Google ordered to open Android to rival app stores & AI pioneers win Nobel Prize in Physics

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☕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

A U.S. judge ordered Google to revamp its mobile app business, allowing Android users to download apps from competing stores and use alternative in-app payment methods following a lawsuit by Epic Games. Google plans to appeal the ruling, which will take effect on Nov. 1, 2024. Epic Games CEO Tim Sweeney called the decision "big news" for app store competition.

Geoffrey Hinton and John Hopfield, credited with 'establishing the foundations for today’s advanced machine learning technologies', were awarded the Nobel Prize in physics for their pioneering work on artificial neural networks mimicking brain structures. Their innovations helped enable AI systems to learn by identifying complex patterns from data, which is foundational to high-profile applications like language generation and image recognition currently used in technology. Despite the recognition, Hinton has expressed concern over AI's potential risks, highlighting the danger of bad actors misusing the technology, and recently left Google to focus on advocating for responsible AI development.

Other Major News

• Ex Google Maps team members get $6 Million Sequoia backing to build an AI-powered collaboration board (Scroll To Startup Fundraising Updates)

• Hindenburg Research shorts Roblox, alleging inflated metrics (Scroll To Tech Updates)

• Judge approves FTC's antitrust case against Amazon (Scroll To Tech Updates)

• Venture Daily Digest Picks on Startups, Venture Capital, Funding & AI.

• VC & Startups Job Opportunities (Scroll To Today’s Opportunities)

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🗞️ Startup Funding Updates

Cove, based in San Francisco, provides an infinite board interface for collaborative AI-powered planning and brainstorming. Founded by ex-Google Maps engineers Stephen Chau, Andy Szybalski, and Mike Chu, it raised $6M in a seed round led by Sequoia Capital, with participation from Elad Gil, Homebrew, and others.

Tildei, a NYC-based provider of a conversational marketing platform, raised $6M in Seed funding. The round was led by Susa Ventures with participation from Ludlow Ventures, Gradient Ventures, Lerer Hippeau, Vine Ventures, MXV Capital, Marcelo Claure, Jason Lemkin, and other angel investors.

Auger, based in Bellevue, Washington, is an AI-powered supply chain management startup founded by former Amazon executive Dave Clark. It raised a $100M seed round led by Oak HC/FT to develop tools that integrate real-time supply chain data with inventory management systems. Clark, who previously led Amazon's worldwide consumer division and expanded its logistics operations, aims to solve inefficiencies in supply chains.

Unify, based in San Francisco, uses AI and data to help sales teams reach prospective buyers with personalized "warm outbound" messaging. It raised $12M in a Series A led by Emergence Capital and Thrive Capital, with participation from OpenAI Startup Fund, Neo, Abstract, 20Sales, and AltCap.

Alpha Design AI, a Santa Barbara, CA-based developer of ChipAgents, AI agents for chip design and verification workflows, raised $3.09m in Pre-Seed funding. The round was led by ScOp Venture Capital, with participation from Impact Assets, Amino Capital, semiconductor executives, and angel investors.

XFarm Technologies, a Manno, Switzerland-based company that helps to digitalise the agri-food sector, raised €36M in Series C funding. The new round, which followed the €17M Series B round in 2022 and the first €3M round in 2019, was led by Partech, through its Impact Growth Fund. Other investors included Mouro Capital. Swisscom Ventures, United Ventures, and all previous institutional investors also participated.

Bitlayer, a Singapore-based Bitcoin Layer 2 based on Bitcoin finality, raised $9M in extended Series A funding. The round was led by Polychain Capital and Franklin Templeton, with participation from SCB Limited, Selini Capital, G-20 Group and other investors, bringing the total funding raised to $25M.

Kiva AI, a San Francisco, CA-based platform designed to deliver data solutions at scale for the development of specialized AI applications, raised $7M in Seed funding. Thew round was led by CoinFund. Additional investors included Protagonist, Hashkey, Peer VC, and entrepreneurs such as Bill Tai, Slava Rubin, Cyrus Massoumi, Brian Norgord, and Jack Herrick.

BizzyCar, a St. Peters, MO-based provider of an autotech solution that increases service revenue by automating recalls, raised $15M in Growth funding. The round was led by Dealer Tire, with participation from existing investors.

Lithios, a Boston, MA-based developer of electrochemical lithium extraction technology, raised $12M in funding. A seed round was led by Clean Energy Ventures, with participation from strategic venture groups TechEnergy Ventures and GS Futures as well as Lowercarbon Capital and MassCEC. The company secured an additional $2M in venture debt from Silicon Valley Bank.

Third Dimension, a San Francisco, CA-based 3D generation company, raised $6.9M in Seed funding. The round was led by Felicis, with participation from Abstract Ventures, MVP, Soma Capital, the Salt Fund.

Corvus Robotics, a Mountain View, CA-based provider of autonomous inventory management systems, raised a new funding of an undisclosed amount. The funding closed a $18m Series A round and seed funding led by S2G Ventures and Spero Ventures.

MARAbio, a Salt Lake City, UT-based precision immunology company, raised $19M in initial Series A funding. The round was led by MAK Capital One.

Asaas, a Joinville, Santa Catarina, Brazil-based financial technology company specializing in developing financial automation solutions for SMEs, raised R$820M in Series C Funding. The round was led by BOND, with participation from Softbank, 23S Capital, and Endeavor Catalyst.

Blue Energy, a Washington, DC-based nuclear power plant company, raised $45M in Series A funding. The round was led by Engine Ventures and At One Ventures, with participation from Angular Ventures, Tamarack Global, Propeller Ventures, Starlight Ventures, and Nucleation Capital.

Pinpoint Predictive, a San Mateo, CA-based provider of a risk assessment platform for P&C Insurers, raised an undisclosed amount in Series A funding. The round was led by Markd, along with Jazz Venture Partners, Guidewire Ventures, Verstra Ventures, Navigate Ventures and Seraph Group, bringing the total capital raised by Pinpoint to over $23M.

Moselle, a Toronto, CA-based AI-powered inventory planner and procurement manager for small- and mid-sized e-commerce brands, raised $2M in funding. The round was led by AQC Capital and MaRS Investment Accelerator Fund, with participation from True, Rebellion Ventures, Highline Beta, Top Knot Ventures, and Singh Capital.

TensorWave, a Las Vegas, NV-based provider of an AI GPU cloud platform, raised $43M in SAFE funding. The round was led by Nexus VP. Other investors included Maverick Capital, Translink Capital, Javelin Venture Partners, StartupNV, and AMD Ventures.

Vectorize, a Boulder, CO-based AI-powered data integration startup, raised $3.6M in Seed funding. The round was led by True Ventures.

Facet, a Baltimore, MD-based financial planning company, raised $35M in additional funding. The round was led by Multiplier Capital, with participation from Warburg Pincus, Audacious Capital and others.

Orasis Pharmaceuticals, a Ponte Vedra, FL-based ophthalmic pharmaceutical company, raised $78M in funding. The amount consisted of $68M equity component, co-led by Arboretum Ventures and Johnson & Johnson Innovation – JJDC, Inc., along with participation from Catalio Capital Management, Freepoint Capital Group, and returning investors Visionary Ventures, Bluestem Capital, SBI (Japan) Innovation Fund, Sequoia Capital, and Maverick Ventures, as well as other individuals.

Distributional, a San Francisco, CA-based modern enterprise platform for AI testing, raised $19m in Series A funding. The round was led by Two Sigma Ventures with participation from Andreessen Horowitz, Operator Collective, Oregon Venture Fund, Essence VC, Alumni Ventures and dozens of angel investors.

City Therapeutics, a Cambridge, MA-based biopharmaceutical company which specializes in RNA interference (RNAi)-based medicine, raised $135M in Series A funding. The round was led by ARCH Venture Partners with participation from Fidelity Management & Research Company, Invus, Slate Path Capital, Rock Springs Capital, Regeneron Ventures, AN Ventures and others undisclosed investors.

Maven Clinic, a NYC-based virtual clinic for women’s and family health, raised $125M in Series F funding. The round, which brought the total amount to $425M, was led by StepStone Group, with participation from existing investors General Catalyst, Sequoia, Oak HC/FT, Icon Ventures, Dragoneer Investment Group, and Lux Capital.

Synergi, a Helsinki, Finland-based company providing software for consumers and utilities to accelerate the transition toward sustainable energy sources, raised €2M in Seed funding. The round was led by Greencode Ventures, with participation from Vaens, Lifeline Ventures, APX, and Wave Ventures also participated.

Singulate, a Baltimore, MD-based provider of a generative AI marketing platform, raised $2.3M in PRe-Seed funding. The round was led by Bowery Capital with participation from Seedcamp, along with angel investments from Hopin founder, Johnny Boufarhat, Paul Forster, founder of Indeed, Alex Theuma, founder of SaaStock, via Backfuture, Draper Startup House, Allen Gannett, Alen Cvisic, Liz Willits, Dillon Scanlan, Johnathan Kol Bar, and more.

Meridian Innovation, a Singapore-based developer of low cost, mass producible thermal imaging sensors, raised US$12.5M in funding. The round, which brought the total amount to $30M, saw participation from Seeds Capital, Moveon Technologies, TCVC and Hong Kong Science and Technology Parks Corporation.

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📰 Venture Capital Updates

Initialized Capital laid off 36% of its staff, including managing partner Jennifer Wolf and partner Jenny Fleiss, as part of a restructuring to streamline operations. Despite the cuts, the firm promoted three principals to partners. Initialized aims to return to a leaner, more agile approach amid shifting market conditions.

Shore Capital Partners, a Chicago, IL-based private equity firm focused on lower-middle market investments, announced the closing of its inaugural Healthcare Advantage Fund, second Business Services Partners Fund, and first Shore Search Partners Fund. The three funds together represent over $1.9 Billion in commitments, bringing the firm’s assets under management to $9.1 Billion.

📑 Startup’s Latest Buzz

Acquisition & Going Public

Cloudflare (NYSE: NET), a San Francisco, CA-based connectivity cloud company, acquired Kivera, a NYC-based provider of a cloud security, data protection, and compliance platform.

Layoffs & Bankruptcy

Kaspersky, the Russian cybersecurity firm, is closing its U.K. office and laying off fewer than 50 employees, following similar closures in the U.S. earlier this year. The company will shift its U.K. business to a partner-based model while continuing to face scrutiny over its alleged ties to the Russian government.

Startups & People

Jensen Huang, CEO of Nvidia, has a net worth of $109.2 billion, surpassing Intel's current market value of $96.39 billion, which saw a significant drop following revelations about its financial issues in August. Nvidia's growth, driven by an AI boom and its dominance as a GPU accelerator manufacturer, helped its market cap soar, placing it among the top valued companies worldwide, though its stock has corrected by 10% since its peak. Huang's significant stake in Nvidia, with holdings valued over $100 billion, and his strategic share sales have propelled him to the 11th position on Forbes' real-time billionaires list, close to entering the top 10.

🤖 Latest In Tech

Crypto.com has filed a lawsuit against the U.S. SEC, accusing the agency of overreaching its jurisdiction by classifying crypto assets as securities. The lawsuit follows a Wells notice from the SEC, which intends to recommend enforcement action against the platform. The case, filed in Texas, also names SEC Chair Gary Gensler and four other commissioners as defendants.

Hindenburg Research disclosed a short position in Roblox, accusing the platform of inflating daily active users (DAUs) by including bots and alternate accounts. Roblox shares fell up to 9% after the claims, though the company denied the allegations. Hindenburg estimates the inflated user metric by 25-42%, citing artificially boosted engagement.

The U.S. House Oversight Committee is investigating the FCC's decision to deny SpaceX’s Starlink $885.5 million in rural broadband subsidies. The FCC cited Starlink’s failure to meet speed requirements, while SpaceX challenged the ruling, calling it "illegal." Committee Chair James Comer requested FCC documents by Oct. 21 to ensure fair regulatory processes. FCC Chair Jessica Rosenworcel defended the decision, citing Starlink's performance issues.

A federal judge allowed the Federal Trade Commission to continue its antitrust case against Amazon, despite some claims under state laws being dismissed, following a newly unsealed order. Judge John Chun rejected Amazon's motion to dismiss several federal claims, stating that accusations of the company maintaining a monopoly will be evaluated in a trial, while state claims were partly dismissed with a chance for revival. This initial decision permits the FTC to present its arguments in court, where the agency aims to prove that Amazon's practices are monopolistic, with Amazon countering that their strategies benefit competition and customers.

📌 Venture Daily Digest Picks

• Negotiating a VC Funding Round - What to Expect and How to Reply? (Link)

• Do Early-Stage Startups Need a Financial Model For Fundraising? (Link)

• Entrepreneurship is a spiritual battleground… (Link)

• The Best Way To Visualize Product Market Fit (PMF). (Link)

• Raising a seed round 101 By Lenny Rachitsky (Link)

• Decks are worse than documents. Far worse. (Link)

💼 Today’s VC Job Opportunities

• VC Analyst - Geek Venture - Apply Here

• 2025 Venture Capital Summer Associate - Stepstone | USA - Apply Here

• Marketing Specialist - Ananda Impact Venture | Germany - Apply Here

• Visiting Investment Analyst (Intern) - Antler | Netherland - Apply Here

• Investment Analyst - Kanou | India - Apply Here

• VC Investment Associate/Manager - Fortino Capital - Apply Here

• Associate, Investment - Singtel | Singapore - Apply Here

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