🕶️ Biden’s AI safety play in jeopardy

Six bullets of updates

1. 🔒 DuckDuckGo is set to boost early-stage investments in privacy startups, fueled by its profitability and over $100M in annual revenue.

2. ☁️ Wiz aims for a $1B ARR in 2025 and plans an IPO after rejecting Google's $23B offer, betting on the cloud security boom.

3. 🚀 Klarna has overtaken Revolut as Europe's top fintech "founder factory" with 62 startups launched by its former employees compared to Revolut's 49.

4. 💰 Silo AI, a Helsinki-based AI startup, was acquired by AMD for $665 million in a cash deal, marking Europe's largest AI exit.

5. 🤖 Anthropic's Claude 3.5 Sonnet AI can now control PC apps, but it only completes 50% of tasks successfully.

6. 🛰️ The U.S. Space Development Agency has enlisted 19 companies to enhance satellite capabilities through upcoming defense demonstration missions.

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OpenAI exodus: Brundage takes his policy smarts to the nonprofit world

Miles Brundage, a longtime policy researcher at OpenAI, has left the company to pursue work in the nonprofit sector, where he believes he can make a greater impact and publish more freely. In his departure announcement on X and in his newsletter, Brundage acknowledged the difficulty of leaving OpenAI but emphasized the importance of continued rigorous decision-making within the company. With his exit, OpenAI’s economic research division will be moved under new chief economist Ronnie Chatterji, while other projects from the AGI readiness team will be distributed across different divisions.

Brundage’s departure follows a string of high-profile exits at OpenAI, including CTO Mira Murati and chief research officer Bob McGrew, reflecting internal disagreements over the company’s direction. Meanwhile, former OpenAI researcher Suchir Balaji has raised concerns about the organization’s ethical practices, further highlighting the ongoing tensions within the company.

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Startup Events and Deadlines

1. From Pitch Deck to Funding | October 31 | Webinar

2. Crash Course in Financial Modeling | November 5 | Webinar

3. Financial Modeling Bootcamp | November 11-15 | LIVE 1-week bootcamp

4. Techstars Columbus | November 20 | Columbus

5. Techstars New York City Accelerator | November 20 | New York City

6. Techstars Anywhere Accelerator | November 20 | Remote

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These companies just raised money

1. 💳 One Zero, seeking to raise $100M, aims to democratize private banking. Current valuation: $320M and climbing!

2. 🛒 Justo lands $70M in funding to expand its online grocery operations in Mexico and beyond, backed by General Atlantic.

3. 🧑‍🌾 Agrolend secures $53M in Series C funding, fueling growth in the Latin American agritech landscape.

4. 💸 Mexican fintech CXC secures a $32.6M Series A to amplify its SaaS platform across the US and Latin America.

5. 📈 Granola lands $20M Series A after growing its user base 5x; it's now a go-to tool for leaders, not just VCs.

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AI Safety Institute: on life support until congress decides

The U.S. AI Safety Institute (AISI), established in 2023 under President Biden's AI Executive Order, faces potential closure if Congress does not authorize its existence. Currently operating within NIST, the AISI assesses risks in AI systems and has formed partnerships, including one with its U.K. counterpart.

However, the institute's future hangs in the balance, as a simple repeal of Biden’s order by a future administration, such as one led by Donald Trump, could dismantle it. Advocates like Chris MacKenzie of Americans for Responsible Innovation argue that formal Congressional authorization would ensure its stability and long-term funding.

A growing coalition of over 60 companies, nonprofits, and universities, including AI giants OpenAI and Anthropic, has urged Congress to codify the AISI. Despite some bipartisan support, opposition from lawmakers like Sen. Ted Cruz, poses challenges. The AISI, while limited in enforcement power, is seen as crucial to establishing voluntary AI benchmarks that could influence future regulations. Failing to authorize the institute risks ceding AI leadership to international competitors, as many countries are advancing their own AI safety initiatives.

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What NOBODY tells you about selling a startup

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