Welcome to Startups Weekly — your weekly recap of everything you can’t miss from the world of startups. Want it in your inbox every Friday? Sign up here.
This week brought us some exciting fundraising news from around the world, and even some exits. But if you are looking for tech IPOs, you will have to look at India. Meanwhile in the U.S., startups could help data centers reduce their environmental impact.
Most interesting startup stories from the week
As mentioned, we have some exits to report on, despite another reminder that not all startups will make it — even when they are backed by YC.
Open space: Table Space, an Indian startup that provides managed workspaces, is planning to IPO next year at a $ 2.5 billion valuation, according to sources. As TechCrunch’s Manish Singh noted, “the Indian market has delivered more tech IPOs this year than the U.S. as valuation multiples approach all-time highs in the South Asian market.”
Trail mix: Cybersecurity unicorn Cyera made its first acquisition with Trail Security, a data loss prevention startup it bought for $ 162 million in cash and shares. Cyera is also looking to raise more funding for itself — some $ 200 million at a valuation nearing $ 3 billion, sources confirmed.
Engaging: Analytics software company Amplitude bought Command AI, a San Francisco-based app user engagement startup previously known as CommandBar. Most of its team of 30 people will be joining Amplitude, which went public on the Nasdaq in 2021. The deal was priced at “north of $ 45 million,” a source told TechCrunch.
Fintech struggles: CapWay, a fintech startup that was part of Y Combinator’s summer 2020 cohort, is no more. Its goal was to bring financial services to “banking deserts.”
Most interesting fundraises this week
Making data centers more efficient is a promise that keeps attracting funding, but capital also flew to other interesting startups in a variety of sectors and countries.
Reaction time: X-Energy, a nuclear tech startup, raised a $ 500 million Series C-1 round led by Amazon’s Climate Pledge Fund. This comes at a time when cloud giants are exploring cleaner ways to power their data centers.
The power of light: Lightmatter raised a $ 400 million Series D at a $ 4.4 billion valuation to reduce the energy demand of data centers and AI models thanks to photonic chips. Xscape Photonics, another startup in this space, raised $ 57 million to grow its team and scale production.
Diamond in the trash: Japanese startup Ookuma Diamond Device (ODD) raised around $ 27 million to build a diamond semiconductor manufacturing facility that will produce chips to be used in removing radioactive debris.
Broader inclusion: Fable, a Toronto-based startup that helps companies build digital products that can more easily be used by people with disabilities, raised $ 25 million in new funding. The capital will help fund new teams and products focusing on accessibility tools for cognitive and hearing impairments.
Space for Earth: OroraTech, a German startup using satellites to detect wildfires, raised $ 25 million to grow its market and cover more of Earth.
Most interesting VC and fund news this week
Micro gone big: 20VC, the venture firm named after Harry Stebbings’ podcast series, is moving further away from its micro-VC days. It closed a new $ 400 million fund, with the goal to “make Europe great again,” Stebbings said.
Money hunt: Regulatory filing revealed that VC firm Buckley Ventures is seeking to raise a fourth $ 250 million fund. It was founded in 2019 by Josh Buckley, who was also Product Hunt CEO between 2020 and 2023. Its previous fund closed at $ 337 million, according to PitchBook.
Nordic winds: Node.vc, a VC firm focused on the Nordics and Baltics, closed its €71 million first fund. Launched in 2023, it is part of a new crop of European venture firms that claim to operate as “entrepreneurs backing entrepreneurs.”
In memoriam
The startup world lost one of its own this week, as our former TechCrunch colleague Steve O’Hear passed away much too soon at the age of 49. The heartbreaking news also put into light how thankful many founders were for his support over the years. Our thoughts go out to his family, his friends, and his team at communications consultancy O’Hear & Co, which intends to live on and build on his legacy.
