Nvidia might be clouding the funding climate for AI chip startups, but Hailo is still fightingHello, and welcome back to Equity, a podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.
This is our Wednesday show, when we take a moment to dig into a raft of startup and venture capital news.
No big tech here!
Keep in mind that Y Combinator’s demo day kicks off today, so we’re going to be snowed-under in startup news the rest of the week.
Consider today’s show the calm before the storm.
SiftHub’s AI assistant is built on open-source large language models (LLMs), and is supported by retrieval augmented generation (RAG) technology, which uses additional data sources to fine-tune the quality of content generated by AI.
All that eventually brought her focus to sales and presales teams.
“Sales teams have a shadow team — a presales team or solutions engineers — and they are usually the unsung heroes of the organization.
Sales and presales teams lack the necessary tooling to handle this new selling environment.
We are excited to back the SiftHub team and be a part of their ambitious journey,” said Sanjay Nath, a partner at Blume Ventures.
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.
OpenAI CEO Sam Altman has transferred formal control of the eponymously firm’s named corporate venture fund to Ian Cathaway, OpenAI confirmed to TechCrunch.
The Open AI Startup Fund, launched in 2021, was initially set up with Altman as its named controller.
Cathaway joined OpenAI in 2021 and played a key role managing the Startup Fund, leading investments in Ambience Healthcare, Cursor, Harvey, and Speak.
Last year, the fund had $175 million in commitments, and now holds $325 million in gross net asset value, according to an SEC filing.
The Startup Fund has backed at least 16 other startups, according to PitchBook data.
After a lengthy trial and conviction, we finally learned how long former crypto baron Sam Bankman-Fried will be behind bars: up to 25 years.
It’s a lengthy sentence, but one that given the scale of the crimes he was convicted of, doesn’t come as a shock.
For the crypto industry, it’s also the final page in a chapter that many may want firmly behind them.
After all, we’re out of the last crypto winter and are back in a period of rising token prices, growing trading volume, and hints of the prior excitement that web3 commanded during the last asset bubble.
Still, before we fully wrap up our coverage of SBF and his erstwhile empire, it’s worth taking one last trip down memory lane to cement in our minds how we wound up with a former venture and political darling not in the dock, but behind bars.
Wen Hsieh and Haomiao Huang, both Kleiner Perkins investors, left the firm in 2023 to start their own venture capital fund called Matter Venture Partners.
The median venture fund raised that year was around $37 million, according to a PitchBook-NVCA Venture Monitor report.
Matter Venture Partners invests at the large seed rounds, Series A and Series B.
He believes that Matter Venture Partner’s focus on hard tech was the reason for the oversubscription.
We like to fund them and entrepreneurs that contribute to these new innovations.”So far, Matter Venture Partners invested in six companies not made public yet.
Startup studio super{set} has a fresh exit under its belt with the sale of marketing company Habu to LiveRamp for $200 million in January.
Now, super{set} is adding another $90 million to its coffers as it doubles down on its strategy of building enterprise startups.
We remain a venture studio focused on building companies rooted in data and AI.
We found, fund and build new technology startups, mostly in the enterprise space,” founding managing partner Tom Chavez told TechCrunch.
That’s one aspect in which super{set} has changed compared to 2019, Chavez said, as its method went from art to science.
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.
AI is a data problem.
Now Cyera is raising up to $300M on a $1.5B valuation to secure itA cybersecurity startup called Cyera is betting that the next big challenge in enterprise data protection will be AI, and it’s raising a big round of funding as demand picks up for it.
Previous to this, Cyera — pronounced “Sierra” and headquartered in San Mateo and with roots in Israel — had raised a total of $160 million with its current $500 million valuation dating from last year.
Cyera, Coatue and Sequoia declined comment.
A source said that AI right now is a “huge driver” for business at Cyera.
A $700M SAFE, IPOs are back, and how one venture fund is transcending bordersHello, and welcome to Equity, a podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.
This is our Friday episode, in which we dig through the most critical stories from the week and chat through new and emerging themes.
This week we had Mary Ann, Becca, and Alex aboard.
Becca of course is one of the two hosts of TechCrunch’s Found podcast, which talks to founders about how they built what they did, and how they did it!
Today on Equity, however, here’s what we got into:We are back Monday with more!
