Startups Weekly: Get Ready for the Thrilling Rippling Espionage Movie!

Welcome to your weekly update on the latest happenings in the world of startups! In this edition of Startups Weekly, we dive into the captivating stories that shaped the startup landscape this week. From corporate espionage to significant funding rounds, there’s plenty to explore. If you’d like to receive these insights directly in your inbox every Friday, sign up here.

Noteworthy Startup Stories This Week

Corporate Espionage Unveiled

In a dramatic turn of events, Rippling, an HR tech startup, has filed a lawsuit and subsequently released an affidavit from a former employee accused of spying for rival Deel. This storyline reads like a Hollywood thriller, showcasing the intense competition in the tech industry.

Harbinger of Trouble

Harbinger, a manufacturer of electric trucks, has accused Canoo of concealing assets during its bankruptcy proceedings. The company has filed an objection against the sale of assets to Canoo CEO Anthony Aquila, alleging preferential treatment.

Partnerships and Acquisitions

• In a strategic move, Qualcomm has acquired the generative AI division of VinAI, a Vietnam-based AI research company founded by former DeepMind scientist Hung Bui. The terms of the deal remain undisclosed.
• Epic Games, the creator of Fortnite, has purchased Loci, an AI platform designed to tag 3D assets for improved search functionality and intellectual property infringement detection.

CEO Insights

In a recent Reddit AMA, Aravind Srinivas, CEO of Perplexity, clarified that the company has no plans for an IPO before 2028 and is operating without significant financial stress.

Key Venture Capital and Funding News

Major Funding Rounds

This week highlighted an array of funding rounds, showcasing the growing interest in sectors like manufacturing and defense tech. Here are some key highlights:

• Isomorphic Labs, an AI drug-discovery platform, secured $600 million in its first external funding round since its spin-off from Google’s DeepMind in 2021. The round was led by Thrive Capital.
• Plaid raised $575 million at a valuation of $6.1 billion, significantly lower than its peak valuation of $13.4 billion, while emphasizing its strong capital position.
• Temporal raised $146 million in a Series C round, achieving a post-money valuation of $1.72 billion.
• Retym, an AI data center chipmaker, garnered $75 million in Series D funding led by Spark Capital.
• Aetherflux raised $50 million in Series A funding to develop space-based solar power stations, with a demo planned for 2026.
• Roam, a startup that assists prospective homeowners in finding assumable mortgages, completed an $11.5 million Series A round.
• Construct Capital, an early-stage VC firm, closed a $300 million third fund focused on manufacturing, transportation, and defense tech.

Shifts in the VC Landscape

Frank Rotman, a fintech VC, will transition from his role at QED Investors to focus on launching his own startups, starting with a venture in the music industry.

Intel Capital: A Look Ahead

As Intel Capital prepares for a potential spinout, TechCrunch reflects on its journey since 1991 and its future plans in the venture capital landscape. For more details, visit TechCrunch.

Stay tuned for next week’s edition of Startups Weekly for more exciting news and updates from the startup ecosystem!