Tech:NYC Digest: March 17

March 17, 2023 • Estimated Reading Time: 4 minutes

Friday, March 17, 2023

We’re back with another “Friday Five” roundup of our top stories in New York tech this week.

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Justworks CEO on how the city’s tech industry is responding to banking turmoil (NY1)

Mike Seckler, who serves on Tech:NYC’s Board of Directors, joined NY1’s Errol Louis last night to offer a readout on the briefing call we hosted with Gov. Kathy Hochul and Mayor Eric Adams in the immediate aftermath of the SVB collapse. Justworks has more than 1,500 customers that bank with SVB, and this was Seckler’s bottom line: New York should stay focused on supporting small businesses, both in terms of their own payrolls and the continuity of their businesses here.

The Instant Oral History of the Silicon Valley Bank Collapse (The Information)

The tech industry will, no doubt, spend a long time reflecting on the last week. But here’s the latest: Would-be buyers of Silicon Valley Bank and Signature Bank — or at least parts of them — must get their bids in by today. That’s something we’re watching this weekend, especially in light of yesterday's announcement that some of the US’s largest banks agreed to deposit $30 billion at First Republic Bank to stem further turmoil. (Relatedly, FirstMark just opened up access to their very helpful “New Treasury Playbook” to offer best practices on risk and credit questions for venture-backed startups.)

Journey-Planning App Citymapper Sold to Transit Tech Startup Via (Bloomberg)

Via has been powering the future of public mobility from right here in NYC, and it’s no surprise the popular transit app Citymapper has a broad user base here. Via’s acquisition means that, while Citymapper’s real-time interface will keep going as a standalone service for now, it will also be integrated into Via’s platform and expand to a broader list of cities and transit agencies globally.

A $100 Billion Bet on Semiconductors Hinges on Remaking Upstate New York’s Workforce (Wall Street Journal)

More than 70 semiconductor companies were already operating in New York when Micron decided to expand in New York — it’s a leading reason they chose to build their new HQ here. The next challenge: Accessing the necessary talent pool. To reach their targets, Micron knows it will have to help develop it, so as part of its expansion, it’s investing in local training centers, as well as $10 million in K-12 schools and community colleges, to beef up STEM curricula to make sure graduates are ready to work for the company.

10 Irish Bars to Hoist a Pint for St. Paddy’s Day (Eater NY)

It’s been a very long week. Use the holiday as a good excuse to take a break tonight. You deserve it.

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