EU fines Meta $1.3B, Meta in talks with Magic Leap for AR deal, TikTok sues Montana

EU regulators fined Meta a record $1.3B for sending user data to the US, surpassing its prior high of ~$806M against Amazon in 2021 - Link

FT sources: Meta is discussing signing a multiyear agreement with Magic Leap; as part of the deal, Magic Leap would provide IP licensing and contract manufacturing to help Meta build mainstream AR products - Link

TikTok is suing the state of Montana over a new law banning the app, which is set to go into effect on 1/1/24; the social media company is citing First Amendment violations - Link

FlowX.ai, a NY-based startup that helps legacy financial institutions, like banks, launch new services faster, raised a $35M Series A led by Dawn Capital - Link

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Jason and Brad Gerstner speak with Mubadala Capital's Ibrahim Ajami at Hub71 in the UAE. The three discuss how startups can survive and thrive in an economic downturn (1:02), founders' sacrifices (14:16), and how the AI revolution will impact startups, capital allocators, and more! (40:36) - Link

Patient21, a Germany-based startup building both a digital health platform and in-person clinics, raised a €100M Series C (equity and debt) led by Pitango - Link

Percent, a NY-based startup building a private credit marketplace, raised a ~$30M Series B led by White Star Capital; the company expects to triple ARR in 2023 and hit profitability in 2024 - Link

Neeva, an AI search startup founded by former Google exec Sridhar Ramaswamy, will shut down its consumer-facing search engine and focus on internal enterprise search products - Link

Meta announced new open-source AI models that can produce speech for 1K+ languages and identify 4K+ languages - Link

This Week in Startups

E1746: Fireside chat with Jason Calacanis & Brad Gerstner hosted by Mubadala’s Ibrahim Ajami

E1745: Viral fundraising tactics with Rewind AI’s Dan Siroker + How to build a strong brand

E1744: Magic.dev CEO Eric Steinberger on making developers bionic

E1743: AI girlfriends, memories & recreations + Sam Altman testifies

E1742: Open-source vs. "ClosedAI," demoing new AI tools & more with Sunny Madra & Vinny Lingham

Embroker - Get an extra 10% off startup business insurance with code TWIST

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