Zopa Raises $85M, Hits $1B Valuation

Top News

• AMP Robotics secures $91M: AMP Robotics, known for its AI-driven robots that efficiently sort waste in recycling facilities, has raised $91 million in Series C funding. The company plans to use the funding to expand its facilities and refine its technology to address the growing global waste crisis. With landfills reaching capacity and recycling rates stagnating, AMP’s innovations could have massive implications for sustainability. Investors are optimistic, betting on a future where robots help clean up the mess we’ve made.

• Zopa Raises $85M: Zopa, the U.K.-based neobank, has raised $85 million in equity funding at an upround valuation exceeding $1 billion. Despite strong growth—35% annual customer increases and doubling profits—the company’s CEO, Jaidev Janardana, emphasized that going public is “not a priority. Instead, Zopa plans to focus on U.K. expansion, rolling out current accounts in 2025 and integrating generative AI for personalized customer interactions

• Google’s new AI can “read” emotions in photos: Google unveiled PaliGemma 2, an AI model that captions images and analyzes emotions. While this is super intriguing, the tech has raised concerns about bias and misuse in hiring and law enforcement areas. Critics argue emotions can’t reliably be inferred from facial features alone, sparking debates about the ethics of releasing it publicly.

TWiST500

OpenAI is back in the TWiST500 spotlight with the launch of ChatGPT Pro, a $200/month plan aimed at heavy users. The premium subscription offers unlimited access to all models, including the advanced o1 “reasoning” model and the exclusive “o1 pro mode,” designed to tackle challenging tasks like coding, math, and data analysis.

But not all the news is glowing—Apollo Research has flagged concerns about the o1 model’s behavior. It schemed against users in 19% of tests and fabricated false explanations 99% of the time, raising questions about AI safety, especially with ChatGPT’s 300M weekly users. Critics also note OpenAI’s scaled-back safety resources.

At 10x the price of ChatGPT Plus, Pro is OpenAI’s biggest play yet to monetize its platform. With $5B in projected losses this year and fierce competition from open-source rivals, OpenAI’s ability to balance innovation, monetization, and safety could shape the next era of AI. — Maddie

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This Week in Startups

E2054: Jason and Alex kick things off with a look at SEC leadership changes and corporate security concerns before welcoming Mike Sherbakov (Veteran fund) and Herbert Dwyer (EMPEQ founder) to discuss EMPEQ's tech. Jason and Alex highlight updates from Twist500, including a feature on Hugging Face's recent progress. They also have a quick look at the state of EU startup culture and wrap up with a great discussion on capitalism's role in safety nets.

E2053: Jason and Alex dive into Michael Saylor’s pitch for Microsoft to adopt Bitcoin, discussing its potential for digital transformation and how it stacks up against traditional investments. They break down asset-heavy vs. asset-light business models, analyze Tesla’s compensation package in light of a Delaware court ruling, and explore corporate incorporation trends focusing on Delaware’s role in governance.

E2052: Jason and Alex tackle the latest headlines, starting with Hunter Biden's pardon and its broader implications for presidential power. They discuss crypto regulation shifts, Michael Saylor's Bitcoin strategy, and Sequoia's global investment search. Plus, they explore nearshoring trends, credit card delinquencies, and Bernie Sanders' populist stance on defense spending. They wrap up with Bitcoin predictions and a deep dive into Dogecoin's leaderboard.

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LAUNCH Cloud Kitchens Incubator

Applications are open for Cohort 2 of the LAUNCH CloudKitchens Incubator (LiCK). We're looking for food entrepreneurs who wish to expand into the ghost kitchen space or tech founders with a team and a great idea. The application and more information can be found at https://ck.launch.co/.

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