Crunchbase's weekly funding roundup this week highlights small funding rounds and the latest developments in artificial intelligence (AI). As venture funding contracts, the odds of seed-funded startups graduating to a Series A round have gotten even slimmer. With this in mind, startups are looking for new ways to stay ahead of the competition, and AI is proving to be a valuable tool.
There are four distinct developments that propel artificial intelligence forward today, said Deep Nishar, a managing director at venture capital firm SoftBank, in a recent interview. These include advances in natural language processing, computer vision, reinforcement learning, and the ability to build and train models at scale. These developments are making AI more accessible and powerful, enabling startups to use AI to solve complex problems and gain a competitive edge.
In this week's edition of Who's Hiring In Tech, we look at open positions at funded startups in a variety of sectors from our Crunchbase database. From fintech to biotech, there are plenty of exciting opportunities for job seekers in the startup world. Some of the funded startups featured include Freenome, a biotech company using AI to detect cancer, and Thimble, an insurance startup that provides on-demand coverage for freelancers and small businesses.
Funding rounds were small this week, with no round crossing the $200M barrier. One has to wonder if we're seeing some Silicon Valley Bank (SVB) fallout, as the bank is known for its large funding rounds. Nonetheless, there were still some notable rounds, including Character.AI, a personalized chatbot startup that closed a $150 million Series A at a $1 billion valuation led by Andreessen Horowitz. The startup is using AI to create chatbots that can have personalized conversations with users, making it easier for businesses to engage with customers.
Kream, a secondhand clothing marketplace, announced on Thursday it raised $168 million in Series C funding. The startup is using AI to improve the buying and selling experience for customers, by providing personalized recommendations and streamlining the selling process. The funding round was led by Sequoia Capital and joined by existing investors Accel and DST Global.
More than $664M in seed and pre-seed venture funding flowed to biotech startups in 2022, with more than $90M raised so far in 2023. This trend is expected to continue as biotech startups continue to use AI to develop new therapies and treatments. Some of the notable biotech startups that raised funding include Freenome, mentioned earlier, and Senti Biosciences, a gene editing startup that raised $105 million in Series B funding.
During times of economic uncertainty, founders must overcome numerous challenges in managing their businesses, teams, and investor relations. With the pandemic still affecting businesses around the world, startups are facing a host of new challenges. However, with the right mindset and strategies in place, founders can navigate these challenges and come out stronger on the other side.
In conclusion, the latest funding news and AI developments on Crunchbase show that startups are finding new ways to innovate and stay ahead of the competition. With the help of AI, startups are solving complex problems and creating new opportunities for growth. As the startup world continues to evolve, it will be interesting to see how these trends develop and what new innovations will emerge.
