AI music detection tool can identify every AI-generated track from major generative models like Suno and Udio. In addition to excluding AI-generated tracks from recommendations, Deezer’s tool demonetizes them and excludes them from the royalty pool, as the company aims to fairly compensate musicians and songwriters.

The tool’s accuracy is 99.8%, a company spokesperson told TechCrunch.

​Deezer CEO Alexis Lanternier says there has been “great interest” in the tool, and several companies have “already performed successful tests.” One such company is Sacem, the French management company that represents over 300,000 music creators and publishers, including David Guetta and DJ Snake.

​The company didn’t provide pricing information or disclose which additional companies are interested in adopting the tool. A spokesperson told us that the cost varies based on the type of deal.

​There is increasing concern about AI companies using copyrighted material to train their models, as well as about methods being used to manipulate streaming systems and commit fraud. 

One instance of music streaming fraud occurred in 2024, when a North Carolina musician was charged by the Department of Justice (DOJ) with creating AI-generated songs and using bots to stream them billions of times, resulting in more than $10 million in stolen streaming royalties. Additionally, AI bands like The Velvet Sundown have gained millions of streams.

​Bandcamp recently got fed up and banned AI-generated music altogether, while Spotify has updated its policy to address the rise of AI tracks, clarifying when AI is used in music production, reducing spam, and explicitly stating that unauthorized voice clones are prohibited on the platform.

By contrast, major record labels have resolved lawsuits with Suno and Udio, appearing to embrace AI-generated music. Last fall, Universal Music Group and Warner Music Group struck deals with these AI startups to license their music catalogs, ensuring artists and songwriters are compensated when their work is used to train AI models.

​In recent years, Deezer has taken significant steps to address concerns about AI-generated music. In 2024, it became the first music streaming platform to sign the global statement on AI training, joining actors Kate McKinnon, Kevin Bacon, Kit Harington, Rosie O’Donnell, and other notable creatives. 

​Hopefully, Deezer’s latest decision to sell its detection tool will set a precedent for other music streaming platforms to take similar actions to defend human artists and fight fraud.

paceX is reportedly lining up four major Wall Street banks for a 2026 IPO that could provide the reset the market needs. 

The company just completed a tender offer at an $800 billion valuation, and secondary market demand is through the roof. If SpaceX goes public anywhere near its rumored $1.5 trillion valuation, it could trigger an IPO cascade for other late-stage unicorns like OpenAI, Stripe, and Databricks. 

Watch as Equity host Rebecca Bellan chats with Greg Martin, Managing Director at Rainmaker Securities, about why this IPO feels different, how tech employees are cashing out through secondary markets before companies go public, and what investors are actually looking for in pre-IPO shares. 

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