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| 1 | | Reality Defender, a startup focusing on detecting deepfakes, raised a $15M Series A led by DCVC. The company plans to use the funds to double its headcount from 23 employees. More: - "New methods of deep-faking and content generation will consistently appear, taking the world by surprise both through spectacle and the amount of damage they can cause," said the startup's CEO and co-founder, Ben Colman, a former Goldman Sachs VP.
- The company offers an API for video, audio, text, and image detection of AI modifications.
- Reality Defender began as a non-profit, switching to a VC-backed startup once the founders realized the commercial demand for deepfake-detecting technologies.
- The round included participation from Comcast, Ex/ante, AI Grant, and Parameter Ventures.
Q: Should non-profits switch to a for-profit model if there is substantial commercial demand for their solutions? Join the conversation here. |     | |
| 2 | | WeWork sent its competitor Codi a cease and desist in response to its recent marketing campaign titled "WeWont." According to the letter signed by WeWork's chief legal officer Pam Swidler, Codi engages in "unauthorized use and misappropriation of WeWork's intellectual property, false advertising and Tortious interference with WeWork's contractual relations with its member companies." More: - Codi has been reported to set up booths outside WeWork offices in New York and San Francisco to convince WeWork customers through "WeWork relief funds" that offer discounts to switch their office spaces.
- Codi CEO Christelle Rohaut told TechCrunch that "there's nothing wrong about what we're doing. I believe it is fair competition. We're doing standard advertising. If anything, we want to provide support to founders and companies who have been impacted."
- WeWork's current valuation borders $117.7M, down from a peak of $47B. The company reported a $397M net loss for Q2.
- WeWork appointed former Blackstone exec David Tolley as CEO, who had served in the role since May on an interim basis following the resignation of Sandeep Mathrani.
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| 3 | | Prove Identity, a startup that works on smartphone-enabled identity verification, raised $40M through a round co-led by MassMutual Ventures and Capital One Ventures. The investment values the startup at over $1B. More: - The company plans to use the funds for global expansion and to launch new commerce enablement and fraud-fighting use cases.
- "As consumers continue to experience risk in their engagement with brands, Prove's solutions ensure that verified and authenticated information is being used, enabling brands to drive both loyalty and revenue," said Charles Svirk, partner at MassMutual Ventures.
- Prove has raised over $242.9M since its inception from backers such as American Express, BlueCross BlueShield, and Apax Digital.
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| 4 | | Copenhagen-based startup Klimate raised €3.5M in seed funding for its CO2 asset management platform. The round was led by Eneco Ventures and Helen Ventures, with participation from investors Rockstart and the Export and Investment Fund of Denmark. More: - Klimate's CO2 asset management platform aims to help companies fund carbon removal initiatives to offset their carbon footprint.
- The funding will support Klimate in expanding its commercial efforts, improving platform capabilities, and increasing carbon removal capacity.
- The move comes as some companies seek ways to offset their carbon emissions, driven by increasing consumer demands for sustainability.
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| 5 | | John Legend has ventured into the startup world with his new app, It's Good. The company raised $5M in funding with participation from Lightspeed Venture Partners. More: - It's Good is a social app for personalized food and travel recommendations.
- The company plans to focus on growth as it transitions from invite-only to a broader community, potentially partnering with hospitality and food companies.
- Earlier this year, John Legend also introduced a skincare line, Loved01, focusing on inclusivity for melanated skin.
- The move comes as many influencers and celebrities have recognized their influential role in marketing brands, as exemplified by YouTubers KSI and Logan Paul, who co-founded the energy drink company Prime, and Mr. Beast's launch of chocolate bars under the brand Feastables.
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| 6 | | Volta Trucks, the manufacturer of the all-electric Volta Zero, has filed for bankruptcy. As part of the bankruptcy, the company will lay off 800 employees. More: - Volta Trucks, known for its electric 16-tonne delivery vehicle, filed for bankruptcy due to challenges securing necessary capital and battery suppliers.
- The collapse of battery supplier Proterra played a significant role in the company's financial difficulties.
- Volta Trucks had a substantial pipeline value of €4.2B, with €1.5B in pre-orders and customer interest, including a pre-order from logistics provider DB Schenker for 1,470 vehicles.
- Founded in 2019, Volta Trucks raised a total of €370M in funding from investors, including Luxor Capital Group and Spain's electric vehicle charging provider, Wallbox.
- The move comes as many players in the electric vehicle (EV) sector have been compelled to focus on profitability due to rising interest rates and limited availability of investor capital.
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- Relay Payments is launching an automated freight tool for brokers.
- Cloud services funding in Europe and Israel reached $11B year-to-date, down from $31B during the same period in 2021, but up from 2020 by $2B.
- Brussels-based CheckHub, a SaaS startup for document management, raised €1M (~$1.06M).
- Mexican auto-financing startup Nexu raised a $20M Series B led by Valor Capital.
- Don't wait for IPOs to make your move. Sandhill Markets offers access to pre-IPO shares of Stripe, Anduril, OpenAI, and Databricks.*
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Term of the Day 4 Ps of marketing: The four Ps of marketing refer to product, price, place, and promotion. Question of the Week What perks would convince you to return to the office? Join the conversation |
INSIDE STARTUPS LEADERBOARD (7 DAYS) |
 | Sr. Analyst | | Nicolas S. is a Sr. Analyst at Inside, covering transportation and startup 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 startups. Follow him at @MobilityNerd. _________________________
Born and raised in the Bay Area, Robel Kelkile is passionate about all things tech, venture, and financial education. He has previously served both universities and state governments in their engagement strategy and tracking legislation. | | This newsletter was edited by Vibha Chapparike | |
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