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Rippling in Advanced Talks for Funding at Over $13 Billion Valuation

Rippling in Advanced Talks for Funding at Over $13 Billion Valuation

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Business software startup Rippling is in the midst of negotiations to secure new funding, aiming for a valuation ranging from $13 billion to $14 billion, sources familiar with the discussions reveal.

Current Funding Endeavor

Sources close to the matter report that Rippling is actively engaged in talks to raise approximately $500 million in funding. These discussions are ongoing, with a tentative plan to finalize terms within the coming weeks. However, the figures being discussed remain fluid, leaving room for potential adjustments before a final agreement is reached.

Rippling in Advanced Talks for Funding at Over $13 Billion Valuation

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Rippling’s last fundraising venture occurred in the challenging landscape of Silicon Valley Bank’s collapse, where the company secured a staggering $500 million. This financial maneuver was expedited due to Rippling’s accounts being frozen at SVB, which posed a significant threat to their ability to process payroll for their clientele, causing considerable disruption. Reflecting on these tumultuous events, Rippling’s CEO Parker Conrad described the period as “probably the most stressful day of my life.”

Strategic Utilization of Funds

The intended utilization of the new funds is multifaceted. Rippling plans to target more midsize business clients globally, expanding its market presence and clientele base. Additionally, the company aims to continue its trajectory of product development, bolstering its offerings to cater to evolving market needs and technological advancements.

Recently, Rippling made strategic strides by securing office space in San Francisco, signaling its intentions to accommodate a growing workforce. This expansion initiative is poised to facilitate the hiring of hundreds of new employees, further enhancing Rippling’s operational capacity and market reach.

Leadership and Background

Notably, Rippling’s CEO, Parker Conrad, brings a wealth of experience from his tenure at Zenefits, a previous startup venture. Conrad’s leadership has been pivotal in navigating Rippling through challenging circumstances and fostering strategic growth opportunities. While Conrad’s past venture faced regulatory challenges resulting in his resignation, subsequent settlements with the US Securities and Exchange Commission have provided a foundation for Rippling’s continued growth trajectory.

Also Read: Energy Startup GridBeyond Completes €52 Million Investment Round

In response to inquiries regarding the ongoing funding discussions, a Rippling representative dismissed the accuracy of the leaked information while refraining from providing additional comments.

As Rippling navigates these pivotal funding talks, industry observers are keenly monitoring the outcome, anticipating the potential implications for the business software sector and Rippling’s trajectory in the global market landscape.

Chip Startup Rivos Secures Over $250 Million in Funding Amidst AI Industry Boom

Chip Startup Rivos Secures Over $250 Million in Funding Amidst AI Industry Boom

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Silicon Valley-based chip developer Rivos Inc. has successfully secured more than $250 million in funding, marking a significant milestone as it advances towards the launch of its inaugural product. This accomplishment highlights the burgeoning demand for innovative hardware solutions tailored to the burgeoning field of artificial intelligence (AI). The recent funding round was led by Matrix Capital Management, with notable contributions from prominent investors such as Intel Capital and Taiwan’s MediaTek Inc.

Targeting AI Market Dynamics

Chip Startup Rivos Secures Over $250 Million in Funding Amidst AI Industry Boom

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Rivos strategically positions itself to cater to AI users seeking alternatives to high-cost, high-power chips like those offered by industry giants such as Nvidia Corp. The company’s focus lies in serving customers engaged in data analytics and generative AI applications, capitalizing on the escalating popularity of AI-driven technologies, exemplified by advancements like ChatGPT.

Puneet Kumar, Rivos co-founder, and CEO emphasized the company’s approach, stating, “We can target potentially smaller installations where Nvidia might seem like an overkill from a cost perspective.” This strategy allows Rivos to offer competitive solutions that deliver optimal performance without the premium price tag.

Innovative Chip Design and Future Plans

Rivos adopts the open-standard RISC-V architecture, positioning itself in direct competition with Arm Holdings Plc. While specifics regarding chip structure, release timelines, and valuation remain undisclosed, the company’s vision includes piloting chip production using Taiwan Semiconductor Manufacturing Co.’s cutting-edge 3NE process technology, renowned for its advanced mass production capabilities.

The infusion of fresh capital will fuel Rivos’s endeavors, enabling it to accelerate chip development and deployment strategies. Collaborations with strategic partners such as VentureTech Alliance and existing investors like Walden Catalyst, Dell Technologies Capital, and Koch Disruptive Technologies underscore Rivos’s commitment to innovation and market penetration.

Industry Visionaries and Legal Challenges

Rivos’s journey is steered by industry luminaries like Lip-Bu Tan, the founding chairman, and early supporter. Tan’s extensive experience in chip design and successful ventures with tech giants like Amazon.com Inc., Qualcomm Inc., and Intel Corp. lends credibility to Rivos’s long-term potential, particularly in data analytics and generative AI domains.

Also Read: Fintech Unicorn Bunq Secures €29M to Fuel UK and US Expansion

The company’s path to success hasn’t been without hurdles, as evidenced by its legal tussle with Apple Inc. over alleged trade secret theft. However, a recent agreement between Rivos and Apple signals a resolution, clearing the path for the successful funding round and reinforcing Rivos’s trajectory in the competitive chip market.

As Rivos continues to innovate and navigate the dynamic AI landscape, its strategic alliances, visionary leadership, and technological prowess position it as a formidable player poised for significant contributions to the AI hardware ecosystem.

Stealth AI Startup Aims to Speed Up Global Hiring After $27 Million Fundraise

Stealth AI Startup Aims to Speed Up Global Hiring After $27 Million Fundraise

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Borderless AI, a disruptive AI-powered startup in the Employer of Record (EOR) sector, has announced a significant milestone today by securing $27 million in seed funding. This funding will fuel the company’s mission to leverage generative AI for automating and expediting the onboarding, management, and payment processes for international team members, revolutionizing the global HR landscape. The investment was led by Susquehanna and Aglaé Ventures, with participation from other institutional investors.

Disrupting Traditional Norms

Stealth AI Startup Aims to Speed Up Global Hiring After $27 Million Fundraise

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Borderless AI’s innovative AI agent, Alberni, is set to revolutionize how companies approach global hiring. Unlike the conventional 7-10 business days required for onboarding in multiple countries, Alberni can navigate complex processes in any country within a mere 10 minutes. This breakthrough slashes through compliance, payment, tax law, and onboarding hurdles, empowering businesses to operate seamlessly across borders.

Industry Leaders and Visionaries

Founded by serial entrepreneur Willson Cross and Lyft’s founding investor Sean Aggarwal, Borderless AI’s strategic vision aligns with the evolving landscape of vertical-specific AI solutions. With companies like Harvey and Sierra paving the way in other sectors, Borderless AI introduces AI agents to HR, envisioning them as commonplace tools akin to websites and mobile apps in previous decades.

“AI agents are the future of HR, streamlining complexities like payroll setup, time-off requests, and employment agreements,” stated Willson Cross, Co-founder, and CEO of Borderless AI. “Our platform, powered by conversational AI and available in 170 languages, ensures geographic expansion and successful business operations globally.”

Transforming Global Workforces

Alberni’s capabilities extend beyond basic onboarding tasks; it can tackle intricate employment law, finance, and tax queries, catering to the demands of distributed global workforces. This transformative technology not only accelerates hiring but also enhances compliance, cost-efficiency, and scalability for businesses of all sizes and industries.

“Our mission is to democratize access to global job opportunities, empowering talented individuals worldwide,” expressed Sean Aggarwal, Executive Chairman, and Co-founder of Borderless AI. “By removing geographic barriers through AI-driven HR solutions, we’re fostering economic empowerment and reshaping the future of work.”

Borderless AI’s clientele includes diverse organizations such as the popular dating app Raya, global architecture firm MG2, and venture-backed fintech startup Affiniti, showcasing the broad applicability and impact of their AI solutions across sectors.

Also Read: Google Faces €250 Million Fine in France Over News Publisher Dispute

A Path to Global Success

Collaborating with strategic partners like Cohere, Borderless AI has developed a proprietary data platform augmenting Cohere’s Large Language Model (LLM). This partnership emphasizes trust, accuracy, and innovation at the core of their technology, reinforcing Borderless AI’s position as an industry leader in AI-driven HR solutions.

With a growing demand for technologies facilitating international hiring complexities, Borderless AI’s AI agent represents a pivotal advancement in the EOR market. By compressing timelines from days to minutes and providing comprehensive HR support, Borderless AI is spearheading a transformative shift in global workforce management.

How this Amsterdam-based Startup Became a Unicorn after $110 Million Funding

How this Amsterdam-based Startup Became a Unicorn after $110 Million Funding: Story of Mews

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With a $1.2 billion valuation, Mews, an Amsterdam-based cloud platform for hospitality, just completed a $110 million investment round, making it a unicorn. Even while the money will be crucial in helping Mews pursue strategic acquisitions, R&D projects, and worldwide expansion, this amazing accomplishment wasn’t achieved overnight but rather as a result of several important things coming together.

Addressing an Important Industrial Necessity

How this Amsterdam-based Startup Became a Unicorn after $110 Million Funding

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The narrative of Mews starts in 2012 with Richard Valtr, a former hotelier who saw directly the drawbacks of the sector’s reliance on antiquated, on-premise technology. He saw the need for a cloud-based platform to improve visitor experiences, expedite processes, and open new avenues. Hoteliers grappling with antiquated systems that were cumbersome, costly, and incapable of meeting the changing needs of the digital era found great resonance in this concept.

Establishing a Solid Foundation and Fostering Trust

Setting out on his aim, Valtr brought together a group of driven people to create Mews, a full-featured cloud platform for hospitality. A range of functions, including property management systems, booking engines, tools for processing payments, and connectors with different hospitality apps, were provided by the platform. Mews solved several issues that hoteliers were experiencing by offering a centralised, user-friendly platform. 

Lower Operating Costs

Cloud-based solutions provided a more affordable option by doing away with the requirement for pricey hardware and software licensing.

Enhanced productivity: Employees were able to concentrate on providing outstanding guest care because of the time and resources saved by automated procedures and streamlined workflows. Improved visitor experiences Mews gave hotel operators the ability to customise visitor experiences, provide self-service choices, and meet changing client needs.

An approach focused on expansion and creativity

Mews understood that success required both innovation and growth. The business concentrated on a few crucial strategies:

Organic Growth

Mews’ strong platform and gratifying client feedback spurred organic growth as happy hoteliers told others about the platform. Mews made eight major acquisitions in the hotel industry, including Frontdesk Anywhere, Hotello, and Nomi. Through these purchases, they were able to increase the size of their client base while also integrating new features and technologies, which enhanced the potential of their platform.

Globalisation

Mews deliberately extended its reach outside of Amsterdam, serving a broader spectrum of clients and positioning itself as a major player on the world stage after realising the possibilities of other markets.

Continuous Innovation

Mews places a high priority on R&D, often adding new features and functions to its platform. Mews’ dedication to innovation guarantees its position at the forefront of the hospitality technology industry.

Fostering Confidence and Drawing in Investors

Mews’ remarkable development trajectory, innovative spirit, and devotion to solving important industry challenges were duly noted. Important investors like Kinnevik and Goldman Sachs came to believe in the firm. These investments gave Mews the money it needed to keep growing, go worldwide, and carry on with its mission to transform the hospitality sector.

Also Read: Who is JTA the lead investor in the $231 million funding round?

Conclusion

Mews’ experience teaches prospective business owners important lessons.

  • Determine a vital need: Speak to a genuine issue that your intended audience is facing.

  • Create a convincing remedy: Provide a novel product or service that successfully addresses the defined demand. 

  • Concentrate on expansion: Create plans for both inorganic and organic development to increase your clientele and market penetration.

  • Accept innovation: To stay ahead of the curve, keep coming up with new ideas and ways to better your goods or services.

  • Establish alliances and trust: Build trust with clients and business associates to get the assistance and assets required for success.

Mews’s ascent to unicorn status is a result of its remarkable development trajectory, strategic collaborations and acquisitions, dedication to innovation and expansion, concentration on meeting a pressing industry need, and investor trust. Mews is in a good position to continue leading and influencing the direction of the hotel industry as it develops.

This Women-Led Healthcare Startup Raises $3.3 Million in Funding to Tackle the need for Better Menopause Care

This Women-Led Healthcare Startup Raises $3.3 Million in Funding to Tackle the need for Better Menopause Care

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Elektra Health, a groundbreaking digital health startup catering to women navigating menopause, has announced a significant milestone in its journey. The company revealed on Wednesday that it has secured $3.3 million in extended seed funding, a testament to its commitment to improving menopause care. This latest influx of capital is poised to propel Elektra Health towards its mission of expanding access to high-quality menopause care for women across the United States.

Bridging the Gap in Women's Health

This Women-Led Healthcare Startup Raises $3.3 Million in Funding to Tackle the need for Better Menopause Care

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Founded in 2019 and headquartered in New York City, Elektra Health has emerged as a beacon of hope for women grappling with the challenges of menopause. The company’s innovative approach encompasses virtual clinical care, personalized wellness plans, educational resources, and robust community support. Elektra Health’s services transcend geographical boundaries, with operations spanning New York, Connecticut, Florida, and soon Massachusetts and Pennsylvania. Moreover, the company collaborates with health plans, employers, and individual consumers to ensure accessibility and affordability.

Jannine Versi, co-founder and COO of Elektra Health, underscored the pressing need for comprehensive menopause care, stating, “The healthcare system today privileges the reproductive window and really anything related to family building and maternal health. … I fully agree that we need much better care and support for the maternal health journey, but it should not come at the exclusion of how we care for women so that they can live in good health and have good quality outcomes for those years that follow that menopause transition.”

Strategic Funding Partnerships

The $3.3 million funding round was spearheaded by UPMC Enterprises, the venture capital arm of UPMC, with notable participation from Wavemaker 360, Flare Capital Partners, and Seven Seven Six Fund. Kathryn Heffernan, senior director of strategic product management at UPMC Enterprises, emphasized the alignment between Elektra Health’s vision and UPMC’s commitment to advancing women’s health. Heffernan stated, “Elektra proved to have all the elements UPMC values in this space: evidence-based education and care that prioritizes women’s health needs and drives outcomes.”

Also Read: Alibaba Unveils Big Cloud Price Cuts as AI Rivalry Deepens

With a total funding of $7.6 million, Elektra Health is poised for substantial growth. Co-founder Jannine Versi outlined the company’s strategic focus, which includes forging partnerships with additional payers, expanding its geographic footprint, and bolstering its team. This strategic approach underscores Elektra Health’s unwavering dedication to bridging the gap in menopause care and empowering women to navigate this transformative life stage with confidence and dignity.

As menopause care gains traction in the healthcare landscape, Elektra Health stands at the forefront of innovation, poised to revolutionize women’s health and redefine the standards of care for generations to come. With increasing recognition of the diverse needs within women’s health, Elektra Health’s funding milestone signals a pivotal moment in the journey towards equitable and inclusive healthcare solutions.

Brian Johnson's AI-Powered Full Body MRI Startup Gets a $21 Million Boost

Brian Johnson’s AI-Powered Full Body MRI Startup Gets a $21 Million Boost

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Biohacker and tech entrepreneur Bryan Johnson is on a mission to revolutionize preventative healthcare with full-body MRI scans. He’s backing New York-based startup Ezra, which recently secured $21 million in funding to make this vision a reality.

Bryan Johnson is not your average tech entrepreneur. As a fervent biohacker, he’s deeply invested in leveraging technology to improve human health. His latest endeavor involves advocating for the widespread adoption of full-body MRI scans as a proactive approach to detecting potential health issues, particularly cancer.

Meet Ezra: Redefining MRI Scans with AI

Brian Johnson's AI-Powered Full Body MRI Startup Gets a $21 Million Boost

At the forefront of Johnson’s vision is Ezra, a startup that harnesses the power of artificial intelligence to streamline the process of full-body MRI scans. Unlike traditional methods, Ezra’s AI technology, Ezra Flash, analyzes scans rapidly, significantly reducing the time patients spend in the scanner.

One might assume Ezra owns its MRI machines, but the company’s approach is different. It partners with existing radiology centers, maximizing accessibility without the burden of machine ownership. This collaborative model allows Ezra to focus on refining its AI algorithms for enhanced scan quality and efficiency.

Addressing Skepticism and Concerns

Despite its promise, the mainstream adoption of full-body MRI scans isn’t without its skeptics. Medical experts raise concerns about overdiagnosis and overtreatment, cautioning against unnecessary stress and costs for patients. They argue that not all abnormalities detected warrant intervention.

Also Read: How To Stop Contact Sharing On iPhone iOS 17

Ezra’s CEO, Emi Gal, remains undeterred by skepticism. He believes that the benefits of early detection outweigh the risks of false positives. Gal aims to make full-body MRI scans more accessible by reducing costs, with a target price of $500 for a 15-minute scan within the next two years.

In conclusion, Bryan Johnson’s endorsement of Ezra underscores a paradigm shift in preventative healthcare. With AI-driven innovations and strategic partnerships, Ezra is poised to democratize full-body MRI scans, offering individuals the opportunity for proactive health monitoring. While challenges persist, the potential impact on early disease detection and treatment is undeniable.