startups

Khosla Ventures Backs AI Startup DevRev at $1.15 Billion Valuation
09 Aug

Khosla Ventures Backs AI Startup DevRev at $1.15 Billion Valuation

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DevRev Inc., a startup using artificial intelligence for customer support and other tasks, raised $100 million from Khosla Ventures and other investors in round that valued the company at $1.15 billion.Co-founded in 2020 by Chief Executive Officer Dheeraj Pandey, who also helped start Nutanix Inc., DevRev says its offerings use AI to improve the efficiency of employees on support, product and engineering teams. Source link lol
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Startup CEO Says VC Firm Punished Her for Reporting Sex Assault
08 Aug

Startup CEO Says VC Firm Punished Her for Reporting Sex Assault

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Everyone involved agrees on the basic facts about March 8, 2022 — a venture capitalist and a startup co-founder spent a big night on the sidelines of a Miami conference. There, agreement ends. Cailin Hardell says the middle-aged VC investor and another CEO backed by his firm got her drunk and sexually assaulted her. They maintain the encounter was consensual. After Hardell reported the incident to the head of Blumberg Capital LLC, she claims in a lawsuit, the firm refused to provide more funding for her company, Segmed, unless she agreed to keep quiet about her complaint, and when she…
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Oracle, Google Veterans Join Nvidia-Backed CoreWeave to Lead AI
08 Aug

Oracle, Google Veterans Join Nvidia-Backed CoreWeave to Lead AI

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CoreWeave Inc. hired two senior executives from Google and Oracle Corp. to build out its artificial intelligence infrastructure after the Nvidia Corp.-backed cloud computing company raised billions of dollars from investors.Chen Goldberg, who most recently served as general manager and vice president of engineering at Alphabet Inc.’s Google unit, will be the senior vice president of engineering, according to Brannin McBee, co-founder and chief development officer at CoreWeave. Sachin Jain, who was Oracle’s senior vice president of AI infrastructure and product management, will serve as chief operator officer, McBee said. They start next week. Source link lol
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Travel Startup Flyr Raises $295 Million in Equity and Debt
08 Aug

Travel Startup Flyr Raises $295 Million in Equity and Debt

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Flyr, a travel startup that provides software to companies including JetBlue Airways Corp., has raised $295 million in equity and debt in a new funding round. The deal, led by WestCap, values the startup at $900 million, according to a person familiar with the matter who asked not to be identified discussing private information. Other investors included BlackRock funds, Streamlined Ventures and a subsidiary of the Abu Dhabi Investment Authority. The financing represents $225 in equity and $70 million in debt, and brings the startup’s total investment haul to $500 million. Source link lol
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Move Over, LLMs. Small AI Models Are the Next Big Thing
08 Aug

Move Over, LLMs. Small AI Models Are the Next Big Thing

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For years, tech giants like Google and startups such as OpenAI have been racing to build ever bigger and costlier artificial intelligence models using a tremendous amount of online data. Deployed in chatbots like ChatGPT, this technology can handle a wide range of complex queries, from writing code and planning trips to drafting Shakespearean sonnets about ice cream.Mark McQuade is betting on a different strategy. Arcee.AI, the startup he co-founded last year, helps companies train and roll out an increasingly popular — and much tinier — approach to AI: small language models. Rather than try to do everything ChatGPT can,…
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Weapons Startup Anduril Hits $14 Billion Valuation in New Funding Round
08 Aug

Weapons Startup Anduril Hits $14 Billion Valuation in New Funding Round

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Defense technology startup Anduril Industries Inc. has raised $1.5 billion in a new funding round and plans to spend hundreds of millions on a new facility to manufacture its rockets, underwater vehicles and other autonomous weapons systems at greater scale and speed.The deal, which values Anduril at $14 billion, is one of the largest venture capital financings of the year so far, and reflects the company’s success getting government contracts, as well as rising investor enthusiasm for defense technology companies. Source link lol
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Byju’s US Judge Rejects Effort to Stop Payment to India Cricket
07 Aug

Byju’s US Judge Rejects Effort to Stop Payment to India Cricket

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A US judge refused to block a debt payment designed to free Byju’s from an insolvency case in India, telling American lenders to take their complaints about the transaction to a court in the home country of the educational tech firm.US Bankruptcy Judge Brendan Shannon rejected a lender request to block Riju Ravindran, brother of Byju’s founder, from paying more than $19 million to India’s governing board for cricket. A deal to clear the debt enabled Byju’s to win dismissal of an insolvency case in front of a judicial tribunal in India. Source link lol
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