Another week, another pulse check on Tech.
From top insights and reports to new funds, VC jobs, resources, and the hottest deals, here’s everything you need to stay ahead 👇
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In-Depth Insights 🔍
The Only Reason to Raise Venture Capital⚖️
Raise only when capital is the primary constraint on growth, since fundraising consumes founder time and dilutes equity and control. A competitor’s funding, investor pressure, stalled growth, or market hype are not substitutes for a clear capital need. [Aaron Harris]
Your GTM can’t run on fixed sequences and static playbooks 🤝
It has to learn from every account, interaction and outcome, and adjust what happens next on its own.
That’s the idea behind Recursive GTM, a free virtual session on October 15:
An estimated $5 trillion in US businesses could change hands by 2035, creating an opportunity to acquire service firms and use AI agents to raise margins from 5 to 10% to 30 to 40%. The playbook covers sourcing, diligence, work samples, and a 100-day integration plan, with execution risks including staff departures and scaling acquisitions faster than integration. [Greg Isenberg]
Your AI Agent Might Be Paying $11,000 a Month to Answer Yes or No 💸 Many agent decisions have only a few possible outcomes but still use expensive frontier models for simple classification and routing tasks. Jev, launched September 15, returns choices, scores, or probabilities at $0.042 per million input tokens with no output charge.
The 9 Bottlenecks Actually Deciding Who Wins in AI 💸
AI progress faces constraints beyond model quality, including transformer grid-connection waits of up to five years, reliability falling to 36% across twenty steps at 95% per-step accuracy, and more than $800 billion in circular financing. The analysis connects these figures to three underlying limits: electricity, capital allocation, and organizational execution.
Every AI Startup Is Running One of Two Sales Plays, and Most Picked Without Looking 🎯
The right sales strategy depends on who signs the contract, how much risk that buyer carries, and whether evidence of success spreads across the market. Concentrated markets favor winning a marquee customer through the lighthouse play, while fragmented markets favor the landgrab play built around repeatable unit economics.
The Great AI Capital Misallocation 🏗️
Investment is concentrating in AI infrastructure while application startups with strong growth, retention, and margins struggle to secure funding. The proposed response differs by position: infrastructure companies can raise and offer secondaries, application startups can prioritize survival, and investors can avoid duplicating the same exposure. [Ramy Adeeb]
Ten Votes to Your One: How Supervoting Separates Ownership from Control📑
Supervoting shares separate voting power from economic ownership, allowing Figma’s CEO to hold roughly 9% of equity while controlling just over half the votes. The structure does not guarantee board seats or bypass protective provisions, while voting proxies offer founders a narrower alternative to enhanced voting rights. [Ilya Strebulaev]
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Interesting Reports 📊
State of Markets: Tech Earnings Meet the Rotation to Atoms 🏗️
Tech is leading earnings growth and margin expansion, while trading at multiples roughly 20% below its 5-year average. Hyperscaler AI capex keeps beating forecasts, SaaS enters a prove-it era, and private companies continue reaching larger valuations. [a16z]
VC Fund Performance: TVPIs Rise as Top-Decile IRRs Fall 📉
For 2017 to 2019 vintages, top-decile IRRs declined while TVPIs increased, with the 2017 vintage moving from 28.7% to 25.7% IRR and 3.31x to 4.14x TVPI. Funds above $100 million captured 64% of 2025 capital, while median LP counts fell for $100 million to $250 million funds and 2017 median DPI remained at 0.37x. [Carta]
Anthropic Economics: $65B Run Rate Meets $518B of Commitments ⚖️
Anthropic’s July 2026 run rate exceeded $65 billion versus nearly $4.6 billion in 2025 revenue, while about 80% of infrastructure commitments remain noncancelable or usage-independent. A $2 trillion valuation implies nearly 31x the July run rate, putting sustained free cash flow at the center of the valuation case. [PitchBook]
Recently Launched Funds 💸
Zero Infinity Partners closed Fund II at $156M, backing early-stage companies at the intersection of physical infrastructure and technology.
Protego Ventures closed Fund I at $125M, investing in early-growth Israeli defense technology companies across autonomous systems, AI, sensing, navigation and related technologies.
DIG closed Fund III at $120M, backing European pre-seed and seed-stage companies building enterprise AI and cloud infrastructure.
Hatteras Venture Partners held the first close of Opportunity Fund II, targeting $100M, to provide follow-on capital to healthcare companies approaching key clinical, regulatory and commercial milestones.
Sofinnova Partners closed Sofinnova MD Start IV at €82M, backing the creation and development of 6–8 new medtech companies across Europe and the US.
Eureka! Venture launched Eureka! Fund II – Deep Tech Lazio with a ~€20M first close, investing in early and development-stage deep-tech startups, spin-offs and innovative SMEs.
BAG Ventures closed its inaugural Fund I at $11.3M, backing early-stage companies.
The US VC Database Most Founders Never Build
2,000 active US VC firms. Pre-seed to seed. Every sector. All in one database.
VC Jobs 💼
A16Z (New York City, NY): VC Partner (apply here)
Sagard (Toronto, Canada): VC Associate (apply here)
DRW Venture Capital (Chicago, IL): VC Analyst (apply here)
CVX Ventures (London, England): VC Associate (apply here)
Acton Capital (Munich, Germany): VC Internship (apply here)
Reimann Investors (Munich, Germany): VC Internship (apply here)
Entourage (Ghent, Belgium): VC Internship (apply here)
Oval Park Capital (Raleigh, NC): VC Analyst (apply here)
Antler (Amsterdam, Netherlands): VC Internship (apply here)
Living Hope VC (Rotterdam, Netherlands): VC Analyst (apply here)
Hottest Deals 💥
EliseAI raised $350M in Series F funding at a $4B valuation, co-led by Andreessen Horowitz and Bessemer Venture Partners, to expand its AI platform across housing and healthcare operations. (read more)
Armadin raised $255.5M in Series B funding, co-led by Andreessen Horowitz and Accel, at a valuation above $2.5B to scale its agentic cybersecurity platform and accelerate its research and go-to-market strategy. (read more)
Varda Space Industries raised $251M in Series D funding, led by Lux Capital and Natural Capital, to scale its space-based manufacturing platform and expand production capabilities. (read more)
General Intuition raised $220M in new funding at a $6.2B valuation from Valor Equity Partners, Atreides, Seven Seven Six, Point72, Khosla Ventures and General Catalyst to develop foundation models for real-world and physical AI applications. (read more)
Reverion raised $175M in Series B funding, led by Kembara, to scale production of its carbon-negative power plants and build a new manufacturing site in Germany. (read more)
CScale raised $145M in Series C funding, co-led by Atreides Management, Valor Equity Partners and Premji Invest, to commercialize optical interconnect technology for gigawatt-scale AI infrastructure. (read more)
Jeeves raised $110M in equity funding, led by CoinFund, to expand its stablecoin-native financial infrastructure for global businesses as platform and stablecoin volumes accelerate. (read more)
Efficient Computer raised more than $97M in Series B funding, led by TQ Ventures, at a $650M valuation to scale its energy-efficient processors from physical AI applications toward datacenter computing. (read more)
TriGemX Bio raised $94M in funding from The Column Group, TCGX, Viking Global Investors and others to advance elismetrep, its Phase 3-stage migraine treatment. (read more)
Volantis raised $88M in Series A funding, co-led by Lachy Groom and Abstract Ventures, to commercialize its photonic AI-inference architecture designed to overcome memory and bandwidth constraints. (read more)
AnaCardio raised €62.5M in Series B funding (~$71M), co-led by Novo Holdings and the Ljungström family office, to advance its heart-failure therapy through Phase 2b toward Phase 3 readiness. (read more)
Flow Engineering raised $50M in Series B funding at a $750M valuation, co-led by Valor Equity Partners and Atreides Management, to accelerate AI-powered hardware engineering and validation. (read more)
ai3Bio raised $48M in Series A funding, led by UPMC Enterprises and Ziff Capital Partners, to advance its autoimmune-disease platform targeting diseased T cells. (read more)
Aptadir Therapeutics raised €40M in seed funding (~$45M), led by 4BIO Capital, to advance its RNA-inhibitor therapeutics targeting intractable genetic conditions. (read more)
Miter raised $40M in Series B funding, led by Battery Ventures, to expand its AI-native construction workforce and operations platform. (read more)
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