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This week we are discussing Wiz’s strategic decision, a public feud among VCs, legal tech’s funding, and a close call for a16z. Let’s dive in!
Most interesting startup stories from the week
Wiz rejects Google’s offer: Despite a lucrative $23 billion takeover bid from Google, Wiz, a cybersecurity startup valued at $12 billion, decided to decline the offer. With confidence in their team, CEO Assaf Rappaport aims for $1 billion in ARR by 2025 and potentially an IPO in the future. Read more
Cohere leads in generative AI: Cohere secured $500 million at a $5.5 billion valuation, focusing on tailor-made language models for businesses. The company’s revenue has seen significant growth, attracting investors at an impressive valuation. Read more
VCs eye new opportunities after CrowdStrike incident: The recent software glitch affecting CrowdStrike prompted VCs to explore solutions through emerging startups to prevent such catastrophic events. Read more
Drama resurfaces: A public dispute between VC David Sacks and Rippling founder Parker Conrad stirred up controversy, raising concerns within Silicon Valley. The clash highlights potential reputational risks for the industry. Read more
Most interesting fundraises this week
Historically, legal tech struggled to gain traction, but recent developments show promise. Here are the latest legal tech deals:
Clio’s growth surge: Clio, a Canadian software company supporting law practices with cloud-based solutions, raised $900 million in Series F funding at a $3 billion valuation. The company’s revenue doubled, emphasizing the impact of its embedded technology offerings. Read more
Harvey’s rise: Legal AI startup Harvey secured $100 million in Series C funding at a $1.5 billion valuation, buoyed by investor confidence. However, concerns about AI models’ accuracy may hinder widespread adoption. Read more
Security and compliance with Vanta: Vanta, specializing in business security and compliance, raised $150 million in Series C funding, aiming to expand its services to larger enterprises. Read more
Lakera’s protective stance: Switzerland’s Lakera, safeguarding generative AI models from malicious inputs, secured a $20 million Series A round to enhance data security measures. Read more
Most interesting VC and fund news this week
a16z’s security lapse: A security flaw in a16z’s website exposed a potential data breach, highlighting the importance of robust cybersecurity measures. Fortunately, the issue was swiftly resolved, averting a crisis. Read more
Rising AI investments: Crunchbase data reveals a surge in funding for generative AI startups, surpassing previous records. Investors continue to flock to AI-centric ventures, amplifying the sector’s growth potential. Read more
Last but not least
At just 17, Eric Zhu launched Aviato from his high school bathroom, aiming to revolutionize private market data analysis. The startup competes with industry heavyweights like PitchBook and Crunchbase, signaling Zhu’s ambition and entrepreneurial spirit. Read more
