National Venture Capital Association's Jeff Farrah explains why this year's policy summit, VCs-to-DC, is important. "VCs-to-DC provides must-see content to understand how Washington is impacting venture and startups," he writes.
The UK-based money transfer startup TransferWise raised $292 million in a funding round that gave it a $3.5 billion valuation. "It's an opportunity to bring on new investors, to bring on the right people for the next phase of growth and get validation that we are building something of increasing value," said Kristo Kaarmann, TransferWise's chief executive and co-founder.
Ivalua, a startup that developed a cloud-based source-to-pay business spending platform, raised $60 million in its most recent funding round. Ivalua CEO and founder David Khuat-Duy said the new capital will pay for further product innovation, global expansion and possibly a few strategic acquisitions.
People.ai, a sales software startup that says it can help salespeople find prospects and close more deals, raised $60 million in its most recent funding round. The company plans to use the money to keep building its business, with a special priority on getting its technology into new channels.
Clinc, a startup that developed conversational artificial intelligence technology and is already providing service to 30 million users, raised $52 million in its most recent funding round. With the new capital the startup will open a 26,000-square-foot office and hire 140 people.
Modsy, a startup developing a platform that lets users create and change 3D images of whole rooms, raised $37 million in its most recent funding round. The new money will be spent on 3D automation and enhancing services.
Sun Basket, a meal kit startup that uses only organic ingredients, raised $30 million its most recent funding round. CEO Adam Zbar said the new capital will fund an "AI-powered" digital user experience and the addition of new meals to the roster.
A bill creating a US national artificial intelligence strategy and providing $2.2 billion for research and development has been introduced by Sens. Rob Portman, R-Ohio, Martin Heinrich, D-N.M., and Brian Schatz, D-Hawaii. Other provisions include the establishment of a National AI Coordination Office.
Artificial intelligence and automation will take over nearly one-fifth of jobs in capital markets by 2030, cutting headcount by 400,000, according to a report from Opimas. The investment industry will see the biggest job loss as it fights to keep up with technological advancement and faces pressure to cut fees, the report says.
Join us at 30 Rock for VC StratComm LIVE: Meet the Press
On June 24, join VC marketing, communications, and investor relations professionals as we "Meet the Press" and learn how to better position your firm with the media. Hosted in partnership with Comcast Ventures, this networking and learning event will provide inside perspectives on how you can work to improve the effectiveness of your VC communication and marketing efforts in a rapidly changing environment. Register here.