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☆ AI startup Perplexity is in talks to raise more money at a significantly higher valuation just months after its last round
  + stars: | 2024-02-29 | by ( Rebecca Torrence | Melia Russell | ) www.businessinsider.com   time to read: +4 min
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewOnly months after buzzy AI search-engine startup Perplexity AI raised its last round of funding, the company is yet again raising additional funds, as investors clamor to back tech's next big generative AI startup. This story is available exclusively to Business Insider subscribers. Perplexity is raising this additional money at a significantly higher valuation cap than its previous pricing of $520 million, according to two people with direct knowledge. A spokesperson told Business Insider that the details of the deal were incorrect but did not clarify when asked for further information.
Persons: —, clamor, Jeff Bezos, Perplexity, OpenAI's ChatGPT, Google's Bard, Aravind Srinivas, It's, Elad Gil, Nat Friedman, Fred Wilson, aren't Organizations: Service, Google, Business, Institutional Venture Partners, New Enterprise Associates, Bessemer Venture Partners, Nvidia Locations: OpenAI
☆ Exclusive: Organic baby food startup Yumi has slashed its valuation after running low on cash
  + stars: | 2024-01-31 | by ( Ben Bergman | ) www.businessinsider.com   time to read: +3 min
Yumi, a startup backed by a long list of prominent Silicon Valley investors that makes high-end organic baby food, is raising a down round that values the company at around $40 million, Business Insider has learned. The funding represents a substantial discount from Yumi's Series B round in 2021, which valued the company at more than $300 million, according to Pitchbook data. It also means Yumi has burned through more than twice as much cash, nearly $90 million dollars, as it is currently worth. Startup fundraising tumbled to a five-year low in 2023 with funding for e-commerce and shopping startups down 60%, according to Crunchbase data. Convoy, the freight startup that was once called the "Uber for trucking" and raised more than $1 billion, shut down in November.
Persons: Yumi, Evelyn Rusli, Angela Sutherland, Gerber, Sutherland, Rusli, Anne Wojcicki, Gabrielle Union, Warby Parker, Goldman Sachs, Christina Minnis, Kelly Coffey, Masha Drokova, Lauren Dillard Organizations: Business, BI, Walmart, New York Times, Wall Street Journal, New Enterprise Associates, Uber, City National Bank, One Ventures, Nasdaq, Startup, Convoy, Olive Locations: millennials
☆ Chief of Digital Freight Startup Transfix Steps Down
  + stars: | 2023-03-02 | by ( Paul Berger | ) www.wsj.com   time to read: +3 min
Digital freight startup Transfix Inc. said on Thursday that Chief Executive Lily Shen was stepping down and would be succeeded by the company’s co-founder and chief technology officer, Jonathan Salama. “I understand the challenges, and Lily and I have a strong plan for the future.”Lily Shen has resigned as chief executive of digital freight broker Transfix. Jonathan Salama is a co-founder and the new chief executive of Transfix. In place of the SPAC, G Squared and another Transfix backer, New Enterprise Associates Inc., led a private funding round. She became chief operating officer the same year and in 2020 took over as chief executive.
☆ Returns from top venture firms NEA, DCM, and Khosla have been dismal over the past 2 decades, according to filings from California's largest pension fund, CalPERS
  + stars: | 2023-02-15 | by ( Ben Bergman | ) www.businessinsider.com   time to read: +4 min
CalPERS is the US's largest public pension plan, managing the retirement accounts of 1.5 million California employees and retirees. Unlike many other financial institutions, VC funds are not required to show their return on investment in startups. The CalPERS fund's $75 million bet in 2001 on a venture fund managed by the Carlyle Group lost money. A $25 million investment in DCM's 2000 fund had a 1.9% IRR. Its $260 million investment in two Khosla Ventures funds in 2009 yielded an IRR of 11.8% for the early-to-midstage fund and 6.9% for the seed-stage fund.
☆ $1.4 billion Stash just announced its new CEO, who's focused on getting the company in a 'great position' for a potential IPO
  + stars: | 2023-02-02 | by ( Paige Hagy | ) www.businessinsider.com   time to read: +4 min
The financial-technology company, which offers investing, trading, and savings features for its 2 million users via a subscription-based model, announced Liza Landsman as its new CEO on Thursday. She succeeds Stash cofounder Brandon Krieg, who is staying at the company as head of business development. When Insider asked Landsman about future plans for Stash — raising more funds, looking to be acquired, or going public — the new CEO honed in on an IPO. Cofounder and former CEO Krieg is stepping into a new position within the company as head of business development. He'll lead the development of a new business-to-business channel that will allow Stash users to access funds on the app through their employers.
☆ Hate fast fashion? You can compost this new streetwear clothing line
  + stars: | 2023-01-23 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com   time to read: +3 min
Fast fashion is big business, but it is also a big polluter, responsible for about 10% of global carbon emissions. Roughly 70% of the $3 trillion fashion industry is comprised of articles made from synthetics or petrochemicals. While some companies are claiming sustainable clothing lines, there is a very wide variance in what that means. For some the carbon reduction is in the manufacturing, while for others it is in the clothing itself. They're all made from 100% plant-based nutrients like recycled cotton, hemp, plant-based leather and coconut fiber, according to the company.
☆ U.S. startup Outrider raises $73 mln to scale up autonomous yard trucks
  + stars: | 2023-01-19 | by ( Nick Carey | ) www.reuters.com   time to read: +2 min
Jan 19 (Reuters) - U.S. self-driving truck firm Outrider said on Thursday it has raised $73 million in funding to scale up its autonomous trucks operating in distribution yards for customers in e-commerce, manufacturing and other industries. It also includes fresh funding from American venture capital fund New Enterprise Associates (NEA) and the venture capital arm of industrial conglomerate Koch Industries. Outrider says its self-driving yard truck "hitches to and unhitches from trailers, robotically connects and disconnects trailer brake lines, backs semi-trailers with precision, interacts safely with loading docks, and keeps track of trailer locations throughout the yard." The company says its customers represent more than 20% of all yard trucks operating in North America, and have invested in joint product testing and pilot operations since 2019. Yard trucks are designed to move trailers and cargo containers in distribution yards.
☆ VCs say superpowered software, a dearth of new funds, and rampant M&A among the tech trends to watch in 2023
  + stars: | 2022-12-12 | by ( Melia Russell | ) www.businessinsider.com   time to read: +1 min
We asked investors from firms like Accel, Sequoia, IVP, and Lightspeed to share their forecasts. Party rounds are out, unicorns are in, and the venture market will get worse before it gets better. Sign up for our newsletter for the latest tech news and scoops — delivered daily to your inbox. Loading Something is loading. We asked them to reveal the hot sectors they're eyeing, the trends that will fizzle, and the new realities of fundraising — for both startups and venture fund managers — in a tech downturn.
☆ 4 college friends turned $1 million into a New York venture-capital empire backing tech's hottest unicorns. Here's how they did it.
  + stars: | 2022-11-29 | by ( Darius Rafieyan | ) www.businessinsider.com   time to read: +8 min
Founded as the side project of four college friends, Eniac Ventures has become a major player in VC. They named the firm Eniac Ventures, after the first electronic computer, developed at the University of Pennsylvania's engineering school, where the four had met. What started as the side hustle of four college buddies has become a powerhouse of the venture-capital industry, backing some of tech's hottest unicorns. And Eniac has invested alongside some of the biggest names in venture, including Y Combinator, Lightspeed Venture Partners, and New Enterprise Associates. Vasen met the Eniac partners at an event they hosted for prospective founders at a Chinese restaurant in San Francisco.
☆ Sequoia Capital took a $213 million bath on FTX after the crypto exchange imploded. That's not that bad, VCs say.
  + stars: | 2022-11-10 | by ( Melia Russell | ) www.businessinsider.com   time to read: +6 min
FTX investor Sequoia Capital has marked down its position to $0 as the crypto exchange crumbles. Sequoia Capital now views its $213.5 million investment in FTX as worthless as the crypto exchange teeters on the brink of collapse after an eleventh-hour deal to salvage the business fell apart. "Somehow Sequoia capital turned a FTX write down to zero into a humblebrag. It invested $150 million into FTX through its third growth fund, which Sequoia said totaled less than 3% of that fund's capital commitments. In its letter to investors, Sequoia said it does "extensive research and thorough diligence" on every investment it makes.
☆ Scoop: Andreessen Horowitz beats out Benchmark and NEA to lead Series A funding round for Partiful, the 'Eventbrite for Gen Z'
  + stars: | 2022-11-08 | by ( Ben Bergman | Melia Russell | ) www.businessinsider.com   time to read: +3 min
Andreessen Horowitz beat out other firms to lead Partiful's series A round, according to sources. Neither the cofounders of Partiful nor Andreessen Horowitz responded to a request for comment. After an intense bidding war, Andreessen Horowitz beat out rival VC firms, including Benchmark and New Enterprise Associates, to lead Partiful's series A funding round, according to three people with knowledge of the financing who were not authorized to speak publicly. Andreessen Horowitz also did not respond to a request for comment. Venture investors, eager to find the next buzzy consumer app, have marveled at Partiful's growth.
☆ For the first time in years, Facebook, Instagram, Twitter are 'weak' and VCs are eager to back alternatives, they say.
  + stars: | 2022-10-28 | by ( Darius Rafieyan | ) www.businessinsider.com   time to read: +6 min
VCs see an opportunity to back the next big social network and take on existing giants. "Facebook, Instagram, Twitter, they're weak, and they're just losing that edge," one investor said. And there may be room for even more young social media companies to rise. For her, identity verification and responsible content moderation are non-negotiable in any new social platform that she backs. "There is a sense of decline for some of these large social media platforms," Lee said.
☆ How AI service startup Aisera is helping companies embrace machine learning to automate tasks
  + stars: | 2022-09-27 | by ( Emilia David | ) www.businessinsider.com   time to read: +5 min
His startup, Aisera, uses machine learning and natural language processing to resolve customer service, IT, sales, and operations problems by integrating with a host of enterprise applications like Zendesk, Salesforce, Amazon Web Services, and ServiceNow. The startup also offers a conversational AI service, or a chat service, in multiple languages that is meant to quickly resolve certain issues. Funding for AI, machine learning, and data analysis grew to $115 billion in 2021, according to PitchBook data. For example, Dave uses Aisera's conversational AI for its around-the-clock customer service, allowing the startup to resolve customer questions before handing off to a human if the question is more complicated. "Thanks to Shelly, Chegg's global service desk technicians can better focus on solving complex issues and proactive support."
☆ Check out the pitch deck that an ex-Uber product lead and the mom of YouTube's CEO used to raise $7 million for their startup that helps kids learn by making online videos
  + stars: | 2022-09-19 | by ( Madeline Renbarger | ) www.businessinsider.com   time to read: +3 min
Tract is a new edtech startup where students can make hands-on videos for class projects. Veteran teacher Esther Wojcicki and YouTube CEO Susan Wojcicki's mom, cofounded the startup. San Francisco-based Tract is a new edtech startup where students and teachers can learn through making and sharing educational videos within a safe web-based platform that other kids and teachers can engage with through likes and comments. Other investors included Moving Capital, Oceans Ventures, Global Founders Capital, Bessemer Venture Partners, K50 Ventures, G9 Ventures, Graph Ventures, Alumni Ventures Group, Minerva, and Correlation Ventures. Check out the 12-slide pitch deck that edtech Tract used to raise $7 million in seed funding:
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