Who would have thought that Raspberry Pi, the maker of cheap, single-board computers, would become a public company?
It means that Raspberry Pi could end up raising more than $200 million during its IPO process.
If you’re looking to buy Raspberry Pi shares as a retail investor, this isn’t possible just yet.
Raspberry Pi Ltd, the public company, is the commercial subsidiary of the Raspberry Pi Foundation.
Arm previously announced that it intended to increase its stake in Raspberry Pi with the public listing.
Shares are not continuing to climb in early trading, but are holding steady above its IPO price, at around $100 at the time of writing.
Its successful debut marks the third major tech IPO in the United States this year, and is the third in a row to price well and immediately trade higher.
Investor eagerness for Ibotta indicates that “there is an increasing appetite for IPOs again” Smith said, “particularly in the tech space.”Don’t pop the champagne yet for the tech IPO market coming roaring back, however.
Classic tech IPOs tend to feature tech companies still in growth mode and deeply in the red.
Smith agrees, calling the upcoming Rubrik IPO “an even bigger test” for tech debuts “given its weaker current financial picture.”We’ll find out next week.
After its IPO, the platform is planning a slew of product features for the year ahead, and — spoiler alert — most of them are powered by AI.
“I think the IPO was an important milestone, but we’re just focused on building for our users,” Reddit Chief Product Officer Pali Baht told TechCrunch.
Reddit’s product roadmap includes faster loading times, more tools for moderators and developers, and an AI-powered language translation feature to bring Reddit to a more global audience.
According to Reddit’s IPO filing, in December 2023, 50% of Reddit’s daily active unique users were from non-U.S. countries.
The company will build on those updates with other new tools, like an LLM that’s trained on moderators’ past decisions and actions.
Hinge Health, a nine-year-old company that offers a digital solution to treat chronic musculoskeletal (MSK) conditions, cut approximately 10% of its workforce on Thursday, TechCrunch has exclusively learned.
The company said people who were laid off worked across various functions; according to employees posting on LinkedIn, some were engineers.
Before the layoffs, Hinge had more than 1,700 employees, according to a LinkedIn estimate.
The company has raised a total of $828 million, according to PitchBook data.
The company’s main competitor is General Catalyst and Khosla Ventures-backed Sword Health, which was last valued at $2 billion in November 2021.
According to the Form S-1, the new AI governance committee includes managers from Rubrik’s engineering, product, legal and information security teams.
Here’s why having AI governance could become the new normal.
“Aside from its strategic role to devise and oversee an AI governance program, from an operational perspective, AI governance committees are a key tool in addressing and minimizing risks,” he said.
The EU AI Act has teeth, and “the penalties for non-compliance with the AI Act are significant,” British-American law firm Norton Rose Fulbright noted.
Establishing AI governance committees likely will be at least one way to try to help on the trust front.
What a week, everyone.
Two full days of Y Combinator demo day activity kept us busy, but the latest accelerator cohort’s launch was far from the only big story in startup-land.
Then to close out, we chatted through the impending Ibotta and Rubrik IPOs.
The latter deal could provide a fascinating heat-check for unprofitable unicorns that need to find some sort of exit, and quickly.
All told we chatted through startups from their very earliest form all the way through their most mature.
Rubrik, a data cybersecurity company that raised more than a half-billion dollars while private, filed to go public after the bell on Monday.
As a private-market company, Rubrik last raised a lettered round in 2019 when it closed $261 million at a $3.6 billion post-money valuation, according to Crunchbase data.
However, subscription revenue grew 40% over the same period, rising from $385.3 million to $537.9 million.
The growth in its subscription revenue, and not its legacy revenues, is the engine that could propel Rubrik to a successful IPO.
A Silicon Valley storyRubrik’s potential IPO could prove a coup for Lightspeed Venture Partners, a well-known Silicon Valley venture capital shop.
The 13-year-old cash-back startup looks to make its public debut after turning profitable and recording impressive revenue growth in 2023.
The company reported $320 million in revenue in 2023, up 52% from 2022 when it produced $210 million in revenue.
Ibotta’s gross profits grew 68% from 2022, $164.5 million, to 2023, $276 million.
According to the S-1, this partnership plays a big role in Ibotta’s revenue boost.
“Our revenue growth significantly accelerated with the addition of new publishers to the IPN,” according to the S-1.
The Reddit and Astera Labs IPOs last week ate up a lot of media oxygen.
And with good reason, the two tech IPOs priced well and traded with even more gusto.
After a long dearth for technology offerings, seeing two large, multi-billion dollar offerings in the same week was part of a much-needed win for private-market tech companies, and sigh of relief for the same.
But there was another offering last week that has a tech-angle to it: Trump Media and Technology Group, which is the company behind Truth Social.
More from TechCrunch here, but the gist is that after much back-and-forth, it merged with its chosen SPAC and started to trade.
Reddit sold $203 million worth of contracts to AI companies for access to its data earlier this year.
In the wake of a compression in tech valuations since the implosion of the 2021-era asset bubble, few tech companies have tested public markets.
Early trading results do not always augur a trouble-free public market life, however.
Secondaries investors recently told TechCrunch that they weren’t sure that a successful Reddit IPO would be enough to bring life back into the IPO market in 2024.
But with Astera Lab’s impressive performance yesterday and Reddit’s strong showing today, maybe there will be more life in the IPO market this year than many thought.
