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- VC Daily Digest - 11/10/2023
VC Daily Digest - 11/10/2023
EU Warns Musk For Increasing Misinformation on X & VC Turning to AI For Competitive Edge
Venture Daily Digest
October 11, 2023
📢 Major News
EU Warn Musk For Increasing Misinformation on X
AI industry could be in for a 'cold shower' next year
Q3 venture capital market explained in five charts
Venture capital firms are turning to AI for a competitive edge.
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📢 Venture Capital Highlights
Japanese VC Beyond Next Ventures raises $67.7M in a first close of its deep tech fund: Tokyo-based Beyond Next Ventures is targeting up to ¥25 billion (about $168 million) for BNV Fund 3, its third fund, and today, the venture capital firm said it completed a first close of ¥10 billion (approximately $67.7 million — money it will be using to invest in deep tech startups in fields like robotics and biotech. More Here
Q3 venture capital market explained in five charts: The global venture capital market failed to turn the corner in the third quarter of 2023, instead racking up another quarter’s worth of declines in most parts of the world. the slump in the number of venture rounds that we have seen thus far in 2023. We still have to go through Q4, so the graph will look a bit better at the end of the year than it does right now, but it’s worth noting that it’s still been a year of declines. More Here
Venture capital firms are turning to AI for a competitive edge. Will it work?: Venture capitalists have traditionally bragged about two things that help them discover promising startups and set them on the path to success: their vast personal network, and their ability to keep up with the latest breakthroughs in science and technology. Now a few of them are exploring whether artificial intelligence software can give them — and the startups in which they invest — an advantage. More Here
📢 Massive Fundings Updates
Tidalflow helps any software play nice with ChatGPT and other LLM ecosystems raised $1.7M: Tidalflow is setting out to solve, with an end-to-end platform that enables developers to make their existing software play nice with the LLM ecosystem. The fledgling startup is emerging out of stealth with $1.7 million in a round of funding co-led by Google’s Gradient Ventures alongside Dig Ventures, a VC firm set up my MuleSoft founder Ross Mason, with participation from Antler. More Here
Pair Eyewear sets its peepers on international expansion following $75M Series C: Pair Eyewear, a direct-to-consumer customizable eyewear brand, raised $75 million in new Series C funding to boost its automated U.S. manufacturing technology and expand its customer base around the world. Prysm Capital led the funding round and was joined by existing investors New Enterprise Associates, Javelin Venture Partners and NFL player Christian McCaffrey. More Here
Accel leads $21M investment in UK care home marketplace Lottie: Lottie is setting out to address, with an online marketplace that helps those seeking care find the best care homes and services for their needs, while also catering to additional categories such as home care. The company today announced it has raised $21 million (£16.35 million) in a Series A round of funding led by U.S. VC giant Accel, with participation from existing backer General Catalyst. More Here
India’s InsuranceDekho raises another $60 million: InsuranceDekho, the insurer that was incubated within the automobile marketplace group CarDekho, has raised $60 million in a new funding round as the startup looks to supercharge its growth. Mitsubishi UFJ Financial Group, insurer BNP Paribas Cardif, Beams Fintech Fund and Yogesh Mahansaria Family Office financed InsuranceDekho’s Series B funding, valuing the Indian startup at over $600 million. More Here
Arctic Wolf acquires cybersecurity automation platform Revelstoke: Arctic Wolf, a cybersecurity company that’s raised hundreds of millions of dollars in debt and equity, today announced that it plans to acquire Revelstoke, a company developing a security orchestration, automation and response (SOAR) platform, for an undisclosed amount. More Here
SnapEDA help automate circuit board design raised undisclosed amount: SnapEDA, a platform for electrical engineers to easily access electric component data, is rebranding as SnapMagic and introducing a new suite of features that could be a game changer for electronics design. The company has also raised an undisclosed amount of funding in a round led by Vivek Ranadivé’s fund Bow Capital, with participation from Google’s chief scientist Jeff Dean, GitHub founder Tom Preston-Werner, Friends & Family Capital, Jude Gomila, David Hodge, Andreas Schobel and Alok Tayi. More Here
Harbour secures $15M to streamline and automate contract drafting: Contract management startup Harbour today announced that it raised $15 million in a Series A funding round that had participation from Getty Images co-founder Jonathan Klein, Scribble Ventures and The Palmer Company. More Here
Gutsy launches with huge $51M seed to bring process mining to security: Twistlock was founded in 2015 with the idea of securing the nascent cloud native computing environment, a notion you could argue was well ahead of its time. the company emerged from stealth with an enormous $51 million seed round led by YL Ventures and Mayfield. More Here
Data observability startup Acceldata raises $10M more: Data observability startup Acceldata today announced that it raised $10 million in an extension to its Series C round, bringing its total raised to over $100 million.New investor Prosperty7 Ventures was the sole contributor to the tranche. More Here
Plenful raises $9M to automate healthcare workflows: Plenful, a startup developing workflow automation tools for healthcare providers, has emerged from stealth with $9 million in a funding round led by Bessemer Venture Partners. More Here
Thread, which develops a platform to autonomously inspect utility assets, raises $15M: Thread startup developing a robotics platform to collect inspection data for utilities, today announced that it raised $15 million in a Series A funding round led by Badlands Capital with participation from Minnkota Power Cooperative, Generational Partners, Rosecliff Ventures, Excell Partners, Homegrown Capital and Kevin O’Leary’s Wonder Fund North Dakota. More Here
Modal Labs lands $16M to abstract away big data workload infrastructure: Modal Labs, a platform that provides cloud-based infrastructure to data teams and app developers, particularly those creating generative AI applications, has raised $16 million in a Series A funding round led by Redpoint Ventures, with participation from Amplify Partners, Lux Capital and Definition Capital. More Here
📢 The Latest In Emerging Tech: AI
AI industry could be in for a 'cold shower' next year: analyst: An analyst firm is predicting a "cold shower" for generative AI in 2024. CCS Insight, a London-based tech analytics firm, expects that the very real challenges of cost, risk, and complexity in AI could soon overshadow the technology's current hype in 2024. "The hype around generative AI in 2023 has just been so immense, that we think it's overhyped, and there's lots of obstacles that need to get through to bring it to market," Ben Wood, the chief analyst at CCS Insight, told CNBC. More Here
The world's first real AI rules are coming soon, says joe biden: Generative AI exploded into the public consciousness in late 2022. A year from now, the technology could be one of the most regulated in its industry. Across the globe, from the US and the EU to Brazil, lawmakers are urgently considering and, in China's case enacting, rules for managing artificial intelligence and reining in some of the more-alarming use cases. More Here
TikTok now supports direct posting from AI-powered Adobe apps, CapCut, Twitch and more: TikTok today is introducing a new feature that will allow its users to post directly to the video platform from a range of popular editing apps, including Adobe’s AI-powered video editing software Premiere Pro, its AI creativity app Adobe Express, as well as others, including Twitch, SocialPilot and ByteDance’s CapCut. More Here
Adobe Firefly can now generate more realistic images: At MAX, its annual conference for creatives, Adobe today announced that it has updated the models that power Firefly, its generative AI image creation service. According to Adobe, the Firefly Image 2 Model, as it’s officially called, will be better at rendering humans, for example, including facial features, skin, body and hands (which have long vexed similar models). More Here
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📢 Startups Snap: The Latest Buzz
Demos aren’t as important as you think for your VC pitch: When you’re doing a stage pitch, a demo can really liven up your connection with the audience. Plus, being able to explain what the product is and does while showing it in action is a great way to make a story visually interesting as well.When you’re pitching to VCs to raise money, however, there’s more to it. Before you start planning how you’ll demonstrate your product, you first need to consider whether you need a demo at all. More Here
X competitor Bluesky adds email verification, flags misleading links in security-focused update: X competitor Bluesky is rolling out its latest release, version 1.52, with a number of changes, including those focused on improving the safety and security of its microblogging platform. The Jack Dorsey-backed startup says it will now allow users to change and verify their email addresses as part of a larger effort underway to improve account security and authentication on the network. More Here
As misinfo circulates on X amid the Israel-Hamas war, reporters look to other platforms: In the wake of increasing misinformation related to the Israel-Hamas war now circulating on X, the app formerly known as Twitter, a number of journalists are building up their networks on rival platforms. The shift, though potentially small in terms of raw user numbers, could have an outsized impact on X, where power users create the majority of posts. More Here
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✍️Written By Sahil R | Venture Crew Team
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