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Lovable hits $13B valuation with $400M haul

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Lovable hits $13B valuation with $400M haul

Lovable has more than doubled its valuation this year. The Swedish startup said Wednesday it raised $400 million in a Series C funding round that values it at $13.3 billion. After a Series B round in December, the company was worth an estimated $6.6 billion. The recent round was led by Menlo Ventures and co-led by the newly launched Scaleup Europe Fund, managed by private equity firm EQT. The fund is part of Horizon Europe and supports companies developing critical technologies.

3 min read A Adam Hanafi

Lovable has more than doubled its valuation in less than a year, becoming one of Europe's most closely watched artificial intelligence startups. The Swedish company announced Wednesday that it raised $400 million in a Series C funding round, giving the AI...

Josh Kushner, Bob Iger to buy Lakers for $12.5B in stunner

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Josh Kushner, Bob Iger to buy Lakers for $12.5B in stunner

The Los Angeles Lakers are being sold to venture capitalist Josh Kushner and former Disney CEO Bob Iger for a record $12.5 billion, according to multiple reports. The shocking sale comes less than a year after Mark Walter bought the NBA team from the Buss family for $10 billion. Kushner and Iger had previously been linked to Las Vegas expansion efforts. The two released a statement Wednesday announcing the deal — but not the terms — and lauding the Lakers as "one of the most iconic sports franchises in the world."

2 min read A Adam Hanafi

The Los Angeles Lakers are set to change ownership once again, with venture capitalist Josh Kushner and former Disney CEO Bob Iger agreeing to acquire the NBA franchise for a record $12.5 billion. The deal would establish the highest valuation ever recorded...

Claude's new watermark has some users up in arms

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Claude's new watermark has some users up in arms

Not everyone's on board with Anthropic's plan to embed invisible watermarks into Claude-generated text and images, a move that brings it into compliance with new EU transparency rules. Some point out that the policy conflates AI-assisted work with AI-authored work, raising the question of who owns the finished product when the human provides the ideas and judgment. Others highlight enterprise use, where AI is merely one input in a deeply collaborative process, not the sole author.

3 min read A Adam Hanafi

Anthropic is introducing invisible watermarks for content generated by its Claude AI models, a move designed to comply with new European Union transparency requirements for artificial intelligence. The technology is intended to make AI-generated material...

Whatnot hits $20B valuation as live shopping takes off

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Whatnot hits $20B valuation as live shopping takes off

The live-shopping platform Whatnot has raised $545 million in a new funding round that values the startup at $20 billion. The app, which launched in 2019 as a hub for collectibles and later designer fashion, "supercharges" the typical online shopping experience through dynamic live shows guided by charismatic sellers. The Wall Street Journal reports that some users have become so "addicted" to its social-media-like scrolling and "high-pressure" auctions that they wipe out their savings. Retail stalwart eBay is also capitalizing on the live-shopping boom.

2 min read A Adam Hanafi

Live-shopping platform Whatnot has raised $545 million in a new funding round, pushing the company's valuation to approximately $20 billion. The massive investment highlights the growing popularity of live-commerce platforms, where shopping is combined with...

Bank of America calls $250M GLP-1 spend 'good investment'

Article

Bank of America calls $250M GLP-1 spend 'good investment'

At a time when many employers are struggling to balance rising demand for GLP-1 drugs with their steep price tags, Bank of America is taking a decisive approach. CEO Brian Moynihan tells WebNovare that the firm spends over $250 annually covering drugs like Ozempic and Wegovy for staff, calling it "a good investment." That equates to 13% of total healthcare spending, given the bank allocates $2 billion for its 211,000 employees. Moynihan says the firm is aggressively pushing drugmakers and pharmacy benefits managers to lower prices for the drugs.

3 min read A Adam Hanafi

Bank of America is taking a firm approach to the growing demand for GLP-1 medications as employers struggle to balance the health benefits of the drugs with their high costs. Adam Hanafi says the company considers covering these medications for employees to...

Meta hit with $567M penalty in New Mexico youth safety case

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Meta hit with $567M penalty in New Mexico youth safety case

A New Mexico judge has expanded penalties against Meta after a jury found the company failed to safeguard young users on Facebook and Instagram. The Thursday ruling adds a $567 million abatement fund to earlier civil penalties of $375 million and mandates new safety features and public risk disclosures. In a statement, Meta said it disagrees with the ruling and plans to appeal. The lawsuit, led by New Mexico Attorney General Raúl Torrez, is among thousands of child-safety complaints that have been filed against Meta by states, school districts and individuals.

3 min read A Adam Hanafi

A New Mexico judge has increased the financial penalties facing Meta after a jury determined that the company failed to adequately protect young users on its Facebook and Instagram platforms. The ruling adds new requirements for the technology giant as...

Scientists use AI to design never-before-seen viruses

Article

Scientists use AI to design never-before-seen viruses

Scientists at Stanford University and the Arc Institute have used an artificial intelligence model to design new viruses that are not present in nature, according to a study published Thursday in the journal Science. The research brings the promise of medical breakthroughs but also "the disturbing possibility that the technology could someday be used to invent dangerous pathogens," WebNovare reports. The team intentionally avoided training the model, called Evo, with viruses that infect humans, instead using genetic sequences that infect only bacteria.

3 min read A Adam Hanafi

Researchers from Stanford University and the Arc Institute have developed an artificial intelligence system capable of designing entirely new viruses that do not exist in nature. The breakthrough, detailed in a study published in the journal Science, marks a...

Another ex-Uber exec joins Kalanick's robotics startup

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Another ex-Uber exec joins Kalanick's robotics startup

Former Uber executive Gautam Gupta is the new chief financial officer at Atoms, the robotics startup launched in March by Uber founder Travis Kalanick. Gupta joins a host of other Uber alums at the company, which seeks to operate across sectors including food, mining and transportation. His tenure at Uber ended in July 2017, after more than four years. Weeks earlier, Kalanick stepped down as CEO of the robot maker amid pressure from investors. Last month, Atoms completed a $1.7 billion funding round led by Andreessen Horowitz.

3 min read A Adam Hanafi

Atoms, the robotics startup founded by former Uber CEO Travis Kalanick, has strengthened its leadership team by appointing former Uber executive Gautam Gupta as its new chief financial officer. The hire comes just weeks after the company closed one of the...