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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$160M Tugboats and Undersea Drones: LA Startups Are Raising the Stakes

🔦 Spotlight

Happy Friday LA,

This week’s headlines take us from the ocean floor to the docks of Long Beach, with LA companies leading the charge.

Image Source: Anduril

Let’s start with Anduril Industries, which rolled out three major announcements that underline just how quickly it is expanding its footprint across defense tech. The biggest milestone came from Ghost Shark, an extra large undersea drone developed in partnership with the Australian Navy. After just three years, it has moved from prototype to an official program of record, an unusually fast turnaround in an industry where procurement often takes decades. It marks a significant step for autonomous systems under the sea, an area where defense agencies have long struggled to innovate.

Image Source: Anduril

The company also revealed Menace I, a ruggedized system designed to bring petabyte scale processing power directly to the battlefield. Think of it as cloud computing without the cloud, giving troops the ability to process massive amounts of sensor data and video on site rather than relying on faraway servers. And finally, Anduril landed a contract to create mixed reality training tools, using immersive simulations to prepare service members for missions more effectively. Training has always been one of the costliest and most logistically challenging aspects of defense, and bringing advanced MR into the mix could transform how quickly and safely soldiers can get mission ready. Together, these updates show an LA company moving fast across land, sea and even into the training ground.

Image Source: Arc

Meanwhile, Arc is proving that electrification is not just for cars and yachts, it is now heading into some of the hardest working vessels on the water. The Venice based startup announced a $160 million deal with Long Beach’s Curtin Maritime to deliver eight hybrid electric tugboats. Tugboats are the muscle of the harbor, guiding massive cargo ships in and out of ports, and they usually burn through enormous amounts of diesel. Arc’s push into this space signals more than just a big contract. It is a pivot from building high performance electric speedboats for early adopters to tackling one of the most carbon heavy corners of maritime work.

The scale of this deal shows how far Arc has come since launching just a few years ago. Building hybrid electric tugboats is not a side project, it is a sign that the company wants to play a role in reshaping the future of port operations. And if LA’s own clean tech boat builder can make a dent in one of the dirtiest industries on the water, the ripple effects could stretch far beyond the coastline.

🤝 Venture Deals

      LA Companies

      • Apex Space closed a $200M Series D round led by Interlagos, with participation from existing investors including Andreessen Horowitz, Point72 Ventures and 8VC, pushing its valuation past $1 billion. The Los Angeles based company builds satellite buses, the standardized spacecraft platforms that carry and power payloads ranging from Earth imaging sensors to missile early warning systems. With the new funding, Apex plans to increase production capacity by 50 percent and more than double its manufacturing facility as demand for space defense systems continues to grow. - learn more
      • Sapphire Technologies has raised an $18M Series C round, including investment from Mitsubishi Heavy Industries along with existing backers such as Equinor Ventures, Cooper and Company and Energy Capital Ventures. The funds will be used to scale up production at Sapphire’s manufacturing facility in Cypress, California, expand global deployments of its FreeSpin In-line Turboexpanders in regions like Japan and enter new markets. Sapphire’s technology converts otherwise wasted pressure energy, often from natural gas, into clean and emissions free electricity, playing a growing role in the global energy transition. - learn more
      • LocalExpress has raised $6.2M in a venture round led by OXZ Capital to expand its AI data capabilities into the grocery industry. The Glendale based platform, already serving independent grocery and food retailers across the US, Canada and Latin America, is transitioning from supporting internal operations to becoming a premier data syndication hub in the sector. This round will fuel further development of its unified commerce solutions and help scale its AI-powered systems for harmonizing transaction and inventory data. - learn more
      • ProRata.AI closed a $40M Series B financing round led by Touring Capital with participation from Bold Capital Partners and others, to launch Gist Answers, a new AI-as-a-service tool for publishers. Gist Answers lets publishers embed custom AI search, summarization, and recommendation features directly on their sites while maintaining control over their content. The move is designed to help publishers increase engagement, protect their content, and unlock new revenue streams in the AI era. - learn more

      LA Venture Funds

      • Upfront Ventures joined a group of investors in backing Sophont’s $9.22M seed round, led by Kindred Ventures. Sophont is building multimodal medical foundation models that combine data from pathology slides, brain scans, clinical notes, and lab results to enable functionalities like symptom triage, biomarker discovery, and clinical trial cohort selection. The funding will go toward increasing compute capacity, expanding data partnerships, and recruiting researchers to accelerate the development and release of model backbones and open science infrastructure. - learn more
      • Presight Capital participated in the $24M Series A round raised by TERN Group, which was led by Notion Capital. The funding will help TERN scale its AI powered infrastructure for global healthcare worker recruitment, credentialing and mobility, especially helping caregivers and nurses in places like India gain access to international job opportunities. TERN plans to use the investment to expand into new geographies, deepen training programs, and further build tools that make migration, compliance and placement faster, fairer and more transparent. - learn more
      • Emmeline Ventures joined a strong syndicate in Lōvu Health’s $8M Series A round, led by SJF Ventures. The funding will support Lōvu in scaling its AI-powered maternal health platform, enhancing remote monitoring, curated specialist services, and ongoing care from pre-conception through the first two years postpartum. With this investment, Lōvu aims to close gaps in maternal healthcare access and outcomes, especially for underserved populations. - learn more
      • Integrity Growth Partners led a $28M Series A round in Pest Share, joined by existing investors including MetaProp, Capital Eleven and RE Angels. Pest Share is an on-demand pest control platform tailored for residential property managers, operating in all 48 states and serving 300,000 residential units. The capital will fuel expansion in single-family and multifamily rental markets, enhance product innovation, and deepen integrations with property management systems. - learn more
      • Mantis VC joined Forerunner Ventures, Neo, Abstract and several angel investors in backing Hero Assistant’s $3.5M seed round at a $30M valuation. Hero Assistant is building a “Daily Assistant” super-app that consolidates things like calendars, weather, tasks, habits, goals, grocery ordering, notes and news, already replacing up to eight separate apps for its more than 300,000 users. The funds will help the company enhance features, scale growth, and deepen its reach in productivity. - learn more
      • Wedbush Healthcare Partners took part in Odyssey Therapeutics’ oversubscribed $213M Series D financing round alongside both new and existing investors. The funding will be used to push forward Odyssey’s pipeline of clinical and preclinical therapies focused on treating complex autoimmune diseases. With this capital raise, Odyssey aims to make progress toward key clinical milestones and bring precision immunomodulation treatments closer to patients in need. - learn more
      • BroadLight Capital participated in Higgsfield’s $50M Series A round, which was led by GFT Ventures and also backed by firms like Menlo Ventures and NextEquity Partners. Higgsfield is pushing its “click-to-video” AI platform, which lets users turn curated presets into cinematic clips with a single click rather than wrestling with complex prompts. In only five months since launch, the company has already drawn over 11 million users and more than 1.2 billion social media impressions, signaling strong momentum in the creator video space. - learn more
      • Impatient VC participated in Sphinx’s $9.5M Seed round, which was led by Lightspeed and also included investors like Bessemer Venture Partners, Box Group, and K5. Sphinx is launching an AI copilot built especially for data scientists, one that thinks in statistics and patterns to turn raw data into actionable insights without skipping rigor. The funds will go toward refining tools that integrate into workflows like Jupyter notebooks and VSCode so data teams can explore, model, and make decisions faster. - learn more
      • WME Group led a $20M Series B round in Palm Tree Crew, valuing the company at $215 million. The funding will power expansion across its hospitality venues, live events, and lifestyle ventures while leaning into WME’s entertainment, licensing, and brand network. Palm Tree Crew plans to scale its properties, deepen its festival footprint globally, and continue growing its portfolio of consumer brands as part of the next chapter. - learn more
      • Blue Bear Capital participated in Nuclearn’s $10.5M Series A round that helps the company deepen its AI-capabilities for nuclear operations. Nuclearn, founded by engineers who've worked inside power plants, builds specialized tools like CAP AI to automate safety-critical, documentation-heavy tasks and ensure regulatory compliance. The funding will support product expansion, talent hiring, and scaling its platform to more reactors worldwide. - learn more
      • Amplify was one of the investors joining Endurance28 and others in Cascade Bio’s $6M raise, which includes $2.8M in equity and $3.2M in nondilutive funding. Cascade Bio is advancing its enzyme-immobilization technology to help industrial partners transition from petrochemical processes to greener, biomanufacturing workflows. The funding will enable Cascade to scale its high-stability biocatalysts for use across chemicals, food ingredients, fragrances, and pharmaceuticals. - learn more

      LA Exits

      • Northstar has been acquired by Nayya, combining Northstar’s financial wellness tools with Nayya’s health, compensation and actuarial data platform. The unified offering introduces a “SuperAgent,” an AI adviser that not only helps employees understand benefits but, with their permission, can take actions like auto enrolling in wellness programs or appealing denied claims. The goal is to make health and wealth benefits simpler, more transparent and more useful year round rather than just during open enrollment. - learn more
      • Integrated Rental Systems has been acquired by VitalEdge Technologies, a major provider of dealer management software for heavy equipment. Integrated Rental’s platform is considered one of the most advanced in its field, and this deal allows VitalEdge to offer more fully integrated solutions covering rental, parts, and service revenue streams for equipment dealers. Alise Moncure, CEO of Integrated Rental, will join VitalEdge’s leadership team as President of Expansion Markets, leading rental and other high-growth segments. - learn more
      • VideoVerse has been acquired by Minute Media, bringing its AI-powered sports video platform Magnifi into the company’s portfolio. Magnifi helps leagues, teams and publishers automatically detect key moments, create instant highlights and distribute short-form video content more efficiently. With the acquisition, Minute Media is expanding beyond publishing to offer a more complete solution for video creation, distribution and monetization. - learn more
      • Bespoke Treatment has been acquired by Stella Mental Health, expanding the company’s services in Los Angeles. Known for its integrative approach, Bespoke offers treatments such as stellate ganglion block for trauma, IV ketamine, Spravato® and intensive outpatient programming. Through the acquisition, Stella is broadening its footprint and strengthening its ability to deliver personalized behavioral health care. - learn more

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      Snap’s AI, Paramount’s RTO, and NeueHouse’s Exit: LA’s Wild Week

      🔦 Spotlight

      Good Morning LA,

      If you blinked this week, you might’ve missed Snap unveiling new AI-powered Lenses, NeueHouse announcing its closure, and Paramount rolling out a five-day return to office mandate. Let’s get into it.

      First up: Snap. The company introduced its new “Imagine” Lenses powered by generative AI. Instead of the playful filters we all know, these tools feel closer to an on-demand art studio, letting people turn imagination into visuals instantly. It shows Snap leaning into what it does best: pushing the boundaries of how we express ourselves through the camera.

      Meanwhile, NeueHouse announced it will be closing. Known for blending hospitality, community and high-design workspaces, it attracted a mix of entertainment, design and tech professionals who wanted something beyond the typical co-working setup. Its exit comes as Paramount is moving in the opposite direction, requiring employees to return to the office full time starting in January. Together, these moves highlight the different paths workplaces are taking in a post-hybrid world, from phasing out to doubling down.

      On the global stage, the world’s eyes are on Berlin, where IFA 2025 is underway. The trade show is buzzing with foldable devices, wearables and AI-powered appliances that are blurring the line between tool and companion. The innovations debuting there are setting the tone for what consumers and startups everywhere will soon be building with, competing against and dreaming beyond. For those following along, The Verge is running live coverage with updates on the biggest reveals.

      And finally, OpenAI announced a new jobs platform, aimed at connecting workers with opportunities in an AI-driven economy. It is positioned as a way to broaden access and help talent navigate shifting industries. For engineers, creatives and founders alike, it is another signal that collaborating with AI is not a future skill, it is a present-day requirement.

      🤝 Venture Deals

          LA Venture Funds

          • FirstLook Partners participated in Hello Patient’s $22.5M Series A round, which backs the Austin based conversational AI platform transforming patient intake and communications. Hello Patient’s technology, handling voice, text, and chat conversations, helps healthcare providers streamline appointments, reduce missed calls, and improve patient access. The fresh funding will accelerate enhancements to its AI driven platform and support expansion to healthcare organizations nationwide. - learn more
          • Hyperlink Ventures joined Mojo Vision’s $75M Series B Prime funding round to support the expansion of its high performance micro LED platform. Mojo Vision plans to leverage the investment to accelerate commercialization of its wafers in, wafers out micro LED technology, which merges advanced silicon architecture, GaN on silicon emitters, quantum dots, and micro lens arrays to power next generation AI devices and infrastructure. - learn more
          • Fika Ventures joined Dispatch’s $18M Series A round, helping to bring its total funding to $30M. Dispatch provides AI powered, automated data orchestration for wealth management firms, eliminating repetitive tasks, streamlining client onboarding, and ensuring real time, connected client data. The new capital will fuel the expansion of its agentic workflows and further development of its AI ready infrastructure for advisors. - learn more
          • TenOneTen Ventures participated in Elysian’s $6M seed round to support the company’s AI native third party administration platform for commercial insurance claims. Elysian’s technology automates the complex, document heavy middle of claim handling by surfacing coverage insights and drafting communications so adjusters can focus on making strategic decisions. The funding will help accelerate go to market efforts, enhance customer onboarding, and scale both delivery operations and the underlying AI platform. - learn more
          • M13 participated in Allocate’s $30.5M Series B round, backing the company’s platform that helps wealth advisors and family offices access and manage private market investments. The new funding will support expansion of its AI-powered infrastructure and workflow automation, as well as broaden its reach beyond venture capital into private equity and credit. - learn more
          • Walkabout Ventures took the lead in Advisor.com’s $9M seed round. Advisor.com operates an AI-powered platform that pairs investors, especially those with under $500,000 in investable assets, with vetted fiduciary financial advisors. The funds will be used to accelerate customer acquisition, enhance its advisor matching technology, and expand its network of top-tier advisors. - learn more
          • Ares Management participated in ID.me’s latest funding, where the company raised a total of $340M in a Series E round combined with a credit facility, pushing its valuation above $2 billion. ID.me, a digital identity wallet trusted by more than 152 million users, will use the capital to scale access to secure, reusable digital identities and bolster its defenses against increasingly AI-driven fraud. - learn more
          • Core Innovation Capital participated in Flex’s $15M Series A funding round. Flex is a payments infrastructure platform that enables health and wellness retailers to accept Health Savings Account (HSA) and Flexible Spending Account (FSA) funds at checkout. With this investment, Flex plans to scale its enterprise reach, enhance its core technology, and grow its team to help merchants tap into more than $150 billion in underutilized pre‑tax health spending. - learn more
          • F4 Fund joined Camera Intelligence’s $2M seed funding round. The company is developing an AI-powered camera system that embeds a large language model (LLM) directly into a Micro Four Thirds mirrorless camera, simplifying content creation through voice-activated controls and in-camera editing. The new capital will accelerate the build-out of this integrated AI-native camera and content editing solution, with an LLM feature set to launch on iOS in fall 2025. - learn more

          LA Exits

          • Air Lease Corporation has entered into a merger agreement to be acquired by a consortium including Sumitomo Corporation, SMBC Aviation Capital, Apollo-managed funds, and Brookfield in an all cash deal expected to close in the first half of 2026. Shareholders will receive $65 per share, valuing the company at about $7.4 billion or $28.2 billion including debt, and the company will be rebranded as Sumisho Air Lease with SMBC set to manage its fleet and order book. - learn more

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          LA Startup Powering Immigrant Workforce Secures $7.5M

          🔦 Spotlight

          Happy Friday, Los Angeles,

          It’s Labor Day weekend, which means most of us are thinking about a little time off. But one LA startup is laser focused on work, specifically on the millions of immigrant workers who keep the U.S. economy running.

          This week, Welcome Tech raised $7.5 million to expand its AI powered platform that connects immigrant communities with U.S. employers. If you’re not familiar, Welcome Tech has quietly become one of the most important bridges between immigrant workers and the American labor market. The company offers a suite of services, from job matching and financial tools to healthcare and education, built specifically for immigrant families navigating systems that weren’t designed with them in mind.

          The scale is staggering. Welcome Tech already supports more than 4.5 million registered members, and its enterprise partnerships have tripled in the last year. Revenue is up more than 200 percent year over year. With this new funding, the company plans to double down on AI, personalizing onboarding, automating job matching, and expanding multilingual support so workers can find opportunities faster and employers can access a motivated workforce with fewer barriers.

          Welcome Tech’s growth also underscores something very LA: this city runs on immigrant talent, and the systems that support them often lag behind. By building infrastructure tailored to this workforce, Welcome Tech isn’t just scaling a business, it’s tackling a gap that traditional employers and institutions have ignored for decades.

          As Labor Day weekend rolls in, it’s a reminder that the real labor story isn’t just about time off, it’s about how companies like Welcome Tech are reshaping access to opportunity in one of the country’s most essential workforces.

          And with that, let’s get into this week’s venture deals across LA.

          🤝 Venture Deals

          LA Companies

          • Payment Labs, a Los Angeles based fintech specializing in seamless payment workflows for industries like sports, esports, and the creator economy, has closed an oversubscribed $3.25M seed funding round led by Aperture Venture Capital. The company’s API powered SaaS platform, already trusted by Microsoft, SEGA, X Games, and more, simplifies complex global pay ins and payouts across 150+ currencies and 180+ countries while integrating tax compliance, royalty distributions, and reporting. This new capital will accelerate expansion of tailored payment solutions and bolster operations to support high growth verticals. - learn more

            LA Venture Funds

            • Clocktower Technology Ventures, participated in Momento Seguros’ $10.25M Series A round. The Mexico City based digital auto insurer is leveraging the capital to expand its full-stack platform, offering flexible, mobile-first coverage tailored to underserved drivers. By modernizing payments, underwriting, and claims processing, Momento aims to disrupt a traditionally rigid insurance market with transparent, user-centric solutions. - learn more
            • Dangerous Ventures participated in Copper’s $28M funding round aimed at scaling the world’s first battery equipped induction range. The Berkeley based company builds plug and play induction stoves with built in batteries that run on standard 120 volt outlets, simplifying electrification of cooking while offering backup power during outages. Copper plans to use the new funds to expand production, develop new appliances, and leverage its grid friendly design, already under contract to deliver 10,000 units to public housing, to drive broader adoption of clean, efficient cooking solutions. - learn more
            • Alexandria Venture Investments participated in Leal Therapeutics’ $30M Series A round, joining a syndicate that includes SV Health Investors’ Dementia Discovery Fund, OrbiMed, Newpath Partners, Chugai Venture Fund, Euclidean Capital, and PhiFund. Leal is advancing its neuro metabolic pipeline with lead programs LTX 001 moving into clinical trials for schizophrenia and LTX 002 progressing toward initial clinical data in ALS. This funding will also support the advancement of additional pipeline candidates and technologies aimed at delivering transformative treatments for CNS disorders. - learn more
            • Impatient Ventures and Riot Ventures participated in Blue Water Autonomy’s $50M Series A funding round to accelerate development of autonomous, long range ships designed for the U.S. Navy. The capital will be used to build and deploy the firm's first full sized autonomous ship by next year and support rapid scaling, as the team has already quadrupled since its seed round while completing engineering tests and securing materials from over 50 suppliers. This funding brings the company’s total raised to $64 million and underscores growing momentum around U.S. maritime innovation. - learn more
            • TenOneTen Ventures joined a $3.5M seed round in Loman AI, supporting the Austin based startup’s efforts to transform restaurant operations using voice AI. Loman’s AI phone agent handles call volume by taking orders, booking reservations, answering FAQs, and integrating smoothly with POS systems, helping restaurants boost revenue by up to 22% while cutting labor costs by as much as 17%. This new funding will accelerate product development and team expansion as demand for Loman’s platform grows nationwide. - learn more
            • CIV participated in AiGent’s $6M seed round, backing the AI driven startup’s mission to transform idle backup generators into a powerful decentralized grid resource. AiGent’s platform aggregates and orchestrates distributed generation assets including those at commercial, industrial, and mission critical facilities like AI data centers, turning them into rapidly dispatchable “distributed power plants.” This innovative approach not only enhances grid reliability and reduces costs but also opens up new revenue streams for asset owners without the time, cost, or disruption of building additional infrastructure. - learn more
            • Blue Bear Capital led a $12.4M SAFE funding round in Splight, supporting the San Francisco-based grid technology company’s mission to dramatically expand transmission capacity using machine-learning. The new capital will fuel deployment of Splight’s flagship Dynamic Congestion Management™ across U.S. and European grids—helping alleviate long interconnection delays and renewables curtailment by intelligently leveraging existing infrastructure. This round also secures Splight’s ability to scale both its commercial and technical teams amid surging demand from AI data centers and utilities. - learn more
            • Amboy Street Ventures participated in Nest Health’s $12.5M Series A round to support the expansion of its whole family, in home care model for Medicaid populations. Nest Health leverages AI powered clinical services, from medical to behavioral and social support, to deliver care at home while cutting churn and improving outcomes, including reduced ER visits and higher vaccination rates. The company will use the funding to scale its AI enabled care offerings into new regions and enhance partnerships with payors. - learn more
            • VamosVentures participated in Kira’s $6.7M seed funding round, supporting the AI driven fintech infrastructure platform as it emerges from stealth. The capital will enable Kira to expand across Latin America, especially South America, scale its technical team, and accelerate development of new embedded financial products powered by stablecoins, AI agents, and enterprise grade APIs. Kira aims to streamline financial services in markets with large underbanked populations and has already generated $3 million in revenue in its first year. - learn more

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