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Startups Weekly: Mercury more than doubled its valuation, and other news
- 11x, a startup backed by a16z and Benchmark, used creative ways to calculate annual recurring revenue.
- Cerebras Systems' IPO, the AI chipmaker, has been delayed due to national security review.
- Terrestrial Energy, a US nuclear startup, went public via SPAC and expects to net $280 million.
- Vertical farming company Plenty filed for bankruptcy after raising nearly $1 billion in funding.
- Fintech startup Block, co-founded by Jack Dorsey, laid off 931 people, according to a leaked email.
- Digital banking startup Mercury raised $300 million in funding and its valuation doubled to $3.5 billion.
- Enterprise browser maker Island raised $250 million in a Series E, valuing the company at $4.85 billion.
- Rivian spun out a micromobility startup called Also, which received $105 million in funding.
- Workflow automation startup n8n raised $60 million, with a valuation close to $270 million.
- Mexico City-based Mendel raised a $35 million Series B funding round.
- Generative AI marketplace Arcade announced a $25 million Series A funding round and expansion to home goods.
- Former Outreach CEO Manny Medina launched Paid, a startup that raised $11 million in pre-seed funding.
- San Mateo-based Emergence Capital closed a $1 billion seventh fund to back B2B companies, with a focus on AI.
- French VC firm Daphni secured $215 million in the first closing of its third fund, Daphni Blue.
- Amazon's Alexa Fund expanded its focus on AI investments beyond voice startups.
- A new report highlighted the world's 20 hottest open source startups, with over half having AI at their core.
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