L.A. Tech Updates: Quibi's Woes, TikTok's Riches, Snap Rolls Out Pride Lenses

Sam Blake

Sam primarily covers entertainment and media for dot.LA. Previously he was Marjorie Deane Fellow at The Economist, where he wrote for the business and finance sections of the print edition. He has also worked at the XPRIZE Foundation, U.S. Government Accountability Office, KCRW, and MLB Advanced Media (now Disney Streaming Services). He holds an MBA from UCLA Anderson, an MPP from UCLA Luskin and a BA in History from University of Michigan. Email him at samblake@dot.LA and find him on Twitter @hisamblake

Here are the latest updates on news affecting Los Angeles' startup and tech communities. Sign up for our newsletter and follow dot.LA on Twitter for more.

Today:

New Streaming Data Underline Quibi's Struggles
John Legend Takes to Wave's Virtual Stage
TIkTok Reportedly Rakes in $200M
Snap Rolls Out Pride Lenses For U.S. Regions

New Streaming Data Underline Quibi's Struggles

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Things started so rosily for Quibi, with a fat $1.75 billion fundraise, loads of content deals with A-listers, and a sold-out advertising slate. But lately it's been nothing but bad news.

Recent reports have depicted all kinds of troubles: low demand, executive departures, unhappy advertisers, an ongoing intellectual property lawsuit, and a potential rift between its two chiefs, Jeffrey Katzenberg and Meg Whitman. All this on top of a global pandemic that has done no favors to the company's initial value proposition of serving the "on-the-go" moments of consumers' lives.

Quibi is apparently trying to respond. Variety reported on Wednesday that the L.A.-based mobile-first, short-form video platform has been negotiating with Amazon and Roku to accelerate its availability onto connected devices. Company executives have also reportedly taken pay cuts.

Data provided to dot.LA by JustWatch, an analytics firm with offices in L.A. and Berlin, show that in May, Quibi and its content library captured just 0.5% of the U.S. streaming audience's interest. Netflix led the way at 31%, followed by Amazon Prime Video at 18%, Hulu at 11%, and Disney+ at 8%.

Industry observers have frequently cited Quibi's lack of a hit show, combined with its nonexistent back catalog of familiar favorites, as a key reason why it has struggled since its April launch.

JustWatch's data suggest that Reno 911!, which debuted on Quibi in early May, was far and away the most popular show on the app last month. The firm estimates that the rebooted police satire was four times more popular than the runner-up, The Stranger, and 12 times more popular than Quibi's third-ranked title, Most Dangerous Game.

Quibi did not immediately respond to a request for comment.

John Legend Takes to Wave's Virtual Stage

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Wave, an entertainment technology company that turns performers into digital avatars and puts them on virtual stages where they can entertain and interact with fans, announced that John Legend will perform on the platform on Thursday, June 25th at 3:00pm PT.

Legend had previously been slated to participate in the L.A.-based entertainment firm's "One Wave" virtual concert series, but no date had been announced before Wednesday.

The performance, available via YouTube and Twitter, will feature new songs from the EGOT winner's upcoming album, "Bigger Love." Leveraging the Wave platform's interactivity, attendees will be able to send "visual gifts" throughout the performance, with 100% of the proceeds going to Legend's FREEAMERICA criminal justice reform campaign.

Wave is partnering with PEOPLE for the Legend performance. Sponsors also include Yamaha and Valence, a "new social network addressing diversity by connecting Black talent with economic opportunity." The Ad Council will also be providing public service announcements and resources during the show for fighting racial injustice.

Fresh off a $30 million Series B fundraise, Wave has hosted over 50 events, for up to 400,000 people at a time.

TIkTok Reportedly Raked in $200M

The Information reported Wednesday that TikTok earned between $200 million and $300 million in revenue worldwide in 2019. The news site also said the Culver City-based social media phenomenon's 2020 revenue goals are $500 million in the U.S. alone. These figures follow a separate report from Bloomberg last month that TikTok's parent company ByteDance raked in $17 billion in 2019, and pocketed over $3 billion in profit.

A TikTok company spokesperson would neither confirm nor deny the figures, saying "we don't publicly share company data or revenue metrics."

In response to The Information's report that TikTok is considering hiring an American executive to oversee its sales team, the spokesperson said, "We are always looking at new opportunities to scale and attract great talent for our teams."

TikTok, which is now under the leadership of former Disney streaming executive Kevin Mayer, will be participating later this month in the NewFronts, the digital media world's jamboree of presentations to woo advertising buyers, which will be virtual this year.

Snap Rolls Out Pride Lenses For U.S. Regions

Courtesy of Snap

June is Pride Month, and instead of the annual in-person festivities, L.A. Pride has been celebrating its 50th anniversary with a series of virtual events. Now, Snap is adding augmented reality (AR) to the mix. The Santa Monica company released five new AR lenses on Wednesday in partnership with L.A.'s Pride Media. The "community of storytellers, innovators and influencers" reaches over 6 million monthly unique users, which Pride says surpasses any other LGBT media brand.

The new lenses, which is Snap-speak for the digital overlays that transform a camera image, "spotlight diverse, queer-identifying changemakers advancing equity for all people in every U.S. state," according to a company statement. The release is paired with the annual "Champions of Pride" issue from The Advocate, a Pride Media subsidiary publication.

A Snap spokesperson describes the five new lenses as "art gallery-style spaces" that help Snap's young-leaning users learn about LGBTQ+ and BIPOC advocates. These include "Mighty" Rebekah, a 13-year-old who successfully lobbied for an LGBTQ-inclusive school curriculum in her home state of New Jersey, and Brandon Wolf, the first survivor of the 2016 Pulse nightclub shooting in Orlando to testify before Congress.

Snap tapped five designers from its official lens creator cohort to represent five U.S. regions. Each creator has regional ties and either identifies as LGBTQ+ or an ally, the company says.

Brielle Garcia, designer of the Pacific West lens, says, "I wanted to work on a Pride lens that was not just a celebration of the past, but a celebration of our future. I hope these Lenses can be an encouragement to everyone in the LGBT community. Encouragement that people as unique as you can have success in business, politics, art, or anything you can dream of. This message is important to me because this kind of success has not always been available to us. So many amazing people have come before us to pave the way and this is a celebration of their success and a guide to what you can achieve."

Joshua Keeney, repping the Northeast, says, "The takeaways that I want people to have with this Lens is that there is incredible diversity within the LGBTQ community, that everyone can be a champion in their own way, and can bring changes to their own communities."

From Your Site Articles

Match Goes Niche With $100M Move

Grace Lee

🔦 Spotlight

Hello Los Angeles,

It’s May, and LA is about to have one of its more important weeks.

The Milken Institute Global Conference 2026 returns to Beverly Hills next week, bringing together thousands of investors, operators, policymakers, and executives. It’s one of the few places where public markets, private capital, and tech actually overlap in the same rooms, and where you can usually get an early read on what capital is leaning into before it fully shows up in the data.

This year, one theme is already starting to surface. Platforms are getting more specific, not more broad.

This week’s news is a good example.

Match Group is investing $100 million into Sniffies, a fast-growing, location-based platform built for gay, bi, trans, and queer men. It’s a notable move for a company best known for mainstream dating apps like Tinder and Hinge, and it signals a deeper push into more niche, community-driven platforms.

Sniffies operates very differently from traditional dating apps. It’s more real-time, more map-based, and more focused on immediacy than long-term matching. In other words, it’s built around behavior, not profiles.

And that’s what makes the investment interesting.

For years, the dominant strategy in consumer platforms was scale, build one product that works for everyone. But what we’re seeing now is the opposite. The platforms that are gaining traction tend to be the ones that understand a specific audience deeply and build for how that group actually behaves.

Match leaning into that shift isn’t just about expanding its portfolio. It’s a recognition that growth is coming from focus.

And in a city like Los Angeles, that’s usually where things start.

Below are this week’s venture deals and fund announcements across LA 👇

🤝 Venture Deals

LA Companies

Illuminant Surgical raised an $8.4M seed round to accelerate the rollout of its real-time anatomical projection platform, which aims to give surgeons enhanced visibility during procedures. The company’s “Skylight” system is designed to project internal imaging directly onto the patient, improving precision and reducing risk, and the funding will support product development and early commercialization efforts. - learn more

Jupid raised $840K in early funding to support its AI-native accounting platform, which is designed to automate bookkeeping, tax filing, and compliance for small businesses directly within banking platforms. The company is building what it describes as an embedded “AI accountant” that integrates with financial institutions to streamline operations for entrepreneurs, and plans to use the funding to expand partnerships and accelerate product development as demand grows for automated financial tools. - learn more

Lumicup raised a $4.38M Series A to expand its product line and scale manufacturing as it looks to meet growing demand for its consumer health and wellness products. The company plans to use the funding to increase production capacity, invest in new product development, and strengthen its distribution as it continues to grow its footprint in the market. - learn more

Counterpart raised a $50M Series C to expand its AI-driven “agentic insurance” platform, which helps small businesses manage growing legal and employment risks tied to AI adoption. The round was led by Valor Equity Partners with participation from existing investor Vy Capital, bringing the company’s total funding to $106M, and the capital will be used to launch new insurance products, expand risk management capabilities, and scale its underwriting platform. - learn more

Nervonik raised a $52.5M Series B to advance its next-generation peripheral nerve stimulation technology, which aims to deliver more precise, personalized treatment for chronic pain. The round was led by Amzak Health with participation from Elevage Medical Technologies, U.S. Venture Partners, Lumira Ventures, Foothill Ventures, and Shangbay Capital, and the company plans to use the funding to accelerate clinical programs and move toward commercialization. - learn more

LighthouseAI raised an $8M Series A to expand its AI-powered platform that helps pharmaceutical companies manage state licensing and regulatory compliance. The round was led by Boxcars Ventures with participation from TGVP and existing investors, and the company plans to use the funding to enhance product development, improve service delivery, and support continued growth as it scales across the pharma supply chain. - learn more

LA Venture Funds

MANTIS Venture Capital participated in Rogo’s $75M Series C, backing the AI platform as it builds autonomous financial agents designed to streamline complex workflows for banks and investment firms. The round was led by Sequoia Capital and included a mix of major financial institutions and venture firms, signaling strong demand for AI tools that can augment decision-making across high-stakes finance. - learn more

M13 participated in Chord’s $7M funding round, backing the AI commerce platform as it builds a “context layer” designed to unify fragmented data, tools, and workflows for retail brands. The round was led by Equal Ventures with participation from Chingona Ventures and CEAS Investments, and the company aims to help operators move beyond dashboards toward systems that can make real-time decisions and automate actions across the business. - learn more

Fika Ventures participated in Lumian’s funding round, backing the startup as it launches an AI-native Amazon agency designed to automate and optimize how brands operate on the marketplace. The company is focused on replacing traditional agency workflows with AI-driven systems that can manage everything from advertising to operations in real time, reflecting a broader shift toward automation in e-commerce. - learn more

Riot Ventures co-led True Anomaly’s $650M Series D, backing the defense space startup as it scales spacecraft, software, and autonomous systems designed for national security missions in orbit. The round values the company at around $2.2 billion and brings total funding to over $1 billion since its 2022 founding, and the company plans to use the capital to accelerate mission deployments, expand manufacturing, and grow its workforce as demand increases for space-based defense capabilities. - learn more

Clocktower Technology Ventures participated in Clarasight’s $11.5M Series A, backing the AI-powered travel and expense platform as it works to unify fragmented enterprise data into a single system. The round was led by AlleyCorp with participation from several travel and fintech-focused investors, and the company plans to use the funding to expand product development and scale go-to-market efforts as demand grows for AI-driven efficiency in corporate travel. - learn more

Halogen Ventures and Mucker Capital participated in SkyfireAI’s $11M seed round, backing the startup as it builds an AI-native platform for coordinating autonomous, multi-drone operations. The company’s software is designed for public safety and defense use cases, helping teams deploy and manage fleets of drones with greater speed and efficiency without increasing staffing, and it plans to use the funding to accelerate product development, expand its team, and scale deployments with government and mission-critical customers as demand grows for autonomous drone systems. - learn more

Matter Venture Partners led OpenLight’s $50M Series A-1, with participation from Acclimate Ventures, Catapult Ventures, and existing investors, backing the photonics company as it scales its next-generation chip platform for AI infrastructure. The funding brings total capital raised to $84M and will be used to accelerate global deployment of its silicon photonics technology across data centers, telecom, and other high-bandwidth applications. - learn more

Alexandria Venture Investments participated in Fathom Therapeutics’ $47M Series A, backing the biotech startup as it applies quantum chemistry and AI to design next-generation small molecule drugs. The oversubscribed round was led by Sutter Hill Ventures with participation from Chemistry and other investors, and the company plans to advance its platform, which simulates protein behavior inside living cells to accelerate drug discovery. - learn more

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Netflix Doubles Down on LA

Grace Lee

🔦 Spotlight

Hey Los Angeles.

Goodbye Coachella, hello Stagecoach. The desert doesn’t stay quiet for long, and neither does LA’s entertainment machine.

This week, that momentum showed up in a more permanent way.

Netflix is expanding its footprint in Los Angeles with a major move to take over and invest in Radford Studio Center, a historic production lot in Studio City. The company is planning a long-term transformation of the site, with upgrades to soundstages, production offices, and infrastructure designed to support the next generation of film and television production.

It’s a notable shift in a moment when production has been under pressure in California, with studios increasingly looking outside the state for cost advantages. Netflix going deeper in LA, and specifically into a legacy studio lot, signals a different kind of commitment. Not just to content, but to where that content actually gets made.

And it comes at a time when the streaming wars have matured. Growth is harder, budgets are tighter, and the focus has shifted from scale at all costs to efficiency and control. Owning or operating more of the production environment gives Netflix tighter control over timelines, costs, and output.

For Los Angeles, it’s a reminder of what still anchors the city. Even as AI, defense tech, and infrastructure startups continue to rise, entertainment remains one of the few industries where LA isn’t just competitive, it’s foundational.

Different headlines each week, but a consistent theme underneath them. Whether it’s power, autonomy, or content, the companies that matter are investing in the layers they don’t want to outsource.

And in this case, that layer is Hollywood itself.

Below are this week’s venture deals, fund announcements, and acquisitions across LA 👇

🤝 Venture Deals

LA Venture Funds

UP Partners and Calm Ventures participated in Reliable Robotics’ $160M funding round, backing the autonomous aviation company as it advances pilotless flight technology for cargo and passenger aircraft. The round included a mix of new and existing investors, and the company plans to use the capital to accelerate certification efforts and expand deployment of its autonomous systems across commercial aviation. - learn more

Blue Heron Ventures participated in Tava Health’s $40M Series C, backing the company as it expands its tech-enabled mental health platform into a more integrated, full-stack system for providers, employers, and health plans. The round was led by Centana Growth Partners with participation from existing investors, and the company plans to use the funding to roll out new AI-powered tools and broaden access to care while reducing administrative friction across the system. - learn more

Vamos Ventures participated in Zócalo Health’s $15M Series A, backing the company as it scales its tech-enabled, community-based primary care model focused on high-need and underserved populations. The round was led by .406 Ventures with participation from existing and new investors, and the company plans to use the funding to expand its clinics and deepen partnerships with Medicaid programs as demand for accessible care grows. - learn more

LA Exits

Studio71 has been acquired by Fixated as part of a broader deal in which German media company ProSiebenSat.1 sold its North American creator business, giving Fixated a large-scale network of creators and podcast operations and significantly expanding its footprint as it continues an aggressive roll-up strategy in the creator economy. The move signals continued consolidation in the space, with Fixated building a more vertically integrated platform across talent management, content production, and distribution. - learn more

Bonsai Health has been acquired by ModMed, bringing its AI-powered patient engagement platform into a broader healthcare software ecosystem. The deal is aimed at integrating Bonsai’s “agentic AI” capabilities into ModMed’s platform to automate patient outreach, fill care gaps, and improve scheduling across a network of nearly 50,000 providers. - learn more

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A $26M Push Into Power in LA

Grace Lee

🔦 Spotlight

Hello, Los Angeles.

Coachella Weekend 2 is here, which usually means LA is either heading back to the desert or happily staying put this time around. Back in the city, the focus this week is less about music infrastructure and more about something far more critical, power.

That’s where this week’s news comes in.

Critical Loop, a Los Angeles-based energy startup, raised a $26 million Series A to tackle one of the least talked about bottlenecks in tech right now, grid interconnection. In simple terms, it’s the process of getting power to where it’s needed, and increasingly, that process is too slow to keep up.

Critical Loop is building modular microgrid systems that can be deployed in days instead of years, giving industrial operators, data centers, and other energy-heavy users faster access to power without waiting on traditional grid upgrades. The round was led by Conifer Infrastructure Partners and Hanover, with participation from Better Ventures, Climate Capital, Adapt Nation Capital, and Cyrus Ventures.

The timing here matters. Between AI infrastructure demands, electrification, and a broader push toward domestic energy resilience, power is quickly becoming a gating factor for growth. You can build the data center, the factory, or the next big thing, but none of it works if you can’t turn it on.

That’s what makes companies like Critical Loop worth watching. They’re not building the flashiest part of the stack, but they’re solving for the piece everything else depends on.

And in a city that knows a thing or two about scaling ambition quickly, that might be the most important layer of all.

Below are this week’s fund announcements across LA 👇

🤝 Venture Deals

LA Venture Funds

Anthos Capital participated in Wealth.com’s $65M Series B, backing the AI-powered estate and tax planning platform as it scales across financial institutions. The oversubscribed round included new investors like Titanium Ventures and Pruven Capital alongside existing backers, and the company plans to use the funding to expand product development, pursue acquisitions, and grow its enterprise footprint as demand rises for AI-driven wealth management solutions. - learn more

Anamika Ventures participated in Sage Haven’s $3M pre-seed round, backing the AI-powered messaging and calling app designed to create a safer communication environment for kids. The round was led by Anamika Ventures alongside Fabric Ventures and a group of early-stage investors, as the company launches a platform focused on preventing cyberbullying through real-time AI moderation and parent oversight tools. - learn more

MANTIS Venture Capital participated in Factory’s $150M Series C, backing the AI startup as it builds autonomous software engineering systems for enterprise teams. The round was led by Khosla Ventures and included firms like Sequoia Capital, Blackstone, Insight Partners, and NEA, valuing the company at $1.5 billion. Factory plans to use the funding to invest further in product development and global expansion as demand grows for AI-driven tools that can automate large portions of the software development process. - learn more

Rebel Fund participated in Uplane’s $4.5M seed round, backing the AI startup as it looks to replace traditional marketing agencies with a platform that automates ad creation, testing, and budget optimization. The round was led by Play Ventures with participation from Y Combinator, 20VC, and Multimodal Ventures, and the company says its technology can improve return on ad spend by automating performance marketing workflows. - learn more

Alexandria Venture Investments and Presight Capital participated in Alloy Therapeutics’ $40M Series E, backing the biotech infrastructure company as it scales its AI-powered platform for drug discovery and development. The round included a mix of new investors like 8VC and JIC Venture Growth Investments alongside returning backers, valuing the company at $1 billion and underscoring continued interest in platforms that combine AI, data, and lab services across the biopharma lifecycle. - learn more

Finality Capital Partners participated in HYFIX’s $15M seed round, backing the semiconductor startup as it builds American-made chips designed to power drones and autonomous robots. The round was led by Craft Ventures with participation from Catapult Ventures, Multicoin Capital, and Sky Dayton, and the company is developing an integrated system-on-a-chip to replace fragmented hardware stacks and reduce reliance on foreign components. - learn more

Rainfall Ventures participated in Stendr’s $5.4M pre-seed round, backing the Norwegian defense tech startup as it builds an AI-native platform for drone detection and counter-drone operations. The round was co-led by Rainfall alongside ACME Capital and Skyfall, with additional participation from Antler, StartupLab, and other early-stage investors, and the company plans to use the funding to accelerate development of its multi-sensor technology and expand engineering capabilities. - learn more

Slauson & Co. participated in Slate Auto’s $650M funding round, backing the EV startup as it works to bring a lower-cost electric pickup truck to market. The round was led by TWG Global and comes as the Bezos-backed company prepares to begin production, targeting a more affordable segment of the EV market with a customizable truck expected to launch later this year. - learn more

Navitas Capital co-led Primepoint’s $10M seed round, backing the AI startup as it builds a platform that reads and connects complex construction drawings to streamline project workflows. The round also included investors like Penny Jar Capital, NextView Ventures, GS Futures, and Aglaé Ventures, and the company plans to use the funding to expand its platform and grow adoption among large commercial contractors. - learn more

Alexandria Venture Investments participated in Neomorph’s $100M Series B, backing the biotech company as it advances its molecular glue degrader platform targeting previously undruggable diseases. The round was led by Deerfield Management with participation from Regeneron Ventures, Longwood Fund, and Binney Street Capital, and the company plans to use the funding to support ongoing clinical trials and expand its broader drug development pipeline. - learn more

L.A. Tech Updates: Quibi's Woes, TikTok's Riches, Snap Rolls Out Pride Lenses

New Streaming Data Underline Quibi's Struggles

John Legend Takes to Wave's Virtual Stage

TIkTok Reportedly Raked in $200M

Snap Rolls Out Pride Lenses For U.S. Regions

🔦 Spotlight

🤝 Venture Deals

🔦 Spotlight

🤝 Venture Deals

🔦 Spotlight

🤝 Venture Deals

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L.A. Tech Updates: Quibi's Woes, TikTok's Riches, Snap Rolls Out Pride Lenses

John Legend Takes to Wave's Virtual Stage

​TIkTok Reportedly Raked in $200M

Snap Rolls Out Pride Lenses For U.S. Regions

🔦 Spotlight

🤝 Venture Deals

🔦 Spotlight

🤝 Venture Deals

🔦 Spotlight

🤝 Venture Deals

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TIkTok Reportedly Raked in $200M