Startups · Top stories
Fizz accuses VC Jerry Lu of leaking confidential info to rival Sidechat
Fizz has filed allegations against VC Jerry Lu of Maveron, claiming he shared its confidential information with rival Sidechat following a meeting meant to explore a potential investment. This incident raises concerns about venture capitalists' trustworthiness in handling sensitive startup information, particularly in competitive markets.
Beta completes first test flights in U.S. eVTOL pilot program
Beta has concluded its first test flights in the U.S. government's electric vertical takeoff and landing program, successfully transporting organs. This milestone is part of broader efforts to establish flying taxis, particularly for medical and cargo applications, amid ongoing challenges in achieving FAA certification.
Kraken to Launch AI-Driven Agentic Trading Platform
Kraken is set to launch a new app featuring agentic trading, which employs AI for autonomous trading decisions based on user inputs. This initiative reflects a shift in crypto exchanges towards AI integration, aiming to provide retail investors with tools akin to those used by professional traders.
Circle obtains approval to operate as a trust bank, shares rise 12%
Circle has received approval from the OCC to operate as a trust bank, allowing it to manage reserves for its USDC stablecoin independently. This move signifies a shift for the crypto industry towards infrastructure, providing Circle regulatory advantages amidst rising competition in the stablecoin market.
Laylo seeks Head of Finance to build financial infrastructure
Laylo is hiring a Head of Finance as its first dedicated finance hire to establish financial operations from scratch. The role is strategic and operational, crucial for driving budgeting, pricing strategies, and financial planning in a rapidly growing SaaS environment.
Radical Numerics Raises $50M for AI in Biological Intelligence
San Francisco startup Radical Numerics raised $50 million for developing AI models focused on biology, aiming to create 'general biological intelligence'. This investment reflects the increasing interest in using AI for drug discovery and detecting biological threats.
New ETFs launched to exclude companies led by Elon Musk
Two new exchange-traded funds (ETFs) have been launched to exclude investments in companies associated with Elon Musk. The Nasdaq-100 Ex-Elon Enterprises ETF and S&P 500 Ex-Elon Enterprises ETF aim to provide returns while bypassing companies such as Tesla and SpaceX, responding to negative investor sentiment toward Musk.
Anduril CEO cautious on IPO amid market hype
Anduril CEO Brian Schimpf stated the company is not rushing to go public due to current market conditions. He expressed concerns about high valuations and the irrational pricing of tech stocks, indicating the need for a favorable environment for a successful IPO.
Charles Hudson highlights common startup investment mistakes and current fundraising challenges
Charles Hudson, founder of Precursor Ventures, discusses frequent mistakes made by startup founders when seeking investment. He emphasizes the need for realistic valuations, due diligence on investors, and understanding whether venture capital is suitable for their business model.
Mercor in early talks for $20B valuation, plans acquisition of Deeptune
AI training startup Mercor is negotiating to secure funding at a $20 billion valuation, a significant increase from its prior $10 billion figure. This anticipated growth follows a notable rise in annualized revenue and the announcement of its acquisition of Deeptune, indicating recovery from earlier setbacks.
Gradium raises $100M seed funding round led by Nvidia for AI voice models
Gradium, a Paris-based voice AI startup, raised $100 million in a reopened seed round led by Nvidia. The funding will facilitate the opening of an office in the Bay Area to attract talent and compete within the prominent AI ecosystem.
Wildcard (YC W25) Seeks Founding Engineer for AI Shopping Platform
Wildcard is recruiting a Founding Engineer to develop its commerce optimization platform for ecommerce. The platform aims to help brands navigate the shift to AI agents in shopping, addressing visibility, recommendations, and automation.
Ollama raises $65M in Series B, reaches nearly 9M monthly users
Ollama has secured $65 million in Series B funding led by Theory Ventures, bringing total funding to $88 million. The AI tool, aimed at simplifying the use of open-weight AI models for developers, has rapidly grown to 8.9 million monthly users and is utilized by 85% of Fortune 500 companies.
TrueBiz (YC S22) is hiring a Senior Software Engineer for scaling API services
TrueBiz, a startup providing a risk analysis API for financial institutions, is hiring a Senior Software Engineer. The role involves scaling systems and improving product reliability for existing enterprise clients like Visa and Mercury.
Nandan Nilekani steps down from GP role at Fundamentum amid $200M fund launch
Nandan Nilekani will cease being a general partner at Fundamentum Partnership as it launches a $200 million third fund. Nilekani will remain an anchor investor and advisor, continuing to mentor portfolio companies.
CollectWise, backed by Y Combinator, seeks Founding Account Executive
CollectWise is hiring a Founding Account Executive to scale its generative AI debt collection startup. This move comes as the company aims to increase annual revenue from $2 million to $10 million, driven by high demand and a lack of sales capacity.
8Layers Secures $2.9 Million for Identity Security Platform Expansion
8Layers, a Spanish security startup, has closed a $1.1 million pre-seed extension, reaching a total of $2.9 million in funding. This investment will enhance its digital identity protection platform, which integrates multiple security features and aims to expand its presence across Europe.
Lovable in talks to raise $300M, aiming for $13.2B valuation
Lovable is negotiating to raise $300 million, which would double its valuation to $13.2 billion. This growth reflects the increasing demand for its vibe-coding technology in the software development sector.
Kalshi fails to overturn New York gambling laws in federal court
Kalshi's request to exempt itself from New York's gambling laws was denied by a federal judge. The decision emphasizes the state's authority to regulate prediction markets, impacting Kalshi's operations.
QuantumDiamonds secures EU funding to enhance semiconductor testing equipment
QuantumDiamonds received €76 million from the EU to build a semiconductor testing facility in Munich. The funding will expedite chip inspection processes, significantly reducing inspection times while maintaining production flow.
Manna Aero to Launch U.S. Operations for Drone Delivery in Oklahoma
Manna Aero plans to expand its drone delivery operations into the U.S. by establishing a manufacturing center in Tulsa, Oklahoma. The startup aims to employ approximately 1,000 workers and compete with major players like Amazon and Zipline by 2027.
Paradigm raises $1.2B for investments in crypto, AI, and robotics
Crypto VC firm Paradigm has raised $1.2 billion for its third fund, expanding investment focus to AI and robotics while continuing crypto investments. This reflects a strategic shift as the firm adapts to market changes, highlighting the growing interest in AI technologies.
EdVisorly Secures $13.3M Series A to Automate College Transfer Process
EdVisorly has raised $13.3 million in a Series A funding round to enhance its AI platform that automates college admissions workflows. The funding, led by Breachway Capital, aims to address inefficiencies in the college transfer process, which has shown low success rates for community college students. This investment highlights ongoing shifts in the edtech sector amid reduced overall funding recently.
MintStars Allocates 20% Profit Stake to Creators as Co-Founder Resigns
MintStars co-founder Jessica Van Meir is resigning and donating her ownership shares to establish a 20% co-ownership pool for creators. This move is significant as it allows sex workers to benefit directly from the platform's success, setting a new precedent in subscription-based services.
AI startups report accelerating revenue growth milestones
Several AI startups are experiencing rapid revenue growth, with some doubling their revenue in significantly shorter timeframes. Notable companies like Mercor, Anthropic, and Sierra highlighted this fast growth, reflecting a trend in the AI industry that may influence investment and market strategies.
Vermilion Cliffs Ventures closes $25M Fund II for AI and security startups
Vermilion Cliffs Ventures announced the closing of its second fund at $25 million, aimed at supporting early-stage startups in AI infrastructure, security, and developer tools. Founded by Ashley Smith, the firm plans to invest in at least 25 companies, leveraging her experience to assist founders with go-to-market strategies.
Venus Aerospace secures $90M Series B for advanced rocket engine development
Venus Aerospace has raised $90 million in Series B funding to develop its Rotating Detonation Rocket Engine (RDRE). The company aims to transition from hypersonic passenger jets to military applications, reflecting growing interest from defense contractors after the engine's successful tests.
Kevin Weil joins Stoke Space board to aid in rocket development
Kevin Weil has joined the board of Stoke Space, a Seattle startup developing reusable rockets. His expertise and extensive network may help scale the startup, which is aiming to compete with companies like SpaceX.
General Catalyst and Andreessen Horowitz Lead U.S. Investor Activity in Q2
General Catalyst and Andreessen Horowitz were the most active venture investors in the U.S. during Q2 2023, leading multiple rounds, particularly in AI startups. Their involvement highlights ongoing investment interest in the AI sector, particularly following significant funding rounds for companies like Anthropic.
Rebellions plans IPO in South Korea amid AI chip market growth
Rebellions aims for an IPO in South Korea in Q1 or Q2 2024, targeting the KOSPI market. Backed by key investors, the firm seeks to capitalize on increasing interest in AI chip technology, especially in AI inference.
Former Apple Executive Bets on Shenzhen for Future Consumer Electronics Launches
Will Wang, CEO of Even Realities, stated that Shenzhen offers superior conditions for consumer electronics startups compared to Silicon Valley. His company, valued at $1 billion after a $150 million funding round, is targeting the AI wearables market.
Better Auth joins Vercel to enhance authentication services
Better Auth is now part of Vercel, allowing for deeper investment in open-source, framework-agnostic authentication solutions. The integration aims to expand resources and capabilities for building authentication frameworks that serve a broader community need.
Chemistry Ventures seeking $500M for second fund, already oversubscribed
Chemistry Ventures is raising $500 million for its second fund, as reported in an SEC filing. The firm, focused on early-stage startups in developer tools, fintech, and infrastructure, is already oversubscribed, indicating strong interest from investors.
Norm raises $120M, achieving unicorn status in AI legal services
AI law startup Norm has secured $120 million in a Series C funding round, reaching a valuation of $1.2 billion. The company's AI-native law firm offers legal services to enterprises using AI while employing human attorneys for oversight.
Bidbus raises $15M to create competitive marketplace for used car sales
Bidbus has raised $15 million in a Series A funding round to expand its digital marketplace for used cars. The platform allows multiple dealerships to bid on cars, potentially earning sellers $2,000 to $3,000 more than traditional services like Carvana.
9 Mothers, a Y Combinator startup, hiring for multiple roles in Austin
9 Mothers is currently seeking to fill 9 open positions in Austin, TX, focused on building counter-drone systems. The company emphasizes rapid hardware and software development cycles, aiming to deliver affordable solutions for U.S. and allied military use.
Google invests €411 million in Proxima Fusion for Europe's fusion power plant
Google has invested €411 million in Proxima Fusion to develop Europe's first commercial nuclear fusion power plant. This funding will support the creation of a fusion demonstrator and advanced engineering systems, highlighting Europe's competitiveness in fusion technology against the U.S. and China.
xAI rebranded as SpaceXAI following merger with SpaceX
xAI has officially rebranded as SpaceXAI following its merger with SpaceX, announced on X. This change signifies the consolidation of Musk's AI and space ventures under one brand, aiming to establish orbital data centers for AI operations.
Solstice CEO defends $14.5B acquisition after 15% stock drop
Solstice Advanced Materials announced it will acquire Element Solutions for $14.5 billion, despite a 15% stock drop following the news. CEO David Sewell attributes the sell-off to trading volatility rather than doubts about the acquisition's strategic value in expanding their semiconductor and AI capabilities.
Stealth robotics startup hiring principal engineers in Palo Alto
A startup developing wearable robotics devices is hiring three principal engineers in Palo Alto. The company, backed by Y Combinator, focuses on reducing the physical burden of carrying heavy loads and aims to launch products with real user feedback.