🕶️ Your data, their goldmine: how social giants cash in on privacy

Six bullets of updates

1. 🎨 Jony Ive collaborated with OpenAI and Sam Altman to create a new AI device startup that blends design with cutting-edge tech. 

2. ♻️ Happening now! Climate Week NYC kicks off discussions on climate action, featuring over 400 events focused on sustainability and innovation. 

3. 💬 X reverts to removing anti-disinformation measures in Brazil amidst backlash over misinformation.

4. 🛒 Cloudflare's new marketplace will let websites charge AI bots for scraping and monetizing their data access.

5. ⚖️ Some startups adopt fair-source licensing, aiming to balance open and proprietary software while avoiding OSS pitfalls.

6. 🇸🇦 Adam Neumann’s startup Flow launches its first co-living community in Saudi Arabia, expanding globally.

✦

Social media giants under scrutiny for data monetization

The FTC's recent 129-page report reveals that major social media and streaming platforms, such as Meta, YouTube, and TikTok, extensively collect and monetize user data, raising significant privacy concerns. These companies generate billions from targeted ads by harvesting personal information, often bought from third-party brokers. 

For example. Meta, which owns Facebook, Instagram, and WhatsApp, reported that 98% of its $39.07 billion revenue in the second quarter came from ads on Facebook and Instagram. The FTC report highlights that users often struggle to grasp how their data is collected and used for ad targeting, with many unaware of the processes involved.

The FTC urges transparency and more robust data protection measures, suggesting Congress enact comprehensive privacy laws. Read more! 

✦

Startup Events and Deadlines

1. Tomorrow! Crash Course in Financial Modeling | September 25 | Webinar

2. Startups and Business Networking Event NYC | September 25 | Meetup

3. Startups & Investors Networking NY | September 25 | Meetup

4. Antler Amsterdam | September 30 | Amsterdam

5. Antler US | October 1 | USA

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

7. StartX (Stanford-StartX Fund) | October 10 | USA

✦

✦

These companies just raised money

1. 🕛 Twelve, a Berkeley, CA-based carbon transformation company, raises $645M in funding.

2. 🌿 Serán Bioscience announces a $200M strategic growth transaction and plans to open a new commercial facility.

3. 🏨 Corporate travel specialist Hotel Engine has landed $140M in a Series C growth investment.

4. 🖼️ Grok’s image generator, Black Forest Labs, is raising $100M at a $1B valuation.

5. 🚗 BMW-backed DeepDrive raises €30M to industrialize ultra-efficient EV motor, promising to boost EV range to over 800km.

6. 💸 FTV debuted with a €20M fund to support at least 50 high-tech startups in the proof-of-concept phase.

✦

Google ignites AI education boom with $120M global fund

Google CEO Sundar Pichai has announced a $120M fund to bolster global AI education, underscoring Google's commitment to shaping the future of AI talent worldwide. This initiative is poised to democratize access to AI knowledge, ensuring that burgeoning tech hubs around the globe aren't left in the dust. 

During his intervention at the UN Summit of the Future Pichai added that he wants to avoid a global “AI divide”.

This fund could mean a more skilled workforce and innovative partnerships for startups. Considering Google's deep pockets and AI prowess, this investment will likely accelerate the rapid pace of AI advancements. Read Pichai’s intervention in the UN Summit of the Future.

✦

✦

✦

From pitch deck to funding: a crash course

✦