Former Google engineer is co-founding a nonprofit to AGI & Elon Musk agrees that we’ve exhausted AI training data.

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• Early stage startup financial model template for fundraising, simply put your numbers and get right financial model.

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STARTUPS RAISING MILLIONS

💰 Startup funding updates

Movement Labs is raising up to $100 million in a Series B round, potentially valuing the blockchain developer at $3 billion. The round is led by CoinFund and Brevan Howard's digital asset arm. Funds will be used to enhance its product, expand in the Asia Pacific, and grow its team. Movement Labs, founded in 2022 by Vanderbilt dropouts, aims to make blockchain more accessible and efficient.

Tenvie Therapeutics, a San Francisco, CA-based biotechnology company committed to engineering small molecules for the treatment of neurological diseases, raised $200M in funding. The round was led by ARCH Venture Partners, F-Prime Capital, Mubadala Capital, with participation from other investors.

VitVio, a London, UK-based company empowering surgical efficiency, patient outcomes, and hospitals’ ROI, raised $2M in Pre-Seed funding. The round was led by LDV Capital with participation from Bek Ventures (ex-Earlybird), Tiny Supercomputer Investment Company, and angel investors.

Grove, a San Francisco, CA-based clinical trial management and intelligence company, raised $4.9M in Seed funding. The round was led by A*, with participation from Afore Capital, LifeX Ventures, Pear VC, Upfront Ventures, and angels including Ajit Baid, Chloe Yoo, Phuc Truong, Till Pieper, among others.

Deep Vector, a NYC-based provider of an AI platform for analyzing underwriting documents, raised $1.5M in Seed funding. The round was led by Aperture Venture Capital and InsurTech NY.

Neumirna Therapeutics, a Copenhagen, Denmark-based RNA-focused biotech company, raised €20M in Series A funding. The round was led by Angelini Ventures and Invivo Partners with participation from Innovestor’s Life Science Fund and other existing investors.

Advanced Ionics, a Milwaukee, WI-based developer of a new class of green hydrogen electrolyzers aimed at accelerating decarbonization, raised $6.7M in funding. Backers included JERA, Lummus Venture Capital, and the Argosy Foundation as well as existing investors Clean Energy Venture Group and bp Ventures.

SoSoValue, a Singapore-based provider of an AI-driven investment research platform, raised $15M in Series A funding. The round was led by existing shareholder HSG and SmallSpark, with participation from Mirana Ventures and SafePal.

Frontier Direct Care, a Harlingen, TX-based employer-funded healthcare company, raised $20M in Series B funding. The round was led by Mehshah Capital. As part of the Series B round.

Geneoscopy, a St. Louis, MO-based life sciences company focused on developing diagnostic tests for the advancement of gastrointestinal health, raised $105M in Series C funding. The round was led by Bio-Rad Laboratories (NYSE: BIO and BIO.B) with participation from Petrichor, Labcorp (NYSE: LH), Morningside Ventures, Lightchain Capital, NT Investments, Granger Management and Mercy Health, Tri Locum Partners, and others.

Qualified Health, a Palo Alto, CA-based public benefit corporation providing the infrastructure for generative AI in healthcare, raised $30M in Seed funding. Backers included SignalFire, Healthier Capital, Town Hall Ventures, Frist Cressey Ventures, Intermountain Ventures, Flare Capital Partners, and healthcare and technology sector angels including Frank Williams, Justin Kan, Bill Veghte, Varsha Rao, and more.

Relief Cardiovascular, a Costa Mesa, CA-based company developing solutions for the management of heart failure, raised $12M in Series A financing. The round was co-led by Broadview Ventures and Advent Life Sciences, with participation from Pacific Health Investment, Heartwork Capital, and an undisclosed multinational strategic.

Unlisted, a NYC-based AI-powered real estate technology company specializing in off-market and private home sales, raised $2.25M in Seed funding. The round was led by HearstLab, with product and commercial support from Hearst Newspapers and with additional participation from VC 414 and StageNext.

Zeto, a Santa Clara, CA-based medical technology company, raised $31M in Series B funding. The round was led by MindWorks Global (MWG).

Ubiety Technologies, a Chicago, IL-based provider of a downloadable home insights, security, and smart home solution, raised $10M in Series A-1 funding. The round was led by Delta Global, with participation from Evolution Digital and Leo Lion.

Alta Resource Technologies, a Boulder, CO-based company which specializes in using advanced biochemistry to transform mineral separation, raised $5.1M in seed funding. The round was co-led by DCVC and Voyager Ventures, with participation from Orion Industrial Ventures, Overture, and WovenEarth Ventures.

Twentyeight Health, a NYC-based provider of a digital-first women’s healthcare platform, raised $10M in Series A funding. The round, which brought the total amount to $25M, was led by Seae Ventures, with participation from Impact America Fund, The Social Entrepreneurs’ Fund, RH Capital, Impact Engine, Gratitude Railroad, and Townhall Ventures.

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NEW VCs IN THE MARKET

🏦 Venture Capital updates

VC investment in emerging markets plummeted by over 40% last year:

• VC investments in emerging markets like MENA dropped 41% YoY in 2024, raising $9.1B across 1,527 deals, reflecting global funding trends.

• Fintech dominated with $3.9B raised, while MENA startups secured $1.9B, a 29% decline but outperforming Africa (44%) and Southeast Asia (45%).

• Early-stage deals (47% in $1-5M range) surged, though late-stage funding and global exits (down 32%) struggled. MAGNiTT predicts rate cuts will boost funding in 2025, with M&A activity growing across geographies.

KEY STORIES IN TECH

📜 Latest in tech

Elon Musk agrees that we’ve exhausted AI training data:

• Elon Musk claims AI training has “exhausted the cumulative sum of human knowledge,” pushing the industry toward synthetic data.

• Synthetic data, already used by OpenAI, Meta, Microsoft, and Anthropic, offers cost savings but risks "model collapse" from biases in self-generated data.

• Musk's xAI and others see synthetic data as crucial for AI development, with Gartner estimating 60% of 2024 AI data was synthetic. However, concerns about creativity and functionality in AI models persist as reliance on synthetic data grows.

Former Google Engineer is co-founding a nonprofit to build benchmarks for AGI:

• François Chollet, former Google engineer, co-founds the ARC Prize Foundation to develop benchmarks for AI's "human-level" intelligence.

• The foundation expands on Chollet's ARC-AGI test, aiming to measure AI's adaptability beyond its training data.

• The nonprofit will host competitions and design new benchmarks, addressing critiques about AGI progress. Chollet anticipates collaboration with AI labs and academic networks to further AGI research.

LAST COFFEE SIP

☕Other news

TikTok promotes sister app amid US ban threats:

• ByteDance, TikTok's parent company, is promoting Lemon8 as an alternative for US users amid increasing scrutiny and potential bans on TikTok.

• Lemon8 has been boosting its visibility through TikTok-sponsored content, encouraging users to migrate and retain their content, followers, and usernames seamlessly.

• Despite being smaller, with over one million daily users, Lemon8's engagement has grown, and ByteDance aims to expand its audience regardless of TikTok's uncertain future.

A billion dollars later, the iPhone 16 still banned in Indonesia, for a bizarre reason:

• Indonesia continues to block iPhone 16 sales despite Apple offering a $1 billion investment in manufacturing, with a focus on AirTag production.

• The government insists Apple must manufacture iPhone parts locally to lift the ban, rejecting the AirTag deal as insufficient.

• This marks a broader trend of countries leveraging access to markets for substantial investment. With billions at stake, Indonesia’s tough stance likely pushes Apple toward further concessions.

HIRING ALERT: ANALYST TO PARTNER ROLE

💼 Today’s VC & startup job opportunities

Most aspiring VCs don’t know how to prepare for VC interviews. I’ve interviewed candidates for analyst and associate roles, and many struggle to answer even the basic question: Why do you want to become a VC?

That’s why, together with a few VC partners, I’ve created an all-in-one VC Interview Preparation Guide. For a limited time, we’re offering a 30% discount. Don’t miss out! [Access Here]

• 27 Y-Combinator Backed Startups hiring For Remote roles - Apply Here

• Associate - Adams Street Partner | USA - Apply Here

• Venture Partner - Marathon Fund | USA - Apply Here

• Venture Capital Fellowship - Mighty Capital | USA - Apply Here

• Investment Analyst - Rubicon Founders | USA - Apply Here

• Investment Analysts - Zeta Capital | India - Apply Here

• Operations and Events Manager - TO Ventures | USA - Apply Here

• Venture Fellowship - Arise Ventures | India - Apply Here

• Working Student - D11Z.Ventures GmbH & Co. KG | Germany - Apply Here

• Venture Investor - Decasonic | USA - Apply Here

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