Startups Weekly: No Sign of Pause in June

Startups Weekly recaps an active week in the startup world, featuring IPOs, innovative acquisitions, and significant funding rounds. Noteworthy highlights include Neobank Chime’s IPO, controversy around Nucleus Genomics, and funding for various startups like Glean, Multiverse Computing, and Coco Robotics. The U.S. Navy is also open for collaboration with startups, signaling growing interest in partnerships.

Welcome back to Startups Weekly – your go-to digest for the latest buzz in the startup world. It’s hard to believe, but there’s no slow-down in startup news this June, even with WWDC happening. Companies seem eager to showcase their latest deals, some even going public. Talk about excitement!

Now, onto the week’s major highlights. This week reminded us once again that the path for startups is rarely straightforward, yet, that next big billion-dollar idea could just be a click away. Take Neobank Chime, for example; it went public in one of the year’s most eagerly awaited IPOs. Ironically, back in 2016, the company nearly faced extinction—what a turnaround!

Meanwhile, Nucleus Genomics, a genetics testing startup, stirred controversy with its new product, Nucleus Embryo, which allows future parents to choose or discard embryos based on ethically questionable criteria. That definitely raised a few eyebrows in the community.

In a different light, Automattic, the parent company of WordPress.com, has acquired Clay, a startup focused on relationship management with over $9 million in venture capital already under its belt. This is notable, especially since TechCrunch has been following Automattic for two whole decades. Can you believe that?

Brad Menezes, the CEO of Superblocks, shared a useful nugget of wisdom with aspiring founders: He suggests they examine the system prompts from the existing AI unicorns for inspiration. Sounds simple, but could be quite impactful.

Let’s dive into the week’s most significant VC and funding highlights. This time around, deals were backed by oversubscribed rounds and bold decisions. Spanish startup Multiverse Computing made a remarkable splash with a hefty Series B round of €189 million (around $215 million), aiming to shrink large language models (LLMs) and reduce AI operating costs.

On the upside, Glean, an enterprise AI player, scored a $150 million Series F led by Wellington Management, valuing the company at about $7.2 billion, up from $4.6 billion last September. Impressive growth!

Fervo Energy secured a whopping $206 million in a mix of debt and equity to advance a new geothermal power plant in Utah. And fortunate news for Proxima Fusion, too, who raised €130 million (roughly $148 million) in their Series A, led by top venture firms.

Coco Robotics, a startup that focuses on delivery bots and is receiving support from Sam Altman, has raised $80 million since 2021. They even partnered with OpenAI earlier this year! Hotel management platform Canary wrapped up an $80 million Series D led by Brighton Park Capital. Additionally, Tebi, the latest fintech venture by former Adyen CTO Arnout Schuijff, pulled in a €30 million fund from Alphabet’s CapitalG for its interesting service aimed at hospitality businesses.

British AI legal tech startup Definely also made headlines, securing a $30 million Series B to streamline how lawyers manage contract reviews. Further, Landbase, an AI sales startup, closed a $30 million Series A. Co-founded by Jewel Burks Solomon, formerly of Google for Startups, Collab Capital closed a solid $75 million Fund II focusing on seed and Series A investments in various sectors.

Finally, the U.S. Navy is eager to engage with startups! On StrictlyVC Download, acting CTO Justin Fanelli provided key insights on the Navy’s innovation adoption kit. He also offered advice to startups eyeing a partnership, which could be a golden opportunity for many.

In summary, this week’s highlights illustrate an energized startup environment, bustling with IPOs and fresh funding across various sectors. From controversy surrounding genetic testing to notable acquisitions and a strong push from the U.S. Navy seeking partnerships, it’s clear that innovation continues to thrive. Founders are searching for their big break, while investors are eager to support promising ventures. Keep an eye out—there’s certainly more excitement ahead!

Original Source: techcrunch.com