🕶️ Elon Musk declares war on Apple

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In today’s news, Elon Musk is not happy 😡 and threatens to ban Apple devices from all his companies due to Apple's integration of OpenAI's ChatGPT, announced at WWDC 2024. Looks like Siri might be in trouble!

Meanwhile, Y Combinator (YC) startups are securing smaller seed rounds 💰 (tightening those startup belts), the Italian Founders Fund is on the hunt for entrepreneurs, a cat-sitting startup finally sees light at the end of the tunnel, and NATO invests €9M in autonomous war bots 🪖

Keep reading for more updates! 👇🏽

Six bullets of updates

  1. 🪖NATO invests €9M in ARX Robotics' modular, autonomous war bots, which can carry up to 500 kg on the battlefield.

  2. 👷🏽 Bereave helps employers handle employee bereavement better, raising $1.5M to support workers during loss.

  3. 🇮🇹 Italian Founders Fund seeks global entrepreneurs with €50M to invest in startups aiming for international growth.

  4. 🐈 Meowtel, a cat-sitting startup, hit profitability despite raising challenges from dog-focused VCs. 🐱💰

  5. 📊 Human Native AI raises $5.1M to build an AI training and licensing marketplace, revolutionizing the AI data sector.

  6. ☂️ EU launches AI-powered digital twin of the Earth to enhance climate predictions, with €300M funding and supercomputing power.

Elon Musk declares war on Apple over ChatGPT integration

Source: X

Elon Musk has threatened to ban Apple devices from all his companies due to Apple's integration of OpenAI's ChatGPT, announced at WWDC 2024. Musk, in a series of posts on X, claimed that integrating ChatGPT at the operating system level would compromise user privacy, despite Apple and OpenAI ensuring that user consent is required before sharing any information with ChatGPT. Musk's responses suggest a belief that OpenAI's integration could potentially access and misuse personal data, leading him to demand that such capabilities remain confined to a dedicated app rather than being integrated with Siri.

In iOS 18, users can ask Siri questions that might be answered by ChatGPT, with explicit permission required for sharing data. Apple clarified that user data is not stored by OpenAI, and any integration is contingent on user approval. Despite reassurances, Musk criticized Apple for outsourcing AI functionalities, arguing it undermines privacy protection. Additionally, Apple announced that ChatGPT's capabilities will be integrated into Writing Tools across its devices, allowing users to generate content seamlessly. Musk's objections seem to be partially fueled by his own interests in AI and his stance on data privacy, juxtaposing his companies' policies against Apple's new integrations. Keep reading!

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These companies just raised money

  1. ⚕️Zenas BioPharma, a biotech firm, has raised $200M in Series C. The new capital will support its ongoing lead product, obexelimab.

  2. 🌪️ Collaborative Fund raises $125M to invest in climate, health, and food solutions, citing a promising 2024 outlook.

  3. 🏥 Anterior secures $20M Series A at $95M valuation to fast-track health insurance approvals using AI.

  4. 💊 Chilean health tech FarmaLoop raises $900K, boosting its valuation to $18M and planning Mexico expansion by 2025.

  5. ⭕ Brazil’s Semexe raises $760K to expand Loopify, its B2B circular economy platform, aiding re-commerce growth.

Why are some Y Combinator startups wanting nothing more than tiny seed rounds? 

Y Combinator (YC) startups are now securing smaller seed rounds, usually in the range of $1.5-$2 million with post-money valuations around $15 million, and often without a lead investor. These rounds, primarily financed by angel investors, aim to minimize dilution, differing from the traditional seed norm of giving up 10% equity.

This shift indicates a cautious market sentiment and aligns with YC's guidance to raise only necessary funds. While this approach may support early-stage growth, it poses risks of undercapitalizing startups and complicating future fundraising efforts.

Venture capitalists might focus more on Series A investments, where valuations could stabilize. The broader market might see a reevaluation of seed investment strategies. Read the whole story.

Slidebean Revenue Data

Built on top of our financial model template, we hope this is a helpful resource to compare against your progress and study how a company manages cash at the early stages.

The top 4 red flags in a pitch deck 🚩🚩🚩🚩

Are you ready to pitch your startup to investors? Before you take the plunge, check out this video.  It covers crucial aspects like financial forecasts, go-to-market strategies, and team composition, highlighting common pitch deck mistakes that can make or break your presentation 😎 Subscribe for more!