Lennar's Stuart Miller: ‘Evolve or Die’ as Homes Go High-Tech

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.

Lennar's Stuart Miller: ‘Evolve or Die’ as Homes Go High-Tech

In this episode of Office Hours, Miller discusses how technology will impact homebuilding and design — and how he helped create a culture that embraces innovation at the 60-plus-year-old company.


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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: Thanks for the tour we just completed. Stuart just walked me around the building, and we saw the innovation center, we talked about the digital marketing initiatives that you have, the in-house content creation, including video production. And it was really interesting learning how Lennar — which is a, gosh, 60-year-old company now, I think?

Stuart Miller: Sixty-plus.

Rascoff: Sixty-plus. Firstly, for listeners — so, I learned that Lennar is actually a portmanteau, a combination of Leonard Miller — your father — and Arnold Rosen. And Leonard and Arnold became “Lennar." [Laughs]

Miller: That's correct.

Rascoff: You very rarely see 60-year-old family businesses that have become publicly traded, $20 billion market companies. So, why do you think Lennar has been able to not be disrupted over the last 60 years? I mean, that's quite a legacy. What is it about the culture of the company that has allowed it to stay competitive through time?

Miller: Well, we have a really good combination. The foundation that was laid from those early days is a strong foundation of integrity, of value, of excellence, that creates a backbone that has stayed very much central to the way that the company has been built over years. Through its beginning years, the evolution of the company has stayed true to its values, and those core values have held us in good stead. Now, even with that kind of stodgy old background of starting from so many years ago, there's also been a culture — and, you know, maybe that's been my contribution of coming in from the outside, not as a pioneer but instead as a next-generation — we've developed a culture of saying, “We're gonna be on our front foot, we're gonna be evolutionary, we're gonna stay with the times."

We live by a mantra of “evolve or die," and inherent in that mantra is almost an envy for today's innovative platforms, new technology companies that are not saddled with yesterday's past. But a different way to look at that is, we, the dinosaur companies — the companies that come from years and years of evolution — do have the benefit of having these very, very strong root systems. And if we can constantly go back and revisit those root systems, there's a lot of virtue in those root systems — we certainly benefit from it.

Rascoff: I like that, thinking about the company's root systems and how it provides strength. So, let's talk about those chasms that you've had to cross over the last, say, 10 years. You know, one of the things that you just showed me was how the company has really pivoted its marketing strategy away from traditional marketing — by which I think you mean primarily newspaper advertising and maybe direct mail, TV, radio —

Miller: Newspaper, radio, TV, right.

Rascoff: — to digital advertising. And, I guess, describe how that, you know, what was that evolution like? How did you become a company that primarily focuses on digital marketing and not legacy, traditional marketing?

Miller: So, the starting point is, you know, structure of the company is we have a strong corporate office, but our geographic divisions really operate as small independent companies. And as you might imagine, getting 33, right now, small independent divisions — not small; some of them actually quite large — to actually pivot away from their comfort zone and towards something that is new and evolutionary is not something that one snaps their fingers and it just happens. We came up with a concept that we have to become part of this digital age. We created a challenge to our divisions, to think about making that migration. One division actually effectuated the change — migrated from all conventional forms, away from all conventional forms and towards all digital forms of marketing — found that cost went down by about 50 percent, found that traffic went down, but qualified traffic went way up, and this was very interesting.

Rascoff: So, let me understand it. I guess what I'm hearing is, many companies have a challenge of trying to sort of change dogma — and it was accepted dogma, internally, that traditional marketing had always worked for the last 40-odd years, you know, therefore, we should continue. Challenge number one is changing at the corporate office, that mindset, at the executive level, at the board-of-directors level. But then your unique challenge was that you have a pretty decentralized company, where these different divisions control their own marketing budgets. So, you could've just issued a fiat and said, “Hey, local divisional marketers, you will now be digital." Or perhaps you did issue that fiat, and maybe it was ignored. So, I guess, help listeners who run decentralized organizations learn from your experience. How did you pull this off? [Laughter]

Miller: So, your characterization is actually right on: I did issue a fiat, and everybody applauded it and nodded their head yes, and then went about their business and went back to their comfort zone of saying, “Hey, conventional marketing has always worked. That's what we're gonna continue to do. That's how we make our numbers, and we are bottom-line responsible." One division actually took the challenge, and they made the migration. Once we saw what happened with their costs and with their opportunity set, it became an interesting challenge for us to get one division to actually teach another. We could prove a concept, then we could test the concept and educate on the concept, and once we made that leap, we had one division teach another. We had a set of opportunities that we could articulate across the platform. From there, we articulated what we thought the opportunity set was, and we gamified it. We actually got our divisions to compete against each other along KPIs, to compete along the lines of making the migration from conventional towards digital — driving costs down, driving qualified leads up and maintaining growth rate.

Rascoff: Reflecting on it now, does making it through that shift to a digital marketing company — did that represent an existential threat to the company? In other words, let's say you hadn't. Let's say you hadn't woken up that day, seven years ago, whenever it was, and said, “You know what, we're gonna go digital first for marketing." What would the company be like today?

Miller: I think that story is still to be written. I think that we are advantaged for having made the step because where we sit today is — I believe we're in the first inning of understanding digital marketing. All of our marketing across our platform — I would say 95 percent of it — is digitally focused today. We have driven our costs down, across the platform, 50 percent. But the targeting that we are able to do with digital marketing, and the enhancement of that targeting with digital or video kind of content, and delivering to our customer information and inspiration about our product, our company, and an affiliation with us, is just at its very beginning stages. So, I think we'd be way behind our potential — I don't think we would've been disintermediated yet, but I think the potential to be disintermediated is out there for those who don't get on board.

Rascoff: So, one of the ways that you've created a culture of innovation is by changing your office space. In fact, the office that you're in is the office that your father was in when he was CEO.

Miller: That's right.

Rascoff: And yet, just over the last year or so, you've changed the office space quite significantly on some of the floors. Describe why you did that and what impact you think that's having.

Miller: Yeah, so, we actually gutted our third floor (we're a four-floor building). We gutted our third floor, and we redesigned it and created an innovation center. It's an open floor plan; it was really developed under the thought process that innovation is a contact sport. Innovation happens where ideas collide — sometimes purposefully and sometimes by accident. Many of the initiatives that we have on our third floor were taking place in various silos around the company; we've brought them together in one place, where concepts, ideas, programs can collide, people can intersect and interact in ways that were not initially thought of. We didn't go quite the full direction — [crosstalk]

Rascoff: Not full dot-com, but — [Laughs]

Miller: Not full dot-com: We don't have a foosball table and we don't have a Ping-Pong table. But what we do have is an open floor plan with a lot of technology for people to interact with each other and with technologies to evolve our business. And the mantra is to think outside the box and to think together with people who you don't necessarily work with all the time.

Rascoff: In another episode with Mike Corbat, the CEO of Citigroup, he talks a lot about this as well — how he removed offices from their New York headquarters to encourage innovation, get people to literally break down barriers between divisions and the importance of office space to drive innovation.

Miller: Now, we did this right here in the heart of the dinosaur. I mean, this is our corporate office, this is the 60-plus-year company. We can be considered yesterday's company in technology, but we did it right here in the heart of the corporate office so that it activated all of the artery systems through the company.

Rascoff: So, you are making a potentially company-changing transaction. You're currently, I think, the second-largest homebuilder buying the fifth-largest homebuilder. Together, you will be the largest homebuilder in the country — it's an almost, I think, an almost $10 billion acquisition of CalAtlantic. Describe for me what that thought process was like around the acquisition. Firstly, have you done a lot of acquisitions before? And when you were thinking about buying CalAtlantic, what are the things that went through your head?

Miller: So, first of all, we've done many acquisitions before. We've made some of our biggest, most strategic steps forward on the pivot point of acquisitions. It's been a rich tradition within our company of using strategic combinations and acquisitions to elevate our game. The CalAtlantic acquisition is — or, really, it's not an acquisition; it is a strategic combination — was about looking at a terrific group of people, terrific group of land assets, and finding markets that we know and products that we know combined in geographic locations to create scale. Scale, in our opinion — in local geographic markets, 20 to 40 percent market share in many of these markets — enables us to up our game in terms of the innovation that you've seen here in this office. But also innovation strategies as it relates to things that we might do in the field, the construction part of our business.

Rascoff: So, the scale synergies in your business come from reducing construction costs and marketing efficiencies. Are those the two general categories?

Miller: So, reducing construction costs is a little bit too aggressive and draconian. It's all about creating better relationships with subcontractor bases. All of our subcontractor bases are generally local in nature; manufacturing or distribution might be more national, but our subcontractors are primarily local. Having the market share and the ability to develop better partnerships with our subcontractor base enables us to be a better version of ourselves. It enables us to explore how we can reduce costs while making better profitability for the subcontractor and for us as well. It enables us to start looking at different building systems — cooperative systems that we can work with our subcontractors to develop. All of these things are evolutionary tracks that will define the way forward for the homebuilders of the future.

Rascoff: So, let's close with a brief discussion about the future of homebuilding. Your company has been at the top of its field for more than 50 years. I won't ask you to prognosticate 50 years out, 'cause who knows what the world will look like, but even over the next 10 or 15 years, what trends do you think will impact your industry and your company?

Miller: Interesting question. It's very hard to look around the corner — it's always hard to look around the corner, but we're very respectful of the world that we're in. I think that we all recognize that today we are witnessing the slowest rate of change that we will ever see in our life from today going forward. It is accelerating at a blinding speed, and what that means for our business is that all parts of our business are going to evolve. The way that people look for homes, the way that people find their homes, even the kind of homes that they're looking for are going to evolve. We have to think about the uberization of the homebuilding world — how are we going to better utilize the assets that people have? We have a lot of people who are empty nesters, who have three empty bedrooms where their children used to reside. What is that going to do and how will that impact the housing market in the future? The points of intersection between customer-homebuilder or customer and realtor are going to change. It is going to happen more and more on digital platforms. How are we going to ignite, excite and inspire people to think about the products that we have, and, to the extent that we engage them digitally, how can that conversation leading up to sale help define the products that people are actually looking for?

One last thought is: I've always wondered when we would see obsolescence filter into the homebuilding world. Spencer, you would never buy a car, today, that has rolldown windows unless you really wanted vintage. And so, obsolescence, natural and technological obsolescence, has made its way into the automobile industry and every other industry we've seen. To the extent that, whether it's Wi-Fi distribution in the home, home automation, energy efficiency or a myriad of other things, the home will give way to technology innovation that makes older homes more obsolete. And people will be looking for new styles, new technologies and new ways to live, and I think that will benefit the homebuilding industry, as long as we're able to adapt.

Rascoff: So, at a very high level, I think the era of home automation should be a huge boon to homebuilders, because it's going to seem a lot easier, cheaper, more reliable to buy a new wired home than to retrofit a used home. Would you agree with that?

Miller: Yeah, well, absolutely the case — it starts with Wi-Fi distribution. We've developed a concept called “Wi-Fi certified." A Wi-Fi certified home is something you can do with a new home; it's very hard to do with an existing.

Rascoff: It drives me crazy that my old brick house has bad Wi-Fi in certain spots, and I've had countless experts come and try to improve it, from Zillow and other companies, and it can't be done. [Laughs]

Miller: So, that's a big benefit to the new home market because we can distribute Wi-Fi seamlessly, wall-to-wall and floor-to-ceiling. And here's the thing: With retrofit, you're always gonna have dark spots, and more importantly, you're gonna have speed loss or speed variation through the home. We can evenly distribute, without dead spots, evenly distribute Wi-Fi through the home if we think about it while we're building the home.

Rascoff: What about innovations on building itself? I mean, on what timescale, when will I see, you know, robots on construction sites — I mean, literally, like, robots — or more prefab-built, kind of modularized homes? Such that, is there an innovation coming that might bring construction costs down so significantly that the cost of a new home could be a fantastic value? Or is that not likely? [Laughs]

Miller: So, part of that is that “Terminator" stuff that you're asking about, and I'm not ready to get out on those soft limbs quite yet. There will be innovations in homebuilding. They're not here yet. The cost structures don't — and we spend a lot of time looking at these and thinking about these things — and you will see innovations around the edges, whether it's truss plants or wall plants or some manufacturing components. But ultimately, cost structures, and shortages of labor, and labor costs will mitigate in favor of finding new ways to build homes. People have asked about 3D printing of homes, because there are some podcasts and some dream-oriented videos on the —

Rascoff: Yeah, I've seen them.

Miller: Right, most people have. You know, I've tested some of these questions. We wear a name badge every day; it's really almost a two-dimensional piece of plastic. I have tried to find out how easy it is to 3D print this small piece of plastic. We're not there yet. When we can digitally print the name badge, then I'll start thinking about how we digitally [laughs] print the home. And in the meantime, we'll be taking steps, innovative steps, to rethink the building process — driving down cycle time, driving down cost structures and building a better mousetrap as we go forward.

Rascoff: And, of course, self-driving cars might also change our whole approach to urban planning and consumer preferences.

Miller: Absolutely.

Rascoff: I mean, we at Zillow Group are just starting to do research on this to figure out what impact it might have on real estate, but it's possible that if your hour-commute is suddenly productive because you're not driving that people will be willing to commute longer. We don't really know yet what impact it will have. Do you have a theory on this? [Laughs]

Miller: I think we're gonna have to wait and see, and, I mean, we could sit here all day and think about some of the innovations that are out there, that are going to affect the way that we live. To me, that innovation center that you and I toured a little while ago is all about having a cork in the water of a fast-moving stream, and making sure that we're sensitive, aware of the things that are happening that are going to affect the industry. And maybe we won't see around the corner, but maybe as we get to the corner we'll be tuned-in and ready to react. That's how we're thinking about it.

Rascoff: Stuart, congratulations on the success of Lennar through the decades. What I've heard today makes me feel quite confident that it will be successful for decades to come. Thank you for the conversation.

Miller: Thank you.

The post Lennar's Stuart Miller: 'Evolve or Die' appeared first on Office Hours.

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$207M Later, Napster is Back and Ready for the Metaverse

🔦 Spotlight

Happy Friday, Los Angeles!

This week, we’re rewinding the clock and fast-forwarding into the future at the same time. Napster, yes, that Napster, just got acquired for $207 million byInfinite Reality, a metaverse and immersive tech company that’s aiming to bring the iconic music platform into the next generation.

For anyone who came of age in the early 2000s, Napster was either your musical awakening or the reason your dial-up connection crashed. Launched in 1999 by Shawn Fanning and Sean Parker, it was the face of peer-to-peer file sharing and a lightning rod in the music industry’s first wave of digital disruption. After its legal battles and shutdown in 2001, Napster bounced between owners like Roxio and Best Buy, before eventually merging with Rhapsody and evolving into a legitimate streaming service.

Now, Infinite Reality is giving Napster a fresh remix. The company says it plans to turn Napster into a social-first music platform that emphasizes artist-fan interaction over passive listening. We’re talking virtual 3D concert experiences, listening parties, fan communities, and merch drops… essentially, a metaverse-native platform built for music superfans.

According to Infinite Reality CEO John Acunto, this aligns with the company’s bigger vision: moving the internet away from “a flat 2D clickable web” into “a 3D conversational one.” They’re betting that a brand like Napster, which already carries cultural weight, can thrive in a world where fans want deeper connections and creators want modern monetization tools.

It’s a bold move, but maybe a smart one. Nostalgia is a powerful asset, and in an era where legacy brands keep getting digital reboots, Napster has a chance to go from early disruptor to comeback story.

Will today’s listeners hit play? We’ll see. But as far as tech comebacks go, we’re here for this remix.

🤝 Venture Deals

LA Companies

  • Topanga, a Los Angeles-based company specializing in AI-driven waste reduction solutions for commercial kitchens, has raised an $8M Series A funding round led by Blue Bear Capital, with participation from Struck Capital, Amasia, and Wonder Ventures. This investment brings Topanga's total funding to $12.2M. The company plans to use the proceeds to expand its food waste tracking platform into the senior living, health care, and hospitality sectors, accelerate the growth of its ReusePass system beyond universities into enterprise food service, and enhance integration with major food-service platforms like Grubhub and Jamix. - learn more
  • Flight Science, an aviation tech startup focused on AI-powered flight optimization, raised $1.5M in pre-seed funding led by Outsiders Fund. The company helps airlines reduce fuel costs, emissions, and turbulence impact, and will use the funds to grow its team and expand product rollout by summer 2025. - learn more
        LA Venture Funds
          • Second Sight Ventures participated in a $14.2M Series A1 funding round for Lucky Energy, an Austin, Texas-based energy drink company. Lucky Energy offers a line of zero-sugar, zero-calorie beverages in six flavors, formulated with ingredients like maca and beta-alanine. The company plans to use the funds to accelerate distribution, introduce new products, support strategic partnerships, and recruit in key business areas. - learn more
          • M13 led a $5.5M funding round for Chord Commerce, with participation from Act One Ventures and others. The New York-based company provides an AI-powered customer data platform (CDP) that helps commerce brands unify customer data, generate real-time insights, and automate marketing decisions. The funding will be used to further develop the platform and support brands in scaling their data-driven marketing efforts. - learn more
          • Upfront Ventures led a $4M Seed funding round for Arlo Health, a New York City-based AI-powered health insurance underwriter focused on small and mid-sized businesses. Arlo offers level-funded health plans designed to improve preventive care and cost transparency through value-based care and AI-driven underwriting. The funds will be used to expand its broker network, grow its engineering and sales teams, and scale operations. - learn more
          • Bonfire Ventures co-led a $5M Seed funding round for VoiceOps, with participation from Village Global and others. Based in New York City, VoiceOps uses generative AI to analyze phone calls and surface insights that boost sales performance, ensure compliance, and optimize marketing. The funding will support product development, team expansion, and broader market adoption. - learn more
          • MANTIS Venture Capital participated in a $17.2M Seed funding round for EDGE Markets, a fintech company building banking tools tailored to the gaming industry. EDGE’s flagship product, EDGE Boost, offers a debit card and bank account specifically designed for betting, with features like spending limits, financial transparency, and cash-back rewards. The funds will be used to further develop the platform and expand its presence within the gaming market. - learn more

              LA Exits

              • SmartDepo, a leading provider of AI-powered deposition summaries for the legal industry, has been acquired by Rev, a prominent speech-to-text technology company. Founded in 2023 by civil rights attorney Isaac Manoff, SmartDepo delivers comprehensive deposition summaries featuring 100% accurate page-line citations, hyperlinked tables of contents, key admissions analyses, and deposition memos highlighting essential themes. This strategic acquisition combines Rev's highly accurate transcription services with SmartDepo's advanced summarization capabilities, aiming to enhance productivity for attorneys and court reporters by reducing manual review time and improving client outcomes. - learn more
              • Stem, a platform offering personalized distribution and digital strategy services for independent artists and labels, has been acquired by Concord, a leading independent music company. Stem will operate as a separate division within Concord Label Group, with CEO Milana Lewis and President Kristin Graziani continuing in their roles. This acquisition provides Stem with the capital and resources to invest in new technology, expand its suite of label services, and accelerate global growth, while maintaining its mission to empower independent artists with autonomy and support. - learn more

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                          $100M in Wheels and Wings: Startups Changing How We Move

                          🔦 Spotlight

                          Happy Friday, LA —

                          LA’s mobility scene is shifting gears — fast.

                          We’ve got movement on the ground and in the skies this week.

                          Image Source: Upway

                          Let’s start on two wheels. Sequoia-backed startup Upway just launched its new 30,000 square-foot flagship facility in Redondo Beach, and it’s not your average bike shop. The UpCenter, as they’re calling it, is the largest e-bike refurbishment center in California — and it’s a big bet on LA becoming a leader in urban micromobility.

                          If you haven’t heard of Upway yet, you will soon. The company refurbishes e-bikes at scale, with $70 million in funding and operations in both the U.S. and Europe. Their mission? Make high-quality e-bikes more affordable and accessible, especially in cities where traffic is, well… legendary.

                          With California’s new e-bike rebate in effect and Angelenos increasingly looking for car-free ways to move around town, Upway’s timing couldn’t be better. Whether you’re commuting, cruising the Strand, or just sick of spending half your life on the 405, a refurbished ride might be the smoothest move you make all year.

                          Now — from bikes to drones.

                          Image Source: Neros

                          Neros, a young LA-based startup focused on American-made autonomous drones, just announced a $35 million Series A to ramp up manufacturing. In a market long dominated by overseas players, Neros is building drone tech domestically — and it’s not just for hobbyists. Their AI-powered drones are designed to be rugged, adaptable, and mission-ready, with applications across defense, public safety, and infrastructure.

                          The round was led by Vy Capital, with participation from Interlagos Capital, D3, Sequoia, and Keller Rinaudo Cliffton, the CEO of Zipline. Neros’ co-founder and CEO, Soren Monroe-Anderson, summed it up well: this is about “freedom through autonomy.”

                          Now, on to this week’s LA venture deals, fund announcements, and acquisitions…

                          🤝 Venture Deals

                          LA Companies

                          • BuildOps, a Los Angeles-based provider of a unified cloud-based platform for commercial contractors, has raised a $127M Series C funding round led by Meritech Capital Partners, with participation from B Capital, Fika Ventures and others. This investment elevates BuildOps to unicorn status with a valuation of $1 billion. The company plans to use the funds to enhance product capabilities, improve customer support, and scale operations to meet the growing demand from commercial contractors nationwide. - learn more
                          • Proteus Space, a Los Angeles-based company specializing in rapid custom satellite bus solutions, has raised an oversubscribed $6.1M Seed-2 funding round, led by Lavrock Ventures with participation from Crosscut Ventures and others. The funds will be used to accelerate the development and deployment of MERCURY™, Proteus’ automated computational engineering system, which aims to revolutionize custom satellite bus design by significantly reducing development time and costs. - learn more
                          • Occuspace, a Westlake Village, California-based company specializing in occupancy intelligence technology, has secured a $6M Series A funding round led by Lewis & Clark Ventures. The company plans to use the funds to accelerate its growth across higher education, corporate, and government facilities, aiming to make space utilization data the source of truth for understanding and managing the built environment. - learn more
                          • Qolab, a company specializing in quantum computing hardware, has secured Series A funding from Applied Ventures, the venture capital arm of Applied Materials. The investment will be used to advance the development and scalable manufacturing of superconducting qubits, a critical component for large-scale quantum computing. As part of the collaboration, Qolab and Applied Materials have also co-authored a technical roadmap outlining strategies to scale quantum computing from hundreds to millions of qubits. - learn more
                              LA Venture Funds
                                • Wasserman participated in a $56M funding round for Carbon Arc, a New York City-based AI data utility company. Carbon Arc specializes in transforming raw data from various industries into structured, standardized intelligence suitable for AI models and business applications. The funds will be used to accelerate the growth of Carbon Arc's Insights Exchange platform, enhancing its data utility services for businesses and the AI community. - learn more
                                • Trousdale Ventures participated in a $24M funding round for Coreshell, a San Leandro, California-based battery technology company. Coreshell specializes in developing low-cost, high-performance silicon anodes for lithium-ion batteries, aiming to enhance energy density and reduce costs. The funds will be used to scale production at their 4 MWh manufacturing facility and to plan a new 100 MWh facility, with the goal of delivering next-generation electric vehicle batteries to global automakers this year. - learn more
                                • Talino Venture Studios has participated in a $2.8M seed funding round for Higala, a Philippine-based instant payment system startup. Higala aims to enhance financial inclusion by connecting rural banks, thrift banks, commercial banks, and electronic money issuers through an open payments infrastructure, thereby lowering the cost of real-time payments and reducing entry barriers. The funds will be used to expand Higala's services, including the launch of platform banking in the second quarter, enabling smaller financial institutions to offer digital payment services. - learn more
                                • Alexandria Venture Investments participated in a $150M Series B funding round for Latigo Biotherapeutics, a Thousand Oaks, California-based clinical-stage biotechnology company developing non-opioid pain treatments. The funds will support the advancement of Latigo's selective Nav1.8 inhibitors, currently in clinical development, and the expansion of its broader therapeutic pipeline. - learn more
                                • Thiel Capital led a $3.25M funding round for Pilgrim, a biotech startup focused on enhancing human performance and defending against biological threats. The funds will be used to advance its Voyager platform, which is developing cutting-edge biotechnology with potential applications ranging from creating ‘supersoldiers’ to mitigating emerging biothreats. - learn more
                                • Alt-Capital and WndrCo participated in an $18M seed funding round for Town, a startup specializing in small business tax solutions. Town offers an AI-powered platform that automates tasks such as document processing and data collection, providing each client with a dedicated tax advisor. The funds will be used to scale Town's services across the U.S. and expand their team. - learn more

                                  LA Exits

                                    • Dieta Health, a Los Angeles-based company known for its AI-powered stool imaging technology, has been acquired by Cylinder. Dieta’s clinically validated app, shown to outperform traditional patient-reported outcomes, will be integrated into Cylinder’s platform to improve digestive health diagnostics and enable earlier, more personalized treatment. As part of the deal, Dieta’s founder and key team members will join Cylinder to support ongoing development and clinical research. - learn more

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                                            PledgeLA’s Next Chapter Starts Now with Noramay Cadena

                                            🔦 Spotlight

                                            Happy Friday, Los Angeles! As we wrap up another busy week in LA’s tech scene, there’s big news on the leadership front. PledgeLA has a new chair, and it’s someone who knows what it takes to break barriers and build lasting impact. Noramay Cadena, a San Fernando High grad turned triple-degree MIT engineer, has spent her career defying expectations. She started in aerospace engineering, leading operations before pivoting to venture capital, where she’s invested in 90+ companies across industries. She co-founded Latinas in STEM in 2013 and later launched MiLA Capital, a seed-stage VC firm investing in hardware and manufacturing innovations. As Managing Partner of Supply Change Capital, she has focused on technology transforming the food system, raising a $40M fund and deploying over $20M into 23 companies, including eight in California. Stepping into her new role as chair of PledgeLA, she’s setting her sights on an even bigger challenge: making LA’s tech and VC ecosystem more inclusive, accessible, and globally competitive.

                                            Noramay Cadena (left, with her son) incoming chair of PledgeLA, receives a Catalyst Award for Emerging Manager in December. (With Qiana Patterson, PledgeLA Chair 2020-22 and Managing Partner of NAYAH)

                                            She follows in the footsteps of Anna Barber of M13, whose leadership transformed PledgeLA into a driving force for change, launching the VC Fellowship to elevate diverse investors and spearheading the GP + LP Connections Series, which facilitated over 80 investor meetings last year. She also played a key role in the Venture Capital Data Report with UCLA Luskin and introduced the PledgeLA Catalyst Awards, honoring leaders driving capital access and innovation.

                                            Now as Chair Emerita, Barber will continue supporting PledgeLA as it enters its next phase under Cadena’s leadership.

                                            Cadena recognizes the strength of the foundation she’s inheriting. “Anna has been instrumental in making PledgeLA a force for inclusion in LA tech and venture. I’m honored to build on that work as we take the next big leap forward,” she said. “We’re at a critical moment for LA tech. We’ve built momentum, but now is the time to turn that into real, lasting change. I’m focused on forging new partnerships, increasing capital access, and ensuring that LA’s innovation economy works for everyone—not just the few.”

                                            Her first priorities? Expanding PledgeLA’s VC Fellowship to create more pathways into venture, strengthening connections between emerging fund managers and investors, and doubling down on community-driven initiatives. Earlier this year, PledgeLA members, including Wonder Ventures, raised $1.1M for wildfire relief efforts—a testament to the power of LA’s tech community when it mobilizes.

                                            With Cadena at the helm, PledgeLA isn’t just continuing its mission—it’s accelerating it. Thanks to Barber’s legacy and Cadena’s vision, the future of LA tech is poised for even greater impact. For more details on the transition and what’s ahead, read the official announcement here.

                                            And speaking of momentum, if you’re heading out this weekend, be sure to check for road closures—the LA Marathon is set to take over the streets this Sunday! Whether you’re running, cheering, or just navigating around town, it’s another reminder that LA is always on the move.

                                            Image Source: The McCourt Foundation


                                            🤝 Venture Deals

                                            LA Companies

                                            • Scrunch AI, a Los Angeles-based platform that helps businesses optimize their presence in AI-driven search results, has raised a $4M Seed funding round led by Mayfield. The company plans to use the funds to accelerate product development and expand its market reach, aiming to ensure brands remain visible and competitive as AI search becomes more prevalent. - learn more
                                            • Wolf Games, a Los Angeles-based generative gaming startup, has secured $4M in seed funding. The investment round includes prominent figures such as television producer Dick Wolf, music industry pioneer Jimmy Iovine, and Paul Wachter, Founder and CEO of Main Street Advisors. Wolf Games specializes in creating generative cinematic games that adapt to individual player choices, offering immersive and personalized storytelling experiences. The company plans to use the funds to develop its inaugural game, "Public Eye," set to launch in Summer 2025. "Public Eye" is a crime procedural game where players assist in solving murder investigations, guided by an AI-powered assistant that tailors the experience to each user's play style. - learn more
                                            • Fixated, a digital entertainment platform, has secured $12.8M in funding, led by Eldridge Industries. Fixated specializes in transforming creator representation and monetization, providing infrastructure, strategy, and expertise to help digital creators scale their content and diversify revenue streams. The investment will be used to expand Fixated's influence across talent management, content creation, gaming, and digital entertainment, aiming to empower creators and set higher industry standards. - learn more
                                            • Liminal, a user-generated content (UGC) gaming startup, has secured $5.8M in seed funding. The investment round included BITKRAFT Ventures, Riot Games, and OTK Media Group, with participation from angel investors including Marc Merrill, co-founder of Riot Games. Liminal is developing a platform that enables players to create immersive role-playing game (RPG) adventures without coding knowledge, aiming to make storytelling through gaming more accessible and engaging. The funds will be used to advance the development of this platform, with plans to launch publicly playable content in the coming year. - learn more
                                            • Pragma, a Los Angeles-based backend game engine developer, has secured $12.75M in strategic funding, bringing its total raised to over $50M. The investment round included participation from Square Enix, Upfront Ventures, Greylock Partners, and Insight Partners. Pragma specializes in providing scalable backend solutions for live-service games, powering features like matchmaking, analytics, and monetization. The new funds will be used to enhance their suite of live-service tools, support strategic acquisitions, and strengthen partnerships within the gaming industry. - learn more
                                            • Tetrous, a Sherman Oaks-based biotech company focused on bone-to-tendon healing, raised $6.5M in an oversubscribed Series A round. The funds will be used to expand market reach, generate clinical data, and broaden surgical applications of its technology. - learn more
                                            • Uthana, a generative AI company specializing in 3D character animation, has raised a $4.3M funding round led by IA Ventures. The company plans to use the funds to expand operations and development efforts, aiming to revolutionize the animation and game development industry by enabling real-time, lifelike animations that adapt dynamically to gameplay, thereby enhancing immersion and realism. - learn more
                                            • LiquidTrust, a Los Angeles-based fintech company, has raised a $4M Seed funding round led by Anthemis Female Innovators Lab Fund, Resolute Ventures, and Motivate Ventures. The company specializes in secure payment solutions for small and medium-sized businesses (SMBs) and has introduced Micro Escrow Pay, an instant escrow payment solution designed to embed trust directly into payment flows. The funds will be used to expand operations and development efforts, aiming to protect SMBs from fraud and nonpayment risks. - learn more
                                              LA Venture Funds
                                                • B Capital participated in a $4.5M funding round for Bizongo, a Mumbai-based B2B e-commerce platform focused on raw material procurement and distribution, bringing the company's valuation to $980M. The funds will be used to scale operations threefold by December, expand product categories, and position Bizongo for profitability by the last quarter of FY26. - learn more
                                                • UP.Partners led a $4M Seed funding round for SaySo, a New York City-based retail technology company that provides an interactive shopping platform designed to turn excess inventory into profit-driven opportunities. SaySo plans to use the funds to expand its partnerships and bring its interactive clearance platform to a broader retail audience. - learn more
                                                • March Capital participated in a $200M Seed funding round for Lila Sciences, a company developing an AI platform combined with autonomous laboratories to accelerate scientific discovery across life, chemical, and materials sciences. The funds will be used to further develop Lila's AI platform, build the first AI-driven science factories, and scale operations to enhance scientific research capabilities. - learn more
                                                • Animal Capital led a $1.6M pre-seed funding round for Platter, a New York-based ecommerce technology startup. Platter specializes in helping Shopify brands create high-converting storefronts that maximize profit. The funds will be used to further consolidate disparate tools into a unified product suite, empowering Shopify brands to build more profitable storefronts. - learn more

                                                LA Exits

                                                  • Tastemade, a media company known for its food, travel, and home design content, has been acquired by food delivery startup Wonder for $90M. The acquisition aims to integrate Tastemade’s content with Wonder’s services, including takeout, delivery, and meal kits, to create a comprehensive "mealtime super app." The deal is also expected to enhance Wonder’s advertising business and offer seamless access to meals featured on Tastemade’s platforms. - learn more
                                                  • Jumpcut Media, a provider of AI-driven intellectual property management and audience analysis tools, has been acquired by Cinelytic, an AI-powered content intelligence platform. Jumpcut's platforms, such as ScriptSense and SocialSense, offer real-time insights into content development and market alignment, enhancing decision-making across the content lifecycle. This acquisition aims to integrate Jumpcut's capabilities into Cinelytic's services, optimizing decision-making in the entertainment industry. - learn more
                                                  • FatTail, a Calabasas, California-based advertising technology company specializing in direct advertising solutions, has been acquired by Chartbeat, a media operations software platform backed by Cuadrilla Capital. This acquisition aims to integrate FatTail's advertising revenue management capabilities with Chartbeat's content analytics services, providing media companies with a unified platform to enhance both audience engagement and revenue generation. - learn more
                                                  • Deep 6 AI, an AI-driven precision research platform specializing in accelerating patient recruitment for clinical trials, has been acquired by Tempus, a leader in AI-powered precision medicine. Deep 6 AI's platform analyzes both structured and unstructured electronic medical record (EMR) data to match patients with clinical trials, serving over 750 provider sites and encompassing more than 30 million patients. This acquisition aims to enhance Tempus' capabilities in clinical trial matching and real-world evidence generation, furthering its mission to advance precision medicine and patient care. - learn more

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