Jeff Bezos’ brother Launches $100 Million VC Fund & Binance Continue Indian Operation After 7 Months Ban

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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

Jeff Bezos' younger brother, Mark Bezos, along with PE veteran David Moross, has launched HIPstr, a new venture capital arm of their private equity firm HighPost Capital. HIPstr has announced its first $100 million VC fund, targeting early-stage startups amid lower valuations.

Other Major News

• Judge James Donato has ordered Google to dismantle its Android app store monopoly by opening up the Play Store to rival stores. (Scroll To Tech Updates)

• Apple's next big thing is a $1000 home robot. (Scroll To Tech Updates)

• Binance has resumed operations in India after registering with the country's Financial Intelligence Unit, following a seven-month ban.(Scroll To Startups Updates)

• B2C Startup Idea Validation Framework.. (Scroll To Featured Article)

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🗞️ Startup Funding Updates

CodeRabbit, a Walnut Creek, CA-based provider of an AI-powered platform that automates the process of code reviews for developers, raised $16m in Series A funding. The round was led by CRV, with participation from Flex Capital and Engineering Capital. More Here

Hexarad, a London, UK-based radiology technology company, raised 13M in growth funding. The round was led by MTIP, with participation from Foresight Group. More Here

Ferretly, a startup based in the United States, uses AI to scan social media and online data for potential risks in hiring and vetting processes. The company has raised $2.5 million in seed funding. The investment was led by David Dickerson, chairman and founder of Accurate Background. More Here

Thintronics, Inc., a Berkeley, CA-based electronic materials startup, raised an undisclosed amount in Series A extension. The round was led by Maverick Capital and Translink Capital with participation from M Ventures, the CVC arm of Merck KGaA, TGVP, the US CVC arm of TOPPAN Holdings, and previous investor Tallwood Venture Capital. More Here

Rx Save Card, a Chicago, IL-based provider of a pharmacy benefit solution, raised $1.7M in Pre-Seed funding. The round was led by Distributed Ventures and participation from industry insiders. More Here

Vanilla, a Salt Lake City, UT-based estate planning software company, raised a funding round of undisclosed amount. The round was led by returning investor Insight Partners, in addition to contributions from Venrock, Vanguard, Edward Jones Ventures, and new investor Alumni Ventures. More Here

Boosted.ai, a Toronto, Canada-based company that uses AI to automate investment management processes and increase productivity, received $10m in growth capital. CIBC Innovation Banking provided the financing. More Here

Goodfire, a San Francisco, CA-based startup committed to demystifying generative AI models, raised $7M in seed funding. The round was led by Lightspeed Venture Partners, with participation from Menlo Ventures, South Park Commons, Work-Bench, Juniper Ventures, Mythos Ventures, Bluebirds Capital, and several notable angels. More Here

Jupiter Endovascular, Inc., a Menlo Park, CA-based medical technology startup, exited stealth mode with a $21 million new round of financing. Sonder Capital was a key participant in the round that included participation from multiple strategic investors. More Here

Neptune Medical, a Burlingame, CA-based leader in medical device innovation, announced theì spinout of its subsidiary, Jupiter Endovascular, following the completion of a $97m Series D financing. Sonder Capital and Olympus Corporation of the Americas were significant participants in this round, along with investments from other existing and new investors. More Here

HistoSonics, a Minneapolis, MN-based manufacturer of the Edison® Histotripsy System and novel histotripsy therapy platforms, closed $102m Series D financing. The round was led by Alpha Wave Ventures, with participation from new investors Amzak Health and HealthQuest Capital, and existing investors Johnson & Johnson Innovation – JJDC, Inc. (JJDC), Venture Investors, Lumira Ventures, Yonjin Venture, the State of Wisconsin Investment Board, and others. More Here

Intramotev, a St Louis, MO-based company that develops autonomous, battery-electric railcars designed to transport freight without traditional locomotives, raised $14m in Series A funding. The round was co-led by Flybridge Capital Partners and Alpaca VC, with participation from Advantage Capital, Cathcart Rail, Aera VC, Band Venture Partners, Cantos, Collide Capital, Decisive Point, and Idealab. More Here

Cardea, an Atlanta, GA-based global asset management firm, raised a $15M convertible note funding. Cardea Backers included included both existing shareholders and new strategic partners. More Here

DSTLRY, a New York-based digital comics marketplace, reportedly raised $5m in seed funding. The round was led by 1AM Gaming, with participation from Kodansha USA and Groupe Delcourtalso. More Here

Guardoc Health, a Tel Aviv, Israel-based provider of AI-powered software used to identify errors, discrepancies, and gaps in real-time clinical charting within electronic healthcare records, raised $3M in Seed funding. The round was led by Pitango HealthTech. Bertelsmann Investments, US investor Springbank, Israeli investors Fresh.fund and Oded Barel-Sebag also participated. More Here

JetZero, a Long Beach, CA-based company developing a new blended-wing body (BWB) aircraft, received an investment from Alaska Airlines. The amount of the deal, made through Alaska Star Ventures (ASV), was not disclosed. More Here

Rhinestone, a startup providing tools for developers to augment smart account features, raised $5m in seed funding. The round was led by 1kx, with participation from CoinFund, Lattice, Heartcore, Circle Ventures , Alchemy Ventures, zkSync, Cyber, as well as angels from Biconomy, WalletConnect, WorldCoin, Lit Protocol and Pimlico. More Here

Trumpet, a London, UK-based provider of a buyer enablement platform, raised $6.35M in Seed funding. The round was led by AlbionVC. Previous investors Lightbird Ventures, Anamcara Capital and Triple Point Ventures also participated. More Here

Levels, a NYC-based provider of a software platform that shows users how food affects their health, raised $10m in Series A Extension funding. The round included $3 million in crowdfunding from more than 2,000 investors, as well as investments from Long Journey, a16z, and others. More Here

Kiteworks, a San Mateo, CA-based company which specializes in secure content communications, raised $456M in funding. Backers included Insight Partners and Sixth Street Growth. More Here

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📰 Venture Capital Updates

Venture capital, traditionally known for its stability, has seen a surprising shift in recent months. Notable investors like Keith Rabois and Connie Chan have made unexpected moves, leaving established firms or returning to previous roles. This trend breaks from the norm, as VC partners typically stay put due to fund lifecycles and personal investments. The reshuffling includes investors starting new firms, taking breaks, or transitioning back to operational roles, signaling a dynamic period in the venture capital landscape.

📌 Featured Article

B2C Startup Idea Validation Framework.

Most ideas, especially in B2C, get validated in one of four ways:

This framework defines the differences between each path to validation.

1. Signal Aggregation

Founders should test an idea's viability through small experiments that provide evidence (signals) of potential success before building a full product. Common signals include landing page sign-ups, social media engagement, ad click-through rates, and customer interview feedback.

2. Strong Beta

Achieving strong early traction with a beta product is another popular validation approach for founders. Success metrics vary across industries, e.g., high user numbers and retention for consumer social apps, and healthy revenue for B2C marketplaces.

The process typically starts with a hypothesis for solving a problem. The founder builds a basic version to test the hypothesis. Beta products are often rudimentary, lacking polish, due to the emphasis on speed over perfection. This approach aligns with the lean methodology of launching quickly and iterating based on feedback.

3. True Fans

This approach is similar to the Strong Beta approach, as it involves launching a beta product. However, instead of focusing on significant traction metrics like revenue or user acquisition, the founder seeks to identify a small group of fanatic users who deeply love the product despite its limited features. The key is finding 20-50 users who would be disappointed if the product were to go away. These passionate fans, rather than large user numbers, serve as the validation signal.

4. Visionary

This approach is the least common among the founders interviewed, as it requires a clear vision and plan for the product from the outset. Typically, the founder has a close personal connection to the problem being solved and a strong understanding of what needs to be done to address it.

We haves shared in detailed writeup in our Venture Curator newsletter, Check out here…

📑 Startup’s Latest Buzz

Acquisition & Going Public

Linktree, a link-in-bio platform, has acquired Plann, a social media scheduling tool. The acquisition will allow Linktree to integrate social scheduling features into its platform in the coming months.

Roper Technologies (ROP.O), opens new tab has agreed to buy Transact Campus for $1.5 billion, the software services firm.

Cleartronic, Inc. (OTC PINK:CLRI), a Boca Raton, Florida-based ReadyOp as a Software as a Solution (SAAS) company, announced the strategic acquisition of Alastar, a technology platform previously co-owned by Advanced Technology International and the South Carolina Research Authority (SCRA).

Vista Equity Partners, an Austin, TX-based investment firm focused exclusively on enterprise software, data and technology-enabled businesses, acquired Jaggaer, a Morrisville, NC-based company which specializes in enterprise procurement and supplier collaboration software, from Cinven.

Layoffs & Bankruptcy

Cisco Systems announced a 7% global headcount cut to focus on AI and cybersecurity, following rebounding demand for its networking equipment.

Startups & People

Byju's, once India's most valuable startup, faces renewed crisis as the Supreme Court stays a tribunal ruling that halted insolvency proceedings. The decision allows U.S. creditors to resume efforts to recover $1 billion from the edtech firm. Byju's troubles include missed financial deadlines, governance issues, and conflicts with investors. The company, which raised over $5 billion in equity and debt, has seen its valuation plummet from $22 billion to effectively zero by some investors.

🤖 Latest In Emerging Tech

Epic Games grants AltStore PAL a MegaGrant, allowing it to cover Apple's Core Technology Fee and make the EU alternative app store free for users. The move eliminates the previous €1.50 annual subscription fee. AltStore PAL, created by Riley Testut and Shane Gill, offers self-publishing for app developers and currently hosts two apps: Delta (a game emulator) and Clip (a clipboard manager).

Binance has resumed operations in India after registering with the country's Financial Intelligence Unit, following a seven-month ban. This move allows Binance to comply with local regulations and re-enter the Indian market. However, India's cryptocurrency market remains underdeveloped due to regulatory pressures and strict tax policies, with other major exchanges like Coinbase facing challenges in the country.

SoftBank abandoned plans to develop an AI chip with Intel, citing Intel's inability to meet volume and speed requirements. The Japanese firm is now in talks with TSMC for chip production. Intel's recent cost-cutting measures and layoffs were unrelated to the failed partnership.

Apple is reportedly working on a new smart home project featuring an iPad attached to a robotic arm that can twist and rotate, designed as a home "command center" with AI capabilities. The initiative, backed by CEO Tim Cook and head of hardware engineering John Ternus, has involved hundreds of staff and follows the cancelled Apple-brand electric car project.

Judge James Donato has ordered Google to dismantle its Android app store monopoly by opening up the Play Store to rival stores, despite Google's objections about difficulty and cost. Epic Games requested that the court force Google to allow competing app stores to coexist within Google Play, giving Android users more choice. To implement this change, Judge Donato plans to establish a technical compliance and monitoring committee comprised of members from both Epic and Google.

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