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Heron Power, the electrical grid-focused startup founded by former Tesla executive Drew Baglino, announced Thursday it has raised $38 million in a Series A funding round. Heron Power is developing solid-state transformers, which promise to be more compact and responsive than the century-old analog models. Transformers are key parts of the electrical grid, stepping voltage…
Delaware’s attorney general is hiring an investment bank to advise on OpenAI’s for-profit conversion, the Wall Street Journal reported on Wednesday. The independent evaluation could prolong the transition, or gum up OpenAI’s plans even further. OpenAI’s conversion will help it attract new investment and eventually go public, but first, the startup needs to secure approvals…
Fashion retail giant Victoria’s Secret said it is addressing a “security incident,” as its website and online orders face ongoing disruption. Victoria’s Secret posted the brief statement on its website Wednesday. The company’s outages began earlier on Monday, as users have reported not being able to access the Victoria’s Secret website. “We immediately enacted our…
Gov. Abbott of Texas officially signed into law the online child safety bill that will require Apple and Google’s app stores to verify the age of their users and obtain approval from parents before minors download or make in-app purchases. The law will go into effect on January 1. The bill made headlines last week…
Faye Iosotaluno, the CEO of Tinder, will step down from her role in July, according to a post she published on LinkedIn. Iosotaluno served less than a year in the role and spent nearly eight years overall at the company, which is owned by Match Group. In her post, she said she was “especially proud…
LM Arena, a crowdsourced benchmarking project that major AI labs rely on to test and market their AI models, has raised $100 million in a seed funding round that values the organization at $600 million, according to Bloomberg. Andreessen Horowitz (a16z) and UC Investments, which manages an investment portfolio for the University of California, led the…
Coders were hit hardest among Microsoft’s 2,000-person layoff in its home state of Washington, Bloomberg reports. Over 40% of the people laid off were in software engineering, making it by far the largest category, Bloomberg found based on state filings. Relatively few sales or marketing positions were affected, Bloomberg added. To be fair, coders are…
Google is testing a redesign of its Search homepage in which “AI Mode,” the experimental AI-powered search feature the company rolled out earlier in May, replaces its longstanding “I’m Feeling Lucky” button under the Search bar. A company spokesperson confirmed to The Verge, which was the first to report the change, that the feature began…
OpenAI’s ambitious Stargate data center project is facing delays thanks to tariff-related economic uncertainty, reports Bloomberg. Growing market volatility and cheaper AI services have made banks, private equity investors, and asset managers wary of investing in Stargate, an OpenAI-led project that aims to raise up to $500 million for AI infrastructure in the U.S. and…
Manus AI is one of the hottest AI agent startups around, recently raising $75 million at a half-billion-dollar valuation in a round led by Benchmark. But two unnamed sources told Semafor that the investment is now under review by the U.S. Treasury Department over its compliance with 2023 restrictions on investing in Chinese companies. Benchmark’s…