Sourcery → Marc Andreessen Techno-Optimist Manifesto
(10/9-10/13) Peter Thiel Science Stagnation ☀️ Carefull, Canopy, Vellum, Parsec, Capital Rx, Orbem, Optimize Health, Plentiful, Flourish Labs, Ounce, Gutsy, Prophecy, TileDB, Cleanlab, Modal Labs
Musings
Macro
The Techno-Optimist Manifesto, Marc Andreessen
New drop from Marc Andreessen, a positive outlook on the advancements of technology and its impact to society.
Peter Thiel: The Stagnation of Science and the AI Revolution
Startups, Monopolies, and why “Competition is for losers,” Wokeness, Safety, and the Soft Lockdown of Society, AI, Existential Risks, the Simulation Hypothesis: Could we be living in a simulated reality? Unconventional Insights on Startups & Investing in 2023
What Loom & Klaviyo Indicate about Exit Valuations, Tomasz Tunguz
HardTech
Q3 HardTech Update, Commodity Capital
No more turbulence?? ← this video went viral on X, the team at Turbulence Solutions in Austria are dedicated to making your flights smoother… yes, please?
AI
Upfront’s Kobie Fuller is reimagining the blog post with the interactivity of generative AI, TechCrunch
Other
Taylor Swift’s Eras Tour has officially become the highest-grossing concert film in US box office history, taking an estimated $95-97 million in its opening weekend.
The Economy (Taylor’s Version) → see how much money Taylor Swift’s Eras Tour actually made (spoiler alert: it’s estimated to be more than $4B..)
ICYMI
Up.Partners hosted their awesome Up.Summit over a week ago. It’s an invite-only 300-person conference that annually shifts between Dallas, Texas, and Bentonville, Arkansas. The goal of the summit is to celebrate and connect those that are transforming the world of mobility, logistics, energy, and transportation. Last week, the Up.Summit took place in Dallas, TX with attendees including former Presidents, Prime Ministers, Governors, U.S. Generals, Fortune 500 CEOs, outstanding Founders, and Deans of Academia. There were many product launches, M&A announcements, and partnership deals made.
Check out more in their recap of the biggest headlines from the event.
. . .
Last Week (10/9-10/13):
Relevant deals include the 60+ deals across stages below.
I've categorized the deals below into five categories, FinTech, Care, Enterprise & Consumer, HardTech, and Sustainability, and ordered from later-stage rounds to early-stage rounds. Highlighted deals include Carefull, Canopy, Vellum, Parsec, Capital Rx, Orbem, Dutch, Optimize Health, Plentiful, Flourish Labs, Ounce, Gutsy, Prophecy, TileDB, Cleanlab, Modal Labs, Harbour, SuperOps.ai, Moonhub, Anysphere, Pickle, Class Companion, Goodhood, Komment, SHINE, Saronic, Mojo Vision, Formant, JetCool, Breathe, Bedrock Energy, Scope3, Vibrant Planet; Loom/Atlassian, AMD/Nod.ai
Final numbers on Where Teens are Spending Time on the Internet at the bottom.
Deals
Fintech:
- Carefull, a New York City-based platform designed to help banks and wealth advisors protect aging customers from scams and mistakes, raised $16.5 million in Series A funding. Fin Capital led the round and was joined by Bessemer Venture Partners, TTV Capital, Commerce Ventures, Montage Ventures, and Alloy Labs.
- Canopy Servicing, a Claymont, Del.-based loan management platform, raised $15.2m in Series A1 funding co-led by Foundation Capital and Infinity Ventures. The deal valued the company at $35m pre-money. It was valued at $48m pre-money in its Series A. https://axios.link/3LVHOFB
- Alpaca, a San Mateo, Calif.-based developer of a stock-trading API, raised $15m in convertible note financing from Japan's SBI Group. https://axios.link/3rNjwGS
- Vellum Insurance, a New York City-based data management and analytics platform for insurance and reinsurance companies, raised $7 million in seed funding. Acrew Capital led the round and was joined by Flourish Ventures, Fin Capital, Vera Equity, Endurance, and 1 Sharpe Ventures.
- Parsec, a remote analytics dashboard provider for crypto and other blockchain-based markets, raised $4 million in funding. Galaxy led the round and was joined by Robot Ventures, Uniswap, CMT Digital, and others.
. . .
Care:
- Capital Rx, a New York City-based pharmacy benefit manager, which manages prescription drug benefit programs for health plans, raised $50 million in funding from Atlantic Health System, Banner Health, Hawai’i Pacific Health, Inova Health System, and others
- Orbem, a Munich-based provider of AI-enabled MRI scanning solutions, raised €30m in Series A funding. 83North led, and was joined by La Famiglia and insiders The Venture Collective and Possible Ventures. https://axios.link/3Qd7391
- Dutch, an Oakland pet telehealth platform, raised $18m in Series B funding, per Axios Pro. Eclipse Ventures led, and was joined by insiders Forerunner Ventures and Bling Capital. https://axios.link/3Q9qjUJ
- Optimize Health, a Seattle-based provider of remote patient monitoring software, raised $18m in Series B funding. Foundry Group and Escalate Capital Partners co-led, and were joined by Bonfire Ventures, Daher Capital, Navigate Ventures, Attento Capital, OpenView, 500 Global, SOSV and Jumpstart Capital. www.optimize.health
- AOA Dx, a New York City, Boston, Mass., and Boulder, Colo.-based company developing tests for the early detection of ovarian cancer, raised $17 million in new funding. Good Growth Capital led the round and was joined by RH Capital, Y Combinator, Astia, Adaptive Capital Partners, Gore Range Capital, and others.
- Plenful, an SF-based provider of health care workflow automation tools, raised $9m led by Bessemer Venture Partners. https://axios.link/45k8aIl
- Flourish Labs, an SF-based telehealth and training peer support platform for mental health, raised $6.6m in seed funding, per Axios Pro. Gradient Ventures and Collaborative Fund co-led, and were joined by WGU, Learn Capital and One Mind.
- Ounce, a Washington, D.C.-based company that coordinates health care plans and provides health services to low-income housing communities, raised $5.2 million in seed funding. Meridian Street Capital and Flare Capital Partners led the round and were joined by Metrodora Ventures and others.
. . .
Enterprise & Consumer:
- Gutsy, a Baton Rouge, La.-based cybersecurity platform, raised $51 million in seed funding. YL Ventures and Mayfield led the round and were joined by others.
- Harri, a New York City-based employee management company for hospitality businesses, raised $43 million in Series B funding. Atalaya Capital Management led the round and was joined by Golub Growth and others.
- ScyllaDB, a Palo Alto-based bid data database startup, raised $43m. Eight Roads Ventures led, and was joined by AB Private Credit Investors, AllianceBernstein, TLV Partners, Magma Ventures and Qualcomm Ventures. https://axios.link/3rM3rkS
- Prophecy, a Palo Alto, Calif.-based data engineering and analysis platform, raised $35 million in Series B funding. Insight Partners and SignalFire led the round and were joined by J.P. Morgan, Singtel Innov8, Databricks Ventures, and Dallas Venture Capital.
- TileDB, a Cambridge, Mass.-based data management platform, raised $34 million in Series B funding. AlleyCorp led the round and was joined by Two Bear Capital, Nexus Venture Partners, Big Pi Ventures, Intel Capital, Uncorrelated, and others.
- Cleanlab, a San Francisco-based platform that curates data for AI model training, raised $25 million in Series A funding. Menlo Ventures and TQ Ventures led the round and were joined by Bain Capital Ventures and Databricks Ventures.
- Tquila Automation, an Austin, Texas-based company designed to integrate company automation tools, raised $20 million in Series A funding. Delta-v Capital led the round and was joined by Tquila and Momentum Partners.
- Modal Labs, a New York City-based cloud infrastructure platform for engineers and data teams, raised $16 million in Series A funding. Redpoint Ventures led the round and was joined by Amplify Partners, Lux Capital, Definition Capital, and others.
- Harbour, a contract management startup, raised $15m in Series A funding from Scribble Ventures, The Palmer Co. and Getty Images co-founder Jonathan Klein. https://axios.link/3F9Gzib
- Thread, a Grand Forks, N.D.-based network designed to automatically collect and analyze data, raised $15 million in Series A funding. Badlands Capital led the round and was joined by Minnkota Power Cooperative, Generational Partners, Rosecliff Ventures, Excell Partners, Homegrown Capital, and Wonder Fund North Dakota.
- Conveyor, a San Francisco-based platform designed to automate security and compliance processes in sales, raised $12.5 million in Series A funding. Cervin Ventures led the round and was joined by Maverick Ventures, Thrive, and others.
- SuperOps.ai, a Claymont, Del.-based platform designed to put IT processes in one place, raised $12.4 million in Series B funding. Addition and March Capital led the round and were joined by Matrix Partners.
- Acceldata, a Campbell, Calif.-based data observability platform designed to show companies the health of their data set, raised $10 million in Series C funding from Prosperity Ventures.
- Moonhub, a San Francisco-based recruiting platform that uses AI to source and screen candidates, raised $10 million in seed funding. Khosla Ventures and GV led the round and were joined by AIX, Day One Ventures, and others.
- Anysphere, a developer of an "AI-native" software dev environment, raised $8m in seed funding led by OpenAI's Startup Fund. https://axios.link/3M28Vif
- Pickle, a New York City-based clothing rental platform, raised $8 million in seed funding. FirstMark Capital and Craft Ventures led the round and was joined by Burst Capital.
- Class Companion, an SF-based communications platform for teachers and students, raised $4m in seed funding. Index Ventures led, and was joined by OpenAI Startup Fund. www.classcompanion.com
- Goodwrx, a Las Vegas, Nev.-based shift management platform for the hospitality industry, raised $4 million in Series A funding from Advantage Capital.
- Propify, a Boston-based property management software startup, raised $3.3m in seed funding. Prudence led, and was joined by Fifth Wall, YC, RXR and PropTech Angel Group. https://axios.link/3RZX9sJ
- Goodhood, an Ann Arbor, Mich.-based subscription service for car maintenance and repairs, raised $2.6 million in seed funding from Bullish, Mucker Capital, Okapi Capital, New Age Ventures, Kubera Venture Capital, and Impact Ventures.
- SOTAI, a Los Angeles, Calif.-based platform designed to help companies train AI to make specific decisions, raised $2 million in seed funding from Four Rivers.
- Fantix, a New York City-based platform that provides data for companies to train AI models and personalize user experiences, raised $1.6 million in funding from Gaingels, Notion Capital, Founders Factory, Fastweb, Connect Ventures, and others.
- Komment, a Munich, Germany-based platform using AI for software and code documentation, raised $1 million in pre-seed funding. Craft Ventures led the round and was joined by angel investors.
. . .
HardTech:
- SHINE Technologies, a Janesville, Wis.-based fusion technology company for the inspection of industrial components, production of medical isotopes, and recycling of nuclear waste, raised $70 million in new funding. Baillie Gifford, Fidelity Management, and existing investors led the round and were joined by others.
- Glydways, a South San Francisco-based on-demand robotaxi developer, raised $56 million in Series B funding. New Science Ventures led the round and was joined by The ACS Group, Gates Frontier, and Khosla Ventures.
- Saronic, an Austin, Texas-based developer of autonomous defense ships, raised $55 million in Series A funding. Caffeinated Capital led the round and was joined by 8VC, Andreessen Horowitz, Lightspeed Venture Partners, Point72 Ventures, Silent Ventures, Overmatch Ventures, Ensemble VC, Cubit Capital, and the U.S. Innovative Technology Fund.
- Mojo Vision, a Saratoga, Calif.-based developer of micro-LED display technology, raised $43.5 million in Series A funding. New Enterprise Associates, Khosla Ventures, and Vanedge Capital led the round and were joined by Shanda Grab Ventures, Dolby Family Ventures, Advantech Capital, Liberty Global Ventures, Drew Perkins, and others.
- Formant, a San Francisco, Calif.-based platform for the control and management of robots, raised $21 million in funding. BMW i Ventures led the round and was joined by new investors Intel Capital, GS Futures and previous investors SignalFire, Hillsven, Pelion Ventures, Holman, Ericsson, Goodyear Ventures, PICUS Capital, and Thursday Ventures.
- JetCool, a Littleton, Mass.-based liquid cooling company for data centers, raised $17 million in Series A funding. Bosch Ventures led the round and was joined by In-Q-Tel, Raptor Group, and Schooner Capital.
- Breathe, a London-based developer of battery management software, raised $10m in Series A funding. Lowercarbon Capital led, and was joined by SpeedInvest. www.breathebatteries.com
- Bedrock Energy, an Austin, Texas-based geothermal heating and cooling systems company, raised $8.5 million in seed funding. Wireframe Ventures led the round and was joined by Overture Climate VC, Long Journey Ventures, Cantos, Toba Capital, First Star Ventures, Divergent Capital, and Climate Capital.
- minds.ai, a Santa Cruz, Calif.-based company looking to integrate AI into semiconductor manufacturers, raised $5.3 million in seed funding. Monta Vista Capital led the round and was joined by Momenta and others.
. . .
Sustainability:
- Perch Energy, a Boston, Mass.-based platform that connects solar power providers with homeowners, renters, and businesses, raised $30 million in Series B funding from Nuveen.
- Scope3, a remote emissions monitor and provider of emissions reduction solutions for advertising companies, raised $20 million in Series B funding. GV led the round and was joined by Room40 Ventures and Venrock.
- Vibrant Planet, a Truckee, Calif.-based platform designed to decarbonize land management and analyze wildfire risk, raised $15 million in Series A funding. The Ecosystem Integrity Fund led the round and was joined by Microsoft’s Climate Innovation Fund, Citi Ventures, Day One Ventures, SIG Climate, Globivest, Coefficient LP, and others.
Acquisitions & PE:
- Atlassian (Nasdaq: TEAM) will pay $975m to buy Loom, an SF-based workplace video messaging company that had been valued at $1.5b by VCs like Andreessen Horowitz, Kleiner Perkins, Sequoia Capital, General Catalyst, Coatue and Iconiq. https://axios.link/3Ffl1kh
- AMD (Nasdaq: AMD) agreed to buy Nod.ai, a Santa Clara, Calif.-based AI software startup that raised $36m from firms like WRV Capital. https://axios.link/3F8EN0O
- Apax Partners acquired Bazooka Candy Brands, a New York City-based portfolio of candy brands, from Tornante Company and funds affiliated with Madison Dearborn Partners. Financial terms were not disclosed.
- Astra Space (Nasdaq: ASTR), an Alameda, Calif.-based rocket launch company, is seeking to sell a 51% stake in its space propulsion business at above a $100m valuation, per Bloomberg. https://axios.link/3rPbYn9
- Jellysmack, a creator economy startup that's raised nearly $1b from firms like SoftBank, is acquiring Law&Crime, a true crime and legal drama media company, per Axios' Sara Fischer. https://axios.link/3RTbS8x
Left to their own devices
Device-dependent teenagers are far from phoning it in: a Gallup poll has found that over half (51%) of US teenagers report spending at least 4 hours per day on social media apps.
Indeed, while US teens overall spent an average 4.8 hours per day on the 7 popular social media platforms tested in the survey — YouTube, TikTok, Instagram, Facebook, Twitter/X, WhatsApp, and WeChat — it appeared that, statistically, teenage girls were more chronically online than their male counterparts, racking up 5.3 hours per day versus 4.4.
YouTube was popular with Gen Z boys, averaging ~24% longer per day on the platform than girls, who reported spending more time on TikTok and Instagram. Meanwhile, messaging services like WhatsApp accounted for less than 15 minutes a day across both genders.
The survey also revealed that 17-year-olds were most likely to pass the 4-hour mark every single day. What surprised us most, however, was the 42% of 13-year-olds who also met the 4-hour threshold, given they’re only just old enough to meet the minimum sign-up age for most of these platforms.
The material presented on Molly O’Shea’s website are my opinions only and are provided for informational purposes and should not be construed as investment advice. It is not a recommendation of, or an offer to sell or solicitation of an offer to buy, any particular security, strategy, or investment product. Any analysis or discussion of investments, sectors or the market generally are based on current information, including from public sources, that I consider reliable, but I do not represent that any research or the information provided is accurate or complete, and it should not be relied on as such. My views and opinions expressed in any website content are current at the time of publication and are subject to change. Past performance is not indicative of future results.