Mistral AI plans IPO & Perplexity launches Sonar, an API for AI search.

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STARTUPS RAISING MILLIONS

💰 Startup funding updates

Belfry, a NYC-based company developing a platform for physical security providers, raised $12M in Series A funding. The round was led by Base10 Partners with continued support from existing investors Bienville Capital and Aglaé Ventures.

Gravity, a San Francisco, CA-based provider of an enterprise carbon accounting and energy management platform, raised $13M in Series A funding. The round, which brought the total amount to over $20M, was led by Ansa Capital, with participation from existing investors Eclipse, Hanover, Caffeinated Capital, Communitas Capital, Buoyant Ventures, and WEX Venture Capital.

LeapXpert, a NYC-based responsible business communication company, raised $20M in Series B funding. The round was led by Portage, with participation from existing investors, including Rockefeller Asset Management, Uncorrelated Ventures, and the Partnership Fund for New York City.

Package.ai, a Tel Aviv, Israel-based AI-based developer of a platform that empowers customer engagement and last-mile logistics for big-box retailers and service providers, raised $14M in Series A funding. The round was led by Susquehanna Growth Equity (SGE).

MoneyHash, a NYC-based provider of a payment orchestration platform operating in the Middle East and Africa (MEA), raised $5.2M in Pre-A funding. The round was led by Flourish Ventures. New investors included Saudi’s Vision Ventures, Arab Bank Venture Capital, and Emurgo Kepple Ventures, with participation from Jason Gardner, founder and former CEO of Marqeta, as his first MEA investment and existing investors COTU, RZM Capital, and Github founder Tom Preston-Werner.

Men in Blazers Media Network, a NYC-based provider of a soccer media network, both on the men’s, women’s, domestic leagues and International tournaments, raised $15M in Series A funding. The round was led by Avenue Sports Fund, Bolt Ventures, RR McReynolds, The Chernin Group, Ryan Sports Ventures, and Wheelhouse.

StepChange Labs, a San Francisco, CA-based provider of a tech monitoring platform, raised $4m in seed funding. The round was co-led by Kindred Ventures and The General Partnership, with participation from Ritual Capital and Liquid 2 Ventures.

nexos.ai, a Vilnius, Lithuania-based AI infrastructure company, raised $8M in funding. The round was led by Index Ventures, with participation from Creandum, Dig Ventures, and angel investors.

Qumis, a Chicago, IL-based provider of a lawyer-built AI platform to empower insurance knowledge work, raised $2.2M in Pre-Seed funding. The round was led by Armory Square Ventures with participation from MTech Capital, Grand Ventures, Alumni Ventures, and BrokerTech Ventures. Strategic investors included Sean Harper, co-founder and CEO of insurtech unicorn Kin Insurance, and Tom Vander Schaaf, former General Partner at Edison Partners.

BPR Hub, a San Francisco, CA- and Bangalore, India-based provider of a cloud-based compliance management system for manufacturing companies, raised $2.6M in Seed funding. The round was led by Accel and Kae Capital, with participation from angel investors in the manufacturing sector.

Render, a San Francisco, CA-based provider of a cloud application platform, raised $80M in Series C funding. The round was led by Georgian, with participation from 01A (Dick Costolo) and avra, and existing investors Addition, Bessemer Venture Partners, General Catalyst, and the South Park Commons Fund.

Vivident, a Singapore-based startup developing AI-powered character IP technology, raised $1.5M in Seed funding. Backers included Hashed, Mashup Ventures, TheVentures, Modhaus (Korea), Sfermion (US), as well as Japan’s CVC Z Venture Capital, Decima Fund, and Hong Kong-based CMCC Global’s Titan Fund.

Qomodo, a Milan, Italy-based provider of a payment solution for physical merchants, raised €13.5M in Series A funding. The round was led by RTP Global alongside LMDV Capital, with participation from Proximity Capital, Primo Capital, and TechShop.

Mitiga, a NYC-based Cloud and SaaS security startup, raised $30M in Series B Funding. The round was led by SYN Ventures.

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NEW VCs IN THE MARKET

🏦 Venture Capital updates

Active European VCs drop 30% as fundraising and exits slow:

• The number of active VCs in Europe fell from 5,704 in 2022 to 4,044 in 2024, driven by slower exits, reduced liquidity for LPs, and startups prioritizing profitability over growth.

• European VC fundraising declined to €21bn in 2024 from €34bn in 2022, with a “flight to quality” favoring larger cheques for fewer deals, leaving many mid-sized and newer funds struggling.

• The VC landscape is bifurcating into large, established firms and smaller, agile GPs, with mid-sized firms facing challenges and growing LP impatience over delayed returns.

KEY STORIES IN TECH

📜 Latest in tech

Mistral AI plans IPO as it expands globally:

• French AI lab Mistral, valued at $6 billion, plans an IPO, CEO Arthur Mensch revealed at the World Economic Forum, emphasizing the company is “not for sale.”

• The company is expanding globally, opening an office in Singapore to target Asia-Pacific while growing in Europe and the U.S.

• With $1.14 billion in funding from investors like Andreessen Horowitz, Mistral competes with U.S. giants like OpenAI through offerings like its ChatGPT rival, Le Chat.

Microsoft is no longer OpenAI’s exclusive cloud provider:

• Microsoft is no longer OpenAI’s exclusive cloud provider, as OpenAI signs a $500 Billion new infrastructure deal with SoftBank, Oracle, and others. Microsoft retains a "right of first refusal" for future AI workloads.

• Tensions over compute shortages led OpenAI to expand its capacity beyond Microsoft, with delays in product rollouts highlighting the need for additional cloud partners.

• Despite the shift, key terms of the Microsoft-OpenAI partnership, including revenue sharing, Azure API exclusivity, and access to IP, remain intact until 2030 unless AGI profitability clauses are triggered.

Perplexity launches Sonar, an API for AI search:

• Perplexity unveiled Sonar, an API enabling developers to integrate its generative AI search engine into applications, with a base version for affordability and Sonar Pro for detailed answers.

• The Sonar API supports real-time web searches with citations and allows source customization, already powering tools like Zoom’s AI assistant for real-time in-chat answers.

• Offering competitive pricing, Perplexity sees Sonar as a new revenue stream to complement its subscription model, with Pro reportedly outperforming Google and OpenAI on factual accuracy benchmarks.

Anthropic plans to release a ‘two-way’ voice mode for Claude:

• Anthropic CEO Dario Amodei announced plans for a two-way voice mode and a memory feature for Claude, enhancing user interaction and personalization.

• The company anticipates releasing smarter AI models soon, driven by surging demand that has strained its compute capacity in the past year.

• Despite raising $13.7 billion, Anthropic reportedly lost billions last year and is now seeking an additional ~$2 billion at a $60 billion valuation to compete with OpenAI.

LAST COFFEE SIP

☕Other news

Meta lures TikTok creators with bonuses, content deals, free verification:

• Instagram is enticing TikTok content creators with significant monetary incentives, ranging from $10,000 to $50,000 monthly, to post their Reels on Instagram before other platforms.

• While Instagram previously increased payouts to compete with TikTok, such financial incentives have not been consistent, as seen with the discontinuation of the Reels bonus program in 2023.

• To appeal to TikTok influencers, Instagram has introduced new features like longer Reels and a redesigned profile grid, but creators remain wary due to Meta's fluctuating policies.

Apple’s China troubles continue with 18% iPhone sales drop:

• Apple closed 2024 with an 18.2% decline in iPhone sales in China, falling to third place as Huawei reclaimed the top spot, driven by strong demand for its Nova 13 and Mate 70 series.

• Competition and the absence of AI features on iPhones sold in China, due to local regulations, have hindered Apple’s ability to match rivals’ advancements in AI-driven products.

• Beyond China, Apple faces challenges in Indonesia, where iPhones are banned over unmet content sourcing regulations, despite the company proposing a $1 billion local investment.

HIRING ALERT: STARTUPS & VC ROLES

💼 Today’s VC & startup job opportunities

• AI Engineer - Linkt | Remote - Apply Here

• Associate - S3 Venture | USA - Apply Here

• Investment Analyst - Softbank Vision Fund | UK - Apply Here

• Accelerator and Sales Director - Plug & Play tech centre | USA - Apply Here

• Founding AI engineer | Remote - Apply Here

• Junior Level Chief of Staff (DFW) - Sidekick Partner | USA - Apply Here

• Investment Associate - Elevation Capital | USA - Apply Here

• Marketing Intern - Connecticut Innovation | USA - Apply Here

• Director, Finance - Antler | India - Apply Here

• Community Manager - Antler | USA - Apply Here

• Investor / Junior Partner - USA Deal Team - Dragonfly | USA - Apply Here

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CURATED RESOURCES

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