Indian entrepreneur Bhavin Turakhia is placing a personal wager of $30 million, believing there is still potential for another enterprise AI firm. His latest endeavor, Neo, is founded on a straightforward concept: workplace software that predates the AI era needs to be completely reimagined, rather than just updated with chatbots.

At 46, Turakhia is well-versed in making bold enterprise tech investments. In the last twenty years, he has co-founded several companies, including Directi, Radix, Titan, and Zeta, primarily financing them with his own resources before attracting outside capital. He is taking a similar approach with Neo.

Turakhia shared with TechCrunch that he is self-funding this significant amount because he asserts that AI represents a technological transition substantial enough to warrant a complete overhaul of workplace software.

“To create an iPhone, you can’t just take parts from a Nokia and convert it into an iPhone,” he explained.

Launched internally in April this year, Neo is an enterprise platform that integrates project management, documents, file storage, and AI into a cohesive product. Turakhia stated that the goal is to make AI a proactive element in daily tasks, rather than just an auxiliary tool for employees.

Turakhia noted that many existing players encounter inherent challenges when incorporating AI into products that were crafted prior to generative AI. Neo, he stated, was engineered from the outset for AI and is model-agnostic, enabling companies to switch between AI models without being confined to a single supplier.

He is not the only one with this perspective. Investor Chamath Palihapitiya initially kicked off an enterprise AI coding initiative called 8090 with his own funding before securing a $135 million investment round this week.

Nonetheless, Turakhia’s investment comes at a time when enterprise AI is emerging as one of the most fiercely competitive sectors in technology. Major players like Microsoft, Google, and Salesforce are integrating AI into their workplace applications. At the same time, every startup, from large labs like Anthropic and OpenAI to productivity companies like Notion and Superhuman, are racing to transform how organizations implement AI in their everyday processes.

Turakhia contended that enterprise software has never functioned as a winner-takes-all market, asserting that even a minor stake in global enterprise AI expenditures could signify a substantial company.

“If we manage to achieve 2% to 5% market share, that would be larger than anything I’ve developed to date,” he remarked.

For several months, Neo has been utilized internally across Turakhia’s enterprises, including Zeta. The company aims to start deploying the software to mid-sized businesses in the upcoming months, initially focusing on knowledge workers in technology, consulting, and professional services sectors.

Turakhia indicated that Neo’s initial platform was constructed in three months, with AI playing a significant role in the development, work that he estimates would have taken over a year with a much larger engineering crew before the advent of generative AI.

The Bengaluru-based startup currently has approximately 45 staff members, including 18 engineers. Turakhia informed TechCrunch that they anticipate expanding to around 100 employees by the year’s end, primarily hiring for AI and software engineering roles.

This year, stock prices for conventional SaaS companies plummeted due to investor apprehensions that AI-developed software could one day supplant those enterprises. In spite of these worries, Bending Spoons, a firm that purchases and rejuvenates dormant yet recognizable tech brands, experienced a surge in its share prices on its market launch.

It finished at $40.50 on Wednesday, nearly 40% higher than its $29 IPO price. At that valuation, the 13-year-old company based in Milan, Italy, boasts a market cap of $25.7 billion, which is over twice its previous private valuation of $11 billion. The firm raised $1.68 billion during its offering.

Bending Spoons has expanded swiftly by acquiring older, once-renowned brands such as AOL, Eventbrite, Evernote, Meetup, and Vimeo, subsequently making them profitable, often through rigorous cost reductions, introducing new features, and increasing prices. Although the company’s strategy is akin to that of private equity, a critical distinction remains: Bending Spoons intends to retain these businesses rather than sell them.

The company’s disclosed financial statements indicate that it has successfully made its increasing portfolio of assets profitable. Bending Spoons reported revenues of $601 million for Q1, resulting in a net income of $27.4 million. This marks a marked improvement from the same time last year, when the company reported a $112 million net loss on revenues of $259 million, as per the SEC filing.

Bending Spoons, named after a scene from the sci-fi film “The Matrix,” generated the majority of its revenue from subscriptions, which constituted 84% of its business last year.

Prior to the offering, Baillie Gifford was the largest external shareholder of Bending Spoons, with smaller interests held by buyout fund Renaissance Partners, Cox Enterprises, Durable Capital Partners, Fidelity, and T. Rowe Price.

The IPO also brings a considerable financial boon to Bending Spoons’ five co-founders: Luca Ferrari, Francesco Patarnello, Matteo Danieli, Luca Querella, and Tomasz Greber.

In addition to Bending Spoons, other investors employ the practice of acquiring, repairing, and retaining stagnant software companies, often labeled as “venture zombie” firms. These include Constellation Software, Curious, Tiny, saas.group, Arising Ventures, and Calm Capital.

AOL is back in the public eye — in a manner of speaking. Its parent company, Bending Spoons, an Italian firm that has been discreetly acquiring cherished yet struggling internet brands for the last decade, debuted on Nasdaq today with an opening valuation exceeding $18 billion, followed by a 40% surge in stock price by the end of the trading day.

Based in Milan, Bending Spoons has implemented aspects of private equity strategies in its extensive acquisition endeavors — including Meetup, Eventbrite, Vimeo, WeTransfer, and numerous others. However, this isn’t a mere flip-and-sell operation: the company aims to enhance these brands with technology and retain ownership.

“Our goal is to position ourselves as an operator that takes cherished brands and significantly improves them,” stated Matteo Danieli, co-founder and chief product officer, in an interview with TechCrunch.

The methods employed have sparked debate over time, particularly concerning layoffs. Nevertheless, the company has also achieved revenue growth, especially with the integration of AI. “In the last year and a half, we have experienced an extraordinary acceleration in the speed at which we can introduce new features and deliver value to our users,” Danieli informed TechCrunch. 

This may resonate well as investors, both public and private, show greater interest in AI compared to aging SaaS companies. However, Bending Spoons presents a compelling argument: its F-1, akin to S-1 forms for foreign entities, features a section titled “AI before it was trendy” — nodding to its origins.

Prior to Bending Spoons, the co-founders developed Evertale, “a product designed to automatically document your life using what is now referred to as AI, though we termed it machine learning back then,” Danieli recounted. The startup did not succeed, but it provided valuable insights to the current leaders of Bending Spoons — Luca Ferrari, Francesco Patarnello, Luca Querella, and Danieli. 

“It triggered a reflection on the disparity between the talent of entrepreneurs and their success, particularly from concept to reality. Luck plays a substantial role in that equation. We cultivated an obsession with creating a strategy that minimizes the influence of luck on growth and success,” Danieli remarked.

This approach was mentioned in its F-1, highlighting sentiments like, “Luck significantly impacts achieving product-market fit,” and “luck is negligible when striving for operational excellence.”

Such philosophies manifest in areas such as product pricing. “We aim to utilize our advanced data tracking, analytics systems, and experimentation frameworks that we have developed.” 

As Danieli noted, this sometimes leads the company to offer more features at no cost to foster word-of-mouth promotion. Yet, it has also resulted in price hikes that have drawn complaints from longtime subscribers. Despite this, he insists that customer retention has remained “remarkably stable.”

One acquisition faced particular scrutiny. “Evernote might be the first product we obtained that was genuinely beloved by its users, which led to strict evaluations.” This is the acquisition he takes the most pride in — especially its AI-focused v11 update. He mentioned that the company ultimately gained user approval through changes that garnered praise from many subscribers, including Evernote co-founder Phil Libin.

Over the years, Bending Spoons has gained increasing support. With a valuation of $11 billion in a private equity round preceding its IPO, it attracted both venture capitalists and notable figures from the tech and entertainment sectors. However, in its earlier years, VCs often struggled to grasp its approach. “We’ve experienced many responses like ‘you’re out of your mind’ throughout the years,” Danieli reminisced. 

This sentiment is also encapsulated in the company’s tagline, “Impossible. Maybe.”

Emphasizing talent acquisition was also a significant lesson learned from the Evertale experience, leading to a sharper focus on recruitment. Co-founder Ferrari “dedicated the majority of the first two to three years to shaping the culture and refining hiring processes. We believe we are now proficient at identifying talent, particularly when they are young and still building their track record.”

The figures seem to corroborate this. As per its SEC filing, “aided by advancements in AI, revenue per full-time equivalent Spooner rose from $1.12 million in 2023 to $2.57 million in 2025, and was $0.97 million in Q1 2026.”

This also sheds light on why Bending Spoons made the unconventional choice to bring the entire company to New York to celebrate its public listing. “It’s an additional avenue for us to secure the liquidity we need to propel our acquisition-focused strategy, but we also felt that for one day, it was appropriate to immerse ourselves in the moment and celebrate with all our colleagues,” Danieli stated. 

That celebration is just for one day, however. Following that, Bending Spoons will resume its strategy of acquiring companies — capitalizing on diminished SaaS valuations from which it has managed to avoid, according to Danieli. “From the standpoint of a buyer and as a company that expands through acquisitions, this represents a fantastic opportunity and timing for deploying capital.”

This week, WhatsApp commenced the rollout of username reservations in advance of a broader launch scheduled for later this year. The feature — which enables users to discover and message one another via handle instead of phone number — is already sparking concerns regarding impersonation, prompting examination from security experts and regulators in India, the app’s largest market with over 500 million users.

The rollout signifies a transformation in how users identify one another on WhatsApp. Rather than depending on phone numbers as the main identifier, users will increasingly interact through platform-managed usernames, a change that Meta claims enhances privacy, though critics suggest it could present new chances for impersonation.

In preliminary testing, TechCrunch discovered that usernames resembling notable politicians, celebrities, business leaders, and public institutions — such as “indiamodi,” “shahrukh.actor,” “teamamitabh,” “ambanijio,” and “rbi_verify” — were still available for reservation. These refer to Indian Prime Minister Narendra Modi, Bollywood stars Shah Rukh Khan and Amitabh Bachchan, billionaire Mukesh Ambani’s telecom firm Jio, and the Reserve Bank of India, respectively. Separately, Binance founder Changpeng Zhao stated on X that he was unable to reserve “cz_binance,” the handle he already utilizes on that platform.

When inquired about its measures to combat impersonation, Meta informed TechCrunch that it reserves usernames for public figures, governmental entities, and “some variations” of those names so only the rightful owner can claim them. However, the company did not clarify how it determines which similar usernames get reserved proactively and which do not.

The concerns have already been raised with regulators in India, where cyber fraud schemes often exploit messaging platforms to impersonate police, banks, and government officials.

In a notice sent to WhatsApp on Wednesday and reviewed by TechCrunch, the Ministry of Electronics and Information Technology (MeitY) cautioned that the feature could “materially increase the occurrence of online fraud, phishing, digital arrest scams, and impersonation attacks” by allowing malicious actors to reach out to users without revealing their phone numbers.

The ministry also indicated that usernames could facilitate the impersonation of “individuals, public authorities, financial institutions, and government agencies” by allowing usernames that closely resemble those of legitimate individuals or organizations. It instructed WhatsApp to justify why regulatory action should not be taken under India’s IT laws and requested the company to pause the feature’s rollout until discussions were completed.

A senior government official separately informed TechCrunch that the Indian IT ministry is aware of the issue and is engaging in conversations with WhatsApp regarding the feature.

This intervention has already faced backlash from New Delhi-based digital rights organization Internet Freedom Foundation (IFF), which stated that the notice lacked a clear legal foundation and risked granting the executive excessive powers to dictate product design. (It’s a situation that operators developing in regulated environments are well acquainted with: Rules established on a case-by-case basis via letters are more difficult to navigate than openly formulated regulations.)

“Impersonation and fraud are genuine threats, but these should be addressed by enforcing criminal laws against those who commit such acts,” the group remarked in a statement. “They should not be handled by MeitY deciding, behind closed doors and through letters, what features may be accessible to Indians.”

This discussion mirrors a similar remark made by the Delhi High Court in a Telegram-related case, where the court indicated that using usernames instead of phone numbers could make it simpler to conceal user identity and disseminate illicit content more swiftly. While this case was not related to WhatsApp, the parallel has re-emerged in public discourse as WhatsApp prepares for its own launch.

Privacy, trust, and platform power

Rachel Tobac, CEO of SocialProof Security, described usernames as a net privacy improvement due to their ability to lessen the necessity of sharing phone numbers, which can expose users to SIM-swap attacks, phishing, and account takeovers. However, she pointed out that similar usernames still open doors for impersonation.

“In the end, usernames are a fantastic concept to avoid revealing your phone number to unknown individuals, but it’s crucial to verify identity through the username function as well,” Tobac stated to TechCrunch.

Her recommendation for most users: Select a username that isn’t easily predictable, making it more challenging for attackers to identify you, message you unsolicited, or subject you to harassment and spam.

Even WhatsApp recognizes that usernames will not be universally applicable. In an FAQ posted on X on Wednesday, the company noted that most users should opt for a username unique to WhatsApp. However, it also allows users to claim their existing Instagram or Facebook usernames by linking their accounts, noting that this option aims to assist creators, businesses, and organizations in maintaining a consistent identity across Meta’s platforms while mitigating impersonation.

The Mozilla Foundation remarked that the introduction of usernames will likely bring new trade-offs. “Increased scams and impersonation from fraudulent handles are potentially significant,” it told TechCrunch. “Verifying a phone number can serve as a valuable identification tool, but these risks are also reinforced by the platform’s core design choices.”

Mozilla also highlighted a broader interoperability issue — one worth noting if you’re building on or competing within Meta’s ecosystem. While allowing users to claim their existing Facebook and Instagram usernames may reduce impersonation, it also demonstrates how effortlessly Meta can integrate identity across its own applications, even when users still cannot transfer that identity, or their contacts, to a competing platform.

For the time being, WhatsApp asserts it is adopting a measured approach to the rollout. “We’re taking our time and listening to feedback so that when it launches later this year, we do it correctly,” the company said in its FAQ.

Apple’s Hide My Email function serves as a handy privacy tool, utilizing temporary addresses to conceal a user’s actual email to maintain online anonymity. Sadly, recent investigations suggest that a flaw in this feature enables the exposure of users’ real email addresses.

The flaw was highlighted by 404 Media, which states that it has tested and confirmed the existence of the vulnerability. Tyler Murphy, the researcher who identified the flaw, mentioned that he alerted Apple about the issue over a year ago and is puzzled as to why the company has not resolved it yet. Murphy also noted that all attempts to exploit the flaw have been successful.

“The complete extent of the problem is unclear, but in our limited trials with volunteers, 100% of Hide My Email addresses were vulnerable,” Murphy informed the outlet. The specifics of the flaw have not been publicly revealed, due to concerns it may be misused.

Murphy is a co-founder of EasyOptOuts, which provides a paid data-removal service that eliminates your information from data broker platforms. He informed 404 Media that “publicly available people-search websites facilitate the connection of an email address to other personal information, so individuals depending on Hide My Email for protection may be in danger.”

TechCrunch contacted Apple for additional details and will revise this article if there is a response.

In the realm of technology, privacy tools are scarce and, regretfully, even when available, they do not always function as intended. Apple has faced similar accusations in the past.

For instance, the company was sued in 2022 after reports revealed that iPhone applications continued to transmit analytics data to Apple even with the iPhone Analytics privacy setting enabled.

Likewise, in 2023, researchers discovered another of Apple’s privacy features to be effectively “ineffective.” The study asserted that a tool designed to anonymize mobile users’ Wi-Fi connections by generating randomized MAC addresses (which are easily traceable identifiers) was merely revealing the user’s actual MAC address.

Apple has largely built its reputation and branding around user privacy, so it is to be hoped that the apparent Hide My Email bug is addressed promptly. If it can find ways to better support its privacy commitments, that would also be a positive development.

Elon Musk’s SpaceX has presented a prototype of a “handset-like” AI device to investors, according to The Wall Street Journal.

The prototype is said to be more streamlined and thinner than an iPhone, leaving us curious if it resembles a small touchscreen phone combined with a Rabbit R1. SpaceX allegedly showcased the device to investors and stakeholders prior to its public unveiling, indicating that it’s still in a preliminary phase where the design can be altered. 

Musk has dismissed the reports, labeling them as “completely false.”

SpaceX, along with its sister company Tesla, possesses the manufacturing capability to mass-produce a variety of AI devices — not to mention the access to the necessary chips for on-device computing. SpaceX has also indicated its interest in venturing into wireless technology, with Starlink Mobile potentially competing against Verizon and AT&T. One analyst even suggested that T-Mobile or AT&T could be viable acquisition targets for the rocket firm, though such a deal would undoubtedly be expensive.

It remains unclear whether SpaceX is merely experimenting or if it truly intends to mass-produce and market such a device. However, it does seem evident that if OpenAI is pursuing this path, Musk might be inclined to aim for a superior version.

We know that OpenAI is collaborating with former Apple chief design officer Jony Ive on an AI device that CEO Sam Altman has asserted will be more harmonious than an iPhone. Reports from last fall indicated that the company has faced challenges in finalizing the details, and OpenAI recently onboarded another Apple executive to potentially expedite progress. Last week, it was announced that Paul Meade, Apple’s VP overseeing the Vision Pro headset, has joined OpenAI’s hardware team. 

Similar to OpenAI, SpaceX’s prototype reportedly operates on a proprietary operating system and integrates technology from xAI, Musk’s AI firm that was acquired by SpaceX earlier this year. This would prevent these new devices from being confined to another company’s platforms (such as Google’s Android). However, the goal also seems to be to develop something novel, featuring native AI interfaces. That said, the landscape is littered with the failed launches of AI devices from companies like Humane and Rabbit. A company’s desire to market an AI device does not necessarily mean consumers will be interested in purchasing one. Yet.

Ashton Kutcher is departing from Sound Ventures — the venture firm he co-established with Guy Oseary over a decade ago — to launch a distinct VC fund, as reported by the Wall Street Journal. The actor and investor is co-founding the new firm with Morgan Beller, who was recently a general partner at the seed-stage VC firm NFX and previously co-directed the cryptocurrency initiative Libra at Meta. Beller also held a position as a partner at Andreessen Horowitz for nearly three years.

TechCrunch had previously learned that Kutcher was getting ready to part ways; the WSJ’s article confirms this and provides additional insights about his plans with Beller. The name of the new venture has not yet been disclosed.

Kutcher’s departure does not seem to indicate any issues at Sound Ventures — typically, investors choose to leave firms that are not performing well, but this scenario is different. The firm, which has invested in companies like Brex and Gusto, was also an early backer of OpenAI, Anthropic, and Fei-Fei Li’s World Labs.

The separation is significant as it reflects the emerging direction of AI investment: Sound has established its reputation through targeted, high-confidence investments in leading AI laboratories, whereas Kutcher’s new fund seems to be looking at the foundational layers beneath these firms — the infrastructure and energy that support them.

“He and his fund consistently rank among [my] lists of top unicorn investors. An intriguing case!” wrote Stanford finance professor Ilya Strebulaev, who monitors high-performing venture capitalists, on X.

The actor has a long-standing relationship with OpenAI’s Sam Altman, dating back to when Altman launched Loopt — years prior to the debut of the ChatGPT creator.

Kutcher’s exit was partly attributed to differing opinions on which stages of startups to invest in, with Sound favoring support for more established companies rather than very early-stage ventures, according to the WSJ.

Kutcher and Beller are targeting early-stage investments in AI infrastructure, energy, and deep tech startups — companies focused on significant scientific and engineering advancements rather than just software.

Although leaving Sound Ventures, Kutcher will maintain his role as an adviser to the firm. In the meantime, Oseary and Sound general partner Effie Epstein will provide guidance to Kutcher and Beller’s new venture.