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It's been a busy week in the startup and VC world, with lots of funding news and, of course, the latest edition of YC's Demo Day.
This week's most interesting startup stories
Image credit: OpenAI
Yes, AI, AI, AI. However, it is more eventful than you think.
Retirements: Several key people are leaving OpenAI, including CTO Mira Murati, the company's chief research officer and vice president of research. There's too much context to summarize here, so read on if you're interested.
I've Minded: Former Apple designer Jony Ive has been confirmed to be working on an AI device startup with OpenAI and its CEO Sam Altman. The unknown venture could aim to raise up to $1 billion by the end of the year.
AltGPT: Letta, an AI startup founded by the researchers behind MemGPT and positioning itself as an “open alternative to OpenAI,” has emerged from stealth with much anticipation.
Pipeline: Data startup Airbyte has launched Airbyte 1.0, which focuses on AI use cases. It also made its self-managed enterprise services generally available.
This week's most interesting fundraisers
Image credit: EGYM
COVID-19 nearly wiped out some businesses and boosted others. Both groups of companies are now gaining a foothold, and other trends are also beginning to emerge.
Workout: German connected fitness startup EGYM has closed a $200 million Series G funding round, confirming investor interest in broader trends in preventive healthcare.
Digital transformation: San Jose-based Whatfix, which provides a platform for demonstrating how to use third-party software, has raised $125 million in a Series E round led by Warburg Pincus.
AI Power: Open source developer platform Supabase raises $80 million in Series C round. The company is now positioning itself as Postgres-centric and enjoying AI tailwinds. 10% of active databases on the service power AI use cases.
BEAM: Marvell Fusion has raised €62.8 million in a Series B round to work toward realizing commercial fusion power thanks to lasers.
In the spotlight: British startup Raycast has raised $30 million to bring Mac productivity apps to Windows and iOS, with a focus on “prosumer” users.
This week's most interesting VC and fund news
Image credit: Acurio Ventures
Exit timing: Peak XV Partners, the largest VC fund focused on India and Southeast Asia, has realized about $1.2 billion in exits since its split from Sequoia last year, TechCrunch has learned from sources.
Soaring: European defense tech will attract $1 billion in VC funding this year, according to a new report from Deal Room. This significant increase compared to the previous year is also related to the increased interest in dual-use technologies.
Set sail: Spanish VC firm All Iron Ventures has rebranded to Acurio Ventures and closed its $166 million third fund, which only makes “follow-on” investments.
Last but not least
Image credit: Harry Murphy/Sportsfile for Web Summit / Getty Images
Y Combinator's Summer 2024 Batch Online Demo Day, held on September 25th and 26th, was once again dominated by AI use cases, some of which were particularly exciting. The format itself is changing and there will now be four Demo Days a year, with YC CEO Garry Tan saying the next one on December 4th will include an in-person element. Ta.