The Unicorn Hangover Lingers; Ben Horowitz’s Post-Election Sniping

Another day, another multibillion-dollar valuation for a generative AI startup! Today it’s Synthesia, a video-generation startup that’s near a $2 billion price tag in a round led by New Enterprise Associates, we scooped Thursday. 

Given the firehose of AI deals, it’s easy to forget that plenty of startups aren’t as lucky – and could be getting perilously close to running out of cash. Digital health company Forward’s decision to shut down on Tuesday, laying off nearly 200 staff, was a reminder: The hangover from the funding bonanza in 2020–21, which minted hundreds of unicorns, hasn’t faded.