Nasdaq’s Adena Friedman on the Power of Going Public

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.

Nasdaq’s Adena Friedman on the Power of Going Public

Adena Friedman is president and chief executive officer of Nasdaq, which operates the second-largest stock exchange in the world by market cap. Named one of Forbes' most powerful women, Adena built her career at Nasdaq, starting as an intern straight out of an MBA program. Outside of a three-year stint as chief financial officer at The Carlyle Group, she's been with Nasdaq ever since. In this episode, Spencer joins Adena in New York City to discuss the power of mentorship, the future of the U.S. capital markets and why going public can spark innovation.


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: I'm in Times Square today at the Nasdaq market site with Adena Friedman, CEO of Nasdaq. Hi, Adena. How are you?

Adena Friedman: Fine, how are you?

Rascoff: Great. Firstly, a lot of listeners might not fully understand the size and scope of Nasdaq. So, explain to people, what is Nasdaq?

Friedman: Sure. Well, Nasdaq today is a global technology company that serves the capital markets, and we serve our capital markets by operating exchanges ourselves in the U.S. and the Nordics, but we also provide the technology that powers over 90 other exchanges around the world.

And then we take all of the data and analytics that are generated off of our exchanges as well as other information that we gather, and we provide a lot of insights and analytics to all of the customers in the capital markets, whether they're corporate clients or investment management clients or, obviously, the broker-dealer clients. We feel just so fortunate to be in the center of the capital markets globally today.

Rascoff: And the revenue model is one where issuers — so, companies that trade on these exchanges — pay, or people that buy and sell the stocks pay?

Friedman: Right. So, we basically have — we generate revenue in lots of different ways, but one of the sources of revenue is the listing fee. So, companies who choose to list on Nasdaq pay an annual fee to Nasdaq. We then generate trading revenue not only in our equities business from the trading of those stocks, but also in our options and futures businesses here and in the Nordics.
And then we also generate a lot of information coming off the trading engines, and that information we then sell to give people transparency into what's happening in the markets. That also is a revenue stream.
We then have our index data. We create a NASDAQ 100. We have $150 billion of assets under management tied to our indexes, and that's a revenue generator. And then we provide software and services to corporate clients as well as to other exchanges around the world and broker-dealers, and so that's a technology product base that we have revenue off of as well.

Rascoff: A much more diverse revenue stream than most people realize. So, let's talk a little bit about your career. You started as an intern at Nasdaq.

Friedman: I did.

Rascoff: When was that, if you can tell us?

Friedman: Sure. I came right out of business school, and I did an internship at Nasdaq in 1993 over the summer. At the end of the year, I took a permanent position. And so it was very, very fortunate that I had a chance to be here at the start.

Rascoff: And what was your career path like during that, I guess, two-decade stint? And we'll cover when you left and then returned in a moment.

Friedman: Sure. Well, Nasdaq at the time was a subsidiary of an organization called the National Association of Securities Dealers, which is now FINRA. And so it really was really early in its existence. It had been around for 22 years, but it was still growing up as a marketplace.
And so I really had an opportunity to come in early and be part of the trading operation and the trading organization and help them look at the trading products that they were offering out to broker-dealers to make sure that they were, in fact, optimizing them for their business.
Since NASD was a nonprofit organization and Nasdaq was a for-profit subsidiary, it was an interesting balance in terms of what they were there to do and yet realizing that they actually had these great products that they could optimize from a revenue perspective.
So, I got a chance to write business plans and then become a product manager for some of these products before I then took on the data business.

Rascoff: And we talk a lot at Zillow Group about career development and career pathing. Sheryl Sandberg in “Lean In" — on this podcast she talks, of course, about how career development is more like a jungle gym than a career ladder.
What was your path like during that time? Was it a straight-and-narrow, up-and-down ascent, or did you have detours that took you into different areas around Nasdaq? Describe what that was like.

Friedman: Sure. Well, I would say that it was a jungle gym within the groups that I was in. There was no set career path for me. There was nothing in Nasdaq that had job families. It was very much still a very, what I call, “organic organization" in terms of looking at how to develop your career.
So, I just got very fortunate because when I — every two years early in my career, I just found a new opportunity that would take me up a rung. Or in one case it was sideways, but honestly it then propelled me forward from there.
And I had a few times when I had to look around, and I said, “Wow, should I go and really focus in on marketing, or should I go take this product management job?"
And I had great mentors and sponsors within Nasdaq that really said, “Adena, you are someone who really likes to run a business. You should become a product manager. The marketing job is interesting, but it's not really — it doesn't play to your strengths as well as this other thing." So, I was able to move up through the organization but really with a lot of sponsorship.

Rascoff: One of those sponsors that you talk about is Bob Greifeld, who was the CEO, who recently retired from Nasdaq. What was that relationship like? How should somebody seek out a mentor or a sponsor and get the most out of that relationship?

Friedman: Sure. Well, I do think my personal opinion is that both sponsorship and mentorship — it very much has to be a natural activity. You can't force a sponsor or force a mentor on someone. I think that you, though, have to curate and develop that relationship.
When it comes to mentoring, I think it's an easier thing to curate where you start very casually, and you say, “Well, gosh, I really admire this person," whether that's a person inside the organization or outside the organization. If you ask them to have coffee with you one day, and you give them enough notice, most of the time they're gonna say yes.
Then once you have that coffee or have a meal, and you realize you have a good connection with that person, and they're giving you good advice, and they feel good about the advice they're giving you, they're likely to do it again. And if they do it again, then you have established yourself with someone who you can rely on to help you.
When it comes to sponsorship, most of the time those are people who are in a position of power to guide your career, and they can either be a positive or a negative sponsor. In my case, I was very fortunate. I actually had three sponsors in my career, and I think that all of them were really helpful in not only just putting me in the room and giving me the opportunity, but also guiding me, like that decision around product management versus marketing.

Rascoff: Is that something that Nasdaq in particular focuses on creating and cultivating a culture of or that sponsorship and mentorship is something that you created and owned on your own?

Friedman: It definitely was on me, and frankly, at the time you don't even realize you're getting sponsorship, right? So, with mentors, I do feel like you are realizing that you're going in and touching other people and asking them for their advice. But with sponsorship, you're just — it's so natural that you realize, “Wow, that person just really helped me out." So, it was much more organic than it was planned.
I think Nasdaq has definitely developed its mentorship program, but to me sponsorship really needs to become — it needs to be a naturally developed thing. It's somewhat the responsibility of the employee and of the manager.

Rascoff: So, after many years at Nasdaq , you left to go become CFO of Carlyle Group, a private equity firm, when it was still private with the intention of going public. Why did you leave, and what was that experience like at Carlyle for the, I think it was, three years that you were there?

Friedman: Right. So, I was the CFO at Nasdaq and actually was having a great time and loving my job, and I got a cold call, which I never take cold calls from recruiters. But in this particular case, he got my attention because he did say it was Carlyle. And at the time I —

Rascoff: So, a note to recruiters, by the way, 'cause I get a lot of calls from recruiters too. It's usually super anonymous and vague. It's like, “It's a leading industrial company. I can't tell you who it is." So, maybe recruiters should be a little bit more transparent to get the return call.

Friedman: Exactly. And it was funny because my family lives in Washington, D.C., and I had been commuting to New York for many, many years. I had gotten very used to it. So, it was very much part of our lives. But at the same time, Carlyle is the really premier financial institution in Washington, D.C. It's an organization that I knew well. I knew some of the people there. I had a huge admiration for the company.
And so, he really had no idea that I lived in D.C., but when he called, I said, “Well, do you realize that I live in Washington, D.C.?"
And he said, “Wow, that's fortunate." So he laid out the opportunity, and really, the opportunity to be the CFO of a leading financial institution like Carlyle, to help them go through the process of becoming a public company and really thriving as a public company, was incredibly compelling.
At the time, I'd been at Nasdaq for 17 years, and I felt that if I was going to try something different, this was the one opportunity that presented itself that seemed like the right one to take. So I left and went to Carlyle for three years, and I had a great experience there.

Rascoff: Now when you told your colleagues at Nasdaq— I guess, was Bob the CEO?

Friedman: He was, yeah.

Rascoff: When you told them that you were leaving to go to Carlyle, what was their reaction like?

Friedman: Bob was incredible, actually. He and I have always had a very close partnership. He has been a great sponsor to me, and he recognized at that time with the situation with the age of the kids and the opportunity that was in front of me — it just seemed like it was the right thing to do.
And so, he was very supportive. Really supportive. And he could have chosen not to be. But he really was supportive and said, “That's the right thing for you to do, Adena. Go for it."

Rascoff: And I'm sure the class that Nasdaq handled the situation with factored into your decision to return several years later.

Friedman: Of course, of course. My personal belief is that — I call them boomerang employees. I think boomerang employees can be great, great employees because there are a few reasons for that. One is they go and they experience another part of the industry, and they learn a lot.
The second is that is that they then become a client, and you then get to maintain that relationship with them as a client. And the third thing is that when they do come back, they realize what they missed.

Rascoff: Right.

Friedman: And we do have a fair number of boomerang employees because they realize what a great environment Nasdaq is and what a special place that Nasdaq has in the financial industry, and they become even more loyal to the company when they get back.
But at the time I left Nasdaq, I had no expectation of ever coming back. When I make a decision, you say, “Well, gosh, what do I want to be for the next 15 years," and thinking about the opportunities at Carlyle were really, really exciting to me. So, I left with the intention of spending at least the next 10 to 15 years there.

Rascoff: On the topic of boomerang employees, there's a company that I did a summer internship at when I was in college called Bloomberg — that you know well — that famously does not allow boomerang employees. When you leave Bloomberg, you cannot return — with one exception, which was they let Mike Bloomberg come back. But his name is on the door, and he had left to become mayor.

Friedman: And perhaps he had a lot of equity ownership in the company.

Rascoff: So, they let Mike back, but other than Mayor Bloomberg, they don't let employees return. It's the only company I'm aware of that has a policy like that. But they actually think that's very important to their culture. It seems that you disagree. I also disagree. We welcome back boomerang employees.
But it's something that I've spent a lot of time thinking about because on the way out the door, it does — it certainly gives somebody much greater pause. A tech company like ours, we have people leave not infrequently to go try a startup, and sometimes their attitude is, “Well, if the startup fails, in a year I can always come back." As a manager, that's very difficult for me to let that person leave.

Friedman: Well, and my view on that one is it's totally up to you as to whether you let them come back. They have to make a determination that they're leaving with the intention of not coming back because if they assume they can come back, that may not be an opportunity. First of all, the company may have moved on. Second of all, they may have found someone better, frankly, to replace you. And third of all, you have to be coming back for the right reasons. You can't be coming back as a default.
That's up to the manager to understand what is driving that employee to come back to Nasdaq. Is it because, “Oh, well, they failed at the other thing, so they might as well come back"? Or is it, “Wow, I really miss Nasdaq, and I really can't wait to be one of your best employees ever"? Right? And so, I think it's up to the manager to make that determination, but you certainly shouldn't assume that you have that opportunity.

Rascoff: Right. So, when you decided to leave Carlyle and return to Nasdaq, what went through your mind at that point? Why did you make that decision?

Friedman: Well, so, a few things. The first thing was that I had been a CFO for five years at that point, and while I really enjoyed the role and I really enjoyed learning how to be the lead risk manager in the company as well as to build out the operations — the finance operations for Carlyle and before that for Nasdaq— I really missed the customers.
I had been running a business up until the point I became the CFO of Nasdaq, and I really missed the pressure and the fun of running a P&L and having that client interaction and being able to drive a company forward or drive a business forward.
And so, when Bob came back and said, “Well, why don't you come back as our president, and you can run these certain businesses," it was an incredibly exciting opportunity for me to get back into that P&L responsibility and to take on such a large part of the Nasdaq ecosystem.
So, it was just a huge opportunity. And I really, really enjoyed Carlyle a great deal, but I saw this as the better opportunity for me at that time.

Rascoff: And I would be a terrible interviewer if I didn't ask: When you took Carlyle public, did they end up listing on Nasdaq?

Friedman: They did, actually, and it was really interesting. We went through a full, what I call, “bake-off process." We had both of the companies come in twice. I just got to be a fly on the wall and watch each of them do their pitch. So, it was actually really, really fun.
I tried very hard not to be a part of the decision process, 'cause it really was up to the founders to make that determination. It was fascinating to see how they came at it so differently.

Rascoff: I'm sure that makes you a better CEO of Nasdaq now having been on the client side.

Friedman: Yeah. I'd say certainly going through the process of going public has made me — it really, really informed me in terms of what we could do at Nasdaq to make it a better experience, to help manage the client through that experience and then to realize just how hard it is. We are here to make companies' lives easier, and so what can we do as the exchange to make that process for our customers?

Rascoff: So, a perfect segue into Project Revitalize, which is a project that's important to you. It's something that you and I talked about at the Microsoft CEO Summit.

Friedman: That's right. I'm glad you remember.

Rascoff: I don't know if you had actually formalized it as a full initiative at Nasdaq at the time. But for our listeners, the basic issue here is there are, I think, half as many public companies today as there were a decade or two ago.

Friedman: That's right.

Rascoff: And many fewer IPOs. Of course, that's bad for Nasdaq's business, but it's also bad for the economy. It's bad for innovation. It's bad for the country, the world. There are a lot of different reasons why, and I think reasonable people disagree on the specific reasons.
But you're spearheading a group of initiatives at Nasdaq to try to address this. Why don't you describe what you're working on?

Friedman: Sure. Well, I think the first thing is we had to determine that there really is a problem. I think that we have been seeing this problem manifest itself over a long period of time, and so therefore you don't realize necessarily each year that you go through it that there is a growing issue.
But I would say that over the last three years, it's really culminated into something that's a known issue today, which is that over time the government has placed so many requirements on companies as public companies and the process of going public has become so much more challenging, the nature of investors has really become very different and that the environment around being a public company is very different today than it was 10 and certainly 20 years ago.
And so, we have been looking at what are the things that we can do to advocate on behalf of companies to make sure they find that the process of going public and being public is actually an inviting process and something that they want to pursue?
So, why do we care, and why should anyone who is listening to this care? The first thing is that 86 percent of all job growth in the United States since 2000 has come from companies after they have gone public. So, when we look at the companies before they're public and after they're public, 86 percent of the job growth came after they went public, and that's just in the last 17 years. If we look over a longer period of time, it's over 90 percent.

Rascoff: Partly because being public provides them with access to permanent capital, which allows them to grow. And so, if they're not able to get public, there won't be as much job growth.

Friedman: That's right. So, the whole purpose of going public is to give you access to growth capital. It's really a shot in the arm to allow you to grow and expand your business, and so if you don't have that now people say, “Yes, but there's so much private capital out there. It's so readily available. Why do I need to tap the public market so I can grow that way?"
And for some companies, and a very small subset of companies, that is, in fact, true that they can use private capital to do that. But for the majority of companies, they really still do have to ultimately access public capital to really get the amount of capital they're looking for. I think that we are assuming that that's available to everyone in the private markets, and it's not.
The second thing to realize is that when companies do access private capital, and they have all of this ability to grow using private capital, well, where is that private capital coming from? And I come from private equity. I'm a huge believer in private capital as being part of the ecosystem.
But that private capital is being made available to the wealthiest in the country, right? It's the wealthiest in the country that are generating that private capital and making it available to those companies, which means the vast majority of retail investors don't get access to these growth companies until they go public.

Rascoff: So when Microsoft went public in — when did Microsoft go public, in the early '80s, I think?

Friedman: Mid-'80s, mmm hmm.

Rascoff: Another $500 billion in market capital was created over the ensuing 30-plus-year period.

Friedman: That's right, and Amazon went public. They were $300 million in valuation, and they're now $400 billion. Another great company actually was Applied Materials that was here yesterday. So, they went public in 1972, the first year that Nasdaq existed. At that time, they were generating maybe $10 million in revenue, and today they are generating $14 billion in revenue.

Rascoff: And so, all of that appreciation accrues to investors, whether they be institutional investors or retail investors. It's egalitarian.

Friedman: Or retail. It makes it so that every investor gets to access it as opposed to a subset of investors. I think that private capital providers will say, “Yes, but we represent pensions," and that's totally true. But the average retail saver does not get access to those investments.
And I think it's really in our — I think it's frankly the government's responsibility, and it's Nasdaq and every exchange's responsibility to try to find a way to make the public markets more inviting for companies. So, we have a whole range of changes that we would like to see and that we will be strongly advocating for and pushing to make sure that we create a more inviting environment.

Rascoff: What types of things are those?

Friedman: So, we looked at disclosure obligations for companies as to what we require that they disclose every quarter and whether or not everything should have to be disclosed every quarter. We looked at proxy access and, frankly, how challenging it is to have these very, very small investors to have total access to your proxy.
There is some very large percentage of proxy reform proposals that are being generated by about four investors who just buy up the minimum amount of shares, and then they go out and they agitate. So, is that really what proxy access is all about?
Proxy firm reform. The ISS and Glass Lewises of the world, should they have to have more regulation and oversight to make sure that they're doing the right thing for the companies and the investors?

Rascoff: So, just on disclosure, do European companies only report twice a year and not four times a year? Do I have that right?

Friedman: It depends on the country. So, in the UK, that is absolutely true. They have an obligation to report a full report twice a year, and then they do these interim reports the other two quarters. I think that's a good model to consider.

Rascoff: You would advocate for that or advocate for evaluating that at least?

Friedman: Yeah. In fact, that's one of the things we said in there. There's also tax reform and things we can do on the tax side. There is, in fact, litigation reform to make it so that companies have a fairer environment when they're dealing with shareholder class action suits.
And then I think that then there's market structure. So, is every company being treated the right way in the public markets with a one-size-fits-all market structure, and should we be looking at a market structure that really is more tailored to smaller companies versus larger companies?

Rascoff: So, by that you mean, for example, different disclosure requirements for smaller companies than larger?

Friedman: Yeah, different disclosure requirements, but also different market models.

Rascoff: Okay. Wow, well, a lot to think about there. Obviously we went public relatively early as a company. We had $15 million in quarterly revenue, and people thought that was perhaps too small to go public. We went public with about a $500 million market cap, and we really followed that — it's quaint. You're right. People don't tend to do that anymore.
Now, most of the appreciation that has occurred at our company has accrued to public market shareholders, not private market shareholders, because we went public relatively early. In Zillow Group's case, it has been hugely successful and the right decision to have gone public early.

Friedman: Just using Zillow, for example: One of the great things about Zillow is that your users can now be shareholders, right? So, your users can be owners, and they understand your product. They understand it deeply because they use it.
So, they also understand the potential of it. They can really get involved and engaged in understanding what benefit they're getting, and therefore they can understand why this company is gonna be a growth company, right? So, it actually has been a great success story.

Rascoff: Thank you for the conversation, and thank you for being our exchange. Zillow Group proudly trades on NASDAQ. And thanks for having me today.

Friedman: Well, thank you so much. It was really a pleasure. Thank you.

The post Nasdaq's Adena Friedman on the Power of Going Public appeared first on Office Hours.

https://twitter.com/spencerrascoff
https://www.linkedin.com/in/spencerrascoff/
admin@dot.la
California Passes Landmark AI Law as Russell Westbrook Backs Eazewell

🔦 Spotlight

Good Morning Los Angeles,

What do a new California law and Russell Westbrook’s latest startup have in common? AI at its most powerful and most personal.

California has officially passed the nation’s first AI safety law (SB 53). Signed by Governor Gavin Newsom, the measure requires companies developing large scale AI models to disclose risk assessments and safety testing. On the surface, it sounds procedural. But in practice, it is a potential reset on how quickly AI companies ship new products. For years, the narrative has been “innovation first, oversight later.” With this law, California is betting that transparency can move in tandem with progress. Whether it becomes a model for federal policy or a cautionary tale depends on how the industry responds.

Meanwhile, Eazewell, a newly launched startup co-founded by NBA All Star Russell Westbrook, is tackling one of the most difficult spaces in tech: end of life planning. The company offers an AI platform designed to guide families through complex care transitions. It is not the kind of space most founders rush into. It is emotional, often uncomfortable, and full of fragmented systems. But precisely because of that, the potential impact is significant. By blending AI with healthcare navigation, Eazewell is aiming to make one of life’s hardest processes less overwhelming. Westbrook’s involvement draws attention, but the real story is a startup willing to bring technology into conversations many people would rather avoid.

Taken together, these stories capture the stretch of AI right now. On one end, lawmakers are moving to contain its risks. On the other, founders are pushing it into the most intimate corners of our lives. It is not often that state legislation and end of life care land in the same conversation, but that is the reality of AI in 2025.

🤝 Venture Deals

      LA Companies

      • Midi Health raised $50M in a Series C round led by Advance Venture Partners. The women’s health startup, which focuses on perimenopause, menopause, and midlife care, claims a $150 million revenue run rate and is now building its own AI powered search engine tailored for women’s health. The funding will support scaling operations, expanding the longevity and care services it offers, and investing in AI and infrastructure to advance its platform. - learn more
      • PINC Technologies, a Caltech spinout, announced a $6.8M Seed+ round led by Quantonation, with backing from investors including Wilson Hill Ventures, Freeflow Ventures, Hamamatsu Ventures, Qubits Ventures, Santec, and the Caltech Seed Fund. The company develops integrated nonlinear photonic devices and circuits aimed at making scalable nonlinear photonics practical for real-world applications. The funding will be used to accelerate commercialization, scale the team, and bring the technology built in Caltech’s Nonlinear Photonics Lab into broader markets. - learn more
      • Swan announced a Series C financing to support the launch of Swan International, expanding its concierge Bitcoin wealth services globally under U.S.-regulated custody. The company also added a Head of Private Wealth to its team to lead this expansion into new markets. This move aims to position Swan as a high-touch, cross-border wealth platform anchored in crypto. - learn more
      • Vatom announced a strategic investment led by the Hilton Family Office, supporting its mission to power next-generation digital finance engagement. The funding will help Vatom deepen its infrastructure for tokenized assets, NFTs, and blockchain experiences across Web3 ecosystems. This injection positions the company to expand its reach and build tools that make digital finance more immersive and user-centric. - learn more

      LA Venture Funds

      • Powerhouse Capital led a growth funding round for Five Iron Golf UAE’s franchisees, backed by a network of investors and professional athletes. The capital is targeted to fuel expansion, new venues, and enhanced operations across the UAE market. This investment reflects confidence in pairing tech-driven sports entertainment with scalable hospitality models. - learn more
      • MTech Capital remains a backer as CyberCube announces a fresh infusion of more than $180M led by Spectrum Equity. The cyber risk analytics firm is using the capital to accelerate product innovation, expand globally, and deepen its presence across insurance, reinsurance, and broking markets. The investment will help CyberCube scale solutions that quantify cyber risk at portfolio levels and power smarter underwriting decisions. - learn more
      • Helena participated in Phaidra’s $50M Series B round, joining lead investor Collaborative Fund and backers like Index Ventures and NVIDIA. Phaidra builds AI systems to optimize energy, cooling, and operational efficiency in data centers, striving to help infrastructure run smarter. The new funding will be used to scale its platform, deepen customer deployments, and expand its reach in facility control and AI automation. - learn more
      • Lasagna joined DeepWork Capital, Florida Opportunity Fund, and Lookout Ventures in backing Circuitry.ai’s seed financing round. Circuitry.ai offers a Decision Intelligence platform that powers “Autonomous Service Journeys” for manufacturers, layering AI advisors, agents, and analytics to optimize service operations. The funding will help scale engineering and go-to-market teams, deepen integrations with service platforms, and expand the solution across industries like automotive, industrial systems, and medical devices. - learn more
      • B Capital led a $64M seed round in Axiom Math, the startup founded by a Stanford dropout aiming to build an AI system that not only solves the hardest math problems, but also invents new ones. Axiom has pulled talent from top places like Meta to push toward next-gen mathematical reasoning. The funds will support scaling research, expanding the team, and accelerating their vision of AI that thinks deeper in pure and applied math. - learn more
      • Alexandria Venture Investments and Wedbush Healthcare Partners joined the $205M capital raise for Crystalys Therapeutics, which emerged from stealth mode to fund late-stage trials of its gout treatment. The San Diego based biotech is pushing forward dotinurad, a once-daily oral drug being tested across U.S. and European trials for patients who don’t respond to first-line therapies. With this backing, Crystalys aims to fast-track clinical development and bring a needed second-line gout treatment to market. - learn more
      • GordonMD Global Investments joined new and existing backers in Star Therapeutics’ oversubscribed $125M Series D financing round. The biotech, co-led by Sanofi Ventures and Viking Global, is deploying the capital to push forward its lead program VGA039, a monoclonal antibody targeting bleeding disorders. The funds will help accelerate its clinical trials and advance its pipeline toward commercialization. - learn more
      • Hawke Ventures joined a funding round in Tie, which raised $10M in Series A to support its AI identity platform for e-commerce brands. Tie helps retailers reclaim hidden website visitors by identifying and enriching anonymous traffic to build better marketing audiences. The capital will go toward scaling the team, deepening integrations with commerce and marketing stacks, and expanding reach among D2C brands. - learn more
      • Foxhog Ventures led a ₹44.37 crore (~$5.3M USD) seed investment in Assessli, a Kolkata deep-tech startup developing what it calls “Large Behavioural Models” (LBMs) that combine genomics, psychology, and digital life data into highly personalized AI twins. The funding will support Assessli’s expansion into the U.S. and U.K., accelerate product commercialization, and increase its technical hiring to scale out its platform. - learn more
      • Bonfire Ventures participated in Alvys’ $40M Series B round, alongside RTP Global, Alpha Square Group, Titanium Ventures, Picus Capital, and others. Alvys offers an AI powered transportation management system (TMS) that streamlines freight operations including dispatch, load management, billing and analytics by automating workflows and integrating across platforms. The funding will help the company build out enterprise features, scale engineering, deepen integrations, and accelerate growth in the logistics and freight sector. - learn more
      • M13 participated in an $11M Series A round for Anything, an AI platform that turns natural-language prompts into production-ready mobile and web applications. Rather than just generating prototypes, Anything’s backend includes infrastructure like authentication, payments, and storage under the hood. With this funding, the company will scale development, expand its user base (now over 700,000), and deepen its platform capabilities to support full app deployment. - learn more
      • Halogen Ventures closed a $30M Fund III and has committed to invest in early stage startups in Alabama, becoming the first out of state VC to partner with Innovate Alabama’s InvestAL program. They have already begun deploying capital into the state, backing startups like Moxi, Auditocity and Croux, and are actively running pitch events to build a local pipeline. - learn more

      LA Exits

      • Griffin Club has been acquired by Bay Club, deepening Bay Club’s footprint in Los Angeles. Griffin Club is a legacy athletic, aquatic, and social club in West LA, known for features like tennis and pickleball courts, pools, wellness classes, and high-end amenities. Bay Club intends to bring Griffin into its LA campus and integrate it into its broader network of fitness and lifestyle clubs. - learn more
      • Beverly Hills Rejuvenation Center has been acquired by Motivant, with Sarah Gabriel installed as its new CEO. The deal brings the med spa franchise into Motivant’s portfolio, aligning it with a growth-focused investment platform. Gabriel’s appointment signals a strategic push to leverage new leadership and scale operations under Motivant’s guidance. - learn more

            Download the dot.LA App

            Salt AI Secures $10M to Untangle Healthcare’s Toughest Workflows

            🔦 Spotlight

            Hello Los Angeles,

            Not every startup raise deserves the spotlight, but this week’s news from Salt AI is worth paying attention to. The LA based company just closed a $10 million round led by Morpheus Ventures with participation from Struck Capital, Marbruck Investments and CoreWeave. The goal is to expand what it calls “contextual AI,” and if it works, it could quietly change how some of the most complex corners of healthcare get untangled.

            Healthcare is notorious for slow, clunky systems. Even the smallest workflow, like drug trial data, clinical documentation, or compliance reviews, can drag on for weeks because the tools were never built for speed. Salt AI is betting that the fix is not flashy consumer apps or billion parameter models, but something more practical: AI that slots directly into the day to day grind of life sciences. Their platform lets non technical teams visually build and deploy workflows that would normally take months of coding. Drag, drop, done.

            It sounds simple, but the implications are not. Imagine a biopharma team testing a new drug, able to cut through compliance hurdles in days instead of months. Or clinical researchers spinning up experiments and seeing usable results in real time. Salt AI’s pitch is not about replacing scientists, it is about giving them back time in an industry where time can literally mean lives.

            The new capital will help scale engineering, grow its customer footprint, and push further into healthcare and biopharma. But more importantly, it gives Salt AI the chance to prove that “contextual AI” is more than a buzzword. If they succeed, the company will not just chip away at bottlenecks, it could reshape how innovation itself moves through one of the world’s most heavily regulated and mission critical industries.

            🤝 Venture Deals

                LA Companies

                • Bonsai Health raised $7M in a seed round led by Bonfire Ventures and Wonder Ventures. The Santa Monica based company builds an agentic AI platform that automates front office healthcare workflows, things like patient outreach, scheduling and clinical follow-ups, working behind the scenes to keep patients connected to care and reduce administrative burden. It plans to use the funding to accelerate its specialty AI agents, expand into new medical specialties, and scale its commercialization nationwide. - learn more
                • Genstore raised a $10M Seed round led by Weimob, with participation from Lighthouse Founders’ Fund. The Los Angeles based startup is building an AI-native e-commerce platform that lets merchants launch and run online stores using conversational prompts, automating everything from product listings and copywriting to customer service. The funds will go toward accelerating product development, expanding into new markets, and refining features that simplify online commerce for small and midsized sellers. - learn more
                • TransAstra secured a $5M investment to scale its asteroid capture technology in partnership with NASA. The company aims to advance systems that can snag and repurpose small bodies in space, contributing to sustainable space infrastructure and debris mitigation. With this funding, TransAstra will expand development, deepen its relationship with NASA, and accelerate deployment of its capture hardware. - learn more

                LA Venture Funds

                • Fika Ventures led a seed round investing in MaxHome, joining BBG Ventures, Four Acres and 1Sharpe Ventures. MaxHome is building an AI-native platform focused on automating real estate transaction coordination, the messy, manual work that slows deals. Fika backed the team because it sees a huge opportunity in streamlining broker workflows, reducing errors, and improving the experience for agents and homebuyers alike. - learn more
                • MANTIS Ventures joined NEA, Sequoia, NVIDIA, J.P. Morgan and others in leading a $50M Series B for Factory, valuing the AI coding company at $300 million. Factory builds “droids,” AI agents that automate software development tasks across environments, and claims their platform now tops the Terminal Bench benchmark. With this capital, Factory aims to expand enterprise adoption, deepen integrations, and scale its engineering team globally. - learn more
                • SafeHill (formerly Tacticly) announced a $2.6M pre-seed round led by Mucker Capital, with participation from Chingona Ventures, Techstars, Chicago Early Growth Ventures, The Source Groups, and others. The Chicago-based cybersecurity startup is launching from stealth with SecureIQ, a continuous Threat Exposure Management platform that blends AI-driven testing with human validation to help organizations find and shore up attack paths. The funding will be used to expand engineering, enhance AI-assisted ethical hacking, deepen enterprise partnerships, and broaden compliance and monitoring capabilities. - learn more
                • Prototype Capital was among the investors in Nilo Technologies’ $4M seed round, alongside backers like Supercell, a16z Speedrun, KFund, and Flex Capital. Nilo is building an AI native 3D creation platform that makes game development more accessible, letting creators build interactive worlds in their browser without complex tooling. The funding will help accelerate product development, bring in more users as “Founding Builders,” and expand the platform’s capabilities for real time, multiplayer creation. - learn more
                • Rebel Fund participated in a $7.5M funding round for Indian fintech Gold Firm Gullak backed by Y Combinator. Gullak offers digital gold savings and lending solutions targeted at underbanked consumers in India. Rebel Fund’s investment will help Gullak scale operations, deepen financial inclusion, and expand its product offerings. - learn more
                • B Capital joined Wellington Management, General Catalyst and others in a $400M funding round for Capital Rx, which is rebranding as Judi Health. The company, which operates a pharmacy benefits management platform, will use the capital to expand into full-spectrum health benefits, integrating medical, dental and vision claims processing with its existing PBM capabilities. The move positions Judi Health as a unified tech backbone for benefits administration across employer and plan clients. - learn more
                • Supply Change Capital joined a seed funding round that raised $4.7M for Helios AI, a startup building the first AI co-pilot for food and agriculture supply chains. Helios’ platform combines climate modeling, commodity forecasting, and real-time data to help buyers and suppliers make smarter decisions in volatile markets. The funding will be used to scale the product, expand data coverage globally, and bring its AI tools to more players across the agri-food sector. - learn more

                    Download the dot.LA App

                    ServiceTitan Ups the AI Stakes

                    🔦 Spotlight

                    Hello Los Angeles,

                    ServiceTitan is making it clear: the trades are getting a tech glow up. At its annual Pantheon conference in Glendale, the home services software giant rolled out a bold AI vision and topped it off with a fresh acquisition that could change the way HVAC contractors do business.

                    First, the AI. ServiceTitan unveiled what it calls the “next evolution” of its platform, and this is not just window dressing. Think automated call summaries so techs spend less time typing, predictive scheduling that knows when your AC is likely to fail before you do, and estimates that generate faster than a homeowner can ask, “So, how much is this going to cost me?” For small and mid sized contractors, these are the kinds of tools that level the playing field against the big chains and maybe even help them get home before dinner. It is AI built not for hype, but for the day to day grind of the trades, where minutes saved can mean jobs won and customers kept.

                    Then came the news that ServiceTitan is acquiring Conduit Tech, a Boston startup best known for its LiDAR powered HVAC design software. Instead of squinting at tape measures and crunching numbers in clunky spreadsheets, contractors can now scan a home, generate a 3D model, and deliver a polished, ACCA certified proposal on the spot. Translation: faster bids, more trust, and fewer “I will get back to you next week” moments.

                    Put together, the AI rollout and Conduit deal are more than product updates. They are a signal of where ServiceTitan wants to take the industry. This is not just software that keeps the books balanced or trucks dispatched. It is an attempt to make technology an advantage in a field where labor is scarce, expectations are high, and every interaction with a customer matters. In short, ServiceTitan is not just keeping the lights on, it is rewiring how the trades get work done.

                    🤝 Venture Deals

                        LA Companies

                        • Modern Animal has hit a $100M annual run rate and closed a new $46M funding round led by Addition, True Ventures and Upfront Ventures with participation from Founders Fund. The company delivers veterinary care both in clinics and virtually, and it is using the funds to expand services such as specialty care, 24/7 virtual access, integrated pharmacy and ecommerce, along with extended urgent care hours. The company also announced a board expansion with new leadership added to support scaling operations and enhancing its technology infrastructure. - learn more
                        • MarqVision raised a $48M Series B round led by Peak XV Partners, with participation from investors including Salesforce Ventures, HSG, Coral Capital, and returning backers like Y Combinator and Altos Ventures. Based in Los Angeles, MarqVision offers AI-powered brand protection tools—monitoring marketplaces, removing counterfeit listings, managing trademarks, and protecting brand reputation online. The new funds will go toward expanding its AI and engineering teams, accelerating automation, enabling enterprise-grade features, and growing its global presence in markets like Japan, Korea, China, Europe and beyond. - learn more
                        • Divergent Technologies raised $290M in a Series E round led by Rochefort Asset Management, with $250M in equity and $40M in debt, bringing its valuation to about $2.3 billion. Using its proprietary DAPS (Divergent Adaptive Production System) platform, the Torrance based company builds hardware for aerospace, defense and automotive sectors by combining rapid design, additive manufacturing and automated assembly. The new capital will help Divergent scale its manufacturing capacity, build out its team and develop new capabilities for upcoming product lines. - learn more
                        • Apex raised $200M in a Series D round led by Interlagos, giving the Los Angeles company a valuation above $1 billion. Apex builds configurable “satellite bus” platforms used by commercial and government clients, including for communications, sensing, and national security constellations. The capital will boost production capacity by 50 percent, expand its manufacturing footprint in Los Angeles, and strengthen vertical integration including acquiring propulsion technology and insourcing more subsystems. - learn more

                          LA Venture Funds

                          • Mantis Venture Capital joined Benchmark, Uncork, Y Combinator and Mayfield in backing Numeral’s $35M Series B, part of a $57M total funding haul. Numeral is an AI powered platform that automates everything around sales tax for e-commerce and SaaS brands including filing, remittance, exemption certificates, state registrations, nexus detection and more. The money will go to speeding up product innovation, building out its global compliance footprint, and adding smarter automation so finance teams can stop wrestling with tax rules and start scaling. - learn more
                          • Magnify Ventures participated in Series A for Seven Starling, contributing to an $8M funding round led by Rethink Impact. Seven Starling is a virtual women’s mental health company focused on maternal mental health, offering group therapy, medication management, patient advocates, and digital tools. The new capital will fuel its expansion into more U.S. states (aiming for over 30 by the end of 2026), deepen partnerships with healthcare providers, and scale its model to help more mothers. - learn more
                          • Calibrate Ventures led Vibranium Labs’ $4.6M seed round, joined by Mirae Asset and investors including a16z and Franklin Templeton. Vibranium Labs’ flagship product, “Vibe AI,” acts as a full-time AI incident engineer, monitoring, triaging, and resolving IT incidents automatically. The funds will be used to expand the engineering team, accelerate product development, and deepen integrations so Vibe AI can be embedded into more incident response systems across industries. - learn more
                          • B Capital led a $20M financing round in Extend, with additional participation by March Capital, Point72 Ventures, FinTech Collective, and Commerce Ventures. Extend, a spend-and-expense management platform, allows businesses to use virtual cards with their existing bank or card programs while offering workflow tools like receipt capture, approvals, and automated reconciliation. The new capital will help Extend scale issuer partnerships, launch new expense management services, accelerate its path to profitability, and the company also added Francois Horikawa as CFO to help guide the financial strategy forward. - learn more
                          • Alexandria Venture Investments joined Versant Ventures and Qiming Venture Partners USA in a $65M Series A for Dualitas Therapeutics, a South San Francisco company developing bispecific antibodies through its DualScreen discovery engine. Dualitas is advancing two lead programs, DTX-103 for allergic disease and DTX-102 for autoimmune conditions, both showing strong preclinical results. The funding will support these programs and expand the company’s platform to discover new bispecific candidates in immunology, inflammation and beyond. - learn more
                          • Oversubscribed Ventures joined a syndicate that invested in Noble Mobile’s $10 million seed round. Noble Mobile, founded by Andrew Yang, is a telecom startup offering unlimited data plans while giving customers cash back when they use less data. The funds will be used to launch operations, roll out its mobile virtual network service, and build features that encourage better digital wellness. - learn more
                          • Mantis Venture Capital participated in Doctronic’s $20M Series A round, which was led by Lightspeed Venture Partners and also backed by Union Square Ventures, Tusk Ventures, Seven Stars, and others. Doctronic is a healthcare AI startup building a platform for fast, personalized medical advice and virtual visits with licensed physicians, aiming to reduce wait times and costs. The new funds will help the company scale its operations across the U.S., expand partnerships with insurers and health systems, and extend its reach to more patients. - learn more
                          • Strong Ventures led a Series A round investing about ₩1 billion in Ares3, with Seoul National University Technology Holdings also participating. Ares3 runs florist subscription service “Honest Flower” for consumers and “FlowerGo,” a B2B platform for floral suppliers, with steady growth thanks to brand partnerships and solid demand. The new capital will help Ares3 extend its reach via offline experience locations and campaigns to shift public perception of flowers from luxury to everyday goods. - learn more
                          • Gold House Ventures participated in MedSetGo’s oversubscribed $2.4M seed round led by TurboStart. MedSetGo is an AI-driven healthcare company based in San Francisco that is working to streamline patient care transitions by helping people find and schedule the right care after discharge. The funding will go toward accelerating product development and hiring, especially expanding the engineering, data science, and commercialization teams. - learn more
                          • March Capital was among the investors in Lila Sciences’ $235M Series A round, which was co-led by Braidwell and Collective Global. Lila builds an autonomous science platform combining AI, robotics and software to automate the scientific method - generating hypotheses, designing experiments, running them, learning from results. The funds will be used to scale Lila’s “AI Science Factories,” expand globally in cities like Boston, San Francisco and London, and accelerate its ability to explore materials, chemistry, life sciences and diagnostics more quickly. - learn more

                            Download the dot.LA App

                            RELATEDEDITOR'S PICKS
                            Trending