NVIDIA's $450 Million Investment In AI Startup & Cisco Launched $1 Billion AI Startup Fund

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👋 Hey, Sahil here! Welcome to today's quick rundown in the Venture Daily Digest Newsletter. I've got the scoop on startup fundraising, VC funds, and some cool tech – all in just 5 minutes ☕! Today’s major updates include -

• NVIDIA & Salesforce Ventures has Invested $450 Million in a Canadian AI Startup - Cohere.

• Cisco has launched a $1 billion fund to invest in AI startups and made $200 Million Investment in Mistral AI, Cohere and scale AI.

• A former Meta engineer, Ferras Hamad, has sued the company for discrimination and wrongful termination, alleging bias in its handling of content related to the war in Gaza.

• Tesla is likely to spend $3-4 billion on Nvidia hardware for AI training this year.

• Worldcoin, the controversial eyeball-scanning crypto venture co-founded by OpenAI's Sam Altman, remains largely shut down in the European Union due to privacy complaints.

• Featured Article : How To Find Problem-Solution Fit? (A Framework).

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Startup Funding Updates

Forge, based in San Francisco, is a procurement software platform for hardware companies, aiming to streamline the process of sourcing and tracking parts. The startup has raised $2.1 million in seed funding led by Google's Gradient Ventures, with participation from Y Combinator and other angel investors. More Here

Cohere, a Canadian AI startup based in Toronto, has raised $450 million from investors including Nvidia, Salesforce Ventures, Cisco, and PSP Investments, as part of a larger funding round aiming for a $5 billion valuation. More Here

AirMDR, a Menlo Park, CA-based company which specializes in AI-powered Autonomous Managed Detection and Response (MDR), raised $5M in funding. The round was led by Foundation Capital with participation by Storm Ventures. Foundation Capital’s Sid Trivedi joined the AirMDR board. More Here

Prósperos, a Los Altos, CA-based technology company that delivers a financial platform for the Spanish-speaking Western hemisphere, raised $3M in Seed funding. Backers included FEBE Ventures, BAT VC, Tekton Ventures, Courtyard Ventures and technology executives. More Here

Sword Health, a virtual physical therapy startup based in Portugal, has raised $130 million in a combined primary round of $30 million and a $100 million secondary round. The funding round, which included participation from Khosla Ventures and valued the company at $3 billion. More Here

Thoughtly, a NYC-based startup building AI voice agents for contact centers, raised $3M in Seed funding. Backers included Afore Capital, Greycroft, Expansion, and others. More Here

CaseMark AI, a Portland, OR-based company which specializes in legal generative AI workflows, raised $1.7M in Seed funding. The round was led by Gradient Ventures, with participation from Rex Salisbury’s Cambrian, Ride Home AI Fund and Alumni Ventures. More Here

GetWhy, a Danish startup that provides an AI platform for conducting market research and extracting insights from video interviews, has raised $34.5 million in Series A funding. The funding round was led by PeakSpan Capital, a California-based VC firm. More Here

Isar Aerospace, a Munich, Germany-based launch service provider for small and medium-sized satellites, received $20M in growth debt funding. ATEL Ventures provided the financing. More Here

Mint Blockchain, a Los Angeles, CA-based provider of an Ethereum L2 network for NFT industry, raised $5M in Seed funding. Backers included Jsquare, SNZ Capital, Antalpha Ventures, Mask Network, BlockAI Ventures, Predator Capital, GoPlus, Whitelist Ventures, PANONY Group, and individual investors. More Here

SciTech Development, a Grosse Pointe Farms, MI-based clinical-stage, specialty oncology pharmaceutical company, raised additional $3.2M in funding. The round, which brought the total amount to $12M, was led by Storm Lake Capital and Pointe Angels. More Here

Raydiant Oximetry, a San Ramon, CA-based clinical-stage medical device company, raised $7.5M in Series A3 Extension funding. The round was led by Cross-Border Impact Ventures, with participation from RH Capital, Global Health Impact Fund, VCapital and the March of Dimes Innovation Fund. More Here

ActuityMD, a Boston, MA-based technology partner to the commercial MedTech industry, raised $45M in Series B funding. The round, which brought the total amount to $83M, was led by ICONIQ Growth, with participation from Atreides Management and Stepstone Group, as well as existing investors Redpoint Ventures, Benchmark Capital, and Artisanal Ventures. More Here

Saguaro Biosciences, a Quebec City, Canada-based developer of live cell reagents for AI-enhanced discoveries, raised $3M in Seed funding. The round was led by AQC Capital and Anges Québec, with participation from Martin Leblanc, Co-Founder and Vice-Chairman of CellCarta Biosciences, alongside investments from Investissement Quebec and Ville de Québec. More Here

Keragon, a Boston, MA-based provider of an AI-powered HIPAA-compliant automation platform for healthcare, raised $3M in funding. The round was led by Focal and Afore, with participation from 25madison and Lifepoint Health. More Here

The Desire Company, a Chicago, IL-based expert product education company, closed its Series B funding round, increasing its valuation to $97m. The round was led by Cleveland Avenue and supported by Valor Siren Ventures. More Here

Axena Health, a Newton, MA-based medical device company focused on female pelvic health, closed on an additional $9.4m in its Series A funding. The round was led by Cross-Border Impact Ventures (CBIV) alongside existing investors AXA IM Alts through its Global Healthcare Private Equity Strategy, KOFA Healthcare and Avestria Ventures. More Here

Stacklet, an Arlington, VA-based leader in cloud governance and optimization as code, raised $14.5m in Series B funding. The round, which brought total funding raised to date to $36.5m, was led by SineWave Ventures with participation from Strait Capital, Uncorrelated Ventures, Capital One Ventures, Foundation Capital, and Relentless VC. More Here

Xcimer Energy, a Denver, CO-based inertial fusion company, raised $100M in Series A funding. The round was led by Hedosophia, with participation from investors including Breakthrough Energy Ventures, Lowercarbon Capital, Prelude Ventures, Emerson Collective, Gigascale Capital and Starlight Ventures. More Here

Overcast HQ, a Dublin, Ireland-based video management company, raised $1.2M in Bridge funding. Backers included Paddy Flynn, VP of Maps for Google, Professor Anil Kokaram, Chair of Electronic Engineering at Trinity College Dublin and former lead of the Media Algorithms team at YouTube, David Shackleton, who sold Openback to X (formerly Twitter), as well as George Kilpatrick, Overcast HQ’s Chief Revenue Officer. More Here

Storyblok, a NYC-based provider of a modern content management system (CMS) for teams, raised $80M in Series C funding. The round was led by Brighton Park Capital with participation from existing investors HV Capital, Mubadala Capital, 3VC, and firstminute capital. More Here

WindBorne Systems, a Palo Alto, CA-based provider of an atmospheric sensing system and AI weather model, raised $15M in Series A funding. The round was led by Khosla Ventures. Existing investors Footwork VC, Pear VC, and Convective Capital also participated. More Here

Carv, an Amsterdam, The Netherlands-based recruitment AI company, raised $10M in Seed funding. Backers included Global Founders Capital (GFC) and independent angel investors. More Here

re:cap, a Berlin, Germany-based tech company providing a financing and data insights platform, raised USD 14.6M in Series A funding. The round was led by Entrée Capital with participation from additional existing shareholders Felix Capital and Project A. More Here

Neural Concept, a Lausanne, Switzerland-based provider of an engineering intelligence platform that transforms product design with 3D Deep Learning, raised $27M in Series B funding. The round was led by Forestay Capital, with participation from the D. E. Shaw group and existing investors Alven, CNB Capital, HTGF, and Aster Group. More Here

Stacklet, based in Virginia, is a cloud cost control and governance platform that helps enterprises manage their cloud resources across different clouds and accounts. The startup raised $14.5 million in its latest funding round led by SineWave VC, with participation from Strait Capital, Uncorrelated Ventures, Capital One Ventures, Foundation Capital, and Relentless Ventures. More Here

Vantage Discovery, based in San Francisco, is a startup that provides AI-powered personalized search and discovery for online shopping, using large language models and image recognition. The company raised $16 million in Series A funding led by Lobby Capital, with participation from Biz Stone (Twitter co-founder), Jony Ive (former Apple design chief), and others. More Here

Venture Capital Updates

WndrCo, the holding company and technology investment firm founded by Jeffrey Katzenberg and Sujay Jaswa, has raised over $460 million across two new venture capital funds - a seed fund and a venture fund. The funds will target startups innovating in areas like the future of work, consumer tech, cybersecurity, and developer infrastructure. WndrCo now manages $1.3 billion in assets through its Build, Venture, and Seed investment strategies. More Here

Cisco has launched a $1 billion fund to invest in artificial intelligence startups. The company has already committed nearly $200 million to firms like Cohere, Mistral AI, and the $14 billion valued Scale AI. This move aligns with Cisco's broader strategy to integrate AI across its product portfolio through acquisitions and investments. More Here

Featured Article

Framework To Find Problem-Solution Fit.

Recently, in our Venture Curator newsletter - we have shared all in one guide to find Product-Solution Fit.

“90% of startups fail within their first year of operation.

It is a sobering statistic that highlights just how difficult it can be to get a new business off the ground. There’s just a lot to consider, from developing your product to finding the right customers. But one of the most crucial aspects of a successful startup is ensuring that your solutions fit the problem you’re trying to solve.

So what Problem-Solution fit is and how startup entrepreneurs can ensure they have it. Where Does Problem-Solution Fit in Your Startup Journey? 

In The Startup Owner's Manual, Steve Blank highlighted all successful startups start with learning about problems:

The first stage of a successful startup begins with finding a Problem-Solution Fit. This is when founders have discovered a deep customer problem in an underserved market. There is a lot of pivoting and working closely with a few sets of customers.

Then they move on to Product/Market Fit,  where the startup has found a way to sign up customers, retain them and get healthy revenue in a large enough market. 

Lastly, the startup moves into the Scale stage, focusing on expansionary growth and telling even more customers about their products.

Read detailed article in our Venture Curator Newsletter….

Startup’s Latest Buzz

Acquisition & Going Public

Databricks, a San Francisco data and AI company, acquired Tabular, a San Jose, California-based data management company for undisclosed amount. More Here

ITCM, a San Diego, CA-based technology solution provider, acquired Value Logic, a Carlsbad, CA-based IT managed service provider (MSP) for undisclosed amount. More Here

Deloitte acquired all of the assets of End Point’s disease surveillance company CasePointer for undisclosed amount. More Here

Layoffs & Bankruptcy

CalAmp Corp., which develops software designed to track vehicles and improve company logistics, has filed bankruptcy to complete a debt-cutting deal that hands control of the business to lender Lynrock Lake Master Fund LP. More Here

Startups & People

A former Meta engineer, Ferras Hamad, has sued the company for discrimination and wrongful termination, alleging bias in its handling of content related to the war in Gaza. Hamad claims he was fired in February for trying to help fix bugs causing the suppression of Palestinian Instagram posts. He accuses Meta of a pattern of bias against Palestinians, including deleting employee communications about Palestinian relatives killed in Gaza and investigating the use of the Palestinian flag emoji while not doing the same for Israeli or Ukrainian flag emojis. More Here

OpenAI CEO Sam Altman and his husband signed the Giving Pledge to donate their wealth. Altman's net worth is estimated at least $2 billion from startup investments like Reddit. The Giving Pledge encourages the ultra-rich to commit to donating at least half their fortunes. Even Melinda French Gates announced $1 billion donation for women's rights after resigning from Gates Foundation. More Here

Latest In Emerging Tech

Multiple AI providers, including OpenAI's ChatGPT, Anthropic's Claude, and Perplexity, experienced outages on Tuesday morning. ChatGPT had a multi-hour outage, while Claude and Perplexity's issues were resolved more quickly. The simultaneous outages could signal a broader infrastructure issue or internet-scale problem affecting multiple services. More Here

Tesla is likely to spend $3-4 billion on Nvidia hardware for AI training this year. Elon Musk stated that around half of Tesla's $10 billion AI capex will be internal spend. Musk also asked Nvidia to prioritize chip shipments to X and xAI over Tesla. More Here

Apollo Global Management will acquire a 49% equity interest in a joint venture related to Intel's new manufacturing facility in Ireland for $11 billion. The deal involves Intel's Fab 34 facility in Leixlip, Ireland, which will use Intel's latest manufacturing process. Intel has invested $18.4 billion in the facility so far, and this deal allows Intel to redeploy part of its investment to other areas of its business. More Here

Worldcoin, the controversial eyeball-scanning crypto venture co-founded by OpenAI's Sam Altman, remains largely shut down in the European Union due to privacy complaints and potential violations of the General Data Protection Regulation (GDPR). The only EU market where Worldcoin is currently operating is Germany, while an investigation by Bavaria's data protection authority is expected to reach a conclusion by mid-July.

Depending on the outcome, Worldcoin may be barred from operating in the EU altogether or required to make significant changes to its system, such as allowing for the deletion of personal data. The company has agreed not to resume operations in Spain until the Bavarian investigation is concluded or until the end of the year, and claims to have implemented new privacy and security measures. More Here

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