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- VC Daily Digest - 30/10/2023
VC Daily Digest - 30/10/2023
Google Invested $2B in Anthropic & Current AI Investment Frenzy
Venture Daily Digest
October 30, 2023
📮Today’s Major News
Google Invested $2B in Anthropic
“Current AI-Investment Won’t Make Any Money”, Vinod Khosla
Carta CEO's Bold Move Backfires, Raises Eyebrows and Questions
Featured Tweet: How to Run A Great User Interview?
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💰 Massive Fundings Updates
Anthropic, Open AI Rival received a massive $2 billion investment from Google. Anthropic joins OpenAI in reaping the benefits of leadership in the artificial intelligence space, receiving immense sums from the tech giants that couldn’t move fast enough themselves. More Here
BetterBrand, a startup that makes high-protein bagels with suspiciously low amounts of carbs, recently raised $6 million in venture funding. This round led by stripes and tastemaker capital, have year of experienced in building consumer brands. More Here
Byterat, was a part of Y Combinator’s winter 2023 cohort, which aims to collect and analyze data for battery labsand now the company has raised a $4 million seed round via SAFE notes. he round was led by Giant Ventures, with participation from Y Combinator, Urban Innovation Fund, Collaborative Fund, the founders of Voi and Zendesk, and senior executives from Google. More Here
AgentSync, a five-year-old Denver startup that helps insurance carriers and agencies ensure that their brokers comply with applicable laws, raised a $50 million round co-led by Craft Ventures and Valor Ventures. More Here
Web3 Pro, a five-year-old Palo Alto startup that helps brands build and deploy web3 applications, raised an undisclosed round at a $57.6 million valuation. P101 was the deal lead, with existing investors including Sumitomo Corporation’s venture fund, Presidio Ventures, Seventy-Six Capital, River Capital Group, Ripple, and VU Ventures also chipping in. The company has raised a total of $10 million. More Here
Eavor, a six-year-old Calgary startup that raised a $131.2 million round led by OMV, with additional participation from Canada Growth Fund, Japan Energy Fund, Monaco Asset Management, and Microsoft's Climate Innovation Fund as well as previous investors BDC, bp Ventures, Eversource Energy, Temasek, and Vickers Venture Partners. More Here
CarbonFarm, a two-year-old Paris startup whose mission is to provide rice farmers and agribusinesses with access to carbon markets, raised a $2.6 million seed round co-led by Racine2, Serena, and Makesense, with TechMind, Ponderosa Ventures, AgFunder, Climate Capital, and BPI France also anteing up. More Here
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🚀 Venture Capital Highlights
Korea Investment Partners Launches Southeast Asia Fund: South Korean investors are boosting Southeast Asia startups, forming an "investment corridor." KIPSEA, a Singapore-based venture, closed its first fund at $60 million, backed by firms like Samsung Life Insurance and Korea Development Bank. The initiative signals growing ties between the two regions' startup ecosystems. More Here
Sofinnova raises $200 million for new digital medicine fund: Sofinnova Partners has closed a new $200 million fund to focus on seed- to later-stage digital health investments across enabling technologies, analytics, and treatment. The French firm now has $2.65 billion under management. More Here
Governor's Veto Sparks Debate on Diversity Reporting!: California Governor Gavin Newsom vetoed a bill requiring his office to report ethnic breakdowns of appointees but signed a bill mandating venture capital firms to report diversity data of companies they invest in. Newsom claimed self-reporting was sufficient for his office's diversity information, while stating the venture capital bill aligns with his commitment to equity. The National Venture Capital Association opposed similar reporting, citing potential inaccuracies and counterproductive data. More Here
📬 Featured: Today’s Featured Tweet
How to Run A Great User Interview?
At early stage, one of the most common mistake that every founder make is asking for features during user interview. About 99% of founder makes this mistake which lead to failure of their startup.
Emmett Shear, founder of twitch shared an interesting perspective on how to run the user interview and avoid this mistake.
💡 Startups Snap: The Latest Buzz
Carta CEO's Bold Move Backfires, Raises Eyebrows and Questions: Carta CEO Henry Ward faced criticism for sending a letter to customers addressing recent negative press about the company, involving lawsuits and allegations of a toxic culture. The move, akin to the "Streisand effect," drew attention to the issues and left many questioning Ward's decision-making. Observers are now curious about the impact of this drama on Carta's business. More Here
Truecaller drops 32% on lower revenue: Truecaller, the caller ID app, saw its shares drop by 35% to $24.47 after reporting lower-than-expected Q3 revenue of $35.88 million, an 11% decline from the previous year. The company, with 368 million global monthly active users, primarily relies on in-app advertising, with around 75% of its user base in India. More Here
Posts with misinformation on X become ‘ineligible for revenue share’: X platform, with over 500 million users, will demonetize posts corrected by Community Notes to prioritize accuracy and combat sensationalism, as announced by Elon Musk. The crowd-sourced fact-checking system allows users to propose corrections, with the most supported notes rising to the top. While this move aims to enhance accuracy amid misinformation crises like the Israel-Hamas war, its impact on the platform's vast creator economy, primarily comprising less than 1% X Premium subscribers, remains uncertain. More Here
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🤖 The Latest In Emerging Tech: AI
Most AI Firms Won’t Make Money, Khosla Ventures: Venture capitalist Vinod Khosla, an early investor in OpenAI, has warned that the current AI investment frenzy may not yield similar successes to OpenAI's ChatGPT. He compared the hype in AI investments to last year's cryptocurrency boom, predicting that most AI ventures would lose money. Despite the caution, Khosla and others believe AI holds potential for significant transformation in various sectors. More Here
OpenAI forms team to study ‘catastrophic’ AI risks: OpenAI has launched a new team called Preparedness, led by MIT's Aleksander Madry, to assess and protect against potential catastrophic risks posed by advanced AI systems. The team will study various threats, including persuasive techniques and malicious code generation, with a focus on both pre- and post-model deployment phases. OpenAI is also seeking community input on risk studies, offering a $25,000 prize and job opportunities within the Preparedness team. More Here
🗞️ Today’s Must Read On: Startup, Technology & VC
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✍️Written By Sahil R | Venture Crew Team
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