The Definitive Account of Amazon’s Ambition: Key Scenes From PBS’s Epic Investigation

Taylor Soper, GeekWire
Taylor Soper is GeekWire's managing editor, responsible for coordinating the newsroom, planning coverage, and editing stories. A native of Portland, Ore., and graduate of the University of Washington, he was previously a GeekWire staff reporter, covering beats including startups and sports technology. Follow him @taylor_soper and email taylor@geekwire.com.
The Definitive Account of Amazon’s Ambition: Key Scenes From PBS’s Epic Investigation

The highly-anticipated PBS Frontline documentary about Amazon's historic 25-year ascension aired Tuesday evening. The two-hour episode, Amazon Empire: The Rise and Reign of Jeff Bezos, resulted from a year-long examination of the company's impact on society.

At every turn, Frontline uses facts, public records, and interviews with former insiders to question and in some cases debunk Amazon's time-worn responses to its critics related to issues such as worker treatment, privacy, and antitrust.


"Everything that is admirable about Amazon is also something that we should fear about it," Franklin Foer, staff writer at The Atlantic, says at the outset of the episode.

The documentary serves as a reminder of Amazon's influence, spanning retail, cloud computing, digital media, advertising, logistics, and perhaps much more in the future, based on its current trajectory.

"Once you start connecting the dots, you see that Amazon is building all of the invisible infrastructures for our futures," says Amy Webb, CEO of Future Today Institute, on the episode.

Filmmakers James Jacoby and Anya Bourg conducted 57 on-the-record interviews to produce the show. Amazon execs including consumer chief Jeff Wilke; devices chief Dave Limp; AWS chief Andy Jassy; and others make appearances.

Bezos did not sit for an interview, but Frontline dug up numerous videos of the CEO to illustrate his perspective and philosophy, along with his transformation from a "small, nondescript sandy-haired man sitting at a desk," as described by an early employee, to "a figure out of folklore" and world's richest person.

The Washington Post summed up the documentary well: "It's not chock full of new information, but it smartly and effectively builds toward a disturbing conclusion — that Amazon is in sore need of some corrective regulation from a government that seems, at best, indifferent to intervening and, at worst, submissively technocratic."

The documentary aired one day after Bezos announced that he will donate $10 billion to help fight climate change.

Amazon declined to comment on this story.

Here are some key moments from the Frontline episode, which you can watch on YouTube and on PBS.org.

Too much power?

The episode examines how Amazon wields its power over book publishers, small businesses, and competitors.

"In the eyes of some businesses, Amazon has essentially become like the railroads at the turn of the last century, that controlled the flow of commerce across the country," the narrator says during a look at the company's third-party marketplace.

Amazon's acquisition of companies such as Whole Foods and PillPack have immediately lowered the market value of competing industry players. Even a news report hinting at Amazon's interest can now impact stock prices of incumbents.

"Amazon has these Darth Vader-like abilities to just look at a sector and begin choking it of oxygen without even touching it," says Scott Galloway, an NYU professor, in the episode. "Amazon can begin beating competitors without even competing."

Amazon is facing increasing scrutiny from antitrust regulators, and some people have called for the company to be broken up.

"When you think about us, we're in a lot of verticals," Wilke says. "There's video and there's commerce and there's web services. But in every one of them, we have intense competition. I do understand why, when you're in a lot of them, it can seem like we're everywhere.

"But if we were everywhere that means we're talking about the global economy, not just global retail. It's so vast. We're just a speck."

Concern from employee No. 1

Shel Kaphan, Amazon's first employee, is among nine former insiders who agreed to talk on camera for the documentary. The company's former chief technical officer, Kaphan says in the episode that he's worried about Amazon's increasing power.

"The characterization of Amazon as being a ruthless competitor is true," he says. "Under the flag of customer obsession they can do a lot of things which might not be good for people who aren't their customers."

Kaphan says, "you don't want to see your offspring become antisocial adults."

"I think not all of the effects of the company on the world are for the best," he says. "I wish it weren't so, but I had something to do with bringing it into existence. It's partly on me."

Amazon is a data company

This was true from Day 1. "It was made clear from the beginning that data collection was also one of Amazon's businesses," says James Marcus, a former senior editor at Amazon and the company's 55th employee. "All customer behavior that flowed through the site was recorded and tracked."

The strategy continues today across a variety of Amazon's products and services, including its popular Alexa voice technology and Echo devices.

"Alexa is one more way for Amazon to gather extremely valuable data," says Meredith Whittaker, co-director of NYU's A.I. Now Institute. "This data collection is extremely important to this business model, and it's extremely hard to do. Convincing people to just deploy something like this in their home is a brilliant trick."

Is Alexa listening?

Jacoby asked Limp, the company's devices chief, how Amazon could convince millions of people to install "listening devices" in their home. Limp appeared to misstep when answering the question, insisting that Alexa isn't a listening device, before describing how it's "listening," then backtracking.

"I would first disagree with the premise. It's not a listening device," Limp said. "The device in its core has a detector on it — we call it internally a 'wake word engine' — and that detector is listening — not really listening, it's detecting one thing and one thing only, which is the word you've said that you want to get the attention of that Echo."

Amazon came under fire last year after reports revealed how humans listen to voice clips recorded when customers interact with their Echo smart speakers.

Is Limp worried that Amazon — which also owns home security camera company Ring — is potentially helping enable a dystopian future of surveillance?

"I don't want to live in that world. I don't want to have my teams invent the technology that would create that world," Limp says. "But I am an optimist. I think if you take the absolute view of that, we wouldn't invent anything."

NYC mayor blasts Amazon

Asked about Amazon's HQ2 search and the dramatic decision to pull out of New York City following backlash from local lawmakers, Amazon's head of corporate affairs Jay Carney says the company didn't want to be "in that political dynamic."

"When it turned out the governor and mayor supporting something turned out not to be enough to persuade other critics that it was the right kind of investment for New York to make, we decided, that's fine, we can go elsewhere," Carney says.

New York City Mayor Bill de Blasio reacts strongly to that comment.

"That's an idiotic statement on its face. That is idiocy from a guy who should know a hell of a lot better," de Blasio says in the episode. "The deal was done. Amazon knew it was done. There was noise; there was posturing by people in the political world. But the deal was done. So all we're talking about here is the background noise."

He adds, "In what world are there no critics? Well, yeah, in an autocratic totalitarian world, maybe they're not allowed — and maybe that's the world Jeff Bezos somewhere in his mind thinks he is entitled to."

Anti-union

Part of the frustration with Amazon in New York City was the company's opposition to unions.

Wilke, who runs Amazon's consumer business, including fulfillment center operations, is asked about the "anti-union" stance.

"I don't think we made the decision to be anti-union," Wilke says. "We just feel that all of the things that unions would want to get us to do, we've already done."

Jacoby presses Wilke, noting that some warehouse workers feel like they are treated like robots. The episode details criticism of working conditions inside Amazon's fulfillment buildings.

"People come to work because these are great jobs," Wilke says. "They are safe. We pay double the national minimum wage. You have terrific benefits."

Facial recognition

Amazon has faced criticism from civil rights groups for selling its facial recognition technology, known as Rekognition, to law enforcement agencies.

The episode cites an MIT study that showed how facial recognition software can amplify human biases by misidentifying women and people of color more frequently than their white male counterparts.

Amazon disputes those studies, saying they were not conducted with the confidence threshold that the company recommends for law enforcement applications of the software.

Last year, top AI researchers asked Amazon to stop selling Rekognition to law enforcement. Among the AI experts were Caltech's Anima Anandkumar, former chief scientist at AWS who was interviewed by Frontline.

Asked about Rekognition, Jassy, the AWS boss and a 22-year Amazon vet, says there has not been reported misuse of the software by law enforcement. He cites "a lot of societal good" enabled by the technology, such as missing kids reunited with parents or human trafficking victims saved.

"At the end of the day, with any technology, whether you're talking about facial recognition technology or anything else, the people that use the technology have to be responsible for it," he says. "And if they use it irresponsibly they have to be held accountable."

This story was originally published on GeekWire.

Skyryse Raised $300M+ to Do What Most Startups Can’t

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Hello Los Angeles

LA just minted another aviation unicorn, and it is not because someone built a prettier helicopter demo. It's because Skyryse is trying to do the rarest thing in tech: turn software into something regulators will sign their name to, and that pilots will trust when conditions are at their worst.

El Segundo’s newest unicorn is simplifying the cockpit

Skyryse raised $300M+ in a Series C at a $1.15B valuation. The round was led by Autopilot Ventures and returning investor Fidelity Management & Research Company, with participation from Qatar Investment Authority, ArrowMark Partners, Atreides, BAM Elevate, Baron Capital Group, Durable Capital Partners, Positive Sum, Rokos (RCM Private Markets Fund), and Woodline Partners, among others.

Image Source: Skyryse

The pitch is bold and deceptively simple. Skyryse is building a “universal operating system for flight,” SkyOS, designed to replace the cockpit’s maze of mechanical controls with a computer-driven system that makes routine flight easier and emergency situations more manageable. The bigger claim is standardization: if you can make the interface and controls feel consistent across aircraft, you reduce training friction, lower pilot workload, and create fewer opportunities for human error when the stakes spike.

The real work starts after the press release

Skyryse says the funding will be used to accelerate FAA certification and scale SkyOS across additional aircraft platforms, including the Black Hawk. That is the hard part, and also the part most startups never reach. Aviation is where software has to prove itself in edge cases, repeatedly, with zero tolerance for surprises, because “mostly works” is another way of saying “eventually fails.”

The bet hiding inside the headlines

If Skyryse clears certification and can port SkyOS across aircraft types the way software ports across devices, it could unlock a new category of safety automation for fleets that cannot afford downtime, confusion, or long training cycles. Emergency response, defense modernization, and industrial aviation are all markets where reliability is the product, and simplicity is the differentiator. In a world obsessed with shipping faster, Skyryse is playing a different game: getting permission to ship at all.

Keep scrolling for the latest LA venture rounds, fund news and acquisitions.

🤝 Venture Deals

      LA Companies

      • Accrual announced it has raised $75M in new funding led by General Catalyst, with participation from Go Global Ventures, Pruven Capital, Edward Jones Ventures, and a group of founders and industry executives. The company says the raise supports its official launch and continued buildout, alongside early partner firms, investors, and advisors. - learn more
      • Morpheus Space secured a $15M strategic investment led by Alpine Space Ventures and the European Investment Fund, with continued support from existing investors, to fuel its next phase of growth. The company says it will use the capital to expand mass-production capacity and its team at its Dresden “Reloaded” facility, helping industrialize its GO-2 electric propulsion systems and meet rising demand from large satellite constellations. - learn more
      • Machina Labs raised a $124M Series C to build its first large-scale “Intelligent Factory,” a U.S.-based production site aimed at rapidly manufacturing complex metal structures for defense, aerospace, and advanced mobility. The company says the funding, backed by investors including Woven Capital, Lockheed Martin Ventures, Balerion Space Ventures, and Strategic Development Fund, will help it scale its AI-and-robotics “software-defined” manufacturing approach from breakthrough tech into high-throughput production infrastructure. - learn more
      • Midi Health raised a $100M Series D led by Goodwater Capital, with new investors Foresite Capital and Serena Ventures joining and existing backers including GV, Emerson Collective, and others returning, valuing the company at over $1B. The women’s telehealth provider says it will use the funding to scale beyond menopause care into a broader, AI-enabled women’s health platform, expanding access and using AI to personalize care and streamline clinical operations. - learn more
      • Mitra EV raised $27M in financing, combining equity led by Ultra Capital with a credit facility from S2G Investments, to expand its “no upfront capital” fleet electrification model. The Los Angeles-based company says it will use the money to grow its shared charging network, roll out additional fleet solutions, and expand into new markets, positioning itself as a fully managed package that bundles EV leasing, overnight charging, and access to shared fast-charging hubs. - learn more
      • Plug raised a $20M Series A to scale its EV-first marketplace, following $60M in used EV sales since launching in 2024. The round was led by Lightspeed with participation from Galvanize and existing investors including Autotech Ventures, Leap Forward Ventures, and Renn Global, as Plug positions itself as infrastructure for the coming wave of off-lease EV inventory with EV-native pricing, battery health insights, and faster dealer transactions. - learn more
      • Breezy, a Los Angeles-based AI operating system for residential real estate professionals, raised an oversubscribed $10M pre-seed round led by Ribbit Capital, with participation from Fifth Wall, DST Global, Liquid 2 Ventures, O.G. Venture Partners, and others. The company says it will use the funding to strengthen its product and data platform, grow engineering and design, invest in security, and prepare for broader U.S. and international rollout. - learn more

                LA Venture Funds

                • Upfront Ventures participated in Daytona’s $24M Series A, a round led by FirstMark Capital with participation from Pace Capital and existing investors E2VC and Darkmode, plus strategic checks from Datadog and Figma Ventures. Daytona is building “composable computers” for AI agents, essentially programmatic, stateful sandboxes that can be spun up, paused, and snapshotted on demand so agents can safely run code and explore many paths in parallel at scale. - learn more
                • Second Sight Ventures participated in Willie’s Remedy+’s $15M Series A, a round led by Left Lane Capital to fuel national retail expansion and continued product development for its hemp-derived THC beverages positioned as an alcohol alternative. The company says it has already sold 400,000+ bottles in under a year and claims the top spot for online THC beverage sales as it gears up for broader distribution in 2026. - learn more
                • Navitas Capital led Cadastral’s $9.5M funding round, with participation from JLL Spark Global Ventures, AvalonBay, Equity Residential, and 1Sharpe. Cadastral says it will use the capital to accelerate product development and expand go-to-market for its vertical AI platform, positioning the product as an “AI analyst in a box” that automates core commercial real estate workflows like underwriting and due diligence. - learn more
                • B Capital participated in Lunar Energy’s $232M raise, which the company disclosed as two rounds: a $102M Series D led by B Capital and Prelude Ventures, and a previously unannounced $130M Series C led by Activate Capital. The startup says it will use the capital to rapidly scale home-battery manufacturing and deployments, turning those distributed systems into a grid-supporting virtual power plant as electricity demand surges. - learn more
                • B Capital participated in Goodfire’s $150M Series B at a $1.25B valuation, a round that also included investors like Juniper Ventures, DFJ Growth, Salesforce Ventures, Menlo Ventures, Lightspeed, South Park Commons, Wing, and Eric Schmidt. Goodfire says it will use the funding to scale its interpretability-driven “model design environment,” aimed at helping teams understand, debug, and deliberately shape how AI models behave in high-stakes settings. - learn more
                • Helena participated in Positron AI’s oversubscribed $230M Series B at a post-money valuation above $1B, alongside strategic investors including Qatar Investment Authority and Arm. The round was co-led by ARENA Private Wealth, Jump Trading, and Unless, and the company says it will use the capital to scale energy-efficient AI inference now and accelerate its next-generation “Asimov” silicon roadmap. - learn more
                • Smash Capital participated in ElevenLabs’ $500M Series D, which values the company at $11B as it scales its voice and conversational AI products for enterprise use. The round was led by Sequoia Capital with support from existing backers like Andreessen Horowitz and ICONIQ Capital, plus additional participation including Lightspeed Venture Partners. - learn more
                • MTech Capital participated in Pasito’s $21M Series A, a round led by Insight Partners with additional participation from Y Combinator. Pasito says it’s building an AI-native workspace for group health, life, and retirement benefits that turns messy, unstructured plan and census data into a unified layer so carriers and brokers can automate workflows end-to-end, from quoting and enrollment to support and claims. - learn more
                • Rebel Fund participated in Ruvo’s $4.6M seed round, led by 1confirmation with participation from Coinbase Ventures and others, as the Y Combinator-backed fintech expands its cross-border payments infrastructure between Brazil and the U.S. Ruvo says it operates like a U.S. dollar account for Brazilians, combining Pix, stablecoins, ACH/wire transfers, and a Visa card in one app to speed up remittances by reducing intermediaries. - learn more
                • Rainfall Ventures participated in a seed funding round for Deft Robotics alongside Spring Camp, backing the company’s push to build AI-driven automation tools for manufacturers. The round amount wasn’t disclosed in the announcement, but the funding is positioned to help Deft scale product development and customer deployments in industrial settings. - learn more
                • Trousdale Ventures participated in CesiumAstro’s Series C by leading the $270M equity portion of a $470M total growth-capital raise, alongside investors including Woven Capital, Janus Henderson Investors, and Airbus Ventures. CesiumAstro says the broader financing also includes $200M from Export-Import Bank of the United States and J.P. Morgan, and will fund a major U.S. scale-up including a new 270,000-square-foot HQ and expanded manufacturing to accelerate deployment of its software-defined, AI-enabled space communications platforms. - learn more
                • Mucker Capital participated in Linq’s $20M Series A, which was led by TQ Ventures to help the company become infrastructure for AI assistants that run directly inside messaging apps. Linq’s platform lets developers and businesses deploy assistants through channels like iMessage, RCS, and SMS, and the company says the funding will go toward expanding the team, building a go-to-market motion, and continuing to develop the product. - learn more
                • Sound Ventures participated in Day AI’s $20M Series A, which was led by Sequoia Capital with additional participation from Greenoaks, Conviction, and Permanent Capital. Day AI says the funding will help scale its AI-native CRM platform and support its move into general availability, positioning “CRMx” as a faster, context-driven alternative to legacy systems that turn simple questions into slow projects. - learn more
                • Chaac Ventures participated in Arbor’s $6.3M seed round, which was led by 645 Ventures with additional backing from Next Play Ventures, Comma Capital, and angel investors. Arbor is building an AI interview and research platform that captures frontline employee and customer conversations and turns that qualitative “ground truth” into structured operational intelligence leaders can act on quickly, without slow surveys or pricey consultants. - learn more
                • B Capital participated in When’s $10.2M Series A, a round co-led by ManchesterStory and 7wire, with new investor Mairs & Power Venture Capital and returning backers Enfield Capital Partners, TTV Capital, and Alumni Ventures. When says it helps employers and departing or transitioning employees navigate health coverage changes by steering people to more affordable alternatives to COBRA through an AI-powered marketplace and targeted reimbursements, with the new capital going toward team growth and expanding into more transition scenarios like Medicare eligibility and early retirements. - learn more

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                                        $100M and a Space Force Deal: Northwood’s One-Two Punch

                                        🔦 Spotlight

                                        Hello Los Angeles

                                        The most underrated part of the space boom isn’t what gets launched, it’s what happens after. A satellite can be flawless in orbit and still be functionally useless if you can’t talk to it fast, often, and reliably, especially when something breaks.

                                        Torrance is proving the next space race is won on the ground

                                        Northwood Space, operating out of a 35,000-square-foot facility in Torrance, just landed a rare one-two punch: a $100M Series B and a roughly $49.8M U.S. Space Force contract tied to upgrades for the Satellite Control Network, the system that supports launches, early operations, tracking and control, and emergency support when satellites go sideways. The Series B was led by Washington Harbour Partners, co-led by Andreessen Horowitz, and included participation from Alpine Space Ventures, Founders Fund, StepStone, Balerion, Fulcrum, Pax, 137 Ventures, and others.

                                        Image Source: Northwood Space

                                        What’s intriguing here isn’t just the dollars, it’s the thesis. Northwood is arguing that the next wave of space companies won’t be constrained by rockets, but by operations and connectivity, meaning the ground layer becomes the strategic choke point. Their approach combines vertically integrated ground infrastructure with phased-array systems (“Portal”) that can steer multiple beams electronically and support missions across LEO, MEO, and GEO, aiming to make ground access feel less like bespoke aerospace procurement and more like scalable infrastructure.

                                        Why this matters right now

                                        In a market where “space” headlines often center on what’s above the atmosphere, this week’s signal is that the decisive advantage may live down here. If Northwood can make satellite communications more frequent, more flexible, and easier to scale, it doesn’t just help one mission, it changes the economics of operating entire fleets.

                                        Scroll on for the latest LA venture rounds, fund news and acquisitions.

                                        🤝 Venture Deals

                                            LA Companies


                                            • Origin, a pelvic floor physical therapy and women’s musculoskeletal care provider, raised a Series B led by SJF Ventures with participation from Blue Venture Fund and Gratitude Railroad, plus financing from California’s IBank and several angel investors. The company says it will use the funding to expand access to its hybrid model of in-person clinics and nationwide virtual care, and to invest in AI-enabled clinical tools, clinician training through Origin University, and additional clinical research. - learn more
                                            • OpenDrives announced new funding led by IAG Capital Partners to support growth of its software platform for video data management used by media, sports, and enterprise teams. Alongside the investment, the company named longtime COO Trevor Morgan as CEO as it continues shifting from a hardware-first business to a software-focused platform. - learn more

                                                      LA Venture Funds

                                                      • MANTIS Venture Capital participated in Rogo’s $75M Series C, a round led by Sequoia that values the AI “agent” platform at about $750M. The company says it will use the new funding to scale its AI system for investment-banking workflows and accelerate its European expansion, including opening its first international office in London. - learn more
                                                      • B Capital led PaleBlueDot AI’s $150M Series B, pushing the AI compute platform’s valuation to over $1B. The company says it will use the funding to deepen its core tech and platform engineering, expand go-to-market, and scale across North America and Asia to meet rising enterprise demand for cost-efficient AI infrastructure. - learn more
                                                      • Rebel Fund participated in Modelence’s seed round, which raised $3M and was led by Y Combinator alongside other investors. Modelence is building an all-in-one TypeScript toolkit that bundles essentials like auth, databases, hosting, and LLM observability to reduce the “stitching things together” headaches that come with vibe-coding and modern app infrastructure. - learn more
                                                      • Alexandria Venture Investments participated in TRexBio’s oversubscribed $50M financing alongside several new investors and existing backers. The company says it will use the funds to advance TRB-061, its TNFR2 agonist designed to selectively activate regulatory T cells, in an ongoing Phase 1a/b study for atopic dermatitis, and to move preclinical programs TRB-071 and TRB-081 toward the clinic. - learn more
                                                      • Bonfire Ventures led Risotto’s $10M seed round to help the startup bring AI into help desk workflows and make ticketing systems easier to use. Risotto aims to autonomously resolve support tickets by sitting between tools like Jira and a company’s internal systems, using an AI layer designed to keep model outputs reliable and controlled. - learn more
                                                      • Calibrate Ventures participated as a returning investor in Grid Aero’s $20M Series A, which was co-led by Bison Ventures and Geodesic Capital. The aerospace and defense startup says it will use the funding to move its Lifter Lite autonomous aircraft from testing into operational deployments, supporting major exercises and early customer use cases as it scales long-range, low-cost autonomous airlift for contested environments. - learn more

                                                              LA Exits

                                                              • Bridg is being acquired by PAR Technology (from Cardlytics) in a deal valued at $27.5M in PAR stock, with the price potentially adjusting up to $30M, and it’s expected to close in Q1 2026. PAR plans to integrate Bridg’s identity-resolution capabilities so restaurants and retailers can unify loyalty and non-loyalty purchase data, recognize previously anonymous customers, and run and measure marketing more effectively. - learn more
                                                              • Assembly, an employee recognition and rewards platform founded in 2018 and used by 500+ organizations, is being acquired by talent-management provider Quantum Workplace. The deal adds built-in rewards to Quantum Workplace’s suite and is intended to connect recognition data with engagement, performance, development, and retention insights so leaders can better spot impact, reinforce values, and invest in keeping top talent. - learn more

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                                                                                    Brex’s $5.15B Deal With Capital One Marks A New Era For Fintech

                                                                                    🔦 Spotlight

                                                                                    Happy Friday, Los Angeles. 💳

                                                                                    The first big fintech plot twist of 2026 is here. Capital One is buying Brex in a cash and stock deal valued at about $5.15 billion, in what the companies are calling the largest bank - fintech deal in history.

                                                                                    From college dropouts to a multibillion exit

                                                                                    Brex launched in 2017, when Brazilian founders Henrique Dubugras and Pedro Franceschi, then in their early 20s after dropping out of Stanford, set out to fix the “startup card” problem. That project turned into an AI-native finance platform that now serves tens of thousands of companies, from early-stage startups to hundreds of public enterprises.

                                                                                    A few years into that journey, both founders moved to Los Angeles and continued running Brex from here as the company embraced a fully remote model. Now that same LA-based duo is steering a multibillion-dollar acquisition that will plug their software directly into one of the biggest banks in the country. Pedro will stay on as CEO of Brex inside Capital One, with the brand and product continuing rather than disappearing into a rebrand.

                                                                                    Why this looks like a win

                                                                                    “Big bank buys fintech” can sound like the end of the startup story, but here it reads more like an expansion pack. Capital One gets Brex’s cloud-based spend stack, AI-powered controls and roughly $13 billion in commercial deposits. Brex gets a massive balance sheet, a regulated rails partner and access to the mainstream business market it has been edging toward for years.

                                                                                    For founders and operators here, it is also quiet validation that building hard fintech infrastructure still pays off. Brex spent years doing the unglamorous work of licenses, compliance, underwriting and integrations. The outcome isn’t a hype cycle spike; it is a classic, real-money exit for a very modern stack.

                                                                                    What it signals for LA’s ecosystem

                                                                                    LA is not getting a new headquarters out of this. Brex has embraced a “no HQ” model. What the city does have is a pair of founders who chose to build their lives here and just proved that you can run a global finance platform from Los Angeles and end up selling it to a top-six U.S. bank.

                                                                                    It also fits a broader pattern our ecosystem is leaning into. Whether it is fintech, defense tech or climate, the most interesting LA stories right now are not about front-end apps. They are about deep, regulated infrastructure that incumbents eventually need more than startups need them.

                                                                                    For Brex, this is the start of a new chapter inside Capital One. For LA, it is one more data point that the city’s founders can build products the rest of the financial system has to buy.

                                                                                    Scroll on for the latest LA venture rounds, fund news and acquisitions.

                                                                                    🤝 Venture Deals

                                                                                        LA Companies


                                                                                        • L-Nutra secured a new $36.5M investment from Mubadala, bringing its total Series D proceeds to $83.5M. The company, which develops longevity-focused and medical nutrition therapies, plans to use the funding to accelerate global expansion, advance clinical research, and scale adoption of its nutrition programs across healthcare providers and consumers. - learn more
                                                                                        • RiskFront AI raised $3.3M in pre-seed funding to make financial crime and compliance work far less manual. The US-based startup uses “agentic AI” to automate time-consuming tasks like research, data analysis and documentation, with its Airos platform handling much of the day-to-day workload so human analysts can focus on higher-value judgment calls. The new capital will help expand engineering and product teams and deepen integrations with banks and fintechs already piloting the system. - learn more
                                                                                        • Balance Homes relaunched with a $30M investment led by Falco Group to scale its equity-sharing model for homeowners who are “house rich but cash and credit constrained.” The company buys a co-ownership stake in a home to free up trapped equity so owners can pay down mortgages and high-interest debt while staying in their homes, instead of being forced to sell. After stabilizing its existing portfolio following EasyKnock’s shutdown, Balance Homes is now resuming originations in six states, with plans to expand as affordability and household debt pressures intensify. - learn more

                                                                                                LA Venture Funds

                                                                                                • Distributed Global co-led Superstate’s $82.5M Series B, backing the Robert Leshner - founded tokenization platform as it builds regulated, on-chain capital markets infrastructure. The round, alongside Bain Capital Crypto and other institutional investors, will help Superstate expand beyond its existing tokenized U.S. Treasury funds to a full issuance layer for SEC-registered equities on Ethereum and Solana. The company, which already manages over $1.1B in tokenized assets, plans to scale its Opening Bell platform and transfer agent stack so public companies can issue and manage compliant on-chain shares directly. - learn more
                                                                                                • Krew Capital participated in GIGR (Playad.ai)’s $5.4M pre-seed round, backing the San Francisco based startup as it builds multi-agent AI workflows for marketing teams. GIGR’s Playad platform starts with interactive ads, using AI agents to help marketers create, test and iterate on playable and other ad formats much faster while turning performance data into continuous creative improvement. The new funding will support product development, expansion of its AI-native creative workflow and scaling to more customers looking to cut production costs and tighten the loop between ad performance and creative decisions. - learn more
                                                                                                • Trousdale Ventures participated in AheadComputing’s additional $30M Seed2 round, backing the Portland-based chip startup as it reimagines CPU architecture for the AI era. AheadComputing is developing high-performance RISC-V based CPUs and breakthrough microarchitecture aimed at handling the growing wave of AI data center, workstation and embedded workloads where CPU performance has become a bottleneck. The new funding, which brings total capital raised to $53M, will support R&D, software innovation and test chip development as the company races to deliver next-generation general purpose processors. - learn more
                                                                                                • Untapped Ventures participated in Nexxa.ai’s $9M seed round, backing the Sunnyvale-based startup as it scales specialized AI agents for heavy-industry workflows. Nexxa’s Nitro platform layers multi-agent automation on top of existing tools used in sectors like rail, construction, manufacturing and critical infrastructure, helping engineers plan and execute complex projects without ripping out legacy systems. The new funding brings Nexxa.ai’s total capital raised to $14M and will go toward expanding deployments, forward-deployed engineering teams and support for more industrial customers. - learn more
                                                                                                • UP.Partners participated in Zanskar’s $115M Series C, backing the Salt Lake City based geothermal startup as it uses AI to uncover overlooked conventional geothermal resources across the Western U.S. The company has already validated several high-potential sites and plans to use the funding to expand its discovery platform and begin developing multiple greenfield power plants, with a goal of bringing significant new clean baseload capacity to the grid before 2030. - learn more
                                                                                                • Smash Capital participated in Stream’s $90M Series D, backing the UK based workplace finance startup as it ramps expansion into the U.S. market. Formerly known as Wagestream, Stream partners with employers to offer workers tools like earned wage access, savings, budgeting and pensions in a single app, targeting financial stress for lower and middle income employees. The new funding, led by Sofina, brings total capital raised to about $228M and will help Stream scale its multi-product platform across more brands and workers globally. - learn more
                                                                                                • Fika Ventures participated in Ivo’s $55M funding round, backing the San Francisco based legal AI startup alongside lead investor Blackbird and others. Ivo builds contract intelligence tools for in-house legal teams and enterprises, using a highly structured approach that breaks reviews into hundreds of smaller AI tasks to boost accuracy and reduce hallucinations. The new capital, which reportedly values the company at around $355M, will go toward accelerating product development and hiring more sales and go-to-market talent to meet growing demand. - learn more
                                                                                                • Amplify.LA participated in Overworld’s latest funding round, backing the AI startup as it unveils a real-time diffusion world model for playable, AI-native worlds. Overworld’s system runs locally and generates persistent, interactive environments on the fly, aiming to become core infrastructure for next-generation games, simulations and creative tools built around world models rather than static assets. The new capital will support further development of its Waypoint 1 research preview and help the team expand its platform for researchers, engineers and builders working on interactive AI experiences. - learn more
                                                                                                • Dangerous Ventures participated in Carbogenics’ $3M investment and grant funding round, backing the Edinburgh-based bio-carbon startup as it scales its carbon removal technology. Carbogenics turns difficult-to-recycle organic waste into CreChar, a biochar product that boosts biogas production, supports wastewater treatment and locks away carbon. The new funding will help the company expand manufacturing in the US, grow its centralized UK operations and deploy its biocarbon products across the UK, Europe and North America. - learn more

                                                                                                      LA Exits

                                                                                                      • Farcaster is being acquired by Neynar, the infrastructure company that already powers much of the Farcaster ecosystem, in a full-stack handoff from Merkle Manufactory. Neynar will assume control of the decentralized social protocol’s smart contracts, code repositories, official app and Clanker client, while Farcaster co-founders Dan Romero and Varun Srinivasan step back from day-to-day operations after five years. The deal keeps the network running without disruption and sets Neynar up to roll out a new, builder-focused roadmap for on-chain social. - learn more
                                                                                                      • ScribbleVet has been acquired by Instinct Science, which is folding the veterinary AI-scribing startup into its Instinct EMR platform to create what it calls an “intelligent-native” practice management system. The combined offering aims to move traditional PIMS beyond record-keeping by embedding AI scribing, workflow automation and clinical decision support in one system, reducing documentation burden and helping veterinary teams focus more on patient care. ScribbleVet’s team is joining Instinct, with founder and CEO Rohan Relan taking on a key role leading product strategy for intelligence features across the platform. - learn more

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