🗞️ $1.5B raised at $14B by defense startup

August 08, 2024   |   Read Online Brought to you by: Top stories today: Ripple ordered $125M penalty over XRP sales Anduril raises $1.5B at $14B to become U.S. next big defense contractor Global VC funding +23% YoY to $23.5B OpenAI to back Opal in $60M funding for GPT-powered devices ChatGPT mobile app sees record $28M net revenue in July Follow us on X | Instagram | Advertise 0. Data and calendar All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT). All times are ET. 1. Ripple ordered $125M penalty over XRP sales, well below $2B SEC asked X: Brad Garlinghouse. Federal judge penalized Ripple Labs for selling XRP to institutional investors. 2020: when the SEC sued the crypto company. XRP +19% to $0.62 after the ruling. $1.3B+: Allegedly raised through unregistered securities sales of XRP. 2. Anduril raises $1.5B at $14B to become U.S. next great defense contractor Scaling manufacturing software Arsenal in plans. ~$500M revenue reported last year. Founders Fund and Sands Capital co-led the new round. 3. Pipedrive AI: The AI CRM for smarter, faster sales* Pipedrive. Pipedrive AI helps 100k+ sales teams save time and boost win-rates phasing out manual processes, and identifying patterns and recommending high-potential deals and priority actions. Draft quick, compelling, and personalized emails from simple prompts in just a click. Summarize threads with Al to save valuable time. Get a 14-day free trial (no credit card required) + take 20% off your first year *Sponsored. 4. Global VC funding +23% YoY to $23.5B Crunchbase. Still much below pre-2022 levels. $6B raised by healthcare, biotech startups; $5.8B by AI ones. 5. OpenAI to back Opal in $60M funding for GPT-powered devices Opal's 2 current webcams. OpenAI's startup fund is said to lead the Series B round. Founders Fund and Kindred Ventures are also likely to participate. OpenAI is also an investor in AI hardware startups Figure and 1X Technologies. Opal is known for its professional-grade webcams. 6. ChatGPT mobile app sees record $28M net revenue in July Techcrunch, Appfigures. Largest month in net revenue. Apple's App Store: 83% of revenue. +40% MoM in May, after the release of GPT-4o. 7. Interesting videos, posts, and memes Liquidity Summit Talks: Antonio Gracias and Gavin Baker | E1990 7 Pieces of Advice Entrepreneurs Never Hear. That They Need to Hear. 8. Other headlines AI Humane's AI Pin garnered $9M+ in sales, while returns accounted for $1M+. Intel discussed investment with OpenAI execs in 2017–18. CA's SB 1047 AI bill faces opposition by tech industry. Amazon's Audible testing AI-powered audiobook search feature. Black Sesame, Xiaomi-backed AI chip maker, -35% in HK listing. Athyna: hire incredible global talent with up to 80% savings vs. U.S. hires.* Open Source CEO: learn how to be a leader and outperform the competition, with this free newsletter.* *Sponsored. Tech NASA weighs returning Boeing astronauts with SpaceX in 2025. Disney's password sharing crackdown to start in Sep. Ex-Clubhouse employees launch new social app. Facebook creators violating standards get training option for first offense. Instagram making views the primary metric across all formats. Rippling: maximize HR impact and hire global teams in one unified system.* Sidebar is a personal board of advisors for the next generation of leaders.* Pipedrive helps you drive more deals from day one.* Mercury solves the puzzle of startup finances.* *Sponsored. Clicking on ad links may share your email with Mercury for remarketing purposes. Tech earnings Disney's revenue +4% to $23.2B, theme parks profits -6%. Shopify's revenue +21% to $2.05B, GMV +22% to $67.2B, stock +22%. Lyft's revenue +41% to $1.44B, gross bookings +17% to $4.02B. Robinhood's revenue +40% to $682M, crypto tx. revenue +161% to $81M. Tech & law Intel shareholders sue over concealed problems leading to weak results. Ireland launches proceedings against X over data used for AI training. UK's regulator warns social media platforms over violent content risks. Roblox banned in Turkey, after Instagram, over sexual content. Biotech Semaglutide: only 9% of seniors take it, vs. 19% for those 50-64. Abbott, Medtronic connecting CGM sensors with insulin delivery systems. NeuroTherapia raises $12M for inflammation-targeting Alzheimer's drug. Alzheimer's: why did we evolve to suffer excess amyloid-B deposition? Business Warner Bros. posts -$10B net result after $9.1B noncash impairment. Zillow replaces CEO Barton with COO Wacksman after Q2 earnings beat. India's Reliance cuts over 42,000 jobs last financial year. Crypto FTX, Alameda ordered to pay $12.7B to creditors by non-bankruptcy judge. Hong Kong digital bank adds crypto ETFs, plans direct crypto investing. UK regulator issues over 1K warnings to crypto firms since October. tea Protocol: click to subscribe to tea's newsletter and learn more about how to get rewards for your open-source contributions.* *Sponsored. U.S. politics Trump will debate Harris "in the pretty near future." Vance's $4M+ portfolio has startups, stocks; Walz's ~$0.1M+ mostly cash. Harris, Trump tied on Polymarket's betting markets. VC group raises $150K for Harris over Zoom call. World Ukraine launches rare cross-border attack into Russia. London on high alert over riots. Taylor Swift concerts in Austria canceled over terror arrests. Was this newsletter forwarded to you? Sign up here. Liked it? Forward it to friends and get rewards (see below). Share Bay Area Times Share our newsletter with your friends and get free Bay Area Times rewards! You currently have 0 referrals, only 1 away from receiving our Generative AI Unicorns Database. 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