Google Backs Indian Open Source Uber Rival & Apple illegally Used YouTube Videos to Train AI Models

☕Hey there, Welcome to today's quick rundown in the Venture Daily Digest Newsletter. We've got the scoop on startup fundraising, VC funds, and some cool tech – all in just 5 minutes!

Top News

More than 170,000 YouTube videos were used by companies like Apple, Anthropic, Nvidia, and Salesforce to train AI systems,without obtaining permission from the platform. The training dataset, known as “YouTube Subtitles,” consists of subtitles extracted from videos on over 48,000 YouTube channels, including content from popular creators and major news outlets. Proof News and Wired's investigation revealed that this dataset is part of a larger collection called The Pile, which includes various publicly available or licensed materials used to train AI systems.

Google has invested in Moving Tech, the Bengaluru-based parent company of open source ridesharing app Namma Yatri, as part of an $11 million pre-Series A funding round. The round was co-led by Blume Ventures and Antler. Namma Yatri operates on the Open Network for Digital Commerce (ONDC), connecting customers with drivers without charging commissions, unlike competitors Uber and Ola.

Other Major News

• Former OpenAI, Tesla engineer Andrej Karpathy starts AI education platform (Scroll To Startup News)

• GitLab, a cloud-based software development tool backed by Google provider valued at $8 billion, is exploring a potential sale after receiving acquisition interest. (Scroll To Acquisition News)

• Elon Musk announced he's moving the headquarters of X and SpaceX from California to Texas, citing a new gender-identity law as the "last straw." (Scroll To Startup & People News)

• Building Cap Table As A Founder: Template to Download. (Scroll To Featured Article)

From Our Partner Meco

The Best Free New App For Newsletter Reading.

Reading newsletters in the inbox is frustrating - it is noisy and easy to lose control of subscriptions. Now with Meco you can enjoy your newsletters in an app built for reading, while giving your inbox space to breathe.

• Meco connects to Gmail & Outlook, allowing you to instantly move your newsletters to the app (and clear your inbox).

• The experience is packed with features to supercharge your reading including the ability to group newsletters, set smart filters, bookmark your favorites and read in a scrollable feed.

• You can try the experience for free and available on iOS and web (desktop).

• Over 30k readers are enjoying their newsletters (and decluttering their inbox) with Meco - try the app today!

Partnership With Us

Want to get your brand in front of 50,000+ founders, investors, executives, and startup operators? For details on our sponsorships, fill up this quick form or reply to this email as “Advertise” and we’ll get in touch.

Startup Funding Updates

Echo Chunk, a San Francisco-based company, is developing Wordle-style daily chess puzzle games, starting with Echo Chess. The startup has raised $1.4 million in pre-seed funding from investors including Andreessen Horowitz's a16z Speedrun, Zynga founder Mark Pincus, South Park Commons, Opendoor CEO Eric Wu, and Roblox's head of Generative AI Stef Corazza. More Here

itselectric, a Brooklyn-based electric vehicle curbside charging company, raised $6.5M in seed funding, bringing its total funding to date to $11.8M. The round was led by Failup Ventures and Uber Technologies, with participation from Halogen Ventures, The Partnership Fund for NYC, Pulse Fund, Newlab, Gratitude Railroad, Tale VP, Equity Alliance Fund, LACI Impact Fund, and The Helm. More Here

Huma, a London, UK-based global healthcare AI company, raised over $80M in Series D funding. Backers included AstraZeneca, Hat Technology Fund 4 by HAT SGR, HV Fund by Hitachi Ventures and Leaps by Bayer and others. More Here

Exa, a San Francisco, CA-based AI research lab redesigning search for the AI age, raised $22M in seed and Series A funding. The round was led by Lightspeed Venture Partners, with participation from NVentures, NVIDIA’s venture capital arm, and Y Combinator. More Here

Dusk, a San Francisco, CA-based provider of a platform for building and playing social multiplayer games, raised $8M in funding. The round was led by byFounders and Makers Fund, with participation from gaming founders including Ben Liu (PocketGems), Thomas Hartwig (King) and Adi Rathnam (Kamkord). More Here

Vericent, a Toronto, Canada-based company which specializes in sales performance management (SPM) software, received a strategic investment of undisclosed amount. The round was led by Warburg Pincus, alongside existing investors Great Hill Partners and Spectrum Equity, with participation from company management. More Here

Scorpion Therapeutics, a Boston, MA-based clinical-stage oncology company, raised $150M in Series C funding. The round was led by Frazier Life Sciences and Lightspeed Venture Partners, and included additional new support from Willet Advisors along with existing investors Omega Funds,Vida Ventures,Atlas Venture, Abingworth, Fidelity Management & Research Company. More Here

Botrista, a San Francisco, CA-based data-driven, automated beverage platform provider, raised an undisclosed amount in Series C funding. The round, which brought the total amount to $120M, saw participation from undisclosed investors. More Here

Tekion, a Pleasanton, CA-based provider of a cloud-native platform serving the entire automotive retail ecosystem, raised $200M in Growth capital. Dragoneer Investment Group made the investment. More Here

PulseMedica, an Edmonton, Canada-based life sciences startup, raised an aggregate of $12M. The round was led by Saltagen Ventures with participation from Accelerate Fund III, ScaleGood Fund, ThresholdImpact, UCeed Health Fund, Startup TNT and the University of Alberta’s Innovation Fund. More Here

OCN, a Mexico City, Mexico-based fintech company, raised $86M in funding. The round was led by Caravela Capital, Collide Capital, and Great North Ventures. Other investor included from US-based investment firm, i80 Group. More Here

Infinitum, an Austin, TX-based creator of the sustainable air-core motor, raised $35M in Series E Extension funding. The additional funding brings the company’s total Series E funding to $220M. Backers included Marunouchi Innovation Partners and Rice Investment Group. More Here

Making Space, a Los Angeles, CA-based provider of a B2B SaaS talent acquisition and learning platform for companies to train, access, and retain pre-qualified disabled talent, raises $2M in Pre-Seed funding. The round was led by Beta Boom, with participation from JFFVentures, FullCircle, American Student Assistance (ASA), ECMC Foundation, SmartJob, Mindshift Capital, Techstars and other investors. More Here

NovoNutrients, a Sunnyvale, CA-based biotech company transforming CO₂ emissions into premium protein, raised US$18M in Series A funding. The round, which brought the total amount to $23M, was led by Woodside Energy and CM Venture Capital. Other participants included SOSV’s IndieBio, Decarbonization Consortium, Happiness Capital, The Jeremy, Hannelore Grantham Environmental Trust, and Audacy Ventures. More Here

Mira, a Singapore-based provider of a decentralized infrastructure platform to expand access to advanced AI, raised $9M in Seed funding. The round was led by BITKRAFT Ventures and Framework Ventures, with participation from Accel, Crucible, Folius Ventures, Mechanism Capital, SALT Fund, and angel investors. More Here

DreamBig Semiconductor Inc., a San Jose, CA-based company which specializes in high-performance accelerator platforms, raised $75M in Series B funding. The round was led by Samsung Catalyst Fund and the Sutardja Family. More Here

Monetary Metals, a Scottsdale, AZ-based gold company, raised over $5M in Equity funding. The round, which brought the total amount to $14M, was led by a private placement offering. More Here

Omni Fiber, a Cincinnati, OH-based regional fiber internet service provider, received $150m in Debt financing from Stonepeak Credit. More Here

Thyme Care, a Nashville, TN-based value-based cancer care enabler, raised $95M in Series C funding. The round was led by Concord Health Partners with participation from all existing investors, including CVS Health Ventures, Town Hall Ventures, a16z Bio + Health, AlleyCorp, Echo Health Ventures, Frist Cressey Ventures, and Foresite Capital. More Here

Kins, a Boston, MA-based provider of a digital-first hybrid care physical therapy practice, raised $7M in Series A funding. The round was led by Healthworx, with participation from Redesign Health, W Health Ventures, and Asahi Kasei Ventures. More Here

Heimdall Power, a Houston, TX- and Oslo, Norway-based technology company that’s driving power grid optimization for utility companies around the world, raised $25M in Series B funding. The round was led by Orlen, Nordic cleantech fund NRP Zero and the Steinsvik Family Office. Additional investments were made by existing investors, Investinor, Eviny, Hafslund, Lyse, and Sarsia Seed. More Here

DataCore Software, a Fort Lauderdale, FL-based company which specializes in the data infrastructure and management space, raised US$60M in funding. The round was led by Vistara Growth. More Here

Predicta Biosciences, a Boston, MA-based precision oncology company developing diagnostic and therapeutic products, raised $5.2M in Seed funding. The round was led by The Engine Ventures, with participation from Illumina Ventures, Time Boost Capital, the American Cancer Society Bright Edge and the Oetgen family. More Here

Cardurion Pharmaceuticals, Inc., a Burlington, MA-based clinical-stage biotechnology company developing next-generation therapeutics for the treatment of cardiovascular diseases, raised $260m in Series B financing. The round was led by Ascenta Capital, with participation by new investors NEA, GV, Fidelity Management & Research Company, Millennium Management, Farallon Capital Management, Invus, Blue Owl Healthcare Opportunities, Delos Capital and Digitalis Ventures, as well as existing investors Bain Capital Life Sciences and Bain Capital Private Equity. More Here

Bioniq, a London, UK-based provider of personalized supplements based on blood biomarker data, raised $15M in Series B funding. The round was led by HV Capital and Unbound. More Here

Vectara, a Palo Alto, CA-based provider of a generative AI product platform, raised $25M in Series A funding. The round, which brought the total amount to $53.5M, was led by FPV Ventures and Race Capital. Additional investors included Alumni Ventures, WVV Capital, Samsung Next, Fusion Fund, Green Sands Equity, and Mack Ventures. More Here

LevelTen Energy, a Seattle, WA-based provider of transaction infrastructure for the energy transition, raised $65M in Series D funding. The round was led by B Capital, with participation from Aster, Constellation, Google, Intercontinental Exchange, Inc. (NYSE:ICE), Microsoft’s Climate Innovation Fund, NGP, Prelude Ventures, and ZOMA Capital, among others.

CatalYm, a Munich, Germany-based company providing immune therapy solutions for solid tumors, raised $150M in Series D funding. The round was led by Canaan Partners and Bioqube Ventures, with participation from Forbion’s Growth Opportunities Fund (“Forbion Growth”), Omega Funds and Gilde Healthcare. More Here

eLstar Dynamics, an Eindhoven, the Netherlands-based developer of dynamic glass, raised €2M in Series A funding. The Dutch family office Panthea made the investment. More Here

SamanTree Medical, a Lausanne, Switzerland-based medical technology company, raised $14M in Series B funding. The round was led by Relyens Innovation Santé, advised by Turenne Capital, with participation from new investors Mutuelles Impact, Wille Finance, Noshaq and WE Life Sciences. More Here

Venture Capital Updates

Funding for women-founded companies has declined in the first half of 2024, with all-women founding teams raising only 2.2% of venture capital allocated this year. PitchBook data shows that companies with all-women teams are facing greater challenges in 2024, with slower activity compared to last year. The number of VC-backed startups with female founders has decreased from 536 in the first half of 2023 to 372 in the same period of 2024. Despite some breakout successes, the overall trend indicates persistent difficulties for women-led startups in securing venture capital funding.

Featured Article

Building Cap Table As A Founder: Template to Download.

A cap table, or capitalization table, is a chart typically used by startups to show ownership stakes in the business. It lists your company's securities (i.e., stock, options, warrants, etc.), how much investors paid for them, and each investor's percentage of ownership in the company.

You can obtain a stockholder ledger from your lawyer, which lists all stockholders and shows how many shares or options they hold. However, I don't consider this document a comprehensive cap table. In this, I am sharing a cap table template that is used by various leading VC firm’s partners.

→ Click here to download the Excel sheet.

The basic outlines of this cap table are:

1. It shows all the major stockholders of the company listed on the left side. It also shows the major option holders and buckets of option holders

2. It shows all of the classes of stock and how much was paid for them across the top of the columns

3. For each investor, you show how much of each class was bought and how many shares of that class they own as a result

4. You total up the cost and shares and then calculate ownerships on a fully diluted basis (which means you include the options, whether issued or non-issued or vested or non-vested).

I like this presentation for its simplicity and because it shows the progression of financing activity. It also has the benefit of showing how much each investor has put in on a cost basis, which many cap tables leave out.

If you want to make a cap table for your company, feel free to replicate this format. If you have angel investors, put them in the angel section. I would include the largest ones and bucket all the rest into “other angels.”

If you’ve got any questions aboutthis cap table, or cap tables in general, feel free to email me.

Startup’s Latest Buzz

Acquisition & Going Public

OneStream Software, which is backed by private equity firm KKR (KKR.N), opens new tab, is targeting a valuation of about $4.38 billion in its U.S. initial public offering.

GitLab, a cloud-based software development tool provider valued at $8 billion, is exploring a potential sale after receiving acquisition interest. The company, backed by Alphabet, has attracted attention from peers like Datadog, though any deal is still weeks away.

Layoffs & Bankruptcy

Startups & People

Marc Andreessen, co-founder of a major VC firm, is supporting Trump over Biden in the 2024 presidential race, citing Trump's more favorable policies for tech and startups. Andreessen and his partner Ben Horowitz believe tech prowess is crucial for America's future, alongside economic and military strength. They criticize Biden's administration for overregulation and potential taxation that could stifle innovation, particularly in AI and crypto sectors.

Andrej Karpathy, former Tesla AI head, islaunching Eureka Labs, an AI-focused education platform. The startup aims to create AI teaching assistants to support human teachers, but is starting with an AI course called LLM101n.

Byju's, once India's most valuable startup, is facing insolvency proceedings initiated by an Indian tribunal in response to a petition from the country's cricket board seeking to recover nearly $19 million. The ruling installs an interim resolution professional to manage operations, effectively pushing out founder Byju Raveendran. This development follows a series of crises for Byju's, including missed financial deadlines, governance issues, and legal battles with top investors seeking Raveendran's removal.

Latest In Emerging Tech

Apple's "sherlocking" practice of incorporating third-party app features into iOS and Mac systems impacts apps with $393 million in reven4ue and 58 million downloads.

Major affected categories include trail apps ($307M revenue), grammar helpers ($35.7M), math solvers ($23.4M), and password managers ($20.3M). Trail apps, led by AllTrails, account for 78% of potentially sherlocked revenue and 40% of downloads. Many impacted categories were growing rapidly, with math solvers seeing 43% year-over-year revenue growth. While dedicated users may not immediately switch to Apple's built-in features, the practice could hinder future growth for these third-party apps.

The U.K.'s CMA has launched a phase 1 inquiry into Microsoft's hiring of Inflection AI's core team, investigating potential "quasi-merger" concerns in AI acquisitions. This probe is part of broader scrutiny into big tech's AI partnerships, including Microsoft's investments in Mistral AI and OpenAI, and Amazon's investment in Anthropic. The CMA has until September 11 to decide if the hiring constitutes a merger that could harm competition, potentially leading to a six-month phase 2 investigation.

Elon Musk announced he's moving the headquarters of X and SpaceX from California to Texas, citing a new gender-identity law as the "last straw." This follows his previous relocation of Tesla and his personal residence to Texas, where there's no state income tax. Musk's decision aligns with his increasing political outspokenness and criticism of Democratic positions on issues like transgender rights and immigration.

How Can I Help You?

• Build Your Pitch Deck : We write, design and model your pitch deck into a storyteller book within 4-5 days.

• Get Your MVP In 15 Days: Have an Idea? Turn your idea into Reality. Move fast before your competitors.

• Break Into VC: Join Our VC Enthusiast slack Community to learn, network and craft path to venture capital.

How’s Today’s Coffee?

Do you have any news to share about your Startup or VC fund?
Please email us.