Venture

Keep up with the latest venture capital trends, including information about VCs, VC-backed startups, and investment trends that tech founders and investors should be aware of.

Skyflow Secures Additional $30 Million Amidst AI-Driven Surge in Privacy Industry Growth

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The deal is interesting on a number of fronts including the round’s structure and how Skyflow has been impacted by growth of AI. The new capital comes after Skyflow expanded its data privacy business to support new AI technologies last year. (In its latest news dump, Skyflow said that it expanded its support of China and that market’s particular data rules.) This Skyflow round slots neatly into several trends we’ve observed recently. The explosive growth in AI is creating healthy businesses for LLM infrastructure and support companies.

“Introducing the $20M Generative AI Accelerator Program by Google.org”

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Google.org, Google’s charitable wing, is launching a new program to help fund nonprofits developing tech that leverages generative AI. Called Google.org Accelerator: Generative AI, the program is to be funded by $20 million in grants and include 21 nonprofits to start, including Quill.org, a company creating AI-powered tools for student writing feedback, and World Bank, which is building a generative AI app to make development research more accessible. “Generative AI can help social impact teams be more productive, creative and effective in serving their communities,” Annie Lewin, director of global advocacy at Google.org, said in a blog post. But there remain significant barriers for nonprofits looking to build their own AI solutions or adopt third-party products — chiefly cost, resources and time. Nonprofit accelerator Fast Forward said that this year, more than a third of applicants for its latest class were AI companies.

“Diamfab: Pioneering the Use of Diamond Semiconductors for Sustainable Progress in French Deep Tech”

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French spinout Diamfab, founded in 2019, is one example. They also raised an €8.7 million round of funding from Asterion Ventures, Bpifrance’s French Tech Seed fund, Kreaxi, Better Angle, Hello Tomorrow and Grenoble Alpes Métropole. But diamond wafers could also be leveraged for nuclear batteries, space tech and quantum computing, too. While there’s warranted hype around AI in Paris, Grenoble may be the closest to a French Silicon Valley. Now Diamfab hopes it can play a part, too, and unleash the full potential of diamond in semiconductors.

Satgana’s Inaugural Fund: Advancing Startups in Africa and Europe with Climate Technology

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Climate-tech VC Satgana has reached a final close of its first fund, which targets to back up to 30 early-stage startups in Africa and Europe. “I ran it for like five years, and about six years ago I started to really have the awakening to the extent of climate change. “We are entering the continent to pursue green growth objectives; so deploying renewable energy, low carbon buildings, mobility solutions and so on. Satgana is among the new funds that are dedicated to the African climate tech sector. These funds include Africa People + Planet Fund by Novastar Ventures, Equator’s fund and the Catalyst Fund.

Byju’s granted permission to proceed with crucial EGM by India’s tribunal court

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Byju’s secured favorable outcomes in two court hearings Thursday, paving the way for the embattled edtech startup to move ahead with the extraordinary general meeting scheduled for Friday. The National Company Law Tribunal refused to stay on Thursday Byju’s planned EGM to increase the authorized share capital for the $200 million rights issue. The matter will be heard again on April 4, but as the lawyer representing the estranged four investors of Byju’s warned, once the authorized share capital has been increased, it cannot be reversed. Separately, the Karnataka High Court said Thursday it will only hear the case where the investor group seeks to remove Byju’s founder and chief executive Byju Raveendran from the firm after two months. The rights issue is crucial for Byju’s, once India’s most valuable startup, as it seeks to tap the $200 million it has already received from a set of investors, including Raveendran.

Amazon strengthens commitment to Anthropics, fulfills proposed $4 billion investment

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Amazon invested a further $2.75 billion in growing AI power Anthropic on Wednesday, following through on the option it left open last September. The $1.25 billion it invested at the time must be producing results, or perhaps they’ve realized that there are no other horses available to back. Lacking the capability to develop adequate models on their own for whatever reason, companies like Amazon and Microsoft have had to act vicariously through others, primarily OpenAI and Anthropic. Right now the AI world is a bit like a roulette table, with OpenAI and Anthropic representing black and red. We know Anthropic has a plan, and this year we’ll find out what Amazon, Apple, Microsoft and other multinational interests think they can do to monetize this supposedly revolutionary technology.

: “UK Stuns New York with Lavish Event to Attract American Venture Capitalists – TechCrunch Recap”

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The UK threw a splashy event in New York this week to woo more American VCs Welcome to the new UK: the Unicorn KingdomA 3-D hologram, dubbed the Ever-Changing Statue, will be on display at the Rise by Barclays workspace in New York until April 4. Dealroom data shows that UK startups raised $31 billion in venture capital in 2022 and $41 billion in 2021. It’s also still more than the $18 billion the UK raised in 2019 and the $12 billion raised in 2018. Between 2009 and 2019, only 38 UK Black founders raised venture capital funding—that number now stands at 80, according to an updated report by Extend Ventures. “The UK tech ecosystem has made significant strides, but work remains to reach the scale and influence of Silicon Valley,” Taylor told TechCrunch.

“New Summit Launches $100 Million Fund to Support Climate Technology and Diverse Fund Managers”

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New Summit Investments is raising a new $100 million impact fund, according to documents filed with the SEC. This is the firm’s fifth fund and marks a sizable jump from the $40 million its previous fund, which closed back in 2022. New Summit has supported marginalized fund managers by launching initiatives like its partnership with investment firm Gratitude Railroad to source and underwrite underrepresented fund managers. New Summit Investments’ was founded in 2016 as an impact investment firm focusing on climate, health, and economic opportunities. New Summit Investments’ first fund closed for $20 million in 2016, followed by $36 million in 2018, according to Pitchbook.

Wasoko, Africa’s Leading B2B E-commerce Company, Sees Valuation Cut to $260M as VC Reduces Share

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VNV Global attributes its fair value estimate to a valuation model based on trading multiples of public peers rather than historical funding rounds. Funding and interest in B2B startups took off in the last decade and saw a bump in the wake of COVID-19. African startups, including B2B e-commerce platforms like Wasoko, have followed the same playbook as their counterparts further afield: layoffs; cost cuts; and closures are not uncommon. In the lead-up to its merger with MaxAB, Wasoko shuttered hubs in Senegal and Ivory Coast and laid off staff in Kenya. It operates a food and grocery B2B e-commerce platform in Egypt and Morocco, expanding to the latter following its acquisition of YC-backed WaystoCap in 2021.

PayPal Invests $47M in Indonesian InsurTech Startup Qoala

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PayPal Ventures’ latest investment is in an Indonesian startup that provides personal insurance products covering a variety of risks, including accidents, phone screen damage, and ticket cancellations. Qoala has secured $47 million in a new round co-led by PayPal Ventures and MassMutual Ventures, the five-year-old startup said Wednesday. Qoala, headquartered in Jakarta, is an insurance broker that works with top local insurers and e-commerce firms to offer customers personalized and affordable products. The startup sells these insurance both through its website and app as well as through offline engagements. “It is commendable to see what Qoala has achieved in a short period of time,” said Alexandros Bottenbruch, Principal at PayPal Ventures in a statement.