VC Daily Digest - 26/10/2023

📮Today’s Major News

• Cloud Industry Suffering as startup extinction rising!

• Raising VC Funding Without Deck Is Trending!

• SBF's big decision to testify

• AI is finally resulting in real growth for Big Tech

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💰 Massive Fundings Updates

Sukhiba, a Kenya based startup has built a B2B conversational commerce tool that enables businesses to reach and sell to their customers through Meta’s messaging app, WhatsApp. It has raised $1.5 million seed funding secured in a round led by CRE Ventures, with the participation of Antler, EQ2 Ventures, Goodwater Capital, Chandaria Capital and a number of angel investors. More Here

Moreh, a Santa Clara- and Seoul-based startup builds an AI software tool that optimizes and creates AI models. It has raised $22M Series -B Funding from Advanced Micro Devices (AMD) and Korean telco KT. Its flagship AI software, called the MoAI, is similar to Nvidia’s CUDA but is compatible with existing machine learning frameworks like Meta’s PyTorch, Google’s TensorFlow, and applications and AI models that previously could only run on Nvidia. More Here

YouTrip, a Singapore-based fintech that offers multicurrency wallet for consumers and business accounts with corporate cards for SMEs, raised $50M series B funding led by Lightspeed. More Here

Viso, building a low/no-code end-to-end platform that lets companies roll their own computer vision stack, has raised $9.2 million in seed stage funding, led by Accel and with various angels participating. More Here

Pirr, a Swedish startup released an app trained on an enormous library of smut, and is eager to help you fantasize alongside an AI. The company raised a $430,000 angel round, which it says included participation from angel investors across Silicon Valley, New York and London, and will be used to transition Pirr from an MVP to a full-fledged product. More Here

Oxolo, A German startup out of Hamburg with generative AI-driven video platform which can optimize engagement on the fly. It raised a €13 million Series A funding round led by DN Capital. Also participating were German angel investors, including Christian Vollmann, Johannes Plehn, Thomas Hagemann, Stefan Wiskemann, Alex Täubert and Mischa Rürup. More Here

Heidi Health, a startup Based in Melbourne wants to ease the burden of administrative tasks by using AI to turn consultation transcripts into case histories, referral letters, financial forms and other documents. It has raised $10 million AUD (about $6.4 million USD) in Series A funding. The round was led by Blackbird Ventures with participation from Hostplus, Vesta, Wormhole Capital, Archangel Ventures, Possible Ventures and Daniel Ventures. More Here

CentML, a startup developing tools to decrease the cost — and improve the performance — of deploying machine learning models, announced that it raised $27 million in an extended seed round with participation from Gradient Ventures, TR Ventures, Nvidia and Microsoft Azure AI VP Misha Bilenko. More Here

Eve, an AI-powered platform designed to handle legal tasks like document review, case analysis, client intake and research. Eve today emerged from stealth with $14 million from Lightspeed Ventures — Madheswaran’s old firm — and Menlo Ventures. More Here

Gozen, a turkey based startup which aims to build the lab grown leather has now raised a $3.3 million seed funding round led by Happiness Capital (lead investor) with participation from Accelr8, Astor Management, and Valley-based SOSV. More Here

Censys, which provides customers with insights about critical internet-connected infrastructure. It raised $50 million in a Series C funding round plus a $25 million debt round, bringing its total raised to $128.1 million. Decibel Partners led the round with participation from GV, Greylock and Intel Capital. Other participants included Ascension Ventures, Four Rivers Partners V, L.P. and accounts managed by Hamilton Lane. More Here

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🚀 Venture Capital Highlights

Raising without a deck is more common now: Some entrepreneurs, like Michal Cieplinski and Will McGugan, have successfully raised venture capital without traditional pitch decks. Cieplinski emphasizes the importance of a strong, standalone idea, while McGugan's funding came through casual conversations without a formal pitch. Their experiences challenge the conventional wisdom of relying solely on pitch decks for fundraising, highlighting the significance of genuine storytelling and meaningful connections with investors. More Here

The House Fund aims to invest a fresh $115M in Berkeley-affiliated startups: The House Fund, the pre-seed and early-stage venture capital fund focused on UC Berkeley startups, specifically AI startups, announced that it has closed its third tranche — Fund III — at $115 million. With the close of Fund III, Ken Goldberg, the UC Berkeley professor and prolific roboticist, will join The House Fund as a part-time partner. More Here

Flourish Ventures, a ‘fintech venture fund with a purpose,’ secures $350M in new capital: Flourish Ventures, an early-stage venture firm investing exclusively in fintech companies in the U.S. and in emerging markets, has secured $350 million in fresh capital. The new raise brings the four-year-old firm’s total assets under management to $850 million. Unlike traditional venture outfits, Flourish is an evergreen firm, meaning that its investing is open-ended, or has no fixed end date. It has a sole LP in eBay founder Pierre Omidyar. More Here

Garuda Ventures’ debut fund with $31M, invest in B2B-focused software companies: Pre-seed and seed-stage startups focused on business-to-business have a new source of capital. Garuda Ventures, an emerging venture capital manager, closed on its debut fund with $31 million in commitments to invest in B2B-focused software companies. Rishi Taparia and Arpan Punyani, the firm’s two general partners, know a thing or two about scaling companies from their previous positions. More Here

💡 Startups Snap: The Latest Buzz

The startup extinction wave is rising and it's beginning to wash over the cloud industry: The startup mass extinction event, with 543 shutdowns this year, is impacting the cloud industry, especially Amazon Web Services (AWS). AWS, once thriving on startup spending, is now facing a significant slowdown, with Q3 revenue growth dropping to 12.5% from previous rates of 30% to 40%. Despite this, AI-focused startups are driving demand for cloud services, benefiting companies like Microsoft. More Here

SBF's Testimony: Former SDNY Prosecutor's Hail Mary: As Sam Bankman-Fried's trial nears its conclusion, his lead attorney revealed the defense plans to call three witnesses, including Bankman-Fried himself. Facing seven charges related to fraud and money laundering, Bankman-Fried's testimony is seen as his final defense, with experts noting it's his opportunity to convince the jury of his intentions amid strong evidence and cooperating witnesses. Despite criticism, former federal prosecutor Josh Naftalis believes the judge is fair, and the prosecution is aiming for a hung jury, highlighting the strength of the government's case. More Here

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🤖 The Latest In Emerging Tech: AI

AI is finally resulting in real growth for Big Tech: Both Alphabet and Microsoft reported positive earnings, with AI-related services playing a significant role. Alphabet's Vertex AI platform saw a 7x growth in generative AI projects & Microsoft experienced strong demand for Azure OpenAI services and its Copilot products. Startups focusing on AI technology have promising opportunities, although success depends on cloud providers not monopolizing the market. More Here

US security remains paramount in the continued rise of AI: In the post-COVID era, global startup investing has surged, prompting U.S. investors to expand internationally. Paul Rosen, Assistant Secretary of the Treasury, emphasizes national security concerns, especially regarding data and AI investments. The Committee on Foreign Investment in the United States (CFIUS) focuses on balancing innovation with security, urging startups to raise funds wisely and vet investors cautiously. More Here

🗞️ Today’s Must Read On: Startup, Technology & VC

• AI Reaccelerating Cloud Growth Read More (AI & Startups)

• The top ideas in your mind by Paul graham Read More (startups & venture capital)

• Before the startup by Paul graham Read More (Startups)

• Why it's Better To Raise Less Capital In The First Round? Read More (startup fundings)

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✍️Written By Sahil R | Venture Crew Team

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