Alaska Airlines’ Brad Tilden: Competitors Make You Better

Spencer Rascoff

Spencer Rascoff serves as executive chairman of dot.LA. He is an entrepreneur and company leader who co-founded Zillow, Hotwire, dot.LA, Pacaso and Supernova, and who served as Zillow's CEO for a decade. During Spencer's time as CEO, Zillow won dozens of "best places to work" awards as it grew to over 4,500 employees, $3 billion in revenue, and $10 billion in market capitalization. Prior to Zillow, Spencer co-founded and was VP Corporate Development of Hotwire, which was sold to Expedia for $685 million in 2003. Through his startup studio and venture capital firm, 75 & Sunny, Spencer is an active angel investor in over 100 companies and is incubating several more.

Alaska Airlines’ Brad Tilden: Competitors Make You Better

This episode was originally released in April 2017. Press Play below to listen.

About this episode's guest:

  • CEO of Alaska Air Group since 2012
  • Has been with the company for 25 years in various leadership roles
  • Closed acquisition of Virgin America in December 2016 for $2.6 billion
  • Holds a commercial pilot's license
  • Learned to play the ukulele from YouTube


Topics covered in this episode:

Press Play to hear the full conversation or check out the transcript below. You can also subscribe to Office Hours on Apple Podcasts and PodcastOne.

Spencer Rascoff: Hey, Brad. Great to see you.

Brad Tilden: Great to see you, Spencer.

Rascoff: I'm a huge user of your product.

Tilden: Thank you.

Rascoff: I'm almost always on your planes, and I'm grateful for it, so thanks for being here.

Tilden: Well, thank you for saying that. I'm a huge user of your product as well. What you guys have built is just amazing, and it's a company that everybody in Seattle's very proud of.

Rascoff: Thank you. Thank you. So like we, you have engaged in transformative M&A.

Tilden: Yeah.

Rascoff: You acquired a huge company from Virgin America. Walk our listeners through the rationale for that acquisition. Tell us how the deal came together, and then we'll talk about the regulatory process around approval.

Tilden: Sure.

Rascoff: So how'd the deal come together and why?

Tilden: Yeah. You know, so some folks listening will know Alaska. Probably others will be less familiar, but we've been around for a long time. We're a high-growth airline. We've grown at 7 or 8 percent a year for 20 years. We've tripled in size in 20 years. But notwithstanding that, the industry structure is changing more rapidly than us with all the bankruptcies and all the consolidation. It used to take nine airlines to make up 80 or 85 percent of the pie. Today, it takes four.

And so we came to a couple of conclusions. One, we're proud of what we do. We think we bring value to our employees and our customers and our communities, and we thought we want to be around. And we just said with the change in the industry structure, it would be better for us if we were larger. So we have been growing organically a lot. We'll continue that relatively high rate of organic growth. But we decided that M&A would be good as well.

Rascoff: Alaska was frequently mentioned as a consolidation candidate for someone else to acquire, but you just decided –

Tilden: You know, other people mentioned that.

Rascoff: [Laughs]

Tilden: I'll just say we've been – as I said earlier, we're proud of the way we run the business, and I think we bring a lot of value to our customers and our employees. And we have never had any interest at all in being acquired. We want to stay Alaska and keep doing what we're doing for 20, 30, 40, 50 years and into the future.

Rascoff: And why Virgin America?

Tilden: I guess, here's the things you say about Virgin America. They're on the West Coast, which is usually attractive to us. When we look at Alaska, we fly to 35 states, 5 countries, but we have real concentrations of loyalty in Alaska, Washington, and Oregon. Virgin's got real strength in California. They've got a great presence in SFO and at LAX. So when you take Virgin America and Alaska, you take our strength in the Pacific Northwest and Alaska, theirs in California, and the whole idea here is that we become the go-to airline for anybody living anywhere on the West Coast.

Rascoff: So the route network was particularly –

Tilden: Super attractive.

Rascoff: OK.

Tilden: That's right.

Rascoff: Actually, let's talk about the regulatory process, first, before we get into the brands and the culture and the integration plans. It took about six months for your deal to get approved. Is that right?

Tilden: It took a bit more. We announced it on April 4 [2016]. I think we closed in mid-December, so a little bit more.

Rascoff: And who needs to approve an airline deal? Is this –

Tilden: The Justice Department.

Rascoff: DOJ and also FAA?

Tilden: No. The FAA doesn't. They will have to approve – we'll have to go to a single operating certificate, which the FAA will have to approve that, but that'll happen a year from now.

Rascoff: OK. And what was that DOJ process like? Was it touch and go, or you were pretty confident that it would get approved?

Tilden: You know, I will say that I think we were always pretty confident that it would get approved. You end up making concessions, and you make small adjustments to the deal to get it approved. But I think we were always confident that it would get approved. It's intensive. There were several trips back to Washington, DC, to talk with these folks. They look at every e-mail you've ever written and anything that's on your hard drive. I don't know. I think Alaska came out of that fine, and we learned something about how you do M&A in the process, and, ultimately, we got the deal done.

Rascoff: So I had my own grilling.

Tilden: [Laughs]

Rascoff: It took us around the same time, six to nine months, for the Zillow-Trulia merger to be approved by the Federal Trade Commission. I guess, in M&A, sometimes the DOJ reviews deals, sometimes FTC. We got FTC. And I made dozens of trips on Alaska, of course –

Tilden: Thank you.

Rascoff: – that Seattle to Dulles redeye many, many times. And we spent a God-awful amount of money on lawyers working through that process. It was very hard on the employees during that period. There was a lot of uncertainty, especially at Trulia, the company that we were acquiring. They didn't know would the deal get through, would they have a job after the deal got through, etc. So what was it like as an employee at Alaska or Virgin America during that waiting period?

Tilden: Spencer, I think you're making a really fair comment. I think I would guess it was harder on Virgin America employees than Alaska. It's a business combination, but Alaska's the acquirer. Probably Virgin employees had some of those anxieties and questions that you're mentioning. You do what you can. That time period's an awkward time period, because if you buy the – if you're successful, every decision the company has made is yours. You get whatever amount of money's in the bank account when you close. So any decision they make in that six or nine months, you inherit.

Rascoff: And you're sort of rooting for a company that might, if the deal doesn't go through, go back to being a competitor.

Tilden: That's right.

Rascoff: I mean, that was our situation between Zillow and Trulia. We were like, “OK. Do we root for them to do well during this period or not?"

Tilden: But because you might become competitors, the most important competitive information, you don't know. Route decisions, pricing decisions, marking decisions, you don't – loyalty, you don't see any of that during the period. And even Virgin America employees, we really had limited opportunity to work with Virgin America employees during the period –

[Crosstalk]

Rascoff: Yeah. I desperately wanted to go speak to Trulia employees in that period and tell them, you know, to hang in there and I know this must be hard, but this will end at some point, and then we'll all be on the same team. But I wasn't allowed to do that.

Tilden: We were able to do a few meetings, but it wasn't – it's nothing like it is now.

Rascoff: Right.

Tilden: Yeah.

Rascoff: So you said the route network was one of the major reasons that you were attracted. Let's talk about the product and the brand. I've flown Virgin America plenty. It's an amazing product, but it's very different, actually, from other airlines, including Alaska. So how would you describe that product, and, more importantly, for our listeners, how are you going to integrate that product, and what are you going to do with these two brands?

Tilden: Yeah. You know, I think the first thing we'd say is there are clear differences. There are also a lot of similarities. Two similarities between both companies – both companies really focus on customers. Both companies win awards – Virgin, Conde Nast Travel and Leisure for years in a row, Alaska, JD Power for nine years in a row. So both do well with customers, and both believe in doing well by customers by getting close with the employees, building alignment with employees, and encouraging our employees to go out and be their greatest. So that binds us.

Having said that, I would say Alaska's maybe a little bit more traditional. We're a little bit more Seattle. Virgin is, people would say, more hip, more, more flair. The mood lighting is big with them. The music is big with them. Uniform's a little bit different. Honestly, I think that's going to be good stuff.

As we move forward, I can tell you now the name of the company is going to be Alaska Airlines, but we're going to separate that from the brand decision. The brand is – we're actually going to incorporate some elements of Alaska but a lot of elements from Virgin America, so –

Rascoff: In the product.

Tilden: In the product.

Rascoff: So I'll get on an Alaska Airlines plane, but it'll be a little more hip than it used to be. It that what [ laughs] –

Tilden: I think you'll see music. I think you'll see mood lighting. I think you'll see satellite – we don't have satellite on our airplanes now –satellite connectivity, really top-notch entertainment system. We're going to adopt a lot of those features.

Rascoff: What about the cabin configuration, which is pretty different? I think Virgin America usually has a small first class, and Alaska has a little larger first class.

Tilden: That's right. So you're asking a great question. We're actually going to go to the Alaska standard there. So what that'll mean is Virgin has eight first-class seats. We're going to go to 12 on some of their airlines, 16 first-class seats on other airplanes. So it'd be a lot more first-class seats.

Everything comes with a price. So with Virgin, you know, they had that beautiful first class seat, but nobody ever upgraded. A Gold 75K never got upgraded into first class. So we'll move to the Alaska model. And one of the things we're really proud of at Alaska is we lead the industry in generosity. So if you're an MVP Gold 75K, even an MVP, you will upgrade into those seats a lot. I think we calculate that Gold 75Ks, 90 percent of the time, you'll be able to upgrade to either premium class or first class. If you're even a Gold, you'll upgrade 70 or 75 percent of the time.

Rascoff: And what about the aircraft selection? So Alaska is famously all Boeing, and I think every plane says, “All Boeing," on it. And Virgin America flies Airbus, I think, right? Have you made a decision about aircraft?

Tilden: No. I mean, I know you would know this from your Trulia/Zillow experience, but you just begin to trust – you put a process in place for everything. It's not a Boeing/Airbus decision. The decision we need to make is it one fleet type versus two. If it's one fleet type, it's definitely Boeing. If it's two, it just means we hang on to these Airbus airplanes Virgin America has. But we're going to take six or eight months in 2017 and make that decision. And you can imagine, there are – I mean, the Airbus airplanes we already own. They're already bought. To actually change them out requires a lot of capital in changeover. So that's an argument against changing. On the flipside, there are huge benefits in an industry like ours to a common fleet type.

Rascoff: So how much does it cost to take a Virgin America Airbus and repaint it and turn it into what will be a newly branded Alaska plane?

Tilden: Like, a lot of questions, it does depend, but it's millions. It's not –

Rascoff: Millions to change a plane?

Tilden: It is. It is. It is.

Rascoff: Wow.

Tilden: The paint is between one and two hundred thousand dollars, but the – it's millions. When you look at sidewalls and the overhead units, the seats, the entertainment, it's millions per airplane.

Rascoff: I was on an Alaska plane the other day that it said, “Employed powered," and it signatures of all the employees. Are there a lot of those, or that's _____ _____ –

[Crosstalk]

Tilden: No. That's the only one of those.

Rascoff: That's the only one. OK. And how many Disney planes are there – the Disneyland ones.

Tilden: You know, we've got three or four. There's Toy Story. There's Disneyland. There's Tinkerbell. There's Cars.

Rascoff: And do they pay you for that?

Tilden: [Laughs] We have a fantastic partnership with Disney. Yeah.

Rascoff: My kids love seeing those, and they feel lucky when they're on them. Let's talk about employee culture and engagement. This is something that you're very focused on, very proud of. And in particular, through the integration, did you change anything about your general approach to employee communication?

Tilden: You know, one of the things that we sort of – we did, Spencer, is the quick answer to your question. Airlines, there's two ways of looking at an airline. There's all these intricacies that need to happen for one flight to depart – when it gets fueled, how the flight plan gets done, when it gets catered, all the moving pieces, everything that needs to happen before departure for one flight a day, and we have 1,200 flights a day. And so I think in the old days, 15, 20 years ago, Alaska spent a lot of time on that stuff, on the process and the computer systems and how the airplane's routed, when pilots or flight attendants flew which trips.

There's another side of the business that I think a lot of airlines have spent less time on, and that's just working with the employees. And it's an MBA term, it's an overused term, but are you actually aligned? Is everybody in that company actually trying to do the same thing?

Rascoff: Now, why do you think the airline industry suffers from that uniquely, because not all industries – is it something about it being – is organized labor related to that?

Tilden: It's complicated. I think we started in a regulated era. Most of these airlines that you would recognize, they started like a utility company as a regulated industry, where you went to the government and said, “Hey, can I fly a new route?" The government said yes or no. And if you flew that route, your fare was calculated as your cost structure plus a certain margin on your costs to provide for –

Rascoff: So the impact of that is they didn't have to focus on building your employee culture, because their profit was kind of preordained by regulators.

Tilden: That's right. That's right. They also didn't have to focus on their cost structure. So 1978, 1979 came, and airlines like Southwest, JetBlue, Frontier, Spirit, Virgin America came onto the scene, and they put a lot of pressure on these old companies and the older airlines, and Alaska was one of them, but we all had to lower our costs. We had to utilize aircraft more. We had to restructure our companies. And the pensions were – and Alaska, we're really proud. We did not file for bankruptcy. But even at Alaska, we had to do some serious restructuring. And I think bottom line, those restructurings were hard on our people.

Rascoff: Because usually, frequently airlines go through bankruptcy so they can renegotiate their labor contracts and get out from under –

Tilden: Or leases.

Rascoff: – the debt or the pensions.

Tilden: Yeah.

Rascoff: And so Alaska never had to do that, but you've maintained good employee relations why? How?

Tilden: You know, I actually think – and I was chatting with one of our labor groups this morning. We had to restructure at Alaska as well. We had to change airplanes. We're slowly getting out of defined benefit pension plans. We did make wage adjustments for some of our groups, but we did it ourselves. If you go back to 2005, I think there are folks that would look at the Alaska Airlines story and say those weren't our greatest days. But when we look back now, we say we did it ourselves. We sat down across the table from our labor leaders. We respected them, and we actually – I personally believe through the process, we built a bond. We built trust, and we built respect for one another.

Rascoff: So isn't one of the issues on airline mergers how to deal with seniority when you're merging the two groups of employees? So how are you doing with that between Virgin America and Alaska?

Tilden: You know, that's actually an interesting thing. Seniority matters a lot. It's the trips you bid and what you get to fly. But interestingly, the airline management doesn't have a lot to do with that. We have a lot to do with the payment scenario and the work rules and the pensions and benefits.

Rascoff: So union leadership?

Tilden: It's between the two unions – seniority integration.

Rascoff: Let me explore the brand decision a little bit more. You acquired Virgin America, deal gets through, and at that point, did you start evaluating what to do with the brands, or you already knew going into the acquisition what you were going to do with the brands and the product?

Tilden: We started the process before we announced the acquisition, but we didn't complete it. Two or three months ago the process completed, I would say.

Rascoff: And to arrive at this decision, the decision of keeping the Alaska – if I understand correctly, you're going to use the Alaska brand, retire the Virgin America brand.

Tilden: That's correct.

Rascoff: But takes some elements of the Virgin America product –

Tilden: That's exactly right.

Rascoff: – and incorporate it into Alaska. Describe how you arrived at that decision. What research did you do? Who's involved in that?

Tilden: We did a ton of research. I can't remember the numbers, but we got insights from thousands of customers. We did maybe 70 or 80 focus groups. We brought lots of our employees into the conversation.

We actually looked at – we took the industry. The industry's basically $100 billion industry. And we took the industry. We broke it down into demand pools. We said, “You and I might be in one demand pool when we're traveling for work. We might be in a different demand pool when we travel to Palm Springs on the weekend." But we started to say what are these different demand pools.

And we said what brands are out there, what space does American have already or Southwest have already? Then we just started to correlate. Said what is the – if you look at the demand side of the equation, what is it that people want. And then if you looked at the supply side, what is it that airlines already providing. Then you look at your own capabilities. What is it that we think we're good at. And candidly, I would say what I think we're good at is we do good with business people, and we do good with higher-end leisure travelers. We have a low-cost, sort of low-fare position, but it's probably not the total no frills airline that you might see out there.

So there was a ton of research done. And as we looked at the research – and then you looked at, you know, what do people feel about the Alaska Airlines name? What do people feel about the Virgin America name, and how should you move forward?

Rascoff: So there were really only four choices available to you as I think through it. You could keep the Alaska brand. You could keep the Virgin America brand and switch Alaska over. You could operate them both simultaneously, which is what we've done at Zillow Group with Zillow and Trulia, or you could launch a brand-new brand.

Tilden: That's right.

Rascoff: Did you have a hypothesis going in, you personally, as to which of those four answers was the right answer before you did all the research and analysis?

Tilden: I think if you talked to folks at Alaska in our leadership team, there were several different hypotheses. I personally thought running two brands at first might be – I thought that might be the way we ended up going. The Alaska brand has an enormous amount of equity, and I also thought that might be a place we went.

As you get through the research, you just sort of – in the airline business, I think our space is different than yours. You look at people, whatever, they need to fly Anchorage to Seattle, and then they're going to fly to San Francisco. They might do Anchorage -Seattle on Alaska, and if you run two brands, do that next leg on Virgin. And there's a little friction there, or people showing up at an airport to pick somebody up or drop somebody off or duplicate costs for airport facilities.

As we looked at it more and more closely, there are people that love the Alaska brand more, and there are people that love Virgin more, but in – so there would be some benefit that you have to acknowledge of running two brands, but there's a cost. And what we concluded was the cost of running two brands is greater than the benefit.

Rascoff: Does the word Alaska in your brand hold you back because people in, you know, Florida or New York think it's, you know, an oddity?

Tilden: Yeah. You know, it's a good question, but I don't think so. I think if you look at Southwest Airlines, you know, nobody expects Southwest to fly in the southwestern part of the United States, even though they fly, they're don't expect them to fly exclusively there. One we talk about in Seattle is Amazon. You know, someone things about Amazon, nobody thinks about the river. And so I think it's a valid question, but there's a lot of historical goodness to Alaska. There's good things we've done for customers and communities and employees. The challenge we have is to go out and to folks that are less familiar with us, help them understand why this is a great company and a great name.

Rascoff: So how do you make decisions? Now that you have this brand of Alaska, and you're trying to decide what routes to invest in, to expand in, is that driven – I guess, I'm trying to understand how those decisions get made. Is it mostly driven by the economics of what the current airlines that fly those routes are charging, so there's potential there and you can get gates, or is it based on what your users tell about where they want to go? I mean, how do you decide what routes to add?

Tilden: I think in the old days, I mean, we would do a P&L forecast for any route that we'd want to fly. And in our business, we still share a lot of information with the Department of Transportation. So we know how many people fly between any two city pairs. We know exactly how many people fly. We know exactly what the average fare is. We actually know the connecting. If you're talking about Seattle – Denver as an example, we know the connections that come down from Anchorage. We know the connections beyond Denver. So you actually have great information about the market today. You don't how much bringing your service in is going to stimulate the market.

So that's one piece of it is being really good at doing a route forecast. And I would say folks at Alaska, this is something we're – we've got a lot – we've added 110, 120 cities in the last five or six years. We've got a lot of confidence in our ability to build a route forecast and sort of believe that our performance will be close to the forecast. That is only part of it.

It's got to mix with a strategy of going to market and building loyalty. And if you look at what we're trying to do now, part of it is the micro forecast, but we're trying to go into a market like San Francisco or San Jose and say, “Hey, we'd like you to consider flying with Alaska Airlines and Virgin America. Consider joining our loyalty program. Consider having our credit card in your wallet." And people won't – it's a little bit of a chicken and egg scenario. They won't get your credit card or get into your loyalty program into you fly them enough places. And then when you fly to more places, they'll get into your loyalty program. And then once they're in the loyalty program, you add a new route, and the route will be successful.

So I think if you look at what we're doing today, we are doing a lot of that micro forecast, but it's also – we're going down into California. We're getting involved in the communities. We're marketing. We're trying to build loyalty in the loyalty program. We're adding new cities. We're advertising like crazy. So it's all of it together.

Rascoff: So one of the pieces of the brand positioning of Alaska, at least here in Seattle, is the hometown aspect, that this is your hometown airline. And I'm sure in Alaska, it's probably tenfold. When Delta moved into Seattle, they tried to sort of usurp that positioning, right? I guess, talk through how you do national and local marketing and how you – you have this product, which is obviously national, international really. But all these decisions are actually made locally. So explain how your national brand and your local positioning interact with one another?

Tilden: You know, one of the things that we believe is a lot of our success is you've got to be effective locally. If you look at it – as I said earlier, we fly 118 cities or something like that. But a market like Anchorage is really important. A market like Seattle is really important. Portland's really important. The Bay Area – San Francisco, San Jose – is going to be important.

So a lot of our thinking is more local. We need to go into those communities, build loyalty, do the right – I mean, Seattle, we've been there for – our headquarters have been here since 1954, so we want to be involved. We want to be showing up, doing the right things and providing good utility, good value, low fares to our customers. And then I think you have a chance of earning people's trust and loyalty. So I don't know. We are doing more and more national things, but if I had to choose local or national, I would choose local for our business.

Rascoff: So for example, UW Stadium is Alaska Airlines –

Tilden: It's local.

Rascoff: – arena, and that's a form or your local marketing.

Tilden: That's right.

Rascoff: Probably pretty hard to calculate the ROI on the naming rights –

Tilden: It is.

Rascoff: – on a college stadium. Do you even try, I mean, or is it just, you know, your gut says that that raises your brand awareness locally and –

Tilden: You know, one of the things that people say about marketing is half the money's wasted. You just don't know which half. And I think you look at a relationship like University of Washington, we've been affiliated with those guys forever. We know that a lot of our Golds and Gold 75Ks are alum. We know that they're in the stands on the weekend. When you look at something like UW, you can say, “Well, you know, what are the economics of this and how does that compare to the next thing?" But getting to ROI, honestly, I think that's tougher. You go with some gut feel.

Rascoff: Let's shift topics and talk about leadership, something that I know you're passionate about. In your view, what's the role of a leader? What does it even mean to be a leader?

Tilden: I think the leader helps the company chart a future, develop a strategy, figure out where you're going, bring people together. But, like, in our space, I think one of the under-appreciated, one of the really important parts of the being a leader is building alignment with your team. We had a person on our board said, you know – it was a military analogy – said, you know, “A bad plan with a great army that's totally motivated to execute it will always beat a good plan with an army that's not motivated and there's no sense of teamwork."

So I think a real job of a leader in our space especially, is to build that sense alignment, build that sense of teamwork. Part of it is you've got to figure out where you want to go, what is the strategy, what are you trying to do with a loyalty program, a new market announcement, a fleet, whatever it might be. The bigger part of the job is bringing your team along, getting them to follow, getting them to go out there and be great and help your company move forward. So that's something that I think Alaska in the last five, six, seven years has spent a lot more energy on, and I think it's paying off.

Rascoff: I mean, you got high praise for this. Everything I read and hear about the way you lead and manage is fantastic. When you're hiring a leader or when you're thinking about whether one of your direct reports is a good leader, how do you assess that?

Tilden: Like, I'm sort of into my career now, and you try different things on at different points of your life. But now, I look for four things in people. You want someone that's smart. That's really important. If it's a CFO, they've got to be good CFO. They've got to be good at their job, know how to close the books, communicate with Wall Street, whatever it is. They've got to have that.

The next two are even more important. I want people that really identify with our company. I call it they're clipped in. It's personal for them. They are totally bought into what Alaska's trying to accomplish, and they are totally, personally convicted about us getting to where we want to go.

And then the final one is how they work with other people. And it's something I've really grown to appreciate the last four or five years at Alaska. There are people that are sort of sharp elbows, and, “I just want to be ahead of you. It doesn't matter if I get ahead or if you go down," or there's people that really want to – they generally want to see their peers do well. And that's the people that collaborate. They want to work together, and they want to see their – they want to enjoy success themselves, but they also want to see their peers enjoy success.

Rascoff: They celebrate teamwork.

Tilden: That's right.

Rascoff: I was on a flight the other day, and the captain of the plane's son was the head flight attendant –

Tilden: Oh, my gosh.

Rascoff: – which was super cool. So, you know, they were both super excited to be working together. So, I guess, that's teamwork, but, you know.

Tilden: Fantastic.

Rascoff: What's the best advice that you've ever received, and tell us that story?

Tilden: I don't know. Bill Ayer was the previous CEO at Alaska Airlines. He was a great mentor to me. And I don't remember him actually saying this, but his lesson was just keep at it. Whatever it is that you're doing, make sure you're doing it for the right reasons, that you're justified it's appropriate. It's a good strategy. It's a good place to go, but just persevere. Just keep going at it. And if you do, and if people sort of see the goodness of what you're trying to accomplish, they see the value of it, they'll come along. And that's something I learned from him that I think was really important.

Rascoff: How has technology impacted your company and your industry over the last 10 years?

Tilden: It's huge. I mean, I could ask you all of these questions _____ _____ Zillow –

Rascoff: You have to get your own podcast. Then you get to ask the questions.

Tilden: [Laughs] There's a suggestion. That's a good idea. But, no. People buy tickets from home. Alaska was the first airline in 1995 to let you buy a ticket over the internet. You can print your boarding pass at home. Alaska was the first to do that. You can go to an airport, use a kiosk. Alaska led there as well. You can check in with an iPhone now.

Rascoff: So how many – yeah. I mean, I use your app all the time. So approximately how many software engineers do you have?

Tilden: I think it's in the neighborhood of 400 people now, something like that. I will tell you. It's an area that where our spending is quadruple what it was maybe five years ago in that area.

Rascoff: It's a good reminder that really every company is technology company now.

Tilden: It is. It is.

Rascoff: I mean, there are more software engineers at Morgan Stanley than Facebook. It's like –

Tilden: Isn't that amazing?

Rascoff: – and many more than Zillow. So it's, I guess, airlines, which are thought of as a traditional industry, are technology companies.

Tilden: No. Even, like, in the old days, all the computer was either on the airplane itself in the avionics or it was Saber. We used Saber for the backend. And now, there's maybe – there's hundreds of systems that are critical to us and we rely on every day to get weather, plan a flight, know where the airplane is, know where to deice, know – there's systems for everything, and we're relying on them.

Rascoff: I spoke the other day at a business school, and someone asked me a question that no one had ever asked me, so I'm going to end by asking it of you. They said if you had one magic bullet that you could shoot any competitor of yours with and that competitor would just disappear, which competitor would you choose and why?

Tilden: Yeah. You know what? It's a great question. I think I might not answer.

Rascoff: [Laughs]

Tilden: I think a lot of people might actually guess how I would feel or how Alaska would feel. But what we've learned at Alaska in the last three or four years and Seattle especially is that competition's actually good. We've had somebody come into Seattle and sort of take us on big time, but the company's taken a lot of risk in that time. We've added all kinds of routes. We've reconfigured our airplanes.

Rascoff: It's made you better.

Tilden: It's made us a little bit better, made us way better than we were. There's a tempting answer to that question, but I think the better way to train yourself is you want to be with the best, whether you're running a marathon, competing in football, running an airline, you want to be competing against the best, because that will make you better.

Rascoff: Brad, thanks very much. I appreciate it.

Tilden: Thank you, sir. It was fun.

Rascoff: Thank you.

The post Alaska Airlines' Brad Tilden: Competitors Make You Better appeared first on Office Hours.

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Brex’s $5.15B Deal With Capital One Marks A New Era For Fintech

🔦 Spotlight

Happy Friday, Los Angeles. 💳

The first big fintech plot twist of 2026 is here. Capital One is buying Brex in a cash and stock deal valued at about $5.15 billion, in what the companies are calling the largest bank - fintech deal in history.

From college dropouts to a multibillion exit

Brex launched in 2017, when Brazilian founders Henrique Dubugras and Pedro Franceschi, then in their early 20s after dropping out of Stanford, set out to fix the “startup card” problem. That project turned into an AI-native finance platform that now serves tens of thousands of companies, from early-stage startups to hundreds of public enterprises.

A few years into that journey, both founders moved to Los Angeles and continued running Brex from here as the company embraced a fully remote model. Now that same LA-based duo is steering a multibillion-dollar acquisition that will plug their software directly into one of the biggest banks in the country. Pedro will stay on as CEO of Brex inside Capital One, with the brand and product continuing rather than disappearing into a rebrand.

Why this looks like a win

“Big bank buys fintech” can sound like the end of the startup story, but here it reads more like an expansion pack. Capital One gets Brex’s cloud-based spend stack, AI-powered controls and roughly $13 billion in commercial deposits. Brex gets a massive balance sheet, a regulated rails partner and access to the mainstream business market it has been edging toward for years.

For founders and operators here, it is also quiet validation that building hard fintech infrastructure still pays off. Brex spent years doing the unglamorous work of licenses, compliance, underwriting and integrations. The outcome isn’t a hype cycle spike; it is a classic, real-money exit for a very modern stack.

What it signals for LA’s ecosystem

LA is not getting a new headquarters out of this. Brex has embraced a “no HQ” model. What the city does have is a pair of founders who chose to build their lives here and just proved that you can run a global finance platform from Los Angeles and end up selling it to a top-six U.S. bank.

It also fits a broader pattern our ecosystem is leaning into. Whether it is fintech, defense tech or climate, the most interesting LA stories right now are not about front-end apps. They are about deep, regulated infrastructure that incumbents eventually need more than startups need them.

For Brex, this is the start of a new chapter inside Capital One. For LA, it is one more data point that the city’s founders can build products the rest of the financial system has to buy.

Scroll on for the latest LA venture rounds, fund news and acquisitions.

🤝 Venture Deals

      LA Companies


      • L-Nutra secured a new $36.5M investment from Mubadala, bringing its total Series D proceeds to $83.5M. The company, which develops longevity-focused and medical nutrition therapies, plans to use the funding to accelerate global expansion, advance clinical research, and scale adoption of its nutrition programs across healthcare providers and consumers. - learn more
      • RiskFront AI raised $3.3M in pre-seed funding to make financial crime and compliance work far less manual. The US-based startup uses “agentic AI” to automate time-consuming tasks like research, data analysis and documentation, with its Airos platform handling much of the day-to-day workload so human analysts can focus on higher-value judgment calls. The new capital will help expand engineering and product teams and deepen integrations with banks and fintechs already piloting the system. - learn more
      • Balance Homes relaunched with a $30M investment led by Falco Group to scale its equity-sharing model for homeowners who are “house rich but cash and credit constrained.” The company buys a co-ownership stake in a home to free up trapped equity so owners can pay down mortgages and high-interest debt while staying in their homes, instead of being forced to sell. After stabilizing its existing portfolio following EasyKnock’s shutdown, Balance Homes is now resuming originations in six states, with plans to expand as affordability and household debt pressures intensify. - learn more

              LA Venture Funds

              • Distributed Global co-led Superstate’s $82.5M Series B, backing the Robert Leshner - founded tokenization platform as it builds regulated, on-chain capital markets infrastructure. The round, alongside Bain Capital Crypto and other institutional investors, will help Superstate expand beyond its existing tokenized U.S. Treasury funds to a full issuance layer for SEC-registered equities on Ethereum and Solana. The company, which already manages over $1.1B in tokenized assets, plans to scale its Opening Bell platform and transfer agent stack so public companies can issue and manage compliant on-chain shares directly. - learn more
              • Krew Capital participated in GIGR (Playad.ai)’s $5.4M pre-seed round, backing the San Francisco based startup as it builds multi-agent AI workflows for marketing teams. GIGR’s Playad platform starts with interactive ads, using AI agents to help marketers create, test and iterate on playable and other ad formats much faster while turning performance data into continuous creative improvement. The new funding will support product development, expansion of its AI-native creative workflow and scaling to more customers looking to cut production costs and tighten the loop between ad performance and creative decisions. - learn more
              • Trousdale Ventures participated in AheadComputing’s additional $30M Seed2 round, backing the Portland-based chip startup as it reimagines CPU architecture for the AI era. AheadComputing is developing high-performance RISC-V based CPUs and breakthrough microarchitecture aimed at handling the growing wave of AI data center, workstation and embedded workloads where CPU performance has become a bottleneck. The new funding, which brings total capital raised to $53M, will support R&D, software innovation and test chip development as the company races to deliver next-generation general purpose processors. - learn more
              • Untapped Ventures participated in Nexxa.ai’s $9M seed round, backing the Sunnyvale-based startup as it scales specialized AI agents for heavy-industry workflows. Nexxa’s Nitro platform layers multi-agent automation on top of existing tools used in sectors like rail, construction, manufacturing and critical infrastructure, helping engineers plan and execute complex projects without ripping out legacy systems. The new funding brings Nexxa.ai’s total capital raised to $14M and will go toward expanding deployments, forward-deployed engineering teams and support for more industrial customers. - learn more
              • UP.Partners participated in Zanskar’s $115M Series C, backing the Salt Lake City based geothermal startup as it uses AI to uncover overlooked conventional geothermal resources across the Western U.S. The company has already validated several high-potential sites and plans to use the funding to expand its discovery platform and begin developing multiple greenfield power plants, with a goal of bringing significant new clean baseload capacity to the grid before 2030. - learn more
              • Smash Capital participated in Stream’s $90M Series D, backing the UK based workplace finance startup as it ramps expansion into the U.S. market. Formerly known as Wagestream, Stream partners with employers to offer workers tools like earned wage access, savings, budgeting and pensions in a single app, targeting financial stress for lower and middle income employees. The new funding, led by Sofina, brings total capital raised to about $228M and will help Stream scale its multi-product platform across more brands and workers globally. - learn more
              • Fika Ventures participated in Ivo’s $55M funding round, backing the San Francisco based legal AI startup alongside lead investor Blackbird and others. Ivo builds contract intelligence tools for in-house legal teams and enterprises, using a highly structured approach that breaks reviews into hundreds of smaller AI tasks to boost accuracy and reduce hallucinations. The new capital, which reportedly values the company at around $355M, will go toward accelerating product development and hiring more sales and go-to-market talent to meet growing demand. - learn more
              • Amplify.LA participated in Overworld’s latest funding round, backing the AI startup as it unveils a real-time diffusion world model for playable, AI-native worlds. Overworld’s system runs locally and generates persistent, interactive environments on the fly, aiming to become core infrastructure for next-generation games, simulations and creative tools built around world models rather than static assets. The new capital will support further development of its Waypoint 1 research preview and help the team expand its platform for researchers, engineers and builders working on interactive AI experiences. - learn more
              • Dangerous Ventures participated in Carbogenics’ $3M investment and grant funding round, backing the Edinburgh-based bio-carbon startup as it scales its carbon removal technology. Carbogenics turns difficult-to-recycle organic waste into CreChar, a biochar product that boosts biogas production, supports wastewater treatment and locks away carbon. The new funding will help the company expand manufacturing in the US, grow its centralized UK operations and deploy its biocarbon products across the UK, Europe and North America. - learn more

                    LA Exits

                    • Farcaster is being acquired by Neynar, the infrastructure company that already powers much of the Farcaster ecosystem, in a full-stack handoff from Merkle Manufactory. Neynar will assume control of the decentralized social protocol’s smart contracts, code repositories, official app and Clanker client, while Farcaster co-founders Dan Romero and Varun Srinivasan step back from day-to-day operations after five years. The deal keeps the network running without disruption and sets Neynar up to roll out a new, builder-focused roadmap for on-chain social. - learn more
                    • ScribbleVet has been acquired by Instinct Science, which is folding the veterinary AI-scribing startup into its Instinct EMR platform to create what it calls an “intelligent-native” practice management system. The combined offering aims to move traditional PIMS beyond record-keeping by embedding AI scribing, workflow automation and clinical decision support in one system, reducing documentation burden and helping veterinary teams focus more on patient care. ScribbleVet’s team is joining Instinct, with founder and CEO Rohan Relan taking on a key role leading product strategy for intelligence features across the platform. - learn more

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                                        JetZero Just Raised $175M to Rewrite How We Fly

                                        🔦 Spotlight

                                        Happy Friday, Los Angeles ✈️

                                        While everyone in tech is still busy arguing about the next AI model, one startup based out of Long Beach just raised a whole lot of money to change the shape of the airplane itself.

                                        Image Source: JetZero

                                        JetZero closed a $175 million Series B to build its blended wing body “all-wing” airliner, with B Capital leading the round alongside United Airlines Ventures, Northrop Grumman, 3M Ventures, Trucks VC and RTX Ventures. The company is working toward a full-scale Demonstrator aircraft that targets at least 30% better fuel efficiency than today’s tube-and-wing jets, with a first flight planned for 2027 and a commercial Z4 airliner to follow in the early 2030s.

                                        This is not a small bet. JetZero’s pitch is that airlines and regulators need a way to hit climate targets without waiting on sci-fi batteries or hydrogen infrastructure, and that a radically more efficient airframe is the most realistic path. It is also very much an LA story: deep aerospace talent, strategic money at the table, and a product that looks like a mashup of climate tech, defense tech and old-school manufacturing rather than another SaaS dashboard.

                                        There is still a long way to go. The next few years are about turning simulations and wind-tunnel charts into flight data, working with regulators and proving that a manta-ray-shaped jet can slot into a world built for Boeings and Airbuses. But if JetZero gets anywhere close, it will mean that one of the most ambitious hardware bets in commercial aviation is being engineered out of Long Beach.

                                        Scroll on for the latest LA venture rounds, fund news and acquisitions.

                                        🤝 Venture Deals

                                            LA Companies


                                            • No Agent List secured $10M in private investment to launch its AI powered real estate platform ahead of a planned Spring 2026 debut. The Los Angeles based company aims to put “agent level” tools directly in the hands of buyers, sellers and vendors, offering direct access to off market properties, FSBOs, distressed assets, foreclosures, tax liens and auctions that have traditionally been gated by agents and insiders. The funding will support product development and rollout of the platform, which promises more control over transactions while using AI to surface opportunities and streamline the deal process. - learn more
                                            • Hadrian, the Los Angeles based advanced manufacturing startup, announced new capital led by accounts advised by T. Rowe Price Associates to accelerate its push to “reindustrialize” American manufacturing. The financing, which also includes Altimeter Capital, D1 Capital Partners, StepStone Group, 1789 Capital, Founders Fund, Lux Capital, a16z, Construct Capital and others, values the company at $1.6B and will be used to expand its high-throughput factories, grow its workforce and deploy more AI, software and automation across its “factories-as-a-service” platform for aerospace, defense and critical infrastructure customers.- learn more

                                                  LA Venture Funds

                                                  • Blue Bear Capital joined Hydrosat’s $60M Series B, backing the thermal infrared satellite data company alongside lead investors Hartree Partners, Subutai Capital Partners and Space 4 Earth. The funding will help Hydrosat expand its constellation beyond its two current satellites, ramp global coverage and deepen its AI-powered “thermal intelligence” products for water resource management, agriculture, civil government and defense customers worldwide. - learn more
                                                  • Elysian Park Ventures led a $12M growth round for Diamond Kinetics, backing the Pittsburgh-based baseball tech company as it doubles down on youth development. The new capital will help Diamond Kinetics scale sidelineHD, its AI-powered youth baseball and softball live streaming and highlights platform, and expand its broader suite of training tools as MLB’s Trusted Youth Development Platform. - learn more
                                                  • MANTIS Ventures participated in Depthfirst’s $40M Series A round, backing the San Francisco based applied AI lab alongside lead investor Accel, Alt Capital, BoxGroup, Liquid 2 Ventures and SV Angel. Depthfirst is building an AI-native “General Security Intelligence” platform that uses autonomous agents to detect, triage and remediate software vulnerabilities across code and infrastructure, aiming to outpace a new wave of AI-powered cyberattacks. The fresh capital will fund R&D, go-to-market efforts and hiring as the company scales its security platform for enterprise customers. - learn more
                                                  • Cedars-Sinai Health Ventures participated in Vista AI’s $29.5M Series B, joining a slate of leading health systems backing the company’s automated MRI scanning software. The Palo Alto-based startup will use the funding to expand its FDA-cleared cardiac MRI platform to additional anatomies like brain, prostate and spine, and to roll out remote scanning services that let hospitals without in-house MRI expertise offer advanced imaging while easing backlogs and technologist shortages - learn more
                                                  • Fourward Ventures is leading a new strategic growth investment in Mermaid Gin, backing the Isle of Wight–based premium spirits brand as it accelerates expansion in the U.S. market. The round brings Fourward’s founder Will Ward onto the board as lead investor and is paired with a national distribution partnership with Southern Glazer’s Wine & Spirits, plus the appointment of longtime Moët Hennessy veteran Jim Clerkin as CEO for the U.S. push. The capital and partnership are aimed at scaling Mermaid Gin in the fast-growing U.S. super-premium gin segment while preserving its sustainability-focused, Isle of Wight roots. - learn more
                                                  • Hyperion Capital joined Haiqu’s $11M seed round, backing the quantum software startup alongside Primary Venture Partners, Collaborative Fund, Alumni Ventures, Qudit Ventures, Silicon Roundabout Ventures, Harlow Capital, Toyota Ventures and MaC Venture Capital. Haiqu is building a hardware-aware quantum operating system and middleware layer that boosts the performance of today’s noisy quantum hardware, with the new funding going toward productizing its platform and enabling near-term commercial use cases in areas like finance, cybersecurity and scientific computing. - learn more
                                                  • Sound Ventures led WitnessAI’s $58M strategic funding round, backing the Mountain View based AI security and governance platform alongside investors including Fin Capital, Qualcomm Ventures, Samsung Ventures and Forgepoint Capital Partners. The company will use the capital to accelerate global go-to-market efforts and expand its platform, which secures AI agents and models by monitoring agent activity, linking human and agent actions, and blocking prompt injection and other attacks in real time. WitnessAI also unveiled new agentic AI governance tools that give enterprises deeper observability and policy control as they scale AI agents across their operations. - learn more
                                                  • Alexandria Venture Investments joined Proxima’s oversubscribed $80M seed financing, backing the newly rebranded AI-native biotech (formerly VantAI) alongside lead investor DCVC, NVentures (NVIDIA’s venture arm), Braidwell, Roivant and others. Proxima is building a generative AI driven platform for “proximity-based medicines” that modulate protein protein interactions, including molecular glues and PROTACs, to go after historically undruggable targets in oncology, immunology and beyond. The new capital will accelerate its NeoLink structural proteomics and Neo AI model stack, and advance a pipeline of first-in-class proximity-modulating therapeutics toward the clinic. - learn more
                                                  • Clocktower Technology Ventures participated in WeatherPromise’s oversubscribed $12.8M Series A, backing the weather-guarantee startup alongside lead investor Maveron, 1Sharpe, Lerer Hippeau, Commerce Ventures, MS Transverse, Start Ventures, 1Flourish and others. WeatherPromise partners with major travel brands like Marriott, Expedia and JetBlue to offer “weather guarantees” that automatically refund trips when conditions are worse than promised, driving demand for travel, events and outdoor experiences. The new capital will accelerate product development, expand strategic partnerships and scale the platform across more consumer categories. - learn more
                                                  • MANTIS Ventures participated in Sandstone’s $10M seed round, backing the AI-native legal tech startup alongside lead investor Sequoia Capital and others. Sandstone is building an operating system for in-house legal teams that uses AI agents to route requests, draft and review contracts, and surface answers directly inside tools like email, Slack and Salesforce, turning institutional legal knowledge into reusable workflows. The new capital will help the Brooklyn-based company scale its product and grow its customer base of corporate legal departments. - learn more
                                                  • Strong Ventures participated in Hupo’s $10M Series A round, backing the Singapore-based AI sales coaching startup alongside lead investor DST Global Partners, Collaborative Fund, January Capital and Goodwater Capital. Hupo’s platform uses AI to coach frontline banking, insurance and financial services sales teams in real time, helping them ramp faster and close more deals across highly regulated markets in APAC and Europe. The new funding will support product development, expansion of its coaching features and scaling enterprise deployments as the company eyes broader international growth. - learn more
                                                  • Freeflow Ventures joined Vivere Oncotherapies’ more than $10M funding round, backing the UC Berkeley spinout alongside YK Bioventures, Pillar, Berkeley Frontier Fund and the National Cancer Institute. Vivere is developing targeted immunotherapies for “cold” solid tumors like colorectal and ovarian cancers, aiming to activate the immune system against tumors that typically evade detection and resist existing treatments. The new capital will support advancement of its proprietary bioengineering platform and pipeline of therapies for patients with few effective options today. - learn more
                                                  • Alexandria Venture Investments joined Precede Biosciences’ $63.5M Series B equity round, part of an $83.5M total financing package that also includes a $20M strategic, non-dilutive credit facility. The Boston based precision diagnostics and data company is scaling its blood-based platform, which measures target expression and pathway activity to support next-generation cancer therapies like drug, radio and immune conjugates. The new capital will help Precede meet growing demand from biopharma partners developing these precision medicines and accelerate commercialization and health system adoption. - learn more
                                                  • Alexandria Venture Investments participated in Recludix Pharma’s new equity financing round alongside Access Biotechnology, NEA and Westlake BioPartners, with additional strategic investment from Eli Lilly. The San Diego based, clinical-stage biotech will use the $123M in total equity raised to advance clinical development of its novel SH2 domain inhibitor pipeline for inflammatory diseases and to tap Lilly’s TuneLab AI/ML platform to accelerate discovery across its broader SH2 domain program. - learn more
                                                  • BOLD Capital Partners participated in MagicCube’s $10M funding round, backing the Cupertino-based software security company alongside strategic investor Verifone and other existing backers. MagicCube plans to use the capital to expand beyond its core tap-to-phone payments offering into biometrics, identity verification and AI-driven device security, while scaling its Software Defined Trust platform that delivers hardware-grade protection through software on standard mobile and IoT devices.- learn more

                                                        LA Exits

                                                        • Webalo is being acquired by Prometheus Group, which is folding the Los Angeles based “no-code for the frontline” platform into its enterprise asset management software suite. The deal will combine Webalo’s mobile, real-time workflows for frontline workers with Prometheus Group’s planning and scheduling tools, aiming to create a closed-loop digital execution platform that connects shopfloor actions directly back into systems of record like SAP and Oracle. - learn more

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                                                                            Inside Tinder’s 380-Matches-Per-Second Sunday

                                                                            🔦 Spotlight

                                                                            Happy New Year, Los Angeles. 💘

                                                                            If you want a clear read on how people actually behave when the calendar flips, you do not need a survey. You need Tinder’s Dating Sunday data. The numbers below are from January 2025, compared with 2024, and they show a pattern the app sees every year when millions of people log in and take their love life off pause.

                                                                            🔥 Tinder’s Annual Traffic Spike, By The Numbers

                                                                            On Dating Sunday, the first Sunday of the year, Tinder hit its biggest activity spike on the calendar. Compared with the app’s typical daily averages for that year, and trends versus the prior year:

                                                                            📈 Swipes were nearly 13% higher

                                                                            💬 Messages were nearly 10% higher

                                                                            ❤️ Likes were over 10% higher

                                                                            🗣️ Users had almost 7% more conversations

                                                                            🤝 Matches climbed to about 380 matches per second, roughly a 10% lift compared to the rest of the year

                                                                            Across Peak Season, from January 1 through February 14, Tinder saw on the order of 10 million more messages per day and roughly 40 million additional likes than its non peak baseline.

                                                                            The figures are from last January, but the shape of this curve is remarkably consistent year after year, which is why they are a solid proxy for what is happening again at the start of 2026.

                                                                            ⚡ Not Just More Use, Different Use

                                                                            What makes the Dating Sunday data more interesting than a simple “usage went up” story is how behavior shifted compared with the same day the year before.

                                                                            Users replied about 2 hours and 25 minutes faster on average while also sending more messages, more likes and starting more conversations. That looks less like background swiping and more like a concentrated intent spike, people coming back to the app with a clear goal and actually engaging.

                                                                            From a product and infrastructure perspective, that turns this one Sunday into a full stack exercise. Ranking, recommendations, notifications, trust and safety and core scale all get hammered at once, with high signal data flooding the system over a short window. Most apps only see that kind of behavior during a one off viral moment or a big launch. Tinder sees it every January.

                                                                            📊 What The Surge Actually Signals

                                                                            There is plenty of talk about people being tired of apps. The behavior here tells a more nuanced story.

                                                                            When the calendar flipped last year, people reopened Tinder, used it more, started more conversations and replied faster than they had the year before. That does not look like a category that has lost its grip on users. It looks like a mature consumer network that can still generate predictable, measurable spikes of attention and intent on cue.

                                                                            If those patterns hold, the first few weeks of 2026 once again look less like a slow reset and more like a live load test for an LA built product at global scale.

                                                                            Now keep scrolling for this week’s LA venture deals, fund announcements and acquisitions.

                                                                            🤝 Venture Deals

                                                                                LA Companies

                                                                                • Cambium, an El Segundo based advanced materials startup, raised a $100M Series B led by 8VC. The company uses AI, chemical informatics and high-performance computing to design new polymers and composites for defense, aerospace and other high-performance sectors, and will use the funding to accelerate its product pipeline and scale manufacturing capacity across the U.S. and Europe following its acquisition of SHD. - learn more

                                                                                      LA Venture Funds

                                                                                      • Plus Capital joined Pomelo Care’s $92M Series C, backing the New York based virtual care company at a $1.7B valuation alongside lead investor Stripes, Andreessen Horowitz, Atomico, BoxGroup and SV Angel. Pomelo, which already covers about 25 million lives and nearly 7% of U.S. births, will use the funding to take its proven, outcomes-driven maternity model and expand it across women’s and children’s health more broadly, from reproductive care and pediatrics through hormonal health, perimenopause and menopause. - learn more
                                                                                      • Kittyhawk Frontier is leading a $2M seed round in Denver based encoord, joining new and existing investors to back the company’s grid-planning software platform. encoord’s flagship product, SAInt, is designed to give utilities, developers, data centers and grid operators an integrated financial and operational view of the power system, helping cut interconnection timelines by up to five years and optimize capital planning. The new capital will go toward expanding the team, advancing the platform and scaling into key markets as demand for smarter, electrification-ready grid planning tools accelerates. - learn more
                                                                                      • Alexandria Real Estate Equities participated in Mediar Therapeutics’ oversubscribed $76M Series B, joining new investors like Longwood Fund and Asahi Kasei Pharma Ventures in a round co-led by Amplitude Ventures and ICG. The Boston-based biotech will use the funding to advance its first-in-class fibrosis portfolio, including MTX-474, now in a global Phase 2a trial for systemic sclerosis, and MTX-439, which is moving into Phase 1 studies for fibrosis associated with chronic kidney disease, alongside its partnered MTX-463 program with Eli Lilly. - learn more
                                                                                      • GordonMD Global Investments joined Soley Therapeutics’ $200M Series C, backing the South San Francisco based biotech as it advances its AI-enabled cell stress sensing platform and oncology pipeline. The round, led by Surveyor Capital with participation from new and existing investors, will fund IND-enabling work and early clinical trials for Soley’s lead acute myeloid leukemia (AML) program and a second solid-tumor asset, while also expanding non-oncology programs in neurodegenerative and metabolic diseases and scaling the platform. - learn more

                                                                                          LA Exits

                                                                                          • CareRev is being acquired by IntelyCare, which is combining its post-acute healthcare staffing platform with CareRev’s on-demand workforce marketplace for acute care. The deal creates one of the more comprehensive clinical labor platforms in the market, spanning clinician-facing job boards, internal resource pool tools, contingent labor and recruiter solutions to help health systems manage permanent and flexible staff in one place. Both brands will continue operating under their existing names while integrating offerings for hospitals, health systems and clinicians. - learn more

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