‘I Think the Truth Will Come Out’: Investor Pegasus Tech Ventures Sees Quibi’s Legal Woes as Proof of Future Success

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

‘I Think the Truth Will Come Out’: Investor Pegasus Tech Ventures Sees Quibi’s Legal Woes as Proof of Future Success
Image courtesy\u00a0of Quibi

It's been nearly a month since Quibi launched into the fog of a pandemic. Chief Executive Meg Whitman and founder Jeffrey Katzenberg both expressed early approval at the mobile streaming app's 1.7 million downloads in its first week and another million the next.

But the high-profile startup, which raised $1.75 billion before any consumer had used its product, has faced criticism. Subscriber growth has slowed, with some reports showing that Quibi has fallen from among the most downloaded apps in the U.S. to outside the top 250.


Two marketing executives left in April, reports emerged of a duplicitous user-email leak, and an ongoing patent infringement lawsuit has intensified as investment firm Eliot Management has taken a stake in the plaintiff's case.

All this before anyone has even had to pay for the service, which offered free 90-day trials to April signups and free 2-week trials to anyone who's signed up since.

With so much to sort out, dot.LA wanted to hear the perspective of a Quibi investor. Anis Uzzaman runs Pegasus Tech Ventures, a Silicon Valley firm with $1.5 billion under management. In conjunction with corporate partner Asahi Broadcasting Group, Pegasus invested $35 million into Quibi's second round of funding earlier this year, which totaled $750 million.

Uzzaman talks about his firm's decision to invest in Quibi, his reaction to Quibi's first month, and expectations about the firm's future.

dot.LA: How did Pegasus end up investing in Quibi?

Uzzaman: We liked the company from the get-go. It's a perfect blend of technology and entertainment. The co-founders definitely caught our eye. We also liked that professionally made short content was something that was missing from the domain. There are famous platforms like TikTok, Vine, Instagram, and YouTube but none of them provide professionally made content like Quibi. The domain they were trying to address was empty.

The pitch that the Quibi team made to us was that they're going to play in a new domain where there is no direct competition. And that made sense. The pitch was also that some of the greatest personalities of the entertainment industry have already committed. It is not that easy to pull together a group of people like Jennifer Lopez, Reese Witherspoon, Benicio Del Toro, Steven Spielberg and so on and get a commitment from them for an upcoming new platform, so that was really attractive from an investor point of view. The other part that was interesting was that the advertisers were piling up. I think every single first-tier advertising slot was fully sold out before even the launch.

Anis Uzzaman runs Pegasus Tech Ventures, a Silicon Valley firm with $1.5 billion under management.

What was your valuation process and how did you make your decision?

We compared Quibi with several groups of relatively similar platforms who — not directly, but indirectly — can be competition. We looked at the last 10-plus years of YouTube, and also mapped Quibi against other short-content platforms like Vine, Instagram, and TikTok. We saw how those individual platforms have grown from their launch dates to today, and we looked at the people behind those platforms, their funding and their support infrastructure.

And then looking at Quibi, we relied heavily on the track record of the founders, and the other people working for the team. Did they have the right experience? Had they done it before? Had they experienced this kind of struggle? That was our number one point. Number two was funding, which got the green light because they already had some of the biggest investors on the planet. Then it was very important for us to see whether they had enough support infrastructure to be able to procure this content for the years ahead. And they had enough partnerships in place that gave us confidence. Plus, we had seen they had sold out their advertising slate — and you can guess that's a lot of money we're talking about there. So that's why we took a big risk.

What do you think motivated the major studios to invest in Quibi?

If you look at most of the studios, they have always created content for the big screen. If you look at the trends of the world, though, all the younger generations are not watching content on the TV anymore. All the data show that people who are watching TV for hours are 65 years old while young people are increasingly watching content on their mobile device. So all the big content makers who've targeted the big screen, they're also thinking, 'How can I be viable from here on, for the next century, for the new generations?' They are looking very carefully at all the new platforms that are coming out. And when Quibi was coming out I'm sure that all of the big content makers wanted to make sure they're part of this mobile platform that is becoming the main thing, where people are spending most of their time. And advertisers are also focusing most of their money there. So it is very important for the big content makers to be a part of this.

What did you think about Quibi's decision to stick with the April 6th launch date?

It was a little bit of an unusual situation because the app was made for on-the-go consumption. It was a challenging time. But hey, any startup should be ready for such challenges. COVID-19 is going to separate out the strongest startups from the weak ones and only the strong and most effective ones will survive. So I think it is a good test for Quibi to prove that they can survive. So far they have bypassed three million downloads, which is basically what we are expecting as investors.

If you look at some of the criticism, most of the complaints were, 'Why can't we watch this great content on a bigger screen?' Everybody was pushing Quibi hard to be able to do Airplay, because everybody's at home. So the launch has also helped Quibi to understand consumer demand, in this case being able to see the content on a bigger screen as well. They already had it in the plan and the process was made urgent because of the COVID-19 situation. Otherwise maybe that demand wouldn't have come into the pipeline that fast.

If you look at major pandemics from the past, most pandemics are anywhere from 12 to 18 months long. That's pretty long. And if you look at startup cycles — that is, the average time between funding rounds — they are also 12 to 18 months long. So if Quibi had waited it out, they would have had to wait a long time. Could they have waited it out another one and a half years? I think time is money and you never know what the competition is thinking. So in some sense, did they have any other option? I would say maybe they didn't.

Jeffrey Katzenberg | Jeffrey Katzenberg speaking at the 2014… | Flickrc1.staticflickr.com

Do you think accelerating the availability on bigger screens dilutes Quibi's competitive position?

The issue with many other platforms today is that the mobile version is not good enough to be seen on a mobile device, whereas Quibi has been created for mobile. So it doesn't dilute the original purpose because the picture quality of those videos are made for mobile. It has not diluted the original value of being able to see it on-the-go. But it has given some people the option to watch it while sitting on the couch.

What's your impression of Quibi's performance so far?

The numbers could be better but I would say they are pretty much in the ballpark, considering the overall situation of the market. Maybe they are a little short of where they should be if you're talking about a fast track company, but we feel we also need to consider the overall macroeconomic situation of the market.

In terms of the growth rate, I feel that it is gradual, which is what I like, rather than a quick spike. YouTube and Netflix did the same thing. Their growth was gradual. And Disney+ is not a great comparison — it has unique characteristics. So I will not be very worried. I will wait for the new content coming out. Top titles will probably drive traffic, because it's not actually about Quibi; it is the titles that will make the difference in the life cycle of this platform.

From the investor point of view, I think everything's fine as of now and we want them to keep up the current growth rate as much as possible.

Could you describe your outlook looking forward?

I'm sure that we will see an international expansion coming down the line, and that is going to also pull up their numbers quite a bit. Most of the top executives in entertainment and high-tech outside of the U.S. are watching the situation very closely and are very interested in having it in their countries as well.

The pandemic will likely slow international expansion, though, because you need local partners to launch in a new country. And none of the partners are able to operate at 100% at this point. Until content makers can operate 100%, it will be tough for anybody to do anything big and launch in a different country in a comfortable way.

Image courtesy of Quibi

To what extent does Quibi's patent infringement lawsuit concern you as an investor?

We are watching the situation very closely. We strongly believe the accusation is not true, because we know that both of the co-founders of Quibi have very high integrity and dignity. That's why they're so successful. It looks more to me that it's a financial game for the claimants and they're trying to make a big deal out of it. And seeing that some of the hedge funds are supporting it also sounds to me like it's a financial game. I think the truth will come out. I'm sure all investors are closely watching the situation, but does it put any doubt in our mind about the Quibi team? Absolutely not.

How open was Quibi to discussing the case with you as you were considering investing?

The case was pretty open from the get-go and it has been kept in a very open state in front of us by the Quibi team. We knew about it. We knew this very openly from the get-go and we still decided to invest.

Did it raise your eyebrows when you saw Elliot Management get involved?

Not really. I feel that the financial game could also be that people are looking for a short-term settlement — it's no secret that Quibi raised a lot of money. I don't know what the hedge fund's goal is but they might have similar motivation for a short-term gain. Does it concern us? It definitely tells me that the management team has to address it properly and I'm sure they're working very hard on it. But I strongly believe that it is a false accusation. In some sense I would say it's proof that Quibi is going to dominate this domain; people are already starting to take shots at it and trying to make some financial gain from it.

What's your stance on Quibi's reported plan to spend $1 billion in year one?

There are two ways that startups can grow. One is in a kind of a stingy way, where they're counting every single dollar, and they hire only if they really need to. We've seen those models more in very heavy high-tech industries, things like quantum computing and pharma, where you need to go slow and steady.

The other way is you move fast before anybody else can come up with something similar. The media and entertainment industry does that. Quibi's setting up a platform; they're the first one of its type in the market, so I think moving fast and grabbing the market is not a bad idea. I would have done it the same way if I was the CEO of the company.

(The interview has been lightly edited for clarity and brevity)

---

Sam Blake covers media and entertainment for dot.LA. Find him on Twitter @hisamblake and email him at samblake@dot.LA

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Forget Traffic: Air Taxis Are Coming to LA28

🔦 Spotlight

Hello Los Angeles,

The future just got a flight plan, and it includes skipping traffic for the 2028 Olympics.

Image Source: Archer

This week, Santa Clara-based Archer Aviation made headlines (and history) by being named the official air taxi provider for the LA28 Olympic and Paralympic Games and Team USA. Yes, that means electric vertical takeoff and landing (eVTOL) aircraft will be soaring above the gridlocked freeways, whisking athletes, officials, and perhaps a few lucky spectators through LA’s famously congested skies.

This isn’t just a flashy PR stunt (although, let’s be honest, it is peak LA). It’s a strategic move to redefine how we move around the city, especially during one of the largest global events ever to hit Southern California. In partnership with the LA28 Organizing Committee, Archer plans to deploy its Midnight aircraft, an all-electric air taxi that promises ultra-quiet, zero-emission rides from point A to point OMG-I’m-not-in-traffic.

While Archer is headquartered in Santa Clara, it has deep ties to the LA tech ecosystem. United Airlines, one of its major partners, has previously announced plans to establish eVTOL routes between downtown and LAX. Pair that with this new Olympic milestone and we’re looking at LA as ground zero for what could become the world’s first large-scale urban air mobility network.

Of course, there are still regulatory hurdles, infrastructure needs, and airspace coordination issues to iron out before we can book our sky ride to the Coliseum. But make no mistake, this announcement is a moonshot moment for LA tech, mobility, and the future of Olympic-scale transportation.

We’ll be keeping our feet on the ground (for now), but we’ll definitely be watching the skies.

Catch you next week ✈️✨

🤝 Venture Deals

LA Companies

  • Akido, a Los Angeles-based health tech company, has raised $60M in Series B funding led by Oak HC/FT to expand the reach of its AI-powered clinical tool, ScopeAI. The platform assists physicians by generating clinical questions, documenting patient responses, and drafting care plans in real time. The funding will help Akido scale its technology across its provider network and expand into new markets like New York City. - learn more
  • Reflect Orbital, a startup developing satellite-based sunlight delivery systems, has raised $20M in a Series A round led by Lux Capital. The company plans to use the funding to expand its team, scale operations, and prepare for its first satellite launch in Spring 2026. Reflect Orbital’s technology aims to reflect sunlight from space to Earth, enabling nighttime illumination for energy, remote operations, and civil infrastructure. - learn more
  • Rolli, an AI-powered platform designed to support fact-based journalism, has received an investment from the NYU Impact Investment Fund (NIIF). This marks NIIF's first investment in a media company, underscoring its commitment to backing ventures that enhance democratic institutions through innovation. Rolli's platform connects journalists with a diverse range of vetted experts, aiming to streamline news production and promote equitable representation in media. The funding will help Rolli expand its reach and further develop tools that empower journalists to produce accurate and impactful reporting. - learn more

    LA Venture Funds

    • CIV and Wonder Ventures participated in The Nuclear Company’s $46.3M Series A round to support its plan to develop large-scale nuclear reactor sites across the U.S. CIV co-founder Patrick Maloney also co-founded the company, which is taking a “design-once, build-many” approach to modernize nuclear construction. The funding will help meet rising energy demands from sectors like AI and data centers. - learn more
    • WndrCo participated in Cartwheel's recent $10M funding round. Cartwheel is an AI-driven 3D animation startup that enables creators to generate rigged animations from text prompts and videos. The funding will support Cartwheel's efforts to simplify and democratize 3D animation production. - learn more
    • Crosscut Ventures participated in Solestial's $17M Series A funding round, which aims to scale the company's production of radiation-hardened, self-healing silicon solar panels for space applications. Solestial plans to increase its manufacturing capacity to 1 megawatt per year, matching the combined annual output of all U.S. and EU III-V space solar companies. This investment supports the growing demand for cost-effective, high-performance power systems in the expanding space industry. - learn more
    • Upfront Ventures participated in Tern's $13M Series A funding round, adding to its earlier $4M seed investment in the travel tech startup. Tern offers an all-in-one platform for travel advisors, streamlining itinerary building, CRM, and commission tracking. The new funding will help Tern enhance its product offerings and expand support for its growing user base. - learn more
    • Dangerous Ventures participated in Verdi's $6.5M seed funding round, supporting the Vancouver-based agtech startup's mission to modernize farm irrigation systems through AI-powered automation. Verdi's technology retrofits existing infrastructure, enabling precise, row-level control of irrigation, which helps farmers reduce water usage and labor costs. The investment aligns with Dangerous Ventures' focus on climate resilience and sustainable food systems. - learn more
    • Pinegrove Capital Partners participated in Saildrone's recent $60M funding round, supporting the company's expansion of its autonomous maritime surveillance technology into Europe. The investment will aid in deploying Saildrone's uncrewed surface vehicles for enhanced maritime security and defense applications across European waters. - learn more
    • Starburst Ventures participated in a €2 million seed funding round for French defense tech startup Alta Ares, which specializes in embedded AI and MLOps solutions for military applications. Alta Ares' technologies, including the Gamma platform for real-time video analysis and the Ulixes platform for managing operational data lifecycles, operate autonomously without the need for internet or cloud connectivity. This funding will support the industrialization of these solutions and expand their deployment across European armed forces and NATO allies. - learn more
    • Nomad Ventures participated in Stackpack’s recent $6.3M seed funding round, supporting the company's mission to streamline vendor management for modern businesses. Stackpack offers an AI-driven platform that provides finance and IT teams with a centralized system to oversee third-party vendors, manage renewals, and mitigate compliance risks. The investment will enable Stackpack to expand its operations, enhance its platform, and introduce new features like the "Requests & Approvals" tool, aimed at simplifying vendor onboarding and procurement processes. - learn more
    • Tachyon Ventures participated in Stylus Medicine's $85M Series A funding round, supporting the biotech company's development of in vivo genetic medicines. Stylus aims to simplify gene editing by enabling precise, durable CAR-T therapies delivered directly inside the body, potentially transforming treatment for various diseases. - learn more
    • Up.Partners led a $28M Series A funding round for WakeCap, a construction tech startup that uses sensor-powered platforms to deliver real-time workforce visibility and site intelligence. WakeCap’s system tracks labor hours, safety, and productivity across large-scale projects, with over 150 million labor hours already monitored. The new funding will help the company expand globally, enhance product features, and grow its engineering and customer success teams. - learn more


      LA Exits

      • MediaPlatform, a leading provider of enterprise video solutions, has been acquired by Brandlive, a company renowned for bringing the magic of television to business communications. This strategic acquisition aims to enhance Brandlive's capabilities in delivering high-scale, reliable CEO town halls and global corporate broadcasts. By integrating MediaPlatform's robust infrastructure with Brandlive's creative video tools and production services, the combined entity seeks to offer more engaging and authentic internal content experiences for enterprise clients. - learn more
      • RHQ Creative, a studio renowned for its competitive Fortnite training maps, has been acquired by JOGO, the game development company founded by popular creator Typical Gamer (Andre Rebelo). This acquisition aims to bolster JOGO's expansion into the competitive gaming arena by integrating RHQ's expertise in skill-building and training map design. RHQ Creative, co-founded by Fortnite pro Quinn Gannon (RichHomieQuinn) and Sean Lugo, has achieved over 20 million map visits and 200 million hours of playtime. The deal includes full ownership of RHQ's map catalog and the addition of its team to JOGO, enhancing the company's capabilities in developing high-quality, competitive gaming experiences. - learn more

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          This LA Startup Wants to Make It Rain and Just Raised $25M to Do It

          🔦 Spotlight

          Hello LA!

          While most tech headlines are busy chasing AI chatbots and flying taxis, one startup in El Segundo is aiming a little higher. Literally.

          Rainmaker just secured$25 million in Series A funding to expand its cloud-seeding drone technology. The round was led by Lowercarbon Capital, with participation from Starship Ventures, 1517 Fund, Long Journey Ventures, Naval Ravikant, and others.

          Their idea is simple but urgent. Instead of relying on old-school aircraft to spray rain-making particles across the sky, Rainmaker uses AI-powered drones that find and seed clouds with pinpoint accuracy. It is faster, more affordable, and could reshape how regions fight back against droughts.

          California's ongoing water struggles have made it clear that simply "saving" water is not enough. Cities and entire economies need new tools to create it. Rainmaker plans to use the funding to grow its fleet, invest in atmospheric science, and expand commercial partnerships with utilities and governments searching for solutions.

          Bigger picture, Rainmaker is part of a growing shift in LA's tech ecosystem. While software remains dominant, more investors and founders are quietly betting on "hard tech" that addresses real-world problems like water, energy, and infrastructure.

          It is not just about apps anymore. It is about survival tech.

          With the skies getting hotter and the reservoirs getting lower, the next great tech export out of LA might not be entertainment or social media. It could be rain.

          Stay tuned…

          🤝 Venture Deals

          LA Companies

            • SimpleClosure, a Santa Monica-based startup that automates the business shutdown process, has raised a $15M Series A funding round led by TTV Capital. The company, which launched publicly in late 2023, helps startups and businesses navigate legal, regulatory, and compliance hurdles when closing down, using AI to streamline paperwork and communications. The new funding will support SimpleClosure’s platform growth and product expansion, as rising economic pressures create heightened demand for efficient dissolution solutions. - learn more

              LA Venture Funds

              • Alexandria Venture Investments participated in Haya Therapeutics’ $65M Series A funding round. Haya Therapeutics, which is developing precision RNA-guided medicines for chronic and age-related diseases, will use the capital to advance its lead therapeutic programs targeting heart failure and fibrosis. The company plans to expand its pipeline, invest in its discovery platform, and grow its team to accelerate clinical development. - learn more
              • Griffin Gaming Partners led a $7M funding round for Fuse Games, a gaming studio focused on developing new original IP. Fuse Games, founded by industry veterans with experience at major gaming companies, plans to use the funds to accelerate production of its first title and expand its team as it builds ambitious new gaming experiences. - learn more
              • Shamrock Capital has made a strategic growth investment in Neocol, a leading consulting platform that specializes in sales and AI-driven software solutions for subscription businesses. Neocol, which helps companies optimize revenue operations and digital transformations, plans to use the investment to accelerate its growth, expand its services, and further strengthen its leadership position in the Salesforce ecosystem. - learn more
              • Trust Fund participated in a $7.2M seed funding round for Agree.com, an all-in-one platform that combines e-signature and integrated payments, aiming to streamline and speed up service agreements. The company plans to use the new capital to grow its engineering team, expand integrations, and enhance payment capabilities to help service providers close deals faster. - learn more
              • Hyperlink Ventures participated in Orca AI’s $72.5M funding round. Orca AI, headquartered in London, develops AI-based navigation and collision-avoidance solutions to improve safety and efficiency for commercial shipping fleets. The funding will help Orca AI scale its autonomous shipping technologies, expand its team, and support global growth efforts. - learn more


              LA Exits

              • StoryFire, a social storytelling and video platform with over 2.5M users, has been acquired by Flashy Finance to launch a new platform called Flashy Social. The move aims to merge content creation with blockchain-powered financial tools, allowing creators to monetize through token incentives, streaming features, and community engagement. This acquisition supports Flashy Finance’s broader vision of building a cultural, creator-led financial ecosystem. - learn more
              • Jaanuu, Inc., a Los Angeles-based medical apparel brand known for its stylish and functional scrubs, has been acquired in an asset sale by VentureOn Management, LLC. The acquisition includes substantially all of Jaanuu's assets, encompassing its intellectual property, inventory, and customer relationships. VentureOn Management plans to continue Jaanuu's operations, focusing on delivering high-quality medical apparel to healthcare professionals. - learn more
              • Skechers has agreed to be acquired by 3G Capital in a deal valued at approximately $9.4 billion. Shareholders will receive either $63 per share in cash or $57 plus an equity unit in a new private parent company. Following the acquisition, Skechers will become privately held, maintain its Manhattan Beach headquarters, and continue to be led by its current management team. - learn more

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                Biometrics, Crypto, and Comfort: New Tech Lands in LA

                🔦 Spotlight

                Happy Friday, Los Angeles!

                This week, it's all eyes, quite literally, on LA's latest tech headlines.

                Image Source: World

                First up, World has officially touched down in the U.S., launching its ambitious biometric crypto project in six cities, including right here in Los Angeles. Cofounded by OpenAI CEO Sam Altman, World is betting big on a future where proving you're human is just a blink away. Their tool? An orb-shaped device that scans your eyes to create a "World ID," a decentralized digital passport built for the AI era. Verified users can then claim Worldcoin, a cryptocurrency aiming to become the first truly global digital currency. To tie it all together, World has rolled out the World App, a wallet to manage your ID and crypto and World Chain, a new blockchain designed to prioritize real people over bots. The ambition is bold. The stakes are high. And the question still lingers: How much privacy are we willing to trade for convenience?

                Image Source: Lyft

                Meanwhile, Lyft is rolling out the red carpet, or perhaps a comfortable seat cushion, for LA’s senior citizens. The rideshare giant just launched Lyft Silver in Los Angeles, offering older adults personalized support, live phone assistance, and specially trained drivers. It's a savvy play into an often-overlooked demographic, combining technology and empathy to serve a growing market of tech-savvy seniors. Will Lyft’s new approach give them an edge in LA’s competitive rideshare market? Stay tuned, and maybe text your grandma… she just might become Lyft’s latest power user.


                🤝 Venture Deals

                LA Companies

                  • True Classic, a Los Angeles-based apparel brand known for its better-fitting basics, has received its first institutional investment from 1686 Partners. This strategic partnership aims to accelerate True Classic's global expansion and diversify its product offerings to include women's and children's lines. The investment will also support enhancements in supply chain, logistics, and omnichannel retail operations, positioning the brand for continued growth in the global market. - learn more
                  • Chaos Industries, a Los Angeles-based defense technology startup, raised $275M in a Series C round led by Accel and New Enterprise Associates, valuing the company at $2N. The company develops advanced detection, monitoring, and communication systems for defense and commercial sectors. The funds will be used to expand product development, grow the team, and scale manufacturing operations. - learn more
                  • Apex, a Los Angeles-based spacecraft manufacturer, raised $200M in Series C funding to scale production of its productized satellite bus platforms. The company will use the funds to expand operations at its 50,000-square-foot facility and increase manufacturing capacity to meet demand from government and commercial customers. Apex aims to accelerate delivery timelines and support national security initiatives like the U.S. Department of Defense’s Golden Dome program. - learn more
                  • Deferred, a technology-driven Qualified Intermediary, has raised $3.6M in seed funding to modernize and democratize 1031 exchanges for everyday real estate investors. The funding round was led by B Capital and Fika Ventures, with participation from strategic investors. Deferred's platform offers AI-driven compliance, robust fund security, and a no-fee exchange model, aiming to make tax-deferred real estate transactions more accessible, secure, and efficient. The funds will be used to expand access to 1031 exchanges, ensuring that every investor, not just institutional players, can leverage this powerful wealth-building tool. - learn more

                  LA Venture Funds

                  • Village Global participated in Stately Bio's $12M seed funding round. Based in Palo Alto, Stately Bio is a biotech startup developing an AI-powered live-cell imaging platform that enables non-invasive, real-time analysis of cell behavior, enhancing regenerative medicine and cell therapy development. The funds will be used to scale the platform and expand its pipeline of stem cell-derived therapies. - learn more
                  • Riot Ventures participated in True Anomaly's recent $260M Series C funding round. Based in Centennial, Colorado, True Anomaly develops advanced spacecraft and software systems for U.S. national security missions, including its flagship Jackal vehicle designed for close-proximity operations in orbit. The funds will be used to support upcoming space missions, expand manufacturing capabilities, and grow the company's workforce. - learn more
                  • Navitas Capital led a $10.5M Series A funding round for Field Materials, a Charlotte, North Carolina-based startup that automates construction material and equipment procurement using AI. Field Materials' platform leverages proprietary large language models to process vendor quotes, delivery slips, and invoices, integrating the data into major construction accounting systems. This approach reduces purchase order and invoice processing time by 90%, improves margins, and helps construction companies secure volume pricing. The funds will be used to double Field Materials' team and triple its revenue in 2025, accelerating the delivery of AI capabilities to meet growing demand in the construction industry. - learn more
                  • Bold Capital Partners participated in Near Space Labs $20M Series B funding round. Based in Brooklyn, New York, Near Space Labs deploys helium balloon–lifted "Swift" robots to capture ultra-high-resolution aerial imagery from the stratosphere. The company plans to use the funds to expand its fleet and increase coverage, aiming to provide 7cm-resolution images to 80% of the U.S. population twice annually. - learn more
                  • Alexandria Venture Investments participated in a $15M Series A funding round for Hoofprint Biome, a Raleigh, North Carolina–based agtech startup. Hoofprint Biome develops enzyme-based feed additives aimed at reducing methane emissions from cattle while enhancing productivity. The company plans to use the funds to advance product development, conduct on-farm trials, and prepare for commercial launch. - learn more
                  • Finality Capital Partners participated in a $25M seed funding round for Miden, a privacy-focused blockchain protocol spun out of Polygon. Miden leverages zero-knowledge technology to offer fast, confidential transaction processing tailored for large institutions handling sensitive payment flows. The funding will support the development of Miden's ecosystem and developer tools, with plans to launch its main network by the end of the year. - learn more
                  • Overture VC participated in Glacier's $16M Series A funding round. Glacier, a San Francisco-based startup, develops AI-powered robotic systems designed to automate and enhance the efficiency of recycling processes at material recovery facilities (MRFs). The funds will be used to expand Glacier's operations, deploy its technology to more MRFs across the U.S., and further develop its AI and robotics capabilities to improve recycling rates and reduce environmental impact. - learn more
                  • Powerhouse Capital and Rideback participated in a $10M funding round for Cheehoo, a Los Angeles-based startup developing AI-powered tools to streamline 3D animation workflows. Cheehoo's platform integrates with industry-standard software like Maya and Unreal Engine, offering features such as AI-assisted character animation, speech-to-motion capabilities, and real-time collaboration tools. The company plans to use the funds to enhance its technology and expand its reach to a broader range of creators, from major studios to independent animators. - learn more
                  • Village Global participated in P-1 AI's recent $23M seed funding round. Based in Henderson, Nevada, P-1 AI is developing an artificial general intelligence (AGI) platform named Archie, designed to automate engineering tasks for physical systems. The company plans to use the funds to advance Archie's capabilities, starting with applications in data center cooling systems, and eventually expanding into sectors like industrial systems, automotive, and aerospace. - learn more
                  • TenOneTen Ventures led a $3.3M seed funding round for Domos, a startup developing an AI-powered workforce to streamline property management operations. Based in New York City, Domos' platform automates routine communications and workflows, enabling property managers to focus on higher-value tasks. The funds will be used to expand the company's engineering team and further develop its AI capabilities to enhance efficiency and resident experience. - learn more
                  • Leap Venture Studio participated in a $1M seed funding round for Buddy Bites, a Hong Kong-based dog food brand that donates to shelters with every order. The funds will support Buddy Bites' expansion in Hong Kong, Singapore, and the UK, with plans to enter Taiwan and launch new products later this year. Additionally, Buddy Bites joined Leap Venture Studio's 12-week accelerator program, gaining mentorship and access to a network of industry experts to further its mission of providing premium dog food while supporting animal shelters. - learn more

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