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Relativity engineers and technicians prepare the Terran 1 rocket in Cape Canaveral, Fla.. Photo by Jonathan Newton/The Washington Post via Getty Images.

Relativity Space Closes in On New Funding for Its 3D Printed Rockets

By Becky Peterson · Jan 9, 2024 1:49pm PST

Relativity Space, which last year launched into space the first rocket made with 3D printing, is in talks to raise money in a round that values the company at around $4.2 billion, flat with its last funding round in 2021, according to people with direct knowledge of the matter. Existing investors Bond and Social Capital are among the firms... Relativity Space, which last year launched into space the first rocket made with 3D printing, is...

Keith Rabois. Photo by David Paul Morris/Bloomberg via Getty Images.

Founders Fund’s Keith Rabois to Return to Khosla Ventures

By Kate Clark · Jan 9, 2024 12:14pm PST · 7 comments

Two days before Christmas, Founders Fund general partner Keith Rabois boarded a flight to Park City, Utah, to have dinner with Vinod Khosla, the founder of venture capital firm Khosla Ventures and an early backer of OpenAI. By the end of the evening, the pair had agreed that Rabois would join Khosla Ventures as a managing director, its most... Two days before Christmas, Founders Fund general partner Keith Rabois boarded a flight to Park...

Image by Getty.

Fintech-Focused Vetamer Capital Shuts Down Hedge Fund

By Cory Weinberg · Jan 8, 2024 4:18pm PST

Vetamer Capital, an investor in public and private tech companies started by a Lone Pine Capital veteran just three years ago with $350 million to invest, has shut down its public-equities hedge fund and returned capital to investors, the firm said in a recent letter to its investors. The San Francisco-based firm is a notable addition to the... Vetamer Capital, an investor in public and private tech companies started by a Lone Pine Capital...

Parag Agrawal, former Twitter CEO, during the Allen & Company Sun Valley Conference on July 7, 2022 in Sun Valley, Idaho. Photo by Kevin Dietsch/Getty Images.

Former Twitter CEO’s AI Startup Raises $30 Million in Khosla-Led Deal

By Kate Clark · Jan 8, 2024 1:52pm PST

Parag Agrawal, former Twitter CEO, during the Allen & Company Sun Valley Conference on July 7, 2022 in Sun Valley, Idaho. Photo by Kevin Dietsch/Getty Images.

Former Twitter CEO’s AI Startup Raises $30 Million in Khosla-Led Deal

By Kate Clark · Jan 8, 2024 1:52pm PST

Parag Agrawal, who was CEO of Twitter for a year before Elon Musk took over the social media app in late 2022, recently raised about $30 million in funding for an artificial intelligence startup, according to two people familiar with the deal. Khosla Ventures, an early backer of OpenAI, led the funding in Agrawal’s company, which... Parag Agrawal, who was CEO of Twitter for a year before Elon Musk took over the social media app...

Athelas' Tanay Tandon. Screengrab of Tandon via YouTube. Art by Mike Sullivan

A Healthtech Unicorn Leaves a Trail of Clinic Complaints, Concerns Over Billing Practices

By Paris Martineau · Jan 5, 2024 6:00am PST · 2 comments

Early last year, salespeople from a health tech startup, Athelas, gave Rich Schlauch a pitch he couldn’t resist. The salespeople told Schlauch, who runs a behavioral health clinic in South Carolina, that he could increase his practice’s revenue by at least 15% and submit insurance claims faster using Athelas’ new billing... Early last year, salespeople from a health tech startup, Athelas, gave Rich Schlauch a pitch he...

Investor Nat Friedman and Scale AI CEO Alexandr Wang

OpenAI Board Has Discussed Seats With Scale AI’s Wang, Investor Friedman

By Natasha Mascarenhas and Aaron Holmes · Jan 4, 2024 4:49pm PST · 4 comments

OpenAI’s board and its representatives have started talking to candidates to fill its board of directors in the wake of CEO Sam Altman’s ouster and subsequent return. The candidates include two familiar names: Scale AI CEO and co-founder Alexandr Wang, and former GitHub CEO and startup investor Nat Friedman, according to two people... OpenAI’s board and its representatives have started talking to candidates to fill its board...

Amazon’s Five-Year Corporate Hiring Binge, Revealed

By Theo Wayt · Jan 4, 2024 1:13pm PST

Amazon’s corporate headcount more than tripled over five years to hit around 415,000 by the end of 2022, according to internal figures seen by The Information, far outpacing growth at other big tech companies such as Microsoft and Alphabet. The figures seen by The Information reveal that cloud computing and advertising, which have become... Amazon’s corporate headcount more than tripled over five years to hit around 415,000 by the...

TikTok CEO, Shou Zi Chew. Photo via Getty.

TikTok Shop Hikes Seller Fees, Axes Subsidies

By Theo Wayt and Ann Gehan · Jan 3, 2024 11:27am PST

TikTok CEO, Shou Zi Chew. Photo via Getty.

TikTok Shop Hikes Seller Fees, Axes Subsidies

By Theo Wayt and Ann Gehan · Jan 3, 2024 11:27am PST

TikTok powered early growth in its U.S. shopping service by offering low sellers’ fees and footing the bill for deep discounts. But that free ride is quickly coming to an end. The company on Wednesday told sellers it will start taking a bigger cut of the sales they make on its app, by raising the commission it charges on most items to 8%... TikTok powered early growth in its U.S. shopping service by offering low sellers’ fees and...

Art by Clark Miller, Numoto photo by D. Begley via Flickr.

The Architect of Microsoft’s Vaunted Cloud Bundle Turns His Gaze to AI

By Aaron Holmes · Jan 3, 2024 6:00am PST · 4 comments

When Microsoft announced the retirement of its longtime chief marketing officer, Chris Capossela, last October, its choice of his successor may have seemed counterintuitive to outsiders. Unlike Capossela, who had a flair for the spotlight, Takeshi Numoto has kept a low profile inside the software giant as a marketing executive over the past two... When Microsoft announced the retirement of its longtime chief marketing officer, Chris Capossela,...

Melanie Perkins, co-founder and CEO of Canva. Photo by Eóin Noonan/Sportsfile via Getty Images.

Canva Nears $1 Billion Stock Sale for Employees and Investors, Part of Wave of Private Deals

By Cory Weinberg · Jan 2, 2024 6:00am PST · 1 comment

Design software startup Canva is nearing a deal that lets longtime employees and investors at the company sell more than $1 billion in stock to new investors, people familiar with the matter said, less than six months after the private Australian firm arranged a similar, though smaller, transaction. Canva won’t raise any money for itself... Design software startup Canva is nearing a deal that lets longtime employees and investors at the...

OpenAI CEO Sam Altman. Photo via Getty

OpenAI’s Annualized Revenue Tops $1.6 Billion as Customers Shrug Off CEO Drama

By Maria Heeter, Amir Efrati and Stephanie Palazzolo · Dec 30, 2023 7:00am PST

OpenAI recently topped $1.6 billion in annualized revenue on strong growth from its ChatGPT product, up from $1.3 billion as of mid-October, according to two people with knowledge of the figure. The 20% growth over two months represented in that figure—a measure of the prior month’s revenue multiplied by 12—suggests that the... OpenAI recently topped $1.6 billion in annualized revenue on strong growth from its ChatGPT...

BuzzFeed CEO Jonah Peretti. Photo by Bennett Raglin/Getty Images.

BuzzFeed’s Complex Sale Price Is Likely to Fall Short

By Sahil Patel and Martin Peers · Dec 29, 2023 11:47am PST

BuzzFeed CEO Jonah Peretti. Photo by Bennett Raglin/Getty Images.

BuzzFeed’s Complex Sale Price Is Likely to Fall Short

By Sahil Patel and Martin Peers · Dec 29, 2023 11:47am PST

After months of discussions, BuzzFeed is close to an agreement to sell most of its Complex Networks business to Ntwrk, a live video shopping and e-commerce startup, but at a price that will be a little above $100 million—significantly below what BuzzFeed CEO Jonah Peretti was originally seeking in a sale, said people familiar with the... After months of discussions, BuzzFeed is close to an agreement to sell most of its Complex...

A Shein warehouse in Indiana. Photo by Scott Olson/Getty Images.

Shein Taps Political Heavyweights to Help Win Over Washington Critics

By Ann Gehan · Dec 28, 2023 7:00am PST · 2 comments

As Shein prepares to go public, it is looking for help in winning over its biggest critics in Washington. With that in mind, the China-founded fast fashion giant has tapped political heavyweights as advisers. David Dreier, a former longtime Republican representative and key architect of the North American Free Trade Agreement, has been playing a... As Shein prepares to go public, it is looking for help in winning over its biggest critics in...

Jamie Dimon, CEO of JPMorgan Chase, and Haris Karonis, CEO and co-founder of Viva Wallet. Photos via Getty.

JPMorgan Clashes With Partly Owned Greek Fintech

By Michael Roddan · Dec 27, 2023 6:00am PST · 1 comment

It’s been just 12 months since JPMorgan Chase spent $800 million to buy 49% of Greek fintech startup Viva Wallet, in an effort to expand the bank’s reach into the small business payments sector across Europe. But already the two companies appear to have fallen out. Two of JPMorgan’s three representatives on Viva’s board... It’s been just 12 months since JPMorgan Chase spent $800 million to buy 49% of Greek...

Daniela Amodei, president of Anthropic, and CEO Dario Amodei. Photo via YouTube/Bessemer Venture Partners.

Anthropic Projects At Least $850 Million in Annualized Revenue Rate Next Year

By Maria Heeter and Stephanie Palazzolo · Dec 26, 2023 2:37pm PST · 4 comments

Anthropic, an OpenAI rival backed by Amazon and Google, has projected it will generate more than $850 million in annualized revenue by the end of 2024, according to two people with knowledge of its financial picture. Just three months ago, Anthropic told some investors it was generating revenue at a $100 million annualized rate and expected that... Anthropic, an OpenAI rival backed by Amazon and Google, has projected it will generate more than...

Elon Musk. Photo by Antonio Masiello via Getty Images.

Musk’s xAI Incorporates as Benefit Corporation With ‘Positive Impact’ Goal

By Becky Peterson · Dec 26, 2023 1:02pm PST · 1 comment

Elon Musk. Photo by Antonio Masiello via Getty Images.

Musk’s xAI Incorporates as Benefit Corporation With ‘Positive Impact’ Goal

By Becky Peterson · Dec 26, 2023 1:02pm PST · 1 comment

Elon Musk’s artificial intelligence startup, xAI, is following in the footsteps of rivals OpenAI and Anthropic in opting for an unusual corporate structure. xAI has been organized in Nevada as a for-profit benefit corporation, a structure that allows the company to prioritize having a positive impact on society over its obligations to... Elon Musk’s artificial intelligence startup, xAI, is following in the footsteps of rivals...

Reddit CEO and co-founder Steve Huffman. Photo via Shutterstock.

Reddit Falls Short of Ad Growth Targets Ahead of Likely 2024 IPO

By Cory Weinberg and Sahil Patel · Dec 26, 2023 6:00am PST · 1 comment

If the market for initial public offerings recovers in the new year, one company that aims to go public early on is Reddit. An IPO will put the spotlight on the prospects for Reddit’s advertising business, which has fallen short of ambitious growth targets outlined by executives two years ago. Reddit expects to finish this year with... If the market for initial public offerings recovers in the new year, one company that aims to go...

Photo via Getty

Why Cisco is Paying a High Price to Acquire a Cloud Networking Startup

By Anissa Gardizy · Dec 22, 2023 12:51pm PST · 2 comments

Cisco Systems’ acquisition of Isovalent, a cloud networking and security startup backed by Google and Microsoft, announced on Thursday, suggests that the enterprise software stock rebound is also boosting startup valuations in the sector. Cisco, a pioneer in data center networking equipment that has shifted to serve cloud customers, is... Cisco Systems’ acquisition of Isovalent, a cloud networking and security startup backed by...

Art by Mike Sullivan

TikTok Parent’s Gaming Stumble Shows Limits of Founder’s Vision

By Juro Osawa · Dec 22, 2023 6:00am PST · 5 comments

ByteDance founder Zhang Yiming was getting impatient. During a video call with executives from the company’s gaming team in Sept. 2022, he complained about a lack of progress at the division, called Nuverse. He also pointed out that user numbers for the ByteDance-owned Moonton game studio hadn’t grown even though its headcount had... ByteDance founder Zhang Yiming was getting impatient. During a video call with executives from...

Flexport CEO Ryan Petersen. Photo By Piaras Ó Mídheach/Sportsfile for Collision via Getty Images.

Flexport’s 2024 Goals: Triple Revenue While Slashing Costs

By Theo Wayt · Dec 21, 2023 2:29pm PST

Flexport CEO Ryan Petersen. Photo By Piaras Ó Mídheach/Sportsfile for Collision via Getty Images.

Flexport’s 2024 Goals: Triple Revenue While Slashing Costs

By Theo Wayt · Dec 21, 2023 2:29pm PST

Flexport has set ambitious targets for both revenue growth and cost-cutting in 2024, even as it reels from a sagging freight market and its cash pile continues to shrink. The freight company is targeting $330 million in net revenue in 2024, a dramatic increase from current annualized net revenue of less than $100 million, according to people... Flexport has set ambitious targets for both revenue growth and cost-cutting in 2024, even as it...