Hello, and welcome back to Equity, the podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.
Welcome to our Wednesday show, in which we talk through the week’s leading startup and venture capital news. Today we have an absolute pile of material, so let’s get to work!
Bret Taylor’s New Startup is Turning Heads
Known for his work at Facebook, Salesforce, and OpenAI, Bret Taylor’s new startup Sierra is building conversational AI agents. It has raised a significant amount of capital to date, which it might need, given that it’s not alone in its niche.
Sierra’s focus on conversational AI is an exciting development, as this technology has the potential to revolutionize the way businesses interact with their customers. With Sierra’s expertise and resources, we can expect to see significant advancements in this area.
According to sources close to the company, Sierra’s team is comprised of experienced professionals from various backgrounds, including AI research, software engineering, and product development. This diverse skill set will undoubtedly enable them to tackle complex challenges and create innovative solutions.
The startup has already secured a substantial amount of funding, which will likely be used to further develop its technology and expand its team. Given the competitive landscape in conversational AI, it’s essential for Sierra to continue investing in research and development to stay ahead of the curve.
FlowFi’s Counter-Cultural Decision
FlowFi is building software to help startups keep their books more intelligently. However, unlike some other financial technology companies, FlowFi isn’t trying to replace human inputs into financial work entirely. Instead, it’s pairing its software with a labor marketplace so that startups can blend human and computer intelligence.
This approach may seem counter-cultural at first glance, but it makes perfect sense when you consider the complexity of financial work. While computers are excellent at processing large amounts of data quickly and accurately, they often struggle to understand the nuances and context of financial decisions.
By combining the strengths of both humans and machines, FlowFi is creating a more comprehensive and accurate approach to financial management. This could be particularly beneficial for startups, which often have limited resources and expertise in finance.
Bold and Antithesis Snag New Capital
Bold has raised $50 million for its Latin American fintech business – good news for the sector and region that once went together like peanut butter and honey. Meanwhile, Antithesis raised $47 million for its software testing service.
The success of these companies is a testament to the growing demand for innovative financial solutions in emerging markets. Bold’s focus on building a robust and user-friendly platform will undoubtedly help it stand out in a crowded field.
Antithesis’ approach to software testing is also an area that holds significant promise, as it can save businesses time and resources by identifying potential issues before they become major problems.
Homebrew Up, Foundry Out
Homebrew is putting together an interesting new $50 million fund, while Foundry has announced that after its current $500 million fund, it’s out of the game.
It’s worth noting that Homebrew’s latest fund will likely have a different investment strategy than its previous ones. The team behind this fund is known for taking a more long-term approach to investing, which could lead to some exciting opportunities for entrepreneurs and investors alike.
On the other hand, Foundry’s decision to close down after its current fund may be due to various factors, including changes in market conditions or shifts in the team’s investment philosophy. Regardless of the reasons behind this move, it’s essential for founders and investors to stay informed about these developments and adapt their strategies accordingly.
We Also Talked…
…mushrooms— it’s PG-13, I promise — and Earlybird Health’s latest fund.
For those interested in sustainable agriculture and food production, the discussion on mushrooms was an interesting one. The technology behind mushroom cultivation has come a long way in recent years, with many companies now exploring its potential for improving crop yields and reducing environmental impact.
Earlybird Health’s new fund is another development worth keeping an eye on. As healthcare continues to evolve and incorporate more advanced technologies, it will be exciting to see how this fund invests in promising startups and contributes to the growth of the sector.
Episode Transcripts and More
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