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AI is coming to the blockchain, big fintech earnings, and good news for small VCs

Author

Alex Wilhelm
July 02, 2024 • Estimated Reading Time: 8 minutes

Top News

  • Sentient raises $85M for AI on the blockchain: Will a handful of big tech companies own and run our AI future? Not if Sentient gets its way. The company — now backed by Founders Fund and others — has a plan to bolster open-source AI development. Working to solve a lack of incentives for open-source AI work and the need to combine individual inputs to models, Sentient wants to build a future where “AI development is open and transparent, and its access and monetization is decentralized.”

  • Revolut’s results underscore neobank health: After a rough patch during Covid, many well-known neobanks are putting up big results. Alex points out that higher interest rates have helped many fintech companies scale revenues quickly. However, if rates begin to fall, that may have the opposite effect.

  • Good news for emerging managers: A new $900 million fund raised by Industry Ventures was built to invest in “emerging managers and directly backing breakout growth-stage companies alongside their managers.” TechCrunch’s Marina Temkin correctly points out that in today’s venture market, larger and better-known funds have a better time fundraising. Perhaps Industry Ventures’ latest can turn that trend around.

TWiST500 Updates

This week on the pod, we’re adding new names to the TWiST500. Over the next month, we’ll look at specific industries with lots of active technological development underway. Today that means a dive into the intersection of robotics and AI. At the meeting point of the two technological domains, we find humanoid robots tuned for labor-intensive tasks and the software suites (and AI models) behind them.

Parsing a host of news coverage, venture capital deal flow, and what startups are building, here’s a rundown of the robotics companies Jason and Alex will dig through on the show:

Cobot: Collaborative robots (cobots) that use LLMs to handle decisions. The company writes that it believes in “a future where robots are a trusted extension of your surroundings.” Notably, its cobots are still under wraps, so we don’t know what they will look like. Yet.

Figure: One of the better-known names on this list, Figure has raised a mint for its humanoid robots from both venture firms and corporate backers. It’s working on “general purpose humanoids that make a positive impact on humanity and create a better life for future generations”. The company’s FIGURE 01 robot blends a human-styled robot chassis with AI to help it perform a wider array of tasks.

  • $854M raised per Crunchbase

  • Notable backers: Nvidia, Bezos Expeditions, Samsung Ventures, OpenAI, Microsoft, Intel Capital, Contrarian Thinking Capital

1X Technologies: Similar to Figure, 1X is building a humanoid robot that can help with various tasks. It's worth noting that 1X pitches its robot on its website as more personal than industrial. And while Figure employs electric power in its robot, 1X uses hydraulics.

Agility Robotics: While some companies on this list are still in the testing phase of their robotic journeys, Agility claims that in June of this year, one of its robots worked “a full shift in a commercial setting — not a test, proof of concept, or demo.” Agility’s robots seem well-suited to warehouse settings, and less focused on personal use.

Apptronik: Humanoid robots with a general focus. The company’s robot, Apollo, is pitched by the company for manufacturing, logistics, and retail work environments. Apptronik says that its robot will help with labor crunches and reduce the pain of human employee turnover.

Mentee Robotics: The MenteeBot claims to be an “AI-based robot that you can mentor.” The company mentions both household and commercial use cases for its bot, including notes that it can interpret multi-part instructions via voice.

Oversonic Robotics: Humanoid-ish robots “capable of making and executing decisions independently” thanks to AI. This robot seems more built for repetitive tasks in a single area than, say, navigating your house.

Sanctuary AI: Humanoid robots that are “general-purpose,” the company claims. Its Phoenix robot uses the company’s in-house “AI control system” called Carbon. Sanctuary, therefore, is a good example of the fusion of AI and hardware that modern robotics companies must master. It’s also Canadian!

  • $90M raised, per Crunchvbase

  • Notable backers: Accenture Ventures, Bell Canada, Verizon Ventures, Evok Innovations, various Canadian public capital pools

More names:

  • Bright Machines is building AI-driven robotic microfactories. It’s a fascinating company, even if it’s not building humanoids — yet, at least. With $437M raised per Crunchbase, it’s incredibly well-backed by names including Nvidia, Microsoft, Lux Capital, and BMW.

  • Moxie has built a half-humanoid robot that doesn’t move. Instead, its bot sits on a table and teaches your kid. Very cool.

  • Carbon Robotics has raised just under $80 million for its agriculture-focused robotic weeding solutions that use lasers.

  • Finally, Bear Robotics is building AI-powered delivery bots for restaurants and similar businesses. They are not humanoid bots, however.

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This Week in Startups

E1974: A news roundtable to start the week saw Jason and Alex digging into the DEI v MEI debate, with a side order of media economics and norms. From there, the pair dug into Amazon’s recent AI not-acquisition and what to make of Chime and Salt Labs teaming up. The latter startup was new, making its nine-figure exit all the more interesting to unpack.

E1973: On this episode of Liquidity, David Weisburd introduces Konstantine Buhler, Ana Marshall, and Jason, who discuss the challenges for new fund managers, the impact of VCs not raising new funds, and current market trends. They also cover topics like capital deployment, portfolio assessment, AI applications, and investment strategies for M&A versus IPO.

E1972: A busy news week with Jason and Alex back together to dive into the latest, including the proposed Texas Stock Exchange, and why more competition in listing locations could be a boon for founders, Circle’s pending IPO (that Alex loves), and stablecoins as a concept.

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