In other news, Reddit is set to make its trading debut on the New York Stock Exchange. This follows Astera Labs' 72% increase on Wednesday, with investors keen to see if the IPO market is recovering. Various venture deals were also announced, including Pocket FM's $103 million Series D funding round led by Lightspeed, and Borderless AI's $27 million seed funding round led by Susquehanna and Aglaé Ventures.
Key takeaways:
- Jared Quincy Davis, inspired by AlphaGo, has started a company called Foundry, a cloud computing service provider focused on AI workloads, which has launched with $80 million in seed and Series A funding.
- The funding round was co-led by Lightspeed Venture Partners and Sequoia Capital, with other investors including Microsoft Ventures and Jeff Dean, Chief Scientist at Google DeepMind and Google Research.
- Foundry is now valued at $350 million and claims to have more than eight figures in revenue, with customers including LG, KKR, Stanford, MIT, and Carnegie Mellon University.
- Reddit is set to make its trading debut on the New York Stock Exchange, with investors keen to see if it can replicate the success of Astera Labs, which saw a 72% increase on its first day of trading.