OpenAI gets into search as global fintech stays in high-gear

Top News

• OpenAI debuts search product: Long rumored and now finally — partially — here, OpenAI is getting into the search game. A new product from the Microsoft-backed AI giant called SearchGPT is an “AI-powered search engine with real-time access to information across the internet,” The Verge reports. This is big news not only because AI-powered search is heating up (Bing, Perplexity, etc.) but also because tens of millions of consumers are accustomed to asking ChatGPT questions. Bake SearchGTP in there, and OpenAI becomes the second or third-largest search provider overnight, right?

• Meet the Egyptian fintech that just raised $157.5M: Payments and lending startup MNT-Halan was minted as a unicorn 19 months ago when it raised $400 million. Now, the Egyptian startup is back with new capital and an acquisition. Partially using equity, MNT-Halan is purchasing Tam Finans, a Turkish fintech company. Fintech may be out of favor in the United States, but around the world, it remains a force to be reckoned with.

• Video game performers strike over AI: After watching the smashing success of heavily human-acted Baldur’s Gate 3, you might think that the video game industry would be doubling down on using actual people in their games. Nope. Instead, “video game performers” are going on strike “after talks for a new contract with major game studios broke down over artificial intelligence protections.” Expect to see more of this in the coming years.

TWiST500

To close out the TWiST500 week, Bianca and Alex have updated the database. You can now filter companies by stage or genre, and drill down into individual startups easily. Shoutout to Coda for helping us get the product into a better state.

Looking ahead, the TWiST crew is gearing up for an accelerated filling-out of the database. So, expect the cadence of additions to scale rapidly in the coming weeks. And, we are starting an interview series with some TWiST500 companies to dig more deeply into their businesses, markets, and goals.

In fact, we’ve already recorded the first two and have several more in the pipeline. Our goal is simple: We want to find and highlight the startups that will have the biggest impact. It’s no small task — there are a host of startups to pick from. But having the list, a living database that we will constantly update, is going to help us here at TWiST and, we hope, you as well. — Alex

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This Week in Startups

E1984: Jason and Alex’s latest news roundtable dug into the Google-Wiz deal’s demise, new AI models from Meta, and even the latest UBI study. Wiz’s choice to pursue an IPO over a sale could yield greater returns down the road, but at what price is not clear. Meta’s new Llama 3.1 405b model, meanwhile, has put open-source AI at the front of the pack when it comes to performance, shaking up the artificial intelligence landscape for months to come.

E1983: Benchmark investor Sarah Tavel is back! Tavel and Jason discussed the critical role of governance and accountability in startups, and the relationship between hype, investment decisions, and startup promotion. And for the software fans, the venture capitalists discussed the challenges that SaaS faces in the market today. Tune in!

E1982: Jason was joined on TWiST by True Anomaly’s Even Rogers this week. True Anomaly builds satellites and software to run them, focused on getting close to other satellites. Why does that matter? Defence applications, for one. The pair dug into defence contracts, national security, and even China-Taiwan tensions. If you are into space, startups, and security, this one is for you.

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