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Privacy Automation and Data Enrichment Platform

January 16, 2024

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Welcome to the 40th edition of our newsletter, where we feature the most exciting early-stage startups, job openings, and valuable resources, all in a single newsletter.

Let's dive in...

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Cherry-picked startups

What? AI-driven platform designed to assist businesses in automating their data privacy concerns. Phaselab functions as a translation layer capable of comprehending both JSON and jargon, handling logs and legalese seamlessly.

Why? Companies face a growing imperative to ensure user privacy due to regulatory pressures and ethical considerations. However, the existing bandwidth limitations in engineering hinder the implementation of robust privacy enforcement systems. In the US, companies grapple with FTC fines for technical failures in adhering to stated privacy policies, while unutilized budgets underscore a lack of available solutions. The escalating frequency of privacy violations and data breaches, exacerbated by technological advancements like AI and IoT, necessitates a proactive approach in adapting to evolving privacy regulations and ethical considerations.

Founded: 2023 in New York, US

By: Josh Schwartz (CEO) - ex-CTO @ Chartbeat (backed by Index Ventures, Threshold Ventures, Lowercase Capital; acquired by Cuadrilla Capital); David van Dokkum (COO) - ex-COO @ Cortico

Stage: Pre-seed

🗃️ Arcus

One-liner: Supercharging AI applications by connecting them to the data they need.

What? Arcus is building a comprehensive data platform that helps users seamlessly enhance their AI applications. Arcus automatically discovers relevant features within users' internal data, valuable external data, synthetic data, and transparently integrates this information directly into the model to improve its performance. Users simply connect their models to the Arcus platform and are automatically matched with the most valuable data for their specific application across their training and inference workflows. Arcus then empirically measures the exact impact of this data on the model's performance.

Why? The effectiveness of AI applications hinges on the quality of the data they encounter. By supplying your applications with more high-value real-world data and signals, you enhance their ability to accurately model and comprehend their assigned tasks.

Founded: 2023 in New York, US

By: Kunal Gosar (CEO) - ex-Engineering Manager (Technical Infrastructure) @ Instabase; Arda Sahiner (CTO)

Stage: Seed

Which early-stage startup should we feature next? Send us a reply. (Criteria: Pre-Seed, Seed, and Series A startups)

Funding

  • Aira, a Stockholm, Sweden-based clean energy-tech provider, secured €145M in Series B funding led by Altor, Kinnevik, and Temasek with participation from Burda family, Collaborative Fund, Creades, Lingotto, Nesta Impact Investments, and Statkraft Ventures.

  • D-Orbit, a Como, Italy-based space logistics company, raised €100M in Series C funding, led by Marubeni Corp. with participation from Avantgarde, CDP VC, Seraphim Space Investment Trust, and others.

  • 1X, a Moss, Norway-based robotics company, raised €91M in Series B funding with backing from EQT Ventures and others. The round also facilitated a secondary transaction where existing shareholders Sandwater and Skagerak Capital participated. New investors in the secondary transaction included Samsung NEXT and the Nistad group.

  • Requity Homes, a Toronto, Canada-based property technology firm, secured $26M in funding co-led by Highline Beta and Sam Sun.

  • Panacea Financial, a Little Rock, AR-based financial technology company serving doctors and doctors' practices, raised $24.5M in Series B funding, led by Valar Ventures.

  • Carmoola, a London, UK-based fintech specializing in direct-to-consumer car finance, raised £15.5M in equity funding, bringing the total to £146M. QED Investors, VentureFriends, InMotion Ventures, AlleyCorp, and u.ventures led the round.

  • Rune Labs, a San Francisco, CA-based precision neurology software company, raised $12M in strategic funding, led by Nexus NeuroTech Ventures, with participation from existing investors including Eclipse, DigiTx Partners, Moment Ventures, and TruVenturo GmbH.

  • Grip Invest, a Delhi, India-based provider of a SEBI-regulated digital investment platform, secured $10M in Series B funding. Backers included Stride Ventures, LC Nueva, Multiply Ventures, and existing investors Venture Highway, Anicut Capital, and AdvantEdge.

  • WTHN, an NYC-based acupuncture company, raised $5M in Series A financing led by L Catterton, with participation from Halogen Ventures and angel investors.

  • Safe Software, a Surrey, Canada-based enterprise integration company, received a strategic growth investment from JMI Equity; the deal amount was undisclosed.

  • Renzo, a remote provider of a DeFi liquid restaking protocol, received an investment from OKX Ventures. The deal amount was not disclosed.

  • Asia Partners, a Singapore-based growth equity investment firm, closed its second fund, Asia Partners II, LP, at $474M.

  • Sandwater, an Oslo-based venture capital firm, closed its early-stage venture fund at 1.4bn NOK (approx. €125M).

A little bit of news, as a treat

  • FedEx is launching a new “data-driven commerce platform” this fall called fdx that it says will help businesses offer a “custom post-purchase experience.” (The Verge)

  • OpenSea, a once-dominant NFT marketplace, plans a comeback with its OpenSea 2.0 upgrade. The platform faced setbacks during the crypto winter, including scandals and loss of market share to newer players like Blur, OKX NFT Marketplace, and Magic Eden.

  • A UN report highlights Tether (USDT) as a major vehicle for money laundering in East and Southeast Asia, particularly on the Tron blockchain. “The stablecoin's stability, ease of use, anonymity, and low fees make it attractive to cyber fraud and money laundering operations in the region.”

  • Artifact, the AI-driven news aggregation app launched by Instagram co-founders Kevin Systrom and Mike Krieger in January 2023, is shutting down due to an insufficient market opportunity, despite having a loyal user base.

  • Parag Agrawal, former CEO of Twitter, who led the company for a year before Elon Musk's takeover, has reportedly secured $30 million in funding for an AI startup focused on building software for developers of large language models (LLMs). (The Information)

  • Circle Internet Financial, the company behind the USDC stablecoin, has filed for a US initial public offering (IPO).

  • Container rates for key global trade routes have surged this week, with US and UK airstrikes on Yemen stirring fears of prolonged disruption to global trade in the Red Sea. (Reuters)

New job openings

*Interested in any of these jobs? Send us a reply for more info or a referral.

That's a wrap for this week.

Thank you for sticking with us until the finish.

We're open to hearing your suggestions for future newsletter topics, so feel free to share what you're grappling with or what you'd like to see from us in upcoming editions.

Have a great week.

Kenneth ✌️

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