AI chip startup’s shares soar after IPO
Highlights recent IPOs, warns against 'AI washing' in startups, discusses startups addressing insect problems, provides updates on Reddit's IPO, and shares recent investment and acquisition activities.
Plus, beware the perils of ‘AI washing’ your startup March 21, 2024 Hi, Tim . Finally, some IPOs. After a more than two-year lull for new listings from venture-backed startups, this week there are two. Just ahead of Reddit’s long-awaited IPO today,
AI chip startup’s shares soar after IPO
Highlights recent IPOs, warns against 'AI washing' in startups, discusses startups addressing insect problems, provides updates on Reddit's IPO, and shares recent investment and acquisition activities.
Plus, beware the perils of ‘AI washing’ your startup March 21, 2024 Hi, Tim . Finally, some IPOs. After a more than two-year lull for new listings from venture-backed startups, this week there are two. Just ahead of Reddit’s long-awaited IPO today,
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Sign-up now."><meta content="2024-03-20T21:52:32Z"></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/F-PjVTS9NHqi0-Jhj5Xq2g~~/AARGbAA~/RgRn3rRxPVcDc3BjQgpl_HEv_GUpRvE8UhVlbXVsaXN0MDFAb3V0bG9vay5jb21YBAAAADs~" alt=""></div><span style="color:transparent; visibility:hidden; display:none; opacity:0; height:0; width:0; font-size:0">Plus, beware the perils of ‘AI washing’ your startup</span><img src="http://links.email.crunchbase.com/e/eo?_t=071ea1d6efd844c0a60f7d7dc2214a93&_m=ab4f0875ea484d7e915058f320c992b9&_e=5S7OXASQ-uRjPKQRSOamVzQmesb4BLUd47zwL9dHG1AamJb_oAiYWrDRr4jkYtjxJi2W79HepA8c_yRTx_LB-pC6gEpD3JBXVPL1mznGJEzeSzDvQZoKdxnvmdB2-pC64H3eB7leqiQatO70YH6mZQ%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 21, 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 . Finally, some IPOs. After a more than two-year lull for new listings from venture-backed startups, this week there are two. Just ahead of <a href="#" style="color:#0288d1; text-decoration:none">Reddit</a>’s long-awaited IPO today, chip company <a href="#" style="color:#0288d1; text-decoration:none">Astera Labs</a> went public yesterday, and <a href="#" style="color:#0288d1; text-decoration:none">investors were very enthusiastic</a>: Shares soared more than 72% in their first day of trading on the <a href="#" style="color:#0288d1; text-decoration:none">Nasdaq</a>, giving it a market capitalization of around $10 billion. Plus, <a href="#" style="color:#0288d1; text-decoration:none">why you should be careful about “AI washing” your startup</a>.</p><h2 id="astera-shares-soar-following-ipohttpsnewscrunchbasecompublicastera-shares-soar-following-ipo" style="color:#333; margin:0 0 5px 0; font-size:14px; font-weight:bold">🚀 <a href="#" style="color:#0288d1; text-decoration:none">Astera shares soar following IPO</a></h2><p style="margin:0 0 15px 0">Shares of <a href="#" style="color:#0288d1; text-decoration:none">Astera Labs</a> skyrocketed in their first day of trading yesterday. The well-received offering — one of the largest technology debuts in months — comes amid a period of great investor interest in AI technology. The listing could also rejuvenate the broader IPO market, especially if <a href="#" style="color:#0288d1; text-decoration:none">Reddit</a> performs well in its arrival on the <a href="#" style="color:#0288d1; text-decoration:none">New York Stock Exchange</a> today.</p><h2 id="eye-on-ai-beware-the-legal-perils-of-ai-washing-your-startuphttpsnewscrunchbasecomaistartups-sec-ai-washing-warnings" 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: Beware the legal perils of ‘AI washing’ your startup</a></h2><p style="margin:0 0 15px 0">Thinking about describing your startup as “AI-enhanced,” “AI-driven” or even “AI-infused”? You may want to consider how true that really is before you do: U.S. regulators and some prosecutors have made it clear they’re going after startups they believe are “AI washing” their companies by making false claims about the extent of their artificial intelligence capabilities.</p><h2 id="the-startups-saving-us-from-biting-bugshttpsnewscrunchbasecomhealth-wellness-biotechventure-insect-repelling-startups" style="color:#333; margin:0 0 5px 0; font-size:14px; font-weight:bold">🦟 <a href="#" style="color:#0288d1; text-decoration:none">The startups saving us from biting bugs</a></h2><p style="margin:0 0 15px 0">Biting bugs represent a big enough market to intrigue both startups and investors. Companies with business models focused on repelling insects, killing mosquitoes and eliminating bed bugs have raised tens of millions in seed and venture funding in recent years, a review of <a href="#" style="color:#0288d1; text-decoration:none">Crunchbase</a> data shows.</p><p style="margin:0 0 15px 0">Related Crunchbase Pro list: <a href="#" style="color:#0288d1; text-decoration:none">Funded Companies Tied To Fighting Biting Bugs</a></p><h2 id="who-owns-the-biggest-chunk-of-reddit-ahead-of-ipohttpsnewscrunchbasecompublicreddit-ipo-biggest-investors-shareholders-rddt-advance-publications" style="color:#333; margin:0 0 5px 0; font-size:14px; font-weight:bold">💸 <a href="#" style="color:#0288d1; text-decoration:none">Who owns the biggest chunk of Reddit ahead of IPO?</a></h2><p style="margin:0 0 15px 0">Almost a third of <a href="#" style="color:#0288d1; text-decoration:none">Reddit</a> is owned by one company. Who else has a stake in the San Francisco-based startup, which is the last of its peers from the Web 2.0 era to finally head to the public markets? We break down its ownership and financials as it goes public today.</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"><table style="padding:0; margin:0; border:0"><tbody><tr><td style="background:#fff; color:#333; border:1px solid #cdcdcd; font-family:Arial,'Helvetica Neue',Helvetica,sans-serif; font-size:14px; line-height:19px; padding:15px 20px 15px"><h2 style="color:#333; margin:0 0 5px 0; font-size:14px"><b data-stringify-type="bold"><strong>Get more with Crunchbase Enterprise</strong></b></h2>Find out more about Crunchbase’s prospecting software that enables your entire team to find the right companies, identify the right people, and connect with the decision-makers who can move deals forward – all in one solution. <div align="left" style="padding:10px 0 0 0"><a href="#" style="background-color:#f5a623; 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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/fceqfgiyrxb6nv9ljmta" 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">Agora Data</a></p><p style="font-size:20px; font-weight:bold; margin:0; padding:5px 0 0"><a href="#" style="color:#333; text-decoration:none">$200M</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">Agora Data offers an AI-driven platform for subprime auto finance, connecting dealerships with capital markets to improve operations.</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">Analytics • Automotive • Finance • Financial Services • FinTech</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">Chris Hawke</a>, <a href="#" style="color:#0288d1; text-decoration:none">Daniel Burke</a>, <a href="#" style="color:#0288d1; text-decoration:none">Matt Burke</a>, <a href="#" style="color:#0288d1; text-decoration:none">Steve Burke</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">Phoenix Merchant Partners</a> (Lead)</p></td></tr><tr><td style="width:80px"><a href="#"><img src="https://images.crunchbase.com/image/upload/c_pad,h_60,w_60/ttcvnqbvc2r3ty8yjjfh" 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">Solaris</a></p><p style="font-size:20px; font-weight:bold; margin:0; padding:5px 0 0"><a href="#" style="color:#333; text-decoration:none">96M EUR</a> / <a href="#" style="color:#0288d1; text-decoration:none">Series F</a></p></td></tr><tr><td colspan="5" style="font-size:13px; padding:10px 0 5px">Solarisbank is an embedded finance platform that enables other companies to provide their own financial services through APIs.</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">Banking • Financial Services • FinTech • Information Technology</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">Andreas Bittner</a>, <a href="#" style="color:#0288d1; text-decoration:none">Marko Wenthin</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">SBI Group</a> (Lead)</p></td></tr><tr><td style="width:80px"><a href="#"><img src="https://images.crunchbase.com/image/upload/c_pad,h_60,w_60/vmu0piab9tih2vpmnyt6" 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">NeuReality</a></p><p style="font-size:20px; font-weight:bold; margin:0; padding:5px 0 0"><a href="#" style="color:#333; text-decoration:none">$20M</a> / <a href="#" style="color:#0288d1; text-decoration:none">Venture Round</a></p></td></tr><tr><td colspan="5" style="font-size:13px; padding:10px 0 5px">NeuReality is a semiconductor start-up that designs AI-as-a-service infrastructure.</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) • Machine Learning • 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">Moshe Tanach</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">Cleveland Avenue</a> (Lead), <a href="#" style="color:#0288d1; text-decoration:none">European Innovation Council and SMEs Executive Agency</a> (Lead), <a href="#" style="color:#0288d1; text-decoration:none">OurCrowd</a> (Lead) <a href="#" style="color:#0288d1; text-decoration:none">+ 5 more</a></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">Marco</a></td><td style="border:1px solid #bbb; padding:7px">$12M / <a href="#" style="color:#0288d1; text-decoration:none">Series A</a></td><td style="border:1px solid #bbb; padding:7px"><a href="#" style="color:#0288d1; text-decoration:none">IDC Ventures</a></td></tr><tr style="background:#f6f6f6"><td style="border:1px solid #bbb; padding:7px"><a href="#" style="color:#0288d1; text-decoration:none">DRONAMICS</a></td><td style="border:1px solid #bbb; padding:7px">10M EUR / <a href="#" style="color:#0288d1; text-decoration:none">Grant</a></td><td style="border:1px solid #bbb; padding:7px"><a href="#" style="color:#0288d1; text-decoration:none">European Innovation Council</a></td></tr><tr><td style="border:1px solid #bbb; padding:7px"><a href="#" style="color:#0288d1; text-decoration:none">Aisles</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">Alfredo Becerra</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/v1487909308/x8dj1uo6jifvmscjacjs.png" 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">Fusion Pharmaceuticals</a></p><p style="font-size:15px; margin:0; padding:5px 0 0">Pending acquisition by <a href="#" style="color:#0288d1; text-decoration:none">AstraZeneca</a> for <span style="color:#333; font-weight:bold">$2.0B</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">Dr Risch</a></td><td style="border:1px solid #bbb; padding:7px"><a href="#" style="color:#0288d1; text-decoration:none">Sonic Healthcare USA</a></td><td style="border:1px solid #bbb; padding:7px">117M CHF</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">123 Placeholder St, City, State ZIPCODE <br>© 2024 Crunchbase Inc. 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