Startups Weekly provides a recap of significant developments from the startup industry. Readers can subscribe to receive updates directly via email each Friday.
This week witnessed both the establishment and closing of various startups, with unicorn-level funding rounds continuing to be a notable trend.
Highlights from the Startup World
In alignment with the cyclic nature of startups, this week saw several new beginnings and closures.
Thinking Machines: Thinking Machines Lab, the latest AI venture by former OpenAI CTO Mira Murati, was introduced without disclosing the extent of its VC funding. Meanwhile, Ilya Sutskever’s enterprise, Safe Superintelligence (SSI), is reportedly securing approximately $1 billion in financing.
Humane Developments: Humane, the company known for its AI Pin, has sold most of its assets to HP for $116 million, marking the end of AI Pin.
Future Family: The San Francisco-based Future Family has introduced a new IVF insurance product in the U.S. that guarantees a refund if the treatment is unsuccessful after two attempts.
Nikola Corp: The once-celebrated Silicon Valley firm, Nikola Corp., has filed for bankruptcy as it could not secure a buyer or new funding to sustain operations.
Noteworthy VC and Funding News
Despite expectations to the contrary, unicorn evaluations remain prominent. Developments in AI and biotech saw considerable funding activity this week.
Saronic: Defense startup Saronic, located in Austin, has raised $600 million in a Series C round for autonomous ship production, elevating its valuation to $4 billion.
Codeium: AI coding company Codeium, valued at $1.25 billion post-Series C six months ago, is now reportedly negotiating a new funding round at a valuation of approximately $2.85 billion, led by Kleiner Perkins.
Hightouch: Offering AI-powered marketing solutions, Hightouch has completed an $80 million Series C funding, achieving a $1.2 billion valuation.
Augury: With AI-driven technology to detect factory machine malfunctions, Augury has secured $75 million in Series F round funding, increasing its valuation to over $1 billion.
Varo: After accumulating $1 billion since its inception, fintech company Varo closed $29 million of a $55 million Series G round, as its CEO and founder, Colin Walsh, announces his departure.
Sanas: Specializing in AI that changes call center workers’ accents in real-time, Sanas completed a $65 million funding round, raising its valuation above $500 million.
Luminance: Legal AI firm Luminance raised $75 million in a Series C round, amidst a surge of financial interest in AI-driven legal technology.
Altitude Lab: In response to potential funding reductions by the National Institutes of Health (NIH), Altitude Lab’s Pre-seed Venture Fund is considering investments of $100,000 to $250,000 in biotech startups eligible for NIH’s Small Business Innovation Research grants.
Additional Insights
Despite Andreessen Horowitz managing $45 billion in assets, co-founder Marc Andreessen expressed on the ‘Invest Like the Best’ podcast that he is not eager to make the firm public, emphasizing his vision of crafting a lasting enterprise.
