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This week we are talking about Wiz’s bold decision, VC’s public feud, legal tech’s new capital and a16z’s close call. Let’s dive in!
Most Interesting Startup Stories from the Week
Wiz says no to Google
Walking away from the search giant’s $23 billion takeover proposal wasn’t an easy decision for the fast-growing, four-year-old cybersecurity startup that was valued in May at $12 billion.
"Saying no to such humbling offers is tough, but with our exceptional team, I feel confident in making that choice," Wiz’s CEO Assaf Rappaport wrote in a letter to his staff.
The company is now aiming to reach a milestone of $1 billion in ARR by 2025, and an IPO, though Rappaport didn’t provide a timeframe for potential listing. Read more
Cohere beats back generative AI rivals
Cohere, a Canadian startup that builds language models for specific businesses rather than consumer applications, has raised $500 million at a $5.5 billion valuation.
At the end of March, the company was generating $35 million in annualized revenue, up from around $13 million at the end of 2023, according to Bloomberg.
Cohere may be growing fast, and investors are clearly willing to pay up for that growth — valuation stands at 157 times ARR, to be exact. Read more
VCs see opportunity after CrowdStrike outage
In 2024, one buggy software update should probably not be allowed to take down so many of the globe’s most important computer systems.
But some venture capital firms are seeing an opportunity in the chaos. "The CrowdStrike outage is a wake-up call for all cybersecurity companies," said [insert VC name].
"We believe that this incident will accelerate innovation and investment in the sector." Read more
Wiz’s bold decision: What does it mean?
Wiz’s decision to reject Google’s takeover proposal has sent shockwaves through the startup world.
But what does it really mean for the company, its employees, and its investors? We spoke with several industry experts to get their take on the situation. Read more
Cohere’s success: What can we learn from its strategy?
Cohere’s success is a testament to the power of innovation and strategic thinking in the startup world.
So what can we learn from its strategy? We spoke with several industry experts to get their insights on how to replicate Cohere’s success. Read more
VCs are still pouring capital into AI
New data from Crunchbase shows that generative AI startups are on pace to shatter last year’s already impressive $21.8 billion funding haul.
Despite the challenges facing the industry, venture capitalists remain optimistic about the future of AI. Read more
Last but not least…
Harrison Kessel (left), Eric Zhu (middle) and David Razavi (right) are building Aviato, a platform that analyzes private market data and aims to compete with heavyweights in private market intelligence: PitchBook and Crunchbase.
From his high school bathroom, 17-year-old Eric Zhu has launched Aviato, a platform that analyzes private market data and aims to compete with heavyweights in private market intelligence. Read more
Topics
- a16z: Andreessen Horowitz
- Andreessen Horowitz
- Startups
- Wiz
Reporter: Marina Temkin
Marina Temkin is a venture capital and startups reporter at TechCrunch. Prior to joining TechCrunch, she wrote about VC for PitchBook and Venture Capital Journal.
Earlier in her career, Marina was a financial analyst and earned a CFA charterholder designation.
View Marina’s bio.
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