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Artificial Intelligence

Gamma Achieves $100M ARR and $2.1B Valuation in Series B Round

Gamma, an AI-driven platform for creating presentations, websites, and social media content, has secured $68 million in a Series B funding round led by Andreessen Horowitz, valuing the company at $2.1 billion.

The company has reached $100 million in ARR with 70 million users and achieved profitability, having previously reached $50 million profitably in its initial two years. Gamma's Series A round of $12 million was led by Accel in 2024.

Founded in late 2020 and launched in 2022, Gamma has maintained a conservative fundraising approach, achieving a double-unicorn valuation with approximately 50 employees and a total funding of around $90 million. The round included a $20 million secondary offering.

Participation in the latest round also came from Accel and Uncork Capital, along with backers such as South Park Commons and Hustle Fund.

Technology

Wikipedia's Strategy for AI Era: Paid API and Attribution

Wikipedia is urging AI developers to use its content responsibly by attributing contributions and accessing content through the Wikimedia Enterprise platform.

The paid platform allows companies to use Wikipedia's content at scale while supporting the organization's non-profit mission.

Wikipedia has observed that AI bots have been scraping its website, leading to a decline in human page views.

The organization emphasizes the importance of attribution to credit human contributors and maintain the quality of content.

Wikipedia released its AI strategy, which focuses on using AI to assist editors with tasks like translation and workflow optimization, rather than replacing them.

Business & Finance

Carbon Direct Acquires Pachama: A Sign of Consolidation in the Voluntary Carbon Market

Carbon management startup Carbon Direct has acquired Pachama, a carbon credit startup, signaling consolidation in the voluntary carbon market. Pachama, which had raised $88 million, faced layoffs this summer due to a softening market. The acquisition comes amid uncertainty and volatility in the carbon markets, with concerns over the effectiveness of nature-based carbon credits. Carbon Direct, which advises companies on carbon footprint tracking and offsetting, counts Microsoft, Shopify, and American Express among its customers. The deal's terms were not disclosed.

Financial Technology

Venmo Stash: New Cashback Rewards Program to Lure Gen Z Users

Venmo has launched Venmo Stash, a new rewards program offering cashback to customers who use their Venmo Debit Mastercard and engage with Venmo's products. The program aims to incentivize continued use of Venmo by bringing more funds into the ecosystem.

The rewards, which can be up to 5%, are returned to Venmo's Mastercard Debit Card. This initiative targets younger users who prefer debit cards over credit cards, with studies indicating that a significant percentage of Gen Z favors debit cards.

Customers initially earn 1% cashback for spending their Venmo balance, which increases to 2% with auto-reloads and 5% with monthly Direct Deposits. Instead of category-based rewards, Venmo offers curated bundles of favorite brands like McDonald’s, TikTok Shop, Uber, and Amazon.

Next year, Venmo Stash will expand to offer rewards for payments made with Venmo at merchants within its nationwide network. This move competes with similar cashback incentives offered by rivals like Cash App.

Artificial Intelligence and Mapping Technology

Google Maps Enhances Developer Capabilities with New AI-Powered Tools

Google Maps is introducing new AI features, including a builder agent and MCP server, to empower developers in creating interactive projects using Maps data and code. These tools are powered by Gemini models. The builder agent allows users to describe their desired map-based prototype in text, generating code for tasks like creating Street View tours or visualizing real-time weather. Additionally, a styling agent enables customized map designs to match specific themes. Google is also introducing Grounding Lite, allowing developers to ground their own AI models using Model Context Protocol (MCP), enabling AI assistants to answer location-based questions. Contextual View, a low-code Google Maps component, provides visual understanding for such queries. Furthermore, a code assistant toolkit, the MCP server, connects with Google Maps' documentation to aid developers in utilizing the Google Maps API and data. On the consumer side, Google is adding Gemini-powered features for hands-free navigation and, in India, incident alerts and speed limit data.

Venture Capital

Sapphire Sport Rebrands as 359 Capital, Focuses on Series A and B Startups

Sapphire Sport, a venture fund focused on sports, media, and entertainment, is spinning out from Sapphire Ventures and rebranding as 359 Capital. The firm will continue to focus primarily on Series A and Series B startups, writing checks between $2 million to $10 million. 359 Capital's portfolio includes companies like Beehiiv, Betty Labs, Overtime, Perplexity, and Tonal. The transition includes key personnel such as Michael Spirito, David Hartwig, Doug Higgins, and Rico Mallozzi.

Cybersecurity

The Pervasive Threat of Government Spyware: Abuse Beyond Criminals and Terrorists

Government spyware, intended for serious criminals and terrorists, is increasingly used against journalists, activists, and politicians. The ease of targeting and lack of transparency contribute to widespread abuse. Companies like NSO Group and Paragon provide sophisticated surveillance tools, leading to a multi-billion dollar market with governments spying on a broad range of individuals. While some efforts are underway to curb the market, the problem persists globally.

Autonomous Vehicles

Vay Secures Potential $410M Investment from Grab to Expand Remote Driving Technology

Vay, a German startup specializing in remote-controlled rental cars, is set to receive $60 million from Grab, with a potential for an additional $350 million upon achieving joint milestones. The investment will help Vay scale its operations in the U.S., where it currently operates in Las Vegas. Vay's technology uses human operators to remotely drive rental cars to customers. Grab's investment aims to tap into the growing market of consumers who prefer not to own cars. The two companies also plan to explore synergies in Southeast Asia, with Grab potentially using Vay's driving data to improve AI models for autonomous driving.

Artificial Intelligence

1Mind Secures $30 Million to Revolutionize Sales with AI Agents

1Mind, founded by Amanda Kahlow, has raised a $30 million Series A round to further develop its AI sales agent, Mindy. Unlike other sales agents that focus on outbound communication, Mindy handles inbound sales, augments self-service websites, and replaces sales engineers on calls. 1Mind's AI agents are designed to replicate the human experience, providing comprehensive knowledge and deterministic AI to limit deviations. Currently used by over 30 companies, including HubSpot and LinkedIn, 1Mind aims to replace roles such as sales engineers and potentially higher-end account executives in the future, envisioning agent-to-agent transactions.