OpenAI Filing ‘GPT’ As Trademark & EU to fine Apple $539 Million

👋 Hey there, it's Sahil! Welcome to today's quick rundown in the Venture Daily Digest Newsletter. I've got the scoop on startup fundraising, fresh VC funds, and some cool tech – all in just 5 minutes! Today's highlights include...

• Ex-Disney star Bridgit Mendler's startup Orbital Insights secures $20+ million funding from top VC firms.

• Accolade Partners, fund of fund raises $1B for venture and growth equity funds.

• Google layoffs hit Voice Assistant, hardware, and ad sales teams, despite Alphabet's $20.4B Q4 net income.

• EU to fine Apple $539 million over Spotify's antitrust complaint.

• Featured Article : Fundraising Tips, How To Answer 'Why Now?'

• Daily Digest Board: Yesterday’s Poll On Pitch Deck & Crypto Industry.

Overwhelmed With Customer Support?

Don't worry – Hey Foster has got your back with their amazing team. How?

Hey Foster’s team -

• Handles your customer support daily,

• Respond within 24 hours on weekdays,

• Document processes, track trends, and ensure full coverage so your business succeeds without the hefty cost of an in-house team.

Talk to the support team for free to learn more…

_{(Our Partner Content…)}

Partnership With US: Promote your startup to our community of 22,500+ entrepreneurs and investors? Fill out the form, our team will reach out to you….

Startups Funding Updates

Former Disney Channel star Bridgit Mendler has entered the aerospace industry with her satellite data startup, Orbital Insights, securing substantial backing of over $20 million from top venture capital firms. The company aims to revolutionize data solutions for sectors like agriculture and disaster response, leveraging state-of-the-art technology in satellite imaging and artificial intelligence. More Here

Monite, a Berlin, Germany-based API-first fintech company providing finance automation for B2B platforms, added $6M to its Seed funding. The round was led by Valar Ventures and Third Prime, with support from existing investors. More Here

WIVI Vision, a Madrid, Spain-based company offering solutions to improve visual efficiency and treat visual dysfunctions in diagnosis and subsequent recovery, raised €4M in funding. The round was led by Adara Ventures, with participation from Hearstlab, Avançsa, Caixabank DayOne, BBVA Spark, Banco Santander, as well as current partners such as Peak Thomas (Pedro Tortosa), VC Go GMBH, among others. More Here

The Cloud, an Al Zahiyah, Abu Dhabi, UAE-based food tech startup, raised $12M in Series B funding. The round, which brought the total amount to $30M, saw participation from new investor MENA Moonshots. More Here

MIP Discovery, a Bedford, Bedfordshire, UK-based developer of non-biological affinity reagents for cell and gene therapies, raised £7M in Series A funding. The round was led by Mercia Ventures. Existing investor Calculus Capital also participated along with angel investors. More Here

Pulsate, a Madison, WI-based provider of mobile-first engagement solutions, raised $7.75M in Series A Funding. The round was led by TruStage Ventures and Curql Collective. More Here

Trademylux Limited, a Scottish art tech startup doing business as sellmyartworks.com, raised £300K in funding. Backers included Tricapital Angels Limited and Scottish Enterprise. More Here

Unfabled, a London, UK-based provider of a platform for women’s health and wellbeing, raised $1.6M in Seed funding. The round, which brought the total amount to $2M, saw participation from Morgan Stanley, Exceptional Ventures, Atomico Angels, Founders Factory, Chai Ventures, Syndicate Room, and 3 Sisters Ventures. More Here

Avatar Merdical, a Paris, France-, and Mountain View, CA-based company providing a real-time solution for surgeons to engage with patients, raised €5M in Seed funding. The round was led by GO Capital, with support from US-based Acorn Pacific Ventures and Plug and Play as well as Rives Croissance and Cenitz. More Here

Innerspace, an Innsbruck, Austria-based tech startup that enables risk assessment of production processes and effective training of cleanroom personnel for pharmaceutical companies using software and Virtual Reality (VR), raised €5.7M in funding. The round was led by Matterwave Ventures, with participation from MAD Ventures, aws Gründungsfonds, and High-Tech Gründerfonds. More Here

BOX ID, a Garching, Munich, Germany-based logistics software provider, raised €3.5M in funding. The round was led by KPN Ventures with participation from High-Tech Gründerfonds (HTGF), Bayern Kapital and Wille Finance. More Here

Colipi, a Hamburg, Germany-based company developing an industrial biotechnological process that transforms climate-damaging CO2 and carbon-containing industrial waste into climate oil, raised €1.8M in Seed funding. The round was led by High-Tech Gründerfonds (HTGF), the Innovationsstarter Fonds Hamburg (IFH), Nidobirds Ventures GmbH, and Stefan De Loecker. More Here

Atmos Space Cargo, a Lichtenau, Germany-based startup developing and manufacturing technology for space, raised additional €1.3M in funding. The round saw participation from OTB Ventures, High-Tech Gründerfonds, the Amadeus APEX Technology Fund (which also increased their initial investment in this extension), Seraphim, E2MC, VENTIS, and anotherVC. More Here

Silencio Network, a Munich, Germany-based provider of decentralized data coverage solutions combating noise pollution, raised $1M in funding. The round was led by Borderless Capital with participation from Moonrock Capital, Master Ventures and others. More Here

Dili, an AI-powered platform that automates key investment due diligence and portfolio management tasks for private equity and VC firms launch by Coinbase former employees has raised $3.6 million from undisclosed investors. More Here

Venture Capital Updates

Partech closes its second Africa fund at €280 million, solidifying its position as the largest fund for African startups. Despite a decline in investor activity on the continent, the venture capital firm focuses on seed to Series C rounds, supporting startups in key sectors. The diverse investor base includes U.S. and Middle Eastern funds, sovereign funds, and strategic investors, reflecting continued interest in Africa's growth potential. More Here

Accolade Partners has successfully raised over $1 billion across three funds of funds, aiming to invest in venture capital and growth equity funds. Managing Partner Atul Rustgi cites the current market as favorable for investments, particularly in growth funds. The Washington, D.C.-based firm seeks to address the liquidity challenges in the venture market, emphasizing the need for IPOs to stimulate venture fundraising. More Here

NVNG Investment Advisors, a boutique venture capital-focused investment firm, has successfully closed its first fund at $50 million. The Milwaukee- and Madison-based firm, with investors including A.O. Smith Corp., Baird, Exact Sciences Corp., Johnson Financial Group, and West Bend Insurance, aims to connect local Wisconsin companies with VC investors and startups on a national scale. More Here

iAngels, a four-year-old Tel Aviv VC firm, has raised $70 million for its second fund. The firm typically backs seed companies with checks ranging from $2-4 million. More Here

Featured Article

Fundraising Tips: How To Answer 'Why Now?'

"Why Now" is partially about history, but remember that it’s not a history lesson; it’s about trends.

During fundraising call with investors you will often Why wouldn’t it have been possible to have built the company five years ago? Why would five years from now be too late? The answer is often related to something that is shifting and changing, either in the market or with the technology layer. You can answer this question in three different ways..… Read More Here

Startup’s Latest Buzz

Acquisition & Exits

California-based K1 Investment Management has made an unsolicited offer to acquire MariaDB, an open-source relational database management system, at a price of $0.55 per share, valuing the company at around $37 million. The proposal follows recent challenges for MariaDB, including a CEO change, downsizing, and financial struggles. K1 has until March 29, 2024, to formalize the offer under Irish Takeover Rules. More Here

Layoffs & Shutdown

Google has initiated layoffs affecting thousands of employees, including the Voice Assistant unit, hardware teams, and ad sales. The restructuring, despite Alphabet Inc.'s reported Q4 net income of $20.4 billion, has sparked concerns among employees. The focus on AI, outlined in a leaked memo as Google's top priority for 2024, has contributed to a sense of cynicism and burnout within the workforce. More Here

Barcelona-based startup Variston, accused by Google of providing spyware and hacking tools, is reportedly shutting down after a tumultuous year. Variston's Heliconia framework was exposed by Google in 2022, leading to revelations of its involvement in hacking tools used in the UAE and against iPhone owners in Indonesia. More Here

Petersen Health Care, the Peoria based company operating approximately 100 nursing homes in the Midwest, is reportedly preparing to file for Chapter 11 bankruptcy, according to sources. Nineteen of its facilities are currently under foreclosure proceedings, with financial challenges attributed to inadequate state and federal funding and staffing issues. More Here

Startups & People

Robyn Denholm, chairman of Tesla, is facing increasing heat for approving Elon Musk's $50+ billion pay package while earning more than $280 million in her role. More Here

Latest In Emerging Tech

The US Patent and Trademark Office (PTO) has again denied OpenAI's application to trademark the term GPT (Generative Pre-trained Transformer), stating it is too general and could hinder competitors from describing their products. OpenAI argues GPT is not immediately understood by consumers, but the PTO contends it refers to a general type of software used in the AI industry. This marks the second denial, and OpenAI has the option to appeal to the Trademark Trial and Appeal Board. More Here

The European Union is expected to fine Apple €500 million ($539 million USD) over antitrust concerns arising from a Spotify complaint. The investigation focused on Apple's App Store policies limiting apps from promoting alternatives to Apple Music. The fine is a fraction of the initially proposed $40 billion penalty. More Here

Must Read On Startups, VC & Tech

• What I have learned from users by Paul Graham. Read Here

• Hot Inflation Reading Reinforces the Fed's Cautious Approach to Rate Cuts in 2024. Read Here

• What Does It Take To “Do Things That Don’t Scale” For Your Startup? Read Here

• Don't track LTV/CAC; Instead track LTV/CACD, Why? Read Here

• Why Founders Are Afraid to Talk About MOAT? Read Here

Daily Digest Board

Yesterday’s Poll

Keep it short and sweet—just 12 slides max! Sum up your product, market, team, how things are going, and what you need in one page. Or, if you prefer slides, go for 10-12 to dive a bit deeper…..

Your Opinion

Featured Newsletters

• Early Bird Stock Market News: Get free top stories that will impact the stock market each day direct to your inbox.

• Transacted: Get the latest trends and transactions with the Street’s most informative M&A update.

That’s It For Today! Will Meet You Tomorrow!
Happy Tuesday! 🥂

  Advertise || Investor Database || Break Into VC

✍️Written By Sahil R - The Venture Crew