The January numbers are in, and VC investment is off to a mixed start in FY 2023 (funding year 2023).

By the numbers: In January, $31 billion was invested into startups around the world, per Crunchbase data. That figure is…

• Down 50% year over year.
• Up 27% from the previous month’s total of $24.5 billion, and the highest monthly total since June, per Crunchbase.
• Largely the product of Microsoft investing $10 billion into OpenAI last month. If you stripped out that one gargantuan deal, startups would have raised only $21 billion—less than the worst month of 2022.

Late-stage and seed-stage funding were both down year over year, but up month over month, per Crunchbase, while early-stage funding was down by both measures.

One area to watch this year?

Public markets. Last year, public offerings cratered—and analysts told CNBC that the first half of this year will likely look pretty similar. That said, there could be some relief toward the second half of 2023, the analysts said, as more companies have begun gearing up for IPOs in recent weeks.

The health of public markets is often a critical factor in VC funding, as investors are generally less willing to invest when exit prospects are murkier. Especially in the later stages.

Read the full story on-site.—DM

The tech world is having a rough time with slowing sales, layoffs, and funding declines, but Siemens seems to be having a comparatively smooth ride with its digitization-focused businesses.

• The industrial conglomerate released its fiscal year (FY) Q1 2023 earnings report this month, where it posted an all-time record profit for its Industrial Business segment in the first quarter, with €2.7 billion ($2.9 billion) in profit.
• Total company revenue climbed 10% year over year to €18.1 billion ($19.3 billion), up from €16.5 billion ($17.6 billion).

Siemens’s FY Q1 performance wasn’t just a bright-spot blip—it represents a continuation of the company’s strong fiscal 2022. In FY 2022, it also posted a record-high profit of over €10 billion ($10.7 billion) in its Industrial Business section, which includes its Digital Industries, Mobility, and Smart Infrastructure divisions.

• The digital transformation-focused conglomerate offers a range of tech-focused products and services to customers, serving industries from transportation to healthcare.

Zoom out: Siemens’s strong performance comes amid a broader tech downturn that has hit consumer electronics manufacturers and ad-based platforms particularly hard. Keep reading.—JM

Usually, we write about the business of tech. Here, we highlight the *tech* of tech.

Oh look, another electric truck: If you watched the Super Bowl, then you are probably already aware that Ram has an EV truck on the way. Here’s what we know about the latest entrant to the electric pickup world: The truck won’t hit the market until late 2024, has a big ol’ touchscreen, and, at least per TechCrunch, the interior resembles its gas-powered predecessor. Ram is taking $100 deposits for the truck now, but as TechCrunch pointed out, two key factors remain a mystery: range and price.

The opposite of phoning it in: Reviewers really, really like Samsung’s new Galaxy S23 Ultra. The Verge called it “practically peerless,” CNN wrote that it’s “one of the first smartphones that completely justifies its high price tag,” ($1,200, if you were curious), and Marques Brownlee said it’s “better than you think.”

One more thing: A startup called Shift Robotics invented a pair of shoes that it says can enable wearers to walk *checks notes* 250% faster. You can put a deposit down on a pair today…it’ll only run you $1,400.—DM

Stat: Tesla, which accounts for more than half of US EV fast-charging ports, is beginning to open up parts of its network to other, non-Tesla EVs.

Quote: “Ultimately, Walmart exists in a very thin-margin business: They’re a low-price leader in retail. The more that they become a services company, and the more of their revenue that comes from digital advertising, the more their bottom line pops.”—Andrew Lipsman, principal analyst at Insider Intelligence, to Tech Brew on Walmart’s tech commercialization plans

Read: Does the AI powering Microsoft’s new Bing search engine have a personality?

Three of the following news stories are true, and one...we made up. Can you spot the odd one out?

• A TikTok challenge sparked Kia and Hyundai to update, uh, 8 million vehicles.
• Artists are now looking to push back against AI art models by…using an AI tool.
• Buzzfeed released a suite of AI-based quizzes.
• Toyota announced it’s all in on hydrogen vehicles, spurning EVs.

Catch up on the top Tech Brew stories from the past few editions:

• Why the vertical farming industry wilted in late 2022
• Meet the exec behind Walmart’s answer to AWS
• Grammarly’s plans for the generative AI boom