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This Week’s Recap
The startup and VC world has been buzzing with activity this week, featuring a mix of funding news, product launches, and high-profile exits. In this edition of Startups Weekly, we’ll take you through the most interesting stories from the past week, including departures at OpenAI, new AI-powered startups, and significant fundraising rounds.
Most Interesting Startup Stories from the Week
OpenAI: Departures and New Ventures
- Several key people have left OpenAI in recent weeks, including CTO Mira Murati, chief research officer, and a research VP.
- The departures come as OpenAI continues to navigate its role in the AI landscape. With the company’s growing influence comes increasing scrutiny, leading some employees to question their involvement with OpenAI.
Ive Mind: Jony Ive’s New Venture
In a surprise move, former Apple designer Jony Ive is working on an AI device startup with OpenAI and CEO Sam Altman. The unnamed venture aims to raise up to $1 billion by the end of the year, marking a significant investment in AI research and development.
AltGPT: Letta’s Open-Source Alternative
Letta, an AI startup founded by the researchers behind MemGPT, has come out of stealth with great anticipation. The company positions itself as ‘the open alternative to OpenAI,’ emphasizing transparency and collaboration in AI development.
Pipelines: Airbyte 1.0 and Enterprise Service
Data startup Airbyte has launched its self-managed enterprise service, making it easier for companies to integrate their data pipelines. With a focus on AI use cases, Airbyte aims to streamline the process of data analysis and decision-making.
Most Interesting Fundraises this Week
Working Out: EGYM Raises $200 Million
German connected fitness startup EGYM has closed a $200 million Series G round of funding, confirming investor interest in preventative healthcare. The trend towards proactive health management is on the rise, with companies like EGYM leading the charge.
Digital Transformation: Whatfix’s $125 Million Raise
San Jose-based company Whatfix has raised a $125 million Series E round led by Warburg Pincus. Its platform demonstrates how to use third-party software effectively, making it an attractive solution for businesses looking to digitize their operations.
AI Power: Supabase Raises $80 Million
Open-source developer platform Supabase has raised an $80 million Series C round, positioning itself as Postgres-centric and benefiting from AI tailwinds. With 10% of active databases on the service powering AI use cases, Supabase is well-placed to capitalize on this trend.
Beaming: Marvel Fusion’s €62.8 Million Raise
Marvel Fusion has raised €62.8 million in a Series B round to work on making commercial fusion power a reality using lasers. This significant investment demonstrates growing interest in sustainable energy solutions.
In the Spotlight: Raycast Raises $30 Million
British startup Raycast has raised $30 million to bring its Mac productivity app to Windows and iOS, focusing on ‘prosumer’ users. With a focus on ease of use and efficiency, Raycast aims to become a leading productivity solution across platforms.
Most Interesting Exits this Week
AIOpenAI Used Subreddit to Test AI Persuasion
OpenAI has been under scrutiny for its handling of AI persuasion, with some accusing the company of using social media platforms to manipulate public opinion. This controversy highlights the need for greater transparency and regulation in AI development.
Latest in Fundraising
Guo’s Conviction Partners Adds Mike Vernal as GP, Raises $230M Fund
Conviction Partners has added Mike Vernal as a General Partner, raising a $230 million fund focused on early-stage startups. With a strong track record of investments, Guo’s team is well-positioned to support innovative companies.
Startups Backed by Mayo Clinic, Nutrix’s Hardware Monitors Worker Stress
Nutrix has developed hardware that monitors worker stress levels, providing valuable insights for businesses looking to prioritize employee well-being. This innovative solution highlights the growing importance of workplace wellness.
Why Higher Valuations and Revenue Give Reason for Hope
Despite a challenging year for startups, higher valuations and revenue give reason for optimism. As companies adapt to changing market conditions, they’re finding new ways to drive growth and success.
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