Tech:NYC Digest: July 18

Tech:NYC Digest: July 18

July 18, 2023 • Estimated Reading Time: 8 minutes

Tuesday, July 18, 2023

In today’s digest, Sen. Schumer designs a “crash course” on AI, the next move in Gov. Hochul’s housing plan, and why bikesharing is booming. 

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  • Gov. Kathy Hochul announced Tuesday a series of executive actions she said will promote residential development in response to the state's housing crisis. (New York Times) 

    • That includes a renewed push to build housing on land owned by state agencies and allowing developers in Gowanus to reap benefits similar to those they'd receive under the 421(a) program. 

    • For context: Average rents in Manhattan hit an all-time high of $5,470 per month in June.   

  • The MTA will boost service levels on the C, 1 and 6 and N and R subway lines next month in an effort to reduce headways, using money secured in the state budget. (amNewYork)

    • Five city bus routes will also become free starting Sept. 24: The B60 in Brooklyn, M116 in Upper Manhattan, the Q4 LCL/LTD in southeast Queens, the BX18 A/B and the S46/96 on Staten Island. (Gothamist) 

  • In other transit news: Bikeshare systems across the US are building on pandemic-era growth. Annual bikeshare ridership in six US cities jumped 27% in 2022 compared with pre-pandemic levels, with New York City’s Citi Bike system driving the largest share of gains. (Bloomberg) 

In other reading:

  • Can Sanitation Commissioner Jessica Tisch Make New York City Less Disgusting? (New York Magazine)

  • Manhattan's Third Avenue redesign begins next week with upgrades for bikes, buses, pedestrians (Gothamist)

  • How a Jay-Z Retrospective Took Over the Brooklyn Public Library (New York Times)

At risk of sounding like a broken record, AI is on a fast track to becoming one of the most consequential technologies of our time. We’ve said it, our member companies are saying it, and policymakers at all levels are saying it — including New York’s own Senator Chuck Schumer.

Tech:NYC, together with IBM CEO Arvind Krishna, hosted Sen. Schumer for a conversation digging further into his framework for the future of AI. 

  • A full room of founders, investors, and other leaders in the Tech:NYC network gathered yesterday at the Innovation Studio in IBM’s NYC HQ.

What’s new: At the event, Sen. Schumer unveiled a plan to create nine AI Insight Forums meant to help lawmakers get up to speed on the complexities of AI as they consider federal legislation addressing it. (Axios)

  • The goal is for the forums to be a ‘not-Congressional hearing,’ an intentional effort to move away from traditional debates in favor of a more diverse set of experts that (1) bring in more industry leaders, proponents and skeptics alike, and (2) better reflect all of the stakeholders in AI’s explosive growth.

  • The forums build on a "SAFE Innovation Framework" that Schumer announced last month, where each will focus on tackling one application area: privacy, workforce development, social services, national security, among others.

New York is well-positioned to become the national leader on this effort: Recent data estimates that New York is home to 13% of the nation’s AI workforce, a number that will surely continue to grow as the city’s AI startup ecosystem expands and as more businesses hire for AI-related roles.

  • “The AI revolution is going to happen, with us or without us. If we can promote innovation, but make sure it is safe, the future will be far better, brighter, and safer than if it happens without us,” said Schumer. “And I believe New York can play a leading role in what kind of future that looks like.”

What’s next: We look forward to working with Sen. Schumer to recommend a ready group of New York tech leaders to support the Insights Forums and beyond.

In other reading:

  • Efficient Capital Labs, a NYC-based nondilutive capital provider to B2B SaaS companies, raised $7 million in pre-Series A funding. QED Investors led the round and was joined by 645 Ventures, The Fund, Lorimer Ventures, Riverside Ventures, and Generalist.

  • Herself Health, a NYC-based women's health care company, raised $26 million in Series A funding. Accretive led the round and was joined by Juxtapose.

  • Leverage, a NYC-based supply chain visibility startup, raised $7 million in funding. Chicago Ventures led the round and was joined by Las Olas Venture Capital, Remarkable Ventures, Tensility, and Florida Funders.

  • Wing Cloud, a NYC-based open-source software company, raised $20 million in seed funding. Battery Ventures, Grove Ventures, and StageOne Ventures co-led the round and were joined by Secret Chord Ventures, Cerca Partners, Operator Partners, and other angels.

  • July 19: In-person: Building a Proptech Startup, with Moved president Caren Maio, Stak Mobility CEO Diallo Powell, a16z partner Sumeet Singh, and Common founder Brad Hargreaves. Hosted by Stacklist. Register here.

  • July 26: In-person: Responsible Tech Mixer and Summer Celebration. Hosted by All Tech is Human and Betaworks. Register here.

  • July 27: In-person: No Stupid AI Questions, with Malamute CEO Matt Freed, former Ro head of ML Liz mcQuillan, and New York AI founder Derek Larson. Hosted by Company Ventures and New York AI. Register here.

  • August 2: In-person: AI Tech for Good Pitch Contest, featuring finalists Azul Bio, InterviewMaster, Libbie Health, Pajama Cats Media, and Tilosia. Hosted by Downtown Brooklyn Partnership. Use code TechNYC for a complimentary tickets while supplies last by registering here.

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