🕶️ Big deals are back: biotech, AI, and cyber strut their stuff!

Six bullets of updates

1. 📱 Generative AI could create 10 billion iPhones worth of e-waste annually by 2030—time to rethink our tech trash!

2. 👥 Index Ventures says that seven European countries now match the US in startup-friendly employee ownership laws.

3. 🌬️ OpenAI's Whisper tool faces criticism as researchers find hallucinations in 8 of 10 transcriptions. 

4. 🛒 Google’s Project Jarvis AI may soon simplify web browsing, helping users tackle research and shopping with ease through a personalized assistant.

5. 🪪 Remote partners with Carta to simplify global equity grants, making it easier for startups to manage international teams.

6. 🇪🇺 The EU Inc. movement to create a pan-European C-Corp gains momentum with 11,000 signatures but faces regulatory hurdles. 

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Nasdaq CEO: No shock in slow IPO market

Nasdaq CEO Adena Friedman isn't shocked by the sleepy IPO scene in 2024. Despite the S&P 500's sparkle, small-cap companies are struggling, with valuations down 10%. Many late-stage startups wait for 12 intense months before waving the IPO flag. 

Private markets have become safer places for companies to stay, with a particularly active secondary market where investors buy stock in private companies. This has allowed late-stage companies to provide liquidity for investors and employees without going public.

While biotech IPOs like Tempus AI show some life, the overall count is low. Fingers crossed for a 2025 revival, with Chime and Klarna eyeing the public dance floor. Read more!

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Startup Events and Deadlines

1. Exclusive .TECH Opportunity: Get a FREE consultation with Caya, CEO of Slidebean, for pitch decks and financial modeling. Check your eligibility!

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

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

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

5. Techstars Columbus | November 20 | Columbus

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

7. Techstars Anywhere Accelerator | November 20 | Remote

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These companies just raised money

1. 💉 Seaport Therapeutics, a start-up developing psychiatric treatments, has raised $225M in a series B funding round.

2. 🫶🏽 NAACP launched a $200M fund to boost VC for people of color, who received just 0.3% of 2024 VC.

3. 🦠 AvenCell Therapeutics secured a $112M series B to generate CAR-T cells that can be turned “on” once inside a patient.

4. ✉️ Nimble closes the $106M series C funding round and scales fully autonomous fulfillment with FedEx.

5. 🔗 Read AI raises $50M to expand its AI bot's reach with integrations and a new Chrome extension, doubling user sign-ups. 

6. 🛡️ Filigran raises $35M to expand its cybersecurity suite. OpenCTI, its essential product, has 4,300 contributors!

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Big Deals Return: Biotech, AI, and Cyber on the rise

Venture capital isn't entirely on a juice cleanse anymore. Despite lingering down rounds—39% in late-stage deals—megadeals are bulking up. 

Biotech and healthcare surprisingly led with 87 mega-deals, dwarfing AI's 26. Crunchbase's data highlights AI's crossover charm in healthcare, evident in Xaira Therapeutics' $1B funding round. Not to be outdone, cybersecurity slid in with 16 hefty rounds, including Wiz's $1B.

Early-stage founders, take heart; seed and Series A valuations have perked up. There are a few other good signs for founders at earlier stages. Pre-money valuations improved slightly for seed and Series A deals in the first half of the year. You can read more about this here. 

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The hacker that broke North Korea's internet

In January 2022, a shocking report emerged—nearly all of North Korea’s websites were down. Speculation ran wild, from hacker groups to government agencies. But the truth? It was just one man, working alone. Meet P4x, the hacker who breached North Korea’s digital defenses. After years of hiding and fearing for his life, he’s finally ready to tell his story 🕶️ Subscribe here!