Sourcery → Power Law

(6/24-6/28) Reindustrialize, Cerebral Valley, Kleiner Perkins ☀️ Conduit, Rainforest, Sidecar Health, Arrow, Form Health, Skycell, Creatio, Hebbia, Klarity, Sila, Bright Machines, Etched, Neustark

Hello From LA ☀️

The best place in the entire world.

Musings

Podcasts

• Sequoia & the Hewlett Foundation on VCs NOT raising funds, Cisco's $1B AI fund, and more! [TWIS]

  • Best conversation on VC markets I’ve heard in a while, sharp, pragmatic, & very open

• Samir Vasavada: The Real Story of Vise: The Regrets, Mistakes and Mis-Hires [20VC] Vise raised $128M in just 6 months from some of the best including Sequoia Capital & Founders Fund, achieving unicorn status when the Co-Founders turned 20

• Sebastian Siemiatkowski (CEO, Klarna) on the Future of Klarna, Valuation Changes and AI in Finance [Logan Bartlett]

  • Sebastian led the rise from a profitable business to their peak $50B valuation, in which they were burning $150 million a month..

• Mark Suster, Upfront Ventures: Investing in Space, Defense, & Exit Opportunities [Sourcery]

  • Mark shares on price discipline, long term outlooks, & the future of exits

AI

• 7 Videos from Cerebral Valley New York: Snowflake CEO, Lambda CEO, Goldman CIO, Runway CTO & More [Newcomer]

  • Shoutout to Grace Isford, Partner at Lux Capital for hosting a wonderful group discussion on AI Agents in the Workplace!

  • Two great discussions on the impact of AI on creative industries one with Runway’s Co-Founder, Anastasis Germanidis, & another with Scott Belsky of Adobe

    • + Highlights from the entire event here!

• The Emergence of AI-Powered Services Firms [Forerunner]

• The AI Plateau Is Real — How We Jump To The Next Breakthrough [Emergence]

HardTech

• Palmer Luckey: Millennial slayer of U.S. defense giants [LA Times]

• A new tech alliance looks to reclaim U.S. industrial leadership: Reindustrialize Summit [Axios]

  • Rumor has it the crowd chanted ‘USA’ during Chris Power’s keynote 🇺🇸

• NASA selected SpaceX to develop a spacecraft, the U.S. Deorbit Vehicle, to safely guide the International Space Station back to Earth after its operational life ends in 2030, with the contract potentially worth $843 million. [Axios]

• A recent article highlights that nuclear fusion is moving closer to becoming a viable commercial power source, driven by significant investments and recent breakthroughs in fusion technology. [Engineering News-Record]

  • However, substantial scientific and engineering challenges remain, with full commercialization expected by the 2030s or 2040s, impacting the future of clean energy. 

• Global investments in quantum technology, exceeding $55 billion led by China, are pushing toward realizing substantial business gains, with Europe and the U.S. also making significant contributions. [Forbes]

More

• The Groucho Marx Mandate, Venture Capitalist’s Self-Loathing Mentality [Kyle Harrison]

• Nike's sales are expected to drop by about 10% this quarter, leading to a 20% plunge in shares, marking its worst day on record and a 29% decline year-to-date. [Axios]

  • This decline is due to struggles in innovation and distribution strategies, failing to attract budget-conscious consumers and combat growing competition.

• Uber will pay 175 people $1,000 each to forego their cars for a month and use alternative transportation in seven U.S. and Canadian cities to encourage a car-light lifestyle and reduce car ownership. [Axios]

• Google is expanding its cloud services to allow enterprise AI chatbots to rely on real-world facts, including a new collaboration with Moody's for financial data. [Axios]

  • This move aims to reduce the risk of AI-generated misinformation and hallucinations by grounding systems in verified information. 

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Last Week (6/24-6/28):

Relevant deals include the 110+ deals across stages below. 

I've categorized the deals below into eight categories, Fintech, Care, Enterprise / Consumer, HardTech, Sustainability, Acquisition/PE, IPO, and Fund Announcements, and ordered from later-stage rounds to early-stage rounds.

Highlighted VC Deals include: 

Conduit, Rainforest, Sidecar Health, Arrow, Form Health, Skycell, Creatio, Hebbia, Klarity, Sila, Bright Machines, Etched, Neustark, Samsara Eco

Acquisitions & PE

OpenAI/Multi, NuBank/Hyperplane, Chime/Salt Labs

Funds

Kleiner Perkins, Redpoint Ventures, A*, The General Partnership, Elsewhere Partners, Blackhorn Ventures.

Final Numbers 

Major US airlines market performance, and the declining existing homes sales in the US, at the bottom

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VC Deals 

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Fintech:

- Conduit, a San Francisco-based blockchain application launch platform, secured $37M in Series A funding, led by Paradigm and Huan Ventures, with participation from Robot Ventures, Credibly Neutral, Coinbase Ventures, and Bankless Ventures.

- Rainforest, an Atlanta, GA-based payment solutions provider for software platforms, closed $20M in funding, led by Matrix Partners, Accel, Infinity Ventures, BoxGroup, The Fintech Fund, Tech Square Ventures, and Ardent Venture Partners.

- Payabli, a Miami, FL-based payments infrastructure solution for software companies, raised $20M in Series A funding, led by QED Investors and joined by TTV Capital, Fika Ventures, and Bling Capital.

- Verituity, a McLean, VA-based payout platform, received $18.8M in funding, led by Sandbox Industries and Forgepoint Capital, with participation from Ardent Venture Partners and MTech Capital.

- CereTax, an Atlanta, GA-based sales tax solution provider, closed $9M in funding, led by S3 Ventures, alongside Wild Basin Investments and Leaders Fund.

- AnchorZero, an NYC-based Roth IRA for tax savings and financial growth platform, secured $8M in Seed funding, led by Bain Capital Crypto and Spark Capital along with support from Ethereal Ventures, Mischief Capital, Pascal Capital, Robot Ventures, and Sarah Meyohas.

- Micruity, a San Mateo, CA-based financial technology infrastructure company, completed a $5M strategic funding round, backed by Prudential, State Street Global Advisors, TIAA Ventures, Pacific Life, and Western & Southern Financial Group.

- GolfN, a decentralized golf app provider, secured $1.3M in a Pre-Seed funding round, backed by CitizenX, Fourth Revolution Capital (@DeFi_Dad), Nom (@TheOnlyNom), and Joe McCann (Asymmetric Financial), and others.

Care:

- Sidecar Health, an El Segundo, CA-based enterprise health insurance company, secured $165M in Series D funding, led by Koch Disruptive Technologies and joined by GreatPoint Ventures, BOND, Cathay Innovation, Drive Capital, Duke University, Menlo Ventures, and Morpheus.

- Arrow, an NYC-based healthcare technology company, officially launched with $110M in Series A funding, led by Gradient Ventures.

- Form Health, a Boston, MA-based science-based obesity care provider, secured $38M in Series B funding, led by Sound Ventures, with support from M13, SignalFire, and Next View Ventures.

- Adonis, an NYC-based healthcare financial technology platform, closed $31M in Series B funding, led by Point72 Private Investments and joined by Kin Ventures, General Catalyst, Bling Capital, and Max Ventures.

- Sensi.AI, a Palo Alto, CA-based care intelligence startup, raised $31M in Series B funding, led by Zeev Ventures and Insight Partners, with participation from Entrée Capital, Flint Capital, Jibe Ventures, and Secret Chord Ventures.

- Heyday Health, a Cambridge, MA-based virtual-forward value-based care provider focused on Medicare and dual-eligible patients, secured $12.5M in funding, backed by Gradient Ventures, Lionbird, Great Oaks Capital, and Kate Ryder.

- Zuub, a Los Angeles, CA-based dental revenue cycle automation company, completed a $9M Series A funding round, led by Vertical Venture Partners with support from Bonfire Ventures and MTech Capital.

- Synthpop, an NYC-based AI-driven platform for care providers and healthcare workflows, closed $5.6M in Seed funding, led by Peterson Ventures alongside defy.vc, Zelda Ventures, Think+ Ventures, and OVO Fund.

- Marble Health, a New York therapy provider for teens, secured a $5M Seed funding round, backed by Khosla Ventures, Town Hall Ventures, IA Ventures, Daybreak Ventures, and Lorimer Ventures.

- Prescribe FIT, a Columbus, OH-based remote patient monitoring (RPM) technology and lifestyle health coaching solutions provider, closed $4.8M in Series A funding, backed by Jim Grote, Tamarind Hill, Jobs Ohio Growth Capital, Dr. Keith Berend, Dr. David Dickerson, Tom DiMarco, Tom Feeney, Mike Kaufmann, Dr. Adolph Lombardi, Jr., Dr. Mark Malinowski, and Matt Scantland.

- Invi MindHealth, a Denver, CO-based mental health technology company, secured $1.5M in Seed funding from undisclosed investors.

- Function, an Austin TX-based provider of a platform that manages lifelong health, raised an undisclosed amount in Series A funding, bringing the total amount raised to $53M, led by Andreessen Horowitz (a16z) Bio + Health and joined by a16z Cultural Leadership Fund, Wisdom.vc, Draft Ventures, K5, G9 Ventures, 53 Stations, Matt Damon, Ari Emanuel, among other angel investors.

Enterprise/Consumer:

- Creatio, a Boston, MA-based no-code CRM and workflow automation platform, secured $200M in funding, led by Sapphire Ventures, with participation from StepStone Group, Volition Capital, and Horizon Capital.

- Hebbia, a New York-based document search AI startup, secured approximately $100M in

Series B funding led by a16z.

- Fetcherr, a Tel Aviv, Israel-based generative AI pricing, inventory, and publishing engine, secured a $90M Series B funding round, led by Battery Ventures and joined by other existing investors.

- Klarity, an SF document review startup, closed $70M in Series B funding, co-led by Nat Friedman and Daniel Gross, with participation from Scale Venture Partners, Tola Capital, Picus Capital, Invus Capital, and YC.

- Prewave, a Vienna, Austria-based AI-enabled sustainability, risk, and compliance platform for supply chains, completed a $67M Series B funding round, led by Hedosophia and joined by Creandum, Ventech, Kompas, Speedinvest, and Working Capital Fund.

- Odaseva, a San Francisco, CA-based enterprise data security platform for Salesforce, closed a $54M Series C funding round, led by Silver Lake Waterman, and joined by F-Prime, Eight Roads, Serena Capital, Eurazeo, and Crescent Cove.

- Clay, an NYC-based AI-powered sales and marketing automation solution provider, raised $46M in Series B funding, led by Meritech Capital with participation from First Round and Sequoia.

- KarmaCheck, a San Francisco, CA-based technology-based solution for background checks, credentialing, and compliance, secured $45M in Series B funding, led by Parameter Ventures and joined by PruVen Capital, Velvet Sea Ventures, GC1 Ventures, and NextView Ventures.

- K-ID, a kids' safety and compliance technology platform for games, closed $45M in

Series A funding, co-led by a16z and Lightspeed.

- Route, a Lehi, UT-based post-purchase package tracking and protection solution provider, secured a $40M Series C funding round, led by Hanaco VC and joined by JAWS Ventures, Madrona Ventures, and Granger.

- OneHouse, a Sunnyvale, CA-based universal data lakehouse company, completed a $35M Series B funding round, led by Craft Ventures and joined by Addition and Greylock Partners.

- Coder, an Austin, TX-based self-hosted cloud development platform, raised $35M in Series B2 funding, led by Georgian, with support from Uncork Capital, Notable Capital, and Redpoint Ventures. 

- Orby AI, a Mountain View, CA-based enterprise generative AI solutions company, raised $30M in funding, led by New Enterprise Associates (NEA), Wing VC, and WndrCo, including support from Pear VC.

- Norm Ai, an NYC-based AI-powered regulatory compliance platform, received $27M in Series A funding, led by Coatue and joined by Bain Capital Ventures, Blackstone, New York Life Ventures, Citi Ventures, TIAA Ventures, and the former President of Blackstone, Tony James.

- Deskpro, an Austin, TX-based flexible help desk software startup, secured $25M in Series A funding, led by Elsewhere Partners.

- Rocketlane, a San Mateo, CA-based PSA and client onboarding platform, completed a $24M Series B funding round, co-led by 8VC, Matrix Partners India, and Nexus Venture Partners.

- Cloudian, a San Mateo, CA-based secure S3-compatible AI data lake platform provider, closed $23M in Growth funding, led by Morgan Stanley Expansion Capital.

- Sift, an El Segundo, CA-based unified observability platform for modern hardware, raised $17.5M in Series A funding, led by GV (Google Ventures).

- Clearstory, a Walnut Creek, CA-based construction change order communication platform, secured a $16M Series B funding round, led by Prudence, and joined by Industry Ventures, Jackson Square Ventures, Building Ventures, GS Futures, and Cloud Apps Capital Partners.

- Ario, a Palo Alto, CA-based AI-powered assistant for parents, completed a $16M Seed funding round, backed by Wing Venture Capital, Floodgate, Bain Capital Ventures, Moxxie, and other angel investors.

- MagicSchool AI, a Denver, CO-based technology platform for K-12 educators and students, closed $15M in Series A funding, led by Bain Capital Ventures, with support from Adobe Ventures, Common Sense Media, Replit founder Amjad Masad, Clever co-founders Tyler Bosmeny and Rafael Garcia, and OutSchool co-founder Amir Nathoo.

- illumex, an NYC-based generative semantic fabric platform for structured enterprise data, received $13M in funding, led by Cardumen Capital, Amdocs Ventures, and Samsung Ventures, with support from ICI Fund, Jibe Ventures, Iron Nation Fund, Ginossar Ventures, ICON Fund, Today Ventures, and other angel investors.

- iVerify, an NYC-based advanced mobile EDR solutions company, closed $12M in Series A funding, led by Shine Capital, and joined by Exponential Founders Capital, Mischief Ventures, Box Group, Parameter Ventures, Talons Ventures, and Trail of Bits.

- AuthZed, an NYC-based startup providing enterprise permission systems for building user experiences, closed $12M in Series A funding, led by General Catalyst, alongside Work-Bench and Amplify Partners.

- Slushy, a Miami, FL-based adult content platform provider, secured $10.2M in Seed funding, backed by Mantis VC, Electric Feel Ventures, Jon Oringer, Sean Rad, Edison Chen, and Brooklyn Johnny.

- Pear Commerce, a Minneapolis, MN-based retail ecommerce enablement platform for omnichannel brands, completed a $10M Series A funding round, led by Stage 2 Capital, Heartland Ventures, Homegrown Ventures, Dundee Venture Capital, M25, and Daren Cotter.

- Inventive, a San Francisco, CA-based startup developing AI for SaaS products, raised $6.5M in Seed funding, led by Wing VC, joined by Tokyo Black and a group of angel investors consisting of founders and former Google and Meta executives.

- Authentica Solutions, a San Antonio, TX-based data integration and intelligence management solutions company for the education sector, secured $6.2M in funding, led by Owl Ventures.

- Daytona, an NYC-based open-source development environment manager, closed $5M in Seed funding, led by Upfront Ventures and joined by 500 EE.

- Hoodie Analytics, a Chicago, IL-based cannabis data and technology company, secured $5M in Series A funding, led by Measure 8 Partners and joined by Entourage Effect Capital, Satori Investors, Greenlight Investors, OlsonUbben, Arcview Ventures Seed Fund, Arcview Collective Fund, Greenlight Investors, and Tech Nexus.

- BlueFlame AI, an NYC and London, UK-based generative AI platform for alternative investment managers, raised $5M in Series A funding backed by BlueFlame’s network of industry leaders and strategic partners, and supported by the management team.

- HydroX AI, a San Jose, CA-based comprehensive large language model (LLM) safety and security startup, completed a $4M Angel funding round, led by Vitalbridge Capital, Atom Capital, and Qi Lu (EVP of Microsoft, former COO of Baidu).

- Wilya, an NYC-based B2B flexible workforce management SaaS company for factory shift schedules, raised $4M in Seed funding, led by Ironspring Ventures, and joined by Schematic Ventures, Plug & Play Ventures, Iron Prairie Ventures, Motivate Ventures, and 25Madison.

- TrackLight, an El Dorado Hills, CA-based AI-assisted fraud detection and prevention platform, secured $3M in Seed funding, led by BarronKent and Growth Factory.

- Upword, a Santa Monica, CA-based AI-powered research assistant provider, raised $3M in Pre-Seed funding, backed by Telefonica (Wayra X), Go Ahead Ventures, and Goodwater Capital.

- BoxedUp, a Seattle-based online commerce platform for equipment rental companies, closed $2.8M in seed funding, led by Lavrock Ventures, with participation from Level Up

Ventures and Slauson & Co.

- LunchTable, a Cincinnati, OH-based brand amplification platform, raised $2.4M in funding, led by JumpStart Ventures, alongside Cintrifuse Capital, Black Tech Nation Ventures, South Loop Ventures, Ohio Gateway Tech Fund, Kobol Fund, and other angel investors. 

- RISR, a Philadelphia, PA-based comprehensive business owner engagement platform provider for financial advisors, closed $1.5M in funding, backed by Kane Brenan, Angelo Grecco, Kevin Lucey, Scott Hildenbrand, Frank Coates, and David Henkin.

- Quickcode.ai, a McLean, VA-based AI software provider for the trade compliance industry, closed $1.1M in Seed funding, led by PS27 Ventures and DataTribe.

- JohnWallStreet, an NYC-based newsletter service provider focused on sports business, secured $1M in funding, led by Bolt Ventures, the family office of David Blitzer, Roger Ehrenberg of Eberg Capital, and SportsGrid.

- Ovation, a Salt Lake City, UT-based guest experience platform provider, secured an undisclosed amount in Series A funding, bringing the total raised to $9M, led by TIA Ventures, with support from Summit Capital, Peak Ventures, OneValley, Tenzing Capital, Rocky Woods Investments, Next Chapter Ventures, Jim Mizes, Jason Syversen, Tammy K. Billings, Erle Dardick, Christopher Sebes, AMARC Holdings, and Carin Stutz.

- Allora Labs, an NYC-based startup developing a self-improving decentralized AI network, closed an undisclosed strategic funding round, bringing the total amount raised to $35M, backed by Polychain, Framework Ventures, CoinFund, Blockchain Capital, Archetype, Slow Ventures, Mechanism Capital, Delphi Digital, among others.

HardTech:

- Sila, an Alameda, CA-based battery materials company, closed $375M in Series G funding, led by Sutter Hill Ventures and T. Rowe Price Associates, Inc., with support from Bessemer Venture Partners, Coatue, Perry Creek Capital, and others.

- Bright Machines, a San Francisco, CA-based intelligent, software-defined manufacturing company, raised $126M in Series C funding, led by BlackRock and joined by NVIDIA, Microsoft, Eclipse, Jabil, and Shinhan Securities.

- Etched, the Cupertino, CA-based creator of Sohu, a transformer-specialized AI chip, completed a $120M funding round, led by Primary Venture Partners and Positive Sum Ventures, with support from Hummingbird, Fundomo, Fontinalis, Lightscape, Earthshot, Two Sigma, Oceans Venture, Skybox Data Centers, Peter Thiel, and Amjad Masad.

- Axelera AI, an Eindhoven, Netherlands-based AI hardware acceleration technology provider for generative AI and computer vision inference, secured $68M in Series B funding from Invest-NL Deep Tech Fund, the European Innovation Council Fund, Innovation Industries Strategic Partners Fund, Samsung Catalyst Fund, Verve Ventures, Innovation Industries, Fractionelera and CDP Venture Capital SGR.

- Formic, a Chicago, IL-based robots-as-a-service (RaaS) automation provider to manufacturers, closed a $27.4M Series A funding round, led by Blackhorn Ventures and joined by Mitsubishi HC Capital America, NEC, Translink Capital, Alumni Ventures, FJ Labs, Lux Capital, Initialized Capital, and Lorimer Ventures.

- Feon Energy, a Woburn, MA-based startup spun from Stanford University pioneering new-molecule-based electrolytes for advanced batteries, raised $6.1M in Seed funding, led by Fine Structure Ventures, with Eight Roads, Foothill Ventures, MassVentures, EPS Ventures, and Valkyrie Fund participating.

- Metroblocks, a Los Angeles, CA-based data center infrastructure development startup, secured $5.2M in Seed funding, led by Current Equity Partners and joined by Serena Capital.

- ExLabs, a Long Beach, CA-based space exploration company, closed a $1.9M Tactical Funding Increase from undisclosed investors.

Sustainability:

- Neustark, a Berne, Switzerland-based carbon removal provider, secured $69M in funding, led by Decarbonization Partners and joined by Blume Equity, Holcim, Siemens Financial Services, Verve Ventures, and ACE Ventures.

- Samsara Eco, an Australian manufacturer of fossil-free polymer resins, closed A$100M ($66.86M) in funding, co-led by Temasek and Main Sequence, with support from DCVC, Hitachi Venture, Lululemon, Titanium Ventures, and Wollemi Capital.

- Li Industries, a Pineville, NC-based direct lithium-ion batteries recycling technologies company, raised $42M in Series B funding, led by General Motors (GM) Ventures, DNX Ventures, and Tech Energy Ventures.

- Travertine, a Boulder, CO-based sustainable carbon capture and mineralization technology company, raised $8.5M in funding, led by Holcim MAQER Ventures, alongside the Grantham Foundation for the Protection of the Environment, Clean Energy Ventures, and Bidra Innovation Ventures.

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Acquisitions & PE:

- OpenAI acquired Multi (fka Remotion), an SF video collaboration platform, for an undisclosed amount.

- Nubank (NYSE: NU) acquired Hyperplane, an SF-based developer of customer behavior models for banks, for an undisclosed amount.

- Chime, a fintech company, acquired Salt Labs, an enterprise loyalty payments company for hourly workers, for an undisclosed amount.

- Fractal, a San Francisco, CA-based AI and advanced analytics solutions provider, announced the merger of Eugenie.ai, an AI company focused on climate change and industrial sustainability. The details of the merger were not disclosed.

- Wisk Aero, a Mountain View, CA-based advanced air mobility (AAM) company, acquired Verocel, a software verification and validation (V&V) company, for an undisclosed amount.

- Arcadia, a Boston-based healthcare data platform, backed by Peloton Equity and Vista Credit Partners, acquired Carejourney, an Arlington, VA-based healthcare cost and quality analytics platform, for an undisclosed amount.

- Nokia (NYSE: NOK) is set to acquire Infinera (Nasdaq: INFN), a San Jose, CA-based optical telecom equipment maker, for $2.3B in cash and stock.

- Quantum Capital Group is set to acquire Caerus Oil & Gas, a Denver-based oil and natural gas company from Oaktree Capital Management, Anschutz Investment, and Old Ironsides for $1.8B.

- Model N, a San Mateo, CA-based revenue optimization and compliance platform for life sciences and tech companies, was taken private by Vista Equity Partners for about $1.25B.

- CData Software, a Chapel Hill, NC-based data connectivity solutions company, secured about $350M in Growth funding, led by Warburg Pincus, with support from Accel.

- Foodsmart, a San Franciso, CA-based telenutrition and food benefits management platform company, secured a $200M investment from The Rise Fund.

- ShakeStir LLC (Cocktail Courier), a Chicago, IL-based manufacturer and provider of cocktail kits, acquired Thirstie, Inc., an NYC-based branded e-commerce solution technology company for liquor brands, for an undisclosed amount.

- Resource Innovations, a San Francisco, CA-based tech-enabled services company focused on energy efficiency and sustainability, acquired Cadeo, a Portland, OR-based clean energy consulting firm, for an undisclosed amount.

- opus1.io, a Palo Alto, CA-based end-to-end practice management platform for lesson and class-based performing arts businesses, secured an undisclosed investment amount from Five Elms Capital.

- GrowthCurve, an NYC-based data-driven private equity firm building businesses, acquired Duetto, a San Francisco, CA-based revenue management software provider for the hospitality industry, for an undisclosed amount.

- JFrog (NASDAQ: FROG) agreed to acquire Qwak AI, an NYC-based building and AI workflow management platform, for an undisclosed amount.

IPO:

- WEBTOON Entertainment, a Los Angeles, CA-based online cartoon platform, raised $315M in an offering of 15 million shares priced at $21 on the Nasdaq.

- LandBridge, a Delaware Basin-focused oil property acquirer formed by Five Point Energy, raised $247M in its IPO priced at $17 (below the $19-$22 range), on the New York Stock Exchange.

- Graf Global, formed by serial SPACster James Graf (NKGen Biotech, Velodyne Lidar), raised $200M in its IPO.

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Fund Announcements:

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- Kleiner Perkins raised its twenty first venture fund, KP21, an $825M fund to back early stage companies, and a third select fund, KP Select III, a $1.2 billion fund to back high inflection investments. Their focus areas include enterprise software, consumer, healthcare, fintech, and hardtech startups. Announcement here.

- Redpoint Ventures, a Menlo Park, CA-based venture capital firm focused on seed investments and early and growth-stage companies, raised $740M for its fifth growth equity fund.

- The General Partnership, a San Francisco-based venture capital firm, closed its second fund focused on “sweat equity” investments at $300M.

- Elsewhere Partners, an Austin, TX-based tech-focused private equity firm, closed Fund III at $258M.

- Blackhorn Ventures, a Denver, CO-based VC firm raised $150M for its third fund focused on early-stage digital infrastructure and energy startups.

- Ironspring Ventures, an Austin, TX-based venture capital firm, secured its second fund focused on the manufacturing, construction, and other industrial sectors, with a total commitment of $100M.

- Rackhouse Ventures, an SF-based early-stage VC firm led by Kevin Novak (ex-Uber) raised $45M for its second fund, led by Kevin Novak.

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Final Numbers

Data: Factset; Chart: CNBC

• The chart shows that Delta and United Airlines have maintained higher stock prices compared to Southwest and American Airlines from June 2019 to June 2024. Delta and United Airlines have experienced significant volatility but generally remained above Southwest and American. [CNBC]

  • As of June 24, 2024, Delta's stock was at $49.38 and United's at $48.18, outperforming Southwest at $28.36 and American at $11.20. [CNBC]

Data: National Association of Realtors; Chart: CNBC

• The US housing market will likely remain stagnant for years unless a recession occurs, with high mortgage rates and the "lock-in effect" keeping sales low and prices stable. [CNBC]

  • Existing home sales have fallen from a seasonally adjusted annual rate of 6.6 million in early 2021 to 4.11 million in May. [CNBC]

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New Research

Research: Using AI at Work Makes Us Lonelier and Less Healthy

• A study reveals that while AI enhances productivity and efficiency, it negatively impacts employees by increasing feelings of loneliness, alcohol consumption, and insomnia. This suggests that as AI integration in workplaces grows, the future of work in organizations may address the psychological and social effects on their workforce to maintain overall employee well-being and productivity. [Havard Business Review]

• Therefore, the future of work may require balancing technological advancements with human-centric support systems. [Havard Business Review]

Associations between epigenetic aging and diabetes mellitus in a Swedish longitudinal study

• A study using data from the Swedish Adoption/Twin Study of Aging found that type 2 diabetes is linked to accelerated biological aging through epigenetic biomarkers. Higher levels of biomarkers like DunedinPACE and DNAm PAI-1 were observed in individuals with diabetes around ages 60-70 and near diabetes onset. [Springer]

• While no significant associations were found between these biomarkers and diabetes risk, the study suggests the potential for developing diabetes-specific epigenetic biomarkers to predict the disease, which could impact aging and longevity research. [Springer]