Stripe, Reddit, Liquid Death Coming With IPO & OpenAI Denies The New York Times Lawsuit

🗞️ TODAY’S MAJOR UPDATES

• US IPO Market Will Rebound - Stripe, Reddit, Liquid Death Coming with IPO?

• Goldman Sachs's $650M Life Science VC Fund

• Microsoft's Copilot, utilizing OpenAI's GPT-4 technology, hasn't significantly impacted OpenAI's ChatGPT

• Featured Article : YC Strategy 'Cash In, Cash Out, Milestones Achieved' To Raise Funding

• What do you think: First-Ever VC-Funded Startup?

OpenAI Claims New York Times Copyright Lawsuit Is Without Merit

OpenAI has issued a rebuttal to The New York Times' lawsuit, defending its stance that training AI models on publicly accessible web data, including the Times' content, falls under fair use.

The response refutes claims of intentional content duplication and suggests manipulative prompts by the Times. The broader copyright dispute in the generative AI landscape sees various entities, such as actors, novelists, and programmers, filing lawsuits against OpenAI and its collaborators, underscoring the intensifying legal challenges in the field… More Here

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💰 MASSIVE FUNDING UPDATES

Gallant Therapeutics, a San Diego, CA-based animal health biotechnology company pioneering off-the-shelf stem cell therapies for pets, closed its Series A financing, securing over $15m. The round was led by BOLD Capital and joined by new investors Digitalis Ventures and Hill Creek Partners. More Here

Second Dinner, the Los Angeles, CA-based game development studio behind the hit game MARVEL SNAP, raised $100M in Series B funding. The round was led by Griffin Gaming Partners. More Here

Rincell Corporation, a San Francisco, CA-based chemistry battery cell manufacturer, raised $1.2M in Seed funding. The round was led by NextGen Battery Chem Ventures LLC. More Here

Health In Her HUE, a NYC-based provider of a digital health platform, raised $3M in funding. The round, which brought total amount to $4.2M, was led by Seae Ventures with participation from Johnson & Johnson Impact Ventures (an impact fund within the Johnson & Johnson Foundation), Morgan Stanley Inclusive Ventures Lab, Genius Guild, HBCU Founders Fund, Stanford Impact Fund, and angel investors. More Here

QuantHealth, a Tel Aviv, Israel-based AI-powered clinical trial design company that simulates clinical trials, raised $17M strategic investment from Accenture Ventures along with Bertelsmann Investments and Pitango HealthTech, with participation from existing investors Shoni Top Ventures and Nina Capital. More Here

WellBe Senior Medical, a Chicago, IL-based in-home value-based care provider, received an investment from CVS Health Ventures. The amount of the deal was not disclosed. More Here

Affinity Learning, a Greenwich, CT-based compliance training solution provider, received an investment from O’Shaughnessy Ventures. The amount of the deal was not disclosed. More Here

Imbed Biosciences, a Santa Clara, CA-based tissue engineering company developing advanced biomaterials for soft-tissue repair, received $10M in convertible debt financing. Niterra participated in the round through the Corporate Venture Capital (CVC) fund jointly operated with Pegasus Tech Ventures, along with existing investors. More Here

Vortexa, a London, UK-based provider of a real-time global analytics platform for energy and freight markets, raised $34M in Series C funding. The round was led by Morgan Stanley Expansion Capital, with participation from existing investors Notion Capital, Monashees, Metaplanet, FJ Labs and Communitas Capital. More Here

Care Continuity, an Irving, TX-based company which specializes in data-driven patient navigation, raised $10M in funding. The round was led by Empactful Capital & Viewside Capital Partners with participation from Flat Creek Capital, and Loop 289 Limited Partners. More Here

Contents.com, a Milan, Italy-based provider of an enterprise content tech platform that enables businesses to create multilingual content using AI, raised $18M in Series B funding. The round was led by Sinergia Venture Fund of Alkemia Capital with participation from Thomson Reuters Ventures and others. More Here

Patchworks, a London, UK-based software company helping e-commerce businesses automate and manage data flows across IT systems, raised £1.75M in follow-on funding, in the form of a convertible loan note. The round, which brought the total amount to £10.5M, saw participation from Gresham House Ventures. More Here

Claris Bio, a Jersey City, NJ-based late-clinical stage biotechnology company, raised $57M in funding. Backers included Novo Holdings A/S, RA Capital and Mass General Brigham Ventures and recent investor, Janus Henderson Investors. More Here

Cumulus Oncology, an Edinburgh, Scotland, UK-based oncology biotech company, raised £9M in Seed funding. The round was led by Eos Advisory and the Scottish National Investment Bank. More Here

Midel Photonics, a Bonn, Germany-based laser tech startup, raised EUR 1M in Seed funding. Backers included High-Tech Gründerfonds (HTGF) and industry experts Thomas Merk and Dr. Markus Dilger. More Here

AuditOne, a Cologne, Germany-based provider of a smart contract security platform, raised €800K in Seed funding. The round was led by High-Tech Gründerfonds (HTGF), with participation from Sebastian Herzog, Florian von Bodman, and others. More Here\

Health in Her HUE, a NY based digital health app that focuses on reducing health disparities for women of color, it has raised a $3 million seed round today, led by Seae Ventures. More Here

Cleva, Nigerian fintech startup focused on creating a banking platform for African individuals and businesses to receive international payments by opening USD accounts, has raised $1.5 million in pre-seed funding. The round was led by 1984 Ventures, an early-stage venture capital firm based in San Francisco. Other participants in the round include The Raba Partnership, Byld Ventures, FirstCheck Africa and several angel investors. More Here

CharatcterX, a San Francisco, CA-based provider of a decentralized AI social network, raised $2.8M in Seed funding at a $30m valuation. The round was led by Lightspeed Venture Partners, INCE Capital, and Spark Digital Capital. Investors also included CGV, ZC Capital, GRI, Fermion Capital, 84000LP, Fan Zhang, and others. More Here

Resalis Therapeutics, a Torino, Italy-based ncRNAs and RNA-targeted therapeutics company, raised €10M in Series A funding. The round was led by Sunstone Life Science Ventures with participation from existing investors including Claris Ventures and angel investors. More Here

CRISPR QC, a San Diego, CA-based biotechnology startup, secured funding from Xcellerant Ventures in its ongoing Series A funding round. The amount of the deal was not disclosed. More Here

💰 VENTURE CAPITAL UPDATES

Goldman Sachs Asset Management, a NYC-based investment and advisory services firm across public and private markets, raised $650M for its West Street Life Sciences I, representing the first fund in the firm’s Life Sciences Investing strategy. Life Sciences I received equity commitments from a global, diverse group of institutional, strategic and high net worth investors and meaningful commitment from Goldman Sachs employees. More Here

Venrock, A California based VC firm closed it's $650 Million tenth fund. Venrock aims to invest mostly seed/series A round, innovation-driven businesses across technology and healthcare. More Here

𝕏 FEATURED: TODAY’S FEATURED ARTICLE

YC Strategy 'Cash In, Cash Out, Milestones Achieved' To Raise Funding

There are many things a VC is looking for in reviewing your business plan but beyond things like the quality of revenue, margins, OPEX and CAPEX.

There’s a simple rule investors generally consider “Cash In, Cash Out, Milestones Achieved.” Simply put, a VC wants to evaluate how much cash you’re raising and whether this amount is realistic and how long the money you will raise will last and whether this is long enough to warrant taking a risk on funding you...… Read More Here

💡 SARTUP’S LATEST BUZZ

Acquisition

Veracyte, Inc. , a South San Francisco, CA-based cancer diagnostics company, reached a definitive agreement to acquire C2i Genomics, Inc. a Haifa, Israel-based minimal residual disease (MRD) detection company. Under the terms of the agreement, Veracyte will pay $70m in Veracyte shares at closing. More Here

SentinelOne’s deal to acquire PingSafe values the Peak XV-backed young startup at over $100 million. It is one of the strongest and fastest exits emerging from India. The New York Stock Exchange-listed AI security firm disclosed the cash and stock deal to acquire the two-year-old Indian startup. More Here

Layoffs & Exits

Here, Miami-based fractional short-term vacation proptech rental marketplace has shut down after two years, citing economic conditions and interest rate challenges. Despite generating $276,233 in revenue in the six months ended June 30, 2023, the company reported a net loss of $56,374. Here aimed to democratize vacation rental investments, offering shares for as little as $1, with plans to sell all its properties within the next six months. More Here

Pitch, Berlin based company behind a collaborative presentation software for businesses, is scaling back and bootstrapping, with CEO and co-founder Christian Reber stepping down and two-thirds of its employees losing their jobs. Till now it has raised over $130M from leading investors. More Here

IPO

The U.S. IPO market is expected to rebound in 2024, following two challenging years, with projections of 120 to 170 deals raising $20-45 billion, according to Renaissance Capital. The growth is attributed to anticipated Federal Reserve rate cuts and increased interest in startups that focused on improving profitability during the IPO winter. Potential IPO candidates include Shein, Reddit, Stripe, Plaid, ServiceTitan, Fanatics, Skims, and Liquid Death. More Here

🤖 LATEST IN EMERGING TECH

Microsoft's Copilot, utilizing OpenAI's GPT-4 technology, hasn't significantly impacted OpenAI's ChatGPT in terms of installs or revenue, according to Appfigures' analysis of app store data. With 2.1 million downloads since its December launch, Copilot's impact may be limited by a lack of promotion, while ChatGPT, with over 4.2 million downloads during the same period, continues to thrive with rising revenue, reaching nearly $30 million by its first anniversary in November. More Here

📰 TODAY’S MUST READ ON: STARTUP, TECH & VC

• 2024 Healthcare and Life Sciences Predictions by Bessemer Venture Partner Read Here (Startups & Industry)

• Carta’s worst comms Read Here (Startups)

• How to Talk About Valuation Numbers When Investor Ask? Read Here (Startups & Fundraising)

• The state of tech markets in 2024 By Jason Calacanis Watch Here (Tech & Startups)

🤔 WHAT DO YOU THINK?

Previous Poll: 41.18% readers vote for “Bill Draper” known for “Father Of VC” but Georges Doriot known as the “Father Of VC”. Why? -

Doriot co-founded the first modern venture capital firm in 1946, American Research and Development (AR&D). However - Draper co-founded Draper, Gaither & Anderson in 1958, one of the early venture capital firms. Both had a significant contribution to come up with the VC Concepts and helping early stage startups.

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

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✍️Written By Sahil R | Venture Crew Team