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As we gear up for the Fourth of July holiday next week, let’s take a look back at the top startup stories and funding rounds that have been making waves in the past few days.
Most interesting startup stories from the week
The startup scene has been buzzing with lawsuit updates, mergers and acquisitions, and a mix of both.
AI agents: Rubrik, a data cybersecurity company, made waves by acquiring Predibase to enhance the adoption of AI agents among its users. Predibase, a startup specializing in fine-tuning AI models, had previously secured $28 million in venture capital funding. While the exact deal amount remains undisclosed, reports suggest it was substantial.
Sailing: German startup Kadmos, known for its salary payment platform for seafaring workers, recently found itself being acquired by NYK Line, a Japanese shipping firm looking to expand its fintech services. Kadmos had previously raised $38 million in external capital.
Red herring? Embattled AI music startup Suno made headlines with its acquisition of WavTool, a browser-based AI digital audio workstation. Despite the deal happening a few months ago, Suno chose to reveal it following another copyright lawsuit, adding to the controversy surrounding the company.
Unstable ground: Getty Images made a significant move by dropping its primary lawsuit against Stability AI, the startup behind the AI image generator Stable Diffusion. However, legal battles persist in both the U.S. and the U.K., showcasing the complexities of the tech industry.
Weathering the storm: Despite facing challenges, Airloom Energy, a startup backed by Bill Gates, remains resilient as it forges ahead with the construction of its first wind power plant in Wyoming, demonstrating its commitment to sustainable energy solutions.
Most interesting VC and funding news this week
This week saw a flurry of funding activities, with some companies raising substantial amounts while others made significant strides with smaller investments.
Same amount, new valuation: Harvey AI secured a $300 million Series E round co-led by Kleiner Perkins and Coatue, just four months after a $300 million Series D led by Sequoia. This latest funding round values the AI-enabled legal tech startup at $5 billion.
AI scribe: Abridge, an AI startup revolutionizing medical notes automation, closed a $300 million Series E led by a16z, propelling its valuation to $5.3 billion.
Crypto predictions: Kalshi, a blockchain-based prediction market platform, raised $185 million at a post-money valuation of $2 billion, while Polymarket is reportedly finalizing a $200 million round with a pre-money valuation around $1 billion.
Money in the bank: Finom, a challenger bank catering to SMBs across Europe, secured $133 million in a Series C round, adding to the $105 million growth funding it recently received from General Catalyst’s Customer Value Fund.
Flying high: Indian drone startup Raphe mPhibr raised $100 million in an all-equity Series B round led by General Catalyst, showcasing its strong partnerships with defense and security forces.
Easy dictation: Wispr Flow, an AI-powered dictation app, closed a $30 million Series A round, bringing its total funding to $56 million. The company also launched an iOS app earlier this month, enhancing its reach and usability.
Upcycled: Novoloop, a startup specializing in upcycling waste plastic, secured a $21 million Series B to advance its commercial-scale plant construction and sustainability efforts.
Data processing for AI: Eventual, inspired by a data-processing challenge at Lyft, raised $27.5 million across two funding rounds within eight months, highlighting its innovative approach to AI technologies.
AI voices: Synthflow AI, a Berlin-based no-code platform enabling enterprises to create customized white-label voice AI customer service agents, closed a $20 million Series A led by Accel, underscoring the demand for AI-driven customer interactions.
As the name suggests: Better Auth, the third Ethiopian startup to graduate from Y Combinator, raised $5 million in seed funding for its open-source authentication framework, simplifying user authentication processes for developers and gaining traction in the tech community.
Eternal light: Lux Aeterna, a space startup emerging from stealth mode, secured $4 million in pre-seed funding with plans to launch a reusable satellite by 2027, signaling its ambitious goals in the aerospace industry.
Last but not least
After a hiatus, seasoned investor and entrepreneur Brad Feld returns with his ninth book, “Give First.” In a recent interview with JS, he delves into the inspiration behind the book and shares insights on his entrepreneurial journey.
