VC Daily Digest

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📢 Top Venture Capital News

Startups are selling off their assets on the cheap—and that could spell big opportunity for competitors and VCs: The startup landscape is shifting as we see more companies parting with their assets in fire sales, a trend likely to continue as businesses adjust to a tougher environment. One notable example is Hopin, the virtual conference company, which recently sold its events and engagement units to RingCentral. This strategy of selling off business units to streamline operations and potentially increase attractiveness to investors is expected to be adopted by more late-stage or venture growth companies, offering opportunities for healthier companies to consolidate their competitors and acquire customers at lower costs. More Here

Conservative activist behind US affirmative action cases sues venture capital fund: The American Alliance for Equal Rights, a group founded by anti-affirmative action activist Edward Blum, has filed a lawsuit against Atlanta-based venture capital fund, Fearless Fund. The lawsuit accuses Fearless Fund of racial discrimination, alleging that its grant competition, which exclusively supports Black women who own small businesses, violates the Civil Rights Act of 1866. This move marks Blum's first legal action since the Supreme Court's June decision rejecting affirmative action in collegiate admissions, a case also spearheaded by Blum. More Here

📢 Top Startups News

Most secondary sales in venture won’t look like Tiger’s Flipkart deal: The secondary market is showing signs of movement with Tiger Global's recent sale of its stake in Indian e-commerce giant, Flipkart, to Walmart for $1.4 billion. Despite this, it's important not to view this transaction as a definitive indicator of what's to come in the venture's secondary market this year. While Tiger Global has been actively marketing its venture stakes, including companies like Brex, Chime, and Databricks, it's worth considering why the firm may not achieve a similar deal for these stakes. More Here

Zoom launches an asynchronous video tool for the meeting-averse: In its ongoing mission to diversify, Zoom has launched a new asynchronous video tool, Zoom Clips. This tool allows users to record, edit, and share video clips without needing to join a meeting, offering a robust solution to video fatigue. Despite facing increased competition and slowing growth, Zoom continues to innovate and expand its product range, demonstrating resilience and adaptability in a rapidly evolving digital landscape. More Here

📢 Top AI Startup’s News

Authors are losing their patience with AI, part 349235: In a recent turn of events, authors were taken aback to find their books uploaded and analyzed without consent on Prosecraft, a project by cloud word processor Shaxpir. The platform, which compiled over 27,000 books to evaluate their language "vividness", faced significant backlash, leading to its shutdown by creator Benji Smith. This incident underscores the ongoing tension between AI tools and creators, as the former's proliferation often leads to unauthorized use of creative content, raising concerns about copyright infringement and potential misuse. More Here

Why ChatGPT Is Getting Dumber at Basic Math: We'd like to remind everyone that the content we share is for personal, non-commercial use only, as stated in our Subscriber Agreement and protected by copyright law. For those interested in non-personal use or ordering multiple copies, please get in touch with Dow Jones Reprints. Let's respect the boundaries of content usage and continue to foster a culture of intellectual property respect. More Here

📢 Top Startup’s Fundraising News

Musk's Neuralink raises $280 mln in funding led by Thiel's Founders Fund: Elon Musk's brain chip startup, Neuralink, has successfully raised $280 million in a funding round led by Peter Thiel's Founders Fund. This comes after the company secured approval for its first in-human clinical trial. Despite facing scrutiny over animal testing procedures, the team at Neuralink remains optimistic about the future, with the funding set to propel them into their next chapter. More Here

Meatable sinks its teeth into $35M to accelerate launch of its cultivated pork products: Despite a slowdown in venture capital funding this year, the cultivated meat industry continues to make strides. Companies like Upside Foods and Good Meat have received FDA approval to sell their products nationwide, while others like Aleph Farms and Uncommon are making headway in Europe. Meanwhile, Dutch company Meatable, which uses precision fermentation to create meat from animal cells, has raised $35 million in new financing, bringing its total funding to $95 million. More Here

One Model lands $41M to bring data science-powered insights to HR: One Model, an AI-powered platform that assists employers in making informed decisions about recruitment, promotions, and workplace planning, has raised $41 million in a funding round led by Riverwood Capital. The capital will be used to enhance growth initiatives, particularly in technology, product development, customer success, and go-to-market strategies. The platform aims to solve problems for a diverse array of audiences by delivering tailored content proactively and providing actionable forecasts from a robust ethical and data governance stance. More Here

Cyber Insurer Resilience Secures $100 Million in Funding: Resilience Cyber Insurance Solutions has successfully completed a Series D funding round, raising $100 million. This insurtech startup uses AI to analyze policyholders’ systems, determining risk profiles based on potential cyberattack vulnerabilities, and feeds this data into its underwriting process. The funding, led by Intact Insurance Specialty Solutions’ venture capital unit and Lightspeed Venture Partners, will be used to expand global offices, invest in technology, and improve cybersecurity measures. More Here

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Read The Venture Crew’s VC Newsletter 🗞️

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• 🚩Venture Capital Fund Modelling: Masterclass Read Here 

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