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📢 Top Venture Capital News

SoftBank posts loss, with a cumulative loss of $6.3B in its Vision Fund business: Despite expectations of a return to profitability, SoftBank Group has reported a surprising net loss of 477.6 billion yen ($3.3 billion) for the quarter. This comes as the company prepares to increase its focus on AI investments, with CFO Yoshimitsu Goto stating that they are "carefully and slowly moving back to investment activities." Despite the overall loss, the company's Vision Funds posted a gain of $0.8 billion, with the Latin American fund benefiting from the sale of portfolio company Pismo to Visa for $1 billion in June. More Here

No, it’s never too early to make sure a founder is telling the truth: In a recent turn of events, events planning app IRL was sued by its own investor, SoftBank, after it was discovered that a staggering 95% of the app's users were fake. This case highlights a growing trend of startups, particularly early-stage ones, resorting to unethical practices to appear successful. Angela Lee, a venture capital professor at Columbia Business School, emphasizes the importance of thorough due diligence, even for early-stage investments, to avoid such instances of deception. More Here

So your startup’s runway is dwindling and fundraising is hard. What’s next?: In the volatile economic climate, startup founders must strategically manage their runway, with investors suggesting an ideal capital reserve of 18-36 months. As funds dwindle, cost-cutting, particularly in human resources, is often the most effective strategy to extend runway. However, a measured approach to scaling, avoiding premature expansion and overhiring, is equally crucial to ensure the longevity and success of startups. More Here

Israeli venture capital fund Symbol closes $50 million debut fund: Symbol, a Tel Aviv-based venture capital fund, has successfully raised $50 million for its inaugural fund, focusing on early-stage investments into startups founded by Israeli entrepreneurs. The fund, established by Yuval Ariav, co-founder of fintech unicorn Fundbox, plans to make 14 to 16 investments to help Israeli founders build their startups from the ground up. Despite current political uncertainties, Ariav remains confident in the strength of the Israeli tech ecosystem and the global success of Israeli companies. More Here

📢 Top Startups News

WeWork goes from a $47B valuation to ‘substantial doubts’ about its ‘ability to continue as a going concern’: In the wake of its Q2 earnings announcement, WeWork has acknowledged "substantial doubt" about its future viability. Despite a 4% YoY revenue increase, the company reported a net loss of $397 million, attributing it to an oversupply in commercial real estate, increased competition, and economic volatility. WeWork's survival now hinges on improving liquidity and profitability over the next year, through measures such as cutting costs, controlling expenses, and seeking additional capital. More Here

Made Renovation promises “tech-enabled” remodels; customers describe “absolute nightmare”: Despite promising a seamless and affordable bathroom renovation experience, San Francisco startup Made Renovation is facing backlash from dissatisfied customers. Users like Jonas Heineman and Deanna Bjorkquist have reported issues such as project management failures, delays, and cost overruns. With a half-star rating on HomeAdvisor and negative reviews on the Better Business Bureau, the company's tech-driven approach to remodeling seems to be falling short of its promise. More Here

Kenyan logistics startup Sendy shuts down, embarks on asset sale: Kenyan logistics startup, Sendy, is ceasing operations and exploring a sale of its assets due to financial difficulties. Despite raising millions and reaching a valuation of over $80 million last year, the company has struggled with operational costs and customer pricing issues, leading to workforce cuts and the discontinuation of services. As Sendy navigates this challenging period, it's in talks with potential buyers in the B2B e-commerce and trucking space, with over 200 employees set to be affected by the closure. More Here

📢 Top AI Startup’s News

Nvidia teams up with Hugging Face to offer cloud-based AI training: Nvidia is joining forces with AI startup Hugging Face to democratize access to AI computing. This partnership will introduce a new service, Training Cluster as a Service, aimed at simplifying the creation of new and custom generative AI models for businesses. Powered by Nvidia's DGX Cloud, this service will integrate Hugging Face's extensive platform with Nvidia's AI supercomputing capabilities, providing companies with the tools they need to shape their AI future. More Here

Chargeflow, which taps AI to fight chargebacks, raises $14M: AI startup Chargeflow, focused on combating chargeback fraud, recently raised $11 million in a seed round led by OpenView Venture Partners. Co-founded by Ariel and Avia Chen, Chargeflow leverages machine learning to generate custom dispute evidence for each chargeback, automating the process and reducing labor costs to zero. With plans to use the funding to enhance tech development and expand in the U.S., Chargeflow is set to disrupt the chargeback-fighting space, despite stiff competition. More Here

Zoom knots itself a legal tangle over use of customer data for training AI models: Zoom is facing potential backlash over its privacy terms and conditions, specifically a clause that seemingly allows the company to use customer data to train AI models without an opt-out option. The controversy has sparked discussions about the legal risks Zoom could face, particularly in the European Union where stringent data protection laws are in place. Amid the uproar, Zoom has issued an update and a blog post, but critics argue that the company's response lacks clarity and transparency, potentially exacerbating the situation. More Here

Google launches Project IDX, a new AI-enabled browser-based development environment: Google has unveiled Project IDX, an AI-enabled browser-based development environment for building full-stack web and multiplatform apps. Leveraging Visual Studio Code and Google's AI foundation model, Codey, IDX offers smart code completion and a chatbot for coding assistance. As a cloud-based IDE, it integrates with Google's Firebase Hosting and Google Cloud Functions, and allows developers to import existing code from GitHub. More Here

Former Brex duo raises $5 million for new, pre-revenue A.I. agent startup meant to help fintech teams scale: At the recent A.I. Forward conference, AJ Asver and Miguel Rios-Berrios, former product talents at Coinbase and Brex, unveiled a functional prototype of their startup, Parcha AI. Their venture, backed by a $5 million seed round led by Initialized Capital, aims to leverage advancements in generative A.I. to automate manual tasks that often limit scale at fintech startups. With their combined expertise and a pipeline of 20 customers, they're building customized A.I. agents to revolutionize operations in fintech and beyond. More Here

Disney forms task force to study AI applications and cut costs amid Hollywood's writers and actors strike: Walt Disney has formed a task force to explore the potential of artificial intelligence (AI) across its vast entertainment empire. This initiative aims to develop in-house AI applications and foster partnerships with start-ups, with current job openings across the company seeking AI expertise. Despite concerns from Hollywood about AI's impact on job security, insiders argue that embracing AI is crucial for traditional media companies like Disney to stay relevant and manage escalating production costs. More Here

📢 Top Startup’s Fundraising News

Singapore wealth management platform Endowus raises $35M: Despite a challenging funding environment, Singapore-based fintech startup Endowus has successfully raised $35 million in a new round, bringing its total funding to $95 million. The funds will be used to scale in Singapore and Hong Kong, where Endowus currently serves over 100K clients and manages over $5 billion in assets. Amid macroeconomic challenges, the company saw an 80% organic revenue growth in 2022 and tripled its group revenue after acquiring Carret Private. More Here

Rubrik acquires Laminar to expand in data security across public clouds: In a significant move, cloud data management firm Rubrik is set to acquire Laminar, an expert in securing data across popular public cloud platforms. The deal, estimated to be worth between $200 to $250 million, will see Rubrik incorporate all of Laminar's assets, including its staff, technology, and customer contracts. This acquisition is a strategic step for Rubrik as it aims to bolster its cybersecurity capabilities and offer a comprehensive solution to its customers in an increasingly digital world. More Here

Simon Data is putting customer data to work with $54M Series D: Simon Data, a customer data platform (CDP) founded in 2015, has always aimed to be more than just a data repository. With a vision of enabling businesses to actively utilize their data, Simon Data offers out-of-the-box applications and the ability to create custom ones. This vision has led to a $54 million Series D funding round, reinforcing the company's commitment to transforming the way businesses use their data. More Here

Horizon3 secures $40M to expand its pen testing platform: Despite a general decline in cybersecurity funding, Horizon3, a startup focused on enhancing cybersecurity solutions, has successfully raised $40 million in a Series C round. The funds will be directed towards R&D, expanding Horizon's channel presence, and growing its team. With a unique approach to security risk management, Horizon3 is poised to redefine the penetration testing tool market, which is projected to be worth $2.7 billion by 2027. More Here

Flower lands $3.6M to grow its platform for federated learning: In the rapidly evolving AI field, the reliance on public data for training is becoming a limitation. Enter Flower, a startup co-founded by Daniel Beutel, which aims to decentralize AI training by leveraging distributed data from devices and organizational silos. By using a technique called federated learning, Flower allows developers to train models on data spread across thousands of devices and locations, ensuring privacy and compliance, and potentially revolutionizing how AI training is performed. More Here

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