Welcome back to another recap of Equity, TechCrunch’s flagship podcast about the business of startups. This episode is jam-packed with deals, hot topics, and the latest drama in the tech world. If you haven’t listened yet, consider this your spoiler-filled invitation to dive in.
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Three Deals of the Week
Formation Bio’s $372 Million Raise
First up, we’ve got Formation Bio, an AI-focused drug development startup that just raised a whopping $372 million in Series D funding, led by Andreessen Horowitz. This brings their total funding to over $600 million.
Formation Bio is leveraging AI to streamline the R&D process in drug development, making it faster and cheaper. Their AI applications help in patient recruitment, predict drug toxicity, and improve overall drug efficacy. With their eczema treatment in phase 3 trials, and other promising candidates in the pipeline, Formation Bio is off to the races to shake up the pharma industry.
Volkswagen and Rivian’s Big Deal
Next, Kirsten broke down the surprising partnership between Volkswagen Group and Rivian. Volkswagen is set to invest up to $5 billion in Rivian, starting with an initial $1 billion. This deal gives VW access to Rivian’s cutting-edge electrical architecture expertise and boosts Rivian’s financial standing as they develop their next-gen vehicles.
Rivian’s shares soared following the announcement: The market is a fan, apparently! This partnership could be a game-changer for both companies, combining Rivian’s innovative tech with Volkswagen’s vast resources and market reach.
Nubank Acquires Hyperplane
Lastly, Mary Ann highlighted Nubank’s acquisition of Hyperplane, an AI-for-fintech startup. Nubank is expanding its portfolio by acquiring Hyperplane, which specializes in developing AI-powered tools for financial institutions.
The Rise of AI in Healthcare
The $372 million raise by Formation Bio highlights the growing importance of AI in healthcare. With the increasing complexity of medical research and development, companies are turning to AI to streamline processes, improve outcomes, and reduce costs.
Formation Bio’s innovative approach to drug development is just one example of how AI is transforming the pharma industry. By leveraging machine learning algorithms and natural language processing, companies can identify potential new treatments more quickly and efficiently than ever before.
The Future of Electric Vehicles
The partnership between Volkswagen and Rivian marks a significant shift in the electric vehicle (EV) market. With VW investing heavily in Rivian’s technology, we’re likely to see more EVs on the road in the near future.
This deal also highlights the importance of partnerships in driving innovation. By combining their resources and expertise, companies can accelerate development and bring new technologies to market faster than they could alone.
The Debate Over DEI
However, not all news is good news. The debate over diversity, equity, and inclusion (DEI) continues to rage in the tech industry. Some argue that efforts to increase representation are tokenistic and ineffective, while others see them as a necessary step towards creating a more inclusive and equitable workplace.
Kirsten Korosec joins us to discuss the latest developments in DEI, including the resignation of Uber CEO Dara Khosrowshahi from Aurora’s board. We’ll also explore the implications of these changes for the tech industry as a whole.
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Upcoming Episodes
Stay tuned for our next episode, where we’ll be discussing the future of AI and its implications for various industries. We’ll also explore the rise of robotics and how it’s changing the way companies operate.
Hosts:
- Haje Kamlah (He/Him) – General tech news and hardware
- Mary Ann Azevedo (She/Her) – Fintech reporter
- Kirsten Korosec (She/Her) – Transportation editor
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