Welcome to Startup Weekly—a weekly recap of everything you can’t miss in the world of startups. Sign up here to get it delivered to your inbox every Friday.
Hello, entrepreneurial junkies! I’ve spent most of this week hanging out in the world of AI startups and tech giants at GTC San Jose, and I have a lot of interesting stories brewing from there, so stay tuned for all of them. In the meantime… let’s take a look at the exciting highlights from TechCrunch’s startup coverage from the past week!
The most interesting startup stories of the week
In a dramatic turn of events, Microsoft effectively absorbed Inflection, a once-promising artificial intelligence startup that raised a staggering $1.3 billion just nine months ago. Through this acquisition, Inflection’s co-founders Mustafa Suleyman and Karén Simonyan and most of their team will transfer to Microsoft to lead the newly established Microsoft AI department. The move puts Inflection, under Reid Hoffman and new CEO Sean White, in a precarious position as it tries to salvage what’s left of its co-founder’s ambitious project. Microsoft’s role in this saga is surprising, as it positions itself as both a savior and an opportunist, taking advantage of the woes of its investments to solidify its dominance in artificial intelligence.
Meanwhile, in biotech, the field’s latest fascination, the microbiome, is being hailed as the frontier of personalized health solutions that promise to solve everything from digestive issues to skin conditions. However, a recent report in Science casts a pall over this nascent industry, suggesting that the operational zeal of many microbiome companies may outweigh scientific rigor. Riding the wave of affordable genome sequencing and venture capital, these startups offer services that analyze the unique microbial communities in our bodies to identify health problems and solutions. However, the report raised concerns about the lack of meaningful regulatory and scientific consensus in this complex area and likened some practices to modern-day snake oil sales pitches. Despite criticism, companies such as Parallel Health, Tiny Health and Daye have defended their methods, emphasizing their commitment to scientific legitimacy.
- Investors are hungry for artificial intelligence: Astera Labs’ IPO surged 72% on its first day, showing high investor demand for artificial intelligence technology.
- Apple adds artificial intelligence to its shopping basket: Apple, the tech giant known for its stylish devices and tight-lipped announcements, has quietly added another jewel to its crown with the acquisition of DarwinAI, a Canadian startup working on vision-based artificial intelligence technology. Make manufacturing smarter.
- To trade: TipTop is expanding its ecosystem. The startup’s new platform offers users cash and trade-in options for new, open-box and refurbished devices, said Bastian Lehmann, founder of Postmates. A seamless experience.
The most interesting fundraisers of the week
Telegram, the messaging app giant with a user base of more than 900 million, has just raised a whopping $330 million in a bond issuance, as its founder and CEO Pavel Durov announced, thus showing off its financial strength. The bond made a killing, attracting more cash than they could afford, and Durov boasted that he was able to secure “global funds of the highest caliber” under the terms, making the deal the sweetest in Telegram’s history. Although Durov was vague about who put the money into the circle, he was clear that these investors were betting heavily on Telegram’s growth trajectory. The company, which aims to become profitable next year, last raised $220 million worth of debt through bonds about a year ago.
- Do you want to be involved in healthcare? : Insurtech has had some false starts, but a new hero has emerged: “embedded insurance.” This genius idea of sneaking insurance into your shopping cart, like an extra pair of socks you didn’t know you needed, has given the industry a much-needed facelift. Not to be outdone, “embedded health” made a grand appearance, led by Shanghai CareVoice, which received US$10 million in Series B financing amid the venture capital shortage in the industry.
- I see a red door and I want to paint it green: In the corporate quest to paint everything green, from logos to carbon footprints, giants have been showing off their net-zero emissions targets like the latest fashion trend. But what about the little ones? Enter Greenlee, the Parisian knight in shining armor armed with carbon accounting software expected to make sense of the carbon mess without the need for legions of analysts.
- The PC is dead—long live the browser: The Browser Company, creator of the Arc browser, is riding the wave of a new $50 million investment led by Pace Capital, valuing the new startup at as much as $550 million. The company has received a total of $128 million in funding and is on a mission to redefine your digital life, starting in the browser.
This week’s trend: The higher you fly, the harder you fall
It’s been a week full of highs and lows. Some startups are dying, others are rising from the ashes, and still others are once again filling the void left by their fallen brothers. It’s all very dramatic.
An example of this drama is between Google and the European Union.The search giant is once again in trouble with France Competition Authority, the company fined the tech giant 250 million euros (about $270 million) for misusing content from news publishers to train its artificial intelligence model Bard/Gemini without proper notification. The latest fine is part of a long-running dispute over copyright protection, with Google previously trying to circumvent EU digital rights reforms by restricting access to French news services.this authorityThe investigation revealed that Google not only failed to inform publishers that their content was used for artificial intelligence training, but also lacked a way for publishers to opt out without affecting their visibility on other Google services until late September 2023. Mechanisms. Midjourney, meanwhile, believes it has defeated the copyright police’s plans.
- They rise from the ashes: As Mint bids farewell to the world of budgeting apps, Copilot is celebrating, declaring the end of Mint a victory for its own financial app. With over 100,000 subscribers, Copilot’s mission is to prove that personal financial management can be less about annoying notifications about “big purchases” (looking at you, Mint) and more about actually knowing where your money is going.
: Fisker, which burst onto the scene with its electric Ocean SUV, has screeched to a halt, announcing a six-week pause in production while it desperately searches for couch cushions for a cash infusion. As time passed and cash was burned, Fisker’s story began to read more like a cautionary tale than a success story.- Maybe if we change our names, they won’t remember what we do: Lordstown Motors, now known as Nu Ride, emerged from the ashes of bankruptcy amid a feud with tech giant Foxconn, which it accused of playing a role in the collapse of the American dream.
Other TechCrunch stories you can’t miss…
Every week, I always want to share a few stories with you that don’t fall into the above categories. It would be a shame if you missed it, so here are some random goodies for you:
- I will buy your stock for $0: SpaceX hatched a cunning plan to get employees to comply with some surprising stock award conditions. Imagine leaving the company only to find out that SpaceX can buy back your hard-earned shares on the cheap, or worse, bar you from cashing out entirely if they think you’re naughty.
- Pull up your pants: Gumroad, once an e-commerce haven for creators of all types, has decided to tighten restrictions on NSFW content, leaving creators with more obscene content scrambling for their digital lives. What’s the culprit behind this sudden reserve? Payment processors like Stripe and PayPal are always on their toes.
- About general artificial intelligence: When the sensational media press for a timeline, they often tempt AI professionals to come up with a timeline for the end of humanity—or at least the current status quo. Needless to say, AI CEOs aren’t always keen on tackling the subject, but Nvidia CEO Jensen Huang shared some thoughts this week.
- Bot spam takes on new dimensions: OpenAI’s GPT store, a marketplace filled with custom chatbots designed to solve countless tasks, appears to have turned into the Wild West of artificial intelligence, where moderation takes a backseat and copyright lines blur.
- Go this way, say this: Pilot season in the world of humanoid robots has officially begun. Last year, Amazon began testing Agility’s Digit robots in selected distribution centers, and in January this year, Figure announced a deal with BMW. Now, thanks to a partnership with Mercedes-Benz, Apptronik is getting in on the action.
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