March 7, 2024 7:00 AM
-
newsletter@email.crunchbase.com
VC spending is flat — with one big exception
This email discusses global venture spending, AI investments, intriguing startup deals in February, and insights from Battery Ventures on AI.
Plus, Musk vs. OpenAI feud misses the point March 7, 2024 Hi, Tim . Is this the new normal? Global venture spending settled at around $21 billion last month — essentially flat month over month, Crunchbase data shows. But artificial intelligence enth
March 7, 2024 7:00 AM
-
newsletter@email.crunchbase.com
VC spending is flat — with one big exception
This email discusses global venture spending, AI investments, intriguing startup deals in February, and insights from Battery Ventures on AI.
Plus, Musk vs. OpenAI feud misses the point March 7, 2024 Hi, Tim . Is this the new normal? Global venture spending settled at around $21 billion last month — essentially flat month over month, Crunchbase data shows. But artificial intelligence enth
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<meta http-equiv="Content-Type" content="text/html; charset=utf-8"><meta content="http://static.crunchbase.com/daily/assets/cb-fb-share_v2.png"><meta content="image/png"><meta content="300"><meta content="300"><meta content="Crunchbase Daily"><meta content="The Crunchbase Daily is everything you'll need to start your day! Sign-up now."><meta content="2024-03-06T20:38:46Z"></head><body style="background:#eaeaea; margin:0; padding:0; width:100%!important"><div style="color:transparent; visibility:hidden; opacity:0; font-size:0px; border:0; max-height:1px; width:1px; margin:0px; padding:0px; border-width:0px!important; display:none!important; line-height:0px!important"><img border="0" width="1" height="1" src="http://sp.email.crunchbase.com/q/_c0JrJJAEbkGAH7uQyseBw~~/AARGbAA~/RgRnzE2KPVcDc3BjQgpl4orI6WWzjVwTUhVlbXVsaXN0MDFAb3V0bG9vay5jb21YBAAAADs~" alt=""></div><span style="color:transparent; visibility:hidden; display:none; opacity:0; height:0; width:0; font-size:0">Plus, Musk vs. OpenAI feud misses the point</span><img src="http://links.email.crunchbase.com/e/eo?_t=071ea1d6efd844c0a60f7d7dc2214a93&_m=cfea25bd72f84804b34b7d5a41c84050&_e=v-_Hna9RJAku3w1bykWeGJSAmU6MDESnYRBaOeq0w6Lo7cEkZsKQEWN_QMKIMdmFGjoQAAGS0MQynyatUhi0BaZLVx7YGahQfshxm39WvQ7VhVHpNa6oQtlWFgdMzkGxT8t1o4_RwadxDv9YZCALYg%3D%3D" width="1" height="1" style="border:0; width:1px; height:1px; border-width:0px!important; display:none!important; line-height:0!important"> <table cellpadding="0" cellspacing="0" style="background:#eaeaea; border:0; color:#333; font-family:Arial,'Helvetica Neue',Helvetica,sans-serif; margin:0; padding:0; width:100%!important"><tbody><tr><td align="center" valign="top"><table cellpadding="0" cellspacing="0" style="border:0; padding:25px 0; width:522px"><tbody><tr><td><a href="#" style="display:block; padding:0 0 0 1px"><img height="23" src="http://static.crunchbase.com/daily/assets/cb-daily-header-logo-v5.png" width="176"> </a></td></tr><tr><td><img alt="" height="10" src="http://c0185784a2b233b0db9b-d0e5e4adc266f8aacd2ff78abb166d77.r51.cf2.rackcdn.com/blank.png" width="520" style="border:0; height:10px; margin:0; padding:0; width:520px"></td></tr><tr><td><table cellpadding="0" cellspacing="0" style="background:#0288d1; border:1px solid #00559d; color:#fff; font-family:Arial,'Helvetica Neue',Helvetica,sans-serif"><tbody><tr><td><h3 style="color:#fff; font-size:15px; font-weight:bold; line-height:21px; margin:0; padding:5px 10px; width:400px">March 7, 2024</h3></td><td style="padding:5px 10px; width:400px"></td><td style="padding:5px 10px; width:400px"></td><td style="padding:5px 10px; width:400px"></td></tr></tbody></table></td></tr><tr><td style="background:#fff; color:#333; border:1px solid #cdcdcd; border-top:0; font-family:Arial,'Helvetica Neue',Helvetica,sans-serif; font-size:14px; line-height:19px; padding:15px 20px 20px"><p style="margin:0 0 15px 0">Hi, Tim . Is this the new normal? <a href="#" style="color:#0288d1; text-decoration:none">Global venture spending settled at around $21 billion last month</a> — essentially flat month over month, <a href="#" style="color:#0288d1; text-decoration:none">Crunchbase</a> data shows. But artificial intelligence enthusiasts will be pleased to see the sector more than doubled the investment it received compared to the month prior and a year earlier, landing about a fifth of all VC dollars in February. But even as AI continues to pull in the big bucks, <a href="#" style="color:#0288d1; text-decoration:none">it’s left with a problem that money may not be able to solve</a>: public perception. That was made clear this week in dueling claims between <a href="#" style="color:#0288d1; text-decoration:none">Elon Musk</a> and <a href="#" style="color:#0288d1; text-decoration:none">OpenAI</a>.</p><h2 id="ai-captures-larger-share-of-tepid-funding-markethttpsnewscrunchbasecomventuremonthly-global-funding-recap-february-2024" style="color:#333; margin:0 0 5px 0; font-size:14px; font-weight:bold">📊 <a href="#" style="color:#0288d1; text-decoration:none">AI captures larger share of tepid funding market</a></h2><p style="margin:0 0 15px 0">Globally, more than $2 billion was invested in seed-stage companies last month. Close to $10 billion was invested in early-stage companies. And venture investors spent $9.3 billion at late-stage, including technology growth companies, our data shows. Let’s dive in.</p><h2 id="eye-on-ai-whos-saving-us-from-the-robotshttpsnewscrunchbasecomaimusk-openai-lawsuit-altman-msft" style="color:#333; margin:0 0 5px 0; font-size:14px; font-weight:bold">👁️ <a href="#" style="color:#0288d1; text-decoration:none">Eye on AI: Who’s saving us from the robots?</a></h2><p style="margin:0 0 15px 0">Speaking of AI, <a href="#" style="color:#0288d1; text-decoration:none">Elon Musk</a> and <a href="#" style="color:#0288d1; text-decoration:none">OpenAI</a> have each accused the other of working to undermine the startup’s original promise to build artificial general intelligence for the benefit of humanity. But all the squabbling seems to miss the point: The AI sector has a massive image problem, and nobody seems to be doing anything about it.</p><h2 id="interesting-startup-deals-you-may-have-missed-in-februaryhttpsnewscrunchbasecomstartupsinteresting-deals-healthcare-agtech-february-2024" style="color:#333; margin:0 0 5px 0; font-size:14px; font-weight:bold">🤔 <a href="#" style="color:#0288d1; text-decoration:none">5 interesting startup deals you may have missed in February</a></h2><p style="margin:0 0 15px 0">Plenty of interesting companies raised cash in February — and many had nothing to do with AI. Here’s a look at five of the most intriguing, from a startup promising better sleep for insomniacs to another that says it’s developed a new chemical-free approach to battling the herbicide-resistant weeds that cost farmers worldwide billions of dollars annually.</p><h2 id="why-battery-ventures-is-charged-up-about-aihttpsnewscrunchbasecomaiartificial-intelligence-tech-dharmesh-thakker-battery-ventures" style="color:#333; margin:0 0 5px 0; font-size:14px; font-weight:bold">🔋 <a href="#" style="color:#0288d1; text-decoration:none">Why Battery Ventures is charged up about AI</a></h2><p style="margin:0 0 15px 0">Storied VC firm <a href="#" style="color:#0288d1; text-decoration:none">Battery Ventures</a> has been an active investor in AI, including backing <a href="#" style="color:#0288d1; text-decoration:none">Databricks</a> and companies working on everything from streamlining insurance claims to automating sales outreach. We sat down recently with general partner <a href="#" style="color:#0288d1; text-decoration:none">Dharmesh Thakker</a> to talk about the technologies he’s most excited about, and where he sees AI already creating billions of dollars in value.</p><p style="margin:0 0 15px 0">Related Crunchbase Pro list: <a href="#" style="color:#0288d1; text-decoration:none">Battery Ventures’ Select AI Portfolio Companies</a></p><h2 id="an-epic-deal-leads-februarys-10-largest-roundshttpsnewscrunchbasecomventurebiggest-rounds-february-2024-ai-biotech-unicorn-epic" style="color:#333; margin:0 0 5px 0; font-size:14px; font-weight:bold">🏆 <a href="#" style="color:#0288d1; text-decoration:none">An Epic deal leads February’s 10 largest rounds</a></h2><p style="margin:0 0 15px 0">Companies needed to raise $170 million or more just to make the tailend of our list of largest U.S. venture funding deals in February. The biggest deal was really big — $1.5 billion — but there were a slew of other good-size deals too. In fact, a company had to raise well over half a billion dollars if it wanted a spot in the top three.</p></td></tr><tr><td><img alt="" height="30" src="http://c0185784a2b233b0db9b-d0e5e4adc266f8aacd2ff78abb166d77.r51.cf2.rackcdn.com/blank.png" width="520" style="border:0; height:30px; margin:0; padding:0; width:520px"></td></tr><tr><td><img height="0" src="https://ssl.google-analytics.com/collect?v=1&tid=UA-68916521-1&cid=194&t=event&ec=native_ads&ea=pageview&el=cb_daily_chrome_extension_Q1_2022 " width="0"></td></tr><tr><td><table cellpadding="0" cellspacing="0" style="background:#ffffff; border-collapse:collapse"><tbody><tr><td style="width:100px"><a href="#" style="display:block; height:100px; width:100px; text-decoration:none"><img height="100" src="https://images.crunchbase.com/image/upload/v1693945256/nativeads/Native_Ad_-_100X100_g6mwdv.png" width="100"> </a></td><td style="font-size:13px; line-height:15px; text-align:left; width:420px"><a href="#" style="display:block; text-decoration:none; padding:5px 10px 10px 10px; color:#333333; font-weight:bold">Crunchbase ROI Calculator<br></a><a href="#" style="display:block; text-decoration:none; padding:0px 10px 10px 10px; color:#333333">See the number of new accounts Crunchbase can add to your funnel with our advanced prospecting ROI calculator powered by Crunchbase data.<br></a><a href="#" style="display:block; text-decoration:none; padding:0px 10px 0px 10px; color:#0288d1; font-weight:bold">Calculate<br></a></td></tr></tbody></table></td></tr><tr><td><img alt="" height="30" src="http://c0185784a2b233b0db9b-d0e5e4adc266f8aacd2ff78abb166d77.r51.cf2.rackcdn.com/blank.png" width="520" style="border:0; height:30px; margin:0; padding:0; width:520px"></td></tr><tr><td><h3 style="background:#0288d1; border:1px solid #00559d; color:#ffffff; font-size:15px; font-weight:bold; line-height:21px; margin:0; padding:5px 10px">Recent Investments</h3></td></tr><tr><td style="background:#fff; border:1px solid #cdcdcd; border-top:0; color:#333; font-size:14px; padding:15px 20px 20px"><table><tbody><tr><td style="width:80px"><a href="#"><img src="https://images.crunchbase.com/image/upload/c_pad,h_60,w_60/k770l77zjwmuwmvoyvus" style="border:1px solid #bbb; height:60px; width:60px"> </a></td><td><p style="font-size:20px; font-weight:bold; margin:0"><a href="#" style="color:#0288d1; text-decoration:none">Octane</a></p><p style="font-size:20px; font-weight:bold; margin:0; padding:5px 0 0"><a href="#" style="color:#333; text-decoration:none">$300M</a> / <a href="#" style="color:#0288d1; text-decoration:none">Debt Financing</a></p></td></tr><tr><td colspan="5" style="font-size:13px; padding:10px 0 5px">Octane is a financial technology company that focuses on providing financing solutions for powersports dealerships.</td></tr><tr><td colspan="5" style="font-size:13px; padding:5px 0"><p style="color:#333; float:left; font-weight:bold; margin:0; text-align:right; width:75px">Categories:</p><p style="color:#666; margin:0 0 0 85px">Credit • Financial Services • FinTech • Lending</p></td></tr><tr><td colspan="5" style="font-size:13px; padding:5px 0"><p style="color:#333; float:left; font-weight:bold; margin:0; text-align:right; width:75px">Founders:</p><p style="color:#666; margin:0 0 0 85px"><a href="#" style="color:#0288d1; text-decoration:none">Andre Gregori</a>, <a href="#" style="color:#0288d1; text-decoration:none">Jason Guss</a>, <a href="#" style="color:#0288d1; text-decoration:none">Mark Davidson</a>, <a href="#" style="color:#0288d1; text-decoration:none">Mark Garro</a>, <a href="#" style="color:#0288d1; text-decoration:none">Michael Fanfant</a></p></td></tr><tr><td colspan="5" style="font-size:13px; padding:5px 0 20px"><p style="color:#666; margin:0 0 0 85px"></p></td></tr><tr><td style="width:80px"><a href="#"><img src="https://images.crunchbase.com/image/upload/c_pad,h_60,w_60/yuwrtmbbr2ayhecahyzu" style="border:1px solid #bbb; height:60px; width:60px"> </a></td><td><p style="font-size:20px; font-weight:bold; margin:0"><a href="#" style="color:#0288d1; text-decoration:none">Overjet</a></p><p style="font-size:20px; font-weight:bold; margin:0; padding:5px 0 0"><a href="#" style="color:#333; text-decoration:none">$53M</a> / <a href="#" style="color:#0288d1; text-decoration:none">Series C</a></p></td></tr><tr><td colspan="5" style="font-size:13px; padding:10px 0 5px">Overjet is an AI-powered dental technology company that provides algorithms to analyze dental images and deliver diagnoses.</td></tr><tr><td colspan="5" style="font-size:13px; padding:5px 0"><p style="color:#333; float:left; font-weight:bold; margin:0; text-align:right; width:75px">Categories:</p><p style="color:#666; margin:0 0 0 85px">Artificial Intelligence (AI) • Dental • Electronic Health Record (EHR) • Health Diagnostics • Software</p></td></tr><tr><td colspan="5" style="font-size:13px; padding:5px 0"><p style="color:#333; float:left; font-weight:bold; margin:0; text-align:right; width:75px">Founders:</p><p style="color:#666; margin:0 0 0 85px"><a href="#" style="color:#0288d1; text-decoration:none">Alexander Jelicich</a>, <a href="#" style="color:#0288d1; text-decoration:none">Deepak Ramaswamy</a>, <a href="#" style="color:#0288d1; text-decoration:none">Wardah Inam</a></p></td></tr><tr><td colspan="5" style="font-size:13px; padding:5px 0 20px"><p style="color:#333; float:left; font-weight:bold; margin:0; text-align:right; width:75px">Investors:</p><p style="color:#666; margin:0 0 0 85px"><a href="#" style="color:#0288d1; text-decoration:none">March Capital</a> (Lead), <a href="#" style="color:#0288d1; text-decoration:none">American Dental Association</a>, <a href="#" style="color:#0288d1; text-decoration:none">Crosslink Capital</a> <a href="#" style="color:#0288d1; text-decoration:none">+ 6 more</a></p></td></tr><tr><td style="width:80px"><a href="#"><img src="https://images.crunchbase.com/image/upload/c_pad,h_60,w_60/zftcnm0vp15apnwtzjnt" style="border:1px solid #bbb; height:60px; width:60px"> </a></td><td><p style="font-size:20px; font-weight:bold; margin:0"><a href="#" style="color:#0288d1; text-decoration:none">Dtex Systems</a></p><p style="font-size:20px; font-weight:bold; margin:0; padding:5px 0 0"><a href="#" style="color:#333; text-decoration:none">$50M</a> / <a href="#" style="color:#0288d1; text-decoration:none">Series E</a></p></td></tr><tr><td colspan="5" style="font-size:13px; padding:10px 0 5px">DTEX Systems is a cybersecurity company that focuses on insider threat detection and workforce monitoring solutions.</td></tr><tr><td colspan="5" style="font-size:13px; padding:5px 0"><p style="color:#333; float:left; font-weight:bold; margin:0; text-align:right; width:75px">Categories:</p><p style="color:#666; margin:0 0 0 85px">Business Intelligence • Cyber Security • Predictive Analytics • Risk Management • Security • Software</p></td></tr><tr><td colspan="5" style="font-size:13px; padding:5px 0"><p style="color:#333; float:left; font-weight:bold; margin:0; text-align:right; width:75px">Founders:</p><p style="color:#666; margin:0 0 0 85px"><a href="#" style="color:#0288d1; text-decoration:none">Benjamin Wannan</a>, <a href="#" style="color:#0288d1; text-decoration:none">Christiaan Nillissen</a>, <a href="#" style="color:#0288d1; text-decoration:none">Mohan Koo</a></p></td></tr><tr><td colspan="5" style="font-size:13px; padding:5px 0 20px"><p style="color:#333; float:left; font-weight:bold; margin:0; text-align:right; width:75px">Investors:</p><p style="color:#666; margin:0 0 0 85px"><a href="#" style="color:#0288d1; text-decoration:none">CapitalG</a> (Lead)</p></td></tr></tbody></table><h4 style="font-size:15px; font-weight:bold; margin:0; padding:20px 1px 10px">More Fundings</h4><table cellpadding="0" cellspacing="0" style="border-collapse:collapse; font-size:13px; width:100%"><thead><tr><th style="color:#666; padding:5px 1px; font-weight:normal; text-align:left">Company</th><th style="color:#666; padding:5px 1px; font-weight:normal; text-align:left">Amount / Round</th><th style="color:#666; padding:5px 1px; font-weight:normal; text-align:left">Lead Investor</th></tr></thead><tbody><tr><td style="border:1px solid #bbb; padding:7px"><a href="#" style="color:#0288d1; text-decoration:none">Openprise</a></td><td style="border:1px solid #bbb; padding:7px">$25M / <a href="#" style="color:#0288d1; text-decoration:none">Series B</a></td><td style="border:1px solid #bbb; padding:7px"><a href="#" style="color:#0288d1; text-decoration:none">Morgan Stanley Expansion Capital</a></td></tr><tr style="background:#f6f6f6"><td style="border:1px solid #bbb; padding:7px"><a href="#" style="color:#0288d1; text-decoration:none">Winnow</a></td><td style="border:1px solid #bbb; padding:7px">Unknown / <a href="#" style="color:#0288d1; text-decoration:none">Private Equity Round</a></td><td style="border:1px solid #bbb; padding:7px"><a href="#" style="color:#0288d1; text-decoration:none">ABC Impact</a></td></tr></tbody><tfoot><tr><td colspan="5" style="border:1px solid #bbb; padding:7px; text-align:center"><a href="#" rel="noopener" target="_blank" style="color:#0288d1; text-decoration:none">All Recent Funding Activity</a></td></tr></tfoot></table></td></tr><tr><td><img alt="" height="30" src="http://c0185784a2b233b0db9b-d0e5e4adc266f8aacd2ff78abb166d77.r51.cf2.rackcdn.com/blank.png" width="520" style="border:0; height:30px; margin:0; padding:0; width:520px"></td></tr><tr><td><h3 style="background:#0288d1; border:1px solid #00559d; color:#ffffff; font-size:15px; font-weight:bold; line-height:21px; margin:0; padding:5px 10px">Recent Acquisitions</h3></td></tr><tr><td style="background:#fff; border:1px solid #cdcdcd; border-top:0; color:#333; font-size:14px; padding:15px 20px 20px"><table><tbody><tr><td style="width:80px"><a href="#"><img src="https://images.crunchbase.com/image/upload/c_pad,h_60,w_60/f3oxlotmq57uznbjw3az" style="border:1px solid #bbb; height:60px; width:60px"> </a></td><td><p style="font-size:20px; font-weight:bold; margin:0"><a href="#" style="color:#0288d1; text-decoration:none">Attune Medical</a></p><p style="font-size:15px; margin:0; padding:5px 0 0">Pending acquisition by <a href="#" style="color:#0288d1; text-decoration:none">Haemonetics</a> for <span style="color:#333; font-weight:bold">$160M</span></p></td></tr></tbody></table><h4 style="font-size:15px; font-weight:bold; margin:0; padding:20px 1px 10px">More Acquisitions</h4><table cellpadding="0" cellspacing="0" style="border-collapse:collapse; font-size:13px; width:100%"><thead><tr><th style="color:#666; padding:5px 1px; font-weight:normal; text-align:left">Company</th><th style="color:#666; padding:5px 1px; font-weight:normal; text-align:left">Acquired By</th><th style="color:#666; padding:5px 1px; font-weight:normal; text-align:left">Amount</th></tr></thead><tbody><tr><td style="border:1px solid #bbb; padding:7px"><a href="#" style="color:#0288d1; text-decoration:none">SoftCo</a></td><td style="border:1px solid #bbb; padding:7px"><a href="#" style="color:#0288d1; text-decoration:none">Keensight Capital</a></td><td style="border:1px solid #bbb; padding:7px">100M EUR</td></tr></tbody><tfoot><tr><td colspan="5" style="border:1px solid #bbb; padding:7px; text-align:center"><a href="#" rel="noopener" target="_blank" style="color:#0288d1; text-decoration:none">All Recent Acquisition Activity</a></td></tr></tfoot></table></td></tr><tr><td><img alt="" height="30" src="http://c0185784a2b233b0db9b-d0e5e4adc266f8aacd2ff78abb166d77.r51.cf2.rackcdn.com/blank.png" width="520" style="border:0; height:30px; margin:0; padding:0; width:520px"></td></tr><tr><td style="color:#333; font-family:Arial,'Helvetica Neue',Helvetica,sans-serif; font-size:13px; line-height:19px; padding:0 0 0 1px"><a href="#" style="display:block"><img src="http://static.crunchbase.com/daily/assets/cb-logo-footer-on-dark_v3.png"> </a><p style="margin:0; padding:5px 0 0">Discover innovative companies and the people behind them.</p><table cellpadding="0" cellspacing="0" style="border:0; padding:15px 0"><tbody><tr><td style="padding:0 10px 0 0"><a href="#" rel="noopener" target="_blank"><img alt="Follow Us on Crunchbase" height="20" src="http://static.crunchbase.com/daily/assets/cb_icon_v2.png" width="20"> </a></td><td style="padding:0 10px 0 0"><a href="#" rel="noopener" target="_blank"><img alt="View Jobs on LinkedIn" height="20" src="http://static.crunchbase.com/daily/assets/cb-daily-linkedin-large-color.png" width="20"> </a></td><td style="padding:0 10px 0 0"><a href="#" rel="noopener" target="_blank"><img alt="Follow Us on Twitter" height="20" src="http://static.crunchbase.com/daily/assets/cb-daily-share-twitter-color.png" width="20"> </a></td><td><a href="#" rel="noopener" target="_blank"><img alt="Like Us on Facebook" height="20" src="http://static.crunchbase.com/daily/assets/cb-daily-facebook-large-color.png" width="20"> </a></td></tr></tbody></table><p style="margin:0">564 Market St, San Francisco, CA 94104 <br>© 2024 Crunchbase Inc. 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