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Los Angeles-based Coco Robotics, a startup building last-mile delivery robots, announced it raised $80 million on Wednesday. The funding round included angel investors Sam Altman and Max Altman, both returning investors, in addition to VC firms like Pelion Venture Partners and Offline Ventures, among others. This brings the company’s total funding to more than $120…
Vijay Pande, a general partner at Andreessen Horowitz who founded the firm’s a16z Bio + Health strategy, announced that he is stepping down from his role. Since its founding in 2014, a16z Bio + Health has raised four funds of nearly $3 billion each, including a $1.5 billion fund that closed in 2022. However, it’s…
OpenAI says it recently hit $10 billion in annual recurring revenue, up from around $5.5 billion last year. That figure includes revenue from the company’s consumer products, ChatGPT business products, and its API, an OpenAI spokesperson told CNBC. Currently, OpenAI is serving more than 500 million weekly active users and 3 million paying business customers….
Billionaire Elon Musk’s AI startup, xAI, is reportedly launching a $300 million share sale that values the company at $113 billion. According to The Financial Times, the secondary stock offering, which comes after xAI acquired Musk’s social media platform, X, for $33 billion, will allow staff to sell shares to new investors. The tender offer…
Elon Musk may have stepped away from his duties as the lead of the Department of Government Efficiency and adviser to President Trump, but he’s still active in D.C. circles. This time, he’s on the other side, lobbying lawmakers on legislation related to autonomous vehicles, according to a report by Bloomberg that cited unnamed sources….
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…