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| Hey Insiders, Today's newsletter covers: - Airtable's layoffs
- Minnesota med-tech startups to cross $1B this year
- Writer's $100M Series B round
If you find this newsletter useful, please share it with your friends and colleagues. Thank you. Karan
p/karan-chafekar | |
| 1 | | Airtable, a NoCode startup, announced it would lay off 27% of its staff (237 people). The company plans to refocus efforts to attain large clients and reduce spending. More: - The move follows a layoff of 254 people in Dec. 2022.
- "We must operate the business in a more mature way that puts us on a path to become a public company and to have durability and efficiency in how we grow," said Airtable's founder and CEO, Howie Liu.
- More than 136,000 people were laid off from companies in the tech sector in Q1 2023.
- Airtable is currently valued at $11.7B.
Q: How can startup founders improve employee morale and ease anxiety among the remaining workforce following layoffs? Join the conversation here. |     | |
| 2 | | Minnesota-based medical device, biotech, and digital health startups are on track to cross more than $1B in funding by the end of this year, per trade group Medical Alley. 
What the numbers say: Funding for medtech startups in Minnesota has crossed the $1B in three of the previous four years. Medical Alley's vice president of innovation, Frank Jaskulke, said, "Biotech often takes 10, 15 or 20 years [to commercialize]. It's now starting to come to fruition, and I think could be the most transformative thing for the ecosystem." Jaskulke added, "The investment rounds in biotech for a seed round, it might be a couple of million in device or digital but might be $100 million in biopharmaceuticals." What happened: Minnesota's medical device, biotech, and digital health startups have attracted billions in grants and VC funding due to its flourishing medical technology industry. Minnesota has over 1,000 healthcare companies, employing more than 500,000 residents. The state ranks first in the nation for pacemaker-related patents per capita and third in medical device patents, according to the Minnesota Department of Employment and Economic Development. | | | |
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| 3 | | ICONIQ Growth led a $100M Series B funding round into Writer, a full-stack generative AI platform for enterprises. The firm will use the proceeds to develop its AI models further and enhance the functionality of its products. Writer was valued at over $500M at the current round. More: - Writer helps businesses produce product descriptions, write job listings, analyze data, summarize posts, and create marketing material.
- The firm counts L'Oréal, Spotify, Accenture, and Vanguard Group as its most esteemed customers.
- The latest capital infusion brings the firm's total raised to $126M.
- WndrCo, Balderton Capital, Insight Partners, and Aspect Ventures participated in the funding round.
- Iconiq's general partner, Doug Pepper, joined Writer's board of directors as its seventh member.
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| 4 | | Superorder, a startup formerly known as Fordward Kitchens, announced it raised $10M through a round led by Foundation Capital. The company works on developing websites, menus, tools, and financial management for restaurants. More: - The startup uses generative AI to create menus and photos for digital restaurant listings.
- Superorder operates in 180 cities in the U.S., claiming over 1,500 restaurants as customers.
- The company says it has facilitated 1.5 million orders since its launch.
- Other participants in the round include Y Combinator managing director Michael Seibel, Cruise co-founders Kyle Vogt and Daniel Kan, and I2BF Global Ventures, among others.
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| 5 | | Proba, a Netherlands-based carbon credit startup, raised an undisclosed amount from ECG Ventures. The company plans to use the funds to expand its client base. More: - Founded in 2022, Proba works on issuing carbon certificates under the ISO 14064, SBTi, and GHG protocols for corporations that reduce or remove CO2.
- The startup works with third-party verifiers to certify each metric ton of CO2 through a blockchain ledger.
- ECG invests in deep-tech startups in agriculture, food, and climate, including Corvus Drones, Healthy Fridge, and Urban Farming Partners, among others.
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| 6 | | San Jose, Calif.-based startup UltraSense Systems inked a deal with South Korea's Mobase Electronics. Under the agreement, UltraSense will supply its touch-sensitive chips to Mobase, an established supplier to Korea's automotive industry. UltraSense's products will appear in high-end models from Korean automakers. "The first car rolls off the production line in January, and there'll be three or four other cars that roll off the line throughout 2024," said Chief Business Officer Daniel Goehl. More: - Mobase's chairman and co-chief executive Son Byeong-Jun said, "With UltraSense's partnership, we are confident that our solid-surface infotainment systems and other next-generation touch products will stand out with our customers to deliver exceptional touch user experiences."
- UltraSense's chip detects a human input using ultrasound waves.
- The startup has raised $23.9M in total VC funding to date from Artiman Ventures and Bosch Ventures.
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| 7 | | 
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INSIDE STARTUPS LEADERBOARD (7 DAYS) |
 | Analyst | | Karan Chafekar is a Management Consultant, Business enthusiast, and Licensed Pilot.
Nicolas is a Sr. Analyst at Inside, covering startups and transportation trends. He is an avid map maker and data nerd. Nicolas has worked in the shared-scooter space, as well as advised e-bike and moped start-ups. | | This newsletter was edited by Vibha Chapparike | |
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