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The Lead
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Groq has raised $750 million in a funding round that values the company at $6.9 billion. The AI chipmaker plans to use the capital to grow data center capacity, with CEO Jonathan Ross noting plans for an Asia-Pacific location. "We've had customers come to us asking for more capacity than we can satisfy at the moment," Ross says.
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Acqui-hiring is going mainstream as tech giants prioritize talent over IP. In March 2024, Microsoft struck a $650M deal with Inflection AI, redeploying most of the team into Microsoft AI, the group behind Copilot. Headcount Analytics makes moves like this visible, signaling deal intent.
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Capital Call
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Colossal Biosciences has raised $120 million from investors, bringing its total funding to $555 million. The biotechnology company, which is now valued at $10.3 billion, plans to use the funds to build an avian research facility in Texas and has made progress in growing pigeon cells. The company said this achievement could lead "to new ways of protecting endangered birds and possibly bringing back extinct ones."
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Figure AI has raised more than $1 billion in a Series C funding round, bringing its valuation to $39 billion. Investors include Nvidia, Salesforce, Intel and Qualcomm. Figure AI aims to create "general purpose" humanoid robots.
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Consumer electronics company Nothing has raised $200 million in a Series C funding round, and the capital will be used to develop an AI-first device next year. The business also intends to create an operating system with AI and personalization components.
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The AI-powered code review startup CodeRabbit has raised $60 million in Series B funding at a $550 million valuation. The company, founded in 2023, has grown 20% monthly and has more than $15 million in annual recurring revenue.
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Inside the Beltway
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House Republicans plan to combine the CLARITY Act, which would overhaul cryptocurrency regulation, with a bill that would prohibit the Federal Reserve from creating a central bank digital currency, after both bills gained House approval separately in July. The move aims to appease Republican hard-liners, but it faces challenges in the Senate, where a different crypto market structure bill, the Responsible Financial Innovation Act, is expected to be advanced.
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From Pitchbook
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The gaming venture capital market saw a decline in the second quarter, with deal value dropping 27.2% and deal volume decreasing 17.5%. However, gaming tech and SaaS startups raised more than $500 million, driven by AI tools that promise faster and cheaper development.
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Sector Spotlight: Tech
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Klarna's recent $17 billion IPO has sparked speculation about which fintech companies might go public next. Companies that could be next include Stripe, which recently conducted a $91.5 billion secondary share sale; Revolut, valued at $75 billion in a secondary market transaction; Monzo, valued at $5.9 billion in a secondary share sale; Starling Bank, valued at $3.4 billion in a 2022 funding round; and Payhawk, valued at $1 billion in a 2022 funding round.
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