Tech Founder To Invest $1 Billion Fortune in Gen-AI Startups & Hackers Stole $2 Billion In Crypto

🗞️ TODAY’S MAJOR UPDATES

• Romesh Wadhwani, Founder & CEO of Symphony Technology Group (STG), is investing $1 billion of his personal fortune.

• Panlin Capital Launched biotech/biopharma focused $1.5B VC Fund

• In 2023, hackers stole approximately $2 billion in crypto, this number will increase in next year.

• Featured Tweet : Michael Seibel On How To Pick The Right Problem To Solve!

• What do you think: Which VC firm is the most active in lead investments in 2023?

UPDATES: VENTURE-DAILY DIGEST+ CONTENT

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Initially, we decided to post three days a week with this daily content. However, we are making some changes and will now publish this content only on Saturdays and Sundays, providing high-quality insights from the startups and venture capital world. Stay tuned!✌️

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💰 MASSIVE FUNDING UPDATES

Addressable, a Tel Aviv, Israel-based Web3 growth marketing company, raised $13.5M in funding. The round was led by BITKRAFT Ventures, with participation from strategic investor Karatage, which joined existing investors Viola Ventures, Fabric Ventures, Mensch Capital Partners, North Island Ventures, and several other strategic investors. More Here

Subtl Beauty, a NYC-based company which specializes in compact, convenient makeup, closed a Series A funding round with an investment from Cult Capital. Subtl Stak Refills The amount of the deal was $5M. More Here

Vestwell, a provider of modern savings platforms that integrate various retirement and savings solutions, making it easier for individuals and organizations to plan for the future, raised $125 million in its Series D funding. The investment round was led by Lightspeed Venture Partners, with participation from existing investors, including Fin Capital, Primary Venture Partners, and FinTech Collective. Notable new investors in this round include Blue Owl and HarbourVest. More Here

TrustedHousesitters, a Brighton-based subscription-based pet-sitting and travel community, received a strategic investment from Mayfair Equity Partners. As part of the strategic investment, Mayfair Equity Partners will become the majority stakeholder in TrustedHousesitters, and join the company’s management team to accelerate growth and support product innovation in key markets such as the US, the UK, Europe, and Australia. More Here

Term Structure, a Taipei-based non-custodial fixed-income protocol specializing in peer-to-peer, fixed-rate, and fixed-term borrowing and lending within the decentralized finance (DeFi) ecosystem, has raised $4.25 million in Seed funding. The latest round, led by Cumberland DRW, brings the company’s total funding to over $8 million and includes participation from Decima Fund, HashKey Capital, Longling Capital, and MZ Web3 Fund. More Here

Helin, a Netherlands-based provider of an industrial edge intelligence platform, has raised €3 million in a Seed funding round led by FORWARD.one. More Here

IntelliBoard, a provider of learning analytics solutions headquartered in New Haven, Connecticut, has announced a successful undisclosed funding round. The investment was led by Advantage Capital, a new investor, along with continued support from existing investor Connecticut Innovations (CI). More Here

Kitchens@, a dynamic cloud kitchen company based in Bangalore, India, raised $65 million in its Series C funding round. The investment round was led by Finnest. More Here

Luna (NASDAQ: LUNA), a Roanoke, VA-based company which specializes in advanced fiber optic-based technology, received a $50M investment from White Hat Capital Partners. Proceeds from this strategic investment were partially used to fund the acquisition of Silixa. More Here

DTE, a Reykjavik, Iceland-based elemental analysis technology company, raised additional $6M in Series A2 funding. The round was led by Eyrir Vöxtur and EIC Fund. This latest operation completed the Series A2 financing round initiated earlier this year, in which the company secured a $10M first close from Novelis, Metaplanet, EIC Fund, as well as previous investors Chrysalix Venture Capital and Brunnur Ventures. More Here

Atavistik Bio, a Cambridge, MA-based biotechnology company discovering precision allosteric therapeutics, raised additional $40M in funding. The round saw participation from The Column Group, Lux Capital, and Nextech Invest. More Here

💰 VENTURE CAPITAL UPDATES

Romesh Wadhwani, Founder & CEO of Symphony Technology Group (STG), Billionaire Silicon Valley technology leader is investing $1 billion of his personal fortune in predictive and generative AI technology. More Here

SCOPE, the invite-only startup networking platform, launched a venture capital fund worth $45 million, focused on fintech and gaming sectors. SCOPE has partnerships with more than 20,000 angel investors, over 7,000 VCs, 200 family offices and facilitation of funding for more than 400 startups. More Here

Panlin Capital launched Hangzhou Panlin Xukang Fund, a venture capital fund focusing on innovative biopharmaceuticals, innovative medical device and biotechnology, has completed its second closing. It has raised over RMB 1.5 billion in total. Panlin Xukang Fund was supported by a new institutional investors including Hangzhou Science and Technology Innovation Group and Hangzhou Xiaoshan International Venture Capital , Chengdu Science and Technology Innovation Investment Group, LEO Group, I-Mab, and market-oriented financial institutions Zhongyuan Trust (self-owned capital), and Chasestone Group etc. In addition, because of the trackrecord, the re-investment rate of Panlin's existing LP is over 40%. More Here

Spark Capital, The bi-coastal venture firm is seeking to raise $2.1 billion for a pair of new funds, according to filings with the U.S. Securities & Exchange Commission first flagged by Axios. More Here

𝕏 FEATURED: TODAY’S FEATURED TWEET

Michael Seibel On How To Pick The Right Problem To Solve!

" Find the problem and users you can fight for the next 10 years.

Having a great startup idea is not enough - it’s about your care for particular problems and users. Even if you have a good idea - this thing can kill your startup." What’s That Thing? … Read More Here

💡 SARTUP’S LATEST BUZZ

Exits

Softbank backed Metaverse company Improbable has sold one of its key gaming ventures to London-listed video game developer Keywords Studios for £76.5 million ($97.1 million). More Here

Layoff

India based One97 Communications Ltd, the parent company of digital payments firm Paytm, has fired at least 1,000 employees across multiple divisions as the firm looks to cut down on employee costs. Company said the AI automation will take care of this roles. More Here

IPO

Lendbuzz, an Israeli startup that uses AI to offer auto loans to people who lack credit history, has hired investment bankers to take it public at a $2+ billion valuation. More Here

ServiceTitan, a Los Angeles-based startup that makes software to help contract workers manage their businesses, has revived preparations for an IPO in 2024, according to Reuters. The company was originally preparing to go public in 2022 before the market for IPOs soured. More Here

🤖 LATEST IN EMERGING TECH

In 2023, hackers stole approximately $2 billion in crypto, marking a decrease from previous years, according to crypto security firms such as De.FI and TRM Labs. Despite strides in addressing vulnerabilities, persistent challenges within the DeFi ecosystem were evident, with notable breaches including the $600 million Ronin network incident. The ongoing threat to the crypto industry is emphasized by the poor security measures of various projects, suggesting that hackers may continue targeting the growing sector in 2024. More Here

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

• Before the startup by Paul Graham Read Here (Startups)

• How Long Should You Stick To The Idea Before Ditching It? Read Here (Startups)

• Limited Partner's Not Taking New Commitment To Invest In VC Funds? Read Here (Venture Capital)

• 8 Signs Your Startup Is a Zombie and 3 Things to Do About It! Read Here (Startups)

🤔 WHAT DO YOU THINK?

Previous Poll: 57.89% readers think that startup those focused on “empowering individuals & community” will succeed in 2024.

I am completely agree on this. This category startup includes - startups that Provide access to education and healthcare, Promote economic development and job creation, Address social and environmental challenges, Foster collaboration and connection between people etc.

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

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✍️Written By Sahil R | Venture Crew Team