Qualcomm courts Intel, Microsoft buys power from Three Mile Island, and movie theater pickleball courts

Qualcomm courts Intel, Microsoft buys power from Three Mile Island, and movie theater pickleball courts StrictlyVC Download September 21, 2024 - Key Takeaways This briefing doc reviews the key themes and important facts from the September 21st edition of StrictlyVC Download. Main Themes: AI Funding Frenzy Continues: While OpenAI makes headlines with a potential $6.5B raise, other AI startups are also attracting significant investments, signaling continued investor confidence in the sector. Sustainability in Focus: From Microsoft's power purchase agreement with Three Mile Island to startups developing environmentally friendly solutions, sustainability is a recurring theme in this week's news. Non-Traditional Investments: As traditional markets experience volatility, investors are exploring alternative assets, with examples like wine and spirits inventory financing and even movie theaters adding pickleball courts. Important Facts and Deals: Qualcomm Eyes Intel: In a potentially landscape-shifting deal, Qualcomm is reportedly in talks to acquire Intel (WSJ). OpenAI's Monster Valuation: Thrive Capital leads a $6.5B financing round in OpenAI at a staggering $150B pre-money valuation (FT). One investor justified the high price tag by saying, “I’m walking into a gunfight with Google and Facebook, and I have Microsoft and Apple behind me...It’s not such a bad thing from a distribution and branding perspective." Black Forest Labs Raises $100M: The AI image generation startup, with ties to Stability AI, secures funding at a $1B valuation. Notably, Elon Musk's X.ai utilizes Black Forest's technology for its Grok chatbot. Microsoft's Sustainable Power Play: In a surprising move, Microsoft will buy power from the infamous Three Mile Island nuclear plant for the next two decades to fuel its AI projects (Bloomberg). Movie Theaters Get Creative: Struggling to attract audiences, cinema chains like AMC explore unconventional additions like pickleball courts and zip lines. Other Notable Funding Rounds: Alan: Health insurance platform, raises $193M Series F, reaching a $4.5B valuation. Physics Wallah: Indian online education company, raises $210M Series B at a $2.8B valuation. Twelve: Startup converting CO₂ into sustainable products, secures $200M Series C and $445M in project financing. New Funds: Costanoa Ventures: The San Francisco-based VC firm surpasses $2B AUM with a new early-stage fund ($275M) and a growth-stage fund ($119M). People: David Krane: Fortune profiles the Google Ventures leader as he reflects on the past 15 years and outlines an ambitious vision for the next 300. Adam Neumann: The WeWork co-founder's new venture, Flow, opens a co-living complex in Riyadh. Overall, this edition of StrictlyVC Download highlights the ongoing excitement in the AI sector, the increasing importance of sustainable practices, and the creative ways companies are adapting to a changing world.