SoftBank wants a piece of OpenAI as Swiggy gets ready to list

Top News

• Who is in, and out of OpenAI’s mega fundraise: Reporting indicates that Apple is out, while SoftBank is in for $500 million. The departure of Apple from OpenAI’s supposedly-nearly-done funding round worth $6.5 billion raised eyebrows — why would Cupertino back out if it is using ChatGPT in its Apple Intelligence push? Perhaps the price tag was too high, or maybe Apple didn’t think that owning a few points in a vendor was the right way forward. Regardless, SoftBank’s half-billion dollar check will help the AI model giant wrap up its latest raise, while questions regarding its losses linger.

• Oura’s impressive growth: Recent AI hardware startups have struggled to convert hype to usable gadgets. But one private-market tech company is not having a hard time driving revenue. It’s Oura, best known for its wearable rings. Bloomberg reports that Oura’s revenues are nearing the $500 million annual mark. That’s plenty big enough to go public, even if the company — sadly — doesn’t seem to be in much of a hurry to drop its startup tag.

• Swiggy is going public! Sure, the domestic IPO market is slower than molasses in a Canadian winter, but elsewhere around the world, things are much hotter. Indian food delivery giant Swiggy is going public — Alex’s notes here — at a valuation that could outstrip its last private-market price. That’s big news, given that Swiggy last raised during the 2021-2022 boom times, a period in which many valuations were set too high.

Qodo Joins the TWiST500

We’re gearing up on the pod for a big run of new TWiST500 companies later this week, so I have just one new name for you: Qodo.

Previously known as CodiumAI — not to be confused with Codeium, naturally — Qodo is in the business of helping developers write code. But unlike some of its rival startups, Qodo is integrated at the IDE and git-level, meaning it wants to work with developers no matter where they are in the development process.

Flush with $40 million in Series A funding thanks to a round led by Susa Ventures and Square Peg, TechCrunch reports, the company claims that it is a “quality-first code generation platform for complex code,” which sounds tasty to us.

Developers are expensive; writing code is expensive; AI is inexpensive; AI-written code is inexpensive; Qodo wants to take the best part of developers and meld them with the best parts of AI. Smart humans doing what is still machine-impossible, met with the best that AI models can pull off today? I dig it. Onto the list Qodo goes!

— Alex

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This Week in Startups

E2016: David Ding of Udio joins Alex to discuss Udio's inception, AI-driven music generation, and advancements in its AI models. David highlights Udio's target audience, future DAW integrations, and financial strategies, including GPU efficiency. They dig into insights on Udio's user interface, community engagement, and growth roadmap.

E2015: At LIQUIDITY Summit 2024, Phil Deutch discussed the growing energy demands of data centers, challenges in U.S. electricity transmission, and investment opportunities in sustainable energy. He covered innovations like AI, nuclear power, and solar, while addressing consumer awareness and the impact of AI and EV adoption.

E2014: Jason and Alex discuss OpenAI’s CTO departure, DOJ AI compliance guidelines, and trends in tech mergers and acquisitions, alongside the growing shift toward a cashless society. They also touch on startup funding, Instacart's valuation challenges, the AI-driven business super cycle, and the future of labor. The conversation ends with insights into vocational training opportunities, Google's career certificates, job expectations for young professionals, and the Tenet Media controversy.

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