VC Daily Digest - 31/10/2023

📮Today’s Major News

• A16Z Launching $3.4 Billion VC Fund

• Airbnb co-founder Joe Gebbia's startup, Samara, secures $41 million in funding

• Billionaire Charlie Munger Criticizes VC's Investment Strategy

• Google CEO Defends $26.3B Search Deals Amid Antitrust Trial

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💰 Massive Fundings Updates

Ambient.ai, the AI-powered computer vision intelligence (CVI) company transforming the physical security industry, today announced a $20 million strategic growth investment from Allegion Ventures, the corporate venture fund of Allegion plc. This is the largest individual check that Allegion Ventures has ever written, elevating Ambient.ai's total funding to over $72 million to date. More Here

Airbnb co-founder Joe Gebbia's startup, Samara, secures $41 million in funding for its mass-produced ADUs (Accessory Dwelling Units). A round led by VC firm Thrive Capital, with participation from a variety of investors including 8VC, General Catalyst, New Legacy, SV Angel, and Airbnb, as well as Michael Dell and Airbnb cofounders Brian Chesky and Nathan Blecharczyk. More Here

NaNotics LLC, a biotech startup raised undisclosed amount from LifeSpan Vision Ventures, a biotech investment fund. This preclinical-stage biopharmaceutical company is developing NaNots™, novel subtractive nanoparticles that treat disease by capturing and clearing pathogenic molecules from blood. NaNots™ differ from traditional drug therapies in their ability to deplete soluble targets without interacting with the membrane forms of the same target, a feat that is typically beyond the reach of conventional drugs. More Here

Honasa Consumer, parent company of Mamaearth, raised $92 million in an anchor round ahead of its $204.3 million IPO. Over 3 dozen investors, including Abu Dhabi Investment Authority and Goldman Sachs, subscribed almost half the offering, with Mamaearth's IPO opening at $3.7 to $3.9. Several Indian startups are monitoring market conditions for their IPOs in 2024. More Here

Arkadia Space, A Spanish company developing green propulsion systems for spacecraft has raised $3 million in seed funding. The round was led by Draper B1, a Spanish venture capital firm that is part of the U.S.-led Draper Venture Network. Expansion Ventures, a European venture fund focused on space and air mobility startups, also participated in the round. More Here

Metal 3D-printing startup Seurat raises $99 million in Series C round, co-led by Nvidia's NVentures and Capricorn's Technology Impact Fund. Seurat's parallel printing technology reduces time and cost, offering potential in automotive, energy, and electronics sectors. The funds will be used to expand production, deploy more printers, and develop next-gen models; Seurat already has 4,000 tons of material orders, including 59 tons for Siemens Energy's wind turbines. More Here

🚀 Venture Capital Highlights

Andreessen Horowitz Plans to Launch a $3.4B Fund: Venture capital firm Andreessen Horowitz aims to raise approximately $3.4 billion for its upcoming core early-stage and seed-stage funds, despite a downturn in overall VC fundraising. The firm, focusing on AI investments, plans to introduce a new master vehicle for limited partners to invest voluntarily, similar to Sequoia Capital's approach. More Here

Billionaire Charlie Munger criticizes VC investment strategies: Billionaire investor Charlie Munger, Warren Buffett's associate, criticizes venture capitalists for charging high fees without delivering exceptional results, calling them out for greed and lack of expertise. He highlights their tendency to follow trends, leading to inflated valuations and increased scrutiny, while acknowledging that the business can be legitimate with the right people in charge. Munger's criticism does not apply universally, but he emphasizes the need for genuine expertise in the venture capital industry. More Here

The Venture Capital Correction: The venture capital landscape in 2023 reflects a stabilization and correction after a period of inflated investing, with fewer mega-rounds and a focus on capital efficiency. Minnesota-based companies, typically capital-efficient, stand to benefit from this trend. Many investors, cautious due to the "denominator effect" and market shifts, are emphasizing a leaner approach and a clear path to profitability over rapid growth. More Here

Indonesian Unicorn Co-founder Launches $12M VC Fund: James Prananto, co-founder of Indonesian unicorn coffee chain Kopi Kenangan, has launched Kopital Ventures, a venture capital firm with a $12 million fund focused on early-stage startups in Southeast Asia. Backed by international investors and family offices, including Saison Capital and 500 Global, the firm plans to invest in 30 to 40 companies over the next three years. More Here

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💡 Startups Snap: The Latest Buzz

Why startups should start preparing now for a potential founder breakup: In 2024, the challenging startup landscape might lead to more messy founder breakups, as companies face funding pressures and tough decisions. While it's crucial for founders to have clear goals and communication, many lack proper planning, risking legal issues and investor concerns. VCs can mediate disputes, but they ultimately prioritize the company's interests. Transparent discussions about founder experiences can help build a supportive community, especially for isolated founders amid the pandemic era. Planning for potential breakups is essential for founders, even in successful times, to navigate uncertain futures. More Here

Katherine Maher New Web Summit CEO Post Cosgrave Controversy: Web Summit has appointed Katherine Maher, former Wikimedia Foundation CEO, as its new CEO after the controversy surrounding the ousting of co-founder Paddy Cosgrave. Maher aims to rebuild the event's reputation and reconnect with participants alienated by Cosgrave's remarks on the Middle East conflict. Major tech companies like Google, Meta, and Amazon had initially pulled out of the event in response to the controversy. More Here

Google CEO Defends $26.3B Search Deals Amid Antitrust Trial: Google CEO Sundar Pichai defended the company's business tactics, including its deal with Apple, in the U.S. government's antitrust trial. The government accuses Google of anticompetitive practices to maintain a monopoly in digital advertising. Pichai revealed Google spent $26.3 billion in 2021 to be the default search engine, with $18 billion going to Apple, amid revelations of attempts to further integrate Google services with Apple's products. More Here

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🤖 The Latest In Emerging Tech: AI

UK Hosts AI Safety Summit Amidst Global Concerns and Diverse Perspectives: The U.K. hosts the "AI Safety Summit" at Bletchley Park, bringing together academics, regulators, government officials, startups, and Big Tech to discuss the long-term risks and implications of AI. While the closed-door discussions take place, a series of events including the "AI Fringe" conference address broader AI issues, emphasizing the need for international collaboration, risk understanding, and responsible deployment of AI technology. The summit aims to set the agenda for AI safety, positioning the U.K. as a global leader in safe AI while addressing concerns of misinformation, existential risks, and business implementation challenges. More Here

ChatGPT Faces Fierce Competition in Booming AI App Market: ChatGPT, OpenAI's AI-powered chatbot, has seen significant growth in downloads and revenue since its mobile launch in May, reaching 23 million downloads and $2.39 million in consumer spending by October. Despite leading in downloads, it faces competition from other AI chatbots like "Chat & Ask AI" and "ChatOn — AI Chat Bot Assistant," as well as AI photo apps such as "Remini" and "FaceApp," which are generating more revenue through in-app purchases. The diverse market highlights the varied applications and user preferences within the AI app space. More Here

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

• Hardest Lesson For Startups To learn Read More (Startups)

• Venture Capitalists Will Overpay For Seed Rounds But For Reasons You Likely Haven’t Considered Read More (Venture Capital)

• The Only Thing Which Has Failed About The ‘Creator Economy’ Thus Far Is Venture Capital’s Attempts to Get Their Piece Read More (Startups)

• 15+ reasons why SaaS product launches fail Read More (startups)

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✍️Written By Sahil R | Venture Crew Team

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