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

🔦 Spotlight

Happy Friday, Los Angeles!

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

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

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

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

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

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

🤝 Venture Deals

LA Companies

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

              LA Exits

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

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

                          🔦 Spotlight

                          Happy Friday, LA —

                          LA’s mobility scene is shifting gears — fast.

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

                          Image Source: Upway

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

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

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

                          Now — from bikes to drones.

                          Image Source: Neros

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

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

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

                          🤝 Venture Deals

                          LA Companies

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

                                  LA Exits

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

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                                            PledgeLA’s Next Chapter Starts Now with Noramay Cadena

                                            🔦 Spotlight

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

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

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

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

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

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

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

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

                                            Image Source: The McCourt Foundation


                                            🤝 Venture Deals

                                            LA Companies

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

                                                LA Exits

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

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