Startups Weekly: Tech and the law

Welcome to this week's edition of Startups Weekly, your essential roundup of the most significant happenings in the startup ecosystem. As we prepare to take a short break for the Fourth of July, let's dive into the notable stories and funding rounds that have unfolded recently, marking a busy week in the industry. In a significant move for the data cybersecurity sector, Rubrik has acquired Predibase to enhance the integration of AI agents for its users. Predibase, known for assisting companies in fine-tuning AI models, had previously raised around $28 million in venture funding. Although the financial details of the acquisition remain undisclosed, reports suggest it was a considerable deal. Meanwhile, the German startup Kadmos, which had secured $38 million for its salary payment platform tailored for maritime workers, has been acquired by NYK Line. This acquisition aligns with NYK Line's strategy to broaden its fintech service offerings. On another note, AI music startup Suno has announced its acquisition of WavTool, a browser-based AI digital audio workstation, following ongoing challenges with copyright lawsuits. This deal, which actually occurred a few months back, was disclosed now amid heightened scrutiny. In legal developments, Getty Images has withdrawn its primary lawsuit against Stability AI, the company behind the AI image generator Stable Diffusion. However, other legal challenges continue to loom in both the U.S. and U.K. Despite facing various challenges, Airloom Energy, backed by Bill Gates, is moving forward with the construction of its first wind power facility in Wyoming. Meanwhile, the funding landscape remains dynamic, with Harvey AI successfully raising $300 million in a Series E round co-led by Kleiner Perkins and Coatue, raising its valuation from $3 billion to $5 billion in just a few months. Abridge, an AI startup focused on automating medical notes, has also raised $300 million in a Series E round, valuing the company at $5.3 billion. In the blockchain space, Kalshi, a prediction market platform, has secured $185 million at a $2 billion valuation, while Polymarket is reportedly nearing a $200 million round with a valuation of around $1 billion. Finom, a challenger bank aimed at small and medium-sized businesses in Europe, raised approximately $133 million in a Series C funding round, following a previous $105 million investment from General Catalyst. In the drone sector, Indian startup Raphe mPhibr has successfully raised $100 million, attracting clients such as the Indian Army, Navy, and Air Force. The AI-powered dictation app Wispr Flow has raised $30 million in a Series A, bringing its total funding to $56 million, coinciding with the launch of its iOS application earlier this month. Novoloop, a startup focused on upcycling waste plastic, has secured $21 million in Series B funding to finalize its first commercial-scale plant. Eventual, a startup that emerged from a data-processing hurdle at Lyft, raised a total of $27.5 million in two funding rounds in just eight months. Synthflow AI, a Berlin-based no-code platform for customized voice AI customer service agents, raised $20 million in a Series A led by Accel. Additionally, Better Auth, the third Ethiopian startup to graduate from Y Combinator, has raised $5 million in seed funding for its open-source framework designed to simplify user authentication. Lastly, space startup Lux Aeterna has emerged from stealth mode with $4 million in pre-seed funding, aiming to launch a reusable satellite by 2027. After a two-year hiatus, investor and author Brad Feld is back with his ninth book, "Give First," and has shared insights in a recent TechCrunch interview.